Merry Christmas

The music is from the Warriors.


See.

If you have been under the covers avoiding the storm, just go to this link below and you will find out the clusterf**k this city is experiencing in the aftermath of the storm.

On personal note, I almost got into a physical alteration with a fat bald douchebag who hasn't seen his penis since he was born.

The subway was packed, so there was no way physical contact could be avoided, as I walked on he started pushing me, I pushed back and resulted in a verbal fracas where I owned him. It wasn't a real challenge since the guy was a candidate for gastric bypass surgery.

I smiled to myself when I saw the massive crowd of people waiting on the platform at my stop while the obese douchebag was still on the train.

Of course, douchebags are everywhere.


The answer to all of this are the layoffs.

The weakness of the infrastructure will be further revealed as more acts of god occur.

As this perception grows, a "Turk 182" feel of us against them is going to grow.
Can't wait for 2011.

Plus ca change, plus c'est la meme chose

When it comes to Williamsburg, there is no love lost for the Grunt as this past entry will show.

I would never live there, but I would definitely invest there and take advantage the of the hipster population. They are more focused in appearance rather than common sense which makes them ideal consumers but not savers. But I always thought that are would peak in some way and the hipster would be swept by the wayside. Of course the New York Times proves me wrong.


Mixing Drinks, Adding Class

The following are the nuggets of this goldmine.

HER studio apartment in Williamsburg, Brooklyn, is just shy of 400 square feet, barely enough room for an Ikea open-shelf bookcase, a chocolate-brown tufted couch, a full-size bed and her brindle-coated Shih Tzu, Charlie.

So when Claudia Argiro, 33, gave a holiday party last Saturday night, she pared down her guest list to about two dozen of her closest friends, hid the TV behind an industrial column wrapped with holiday lights and turned the media console into a bar.

But one thing she had to have was a bartender. “I’m an adult now, living by myself, and this is my sh-bam, my moment,” said Ms. Argiro, who runs a clothing boutique nearby called Charlie and Sam.

So basically this is her Bat Mitzvah?

She called up Tealicious, a catering company in Queens, which sent over Eric Villani, a 33-year-old bartender, who was stationed in a two-foot-wide triangle in the middle of the room. For the next four hours, Mr. Villani stood there, not to make special cocktails, but to pour a vodka punch or a rum eggnog into clear plastic cups, trimmed with sugar-coated cherries and cinnamon sticks.

This is not a bartender, this is a server. A bartender does more than pour drinks, they also mix them.

His presence did not go unheralded in the apartment, in a new warehouse conversion along the Brooklyn waterfront, although the intimate cluster of guests could have easily served themselves. “In my opinion, if you don’t have a bartender at your party, you’re a loser,” said Dustin Terry, who lives a floor below Ms. Argiro and said his job was to get models and Saudi royalty into hot clubs. “The bartender brings class and sophistication.”

“If you can’t afford to hire a bartender,” he added, “you shouldn’t be having a party.”

Well, if it means that people like Dustin Terry will never step foot in your home, then by all means never hire a bartender.

That seems to be the consensus of a growing crowd of 30-something New Yorkers who wish to signal they’ve graduated from post-collegiate squalor to young professional coming of age. No matter how small their abodes, they won’t invite friends over for cocktails without the assistance of a bartender — even if there’s barely room for the bartender to stand.

Hired help telegraphs a new maturity and polish, said Marc Levine, who runs Premier Party Servers and Model Bartenders, which cater parties in New York and other cities. “You’re bringing your party to the next level, stepping away from the college kegger,” he said, “and actually entertaining in your New York City apartment.”

Hiring a bartender for a party of this size and space only telegraphs how stupid you are. Of course Marc Levine is going to differ on this because he is in the business of supplying bartenders.

Next level? Yeah the next level of delusion. I have been to a couple of these parties in the past and if people actually consider this a step up from the college kegger, well then we all should stay in school. As far as I am concerned it is the same thing as a kegger except there is no key. A cramped studio apartment is no different than a dorm room.

And there’s a practical consideration. “Hosts don’t want to have to look after their guests’ needs,” said Matt Solan, a bartender who works many such small locations. “But they also want a level of prestige.”

Prestige? Prestige is when you are able to hire a high end catering company to supply you with a bartender, at least 3 stions for food and waiters with champagne and hors d'oeuvres. That's prestige.

Mr. Levine estimates that the number of people calling him to book bartenders for extremely small apartments has gone up 20 percent in the last three years. “With the recession, they don’t want to rent an expensive loft space,” he said. Instead, they are having house parties, he said, and hiring bartenders as a way to splurge within their means.

Mr. Levine is completely correct. This is clearly an indication of the economy. People want to have a lavish party but do not want to pay for it. However, his customers are fooling themselves.

For four to five hours of work, as well as perhaps an hour of prep and cleanup, bartenders charge about $100 to $200. Bartenders can also expect a tip — anywhere from 20 to 100 percent — from the host, not the guests. (Putting out a tip jar, said Lyndsey Hamilton, a New York events planner, is a definite “faux pas.”)

For $200 You could have two parties. Of course it would consist of pizza, beer, soda and snacks. It would not be high end, but it would be fun.

The job may also include helping the host clear tabletops throughout the night, answering the door and hanging up coats. Despite that, Mr. Solan said, “People’s expectations can be somewhat low,” especially when the hosts are young and self-conscious about hiring help. “They’re happy when you just circulate, grabbing garbage,” like dirty cups and cocktail napkins.

Such gigs can also carry minor humiliations that may not be so common at larger, more formal affairs. Mr. Solan once dressed up as a Roman king at a Halloween haunted-house party, where he periodically had to dodge a mechanized ax-murderer mannequin. David Shiovitz, who runs Columbia Bartenders, which sends out Columbia University undergraduates and graduate students, said that, were his bartenders asked, say, to strip or dance, “They have the right to say, ‘That’s not in my contract,’ ” he said.

If I am paying $200 bucks plus covering their tips, I am going to want my ROI. The bartender is going to be doing more than serving drinks but will not be outside of the scope of their work.

There’s also the challenge of making cocktails in a small, crowded space. Mr. Solan recalled a Halloween party with about 25 people in an 18-by-18-foot room. “I was expected to work the room, based out of a little kitchen with a sink I filled with ice,” he said.

Martin Mrowka, who owns Blue Bowtie, a small bartending company, had to work outside once. The West Village one-bedroom was so small that he had to serve drinks from a tiny balcony, under a tent, just in case it rained. (It didn’t.)

In some ways, that claustrophobic feeling is inevitable for bartenders. “Everyone is going to stand within a 10-foot-square radius of the liquor whether it’s a 10,000-square-foot or 200-square-foot apartment,” Mr. Levine said.

Luckily, things never became quite that crowded at Ms. Argiro’s party. Her guests were an arty-chic crowd of D.J.s, stylists and publicists, as well as her brother, Marco, a Bushwick musician, and sister, Daniela. They munched on Ms. Argiro’s homemade panko-crusted chicken bites and jalapeño poppers while dancing to tracks by the Cure, the Yeah Yeah Yeahs and Gorillaz.

At one point, Mr. Terry raided Ms. Argiro’s private stash of tequila and entreated Mr. Villani to mix shots with fresh lime juice for him. Mr. Villani obliged. “I’m a chameleon,” said Mr. Villani, who has been bartending for 15 years. “I can cater to Donald Trump or somebody in a rock band.”

The person who benefits from this arrangement is the bartender. If they are able to establish a large and loyal clientele, they will always have a job. But it is not easy money but they will be working.

The party cost Ms. Argiro about $600, of which $195 was for Mr. Villani’s services. (Tealicious also supplied bar trimmings and an Italian holiday sponge cake filled with Nutella.) Mr. Villani was also given $80 in tips.

$680? For cake, decorations, bar stuff and the bartender? she would have been better off putting that into a money market account. Or putting it away for an event that truly announces one's place in adulthood. A wedding.

For Ms. Argiro, it was worth every penny. The bartender added what she called a chic, “Mad Men” vibe to the party. In fact, she said she’d just seen the movie, “A Single Man,” set in the mid-1960s, and had chosen her party dress — a floaty, sleeveless black silk and chiffon minidress — to channel Julianne Moore in that film.

Another guest, Eric Carson, 32, a stock trader who lives in nearby Greenpoint, agreed that the bartender added class. “I feel very sophisticated at this party,” he said. “And I usually feel like a complete dirt bag.”

Of course you don't feel like a dirt bag. You did not pay for this.

I have been to a variety of social occasions ranging from hole in the wall bars to high end hotels. What I have learned is that when you go big, go big. Don't bother creating the illusion of luxury because it is not going to work and you will be wasting your money. the besy way to sum up this article is putting lipstick on a pig.

Reading about these "trends" drives me up the wall. First of all it is an attempt to instill this mentality into the social consciousness of New Yorkers which is already messed up enough as it is. It also creates insecurity and hostility amongst those who do not have the means to have such luxury. Correction, illusions of luxury.

That's what New York City is all about. Whether it is true or false, creating the appearance of being a metropolitan. The only people who benefit from this arrangement are those who supply the accouterments for creating the illusion.

The fact that Claudia is part of the Williamsburg herd shows how viable that area is. A residential base that is more focused on consumption rather than saving or investing is highly attractive to real estate investor because businesses will fight tooth and to tap in this market. And if there is a constant stream of these individuals, it makes the property all the more valuable.

It has been awhile since my first Williamsburg party and I always though this demographic would fade away. Apparently a fresh crop as taken their place who share the same values.

Scarsdale: Suicide is not the Solution Part IV

Well it has been officially announced through the local media channels. Below is the link if you want further information or want to attend.

Village Offers Support in Response to Tragedies

Scarsdale: Suicide is not the Solution Part III

It appears that Scarsdale is taking the initiative in dealing with the past events. Below is an email that was sent out to the community. Parts of the email have replaced with ****** for privacy reasons.

From: *******@****.com
To: *****
Sent: 12/8/2010 3:52:30 P.M. Eastern Standard Time
Subj: Scarsdale Forum News - Community Meeting Dec 15th.

Dear Scarsdale Forum Supporter,

As a public service, the Scarsdale Forum would like you to know about the following event that we feel is important to Scarsdale's residents:

Within the last few weeks, Scarsdale has experienced a number of deaths under tragic circumstances. Times like these raise difficult questions with no easy answers.

In response, the community is planning a number of town meetings to be held on Wednesday, December 15th at:

1:00 pm - ************************************
7:00 pm - ************************************
8:30 pm -************************************

Scarsdale mental health professionals, clergy and civic leaders will provide leadership and facilitate discussion. The meetings will focus on ways we can support each other and the community. In addition, resources and information on suicide, including a discussion about how to talk to children of all ages, will be presented.

To attend, please RSVP by clicking on the following link, or by calling Scarsdale Family Counseling Service at ********.

http*****************************

I have also attached a file with a link in it if you can't click on the one above. Please feel free to circulate this to your friends and neighbors.

Thanks for your support,

**********

Below is test of the RSVP itself. Edited for privacy.

1:00**********; 7:00***********, 8:30 *********


1.
Yes, I want to attend one of the Scarsdale Community Meetings on 12/15/10. My FIRST CHOICE time slot is...*
Select at least 1 response and no more than 1 response.
1:00 pm
7:00 pm
8:30 pm



2.
Yes, I want to attend one of the Scarsdale Community Meetings on 12/15/10. My SECOND CHOICE time slot is...*
Answer "None of the Above" if you have no second choice Select at least 1 response and no more than 1 response.
1:00 pm
7:00 pm
8:30 pm
None of the above



3.
Yes, I want to attend one of the Scarsdale Community Meetings on 12/15/10. My THIRD CHOICE time slot is...*
Answer "None of the Above" if you have no third choice Select at least 1 response and no more than 1 response.
1:00 pm
7:00 pm
8:30 pm
None of the above



4.
How many will be attending?*
Select at least 1 response and no more than 1 response.
1
2
3
4



5.
First Name*




6.
Last Name*




7.
Email Address*
We are requesting your e-mail to send a confirmation only.

Usually when the community groups reach out to the people, it is because of taxes, school issues or property values. Mental and emotional health issues are left in private so everyone is left to fend for themselves. So for these organizations to take this step just goes to show how completely freaked out people are.

As I have stated before, Scarsdale is not paradise. It brings its own set of obligations that can be quite traumatic if people are unable to fulfill them. It seems only now that the residents are beginning to understand the gravity of where they live.

Scarsdale: Suicide is not the Solution Part II

It looks like it did not go unnoticed by the New York Times.

Loss Binds the Mortals of a Village

The death of Mr. Steel, who, with a classmate, wrote one of Harvard’s fight songs, and who lived in Scarsdale for eight years before his death on May 12, 1927, did not occasion much sociology — mostly sadness, puzzlement, and concern for his three children.

In some ways, there’s a similar dynamic at work now, after four apparent suicides in two months reverberated through New York City’s most famous suburb, with its seductive Tudor village and its easily caricatured culture of strivers and hyperachievers.

Suicide: It is not a solution

It is not painless for those left behind.

Suicide is something that should not be taken lightly. If you or someone you love is at the brink, seek help immediately. My condolences for the families of the victims that are mentioned in this entry.

Scarsdale is no different than any other in town in that it has stress points. When those points are attacked, there is no telling how people will react. Sometimes it leads to decisions where people decide to opt out permanently.


Below is a list of suicides that have recently occurred in Scarsdale.



Long-Time Tarrytown Resident, Scarsdale Schools Employee, to be Buried Tuesday
Corinne “Corie” Vidal, took her own life on Thursday.

The funeral service for Corinne "Corie" Vidal will take place this Tuesday, 10 a.m., at the Transfiguration Church in Tarrytown.

Vidal was an assistant at Scarsdale High School and was a long-time resident of Tarrytown since her birth in 1969. She died on Thursday, Oct. 21, after committing suicide.

She is survived by her parents Antonio and Irene Vidal of Tarrytown; her older sister and brother-in-law Christina and Paul Clarke of Sleepy Hollow and her younger sister and brother-in-law Carla and Kevin Sapienza of Cortlandt Manor. She is also survived by her son Albert "Ryan" Rivero.

In an obituary, Vidal was described as always loving her job and her students, and always "tried to listen and brighten up someone's day even if it was just with a smile."

Scarsdale High School is offering counselling services to students who may need to speak about the matter. Visitation for Vidal will continue on Monday, from 2-4 and 7-9 p.m. at Coffey Funeral Home in Tarrytown.

In lieu of flowers, the family is asking that donations be made to charity.

Another Tragic Loss in Scarsdale

A mother’s suicide on Tuesday has left Scarsdale searching for answers as to why four people in the community have taken their own lives (one unconfirmed) in the past seven weeks. The mother of two jumped from the Tappan Zee Bridge, leaving grief-stricken children, parents, friends and neighbors seeking to explain the inexplicable.

Lynne Spencer was a former school psychologist and the mother of a fourth grader at Heathcote Elementary School and a sophomore at Scarsdale High School. According to the Journal News Spencer drove her Toyota Highlander onto the bridge around noon on Tuesday, got out, and jumped 150 feet into the Hudson River. Miraculously a construction crew that was under the bridge to sandblast one of the piers saw her fall about 50 feet in front of them. Three men from the crew jumped into a boat and pulled Spencer out of the water where she was floating face down.

In terms of media coverage, this particular suicide was given special dispensation.
http://fwix.com/westchester/article/194668ed19/long-time_tarrytown_resident_scarsdale_schools_employee_to_be_buried_tuesday

Below was the original report from one site
Scarsdale Emergency Workers Respond to Suicide Attempt

An attempt at the third suicide in our area in the last week was made early Sunday morning in Scarsdale Village while children were painting Halloween windows outside. Whether the impetus for the suicides was the economy, the change in seasons or personal demons is anyone's guess. At 10 am on Sunday October 23rd local police learned that a Scarsdale man had called a suicide hotline, and they were able to track the call to Scarsdale Village. Police rushed to Scarsdale Wrapping and Shipping on Harwood Court and forced their way into the locked store. In the basement they found storeowner David Emmer, who had attempted to take his own life. Police and emergency workers responded and reported that he was still alive. The Scarsdale Village Ambulance Corps transported Emmer to the emergency room at White Plains Hospital and his condition is unknown. Emmer, aged 49, is a well-liked retailer in Scarsdale Village who has been in town for as long as anyone can remember. He is 49 years old, and married with two children. Emmer's attempt follows the purported suicide of Thomas J. Hill in Hartsdale on October 19th and the death of Corie Vidal, a favorite member of the SHS staff who took her own life on October 21st. A sign on the door of the Scarsdale Shipping Center on Harwood Court says Closed Until Further Notice.

Then it was changed.

Scarsdale Emergency Workers Respond to Suicide Attempt

An attempt at the third suicide in our area in the last week was made early Sunday morning in Scarsdale Village while children were painting Halloween windows outside. Whether the impetus for the suicides was the economy, the change in seasons or personal demons is anyone’s guess.

At 10 am on Sunday October 23rd local police learned that a Scarsdale man had called a suicide hotline, and they were able to track the call to Scarsdale Village. Police rushed to a village store and forced their way into the locked store.

In the basement they found the storeowner who had attempted to take his own life. Police and emergency workers responded and reported that he was still alive. The Scarsdale Village Ambulance Corps transported the man to the emergency room at White Plains Hospital and his condition is unknown.

The victim is a well-liked retailer in Scarsdale Village who has been in town for as long as anyone can remember. His attempt follows the purported suicide of Thomas J. Hill in Hartsdale on October 19th and the death of Corie Vidal, a favorite member of the SHS staff who took her own life on October 21st.

Note: Due to the sensitive nature of the incident, the victim's name, which appeared in the original report, has been removed.

Below is his obituary.

David Emmer, 49, business owner and local volunteer

David Emmer of South Salem died Oct. 30. He was 49.

Mr. Emmer was co-president of the Jewish Family Congregation in South Salem and served on its board of trustees.

David Emmer
He was named an “honored volunteer” of the Child Abuse Prevention Center for 2008-09. He was the owner of Scarsdale Wrapping and Shipping Center and had previously owned Arcade Stationers.

Mr. Emmer is survived by his wife Jane; sons Andrew and Matthew; mother Bea; brother Jeffrey; and sister Susan.

The funeral was held today at the Jewish Family Congregation, with burial at Sharon Gardens in Valhalla.

Donations may be made to a college scholarship fund for Mr. Emmer’s two sons, Andrew and Matthew: Andrew and Matthew Emmer College Trust Fund, c/o Richard M. Cohlan, Trustee, 199 Main Street, Suite 500, White Plains, NY 10601.

If you do a google search under this person's name along with suicide, the results will include "attempt".

Unless you read the previous report, you would never be able to connect the dots to in determining the cause of his passing. Probably the only way to verify the facts is to do a series of FOIA requests and examining public records.

It appears that the local media have no problem reporting the identity of the other individuals. Why did they do that in this particular situation? Because this incident took place in the Village during on their most popular event. Better to make things as vague as possible for the sake of appearances.

There is a certain cachet associated with Scarsdale. Excellent schools, snobbery, high property values and spoiled rich kids.

When you first move to Scarsdale, you have not made it. You have just begun to fight to establish yourself in the social order. And the fight will seem eternal, or at least until your kids graduate from high school.

In other words Scarsdale is the Manhattan of Westchester County. Like, Manhattan, it requires a lot of money to live there. And God help you if you don't have it.

Was money the reason behind these suicides? I don't know. There were probably other variables that will be only be known to the parties involved. What I do know is that the current state of economy has had a negative impact on all of our lives. Even on a place like Scarsdale. In fact Scarsdale might be one of the places hit the hardest.

Another Update

I have not forgotten about this blog. It has just been extremely busy for me which is why I have been absent. In the near future I will be doing a series of entries on one of our favorite suburbs. More on that later

Price Reductions

Nearly half of homes on the market had experienced a price reduction at least once in October, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.




Sellers had cut asking prices on 48.4 percent of listings last month -- a total of 316,097 homes. The number of discounted homes fell 2.2 percent from September but rose 22.4 percent compared to October 2009. (Note: October 2009's figures include a 27th market: Sacramento). Homes had been reduced an average of two times, essentially flat from the same time last year.



Sellers discounted homes for a median $19,423, up 1.4 percent from September, but down 21.4 percent from October 2009. The median list price for homes last month was $241,309, down 1.6 percent month-to-month and 14.3 percent year-over-year.



The ratio of price-reduction amount to list price was 7.5 percent, up from 7.3 percent in September but down from 8.1 percent in October 2009.



Total for-sale inventory fell 3.3 percent month-to-month but rose 10.1 percent year-over-year to 653,811, ZipRealty reported.



In 12 out of 26 markets, more than half of sellers had slashed listing prices: Philadelphia, Pa.; Austin, Texas; Seattle, Wash.; Boston, Mass; Orange County, Calif.; Baltimore, Md.; Tucson, Ariz.; Chicago, Ill.; Orlando, Fla.; Minneapolis/St. Paul, Minn.; Jacksonville, Fla.; and Phoenix, Ariz.



By contrast, only three of 27 markets had seen more than half of their listings discounted in October 2009: Chicago, Jacksonville and Orlando.



For the first time in 2010, Phoenix led the pack last month with 56.1 percent of listings experiencing discounts. Denver, Colo. had the smallest share of discounted listings: 34 percent.



Source: Inman News

Comparable sales in New Bern

In the last week there 16 closings in our MLS.
In the same time frame one year ago there were 21 closings. This represents a decrease of almost 24%.

For the entire year sales are just about the same as last year.

New home sales for the year are about the same as last year. The new home inventory is slowly but surely working its way down. Currently there is about a 11 month inventory of new homes on the market. A stable market is generally defined as a 6 month inventory.

Good news for interest rates

Bankrate: Mortgage Rates Return to Record Low Territory


RISMEDIA, November 9, 2010--Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.



Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn't alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security.



The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.



SURVEY RESULTS



•30-year fixed: 4.42% -- down from 4.51% last week (avg. points: 0.37)

•15-year fixed: 3.81% -- down from 3.90% last week (avg. points: 0.28)

•5/1 ARM: 3.57% -- down from 3.67% last week (avg. points: 0.34)

October Housing Report

The Administration’s goal is to promote stability for both the housing

market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing









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Expectations On House Prices Have Shifted Up From 2009

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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

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U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

AppendixThe Administration’s goal is to promote stability for both the housing


market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing









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Expectations On House Prices Have Shifted Up From 2009

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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













Homeowners Save From Reduced Mortgage Payments



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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

AppendixThe Administration’s goal is to promote stability for both the housing


market and homeowners. To meet these objectives in the context of

a very challenging market, the Administration developed a broad

approach implementing state and local housing agency initiatives, tax

credits for homebuyers, neighborhood stabilization and community

development programs, mortgage modifi cations and refi nancing,

continued Federal Housing Administration (FHA) engagement, and

support for Fannie Mae and Freddie Mac. In addition, Federal

Reserve and Treasury MBS purchase programs have helped to keep

mortgage interest rates at record lows over the past year. More detail

on the Administration’s efforts can be found in the Appendix.

October 2010 Scorecard on Administration’s

Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately after

taking offi ce in February 2009. The October 2010 housing scorecard

includes the following key indicators of market health and results of the

Administration’s comprehensive response, as outlined above:

• Families continued to benefit from the lowest rates in

history on 30-year fixed mortgages. Since April of 2009,

record low rates have helped more than 7.1 million homeowners

to refi nance, resulting in more stable home prices and $12.7

billion in total borrower savings.

• As expected with the expiration of the Homebuyer Tax

Credit, new and existing home sales remained below

levels seen in the first half of 2010. At the same time, home

prices remained level in the past year after 33 straight months of

decline and homeowners added $95 billion in home equity in the

second quarter.

• More than 3.52 million modification arrangements were

started between April 2009 and the end of August 2010

—nearly triple the number of foreclosure completions

during that time. These included more than 1.3 million trial

Home Affordable Modifi cation Program (HAMP) modifi cation

starts, more than 510,000 Federal Housing Administration (FHA)

loss mitigation and early delinquency interventions, and more

than 1.6 million proprietary modifi cations under HOPE Now.

While some homeowners may have received help from more than

one program, the number of agreements offered nearly tripled

foreclosure completions for the same period (1.3 million).

• At nine months, almost 90 percent of homeowners

remain in their permanent HAMP modification, with 11

percent defaulted. Early data indicate that HAMP permanent

modifi cations are performing well over time, with lower

delinquency rates than those reported by the industry at large.

At nine months, less than 16 percent of permanent modifi cations

are 60+ days delinquent. To view the September HAMP Servicer

Performance Report, visit: http://www.fi nancialstability.gov/

docs/Sept%20MHA%20Public%202010.pdf

Data in the scorecard also show that the recovery in the housing

market continues to remain fragile, for example, foreclosure

completions continue to move upward and a large supply of homes

are being held off the market. While the recovery will take place over

time, the Administration remains committed to its efforts to prevent

avoidable foreclosures and stabilize the housing market.

The impact of recent new and expanded resources is expected to

contribute to progress captured in future Housing Scorecards. For

example, in July the Federal Housing Administration (FHA) announced

a short refi nance option targeted to help people who owe more on

their mortgage than their home is worth because their local markets

saw large declines in home values. The option will allow certain

underwater non-FHA borrowers – those current on their existing

mortgage and whose lenders agree to write off at least 10 percent of

the unpaid principal balance of the fi rst mortgage – the opportunity to

qualify for a new FHA-insured mortgage.

U.S. Department of Housing and Urban Development
Office of Policy Development and Research

e Obama Administration’s E orts

To Stabilize e Housing Market

and Help American Homeowners

October 2010

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













House Prices Show Signs Of Stabilizing









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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury
















Mortgage Aid Has Been Extended More an 3 Million Times,

Outpacing Foreclosures

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7.1 Million Homeowners Have Refinanced Since April 1, 2009

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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury













Homeowners Save From Reduced Mortgage Payments



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U.S Department of Housing and Urban Development

U.S. Department of the Treasury

e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners
October 2010

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

HOUSING MARKET FACT SHEET

Indicator is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 4.21 4.19 5.00 5.10 21-Oct-10

Housing Affordability (index) 168.3 162.2 161.9 166.3 August-10

Home Prices (indices)

Case Shiller (NSA)

FHFA (SA)

148.9

192.4

148.0

193.4

144.3

198.9

150.5

198.9

July-10

July-10

Home Sales (thousands, SA)

New

Existing

First Time Buyers

24.0

344.2

173.0 (p)

24.0

320.0

161.7

33.8

425.0

215.6

31.4

395.0

174.8

August-10

August-10

August-10

Housing Supply

Existing Homes for Sale (thousands, NSA)

Existing Homes - Months’ Supply (months)

New Homes for Sale (thousands, SA)

New Homes for Sale - Months’ Supply (months,SA)

Vacant Units Held Off Market (thousands)

3,982

11.6

206

8.6

3,743

4,007

12.5

209

8.7

3,628

3,924

9.2

262

7.8

3,501

3,700

9.4

353

11.2

3,508

August-10

August-10

August-10

August-10

2nd Q 10

Mortgage Originations (thousands)

Refi nance Originations

Purchase Originations

1,132.7

925.0

1,050.9

614.7

1,941.0

992.4 (r)

767.2

986.4

2nd Q 10

2nd Q 10

FHA Originations (thousands)

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

47.4

63.5

44.5

(p)

(p)

(p)

51.7

67.2

44.9

(r)

(r)

(r)

60.6

103.4

84.6

62.9

72.7

56.2

September-10

September-10

September-10

Mortgage Delinquency Rates (percent)

Prime

Subprime

FHA

5.2

36.4

12.4

5.2

36.2

12.5

5.8

36.3

14.7

4.4

34.1

14.3

September-10

September-10

August-10

Seriously Delinquent Mortgages (thousands)

Prime

Subprime

FHA

1747.0

1974.9

558.0

1,782.3

1,960.6

559.6

1760.7

1964.6

453.0

912.8

1,642.1

333.1

September-10

September-10

August-10

Underwater Borrowers (thousands) 10,971.2 11,276.9 10,155.6 (a) -- 2nd Q 10

Foreclosure Actions (thousands)

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short Sales

102.4

142.9

102.1

18.7 (p)

96.5

147.0

95.4

29.1

122.2

133.7

87.8

22.9

121.5

103.0

78.9

13.8

September-10

September-10

September-10

July-10

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator is Period Last Period Cumulative From Apr 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

35.3

27.8

56.4

115.8

26.6

33.3

39.2

120.4

1,369.4

495.9

568.1

1,675.6

September-10

September-10

September-10

August-10

Counseled Borrowers (thousands) 713.5 839.4 4,272 2nd Q 10

Borrower Annual Savings ($ millions)

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

--

--

--

--

--

--

2,313.3

2,407.5

12,737.3

2nd Q 10

2nd Q 10

2nd Q 10

Activities Completed Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

3,033

1,041

1,147

2,537

667

1,094

9,249 [36,292]

2,987 [8,252]

3,768 [18,000]

(b)

(b)

(b)

2nd Q 10

2nd Q 10

2nd Q 10

Change in Aggregate Home Equity ($ billions) 95.4 201.1 1,020.3 2nd Q 10

SA = seasonally adjusted, NSA = not SA, p = preliminary, a = adjusted for methodology change, r = revised, b = brackets include units in process.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

FHA Loss Mitigation Interventions

HOPE Now Modifi cations

Monthy

Monthy

Monthy

Monthy

Treasury

Treasury

HUD

Hope Now Alliance

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations

and Freddie Mac monthly savings estimates.

HUD estimate of annualized savings based on Treasury reported active HAMP permanent

modifi cations and median monthly savings estimates.

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

New Construction or Residential Rehab

Demolition or Clearance

Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a

family with the median income has exactly enough income to qualify for a mortgage on a

median-priced home. An index above 100 signifi es that family earning the median income

has more than enough income to qualify.

Home Prices

Case-Shiller (NSA)

FHFA (SA)

Monthy

Monthy

Standard and Poor’s

Federal Housing Finance Agency

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s

recommends use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100.

Home Sales (SA)

New

Existing

First Time Buyers

Monthy

Monthy

Monthy

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered

sold when either a sales contract has been signed or a deposit accepted, even if this occurs

before construction has actually started.

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily,

townhomes, condominiums and co-ops, are based on transaction closings. This differs

from the U.S. Census Bureau’s series on new single-family home sales, which are based on

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National

Association of Realtors ® annual estimate of fi rst time buyer share of existing home sales.

Housing Supply

Existing Homes for Sale (NSA)

Existing Homes - Months’ Supply

New Homes for Sale (SA)

New Homes for Sale - Months’ Supply (SA)

Vacant Units Held Off Market

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported.

Mortgage Originations

Refi nance Originations

Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association

and HUD

Mortgage Bankers Association

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance

originations.

HUD estimate of home purchase originations based on MBA estimate of dollar volume of

home purchase originations.

FHA Originations

Refi nance Originations

Purchase Originations

Purchases by First Time Buyers

Monthy

Monthy

Monthy

HUD

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

Prime

Subprime

FHA

Monthy

Monthy

Monthy

LPS-McDash Analytics

LPS-McDash Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages

Prime

Subprime

FHA

Monthly

Monthly

Monthly

LPS-McDash, MBA, and HUD

LPS-McDash, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly First American CoreLogic As reported. Due to change in reporting methodology, underwater borrower estimates prior to

the third quarter of 2009 are adjusted to be compatible with current estimates.

Foreclosure Actions

Notice of Default (Foreclosure Starts)

Notice of Foreclosure Sale

Foreclosure Completions

Short sales

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

Core Logic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January

2000 = 100, and FHFA monthly (purchase-only) index for US (SA), January 1991 = 100.

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller

index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations.

5. Cumulative HAMP modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as reported by

Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real Estate Owned

(REO) as reported by Realty Trac.

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure

Actions” above.

7. See “Borrower Annual Savings” above.

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in

“Mortgage Originations” above.

U.S. Department of Housing and Urban Development
Office of Policy Development e Obama Administration’s E orts To Stabilize e Housing Market and Help American H aondm Reeoswenarecrhs
October 2010

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

The Administration has taken a broad set of actions to stabilize the housing market and help American

homeowners. A year ago, stress in the fi nancial system had severely reduced the supply of mortgage credit,

limiting the ability of Americans to buy homes or refi nance mortgages. Millions of responsible families who

had made their monthly payments and had fulfi lled their obligations saw their property values fall. They also

found themselves unable to refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the Homeowner

Affordability and Stability Plan. As part of this plan and through other housing initiatives, the Administration

has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency mortgage

backed securities through independent MBS purchase programs, helping to keep mortgage rates at

historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to affordable levels

and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable homeownership

and rental resources;

• Supported the First Time Homebuyer Tax Credit, which has helped 2.5 million American families

purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low income housing tax

credit programs and $6.92 billion in support for the Neighborhood Stabilization Program to restore

neighborhoods hardest hit by the concentrated foreclosures;

• Created the $4.1 billion HFA Hardest Hit Fund for innovative foreclosure prevention programs in the

nation’s hardest hit housing markets.

• Supported home purchase and refi nance activity through the FHA to provide access to affordable

mortgage capital and help homeowners prevent foreclosures.

###

Appendix