The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the January edition of the Obama administration’s Housing Scorecard. Data continue to show signs that the housing market is strengthening, with the number of underwater borrowers continuing to decline as home prices continue to improve, although officials caution that there is regional variation and the overall economic recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard.

“The Obama administration’s efforts to speed housing recovery are showing continued progress as the January scorecard indicators highlight clear forward momentum in the housing market,” HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski said. “The housing market has clearly bottomed out nationally and is turning a corner with new home construction increasing to a level not seen since June 2008 and home prices showing strong annual gains. But with so many households still struggling, we have important work ahead.”

“Making Home Affordable (HAMP) has directly helped more than one million homeowners avoid foreclosure and indirectly helped millions more by prompting critical changes in the way the mortgage industry assists struggling homeowners,” Treasury Assistant Secretary for Financial Stability Tim Massad said. “Every foreclosure avoided has positive impacts for families, communities and our economy.”

The January Housing Scorecard features key data on the health of the housing market and the impact of the administration’s foreclosure prevention programs, including:

• The administration’s foreclosure prevention programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis. 
• Homeowners in HAMP continue to benefit from deep payment relief, helping them sustain their mortgage payments over time.

Also featured this month in the administration’s Housing Scorecard Regional Spotlight on market strength is Detroit, Michigan. Similar to other parts of the Midwest, the foreclosure crisis in Detroit developed earlier and differently than in other areas of the nation.

“The continuing signs of stability that the national data show for the broader housing market are also beginning to appear in Detroit,” Usowski said. “As this Regional Spotlight shows, the administration’s efforts have helped nearly 100,000 Detroit households avoid foreclosure. A modest local economic recovery is underway, but we have much more to do to reach the many households who still face trouble and to help the Detroit market recover more broadly.”