The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the April edition of the Obama Administration’s Housing Scorecard—a comprehensive report on the nation’s housing market.
Home prices remain weak under continued strain from foreclosures and distressed homes. However, mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak. As lenders continue to review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline in foreclosure processing is likely to be temporary as lenders eventually revise and resubmit paperwork in the coming months.