Continued signs of the housing recovery were evident in the Housing Scorecard just released by HUD and the U.S Department of the Treasury...Department of Housing and Urban Development (HUD) and the U.S. Housing Scorecard">Housing Scorecard – a comprehensive report on the nation’s housing market. Data in the Housing Scorecard shows continued signs of recovery as foreclosure starts and completions declined in June.
The report further says, 'In addition, the inventory of houses for sale remained low; at current pace, it would take 6.6 months to sell the supply of existing homes on the market and 4.9 months to clear the new homes on the market. Experts consider a six month supply of homes to be a balanced market...DeMarco's has remained strong in his leadership of Fannie Mae and Freddie Mac funds, standing at odds with The Treasury Department. He believes proposing a broad sweep of mortgage principal reductions would have negative impact on mortgage markets. May, the largest increase since the program was launched in 2009," said HUD Acting Assistant Secretary Erika Poethig. Jenna Thuening, owner of Home Destination, hopes this encourages others to participate in the program and request an Independent Foreclosure Review if their home is underwater.
Long Term Guidance from mortgagenewsdaily.com states they "continue to advocate against trying to 'get ahead' of current market movements due to the high degree of uncertainty. In the past, we would have interpreted that advice as a suggestion to lock, but in the recently 'low and sideways' environment, it's probably better-read as a suggestion to go with the flow of gradually lower rates until we see the pattern definitively break."
Minneapolis and St.