Home prices are continuing to rebound, and more home owners are taking advantage of refinancing to lower their monthly mortgage payments, according to the Obama Administration’s November Housing Scorecard report.
The scorecard highlights the housing market's big strides, a marked improvement that has not been seen since before the housing crisis.
“Six consecutive months of rising home prices have bolstered home owners' equity,” said Erika Poethig, HUD acting assistant secretary for Policy Development and Research. Nationwide home owner equity is now $1.5 trillion higher than in April 2009.
“But with so many households still struggling to make ends meet, we have important work ahead,” Poethig added.
The report notes that the housing market has shown a rise in home values and stronger buyer demand, but the recovery remains fragile with challenges ahead.
"The administration remains focused on continuing to improve standards for the mortgage industry to help families avoid foreclosure," said Tim Massad, Treasury assistant secretary for financial stability. "We continue to push the industry to provide better service to home ownerswhile expanding the range of solutions available to families facing mortgage concerns."