WASHINGTON – The Obama administration is reporting that the nation’s housing market remains “extremely fragile,” as millions of responsible homeowners continue to fight to make ends meet in the wake of the deepest national recession since the Great Depression. Read the release.
The administration’s Housing Scorecard for February shows halting and brittle progress on the road to recovery: a slight increase in existing home sales, a downward trend in mortgage delinquencies, and a slowing in the number of foreclosures that officials warn may only be temporary as lenders review and revise their procedures after the robo-signing controversy. But the U.S. Department of Housing and Urban Development says the data also shows that the administration’s foreclosure prevention programs helped millions of families stay in their homes and millions more save money by modifying the terms of their mortgage.
Visit the Maryland Department of Housing and Community Development’s website to learn more about how the administration of Governor Martin O’Malley and Lt. Governor Anthony Brown is helping tens of thousands of distressed families in Maryland find sustainable alternatives to losing their home, including the foreclosure mediation program launched on July 1. The 40 nonprofit housing counseling agencies and four legal service organizations in the Maryland HOPE Counseling Network have helped nearly 52,000 Maryland families since 2007 and the administration’s foreclosure reform efforts have been described as one of the most aggressive in the country.