Tuesday, July 20, 2010

Obama Housing Scorecard

by Bill McBride on 7/20/2010 04:31:00 PM

The Obama Administration released the June Housing Scorecard today. The graphs are a little hard to read, but they do provide a list of sources.

On modifications they provide a graph showing 2.95 million total modifications for Hope Now, HAMP, and FHA loss mitigation (page 3). There are also private modifications too (not mentioned) - so quite a few borrowers have had some sort of loan modification.

For housing supply (page 2 last graph), they show existing home inventory and "vacant housing units, held off market, year round, other" from the Census Bureau. I suppose they are using this number (about 3.6 million now - usually around 2.7 million) as a measure of shadow inventory. I think a better measure of the excess supply is to use the vacancy rates from the Census Bureau. The Q2 vacancy rates will be released next week on July 27th.