The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low interest rates. The October housing ‘scorecard’, prepared by the Department of Housing and the Department of Treasury, show that families continued to benefit from the lowest rates in history for 30-year mortgages.
In addition more than 3.52 million modification arrangements were started between April 2009 and the end of August 2010—nearly triple the number of foreclosure completions during that time.
However, housing officials were quick to point out “With many unavoidable foreclosures still in the pipeline, it’s clear that we have a hard road ahead. That’s why we’re focused on successfully implementing the programs we’ve put in place – such as additional assistance on refinancing and helping unemployed homeowners stay in their homes – and ensuring that help is available to homeowners as soon as possible.”