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Housing recovery continues to make progress | Chappaqua Real Estate

The housing recovery is continuing to trend in a positive direction, but more work needs to be done to help the economy fully recover, the Obama administration said in its June housing scorecard, which is a comprehensive report on the nation’s housing market prepared by U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury.

June’s housing scorecard echoes the sentiments of the last two housing scorecards. In May, the administration cited overall positive trends in the housing market, but cautioned that the harsh winter slowed growth while the economy continues to recover from the Great Recession.

In April, the administration also noted the tough winter as a challenge to the year’s housing performance.

June’s scorecard identifies growing equity and a rebound in the sale of new and existing homes as positive trends.

“The June Housing Scorecard shows the housing market continues to make progress as we move into the summer months,” said HUD Assistant Secretary for Policy Development and Research Katherine O’Regan. “Sales of new and existing homes are up, equity continues to grow, and foreclosures starts continue trending down. While these are all signs of a healthy recovery, given the severity of the housing crisis, we must stay committed to helping homeowners.”