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HUD January Housing Scorecard

On February 7, the U.S. Department of Housing and Urban Development (HUD) released an update titled Obama Administration Releases January Housing Scorecard.

OBAMA ADMINISTRATION RELEASES JANUARY HOUSING SCORECARD

San Francisco, CA Metropolitan Area Continues To Show Signs of Improvement

WASHINGTON– The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the January edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show progress among key indicators.   In 2013, home sales had their strongest performance in several years, foreclosure starts were at their lowest annual level since 2005 and homeowners’ equity is up $3.4 trillion since the beginning of 2012. While this scorecard notes positive trends in the housing market, officials caution that the economy is still healing from the Great Recession. The full Housing Scorecard is available online at www.hud.gov/scorecard.

“The January Housing Scorecard shows that the Obama Administration’s efforts continue to have a positive effect on the housing market,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “In 2013, the number of U.S. properties which started the foreclosure process was down 33 percent from 2012, while sales of previously owned homes rose by 9.1 percent. With foreclosures down, home sales up, and equity continuing to grow, the housing market continues to make slow, but steadily improving progress.”

“This month’s Housing Scorecard shows the continued need for and progress of the Making Home Affordable program,” said Treasury Acting Assistant Secretary Tim Bowler. “January’s Making Home Affordable (MHA) report shows a steady increase in the cumulative number of homeowners receiving permanent mortgage modifications, while more than 258,000 homeowners have found alternatives to foreclosure, participating in a short sale or deed-in-lieu through the Home Affordable Foreclosure Alternatives Program (HAFA).”

The December Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

  • Existing Home Sales Continue to Make Gains.  In 2013, there were 5.09 million sales of existing homes–9.1 percent higher than in 2012 and the strongest performance since 2006 when sales reached an unsustainable level during the housing boom. A total of 428,000 new homes were sold in 2013, which is 16.4 percent above sales in 2012 and the highest level in 5 years.
  • Foreclosures Are Down.  According to Realty Trac, a total of 747,728 U.S. properties started the foreclosure process in 2013, down 33 percent from 2012 to the lowest annual total since 2005. A total of 462,970 U.S. properties were repossessed by lenders (REO) in 2013, down 31 percent from 2012 to the lowest level since 2007.
  • Equity Continues to Grow.  According to the Federal Reserve, the equity homeowners have in their homes (total property value less mortgage debt outstanding) is up $3.4 trillion, or 55 percent from the beginning of 2012 through the third quarter of 2013.
  • The Administration’s foreclosure mitigation programs continue to provide relief for millions of homeowners as the recovery from the housing crisis continues.  Over 1.9 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.3 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered more than 2.1 million loss mitigation and early delinquency interventions through December. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals nearly 4.0 million proprietary modifications through November (data are reported with a 2-month lag). In all, more than 8.0 million mortgage modification and other forms of mortgage assistance arrangements were completed between April 2009 and the end of December 2013.
  • Performance of HAMP modifications continues to improve over time.  For modifications seasoned 24 months, 23.6 percent of modifications started in 2011 have disqualified, compared to 28.6 percent of modifications started in 2009. Program data supports that the longer a homeowner remains in HAMP, the more likely he or she is to keep up with their mortgage payments and avoid foreclosure.
     
  • Payment reduction is a strong driver of permanent modification sustainability.  For example, of modifications seasoned 24 months, only 15.9 percent with a monthly payment reduction greater than 50 percent have been disqualified due to missing three payments.  By contrast, those modifications with a payment reduction of 20 percent or less had a disqualification rate of 41.2 percent.

Also featured this month in the Administration’s Housing Scorecard is a regional spotlight on market strength in the San Francisco-Oakland-Fremont, CA Metropolitan Statistical Area (San Francisco MSA). Like many areas across the country, the economic and housing market conditions in the San Francisco area are improving, but the foreclosure crisis has taken its toll, with the Oakland metropolitan division experiencing more distress than the rest of the MSA. The Administration’s broad approach to stabilize the housing market has been a real help to homeowners throughout the San Francisco MSA. You can read the report here.

“As the housing market continues to improve nationwide, the San Francisco metropolitan area is also showing signs of significant improvement,” said Usowski. “As the regional spotlight shows, from the launch of the Obama Administration’s assistance programs in April 2009 through December 2013, nearly 73,500 homeowners in the San Francisco metropolitan area have received assistance. This is a positive step in our recovery efforts, but more work must be done to help homeowners in this area struggling from an excess of housing construction and unsustainable mortgage lending in the years leading up to the housing crisis and recession.”

The Housing Scorecard Regional Spotlight features data on the health of the San Francisco MSA housing market and impact of efforts to help homeowners at the local level including:

  • The foreclosure crisis has had an asymmetrical impact on the San Francisco MSA.  The Oakland Metro Division (MD) has fared less well than the other divisions. During the housing bubble, home price appreciation in Oakland peaked earlier and rose higher than the MSA as a whole, but the subsequent decline in home prices was greater for Oakland (45 percent) than for San Francisco (22 percent) and that of the nation (30 percent).  From 2000 through 2006, the share of distressed mortgages in the San Francisco MSA–those 90 or more days delinquent or in the foreclosure process—were considerably lower than comparable shares in the rest of the nation. The impact of the 2007-2009 recession, however, was more severe for the San Francisco MSA than for the nation, adding to rising mortgage delinquencies.
  • Economic and housing market conditions in the San Francisco MSA are improving.The share of mortgages that remain underwater has dropped to 2.5 percent in the San Francisco MD as of the third quarter of 2013, down from 9.0 percent a year earlier; in the Oakland MD, negative equity has declined to 13.9 percent from 29.7 percent over the same period. Jobs in the MSA have been increasing at an average annual rate of 38,900, or 2.1 percent, from the second quarter of 2010 through the third quarter of 2013. The Administration’s broad approach to stabilizing the San Francisco housing market has contributed to the improvements as nearly 73,500 homeowners received mortgage assistance between April 2009 and December. Furthermore, the San Francisco MSA has benefitted from $36 million in funding from the Neighborhood Stabilization Program, and the State of California has received $1.975 billion from the Hardest Hit Fund program.
  • The National Mortgage Servicing Settlement is continuing to provide relief for those in the San Francisco metropolitan area and throughout the state of California. Under the landmark National Mortgage Servicing Settlement, more than 186,000 California homeowners have benefitted from over $20 billion in refinancing, short sales and completed or trial loan modifications, including principal reduction on first and second lien mortgages provided as of June 30, 2013. Nationwide, the settlement has provided more than $51 billion in consumer relief benefits to more than 643,000 families. That is in addition to the $2.5 billion in payments to participating states and $1.5 billion in direct payments to borrowers who were foreclosed upon between 2008 and 2011.

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HUD’s mission is to create strong, sustainable, inclusive communities and quality
affordable homes for all. HUD is working to strengthen the housing market to
bolster the economy and protect consumers; meet the need for quality affordable
rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the
way HUD does business. More information about HUD and its programs is
available on the Internet at www.hud.gov and http://espanol.hud.gov.
You can also follow HUD on twitter @HUDGov, on facebook at
www.facebook.com/HUD, or sign up for news alerts on HUD’s Email List.

Please click here to view the online scorecard.

 

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties