The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements to the Home Affordable Refinance Program resulted in another 300,000 families beginning the process of refinancing their homes. More here and here.