The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. The supply of homes available for sale fell to 5.1 months, down from a high of 12.2 months in January 2009. Erika Poethig, HUD’s acting assistant secretary, said more than 180,000 borrowers took advantage of the enhanced HARP program in the last quarter and foreclosure starts are declining. Still, despite numerous positive indicators, the report cautions that the overall outlook is mixed due to distressed sales and the impact of serious delinquencies and underwater mortgages on housing’s gains. More here and here.

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