The November Housing Scorecard features key data on the health of the housing market including:

-An additional one million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages. Since April 2009, record low interest rates have helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. However, the good news is that home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

-More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010--more than double the number of foreclosure completions during that time. These modification arrangements included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.6 million).

Data in the scorecard also show that the recovery in the housing market continues to remain fragile, but the recovery will take place over time, and the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

Times are trying for everyone, but if the Fed data is correct, we may see a continuing improvement in real estate sales and values. Of course, the Taos and Angel Fire areas tend to be somewhat insulated from the rest of the country in lower values since Taos and Angel Fire properties are in lovely resort areas. The deals are out there, and we at New Mexico Mountain Properties would love to show prospective buyers what they can get for their money.

Call us or visit us this winter and let us show you your perfect piece of paradise!