Housing Market Remains Vulnerable Despite High Affordability – Irvine Real Estate – Irvine Homes for Sale

Falling foreclosure numbers are likely to be a short-lived result of recent scandal, while US housing remains vulnerable despite near-record affordability. Yet, with the level of modifications more than double that of foreclosures last year, signs of the success from housing rescue measures offer hope. See the following article from HousingWire for more on this.

The housing market felt the effects of the robo-signing scandal in November as foreclosure starts and completions fell significantly, according to the Obama administration’s November 2010 housing scorecard.

Foreclosure activity dropped 21% during the month; however, the drop is likely to be temporary as lenders review and resubmit foreclosure affidavits, the scorecard noted.

The Department of Housing and Urban Development  and the Treasury Department compiled data for the monthly scorecard.