Housing scorecard shows mixed signs of recovery

The Obama Administration's latest data in the October Housing Scorecard showed new home sales decreased to 26,100 in September, down from 26,300 from the same month in 2010, but up from August's 24,700 units. Existing home sales increased to 409,200 in September, which is a 10 percent increase from 2010, but a drop from August's 421,700 units.

Raphael Bostic, assistant secretary of the U.S. Department of Housing and Urban Development, said mortgage defaults decreased in September as the additional government prevention programs helped keep homeowners current on their loans. In addition, the government's efforts to keep mortgage rates at low levels enabled a million more homeowners to refinance their loans in the third quarter of 2011.

However, the housing market remains weak, affecting all consumers, especially younger potential homeowners. Data from the U.S. Census Bureau shows between 2005 and 2011 the number of young adults still living with their parents increased. The percentage of men between 25 and 34 living at home increased 14 percent in 2005 and 19 percent in 2011. Women of the same age group increased living at home by 8 percent in 2005 and 10 percent in 2011.

Further, 59 percent of men between 18 and 24, and 50 percent of women that age live with their parents in 2011, and increase from 2005 when 53 percent of men in the age range and 46 percent of women had not moved out yet.

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