Obama administration releases the December Housing Scorecard

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury recently released the December edition of the Obama administration Housing Scorecard, which found subtle improvements in the housing market over the past 12 months, but highlighted the fragility of the market that has yet to stabilize since the mortgage crisis

New and existing home sales increased in December compared to November, and with low mortgage rates homes are as affordable as they were in 1971. However, home prices continue to slip and remain below levels seen in 2010.

The Zillow Real Estate Market Report for November found home values did not change much compared to October, with a 0.1 percent decrease in price. The Zillow Home Value Index, however, fell 4.6 percent compared to the same time in 2010, and is hovering around levels last seen in 2003.

"Overall, we are seeing encouraging signs in housing data such as sequential months of slowing depreciation rates, stabilizing markets and organic improvement in value trends, largely in the absence of government policy intervention," said Zillow Chief Economist Dr. Stan Humphries.

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