The U.S. housing market remains in a fragile state after experiencing several months of home price declines, the Obama administration said Thursday.
In April, the government-run Home Affordable Modification Program modified 29,000 distressed mortgages, according to the May 2011 Housing Scorecard released by the Treasury Department and the Department of Housing and Urban Development. The scorecard measures the progress of federal foreclosure prevention programs.
Another 29,000 borrowers obtained permanent payment reductions, with the median reduction of about 37%. Government programs modified 4.8 million loans in the past two years.