Obama's housing market scorecard

The housing market is gaining strength thanks in part to government programs aimed at helping struggling homeowners, the latest Obama Administration Housing Scorecard released Thursday found.

"The Obama Administration's efforts to speed housing recovery are showing clear signs of traction," said Erika Poethig, Acting Assistant Secretary for the Department of Housing and Urban Development which releases the report in conjunction with the Department of the Treasury.

Home values are back to levels not seen since the beginning of the Obama administration and the number of homeowners who are underwater on their mortgage is down 11% since last year, the report said.

More than half a million borrowers have had their loans refinanced through government efforts like the Home Affordable Refinance Program this year.

"It is clear that we're making progress. But with so many households still struggling to make ends meet, we have important work ahead," Poethig said.

Another boost to the housing market came last April, when the attorneys general of 49 states and the District of Columbia inked a $25 billion settlement deal with the nation's five largest banks over so-called robo-signing foreclosure abuses.

That deal is expected to help another couple of million borrowers reduce their mortgage payments.

Source: CNNMoney.com