September has brought good news to the housing market and provides substantial encouragement for future gains.
Home values have grown 5.9% to reach their highest levels since 2008. This, in turn, has helped lift 1.3 million families above water on their mortgages and will save millions to avoid foreclosure.
For those who fell too far behind on their payments, federal programs have helped mitigate more than 1.4 million cases.
In August, over a million loans were modified on behalf of struggling individuals and families. These modifications have lowered the principle owed and helped them to get above water.