Despite signs of stability, the overall outlook for housing remains mixed according to the Obama administration’s March housing scorecard, released Friday by Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury.

Mortgage delinquencies were substantially below last year’s levels and sales of existing homes in January and February marked the strongest start to a year since 2007. But prices remain in decline, and March home sales were nearly flat nationwide, declining from 385,800 to 382,500.

"The data this month show that we’re making important progress in providing relief to homeowners," said HUD Assistant Secretary Raphael Bostic. "It’s clear that the Administration’s efforts continue to provide significant positive benefits."

Foreclosure completions were also down in March, but increased foreclosure activity is expected in the coming months following the mortgage servicing settlement reached with the five largest banks in early February.

Total home equity for U.S. homeowners was also down from the prior quarter, falling to just over $6 trillion, and remains lower than it was in the first quarter of 2009.