Safeguard Properties

HUD Announces Over 100,000 Families & Individuals Housed Through “House America” Homelessness Initiative

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Industry Update
January 26, 2023

Source: U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that states, municipalities, and tribes who joined House America have housed more than 100,000 households experiencing homelessness and added over 40,000 affordable housing units into development. HUD organized leaders from 105 communities across 31 states and territories and the District of Columbia to join House America and provided technical assistance to reach these goals. Launched in September 2021 by Secretary Fudge in partnership with the U.S. Interagency Council on Homelessness (USICH), House America is an all-hands-on-deck effort to address the nation’s homelessness crisis.

“Everyone deserves a safe, stable place to call home. Through House America, I’m proud to see that communities have stepped up to get people off the streets and into homes,” said Secretary Fudge. “The Biden-Harris Administration is deploying a Housing First approach, using American Rescue Plan funding and other resources to help individuals find a place to call home. We will continue to work to house America until we end homelessness as we know it.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

‘The Wreckage of Decades’: The Fight to Fix Nearly 1K Vacant Properties in Albany

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Industry Update
January 28, 2023

Source: timesunion.com

Outside a deserted house in the South End earlier this month, a city inspector photographed the utility shut-off notice and partially boarded up windows of the dilapidated structure. A mostly broken staircase clung to the back of the house, and the roof caved in on a nearby moss-covered shed. In the backyard, the door to a smaller structure was broken open revealing trashed furniture, pillaged cabinets and shredded ceilings.

Built in 1880, the brick home with stately trim is vacant and plunging into disrepair. Just up the street was another boarded up vacant home. Down the road, there were once another three vacant buildings, but they were demolished by the city in 2020 after they started to collapse.

The homes are among the approximately 974 vacant buildings in Albany, according to city records.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Oregon Cedar Creek Fire

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FEMA Alert
January 27, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Oregon to supplement state, tribal and local response efforts in areas affected by the Cedar Creek fire beginning September 9, 2022 and continuing.  The following areas have been approved for assistance:

Public Assistance:

  • Lane

 

Oregon Cedar Creek Fire (FM-5457-OR)

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Share of Mortgage Loans in Forbearance Remains Flat at .7% in December

Posted on by Safeguard

Industry Update
January 23, 2023

Source:  Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance remained flat relative to the prior month at 0.70% as of December 31, 2022. According to MBA’s estimate, 350,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 1 basis point to 0.31%. Ginnie Mae loans in forbearance decreased 1 basis point to 1.45%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 3 basis points to 1.00%.

“For three consecutive months, the forbearance rate has remained flat — an indicator that we may have reached a floor on further improvements,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “New forbearance requests and re-entries continue to trickle in at about the same pace as forbearance exits. The overall performance of servicing portfolios was also flat compared to the previous month, but there was some deterioration in the performance of Ginnie Mae loans.”

Added Walsh, “Forbearance remains an option for struggling homeowners and its usage may continue, especially if unemployment increases as expected. MBA is forecasting for the unemployment rate to reach 5.2 percent in the second half of 2023, up from its current level of 3.5 percent.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Top 10 Zips with Highest Foreclosure Rates in 2022

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Industry Update
January 13, 2023

Source:  ATTOM Data

According to ATTOM’s just released Year-End 2022 U.S. Foreclosure Market Report, foreclosure filings were reported on 324,237 U.S. properties in 2022. That figure was up 115 percent from 2021, but down 34 percent from 2019, before the pandemic. The report noted that foreclosure filings in 2022 were also down 89 percent from a peak of nearly 2.9 million in 2010.

ATTOM’s latest foreclosure activity analysis found that those 324,237 properties with foreclosure filings in 2022 represented 0.23 percent of all U.S. housing units. That figure was up slightly from 0.11 percent in 2021, but down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010.

The report noted that states with the highest foreclosure rates in 2022 included Illinois (0.49 percent of housing units with a foreclosure filing); New Jersey (0.45 percent); Delaware (0.40 percent); Ohio (0.38 percent); and South Carolina (0.37 percent). Also according to the report, rounding out those top 10 states with the highest foreclosure rates in 2022, were Nevada (0.34 percent); Florida (0.33 percent); Indiana (0.30 percent); Maryland (0.27 percent); and Michigan (0.26 percent).

ATTOM’s 2022 year-end foreclosure report also found that among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in 2022 were Cleveland, Ohio (0.70 percent of housing units with a foreclosure filing); Jacksonville, North Carolina (0.58 percent); Atlantic City, New Jersey (0.58 percent); Columbia, South Carolina (0.55 percent); and Chicago, Illinois (0.53 percent).

The report noted that among those metro areas with a population greater than 1 million, including Cleveland, Ohio and Chicago, Illinois, those with the highest foreclosure rates in 2022, included Philadelphia, Pennsylvania (0.43 percent); Las Vegas, Nevada (0.42 percent); and Jacksonville, Florida (0.42 percent).

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Serious Delinquency Rates for All Mortgage Loan Types Continue to Fall

Posted on by Safeguard

Industry Update
January 18, 2023

Source:  Core Logic

The nation’s overall mortgage delinquency rates have improved significantly over the last year, according to the latest CoreLogic Loan Performance Insights Report. Data shows the serious delinquency rate for October 2022 declined one percentage point from 12 months prior to 1.2%.[1] Compared to the peak serious delinquency rate for mortgages in August 2020, the rate in October was down three percentage points, which was mostly driven by strong labor market conditions since the U.S. economy reopened. While serious delinquencies for all types of mortgages have declined over the past two years, it is important to look at the trends by loan type as some loans are more sensitive to changes in a macroeconomic environment.

As of October 2022, the serious delinquency rates for Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and conventional loans were 4.6%, 2.5% and 0.8%, respectively (Figure 1).[2] The serious delinquency rate decreased for all loan types in October 2022 compared with a year prior when COVID-related delinquencies spiked.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Selects Five Proposals to Help Advance Racial Equity in Housing through a $5 Million Innovation Challenge

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Industry Update
January 18, 2023

Source: Fannie Mae

Fannie Mae announced the selection of five organizations to receive deliverable-based contracts under the Sustainable Communities Innovation Challenge, a nationwide competition to help advance racial equity in housing. Through the Innovation Challenge 2022 (IC22), the company sought innovative, scalable proposals to remove barriers that currently prevent many households, including Black households, from purchasing or renting a home.

The Innovation Challenge is part of Fannie Mae’s Sustainable Communities Partnership and Innovation initiative, which focuses on developing collaborative, cross-sector approaches to advancing sustainable communities and generating solutions for the nation’s most pressing housing issues. Fannie Mae solicited proposals that specifically address the insufficient supply of quality affordable housing options, insufficient funds for upfront and unexpected housing costs, and consumer credit challenges, including low credit scores and credit invisibility.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Gloversville Getting Tough on Blighted Properties

Posted on by Safeguard

Industry Update
January 15, 2023

Source: leaderherald.com

In another example of the city government’s “War on Blight” policies, Gloversville is now requiring the owners of buildings destroyed from fire damage to either reimburse the city the cost for demolishing the structures or turn their ownership over to the city.

The Gloversville Common Council voted 6-0 last Tuesday to approve the city Property Disposition Committee’s recommendation to sell two properties conveyed to the city after their previous owners chose not to reimburse the city’s costs for demolishing fire damaged buildings.

“We’re trying to get very aggressive on cleaning up messes and making sure things don’t malinger,” Mayor Vince DeSantis said. “Because, not only are they a detriment to the neighborhood, but they become a dangerous thing for public safety, kids get into vacant buildings and all of that.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

PHFA Celebrates 50 Years of Creating Affordable Housing in Pennsylvania

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Industry Update
January 13, 2023

Source: Yahoo! Finance

In 2023, the Pennsylvania Housing Finance Agency is celebrating its fiftieth year of helping Pennsylvanians find and keep affordable, stable housing. The agency has special promotions planned throughout 2023 to recognize this landmark year and to celebrate its staff and retirees for its half century of service to Pennsylvanians.

“Our agency was started 50 years ago with eight employees and a singular focus on funding affordable rental housing,” said PHFA Executive Director and CEO Robin Wiessmann. “Today, PHFA has grown to 314 employees and proudly offers a broad range of programs intended to help renters, homebuyers and homeowners find and keep housing that best fits their needs.”

“I think the legislative leaders and Governor Milton Shapp, who had the foresight to create the agency so many years ago, would be proud of how we have fulfilled their vision for providing affordable housing opportunities in Pennsylvania.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac Multifamily’s Targeted Affordable Housing Loans Increased by Nearly 60% in 2022

Posted on by Safeguard

Industry Update
January 18, 2023

Source:  Freddie Mac

Freddie Mac Multifamily’s 2022 production volume totaled $73.8 billion, including a record of nearly $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments. The agency also increased its targeted affordable loan purchases for properties that have a regulatory rent restriction or subsidy by close to 60% to a record $15.3 billion in 2022, up from $9.6 billion in 2021.

“In a year marked by record rent inflation and a rental housing supply crisis, Freddie Mac Multifamily prioritized its affordable housing mission,” said Kevin Palmer, head of Freddie Mac Multifamily. “Not only did we exceed our aggressive affordable housing goals, but we also set a record for Targeted Affordable Housing, ramped up our LIHTC equity investments by 45% and made nearly $2 billion in forward commitments designed to bolster future housing supply.”

Freddie Mac exceeded all its FHFA-set affordable housing goals. Of the 693,000 rental units financed through loan purchases, more than 420,000 were affordable to low-income households earning up to 80% of Area Median Income (AMI), surpassing the 415,000-unit goal. Units affordable to very low-income households earning up to 50% of AMI totaled nearly 128,000, representing 145% of the 88,000 unit goal. Freddie Mac also met 118% of its low-income housing goal for properties with 5 to 50 units with 27,103 units.

For full report, please click the source link above.