Safeguard Properties

Following NY Zombie Home Law, Fewer Abandoned, Unsightly Homes on Staten Island

Posted on by Safeguard

Industry Update
December 13, 2022

Source:  silive.com

Since a 2016 state law was enacted to help reduce the zombie property epidemic across New York, there are 311 fewer abandoned properties on Staten Island, according to the state, which keeps a database of properties.

Abandoned properties, also known as zombie homes, are more than just a neighborhood eyesore. Aside from neighbors being forced to look at dilapidated homes with overgrown weeds and shrubbery, zombie homes can affect the property value in a neighborhood, attract squatters and crime, lower the tax base, and become a sanitation issue.

Zombie properties are defined as one-to-four family houses with a delinquent mortgage of 90 days or more, or a home that’s in the foreclosure process.

In 2016, former Gov. Andrew Cuomo signed the Zombie Property and Foreclosure Prevention Act to help reduce the zombie property epidemic across New York State and enforce stricter laws on mortgagees, servicing agents, homeowners and city and state agencies.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

How Hartford Land Bank Helps City Residents Turn Blighted Properties into Homeownership Opportunities

Posted on by Safeguard

Industry Update
December 17, 2022

Source:  The Wilton Bulletin

Documents show it was a challenging fall for many Hartford tenants.

Mice, poor ventilation, no hot water, mold, broken windows, roaches and smoke alarms without batteries were among the violations the city’s housing code inspectors cited. In September alone, the city posted 49 notices of violation for health and sanitation issues.

Of the property managers responsible for addressing those 49 notices, 20 were based outside Connecticut. Another seven were located outside Hartford.

The Hartford Land Bank is a nonprofit organization that acquires vacant, abandoned, tax-delinquent or distressed properties in Hartford and redevelops them with the help of a cohort of Hartford-based developers. The hope is that local developers will be more invested in the properties, resulting in better living conditions and even the potential for homeownership in a city dominated by tenants.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

OCC Reports Improvement in Overall Mortgage Performance

Posted on by Safeguard

Industry Update
December 15, 2022

Source:  Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2022.

The OCC Mortgage Metrics Report, Third Quarter 2022 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.6 percent a year earlier.

The percentage of seriously delinquent mortgages – mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due – was 1.3 percent in the third quarter of 2022, compared to 1.5 percent in the prior quarter and 3.1 percent a year ago.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Sets New Percentage-Based Benchmark for Multifamily Housing Goals

Posted on by Safeguard

Industry Update
December 15, 2022

Source:  MPAMag.com

The Federal Housing Finance Agency has finalized the benchmark levels for Fannie Mae and Freddie Mac’s multifamily housing goals for 2023 and 2024.

Under the existing regulation, FHFA measures the impact of the multifamily goals based on the total number of affordable multifamily units financed by mortgage loans purchased by government-sponsored enterprises (GSEs) each year.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Rates Drop for Fifth Week in a Row

Posted on by Safeguard

Industry Update
December 15, 2022

Source:  CNN

Mortgage rates fell once again this week, dipping for the fifth straight week.

The 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.12%.

Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of harsh interest rate hikes to tame soaring inflation. But mortgage rates have tumbled in the last several weeks, following data that showed inflation may have finally reached its peak.

Inflation, as measured by the Consumer Price Index, cooled considerably in November and was at its lowest level in nearly a year, according to the Bureau of Labor Statistics’ closely watched index, released on Tuesday.

However, the Fed announced on Wednesday that it will continue to raise interest rates — albeit by a smaller amount than it has been, while acknowledging that inflation is easing. The rate hike was already factored in to where mortgage rates are, but signaled more good news on inflation.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Completions Increase Annually by 64 Percent in November 2022

Posted on by Safeguard

Industry Update
December 8, 2022

Source: ATTOM

ATTOM, a leading curator of real estate data nationwide for land and property data,  today released its November 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,677 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 57 percent from a year ago, but down 5 percent from the prior month.

“We may be at or near a peak level of foreclosure activity for 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While foreclosure starts and foreclosure completions both increased compared to last year’s artificially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Orleans Area Tornadoes Leave Widespread Damage

Posted on by Safeguard

Disaster Alert
December 15, 2022

Source:  The Weather Channel

At a Glance:

  • At least five possible tornadoes were reported in the New Orleans metro area.
  • Multiple deaths and dozens of injuries were reported in Louisiana.
  • The community of Arabi in St. Bernard Parish was struck for the second time in nine months.

Much of the New Orleans area will be assessing the damage today after destructive tornadoes tore through on Wednesday.

At least five possible tornadoes were reported in the New Orleans metro area, including one in Arabi in St. Bernard Parish, which was struck by an EF3 tornado on March 22. New Orleans’ Ninth Ward was also struck.

Extensive damage was reported in the city of Gretna in Jefferson Parish as well.

Three people were killed during the storms in Louisiana. A 30-year-old woman and her 8-year-old son died when a tornado destroyed their home in Caddo Parish, and a 56-year-old woman in St. Charles Parish died after a tornado destroyed her house in the Killona area.

For full report, please click the source links above.

FEMA Major Disaster Declaration – Florida Hurricane Nicole

Posted on by Safeguard

FEMA Alert
December 13, 2022

***UPDATED ON 1/4/23***

FEMA has issued a Major Disaster Declaration for the state of Florida to supplement state, tribal and local response efforts in areas affected by Hurricane Nicole from November 7-30, 2022.  The following areas have been approved for assistance:

Individual Assistance:

  • Brevard
  • Flagler
  • Lake
  • Putnam
  • St. Johns
  • Volusia

Public Assistance:

  • Alchua
  • Baker
  • Bradford
  • Brevard
  • Broward
  • Calhoun
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Columbia
  • DeSoto
  • Dixie
  • Duval
  • Flagler
  • Franklin
  • Gadsden
  • Gilchrist
  • Glades
  • Gulf
  • Hamilton
  • Hardee
  • Hendry
  • Hernando
  • Highlands
  • Hillsborough
  • Holmes
  • Indian River
  • Jackson
  • Jefferson
  • Lafayette
  • Lake
  • Lee
  • Leon
  • Levy
  • Liberty
  • Madison
  • Manatee
  • Marion
  • Martin
  • Miami-Dade
  • Miccosukee Indian Reservation
  • Nassau
  • Okeechobee
  • Orange
  • Osceola
  • Palm Beach
  • Pasco
  • Pinellas
  • Polk
  • Putnam
  • Sarasota
  • Seminole
  • St. Johns
  • St. Lucie
  • Sumpter
  • Suwannee
  • Taylor
  • Union
  • Volusia
  • Wakulla
  • Washington

 

Florida Hurricane Nicole (DR-4680-FL)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration to Help Floridians Recover from Hurricane Nicole

Map of Affected Areas

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

Fannie Mae Introduces Enhancements to Help Expand Homeownership Opportunities for Underserved Borrowers

Posted on by Safeguard

Industry Update
December 6, 2022

Source:  Fannie Mae

Fannie Mae announced innovative enhancements to its automated underwriting system designed to responsibly expand eligibility and further simplify the borrowing process for loans where homebuyers do not have a credit score. These enhancements will help historically underserved borrowers access credit and further support the company’s commitment to serving renters and homeowners in an equitable and sustainable way.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Toledo, Land Bank Awarded $9.8 Million to Demolish Blighted Properties

Posted on by Safeguard

Industry Update
December 6, 2022

Source: WTOL.com

Toledo and the Lucas County Land Bank will get $9.8 million to demolish vacant homes affecting the city with blight.

“We’re going to be able to do more work in this community than any other community in the state of Ohio,” Mayor Wade Kapszukiewicz said.

Kapszukiewicz said he’s thrilled at the opportunity for the city of Toledo and partner Lucas County Lank Bank to receive the nearly $10 million to demolish blighted homes.

“Over a thousand structures are going to go away and when that happens, those neighborhoods become a little safer. They become a little more livable. There’s a real sense of pride that comes back and frankly the property value of the remaining homes go up,” Kapszukiewicz said.

For full report, please click the source link above.