U.S. Foreclosure Activity Doubles Annually but Still Below Pre-Pandemic Levels

Industry Update
January 12, 2023

Source:  ATTOM

ATTOM, a leading curator of real estate data nationwide for land and property data, released its Year-End 2022 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 324,237 U.S. properties in 2022, up 115 percent from 2021 but down 34 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2022 were also down 89 percent from a peak of nearly 2.9 million in 2010.

Those 324,237 properties with foreclosure filings in 2022 represented 0.23 percent of all U.S. housing units, 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.

“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Washington Severe Winter Storm, Straight-line Winds, Flooding, Landslides, and Mudslides

FEMA Alert
January 12, 2023

FEMA has issued a Major Disaster Declaration for the state of Washington to supplement state, tribal and local response efforts in areas affected by a severe winter storm, straight-line winds, flooding, landslides, and mudslides from November 3-8, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Clallam
  • Island
  • Jefferson
  • Lewis
  • Okanogan
  • Skagit
  • Skamania
  • Snohomish
  • Wahkiakum

 

Washington Severe Winter Storm, Straight-line Winds, Flooding, Landslides, and Mudslides (DR-4682-WA)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Washington

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

Washington to Begin Enforcing Blight-Related Ordinances

Industry Update
January 4, 2023

Source:  observer-reporter.com

Three ordinances designed to combat blight in the city of Washington can begin to be enforced Friday.

Council voted to approve the ordinances at a special meeting Dec. 27, and Mayor Scott Putnam explained that they can start to be enforced seven days after approval.

One of the ordinances amends current regulations of abandoned properties and establishes an abandoned residential/commercial property regulation program.

Under the new regulation, owners of such properties must have an inspection of the property. If it is found to be vacant and/or abandoned, the property must be registered within 90 days of the city’s Department of Code Enforcement.

All maintenance and security requirements must be upheld and monthly inspections are necessary to make sure those requirements are being met. Violations can result in a fine of $500.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Land Bank in Works for County

Industry Update
January 4, 2023

Source:  www.columbusmessanger.com

Local government leaders have started the process of creating a land bank. The first organizational meeting likely will take place later this month.

A land bank, known formally as a land reutilization corporation, is a public authority or non-profit organization that acquires unproductive properties for the purpose of returning them to productive use in the community. Their parameters are outlined in the Ohio Revised Code (ORC).

“Our goal is to take properties that are not contributing to the local tax base and local community–properties the private market doesn’t seem to want at this time–then make them attractive for new investment,” said David Kell, Madison County’s director of economic development and planning.

Land banks can acquire land through tax foreclosures, municipal government transfers, auctions, donations, or open-market purchases. The Madison County land bank likely will focus on acquiring land through foreclosures, Kell said, with some land donations, as well.

“We don’t want to disrupt the private market,” Kell said. “If an individual or company wants to buy a property through the normal processes, that’s what we encourage. This is more for donated property or property that doesn’t sell at auction.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Kankakee Land Bank Looks to Acquire 1st Property

Industry Update
January 3, 2023

Source:  www.daily-journal.com

A development tool could begin moving tax delinquent and abandoned properties back into productive use in Kankakee County.

The program is the Kankakee County Land Bank Authority that was created in March of 2021 through an intergovernmental agreement between the city of Kankakee and Kankakee County. It’s relatively new in Illinois, though other states like Ohio have used it for years.

The city’s Economic and Community Development Agency Executive Director Barbi Brewer-Watson is the secretary of the Kankakee County Land Bank. The Land Bank board, Brewer-Watson said, is in the midst of trying to acquire its first property now.

Ultimately, she said, as many as 100 properties could be eligible to be acquired by the Land Bank in Kankakee County.

Other Illinois communities, like Rockford and Cook County, have active land banks, but not every area has one.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

3 New Cassel Zombie Homes to be Given New Life Thanks to State Grant

Industry Update
December 29, 2022

Source:  patch.com

The Town of North Hempstead has received more than $1 million in state grants to help turn abandoned houses into homes for first-time home buyers in New Cassel.

The town got $1.265 million from the state’s Restore New York Communities Initiative, which will help rebuild three abandoned homes in New Cassel as part of the New Cassel Workforce Housing Phase III Development.

“I am so proud that the town was one of the select communities across New York State to be awarded funds through the Restore NY Communities Grant,” Town Supervisor Jennifer DeSena said. “Once completed, these brand-new homes will improve the community, help stimulate the economy and aid in revitalizing New Cassel.”

The grant will help fill budget gaps created by demolition expenses, increased material and labor costs, and supply chain shortages. The three properties selected were identified as zombie homes by the town’s Zombie Home task force. These properties have been vacant for many years.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Emergency Declaration – California Severe Winter Storms, Flooding and Mudslides

FEMA Alert
January 9, 2023

***UPDATED 1/12/2023***

FEMA has issued an Emergency Declaration for the state of California to supplement state, tribal, and local response efforts due to emergency conditions resulting from severe winter storms, flooding and mudslides beginning January 8, 2023 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Alameda
  • Colusa
  • Contra Costa
  • El Dorado
  • Fresno
  • Glenn
  • Humboldt
  • Kings
  • Lake
  • Los Angeles
  • Madera
  • Marin
  • Mariposa
  • Mendocino
  • Merced
  • Mono
  • Monterey
  • Napa
  • Orange
  • Placer
  • Riverside
  • Sacramento
  • San Benito
  • San Bernardino
  • San Diego
  • San Francisco
  • San Joaquin
  • San Luis Obispo
  • San Mateo
  • Santa Barbara
  • Santa Clara
  • Santa Cruz
  • Solano
  • Sonoma
  • Stanislaus
  • Sutter
  • Tehama
  • Tulare
  • Ventura
  • Yolo
  • Yuba

 

California Severe Winter Storms, Flooding, and Mudslides (EM-3591-CA)

President Joseph R. Biden, Jr. Approves Emergency Declaration for California

President Authorizes Help for Additional Counties in California

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

Office of the Comptroller of the Currency 2022 Annual Report

Industry Update
January 1, 2023

Source:  Office of the Comptroller of the Currency

Consistent with the OCC mission, the ultimate objective for the Office of the Comptroller of the Currency (OCC) and the federal banking system is to foster and safeguard trust: trust between financial providers and their consumers, trust between regulators and supervised institutions, trust that banks will not exploit working Americans and the vulnerable, and trust among financial regulators that we can work together to solve problems that we can’t solve alone.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

HUD Seeking First-of-its-Kind Public Input to More Equitably and Accurately Allocate Disaster Recovery Funds

Industry Update
December 20, 2022

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

The U.S. Department of Housing and Urban Development released two new Requests for Information (RFIs), marking the first time the Department has asked the public for feedback on how to simplify, modernize, and more equitably distribute critical disaster recovery funds: Community Development Block Grant Disaster Recovery (CDBG-DR) and Mitigation (CDBG-MIT). This move is a broader element of HUD’s newly published Climate Action Plan, which emphasizes both equity and resilience in disaster recovery, as well as the Biden-Harris Administration’s commitment to strengthening low- and moderate-income communities.

“Having visited the damage of Hurricanes Ian and Ida, I have seen firsthand how weather-related disasters harm communities unequally,” said Marcia L. Fudge, Secretary of the U.S. Department of Housing and Urban Development (HUD). “Here at HUD, we know that investing in equity and resilience presents us an opportunity to meet our climate goals and build more stable, diverse, and inclusive communities with quality affordable homes for all. These RFIs are the next step in our process to ensure recovery resources can be delivered more efficiently and equitably in the future.”

“Through CDBG-DR funding, we can provide critical support to disaster recovery survivors who need it most,” said Marion Mollegen McFadden, Principal Deputy Assistant Secretary for Community Planning and Development. “Only HUD offers disaster resources that prioritize the needs of people of modest means. Unfortunately, the one-off appropriation process delays local access to these funds by months, confusing grantees, producing unnecessary barriers to participation in recovery programs, and thus dulling the effects of our efforts. It’s time we right these wrongs by streamlining how these funds are disseminated – while doubling down on our responsibility to ensure equitable outcomes.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Havasupai Tribe Flooding Event

FEMA Alert
December 30, 2022

FEMA has issued a Major Disaster Declaration for the Havasupai Tribe to supplement tribal recovery efforts in the areas affected by flooding from October 1-2, 2022.  The following areas has been approved for assistance:

Public Assistance:

  • Havasupai Indian Reservation

 

Havasupai Tribe Flooding Event (DR-4681)

President Joseph R. Biden, Jr. Signs Major Declaration for the Havasupai Tribe

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