New Leader of Blight Authority of Memphis Excited for Revitalization

Industry Update
August 10, 2022

Source:  localmemphis.com

There’s a new leader with a new vision for tackling Memphis’ decades old blight fight.

Michael Harris is now executive director of the Blight Authority of Memphis. The organization acquires abandoned properties and eyesore lots for redevelopment.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Louisville Metro Government Says It’s Making Progress on City’s Vacant, Abandoned Properties

Industry Update
August 11, 2022

Source:  wdrb.com

Louisville Metro Government said it’s making progress on vacant and abandoned properties across the city.

Thursday, city leaders and developers announced results from a the first phase of a recent property condition survey conducted mostly in west and south Louisville neighborhoods.

The survey also looked at properties in downtown Louisville and its edge neighborhoods and Old Louisville with structures on them. It found about 1,500 homes were considered unlivable or vacant. Roughly 2,500 more had “slight damage” with another 1,300 with “moderate to significant damage,” according to a news release from Mayor Greg Fischer’s Office.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Program to Fix Dilapidated Properties Proposed

Industry Update
August 10, 2022

Source:  Erie News Now

A new program to purchase dilapidated properties, fix them up, and then sell them to first-time homeowners is in the works in Jamestown.

Brainchild of Assistant Corporation Counsel Ben Haskins, the idea was first introduced to the city’s Housing Committee last month, with local leaders continuing a push to crackdown on zombie properties to better neighborhoods.

To kick things off, officials are seeking $750,000 dollars of American Rescue Plan Act funds.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Spokane Housing Crisis: Land Bank Forms to Open Up More Properties for Low-Income Housing

Industry Update
August 12, 2022

Source:  The Spokesman Review

Spokane’s first land bank has launched with promises to free up more land for affordable housing across the city.

A land bank is an organization that works with financial institutions or governments to acquire, hold or redevelop abandoned properties and vacant homes so they can return to the market.

There are just over 6,000 units of housing between all of Spokane’s low-income housing providers, according to the latest annual survey by the Spokane Low Income Housing Consortium. And because of low vacancy rates, the average time a person spends on a provider’s waitlist is around three years, said Ben Stuckart, executive director of the Spokane Low Income Housing Coalition.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The Place with the Most Vacant Homes in America, According to Data

Industry Update
August 7, 2022

Source: MSN

There are many reasons why a community can wind up with too many houses and not enough people to live in them. Sometimes, it’s a simple case of population loss or an economic downturn that leads to a rash of foreclosures. Other times, there are larger forces at work, like developers overbuilding in anticipation of a housing boom that never materializes. For many regions, COVID-19 has swiftly and drastically impacted the housing market, causing a shortage of affordable housing for most, and an opportunity for second or even third homes for others. No matter the case, a glut of housing inventory can spell bad news for a neighborhood, a town, or an entire metro region.

According to a CityLab report based on a recent study by the Center for Community Progress, a nationwide epidemic of unoccupied homes is “America’s other housing crisis.” The report cites the “staggering economic and social costs” that mass vacancies tend to create for the communities they affect. It also points out that the 2008 recession sent the number of vacant homes soaring by 26% between 2005 and 2010, from 9.5 million to 12 million. While that number has since declined, the number of vacancies has never returned to the pre-recession lows in the ensuing decade.

In that time, the dynamic has shifted. Vacant homes were long associated with economically distressed urban centers often described with the umbrella term “inner city.” Today, however, vacancies are the bane of small towns. In post-recession America, rural areas suffer from vacancy rates that are double those found in metropolitan regions.

Using data from the U.S. Census Bureau 2019 American Community Survey released in December 2020 (the most recent available), Stacker compiled a list of the 50 metro areas with the most unoccupied homes. Metro areas are ranked by the percentage of unoccupied homes out of all the homes in each metro area. Ties were broken by the total number of unoccupied homes in the metro area as a whole.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending Data

Industry Update
August 11, 2022

Source: Consumer Finance Monitor

The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language. The fair lending data must be stored in a searchable format, and must transfer with servicing throughout the loan term.

On the topic, Freddie Mac issued Bulletin 2022-17, and Fannie Mae issued Servicing Guide Announcement SVC-2022-06. These issuances specify that that data elements must be maintained and transferred, if obtained during the origination process, for loans originated on or after March 1, 2023. The issuances also note that servicers may, but are not required to, update the data elements in the event of a subsequent transfer of ownership or assumption of the loan.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity Drops 4 Percent in July 2022

Industry Update
August 9, 2022

Source: Cision PR Newswire

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its July 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,358 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago but up 143 percent from a year ago.

“While it’s encouraging to see both foreclosure starts and completions drop off a bit in July, it’s also worth noting that there may be some seasonality impacting the numbers,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “In eight of the last 10 years Q3 foreclosure activity has been lower than the previous quarter, so we might just be seeing a return to a more normal seasonal pattern of delinquencies and defaults.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Delinquencies Decrease in the Second Quarter of 2022

Industry Update
August 11, 2022

Source: Mortgage Bankers Association

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.64 percent of all loans outstanding at the end of the second quarter of 2022, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

For the purposes of the survey, MBA asks servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage. The delinquency rate was down 47 basis points from the first quarter of 2022 and down 183 basis points from one year ago.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Minnesota Severe Storms, Straight-line Winds, Tornadoes, and Flooding

FEMA Alert
August 9, 2022

FEMA has issued a Major Disaster Declaration for the state of Minnesota to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes and flooding from May 29-30, 2022.  The following counties have been approved for assistance:

Public Assistance:

  • Aitkin
  • Big Stone
  • Cass
  • Chippewa
  • Crow Wing
  • Douglas
  • Grant
  • Itasca
  • Kanabec
  • Kandiyohi
  • Lac qui Parle
  • Lyon
  • Nobles
  • Pine
  • Pope
  • Renville
  • Rock
  • Stevens
  • Swift
  • Todd
  • Traverse
  • Wadena
  • Yellow Medicine

 

Minnesota Severe Storms, Straight-line Winds, Tornadoes and Flooding (DR-4666-MN)

Map of Affected Areas

Zip Codes of Affected Areas

 

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

FEMA Major Disaster Declaration – Missouri Severe Storms and Flooding

FEMA Alert
August 8, 2022

FEMA has issued a Major Disaster Declaration for the state of Missouri to supplement state, tribal and local recovery efforts in areas affected by severe storms and flooding from July 25-28, 2022.  The following counties have been approved for assistance:

Individual Assistance:

  • Saint Charles
  • Saint Louis
  • Saint Louis City

Public Assistance:

  • Montgomery
  • Saint Charles
  • Saint Louis
  • Saint Louis City

 

Missouri Severe Storms and Flooding (DR-4665-MO)

Map of Affected Areas

Zip Codes of Affected Areas

 

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