Industry Update
July 26, 2022
Source: Calculated Risk
Freddie Mac reported that the Single-Family serious delinquency rate in June was 0.76%, down from 0.80% May. Freddie’s rate is down year-over-year from 1.86% in June 2021.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.
For full report, please click the source link above.
Industry Update
July 27, 2022
Source: Mortgage Bankers Association
Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 22, 2022.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 83 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 0.4 percent compared with the previous week and was 18 percent lower than the same week one year ago.
For full report, please click the source link above.
Industry Update
July 27, 2022
Source: Ginnie Mae
Ginnie Mae, in coordination with the Federal Housing Administration (FHA), published a Request for Input (RFI) on enhancements to the Title I Manufactured Home Loan Program. The RFI follows publication earlier this year of the Biden-Harris “Housing Supply Action Plan” and the Department of Housing and Urban Development’s FY 2022-2026 Strategic Plan, each of which identifies manufactured housing as an important means of increasing the supply of affordable housing.
The RFI seeks input on how both the FHA Title I manufactured housing program and the Ginnie Mae securitization program that supports it can be made more competitive, and references specific program features such as loan limits or lender eligibility requirements. It also seeks commentary on how proposed changes would improve the financing market for manufactured housing.
For full report, please click the source link above.
Industry Update
July 25, 2022
Source: Cision PR Newswire
Black Knight, Inc. reports the following “first look” at June 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.84%
Month-over-month change: 3.31%
Year-over-year change: -35.10%
Total U.S. foreclosure pre-sale inventory rate: 0.36%
Month-over-month change: 8.73%
Year-over-year change: 30.05%
For full report, please click the source link above.
FEMA Alert
July 25, 2022
FEMA has issued an Emergency Declaration for the U.S. Virgin Islands to supplement state, tribal and local recovery efforts in areas affected by a water shortage and health impact from unprecedented sargassum seagrass influx on July 15, 2022 and continuing. The following islands/counties have been approved for assistance:
Public Assistance:
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert
July 23, 2022
FEMA has issued a Fire Management Assistance Declaration for the state of California to supplement state, tribal and local recovery efforts in the areas affected by the Oak Fire on July 22, 2022 and continuing. The following counties have been approved for assistance:
Public Assistance:
California Oak Fire (FM-5445-CA)
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
July 21, 2022
Source: Herald-Star
City Council appears ready to give the code enforcement department a tool its inspectors have said they need to identify vacant properties and their owners.
At tonight’s meeting, council will hear first reading of an ordinance advertising for proposals for companies specializing in vacant property registration services, and another that would tweak the verbiage of the city’s existing vacant property registration ordinance to define a vacant property as one to which water service has been terminated.
The ordinance currently defines a vacant property, in part, as one that’s “unoccupied or having utilities disconnected.”
Urban Projects Director Chris Petrossi told council the problem with that is the utility companies wouldn’t provide that information to them just to verify occupancy.
“When we research properties, it refers to utilities — it would help us if, instead of utilities, it said water service only because water records we can readily access,” Petrossi said. “Other utilities won’t provide us with that information, if we’re just looking into the status of an account with a meter, they won’t provide that information.”
For full report, please click the source link above.
Industry Update
July 13, 2022
Source: The Clermont Sun
Clermont County’s new Land Bank has been awarded $500,000 from the Ohio Department of Development for demolition of vacant and blighted structures across the county.
The Land Bank has worked with local jurisdictions to identify 28 vacant properties that are eligible for demolition. It worked to evenly distribute these funds across the county. The $500,000 was awarded for counties, by the Ohio legislature, that apply for the funding and have eligible properties.
For full report, please click the source link above.
Industry Update
July 15, 2022
Source: New York State Homes and Community Renewal
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the launch of a new $50 million Land Bank Initiative, the first-ever dedicated source of state funding to help New York’s land banks reduce blight and transform vacant properties in communities across the state.
Incorporated land banks can apply now online for Phase 1 of the initiative which allocates $15 million to assist in land bank operations.
HCR plans to release an additional $20 million in Fall 2022 and another $15 million in early 2023 to be used for capital services and expenses including property acquisition, selective demolition, and rehabilitation.
Commissioner Visnauskas said, “New York has more than two dozen land banks that play a critical role in alleviating the negative effects of vacancy and blight on families, businesses, and our communities. This $50 million in dedicated funding will be strategically paired with other innovative HCR programs so that we can help breathe new life into dilapidated properties across New York. Our thanks to Governor Hochul for making land banks a priority in the new State Budget and empowering these forward-thinking organizations to make a difference across New York.”
For full report, please click the source link above.
FEMA Alert
July 19, 2022
FEMA has issued a Fire Management Assistance Declaration for the state of Texas to supplement state, tribal and local recovery efforts in the areas affected by the Chalk Mountain Fire on July 18, 2022. The following counties have been approved for assistance:
Public Assistance:
Texas Chalk Mountain Fire (FM-5444-TX)
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
