Foreclosure Filings Ease Nationwide in November 2024 Amid Seasonal Influences

Industry Update
December 9, 2024

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its November 2024 U.S. Foreclosure Market Report, which shows there were a total of 29,390 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 9 percent from a year ago, and down 5 percent from the prior month.

“The slight decline in U.S. foreclosure activity during November most likely reflects the seasonal ebb we often see this time of year,” said Rob Barber, CEO at ATTOM. “While foreclosure filings are down both month-over-month and year-over-year, the data highlights areas of the country, such as Nevada, Florida, and Connecticut, where foreclosure rates remain relatively high. As we move into 2025, we’ll be closely monitoring how economic pressures and market dynamics may influence a potential rebound in activity.”

Highest foreclosure rates in Nevada, Florida, and Connecticut

Nationwide one in every 4,795 housing units had a foreclosure filing in November 2024. States with the highest foreclosure rates were in: Nevada (one in every 2,941 housing units with a foreclosure filing); Florida (one in every 3,047 housing units); Connecticut (one in every 3,210 housing units); Maryland (one in every 3,535 housing units); and Indiana (one in every 3,567 housing units).

Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2024 were Modesto, CA (one in every 1,890 housing units with a foreclosure filing); Reading, PA* (one in every 2,133 housing units); Bakersfield, CA (one in every 2,155 housing units); Riverside, CA (one in every 2,207 housing units); and Chico, CA (one in every 2,270 housing units).

Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2024, including Riverside, CA were: Cleveland, OH (one in every 2,385 housing units); Philadelphia, PA (one in every 2,414 housing units); Miami, FL (one in every 2,551 housing units); and Las Vegas, NV (one in every 2,645 housing units).

Greatest number of foreclosure starts still in Texas, Florida, California, and New York

Lenders started the foreclosure process on 20,231 U.S. properties in November 2024, down 3 percent from last month and down 10 percent from a year ago.

States that had the greatest number of foreclosure starts in November 2024 again included: Texas (2,542 foreclosure starts); Florida (2,438 foreclosure starts); California (2,239 foreclosure starts); New York (1,167 foreclosure starts); and Pennsylvania (844 foreclosure starts).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2024 included: New York, NY (1,184 foreclosure starts); Houston, TX (969 foreclosure starts); Miami, FL (768 foreclosure starts); Philadelphia, PA (723 foreclosure starts); and Los Angeles, CA (641 foreclosure starts).

Foreclosure completions up 21 percent from last year

Lenders repossessed 3,089 U.S. properties through completed foreclosures (REOs) in November 2024, up 5 percent from last month and up 21 percent from last year.

States that had the greatest number of REOs in November 2024, included: California (402 REOs); Texas (232 REOs); New York (223 REOs); Illinois (206 REOs); and Pennsylvania (160 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2024 included: New York, NY (198 REOs); Chicago, IL (177 REOs); Baltimore, MD (88 REOs); San Francisco, CA (83 REOs); and Los Angeles, CA (80 REOs).

 

For full report, please click the source link above.

 

HUD Extends Foreclosure Moratoriums in Areas Devastated by Hurricanes Helene and Milton

Industry Update
December 11, 2024

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

The U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) announced it is extending through April 11, 2025, its foreclosure moratoriums for FHA-insured Single Family Title II forward and Home Equity Conversion Mortgages in Presidentially Declared Major Disaster Areas (PDMDAs) declared as a result of this past summer’s Hurricanes Helene and Milton. This extension provides borrowers affected by these catastrophic events with additional time to access federal, state, or local housing resources; to consult with a HUD-approved housing counselor; and/or to rebuild their homes.

“When disaster strikes, we know that families and communities need not only resources, but time to recover,” said HUD Agency Head Adrianne Todman. “Today, by extending our foreclosure moratorium, we continue the Biden-Harris Administration’s efforts to help those affected by the catastrophic Hurricanes Helene and Milton to repair and rebuild their homes, communities, and lives.”

When Hurricanes Helene and Milton occurred, FHA implemented automatic 90-day foreclosure moratoriums that required mortgage servicers to halt the initiation or completion of all foreclosure actions in PDMDAs on the date that each disaster was declared. FHA is extending the foreclosure moratoriums for all Hurricanes Helene and Milton PDMDAs, regardless of their declaration date, through April 11, 2025. FHA is also extending the deadline dates for servicers to perform certain legal actions related to foreclosure for an additional 180 days following the end of the foreclosure moratoriums.

“Because the consecutive Hurricanes Helene and Milton caused a great deal of damage and disruption, FHA believes it is appropriate to extend our foreclosure moratoriums by 120 days,” said Federal Housing Commissioner Julia Gordon. “This extension will provide more time for homeowners to review a range of options with their mortgage servicer if they are unable to resume regular mortgage payments due to the impact of the disaster.”

Borrowers with FHA-insured mortgages located in Hurricanes Helen and Milton PDMDAs should contact their mortgage or loan servicer immediately for assistance. Multiple options are available for those who cannot resume their regular mortgage payments yet. Borrowers can also obtain additional assistance in the following ways:

Visit the FHA Disaster Relief site or call the FHA Resource Center at 1-800-304-9320 to learn more about disaster relief options.

Contact a HUD-approved housing counseling agency. These agencies have counselors available to assist those impacted by natural disasters in determining assistance needs and identifying available resources. Homeowners can find a HUD-approved housing counseling agency online or use HUD’s telephone look-up tool by calling (800) 569-4287. The telephone look-up tool includes access to information in more than 250 different languages. Borrowers do not have to have an FHA-insured mortgage to meet with a HUD-approved housing counseling agency. There is never a fee for foreclosure prevention counseling.

For borrowers whose homes are destroyed or damaged to an extent that requires reconstruction or complete replacement, contact an FHA-approved lender about FHA’s Section 203(h) program. This program provides 100 percent financing for eligible homeowners to rebuild their home or purchase a new one.

For borrowers seeking to purchase and/or repair a home that has been damaged, contact an FHA-approved lender about FHA’s Section 203(k) loan program. This program allows individuals to finance the purchase or refinance of a house, as well as the costs of repair or renovation, through a single mortgage.

 

For full report, please click the source link above.

 

FEMA Fire Management Assistance Declaration – California Franklin Fire

FEMA Alert
December 10, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of California to supplement state, tribal and local recovery efforts in areas affected by the Franklin Fire on December 9, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Los Angeles

 

California Franklin Fire (FM-5548-CA)

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

FEMA Major Disaster Declaration – West Virginia Post-tropical Storm Helene

FEMA Alert
December 9, 2024  

FEMA has issued a Major Disaster Declaration for the state of West Virgnia to supplement state, tribal, and local recovery efforts in areas affected by Post-tropical Storm Helene from September 25-28, 2024.  The following counties have been approved for assistance:

Individual Assistance:

  • Mercer

 

West Virginia Post-tropical Storm Helene (DR-4851-WV)

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

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

Brattleboro’s Vacant Property Ordinance Sent Back for Revisions

One Community Update
December 4, 2024

Source: Brattleboro Reformer

A vacant building ordinance will be revised again before adoption.

Susan Bellville, local property manager, told the Select Board the ordinance would be punitive in situations where homes are difficult to sell due to various legal issues or vacant after an owner dies and the heirs are figuring out what to do with the estate. She suggested having an exemption to allow owners to notify the town and put forward a plan to address such scenarios.

“You don’t want to see properties improperly punished,” former board member Dick DeGray said in support of holding off on adoption.

He wondered if Lester Dunklee’s former machine shop might be subject to the ordinance since Dunklee retired.

Board members decided to wait a month to revisit the ordinance with edits from town staff rather than make an amendment during the second reading Tuesday when the ordinance could have been finalized.

“I would personally like to see this given some more time and thought,” Board Chairman Daniel Quipp said. “I know a great deal of time and thought has already gone into it.”

A first reading of the ordinance was held in May. Last month, the former Sportmen’s Lounge on Canal Street was destroyed in a fire and the former Friendly’s on Putney Road was demolished. Both buildings would have been classified as vacant under the ordinance.

Some changes to the proposed ordinance were made based on input from the board and public at the first reading.

“So first we did some work on what a definition of a vacant building actually is,” said Steve Hayes, town planning technician. “There had been some feedback at the previous meeting with concern about what constitutes vacancy and whether there might be some potential loopholes where very sporadic occupancy could be used to avoid having to actually register as a vacant building.”

Hayes said the ordinance now defines a “vacant building” as any structure not continuously occupied by an “authorized person” for a permitted land use — except for specific exemptions such as a summer home, warehouse or utility facility — for a period of 180 days or more. The definition of “authorized person” is anyone with “the legal right to occupy the premises for a period of at least 30 days, such as a property owner, a legal tenant or a designated agent and/or property manager for the owner,” and “authorized use” would include “a duly permitted land use approved by all applicable agencies, state, local or federal.”

Town staff are suggesting a flat registration fee of $1,000 for the year with no distinction between residential and commercial use, size or number of units. That fee would double for each year a property needs to be registered until it hits $10,000 then it would increase annually by $5,000.

Hayes said the proposed fees are comparable to Barre City’s, which is $500 every six months, and “a bit higher” than Rutland’s, which is $100 a year.

“We also require that if a owner of a vacant property is not able to actually respond to requests from the town that they be designating someone in the area who can do that within 24 hours,” he said. “And we’ve deliberately set the multiple unit vacancy rate at 75 percent so that very small duplexes, three-unit type residential dwellings, would not be actually applicable to this until they’re completely empty, because we didn’t want to be overly punitive to that sort of small type of housing, and that also on the other side is avoiding being overly punitive to larger residential or commercial type properties where there are a low number of vacancies that are just the result of normal economics.”

Board member Richard Davis called the fees “too low,” given that the buildings could present “a life or death issue.”

“It’s a miracle that nobody died in the Sportsmen’s fire,” he said. “I don’t know if McNeill’s were to qualify as an abandoned building but we had a death there.”

Ray McNeill, owner of McNeill’s Brewery, died in the 2022 fire. He had been living in an apartment in the building, which the town had deemed structurally unsound.

Civil penalties of $800 per day can be incurred for violations including not paying the fees and not keeping the structure secure. However, the matter would then be handled by civil court. And if tickets continued to accumulate without any action, the town could ask the court for permission to demolish the building.

Planning Director Sue Fillion estimated the town has about five buildings that would qualify as vacant under the ordinance. She said she wasn’t involved in the enforcement on the Sportsmen’s Lounge, however, “we were putting a lot of pressure on the property owner to board it up, keep it boarded up, all those things.”

With the former Friendly’s, Fillion said, “We had no teeth. All we could do is say, ‘Hey, when are you going to tear that down?'”

Fillion said the former Home Depot wouldn’t qualify since the plaza has 10 units and only about four are vacant.

 

For full report, please click the source link above.

89 Condemned Properties in Terre Haute have been Demolished This Year So Far

One Community Update
December 4, 2024

Source: www.wthitv.com

Mayor Brandon Sakbun says usually 40 to 60 condemned properties are demolished in an average year. This year, the city has taken down 89 condemned properties.

The mayor says the increase in home demolitions this year is due to the increase in condemned hearings, which is the legal process for demolishing a home.

There’s now one hearing every three months rather than once a year, which makes the process more efficient.

“That’s what we do as the City of Terre Haute, it is the practice of continuing improvement,” Sakbun said. “We ask ourselves how can we be more efficient and the taxpayer dollars are being responsibly spent to make the community better.”

Julie White lives near a recently demolished blighted property. White says it makes the town look better and keeps the streets safer.

“I hope they take down more,” White said. “That will be just great for our town.”

The mayor says a number of the city’s vacant lots are being reimagined and multiple neighborhoods were built this year.

Sakbun says continuing to get rid of these blighted properties will strengthen Terre Haute.

“Data continues to show that Terre Haute is growing, we are coming back.”

The mayor says they’re hoping to take 20 more blighted properties down this winter.

 

For full report, please click the source link above.

Fulton Seeks Block Grant Funds to Demolish 36 Dangerous Vacant Properties

One Community Update
December 4, 2024

Source: www.krcgtv.com

The city of Fulton announced on December 12th that it will submit a request to the Missouri Department of Economic Development for the release of Community Development Block Grant funds.

The funds are authorized under Title I Housing and Community Development Act of 1974.

According to a press release from the city, the funds will be used to demolish 36 vacant residential properties throughout the city.

The release states the city has identified the structures set for demolition as dangerous and dilapidated in accordance with the city’s dangerous building ordinance.

David McCormack, a resident of Fulton whose property sits across from of one the structures set to be demolished says it has sat vacant for around 17 years now.

“I would like to see it gone honestly, it’s turning into an eyesore. In the summer you can see the trees growing around the house, I think at one time there might have been some drug dealing over there or something,” McCormack explained.

The project includes environmental review, title clearance, asbestos inspection and abatement, demolition, site clearance, and reseeding of disturbed ground.

The project is estimated to cost $587,029 with $200,000 coming from the Community Development Block Grant funds.

 

For full report, please click the source link above.

FHFA Announces Conforming Loan Limit Values for 2025

Industry Update
November 26, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2025.  In most of the United States, the 2025 CLL value for one-unit properties will be $806,500, an increase of $39,950 (or 5.2 percent) from 2024.

National Baseline

The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect the change in the average U.S. home price.  Earlier today, FHFA published its third quarter 2024 FHFA House Price Index® (FHFA HPI) report, which includes statistics for the increase in the average U.S. home value over the last four quarters.  According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 5.21 percent, on average, between the third quarters of 2023 and 2024.  Therefore, the baseline CLL in 2025 will increase by the same percentage.

High-Cost Areas

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit.  HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit.  Median home values generally increased in high-cost areas in 2024, which increased their CLL values.  The new ceiling loan limit for one-unit properties will be $1,209,750, which is 150 percent of $806,500.

Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  In these areas, the baseline loan limits will be $1,209,750 for one-unit properties.

Due to rising home values, the CLL values will be higher in all but six U.S. counties or county equivalents.

 

For full report, please click the source link above.

 

HUD Announces 2025 Loan Limits

Industry Update
November 26, 2024

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

The U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2025 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) mortgage insurance programs. Loan limits for most of the country will increase in the coming year due to the continued appreciation of home prices over the past year.

FHA must update its annual loan limits each year using a formula prescribed in the National Housing Act (NHA). This formula uses county or Metropolitan Statistical Area (MSA) home sale data to derive new loan limits for the three cost categories established by the law. The NHA requires FHA to establish its floor and ceiling loan limits based on the national conforming loan limit set by the Federal Housing Finance Agency (FHFA) for conventional mortgages owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This floor applies to those areas where 115 percent of the median home price is less than the floor limit. Any area where the loan limit exceeds this floor is considered a high-cost area. In these areas, FHA establishes varying loan limits above the floor based on the respective median home prices in each area. The NHA requires FHA to set its maximum loan limit ceiling for a one-unit property for high-cost areas at 150 percent of the national conforming loan limit. Forward mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted further by FHA to account for higher costs of construction.

“Today’s announcement of loan limit increases, calculated according to statute, enables the FHA program to keep up with nationwide price appreciation,” said Federal Housing Commissioner Julia Gordon. “Regular adjustment of loan limits ensures that FHA financing continues to be available in all markets to all those who rely on our programs to access homeownership.”

 

For full report, please click the source link above.

 

FEMA Major Disaster Declaration – Puerto Rico Tropical Storm Ernesto

FEMA Alert
November 27, 2024

***LAST UPDATED: 3/3/25***  

FEMA has issued a Major Disaster Declaration for the territory of Puerto Rico to supplement recovery efforts in areas affected by the Tropical Storm Ernesto from August 13-16, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Adjuntas
  • Aguas Buenas
  • Aibonito
  • Anasco
  • Arroyo
  • Barranquitas
  • Cabo Rojo
  • Camuy
  • Canovanas
  • Ceiba
  • Coamo
  • Comerio
  • Corozal
  • Fajardo
  • Hormigueros
  • Jayuya
  • Lares
  • Las Marias
  • Las Piedras
  • Loiza
  • Loquillo
  • Manati
  • Maricao
  • Maunabo
  • Mayaguez
  • Naguabo
  • Orocovis
  • Ponce
  • Rio Grande
  • San German
  • San Lorenzo
  • San Sebastian
  • Santa Isabel
  • Vega Alta
  • Vieques
  • Villalba
  • Yabucoa

 

Puerto Rico Tropical Storm Ernesto (DR-4850-PR)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Government of Puerto Rico

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