Safeguard Properties

Fulton Seeks Block Grant Funds to Demolish 36 Dangerous Vacant Properties

Posted on by Safeguard

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

Posted on by Safeguard

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

Posted on by Safeguard

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

Posted on by Safeguard

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

FEMA Major Disaster Declaration – Confederated Tribes of the Colville Reservation Wildfires

Posted on by Safeguard

FEMA Alert
November 26, 2024  

FEMA has issued a Major Disaster Declaration for the Confederated Tribes of the Colville Reservation to supplement tribal recovery efforts in areas affected by wildfires from July 17 – August 21, 2024.  The following areas have been approved for assistance:

Public Assistance:

  • Colville Indian Reservation

 

***Please note: only properties associated with the Colville Indian Reservation are approved for assistance.***

 

Confederated Tribes of the Colville Reservation Wildfires (DR-4849-WA)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Confederated Tribes of the Colville Reservation

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

FEMA Major Disaster Declaration – Kentucky Remnants of Hurricane Helene

Posted on by Safeguard

FEMA Alert
November 26, 2024  

***LAST UPDATED: 1/6/25***

FEMA has issued a Major Disaster Declaration for the state of Kentucky to supplement state, tribal, and local recovery efforts in areas affected by the remnants of Hurricane Helene from September 27-30, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Anderson
  • Bath
  • Bell
  • Bourbon
  • Bracken
  • Breathitt
  • Carter
  • Clark
  • Clay
  • Elliot
  • Estill
  • Fleming
  • Franklin
  • Greenup
  • Harlan
  • Harrison
  • Jackson
  • Johnson
  • Lawrence
  • Lee
  • Letcher
  • Lewis
  • Magoffin
  • Menifee
  • Montgomery
  • Morgan
  • Nicholas
  • Owsley
  • Powell
  • Robertson
  • Rockcastle
  • Rowan
  • Washington
  • Wolfe

 

Kentucky Remnants of Hurricane Helene (DR-4848-KY)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Commonwealth of Kentucky

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

Foreclosure Rates for All 50 States in October 2024

Posted on by Safeguard

Industry Update
November 15, 2024

Source: ATTOM

In October 2024, the U.S. housing market experienced a slight uptick in foreclosure activity, with 30,784 properties filing for foreclosure—marking a 4% increase from the previous month but an 11% decrease year-over-year. This nuanced trend shows foreclosure levels remain relatively low despite monthly rises. Foreclosure starts rose 6% from September, while completed foreclosures increased by 12%, reflecting a modest escalation in proceedings that may be influenced by broader economic conditions.

Rob Barber, CEO of ATTOM, noted that while foreclosure activity has risen, seasonal factors may offer brief relief, but economic dynamics should be closely monitored as we move into 2025. Nevada led the country with the highest foreclosure rate, followed by New Jersey and Florida, underscoring regional disparities in foreclosure rates across the U.S.

Foreclosure Activity Report by State (PDF)
 

For full report, please click the source link above.

 

Trump Names Former NFL Player Scott Turner as his Pick for HUD Secretary

Posted on by Safeguard

Industry Update
November 22, 2024

Source: CNN

President-elect Donald Trump on Friday named former NFL player and White House official Scott Turner to lead the Department of Housing and Urban Development.

If confirmed by the Senate, Turner would lead an agency that enforces fair housing laws, administers mortgage insurance to prospective homeowners and gives rental subsidies to lower-income families, among other things.

Turner serves as chair of the Center for Education Opportunity at the America First Policy Institute, an outside group with close ties to Trump’s transition team that has helped develop the president-elect’s agenda.

During Trump’s first term, Turner served as the executive director of the White House Opportunity and Revitalization Council, an initiative the president-elect created in 2018 to “encourage public and private investment” in thousands of low-income census tracts designated as so-called “opportunity zones” by Trump’s 2017 Tax Cuts and Jobs Act. That law created a massive new tax incentive that made it cheaper to back either real estate projects or operating businesses in those areas. In 2019, Turner traveled with former HUD Secretary Ben Carson touting the program.

Trump, in announcing his selection Friday night, said Turner helped in that role “to lead an Unprecedented Effort that Transformed our Country’s most distressed communities,” adding: “Those efforts, working together with former HUD Secretary, Ben Carson, were maximized by Scott’s guidance in overseeing 16 Federal Agencies which implemented more than 200 policy actions furthering Economic Development.”

Turner grew up in Texas and spent nine years in the NFL, playing for the Washington Redskins, which has since changed its name to the Washington Commanders; the San Diego Chargers; and the Denver Broncos.

After leaving the league, Turner mounted an unsuccessful run for California 50th Congressional District in 2006. He was elected to the Texas House in 2012 and finished out his term in 2017 after losing a bid for the state House speakership.

 

For full report, please click the source link above.

 

First Look at October 2024 Mortgage Data

Posted on by Safeguard

Industry Update
November 21, 2024

Source: ICE Mortgage Technology

ICE First Look at Mortgage Performance: Serious delinquencies hit 17-month high while foreclosure activity remains historically muted

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at October 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

At 3.45% in October, the national delinquency rate was up 6% from the same time last year, marking five consecutive months of year-over-year increases.

While 30- & 60-day delinquencies decreased from September, seriously past due loans (90+ days) continued their slow rise, now up 7.3% from last year and at the highest level since May 2023.

Though both foreclosure starts (+12.2%) and completions (+10.1%) were up in October, both remain down from last year (-12.3% and -9.5%, respectively) and well below pre-pandemic levels.

Likewise, foreclosure inventory was up a modest +1K in the month, but there are 28K fewer loans in active foreclosure than there were at this same time last year.

Prepayment activity rose on easing interest rates to a level not seen in over two years (May 2022) and nearly double where it was last October.

 

For full report, please click the source link above.

 

Erie County Provides Update on Progress of Zombie Properties Initiative

Posted on by Safeguard

One Community Update
November 1, 2024

Source: Spectrum News 1

Erie County officials have provided an update on the Zombie Properties Initiative. The initiative is a collaboration between the Western New York Law Center’s Vacant and Abandoned Property Department and the Erie County Clerk’s Office.

County Clerk Michael Kearns, Depew Mayor Kevin Peterson and the Western New York Law Center held a news conference on Thursday outside an abandoned property to address the situation. They say abandoned properties can become dangerous if not maintained, especially during winter.

According to the county, the Depew home was reported to the Zombie Initiative and village officials in early October. Code Enforcement officials say the garage structure was collapsing and unsafe and needed to be demolished. The house on the property also violated numerous village building codes and the yard had become overgrown, officials say.

The county wants people to know there is a service to help residents contact an abandoned building’s owner as well as foreclosure assistance if that owner needs it.

“These properties, after winter, if they are not in good order, there could be a demolition order,” said Kearns. “We don’t want demolitions, we want people, we want good neighbors in these properties and we want them sold back on the tax roll.”

Anyone who wants to report an abandoned property can call (716) 828-8444 or email ecvipteam@wnylc.net. You can also find more information at eriecountyclerkzombies.com.

 

For full report, please click the source link above.