Safeguard Properties

FEMA Fire Management Assistance Declaration – Wyoming House Draw Fire

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FEMA Alert
August 22, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Wyoming to supplement state, tribal and local recovery efforts in areas affected by the House Draw Fire on August 22, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Johnson

 

Wyoming House Draw Fire (FM-5531-WY)

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 – New York Severe Storm, Tornadoes, and Flooding

Posted on by Safeguard

FEMA Alert
August 29, 2024  

FEMA has issued a Major Disaster Declaration for the state of New York to supplement state, tribal, and local recovery efforts in areas affected by a severe storm, tornadoes, and flooding from July 10-11, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Cortland
  • Essex
  • Hamilton
  • Lewis
  • St. Lawrence

 

New York Severe Storm, Tornadoes, and Flooding (DR-4814-NY)

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

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

FHFA Proposed 2025-2027 Housing Goals for Fannie Mae and Freddie Mac

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Industry Update
August 22, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) issued a proposed rule that would establish the housing goals for 2025-2027 that Fannie Mae and Freddie Mac (the Enterprises) would be required to meet on an annual basis. FHFA is requesting comments on all aspects of the proposed rule during the 60-day public comment period.

The housing goals ensure that the Enterprises, through their mortgage purchases, responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations.

“Given persistent challenges in the housing market, FHFA is proposing benchmark levels that reflect these dynamics and continue to ensure that the Enterprises remain focused on supporting key affordable housing segments while operating in a safe and sound manner,” said FHFA Director Sandra L. Thompson. “The goals proposed today offer a meaningful and realistic calibration that takes into account current and forecasted economic factors.”

For the single-family housing goals categories, the Enterprises must meet the benchmark level established in the final rule or meet the actual market level determined retrospectively for the year based on Home Mortgage Disclosure Act (HMDA) data.

The proposed rule would establish a new process for evaluating compliance with the housing goals. Under the current regulation, if an Enterprise fails to meet a feasible housing goal, FHFA may require the Enterprise to submit a housing plan describing the steps that it will take to improve its performance. The proposed rule would provide that FHFA will not require a housing plan if the Enterprise’s performance met the level required by newly-defined Enforcement Factors. These Enforcement Factors address, in part, the uncertainty in forecasting the market several years in advance as well as the time lag in determining the actual market level retrospectively.

For the multifamily housing goals categories, the Enterprises must meet the benchmark level established in the rule. Each Enterprise must purchase mortgages on multifamily properties with the target share of units affordable to families in each goal category, as well as meet a subgoal for low-income families in small (5-50 units) multifamily properties.

Differences in the proposed benchmark levels relative to prior housing goals are primarily attributable to changes in projected macroeconomic factors that impact market levels for the different affordable housing segments.

 

 

For full report, please click the source link above.

 

ICE: 32% Jump in Foreclosures in July Not a Sign of Market Stress

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Industry Update
August 26, 2024

Source: MortgageOrb

There were about 30,000 foreclosure starts in July, an increase of 32% compared with June and up 14% compared with July 2023, according to ICE Mortgage Technology’s First Look report.

However, the increase is partially a byproduct of starts hitting a multi-year low the month prior, rather than a sign of underlying stress in the market, the firm says.

The U.S. mortgage delinquency rate was 3.37% in July, down 3.46% compared with June but up 4.8% in July 2023, according to the report.

As of the end of July there were about 1.82 million homes 30 days or more past due on the mortgage, down about 61,000 from June but up about 112,000 compared with a year earlier.

Delinquencies declined in all major markets except Houston, where Hurricane Beryl resulted in an estimated 10,000 mortgage holders falling behind on payments as a result of the storm, ICE says in its report.

About 435,000 mortgages were seriously delinquent, an increase of 5,000 compared with June but down about 33,000 compared with July 2023.

The foreclosure pre-sale inventory rate was 0.35% – up about 1% compared with the previous month but down 16% compared with a year earlier.

As of the end of the month there were about 188,000 homes in the foreclosure pre-sale inventory, an increase of about 2,000 compared with June but down about 32,000 compared with July 2023.

The monthly prepayment rate was 0.6% – an increase of 11.6% compared with June and up nearly 20% from July 2023.

 

 

For full report, please click the source link above.

 

Top 10 Zombie Foreclosure Zip Codes in Q3 2024

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Industry Update
August 23, 2024

Source: ATTOM

According to ATTOM’s newly released Q3 2024 Vacant Property and Zombie Foreclosure Report, 1.4 million (1,357,423) residential properties in the United States are currently vacant. This accounts for 1.3 percent, or approximately one in every 76 homes nationwide, which remains consistent with the figures reported in the second quarter of this year.

ATTOM’s latest vacant properties analysis also reveals that in the third quarter of this year, 222,934 residential properties in the U.S. are in the process of foreclosure, marking a 6 percent decrease from the second quarter of 2024 and a 29.3 percent drop compared to the third quarter of 2023. Foreclosure activity has been on the decline over the past year, following a surge in cases after the nationwide moratorium on lenders pursuing delinquent homeowners—implemented during the Coronavirus pandemic—was lifted in mid-2021.

The report notes that in the third quarter of 2024, approximately 7,000 pre-foreclosure properties are vacant, categorized as zombie foreclosures (abandoned by their owners). This number is slightly higher than in the previous quarter but represents a 20.2 percent decrease compared to the same period last year.

Also, according to ATTOM’s Q3 2024 vacant property and zombie foreclosure report, the latest count of zombie homes continues to reflect a long-term trend, with these properties representing only a tiny fraction of the nation’s total housing stock—currently just one in every 14,776 homes across the U.S. This ratio is nearly unchanged from the one in 14,724 reported in the previous quarter but shows a significant decline from one in 11,565 in the third quarter of last year, reaching its lowest level since early 2021. Zombie foreclosures remain so rare that most local housing markets across the country face little to no impact from the issues typically associated with these properties.

On a more granular level, the reports states that the states with the largest percentage decreases in zombie properties from the third quarter of 2023 to the third quarter of 2024, among those that had at least 50 zombie homes a year ago, are Connecticut (down 79 percent, from 87 to 18), Oklahoma (down 78 percent, from 199 to 43), Iowa (down 78 percent, from 290 to 64), North Carolina (down 74 percent, from 191 to 50), and New Mexico (down 74 percent, from 95 to 25).

In this post, we take a deep dive into the data behind ATTOM’s Q3 2024 Vacant Property and Zombie Foreclosure Report, to uncover the top 10 U.S. zip codes with the highest zombie foreclosure rates in zips with 10 or more pre-foreclosure properties. Those zips include: 61605 – Peoria, IL (73.1 percent); 61603 – Peoria, IL (62.8 percent); 85017 – Phoenix, AZ (50 percent); 85016 – Phoenix, AZ (46.2 percent); 66604 – Topeka, KS (45.5 percent); 46036 – Elwood, IN (42.9 percent); 88203 – Roswell, NM (42.9 percent); 33931 – Fort Myers, FL (42.1 percent); 44485 – Warren, OH (41.7 percent); and 61520 – Canton, IL (41.2 percent).

 

 

For full report, please click the source link above.

 

FEMA Emergency Management Declaration – New York Severe Storm and Flooding

Posted on by Safeguard

FEMA Alert
August 25, 2024  

FEMA has issued an Emergency Management Declaration for areas of New York to supplement state, tribal and local response efforts due to emergency conditions resulting from a severe storm and flooding from August 18-19, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Suffolk

 

New York Severe Storm and Flooding (EM-3613-NY)

President Joseph R. Biden, Jr. Approves Emergency Declaration for New York

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 – Montana Straight-line Winds

Posted on by Safeguard

FEMA Alert
August 23, 2024  

FEMA has issued a Major Disaster Declaration for the state of Montana to supplement state, tribal, and local recovery efforts in areas affected by straight-line winds from July 24, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Missoula
  • Powell

 

Montana Straight-line Winds (DR-4813-MT)

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

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

Fannie “Real Estate Owned” Inventory Decreased 10% in Q2 2024

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Industry Update
August 13, 2024

Source: Calculated Risk Finance & Economics

Fannie reported results for Q2 2024. Here is some information on single-family Real Estate Owned (REOs).

Fannie Mae reported the number of REOs decreased to 7,179 at the end of Q2 2024, down 10% from 7,971 at the end of the previous quarter, and down 17% year-over-year from Q2 2023.

For Fannie, this is down 96% from the 166,787 peak number of REOs in Q3 2010.

This is well below the normal level of REOs for Fannie, and there will not be a huge wave of foreclosures.

 

 

For full report, please click the source link above.

 

Top 10 Counties with Highest Foreclosure Rates in July 2024

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Industry Update
August 16, 2024

Source: ATTOM

According to ATTOM’s just released July 2024 U.S. Foreclosure Market Report, a total of 31,929 properties in the U.S. had foreclosure filings, including default notices, scheduled auctions, or bank repossessions. This marks a 15 percent increase from the previous month and a slight 0.2 percent rise compared to the same period last year.

ATTOM’s latest foreclosure activity analysis reported that across the nation, one in every 4,414 housing units had a foreclosure filing in July 2024. The states with the highest foreclosure rates were Delaware (one in every 2,214 housing units), Nevada (one in every 2,245), Utah (one in every 2,289), New Jersey (one in every 2,607), and Illinois (one in every 2,660).

The report also noted that among the 224 metropolitan statistical areas with populations of at least 200,000, the highest foreclosure rates in July 2024 were recorded in Provo-Orem, UT (one in every 940 housing units), Macon, GA (one in every 1,167), Columbia, SC (one in every 1,587), Spartanburg, SC (one in every 1,895), and Atlantic City-Hammonton, NJ (one in every 1,910).

Also, according to the report, in July 2024, lenders initiated the foreclosure process on 21,870 properties across the U.S., marking an 18 percent increase from the previous month and a 4 percent rise compared to the same time last year. The states with the highest number of foreclosure starts in July 2024 were California (2,342), Florida (2,339), Texas (2,222), Illinois (1,221), and New York (1,145).

ATTOM’s July 2024 foreclosure analysis also revealed that lenders repossessed 3,282 U.S. properties through completed foreclosures (REOs), representing a 14 percent increase from the previous month but a 2 percent decrease from the previous year.  The states with the highest number of REOs in July 2024 were New York (377), California (370), Illinois (221), Pennsylvania (219), and Michigan (212).

In this post, we take a more granular look by diving deep into the data behind ATTOM’s July 2024 foreclosure report to uncover the top 10 U.S. counties with a population of at least 100,000 that had the highest foreclosure rates in July 2024. Those counties include: Bibb County, GA (one in every 909 housing units with a foreclosure filing); Utah County, UT (one in every 921 housing units); Charles County, MD (one in every 1,299 housing units); Sussex County, NJ (one in every 1,363 housing units); Lake County, IN (one in every 1,445 housing units); Warren County, NJ (one in every 1,453 housing units); Ascension County, LA (one in every 1,471 housing units); Richland County, SC (one in every 1,498 housing units); Osceola County, FL (one in every 1,509 housing units); and Delaware County, PA (one in every 1,537 housing units).

 

For full report, please click the source link above.

 

Zombie Foreclosure Rate Continues to Decline in 3rd Quarter of 2024, Marking Lowest Level Since 2021

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Industry Update
August 21, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, today released its third-quarter 2024 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,357,423) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 76 homes, across the nation – roughly the same as in the second quarter of this year.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below).

The report also reveals that 222,934 residential properties in the U.S. are in the process of foreclosure in the third quarter of this year, down 6 percent from the second quarter of 2024 and down 29.3 percent from the third quarter of 2023. Foreclosure activity has declined over the past year following a surge in cases that hit after a nationwide moratorium on lenders pursuing delinquent homeowners, imposed during the Coronavirus pandemic, was lifted in the middle of 2021.

Among those pre-foreclosure properties, about 7,000 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the third quarter of 2024. That figure is slightly above the number in the prior quarter, but down 20.2 percent from a year ago.

The latest count of zombie homes continues a long-term pattern of those properties representing only a tiny portion of the nation’s total housing stock – currently at just one of every 14,776 homes around the U.S. The ratio is about the same as the level of one in 14,724 in the prior quarter, but well down from one in 11,565 in the third quarter of last year, marking the lowest level since early 2021. Zombie foreclosures remain so rare that most local housing markets around the country have little or no issues with the blight and decay those properties can attract and spread.

The portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, ticked up a bit, from 2.9 percent in the second quarter of 2024 to 3.1 percent in the current quarter.

“Zombie foreclosures continue to be a mere blip on the radar screen – one of many measures of the overall strength of the U.S. housing market. After some worries about a rise in abandoned homes following the end of the COVID-era foreclosure clampdown, they remain an anomaly throughout most of the country,” said Rob Barber, CEO for ATTOM. “One significant factor is the historically high levels of home equity. This provides homeowners who may be struggling with their mortgage payments a strong incentive to negotiate new payment plans, which in turn reduces the number of foreclosures. As a result, fewer owners are simply walking away from their properties like so many did after the Great Recession of the late 2000s.”

The hold-steady pattern of zombie properties during the third quarter comes as the nation’s housing market boom continues into its 13th year, reversing signs of a slowdown in 2023.

The nationwide median home value shot up 6 percent, year over year, in the Spring of 2024, reaching a new high of $365,000, according to ATTOM’s home sales data. It has increased every year since 2011, more than doubling during that time. Those gains have led to historic improvements in homeowner equity, which has resulted in almost 95 percent of owners with mortgages having at least some equity built up and half owing less than 50 percent of the estimated value of their properties.

 

For full report, please click the source link above.