Town Taking Aim at Unsafe, Unsightly Properties

One Community Update
March 13, 2024

Source: Western Wayne News

A new emphasis on keeping Hagerstown houses in good condition brought a woman to Town Council where she found temporary relief.

Building Commissioner Terry Ford told the council that he had sent letters to owners of unsafe or unsightly properties. He gave the owners 30 days to respond by fixing the problems or explain their plans for the property.

One owner came to the council on March 4 with her written response about a vacant house next to her family’s house. Ford had cited the vacant property for rotten floors.

She said her family bought the vacant house in 2019, hoping to demolish it and expand their property onto that lot, the woman said. Then, she said, a contractor estimated demolition would cost more than $100,000 because the house contains asbestos that is considered a hazardous material. It must be removed and disposed of properly. They don’t have that kind of money and are still paying on a loan they used to buy the property. She said they keep the lot clean and have locked the doors and windows.

The house had been identified as blighted in 2016 when the town used state Blight Elimination Program grants to tear down several structures, Chris LaMar, town manager, said. Program funding ran out before this house could be demolished.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City Adopts Fees for Short-Term Rental, Vacant Property Registries

One Community Update
March 13, 2024

Source: Press-Republican

The City of Plattsburgh has established annual fee schedules for its recently formed short-term rental and vacant property registries.

SHORT-TERM RENTAL REGISTRY

Short-term rental owners will now pay a one-year certificate for $350 and for each year following, a renewal certificate for $250.

The original one-year certificate fee, which was set to be approved by councilors at their last meeting, was significantly higher at $500 until Councilor Elizabeth Gibbs (D-Ward 3) suggested an amendment that would lower the rate to $350.

Gibbs also proposed a lower rate of $200 for the renewal fee but Councilor Jeff Moore (D-Ward 6) did not agree.

“I would suggest the annual fee be $250 instead of $200. I think that’s getting a little low on the renewal,” he said.

“Looking at the ones we saw, I think that’s not a very large amount of money.”

VACANT PROPERTY REGISTRY

The vacant property registry fee schedule, also passed by the council at their last meeting, had a slightly different fee structure.

For one and two family vacant properties, an annual $200 fee is required to register; for a multi-family vacant property, an annual $400 fee is required.

For a commercial and mixed-use vacant property, a $500 fee would be required to register for the first year; $1,000 for the second year; and $1,500 per subsequent year.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Wrangell Cooperative Association Severe Storm, Landslides and Mudslides

FEMA Alert
March 15, 2024  

***Please note: only properties associated with the Sealaska Native Regional Corporation/Wrangell Cooperative Association are eligible for assistance.***

FEMA has issued a Major Disaster Declaration for the Wrangell Cooperative Association in Alaska to supplement recovery efforts in areas affected by a severe storm, landslides and mudslides on November 20, 2023.  The following counties have been approved for assistance:

Individual Assistance:

  • Sealaska (Native Regional Corporation)

Public Assistance:

  • Sealaska (Native Regional Corporation)

 

Wrangell Cooperative Association Severe Storm, Landslides, and Mudslides (DR-4763-AK)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Wrangell Cooperative Association

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

U.S. Foreclosure Activity Continues to See an Annual Increase

Industry Update
March 11, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago.

“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”

 

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

CoreLogic: Number of Underwater US Homes Drops by 15% Annually in Fourth Quarter

Industry Update
March 7, 2024

Source: CoreLogic

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report (HER) for the fourth quarter of 2023. The report shows that U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 8.6% year over year, representing a collective gain of $1.3 trillion and an average increase of slightly more than $24,000 per borrower since the fourth quarter of 2022. This brought total net homeowner equity to more than $16.6 trillion at the of 2023.

Home equity gains continued in the fourth quarter, providing owners with a solid financial cushion, particularly for baby boomers who have been in their homes for a while and thus accumulated substantial equity. Three Northeastern states posted the country’s highest annual equity gains in the fourth quarter: Rhode Island ($62,000), New Jersey ($55,000) and Massachusetts ($53,000). The equity growth in those states is thanks in part to the recent healthy home price increases in that area of the country. According to CoreLogic’s latest Home Price Insights report, Rhode Island and New Jersey led the nation for year-over-year appreciation in January, a respective 13.2% and 11.6%.

“Rising home prices continue to fuel growing home equity, which, at $298,000 per average borrower remained near historic highs at the end of 2023,” said Dr. Selma Hepp, chief economist for CoreLogic. “By extension, at 43%, the average loan-to-value ratio of U.S. borrowers has also remained in line with record lows, which suggests that the typical homeowner has notable home equity reserves that can be tapped if needed.”

“More importantly,” Hepp continued, “home price growth over the last year has helped lift the equity of homeowners who were underwater because of 2022 price declines – meaning that their mortgage amount was higher than the value of their properties. Now, slightly more than 1 million borrowers are underwater, the lowest number recorded in CoreLogic historic data and significantly below the 12 million seen coming out of the Great Recession.”

 

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Statement from HUD Secretary Marcia L. Fudge

Industry Update
March 11, 2024

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

Today, Marcia L. Fudge, the 18th Secretary of the U.S. Department of Housing and Urban Development (HUD) issued the following statement:

“As a dedicated public servant for nearly five decades, I have been devoted to improving the quality of life for the people of this nation, focusing on those with the greatest need. Having worked at every level of government, including as a mayor, then as a congressional staffer, a member of Congress, and now as the 18th Secretary of the U.S. Department of Housing and Urban Development I have worked tirelessly to ensure that America lives up to its promise of liberty and justice for all.

It has always been my belief that government can and should work for the people. For the last three years, I have fully embraced HUD’s mission to create strong, sustainable, inclusive communities and quality affordable homes for all. The people HUD serves are those who are often left out and left behind. These are my people. They serve as my motivation for everything we have been able to accomplish.

For that reason, it is with mixed emotions that I announce my resignation effective March 22, 2024.

During my tenure, we:

  • Helped more than two million families stay in their homes and avoid foreclosure;
  • Removed barriers for people with student loan debt trying to buy a home with an FHA mortgage;
  • Ensured that positive rental history plays a greater role in determining creditworthiness when trying to obtain a home loan;
  • Outpaced the market by insuring FHA mortgages for three times as many Black borrowers and twice as many Hispanic borrowers based on percentage of volume; and
  • Made mortgages more affordable by reducing the mortgage insurance premium for FHA mortgages.

Under my leadership, we have also:

  • Funded more than 2 million units of public housing and multifamily housing;
  • Spent more than 20% of HUD’s procurement dollars with Black, Brown, and other small, disadvantaged businesses in the last year alone, totaling $500 million;
  • Ensuring that people who have paid their debt to society can get a fair shot at a second chance and have a home;
  • Served or permanently housed more than 1.2 million people experiencing homelessness; and
  • Enforced Fair Housing laws and took a stance against racial bias and discrimination in the appraisal market.

I thank President Biden for his confidence and trust in me to lead HUD in alignment with the Biden-Harris Administration priorities. As I transition to life as a private citizen, I will continue to do the work that I have been called to do.”

 

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie and Freddie: Single Family Serious Delinquency Rate Decreases Slightly in January

Industry Update
March 1, 2024

Source: Calculated Risk

Freddie Mac reported that the Single-Family serious delinquency rate in January was 0.55%, unchanged from 0.55% December. Freddie’s rate is down year-over-year from 0.66% in January 2023. This is below the pre-pandemic lows. 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.

Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.54% in January from 0.55% in December. The serious delinquency rate is down from 0.64% in January 2023. This is below the pre-pandemic lows. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.62% are seriously delinquent (down from 1.67% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 2.44% are seriously delinquent (down from 2.53%).

For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.47% are seriously delinquent (unchanged from 0.47%).

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Wyoming Happy Jack Fire

FEMA Alert
March 1, 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 Happy Jack Fire beginning March 1, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Laramie

 

Wyoming Happy Jack Fire (FM-5490-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 – Vermont Severe Storms and Flooding

FEMA Alert
March 2, 2024  

FEMA has issued a Major Disaster Declaration for the state of Vermont to supplement state, tribal and local recovery efforts in areas affected by severe storms and flooding from December 18-19, 2023.  The following counties have been approved for assistance:

Public Assistance:

  • Essex
  • Lamoille
  • Orange
  • Orleans
  • Rutland
  • Windham
  • Windsor

 

Vermont Severe Storms and Flooding (DR-4762-VT)

Map of Affected Area

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 Fire Management Assistance Declaration – Oklahoma Catesby Fire

FEMA Alert
February 27, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Oklahoma to supplement state, tribal and local recovery efforts in areas affected by the Catesby Fire beginning February 27, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Ellis

 

Oklahoma Catesby Fire (FM-5489-OK)

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