Bakersfield is Coming for Blighted Lots, in the Name of Housing

Industry Update
March 6, 2023

Source: bakersfield.com

After failing to win bids earlier this month on 16 dilapidated properties deemed a nuisance to residents, the city of Bakersfield is considering option B: How to help out those who did buy them?

It’s a position the city has apparently never found itself in before, because as far as anyone can remember, it has never tried to become so directly involved. But its frustrations are not new.

In recent years, more properties considered derelict and abandoned have festered throughout the city’s urban core, especially in Ward 2.

“Chronic nuisance properties are problematic for a lot of reasons,” Vice Mayor and Ward 2 Councilman Andrae Gonzales said. “They create a negative externality for the whole neighborhood, making it less safe. And we get a lot of complaints from residents.”

These are the homes with boarded-up windows and doors, overgrown yards and collapsed roofs — the kind of properties that have incurred a structure fire or are a regular site for transients.

After five years of neglect, and usually because of unpaid property taxes, the county taxman can assert authority to sell the property and auction it the following year.

Local leaders want those lots dealt with, especially the ones they have watched, year after year, sit on the auction list and go unsold.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Black Knight: Early Stage Mortgage Delinquencies Increased in February

Industry Update
March 27, 2023

Source:  MortgageOrb

Roughly 3.45% of all U.S. mortgages were delinquent in February – an increase of 1.96% compared with January but down 12.56% compared with February 2022, according to Black Knight’s First Look report.

Most of the increase was early stage delinquencies.

As of the end of February roughly 1.81 million mortgages were 30 days or more past due, but not in foreclosure, according to the report. That’s an increase of about 36,000 compared with the previous month but down by about 235,000 compared with a year earlier.

Serious delinquencies (90 days or more past due but not in foreclosure) numbered about 562,000, down about 17,000 compared with the previous month and down by about 383,000 compared with a year earlier.

As of the end of the month there were about 240,000 properties in the foreclosure pre-sale inventory – an increase of 2,000 or 0.81% compared with the previous month and up about 34,000 or 15.8% compared with February 2022.

There were about 29,000 foreclosure starts in February, down about 9.35% compared with January and down about 4.15% compared with February 2022.

The monthly prepayment rate was 0.35%. That’s up 6.23% compared with the previous month but down 71.46% compared with a year earlier. This increase broke a four-month streak of record lows, with relief likely to extend as the spring homebuying season takes hold, Black Knight says.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Mississippi Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
March 26, 2023

***UPDATED 4/3/23***

FEMA has issued a Major Disaster Declaration for the state of Mississippi to supplement state, tribal and local recovery efforts in areas affected by severe storm, straight-line winds, and tornadoes from March 24-25, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Carroll
  • Humphreys
  • Monroe
  • Montgomery
  • Panola
  • Sharkey

Public Assistance:

  • Carroll
  • Humphreys
  • Monroe
  • Montgomery
  • Panola
  • Sharkey
  • Washington

 

Mississippi Severe Storms, Straight-line Winds, and Tornadoes (DR-4697-MS)

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

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

Biden Issues Emergency Declaration in Mississippi and Alabama Tornado that Killed Dozens

Disaster Alert
March 26, 2022

Source:  CBS News

President Joe Biden early Sunday issued an emergency declaration for Mississippi, making federal funding available to Carroll, Humphreys, Monroe and Sharkey counties, the areas hardest hit Friday night by a deadly tornado that ripped through the Mississippi Delta, one of the poorest regions of the U.S.

CBS News has confirmed at least 26 people were killed in Mississippi and Alabama as the massive storm ripped through several towns on its hour-long path. Dozens others were injured.

Search and recovery crews on Sunday resumed the daunting task of digging through the debris of flattened and battered homes, commercial buildings and municipal offices after hundreds of people were displaced.

Homeland Security Secretary Alejandro Mayorkas and FEMA Administrator Deanne Criswell are scheduled to travel to Mississippi Sunday to evaluate the damage.

At Least 26 Dead After Devastating Tornadoes Tear Through Mississippi

FEMA Coordinating Officer John Boyle has been appointed to oversee federal recovery operations. Following Biden’s declaration, federal funding can be used for recovery efforts including temporary housing, home repairs, loans covering uninsured property losses and other individual and business programs, the White House said in a statement.

The twister flattened entire blocks, obliterated houses, ripped a steeple off a church and toppled a municipal water tower. Even with recovery just starting, the National Weather Service warned of a risk of more severe weather Sunday — including high winds, large hail and possible tornadoes — in eastern Louisiana, south central Mississippi and south central Alabama.

Dangerous tornado outbreak heads to the South: Latest forecast - neweu

For full report, please click the source links above.

Wounded Former U.S. Army Specialist Gets Mortgage-Free Home in Ohio

Industry Update
March 16, 2023

Source: www.wchstv.com

A military veteran living in Colorado has moved to Lawrence County, Ohio, and his new home is mortgage free.

It’s part of a program that is a partnership with Wells Fargo and the Military Warriors Support Foundation based in San Antonio, Texas.

“I like it. It’s cool,” former U.S. Army specialist Aaron Hart said as he saw his new home for the first time.

Hart is receiving the new home through a program called Homes 4 Wounded Heroes.

“Honestly, I never really thought I would be able to own a home. It kind of seemed out of reach for me. In that aspect, this is the greatest thing that could happen to me,” Hart said.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

TNP Partners with Warren to Demolish 100+ Vacant Properties

Industry Update
March 16, 2023

Source: businessjournaldaily.com

Trumbull Neighborhood Partnership has partnered with the city of Warren to demolish a vacant commercial property at 418 Main Ave. SW in the city’s downtown.

It is one of more than 100 properties that TNP and Trumbull County Land Bank have partnered with the city to demolish through Ohio’s commercial demolition and brownfield remediation fund.

“That is a $7 million allocation we received last year,” says Matt Martin, executive director of TNP. “There was a match requirement for that, and the city of Warren did pay the 25 percent match for the buildings in the city of Warren. This commemorates a significant partnership between TNP and the city of Warren to demolish vacant properties.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Talladega’s Revitalization Project Demolishing more than 30 Abandoned, Dilapidated Homes

Industry Update
March 16, 2023

Source: wbrc.com

The city of Talladega is using funds from the Community Development Block Grant to demolish dozens of homes in Ward 2. The goal is to restore a sense of pride in these communities by removing abandoned and dilapidated homes.

“The Community Development Block Grant is knocking down another sixteen houses now. All were led by City Councilwoman Vickey Hall in Ward 2,” says City Manager Seddrick Hill. “She did a lot of work to get the buy-in. Sometimes the community doesn’t know if are you going to take my land are you going to do something else.”

Last year, the city demolished 15 homes in the Knoxville community and now they’re working on 16 more.

The blighted, unoccupied properties are demolished at no cost to the property owner, who maintains ownership of the land. Participants in the program must be the legal property owner or have a legal right to the property.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Maine Severe Storm and Flooding

FEMA Alert
March 22, 2023

FEMA has issued a Major Disaster Declaration for the state of Maine to supplement state, tribal and local recovery efforts in areas affected by a severe storm and flooding from December 23-24, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Franklin
  • Knox
  • Oxford
  • Somerset
  • Waldo
  • York

 

Maine Severe Storm and Flooding (DR-4696-ME)

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 – Vermont Severe Storm and Flooding

FEMA Alert
March 20, 2023

FEMA has issued a Major Disaster Declaration for the state of Vermont to supplement state, tribal and local recovery efforts in areas affected by a severe storm and flooding from December 22-24, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Chittenden
  • Essex
  • Franklin
  • Grand Isle
  • Lamoille
  • Orange
  • Orleans
  • Washington

 

Vermont Severe Storm and Flooding (DR-4695-VT)

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

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

Mortgage Giant Fannie Mae Tackles Climate Risk, but Changes to Underwriting May Take Several Years

Industry Update
March 20, 2023

Source:  msn.com

Global warming has already caused irreversible damage to the earth’s ecosystems and communities, according to a critical report just issued from the United Nations Intergovernmental Panel on Climate Change.

The damage is extending to the U.S. housing market, which just saw unprecedented snow and flooding in California, as well as unusual winter tornados in the south. All that came after one of the worst hurricanes on record in Florida last year.

These changes have profound implications for the nation’s nearly $12 trillion mortgage market.

Hurricane winds are getting stronger, common storms are getting wetter, wildfires are spreading faster —and millions of U.S. homes sit in the path of all of it. But the housing market currently doesn’t price that climate risk into home values. U.S. homes exposed just to flood risk may now be overvalued by roughly $200 billion, according to research recently published in the journal Nature Climate Change.

Fannie Mae, which backs more than 40% of all residential mortgages, could face much of that risk. The mortgage giant’s chief climate officer, Tim Judge, says mortgage underwriting does not currently account for climate risk. So he is mounting a major effort — really a defense — to figure out the exact climate risk to Fannie Mae’s balance sheet, so that it can ultimately incorporate that risk into mortgage underwriting.

For full report, please click the source link above.