Category Archives: Other

States and municipalities may be inadvertently putting in roadblocks and costing taxpayers more when they approve policies that prolong the foreclosure process, such as by extending mediation services, Alfred Pollard, general counsel for the Federal Housing Finance Agency, testified at a House panel on Monday. Many of those foreclosures that get delayed fall in the books of one of the government-sponsored enterprises, Fannie Mae and Freddie Mac, which the FHFA regulates. Fannie and Freddie have posted big losses the last few years from delinquent loans and already owe the Treasury […]

Federal Housing Finance Agency general counsel Alfred Pollard warned that state and local laws meant to aid home owners at risk of foreclosure actually delay the process, hurting the housing finance system and neighborhoods. He cited such laws as in Washington, D.C., where mediation can prolong the foreclosure process by as many as 132 days, and in Worcester, Mass., where a $5,000 bond must be posted at the time of foreclosure to ensure the home will be maintained. Pollard said states and localities must “review the balance between home owner […]

New homebuilding is on the upswing in some markets, but the Sun Belt and the Midwest’s Rust Belt continue to struggle with distressed inventories delaying home starts, real estate analysts said. New home activity has “been ticking up steadily since spring of last year,” said David Crowe, chief economist for the National Association of Homebuilders. But he noted there are places where an overhang of distressed housing continues to weigh down demand for newly constructed single-family homes. “The inventory of new homes on a national basis is at a historic […]

After falling 19 percent in January, foreclosures continued to fall in February with filings dropping 8 percent last month, according to RealtyTrac’s latest report. The big drops in foreclosures have served as a hopeful sign in the housing market that the foreclosure crisis was finally fading. But housing experts caution that banks haven’t unclogged the pipeline of foreclosures yet, and a new wave of foreclosures is on its way. A $25 billion mortgage settlement among the nation’s five largest banks and state attorneys general is expected to prompt lenders to speed […]

A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: A swath of monthly housing data hits the economic scene this week, as mortgage industry players look for more signals of the direction of the market. It starts Monday with the National Association of Home Builders housing market index, which reached a four-year high in February at a reading of 29. Analysts polled by Econoday expect the index to tick up to 30 for March, while MarketWatch writes economists said it will remain at […]

The United States account deficit widened in the fourth quarter, showing another area of economic weakness for the nation. Still, signs of a housing turnaround are emerging, analysts with Capital Economics say. As economists continue to track slow sales and a lagging real estate market, analysts also are studying international trade since fewer exports can suggest slower economic growth for the nation. The United States account deficit, which reflects the nation’s strength in global trade, increased to $124.1 billion in 4Q of 2011, up from a revised $107.6 billion in […]

Federal Housing Finance Agency analysis used to prevent principal reduction on Fannie Mae and Freddie Mac loans was seriously flawed, according to one leading analyst. “We have reviewed the study and have a number of very substantial objections,” said Amherst Securities Senior Managing Director Laurie Goodman before a Senate subcommittee Thursday, who gathered additional data via telephone. The FHFA used the report to determine a wide-scale principal reduction program would cost more than forbearance, while increasing the risk of strategic default among borrowers seeking relief. This information was not provided […]

The Latino population is becoming a growing force in the housing market, with this demographic’s purchasing power more than doubling over the past decade, according to a new report by the National Association of Hispanic Real Estate Professionals called “The State of Hispanic Home Ownership 2011.” The purchasing power of Latinos grew to $1.1 trillion in 2011 and is projected to reach $1.6 trillion by 2016, according to NAHREP. Rapid population growth (the Hispanic population more than tripled between 1980 and 2010), the population’s relatively young age, dramatic employment growth, […]

Foreclosure filings rose 3.5% in Colorado’s major metro areas last month, growing from 1,986 filings in February of 2010 to 2,056 in the most recent period, the Colorado Division of Housing said Wednesday. At the same time, foreclosure auction sales reached a five-year low, with total sales down 6.7% from 2011, making it the lowest February sales total since 2008. The housing division cautioned against trying to extrapolate a larger connection between the two events. Ryan McMaken with the Colorado Division of Housing says foreclosure filings show what’s happening in […]

Several of the largest mortgage servicers will be in Las Vegas Friday and Saturday to work with struggling Nevada homeowners, under a program sponsored by Hope Now and Gov. Brian Sandoval. The free, two-day event will allow homeowners to explore possible alternatives to foreclosure. Since 2008, Las Vegas hosted four similar events, which have assisted almost 5,500 area homeowners, Hope Now said. The last event was in January 2011. Mortgage servicers participating include American Home Mortgage, Bank of America, Chase, Citigroup, GMAC, HSBC, Wells Fargo and several other major banks. […]