April

HUD to Kick Off Fair Housing Month with Opening Ceremony at HUD HeadquartersKim Kendrick, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity, will host a ceremony commemorating the 39th anniversary of the Fair Housing Act on April 4, 2007. April 4, 2007
Housing Market Enters Season of ReckoningSpringtime usually means good times in the housing industry, but this year it’s threatening to become a grim season of reckoning. April 2, 2007
Housing Crisis Knocks Loudly in Michigan: Foreclosures Hit Record Numbers as Region Continues to Lose JobsWithin a square mile of Laitis’s house in this bedroom community outside Detroit, more than half the 96 homes on the market are foreclosed properties. The situation is not uncommon in pockets of the industrial Midwest, where a record number of people are missing their mortgage payments and losing their homes. April 2, 2007
Home Builders’ Loans Feel HeatThe crisis in risky mortgage loans is shedding light on aggressive lending practices by some of the largest U.S. home builders, which stand accused of using lax standards and illegal sales tactics to arrange financing for buyers. April 2, 2007
Road Block for Road HomeIf the state’s mortgage lenders have their way, the recent federal rebuke of Louisiana’s Road Home program won’t change the way most of the rebuilding grant applicants get their money: slowly, in installments tied to the completion of renovations. April 2, 2007
Zoning Changes Proposed to Preserve West Harlem’s CharacterColumbia University’s proposal for a $7 billion expansion of its campus on 17 acres in West Harlem has touched off fears that another wave of gentrification will wash over this low-scale neighborhood of tenements, brownstones, housing projects, warehouses and small businesses. April 2, 2007
Lack of Escrow Accounts Hurts Subprime BorrowersAs financial regulators and Congress probe more deeply into delinquencies and foreclosures in the subprime home loan market, one contributing factor is receiving increased attention: the lack of mandatory escrow accounts. April 2, 2007
The Battle for a MortgageAs homeowners across the country have dealt with the declining values of their houses and their ballooning mortgage payments, most New Yorkers seem to believe that the market here doesn’t play by the same rules. April 2, 2007
Warning from Loan RangersLarge numbers of homeowners obtained subprime mortgages during the recent housing boom, and several prominent economists fear thousands of homeowners could soon default on their loans as rates escalate. April 2, 2007
Hendersonville, NC: Mainstay Launching Capital CampaignThe domestic violence shelter, Mainstay, will soon almost double its space, opening more room to serve adults and children in crisis. April 2, 2007
Subprime Problem Likely Will Work Itself OutTroubles in the subprime mortgage industry seem to be spreading. The stock market is in turmoil. Alan Greenspan and other economists say the economy is being hurt. Consumer groups predict that up to two million Americans will lose their homes…Ken Thomas, a lecturer on finance at Wharton, argues that people and institutions that make risky choices are usually best left to suffer the consequences. April 2, 2007
Leaders Accused of Income DiscriminationPolitical leaders have shown blatant discrimination toward hard-working families, according to a memo last week from Roy Necaise, the chief executive officer of Mississippi Housing Authority Region 8. April 2, 2007
State Reassures Del. City on Group Home… residents Sarah Bucic and Rita Marocco said sexual offenders are not protected by the federal Fair Housing Act, which outlaws housing discrimination. April 2, 2007
Bill Would Protect Borrowers from Predatory LendingPredatory lending practices by some mortgage lenders have state lawmakers examining a number of ways to protect consumers, but allowing the state … April 2, 2007
Subprime Homesick BluesFor all that, “predatory lending” is a woefully inadequate explanation of the subprime turmoil. If subprime lending consisted only of lenders exploiting borrowers, after all, it would be hard to understand why so many lenders are going bankrupt. April 2, 2007
Average Seattle Worker Can’t Afford to Live HereIn March, the Planning Commission recommended more extreme steps, including requirements for developers to build a certain percentage of affordable housing … April 2, 2007
Insurance Costs Become 3rd StormHomeowners and business owners say their premiums have doubled or tripled since Katrina. Businesses are delaying rebuilding. Workers have been slow to return. Sky-high insurance has become what Mississippi Attorney General Jim Hood calls the “third storm” to hit the region — behind Katrina itself and the legal disputes over insured damage. April 3, 2007
Huge Mortgage Lender Files for BankruptcyNew Century Financial, a lender that came to symbolize the fast-and-loose mortgage practices of recent years, filed for bankruptcy protection yesterday and said it would lay off 3,200 employees, more than half its workforce. April 3, 2007
Corps to bolster floodwall: Sand near sheet piles in 17th Street CanalThe Army Corps of Engineers will build rock and clay structures along the east bank of the 17th Street Canal to bolster 450 feet of floodwall on both sides of Veterans Memorial Boulevard, where new testing confirms that steel sheet piles anchoring the wall are closer to underground sand layers than allowed in safety standards adopted since Hurricane Katrina. April 3, 2007
FACTBOX-U.S. Mortgage LendersU.S. mortgage lenders are suffering from rising default rates amid weak housing prices and slower housing sales. April 3, 2007
Tsunami Inundates Solomons Communities: Waves Leave at Least 20 Dead and Thousands Homeless in Impoverished ArchipelagoA wall of water reportedly 30 feet high hit the island of Choiseul and swept a third of a mile inland, while smaller but still destructive waves surged ashore elsewhere in the western part of the impoverished archipelago, causing widespread damage and leaving thousands homeless. April 3, 2007
Market Strong for Apartments in ManhattanWhile the national housing market is struggling with rising inventory and weakening home values, the prices and number of apartments selling in Manhattan rose in the first three months of this year, according to data released yesterday by several of New York City’s largest real estate brokerages. April 3, 2007
Leggett Assembles Affordable-housing Task ForceMontgomery County Executive Ike Leggett has assembled a 35-person task force of builders, bankers and public officials to strategize on ways to quickly expand affordable housing in the county. April 3, 2007
Officials Defend Ground Rent Bill: Real Estate Lawyer says ‘Big Loophole’ Allows New LeasesLegislators are confident that a new law meant to ban the creation of new ground rents accomplishes that goal, despite a Baltimore real estate lawyer’s contention that the language contains “a loophole big enough to drive an ocean liner through.” April 3, 2007
Maine: Chatham Housing Lottery DisputedA lottery that decided who will rent 47 new affordable units at the Lake Street Apartments was unfair and shrouded in secrecy, according to some longtime Chatham residents who have taken these complaints to selectmen. April 3, 2007
VA: Groups Urge Fairfax Co. to Preserve More Low-Income HousingFairfax County, the region’s fastest-growing employment center, has plenty of jobs for janitors, child care workers and retail sales employees, but very little housing that such low-wage workers can afford, according to a study to be released Tuesday. April 3, 2007
Wales: Audit to Free up Assembly-owned Areas for Affordable HomesThe Welsh Assembly has pledged to release its surplus land to help ease the country’s affordable housing crisis after working out how much it has to offer. April 3, 2007
UK: Cumbria Housing Waiting List MiseryThere are now 14,000 households are on a waiting list for an affordable home in Cumbria. On average the last family on the list could wait over four years to be housed according to research released this week by the National Housing Federation. April 3, 2007
NY: Schumer Pushes Laws to Stem Predatory LendingHelp against predatory mortgage brokers could be just around the corner, according to Sen. Charles Schumer, (D-N.Y.), who says such aid would not only benefit the borrower but also those who own homes near foreclosed houses. April 3, 2007
Bakersfield Has Most Affordable Housing in CaliforniaA new survey shows Bakersfield’s home market is the most affordable in California. According to the 2006 Coldwell Banker Home Price Comparison Index, no other market across the state posted a lower average price for a four-bedroom home than Bakersfield, a little more than $303,000. April 3, 2007
Housing Lawsuit SettledA settlement agreement between the borough of Swedesboro and a developer will bring affordable housing to the area and end a two-year lawsuit. April 3, 2007
HUD: Housing Discrimination Complaints at an All-time HighGovernment agencies received 10,328 housing discrimination complaints, the highest number ever filed in a single year, according to an annual fair housing report released today by the U.S. Department of Housing and Urban Development. HUD’s Fiscal Year 2006 report, which details HUD’s enforcement efforts during the year, also found that race and disability top the list of reasons why individuals filed complaints. April 6, 2007
Moderate-Income Home Buyers Hit by Predatory LendersOne in 30 homeowners in Philadelphia has been hurt by predatory lenders who target people who live in moderate-income neighborhoods and whose homes are often their only asset, illustrating a problem that’s captured the attention of federal and local legislators throughout the country. April 4, 2007
Mortgage Demand Sags as Rates RiseLoan applications to purchase and refinance U.S. homes fell last week when mortgage rates increased, an industry group said Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications fell for the third straight week, dropping 3.2% to 649.5 in the week ended March 30. April 4, 2007
Summit Takes Aim at Neglected Parts of CityThe Rev. Jesse Jackson and several black leaders joined Tuesday to decry that the rebuilding of New Orleans has been slow — particularly in the 9th Ward — and some 250,000 residents are still in “exile” 19 months after Katrina. April 4, 2007
Old Buildings Getting a Face-Lift for Homeless VeteransLos Angeles has the highest concentration of homeless veterans in the nation, some 20,000, according to the Veterans Affairs Department. Nationwide, there is a need for 27,000 units of permanent housing with support services for homeless veterans, federal officials say, but fewer than 1,000 are available. April 4, 2007
Subprime Lending Crisis: Millions of Families Face Losing Their Homes to ForeclosureDemocracy Now!: Subprime loans have led to one million American families losing their homes in the past decade, a new study by the Center for Responsible Lending has found. In the last ten years, the subprime loan industry has emerged as a major, and controversial, player in the housing market. We speak with an attorney at the Center for Responsible Lending. April 6, 2007
Road Home Lump Sums UrgedLouisiana has asked federal housing officials to let it pay every Road Home grant recipient directly in a lump sum, with no government strings attached for those with mortgages or other debts, state officials said Wednesday. April 5, 2007
Borrowing TroubleThe broker got them a $267,200, 30-year loan at an 8.5 percent fixed rate with NovaStar Financial. Or so they thought. The good-faith estimate that the federal government requires mortgage brokers to give to all customers said that was the deal. But at the closing, the Shermans were handed loan documents for an adjustable-rate mortgage with a higher initial rate, of 8.625 percent, that would reset in two years. April 5, 2007
On Yahoo, Foreclosed Homes for House HuntersBad times for homeowners make for good times for buyers: Yahoo Real Estate now features a section aimed at shoppers looking for foreclosed properties. April 5, 2007
Six-month Halt to Foreclosures UrgedCivil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages or face lawsuits. April 5, 2007
Lenders Willing to Help Struggling HomeownersAs home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They’d rather modify your loan than foreclose. April 5, 2007
Aspiring Buyer of Starrett City Is Back OnstageDavid Bistricer, whose initial attempt to buy the Starrett City housing complex in Brooklyn was rejected a month ago by federal regulators, is back. He has a new plan, a well-regarded architect, powerful lobbyists and something he was missing in his first go-round: potential backing from two politically influential black ministers. April 6, 2007
Blakely Expects Job to Take a YearThe rebuilding of New Orleans will be in such high gear by 2008 that Ed Blakely, the city’s recently appointed recovery czar, will leave the post after one year, he told an audience in Australia this week. April 6, 2007
HUD Unveils Ad to Educate Americans about Housing RightsThe U.S. Department of Housing and Urban Development announced today that fair housing ads will run in approximately 60 theaters, and over 900 screens across the nation between April 6 and 13 as part of its effort to make more Americans aware of their fair housing rights. April 6, 2007
Predatory Lenders and California’s Foreclosure CrisisLow-income consumers have a huge disadvantage when it comes to buying a home. Denied conventional home loans, their only avenue is the “sub-prime” credit market. These “predatory lenders” target people with bad credit records - typically offering to refinance an existing loan with one that is filled with excessive or unnecessary fees and usually provides no tangible benefit to the borrower. April 6, 2007
NAACP: Housing in Saratoga is a Racial IssueThe president of the Saratoga County branch of the National Association for the Advancement of Colored People says racism and classism are responsible for opposition to affordable housing programs in the city. April 6, 2007
NAACP and National Association of Home Builders Address Affordable Housing NeedEffective deterrents to predatory lending, land banks that make lots available for housing, broad-based consumer education efforts and a revitalized Federal Housing Administration — are a few of the many ideas generated and refined in a recent roundtable discussion on housing affordability conducted in Washington, D.C. Co-hosted by the NAACP and the National Association of Home Builders (NAHB), the roundtable discussion drew expertise from leadership at the nation’s leading housing advocacy groups. April 6, 2007
NAR and Mayors Recognize Six Cities for Expanding Affordable HousingThe National Association of Realtors® and the United States Conference of Mayors have designated six cities as 2007 Ambassador Cities, NAR announces. NAR and the mayors’ conference, through its Council on the New American City, launched the Ambassadors for Cities Program in 2004 to encourage collaborations between local city governments and Realtor® associations to expand housing opportunities in their communities. April 6, 2007
Katrina Claims Stagger CorpsNew Orleans and Louisiana, swamped when the city’s storm protections failed during Hurricane Katrina, demand the federal government pay a damage bill that is more than double the entire cost of the massive Gulf Coast rebuilding effort. April 9, 2007
The Subprime Meltdown and the Ownership SocietyA huge percentage of the easy-money mortgages issued to low- and moderate-income families in the past few years are going bad. This has led to bankruptcies for the big lenders in this market and millions of dollars in losses. The chain of defaults has also raised concerns about the mortgage and housing market more generally, and a growing number of economists view a recession induced by a housing crash as a distinct possibility. April 9, 2007
SBA Not Allowed to Forgive LoansDo you know whether the SBA forgives disaster loans secured by a mortgage after the sole and only borrower dies? As the estate has passed to a nonfamily member, is SBA likely to call the loan if there has been no sale of the property? Is it up for loan review or underwriting once again with a new owner? April 9, 2007
Two Faces of Minority Banking“A significant portion of urban consumers continue to be unbanked and under-banked,” said Urban Trust’s president, Dwight L. Bush. “We actually see these communities as viable, and our mission is … to bring these consumers into the financial mainstream, help them to become homeowners, to become entrepreneurs, and help them to create and maintain wealth in their neighborhoods.” April 9, 2007
Attacks on Homeless SoaringIt was a balmy night, the sort that brings the homeless out from the shelters, when the police were summoned to America Street. On the driveway of a condo, just a few paces from the gutter, lay a man. April 9, 2007
Credit Scores for SaleWhen your credit scores don’t qualify you for the home mortgage you want, where do you turn? That’s an especially timely question now, as lenders tighten underwriting standards for applicants with less than perfect credit. April 9, 2007
The Fight’s for Places to Live; New President of Fair Housing …Katherine Broka, the new president and chief executive officer of the Fair Housing Center in Toledo, recalls that the Toledo area faced a problem 20 years ago she called “the polar opposite” of today’s subprime home loan market. April 9, 2007
People of Color More Concentrated Near Hazardous Waste Facilities …The new report is the first to use 2000 census data, a current national database of commercial hazardous waste facilities, and Geographic Information Systems to count persons living nearby to assess nationally the extent of racial and socioeconomic disparities in facility locations. It also examines racial disparities by region and state, and for metropolitan areas, where most hazardous waste facilities are located. April 9, 2007
Lack of Affordable Housing a DilemmaHe doesn’t agree with affordable housing requirements like inclusionary zoning. But after his suburban constituents raised concern about an apartment and condo building boom in Warner Center, he agreed to temporarily require 25 percent “work-force housing” in new residential projects, which would slow development and provide units for middle-income workers in the area. April 9, 2007
Helping Low-income Workers Find Safe, Affordable HousingNine out of 10 people surveyed cite affordable housing as either a top priority or a high priority, according to a new Zogby America poll. April 9, 2007
VA: Untrue Housing Rumors Result in Rage in WellingtonResidents of James City’s Wellington community are enraged. They’ve heard the county is bringing affordable housing to an open parcel in their upscale lakeside neighborhood, and they won’t let that go down without a fight. They’ve signed petitions, besieged their supervisor and even hired an attorney. April 9, 2007
The Myth of the Risky Sub-Prime BorrowerMoney lending institutions have tarred entire segments of the population as credit unworthy through the mortgage industry’s own discriminatory, irresponsible — and now reckless — behavior. April 9, 2007
Democrats’ Cause Is Tempered by Political RealitiesDuring the 12 years that Republicans ran the House, their leaders didn’t pay much attention to affordable-housing activists. Despite soaring rents and complaints of a deepening affordability crisis, House Majority Leader Tom DeLay (R-Tex.) told his conference that he didn’t want to see housing bills on the floor. He thought housing programs were unreformed welfare — and they competed for the same pot of money in an annual funding bill as his beloved NASA. April 9, 2007
Coalition Helps Residents find Affordable Dream HomesWith the help of the Somerset County Coalition on Affordable Housing, she did just that — purchasing a house in Franklin, Somerset County. April 9, 2007
PA: Grants to Help Ease Housing SqueezeThe same influx of wealthy home buyers that helped create a serious shortage of affordable housing in the Lehigh Valley has made the area eligible for millions of dollars in grant money to help solve the problem. Because of rapid population growth, Lehigh and Northampton counties are eligible for nearly $3 million more a year in federal funds to spruce up commercial districts, repair old homes or create more affordable housing. April 9, 2007
Statement from HUD Secretary Alphonso Jacksonon Louisiana’s Road Home Program“Today, I am pleased to announce that HUD has reached a tentative agreement with the State of Louisianatorevise its Road Home Program, providing direct compensation to all homeowners. We are still in the process of ironing out some minor details and will continue to work with the State to reach agreement on those points very soon.” April 10, 2007
Lump Sum Grants OK’d: Homeowners Alone Will Control MoneyLouisiana received final federal approval Monday to pay all Road Home grant recipients, even those with mortgages, in lump sums transferred directly to their bank accounts. Every Road Home applicant who closes on or after Wednesday can collect the full amount of the award in an electronic transfer, said officials from the Louisiana Recovery Authority, the appointed agency that created the Road Home program, and the state Office of Community Development, which oversees the distribution of the $7.5 billion in federal aid for homeowners. April 10, 2007
HUD Offers Free Training Program on Safe Rehabilitation of Hurricane-damaged Homes in New OrleansThe U.S. Department of Housing and Urban Development today launched a free training program to instruct homeowners, contractors and volunteers in the New Orleans area on how to safely rehabilitate properties damaged by hurricanes Katrina and Rita. HUD’s free workshops will help ensure that workers protect themselves from potentially hazardous materials and will significantly reduce the number of work-related injuries and illnesses. April 10, 2007
Housing Boom Tied To Sham MortgagesMany experts have concluded that the nation’s real estate boom of recent years was fueled in part by weakened lending standards that sparked excessive demand and drove up prices. Now, some are worried that the looser standards may have permitted a boom of another kind — a big expansion of mortgage fraud. April 10, 2007
Mortgage Shopping Made Easy at SiteAt a time when many families are losing their homes to foreclosure, mortgage experts are offering new tools to help home buyers avoid making the same mistakes. One new website will let buyers search for the lowest mortgage rates without providing their names or talking to lenders. Another site has added a tool to gauge the risks of adjustable-rate mortgages. And an industry trade group is offering consumers some basic guidance for obtaining a mortgage. April 10, 2007
Foreclosures on the Rise in Suburbs of BaltimoreThe new wave of mortgage defaults hitting the region, part of a nationwide spike, is not primarily a city problem. Foreclosure filings rose four times faster last year in Baltimore’s suburbs than in Baltimore - up 15 percent versus less than 4 percent in the city, court records show. To the south in Montgomery, one of the nation’s wealthiest counties, filings were up more than 30 percent. April 10, 2007
D.C.: House Deemed ‘Inappropriate’ To Come Down, Piece by PieceOn a cool, sunny morning in Northwest Washington yesterday, workers carefully removed the door frame from a brand-new, $1.5 million, six-bedroom house — the first step in the District government’s plan to disassemble and sell pieces of a property that it improperly approved for construction two years ago. April 10, 2007
St. Bernard Team, FEMA Meet Today: Goal is Cash to Keep Recovery ContractorSt. Bernard Parish officials say they will meet with the Federal Emergency Management Agency in Algiers today to try again to speed the flow of hurricane recovery money to the parish. April 10, 2007
Mortgage Woes Could be ‘Tip of the Iceberg’Less than a year after buying a home in 2005, which they financed with a 30-year fixed rate loan based on a solid credit history, a local mortgage broker began sending letters offering to refinance their loan. A new product, the sales pitch said, allowed home owners flexibility to choose from a menu of different payments from one month to the next. April 10, 2007
Inspections for Rodents to Be StricterThe city’s Health Department is revamping the way it inspects restaurants for potential rodent infestation after a review prompted by a widely seen news video of rats swarming in a KFC/Taco Bell in Greenwich Village, officials said yesterday. April 10, 2007
Louisville, KY: Fair-housing Law’s 40th Anniversary to be DiscussedForty years ago this coming December, after dozens of demonstrations, hundreds of arrests and the ouster of most of its aldermen, Louisville adopted an ordinance allowing African Americans to rent or buy homes anywhere in the city. April 10, 2007
Mortgage Bondholders to Bear Subprime Loan Risk, Lawmakers SayThe top Republican and Democrat on the House Financial Services Committee both said they want laws making investors who buy mortgage bonds liable for deceptive or bad loans. An agreement by lawmakers in two parties to increase investor liability for abuses in subprime lending increases the chances for legislation to pass this year. April 10, 2007
The Solution to Gridlock is Affordable Housing Near JobsTransportation experts are tearing their hair out trying to figure out how to fix Puget Sound gridlock. But if they really want to improve transportation, they should focus on housing. April 10, 2007
Ossining Tenants Live Under Threat of Eviction Since Affordable Housing ExpiredSince Claremont Gardens left Mitchell-Lama, the state middle-income housing program, many tenants have moved out - leaving a large number of empty units - and some remaining tenants say the marshals regularly show up at their door with eviction papers. The 184-unit complex began converting to market rents in the middle of 2005 and, since then, 77 eviction actions have been started against 43 people. April 10, 2007
HUD’s Office of Fair Housing & Equal Opportunity Introduces, “Franklin, The Fair Housing Fox”The Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity today unveiled its first-ever fair housing mascot. Just as McGruff the Crime Dog represents the fight against crime, Franklin, the Fair Housing Fox, will symbolize the nation’s efforts to end housing discrimination. April 11, 2007
‘Subprime’ Restructuring ToughAs lawmakers and regulators try to help strapped homeowners with “subprime” mortgages stave off foreclosure, they face an unexpected hurdle: Wall Street. Millions of subprime loans, which are higher-priced loans to borrowers with impaired credit, aren’t held by the initial lenders. Instead, most U.S. mortgages are now put into trusts, repackaged as bonds and sold to market investors. April 11, 2007
Lexington, SC: As Evictions Spike, Deputy Keeps PeaceAs mortgage foreclosures increase around the country, it’s left to Shokes and other law enforcement agents to complete the final steps in the wrenching process of forcing a family from a home. It’s a lengthy trail that leads from notices of late payments to court hearings before being handed to someone like Shokes. When it goes smoothly, he often finds a family has moved out before he posts the final, 8 1/2-by-11 eviction notice on a door. April 11, 2007
Freddie, Fannie a ‘Concern’ To OFHEOFannie Mae and Freddie Mac, which are trying to fix widespread weaknesses in financial controls that contributed to accounting scandals in 2004 and 2003, “remain a significant supervisory concern,” a federal agency responsible for regulating them said yesterday. April 11, 2007
Another Step Eliminated to Speed Road HomeIn a move aimed at speeding up Road Home closings, the state on Tuesday halted all title examinations on applicants’ homes and may permanently eliminate the step for those homeowners choosing to repair their properties. April 11, 2007
Special Assessments: When Your Board Wants More of Your MoneyA special assessment — a fee approved by a homeowners association or a co-op or condo board to cover items not provided for in the budget — can often be a controversial, unpleasant and expensive surprise, especially to a second-home owner, who may not be around enough of the year to be aware of all the issues. But there are some steps buyers can take to protect themselves, or at least limit the possibility that they will be hit with unexpected and costly assessments. April 11, 2007
A Word of Advice During a Housing Slump: RentThat’s how it has worked out for much of the last 15 years. But in a stark reversal, it’s now clear that people who chose renting over buying in the last two years made the right move. In much of the country, including large parts of the Northeast, California, Florida and the Southwest, recent home buyers have faced higher monthly costs than renters and have lost money on their investment in the meantime. It’s almost as if they have thrown money away, an insult once reserved for renters. April 11, 2007
Delinquencies on the RiseThe mortgage delinquency rate climbed to 2.87% in the first-quarter, up from a recent low of 2.03% in the fourth quarter of 2005. The rate is at its highest level since at least 2000. April 11, 2007
State-by-State Property-Tax RatesThe New York Times publishes the state-by-state property-tax rate. Source: Moody’s economy.com. April 11, 2007
There Goes the ‘HoodBut to many, it’s meant the loss of their homes. Although gentrification is nothing new, and is often driven by unstoppable market forces, there’s no denying that Richmond’s generous tax-abatement program has also served as something of a gentrification subsidy. While affluent Richmonders get a reprieve on taxes, the poorer neighbors are stuck paying higher taxes as a result of the improvements. April 11, 2007
Nalley Rebuts Accusations of Racism: Seeks dialogue with accuser on housingFollowing a second memo accusing her of discrimination, Councilwoman Barbara Nalley defended herself Tuesday, but refused to budge on her initial stand on the process of tax-credit housing. In the second memo in as many weeks sent to local media, Mississippi Regional Housing Authority Region VIII claims Nalley’s “influence” led the City Council to adopt a new policy that supports “affordable housing discrimination.” April 11, 2007
Do Craigslist Ads Violate Federal Housing Law?The Chicago Lawyers’ Committee for Civil Rights Under the Law Inc. (CLC), a group of 45 law firms, filed this lawsuit against Craigslist Inc., alleging violations of the federal Fair Housing Act (FHA). Craigslist publishes notices and advertisements for housing, jobs and services on its Web sites, which are localized by city. April 11, 2007
Vets Given Preference for AmCan HousingThe city of American Canyon will give priority to military veterans who want to rent or lease affordable housing in the city. April 11, 2007
Prague: Evictions and gentrification: What will you do?The eviction notices just keep on coming. People in the centre of another Moravian town — most of them Romani — are being evicted, this time by the new private owners of properties purchased from the town of Nový Jičín. The reasons are familiar to anyone who has witnessed the gentrification of any other neighbourhood: the property must be improved, the tenants must go. April 11, 2007
A Fair Shake for Shelter: Lawsuits draw attention to ignorance of what is considered fair housingStinnett said he has noticed what he calls “rampant” housing discrimination in the Chattanooga area, most of which he said stems from smaller companies and individuals who do not know or understand what is illegal when it comes to fair-housing rules. April 11, 2007
NY: Housing Discrimination Bill Is ConsideredLandlords would become legally restricted from turning away tenants who pay rent with housing vouchers or other public assistance under a bill being considered by the City Council. The bill would amend City Code to state that in addition to a potential tenant’s race, creed, color, national origin, gender, age, disability, sexual orientation, and marital, parental, and citizenship status, landlords cannot discriminate based on the source of a tenant’s income, so long as it is earned legally. April 11, 2007
Narrower Focus Sought for Affordable HousingA recent report by the Coalition for Smarter Growth and Tenants and Workers United found that Fairfax County residents making less than $20,000 per year are likely to live in housing they can’t afford 80 percent of time if they are homeowners and 90 percent of the time if they are renters. April 11, 2007
$13.4 Million Assisted Living for South Asian Seniors Opens in SurreyFederal, provincial and community funding partners gathered today to celebrate the opening of Progressive Intercultural Community Services Society’s (PICS) Guru Nanak Niwas Assisted Living project, a $13.4 million, 72-unit assisted living development designed for South Asian seniors - a first for British Columbia. April 11, 2007
African American Exodus from San FranciscoHence the demand for the gentrification of San Franhatten, and African Americans won’t be the only population we will lose due to being priced out of the … April 11, 2007
NACA Announces $1B Assistance for Subprime VictimsAt 9:30 a.m. on Wednesday April 11th at the National Press Club in Washington D.C. in the Marrow Room, Neighborhood Assistance Corporation of America (“NACA”) will announce a commitment of One Billion dollars to rescue the victims of predatory lenders and to organize victims to stop the foreclosures and make them whole. April 11, 2007
Lawyers: E-mails can aid Katrina case against State FarmAttorneys for homeowners suing State Farm Insurance Cos. after Hurricane Katrina have long accused the insurer of pressuring engineers to alter reports on storm-damaged homes so that policyholders’ claims could be denied. April 12, 2007
$1 Billion Pledged to Help Fend Off ForeclosuresNeighborhood Assistance Corporation of America, an 18-year-old housing advocacy group, yesterday announced it would commit $1 billion to refinancing the loans of lower-income people at risk of losing their homes. The financing will come from CitiGroup and Bank of America, which have been lending money for years to borrowers screened by the nonprofit group. NACA, of Boston, said it had helped put 50,000 people in homes since its creation. April 12, 2007
As Subprime Market Implodes, a Contrarian ProspersIn a clubby market where securities based on risky mortgages, credit card debt and other financial assets are traded, John Devaney is known for making brash pronouncements — and for often being proved right. April 12, 2007
Realtors Expect Home Prices to Show First Annual DeclineThe problems in the subprime loan market will make it more difficult for borrowers to get mortgages and will cause home prices to fall this year for the first time on record, the National Association of Realtors said yesterday. April 12, 2007
Rising Foreclosures Reshaping CommunitiesClark has been trying to sell her home for nearly five months and hasn’t had one offer — even after cutting the price to $334,900 from $359,000. The problem is that her street is dotted with four foreclosed homes that lenders are trying to unload for less money. April 12, 2007
Green Acres: Ethanol demand, quest for simpler lifestyles spur farmland boomWhat do you call a dairy farm willed to the kids? Child abuse. That’s an old joke about the younger generation’s aversion to the unprofitable and unglamorous trade of farming. But with farmland values on the rise, and the housing market flatlining, U.S. farmers may get the last laugh. April 12, 2007
House-flipping Still Offers OpportunityHas the house flipping bloom finally fallen off the rose? HomeSmart LLC in San Juan Capistrano, California, which tracks real estate deals in 150 metro areas coast to coast, found that in every region, the proportion of home sales for properties owned six months or less has fallen dramatically since hitting a peak in 2005. April 12, 2007
Apartment Plan Stirs Hamilton ResidentsEchoing a controversy that engulfed several neighborhoods seven years ago, a proposal to create low-income housing is again stirring passions in Northeast Baltimore. In online message groups, petitions and interviews, many residents are objecting to a proposal to convert a closed Catholic school into affordable apartments. April 12, 2007
Towering Vision for West SideMore than two years after being chosen to transform the heart of downtown Baltimore’s old retail district into a revitalized urban neighborhood, developers unveiled yesterday the first detailed plans for a three-block area of the superblock showing two apartment towers as tall as 14 stories and a mix of local and national retailers. April 12, 2007
Renting Out Your Home May Not be So Bad: Short-term rentals allow sellers to test-drive new placeMost homeowners are averse to the notion of renting out their property, even on a short-term basis. Becoming a landlord evokes fear of damage to their place and countless complications. April 12, 2007
Lawmakers Call for U.S. Aid to Distressed HomeownersAmid new signs that the housing slump is worsening, key Senate Democrats said Wednesday that hundreds of millions of dollars of new federal aid may be needed to assist homeowners at risk of foreclosure. April 12, 2007
In Over Their Heads: Borrowing was easy during the boom, but some who got loansFor homebuyers who did not fully understand the agreements they signed on closing day, or believe they were misled, they’ll “be spending 80% to 90% of their disposable income on their mortgage, and it’s a recipe for foreclosure,” said Josh Nassar of the Center for Responsible Lending. April 12, 2007
Mortgage Rates Rise for Second Straight WeekMortgage rates around the country rose for a second straight week with 30-year mortgages hitting the highest level since late February. In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.22% this week. April 13, 2007
Jury Awards Slidell Couple $2 Million in Case Against AllstateAllstate Insurance Co. must pay a Louisiana man who lost his home to Hurricane Katrina more than $2.8 million in damages and penalties, a federal jury decided Monday in a case that hinged largely on whether it was wind or storm surge that wiped out his house. April 17, 2007
Subprime Lenders’ Big Gifts Helped LawmakersThe nation’s top subprime lenders, including New Century Financial (NEWC), which has filed for Chapter 11, have lavished generous donations on homeownership programs sponsored by black or Hispanic members of Congress. April 17, 2007
A Glut of New Houses — and What That Means for YouHave you ever surveyed a neighbor’s unkept lawn or half-baked renovation and wondered if it might hurt your home’s value? Glanced at houses near the halfway point on your commute and wondered if the time saved would be worth that neighborhood’s premium price? April 17, 2007
HUD Funding to Offer Up to $40,000 to Eligible Homeowners, Restore Affordable Rental HousingU.S. Housing and Urban Development Secretary Alphonso Jackson today approved a nearly $429 million disaster recovery plan to help homeowners and local communities in Texas to recover from the effects of Hurricanes Katrina and Rita. The Texas plan approved today will offer grants of up to $40,000 to qualified homeowners, restore affordable rental housing, and repair critical infrastructure in the state. April 17, 2007
Credit Unions: The Silent SourceAbout 200 credit unions affiliated with the Credit Union National Association have offered a low-interest Home Loan Payment Relief mortgage since late 2005. The program is limited, with some exceptions, to borrowers with household incomes at or below their area’s median income. April 17, 2007
PMIPrivate mortgage insurance is often required by a lender when a buyer puts up less than 20 percent of the purchase price of a home for a down payment. The buyer pays the premium, though the lender is the one protected if the buyer defaults. The cost can be charged upfront or spread over the life of the loan. April 17, 2007
Mortgage Mod SquadOne of the newest approaches: the Mod Squad, a roving 50-person team of problem-solvers who work for Texas-based EMC Mortgage, a subsidiary of Wall Street investment bank Bear Stearns. EMC services about 500,000 loans nationwide, with $78 billion in outstanding balances. April 17, 2007
A To-Do List to Keep the Condo’s BooksI have just been elected treasurer of our condominium association. Recently, I read that a property manager in Virginia may have embezzled thousands of dollars from associations with which he was associated. I am scared because I am ill-equipped for this task. What can I do to safeguard our association’s money? April 17, 2007
Disclosure by Brokers and Lenders Could Curb OverchargingMortgage borrowers are overcharged when they pay more for the same loan or service than they would if they had the information needed to shop effectively among alternative sources. April 17, 2007
High Court Sides With Banks on Mortgage Rules: States Can’t Regulate Loan SubsidiariesThe Supreme Court ruled yesterday that states may not regulate the mortgage-lending subsidiaries of national banks, in a case that pitted all 50 states and consumer groups against banks and their federal overseers. April 18, 2007
Legislation to Modernize FHA Needed Now More Than EverTo address the growing number of foreclosures in the subprime market, modernizing HUD’s Federal Housing Administration (FHA) continues to be “the most practical and immediate way to address the needs of a large number of troubled subprime borrowers,” said Assistant Secretary for Housing - Federal Housing Commissioner Brian Montgomery in testimony before the House Financial Services Committee today. “With expanded authority to set insurance premiums commensurate with risk, FHA could potentially assist tens of thousands more borrowers who need an exit strategy from their subprime mortgages,” the Commissioner added. April 18, 2007
Frauds Compound the Pain of ForeclosuresAs the number of foreclosures rise around the country, the number of companies offering help is increasing, too. Many are negotiating terms the homeowner could fairly easily obtain on their own, while others are doing even less and simply exploiting vulnerable homeowners. April 18, 2007
Mortgage Applications Fall for a Fifth WeekMortgage applications fell for the fifth consecutive week, largely reflecting a drop in demand for home purchase loans, an industry trade group said Wednesday. April 18, 2007
Flexibility Advised in Late Home MortgagesFederal regulators Tuesday urged lenders to be flexible with borrowers who are behind on their home payments, as mortgage-finance giants Fannie Mae (FNM) and Freddie Mac (FRE) laid out initiatives to help strapped consumers refinance into more affordable loans. April 18, 2007
FEMA to Take Lead Role in Coordinating Disaster AidThe Federal Emergency Management Agency will replace the American Red Cross as the agency in charge of coordinating the provision of shelter, food and first aid to victims in disasters under an agreement disclosed by a Senate panel yesterday. April 18, 2007
Rexford Tompkins, 90, Who Helped Shape City’s Rent Stabilization, DiesRexford E. Tompkins, a former chairman of the Real Estate Board of New York who was one of the industry’s leading voices in creating New York City’s rent stabilization system, died Thursday near his home in Miami. Mr. Tompkins was 90. April 18, 2007
Existing Home Sales Tumble in MarchSales of existing homes plunged in March by the largest amount in nearly two decades, reflecting bad weather and increasing problems in the subprime mortgage market, a real estate trade group reported Tuesday. April 24, 2007
Nationwide to Settle with Over 200 Gulf Coast ResidentsNationwide Mutual Insurance (NFS) has agreed to settle out of court with more than 200 residents of Mississippi’s Gulf Coast who had sued the insurer over damage from Hurricane Katrina, a lawyer for the policyholders said Monday. April 24, 2007
New Orleans’ Blacks See Rental Block: African Americans seeking rentals face discrimination and fewer accommodations, a study fiAfrican Americans seeking rental housing in the New Orleans metropolitan area face significant discrimination and fewer accommodations to choose from since Hurricane Katrina, a report released Tuesday found. In 6 out of 10 transactions, African Americans faced less favorable treatment than comparably qualified whites, the report said. Click to download the New Orleans Fair Housing Action Center report. April 25, 2007
Using Loophole, Allstate Insurance Drops Longtime CustomersA week ago Saturday, Michael Scioneaux received a letter from Allstate Insurance Co. that made no sense to him. Although he’s been an Allstate homeowners insurance customer for 31 years and lived in the same house in Old Gretna the entire time, Allstate informed him that he was losing his wind and hail coverage because he had been with the company for less than three years. April 25, 2007
Property Taxes Up as House Prices FallProperty taxes will keep rising nearly everywhere for homeowners even as house prices are falling in many parts of the country, according to a USA TODAY analysis of government data. A key reason: Despite the downturn, the market value of millions of homes still exceeds their assessed value used for tax purposes. April 25, 2007
NY: Building Owners’ Costs Rose in Last Year, but So Did RevenuesThe cost of operating the apartment houses that hold the city’s more than one million rent-stabilized apartments rose by 5.1 percent in the last year — less than in the previous year, the Rent Guidelines Board reported yesterday. And while building owners’ costs grew at a faster rate than their income, their revenue after operating expenses were paid still increased. April 25, 2007
H&R Block Sells Subprime Mortgage UnitAfter three weeks of speculation, H&R Block Inc. made good Friday on a promise to offload its struggling mortgage lending business, agreeing to sell Option One Mortgage Corp. to a private equity firm. April 25, 2007
Obama: I Know Affordable HousingDemocratic White House hopeful Sen. Barack Obama boasted Tuesday of his experience with affordable housing. His comments came a day after a story in the Chicago Sun-Times questioned the 17-year relationship between Obama, a former state senator, and a Chicago slumlord, Antoin “Tony” Rezko. April 25, 2007
NY State Court Axes Affordable Housing LawA New York state Supreme Court judge struck down a law Tuesday that protected tenants in the Mitchell-Lama affordable housing program. April 25, 2007
San Francisco Supervisors Vote to Add $28 Million for HousingThe San Francisco Board of Supervisors voted to spend an additional $28 million this fiscal year on affordable housing in the city, brushing aside and at times mocking Mayor Gavin Newsom’s warning that it could force budget cuts in all city departments next year. April 25, 2007
NJ: Haddonfield’s Housing Map May ShiftBorough officials want to talk with developers about a possible partnership to build affordable housing here. April 25, 2007
WI: Anti-discrimination Bill IntroducedLesbians, gay men and transgender individuals nationwide would be protected from discriminatory actions by current or prospective employers if the Employment Non-Discrimination Act introduced Tuesday is enacted, said U.S. Rep. Tammy Baldwin (D-Madison), one of the bill’s co-sponsors. April 25, 2007
NY: Funding Holes Found in Housing Voucher ProgramSection 8 has accumulated significant gaps that are leaving some households out in the cold as advocates scramble to pressure Congress to re-think its approach. Sherron Grant couldn’t believe her luck. Her ten-year wait for a federal housing voucher had finally ended, and, that same week in 2004, the single mother of thirteen found the perfect home: a six-bedroom house in a quiet part of Buffalo, New York, away from the cramped housing project where she was raising her family. April 25, 2007
MS: Companies Help Workers Buy HomesPatrick and Kimberly McNeece credit St. Dominic/Jackson Memorial Hospital with making it possible for them to buy a house. As employees at St. Dominic, the McNeeces received $5,000 as part of the hospital’s assisted housing program for the Fondren district in Jackson. April 25, 2007
Kingston, NY: Change in Zoning Law Clears Path for Senior Housing ProjectAfter months of discussion, the Wawarsing Town Board has adopted legislation needed to allow Wawarsing Estates, a senior housing project, … April 25, 2007
Lawmakers Advance Laws to Crackdown on Abusive Mortgage LoansMinnesota lawmakers are cracking down on abusive mortgage lending practices as the number of home foreclosures grows. A predatory lending bill Gov. Tim Pawlenty signed into law last week is modeled after recommendations from a predatory lending task force assembled by Attorney General Lori Swanson last December. April 25, 2007
MA—Dying Mom Fights Lenders: Gov to seek help for family battling Ameriquest to keep houseGov. Deval Patrick says he’ll reach out to a dying Wayland woman’s family in danger of losing their home to Ameriquest, the same predatory lender with which he once had financial ties. Nancy Rousseau, a former foster mom and church volunteer, said her dying wish is that her two children are provided for and grow up “happy and healthy and smart.” April 25, 2007
Minorities Hit Hard by Rising Costs of Subprime LoansCharles Davis bought his home on the South Side of Chicago in 2003 using adjustable-rate, high-interest loans and betting an improving economy would help him handle rising payments ahead. Things didn’t go as planned. April 26, 2007
The Three Worlds of Mortgage LendingThere is a language of money, complete with its own vocabulary. It’s in your interest to know as much of the terminology as you can, so don’t be too embarrassed to ask what something means. April 26, 2007
HUD Deputy Secretary addresses Mortgage Banker’s Association National Policy ConferenceHousing and Urban Development Deputy Secretary Roy Bernardi today addressed the Mortgage Banker’s Association National Policy Conference, “Advocacy in Action,” and said a modernized Federal Housing Administration “could be an antidote for predatory lending and for subprime difficulties.” April 26, 2007
New-Home Sales Tick Up, But Big Reversal Not SeenSales of new homes rose slightly in March, reversing a downward trend from the previous two months. However, industry experts played down the rise as a sign of a turnaround in the housing market. April 26, 2007
Targeting Businesses Targeting The PoorThe District’s attorney general yesterday proposed legislation to limit high fees charged by financial businesses that cater to low-income customers. Attorney General Linda Singer said she plans to hold town hall meetings and work with D.C. Council members to introduce laws lowering interest rates that can reach almost 400 percent a year. April 26, 2007
Trying to Break the Jinx of Chicago’s Block 37“This site” is Block 37, a square block on State Street opposite the large Macy’s downtown store that was the most prominent vacant lot in Chicago, if not the country. Over the last 20 years, the failure of the city, as well as of succeeding teams of developers, to build something on the site inspired both a book — “Here’s the Deal: The Making and Breaking of a Great American City” by Ross Miller — and a BBC-produced documentary film. April 26, 2007
After Years of Talk, Riverdale Makes Moves to Redevelop Tattered Pacesetter AreaOn a hot and sticky summer night, Chiquetha Wright saw a 16-year-old girl get beat up by a group of young men in a dirt-covered yard in the Pacesetter community of Riverdale, she said…But change is hovering over this run-down neighborhood of about 400 homes. For years, Riverdale officials have spoken of plans to redevelop the area by buying the homes, renovating and reselling them. April 26, 2007
Fair Housing in Gary Addressed at ForumThe disparity between black and white home ownership in Gary was cited as a critical area for improvement Wednesday at a conference that explored fair and affordable housing and homelessness. April 26, 2007
More than 500 Protest for Renter Protection, Affordable HousingAngry tenants and homeless residents filled the City Council chambers Wednesday, pounding the lectern and calling for more renter protections and affordable housing in Los Angeles. April 26, 2007
Opposing View: Consumers Still ShelteredThe banking business of national banks operating in any part of the country is subject to uniform federal regulation established by Congress and administered by the Office of the Comptroller of the Currency (OCC). In its decision last week in Watters v. Wachovia, the Supreme Court confirmed a simple principle that has been true for nearly 150 years: State laws that conflict with this federally regulated banking business — in this case, the mortgage business of national bank subsidiaries — are pre-empted and do not apply. April 26, 2007
Predatory Lending Fuels Rise in ForeclosuresA crush of foreclosures in Queens, Brooklyn and the Bronx is raising alarms and leading many to call on city and state authorities to do more to go after the unscrupulous people at mortgage brokerage firms, at banks and on Wall Street who, they say, are fueling the problem. April 26, 2007
Housing Assistance Extended for Gulf Coast Hurricane Victims for Another 18 MonthsFederal Coordinator for Gulf Coast Rebuilding Donald E. Powell, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson and FEMA Administrator R. David Paulison announced today that the temporary housing assistance programs for Gulf Coast hurricane victims have been extended by 18 months until March 1, 2009. The current FEMA extension ends on August 31, 2007. HUD and FEMA are also working on a plan whereby HUD would take over management of the rental housing program on behalf of FEMA beginning on September 1, 2007. GCR, HUD and FEMA are working on the mechanics of the new arrangement and will consult with Congress on the most appropriate structure for transferring management responsibilities. April 27, 2007
HUD Charges Idaho Landlord with Violating the Fair Housing ActThe U.S. Department of Housing and Urban Development announced today that it has charged Joy Anderson, the owner of a three bedroom single-family home in Twin Falls, Idaho, with violating the Fair Housing Act by allegedly refusing to rent a house to a mother and her children because of her son’s disability. The charge alleges that Anderson refused to allow the Complainant and her 3 minor children, ages 14, 5 and 4, to rent the property because she believed the woman’s son, who has Down Syndrome, would damage it. April 27, 2007
Survey Shows Gentilly on the ReboundOnly 4 percent of the 16,039 lots in the Gentilly area are abandoned, a door-to-door survey shows. And 31 percent are occupied or restored. More than a few visitors who tour New Orleans’ midsection by way of Elysian Fields and Filmore avenues still recoil at the scenes of Katrina destruction, the scarcity of people. But a Dartmouth College researcher and students who surveyed virtually every house in the sprawling Gentilly area see something else: restoration. April 27, 2007
Mortgage Woes Send FBR to Quarterly LossFriedman, Billings, Ramsey Group reported its largest loss in more than a year yesterday, saying the housing loans offered by one of its companies dragged down profit in the wake of a nationwide surge of defaults that has jolted the mortgage industry. April 27, 2007
State Home Sales Plummet: Pace is down nearly 21 percent from a year ago; prices creep higherHome sales in California fell an annual 20.8 percent during March in response to rising mortgage rates and tighter lending standards, a trade association said Tuesday. Despite the sales slide, the median price of a previously owned house increased an annual 3.2 percent to $580,090, said the Los Angeles-based California Association of Realtors. April 27, 2007
Amid Housing Bust, Some Markets Still BoomWhile most of the country frets about what could turn out to be the worst housing bust in a generation, in a selected few metro areas home buyers are still trying to figure out how to break into markets that seem to get pricier by the day. April 27, 2007
Bankruptcies Rise Fastest for Over-55 GroupPersonal bankruptcy filings by people 55 and older are growing faster than those by any other age group, in part because of rising mortgage debt and medical expenses among seniors, a study published yesterday concludes. April 27, 2007
Energy IndependenceTaos is truly a solar capital and is very much into sustainable living. Even our local radio station is solar powered. This house isn’t off the grid, but when I converted it to solar power, I effectively removed it from dependence on the local utility. I invested $50,000 in the project and took out a second mortgage to do it, but I didn’t go solar expecting that I would ever recoup all of the costs. It was driven more by who I am and how I want to represent myself. That said, I do save $1,500 to $2,000 a year on electricity and propane bills. April 27, 2007
CA: Group Asks County to Move Quicker on Affordable Housing FixGetting county government to move past planning to making affordable housing a reality for all residents was the goal of a news conference Thursday at the Humboldt County Courthouse. Kermit Thobaben, spokesperson for Housing For All, a community group that works to ensure the area’s lowest money earners have a voice in affordable housing planning, said the news event was a call for real solutions. April 27, 2007
IL: Affordable Senior Housing in Grayslake?Low-income seniors who want to stay close to home but can’t afford high real estate prices may find an alternative in Grayslake. Wilmette-based Housing Opportunity Development Corp. is pursuing a $19 million plan to build a 70-unit rental building just south of Route 120 on Hamlitz Court. April 27, 2007
Alberta, Canada: Tories Drop Ball on Housing ProblemThe lack of affordable housing has been called a “crisis” and a “critical” economic and social issue. And MLAs and others on the task force studying the issue have warned darkly that the province’s housing problem “gains in severity” as the Alberta energy boom picks up steam. With rental construction almost a thing of the past and condominium conversions rampant, the alarms raised in Premier Ed Stelmach’s affordable housing task force report are immediate and compelling. April 27, 2007
MD: Age-restricted Neighborhoods Pop up Across CountyFrederick County is becoming a haven for residents 55 and older. The county is booming with age-restricted housing projects for older residents. According to the Frederick County Planning Division, 11 senior housing projects are approved and waiting to be built in unincorporated areas of the county. April 27, 2007
Taxpayer Bailout isn’t the AnswerLet’s face it, Gov. Deval Patrick brings baggage to the discussion about predatory lending. His stint on the board of subprime loan giant Ameriquest complicates his crusade to crack down. But we can’t quibble much with the plan he floated this week to help address the growing controversy over subprime lending and skyrocketing home foreclosures. April 27, 2007
NC: Zoning Must Not Harm Affordable Housing EffortsSome speakers at the public hearing Tuesday said Buncombe County Commissioners were cowards for not holding a referendum on zoning. On the contrary, holding a referendum would have been the easy way out. April 27, 2007
Fair Housing Promoter Decries DiscriminationShanna L. Smith, president and CEO of the National Fair Housing Alliance, was the keynote speaker Thursday at Baton Rouge’s Sixth annual Fair Housing Summit, at the River Center. The summit attracted Realtors, bankers, representatives from social service organizations and government agencies, as well as consumers with a need for housing, all wanting to learn about the law. April 27, 2007
Freddie Mac Boss: Housing Worst Isn’t Here YetThe sharp decline of the subprime housing market offering high-cost mortgages hasn’t yet hit bottom, the head of home mortgage buyer Freddie Mac said Friday. The number of home buyers starting such loans peaked last year, and interest rates for those buyers are due to rise in the next few years, which could cause foreclosures to spike further, Richard F. Syron said in an interview with The Associated Press. April 30, 2007
U.S. Didn’t Use Most Foreign Katrina AidOnly a small fraction of the more than $800 million in Hurricane Katrina assistance offered by foreign governments was used by federal agencies, according to documents released Sunday by a private watchdog group. April 30, 2007
Flippers Flop as Housing Market CoolsForeclosure filings across the United States rose 47% last month from a year ago to 149,150 — one for every 775 households, according to statistics from Realty Trac Inc., a foreclosure listing service. And for the third straight month, Nevada’s foreclosure rate led the nation when it rose 220% from a year earlier to 4,738 filings, or one in every 183 households. April 30, 2007
Housing Laws That Leave Granny Out in the ColdHow ironic, I thought, to focus on these types of housing in a single session of an affordable-housing conference. Mansionization — a controversial phenomenon in existing communities — is enabled by zoning ordinances. Accessory apartments and backyard cottages are widely outlawed. Yet accessory apartments and cottages represent a potential source of affordable housing, while mansionization makes homes and neighborhoods less affordable. April 30, 2007
Unnecessary Closing CostsTitle insurance typically is a large, mandatory cost for home purchasers and mortgage refinancers — often in the $1,000 to $2,000 range. But is the price too high for what you actually get? April 30, 2007
Pets? Bad Credit? Eviction? There’s an Apartment for You.He was dropped off at the Animal Welfare League of Alexandria because his owners were moving — a top reason that pets are left at shelters. In a recent renter survey by Apartments.com, more than one-third of respondents said they found it difficult to find an apartment that allowed pets. April 30, 2007
Renters, Homebuyers: Bone Up on LawAs the nation celebrates April as Fair Housing Month, the Greater Rochester Association of Realtors and its 3,200 members reaffirm their commitment to America’s policy of fair housing and pledge to continue their work to eliminate housing discrimination. April 30, 2007
City Must Address ‘Eco-Apartheid’ RealityYesterday’s public forum on Toronto’s climate change plan illustrated a major challenge facing the city as it attempts to become the greenest in North America. The 225 or so people seated at round tables for eight in a cavernous room at Exhibition Place were mainly familiar faces in the environment movement or students of the issue. And they were almost all white-skinned. April 30, 2007
Priced Out of ParadiseSavage is among the professionals at Lake Tahoe who live “off the mountain” because they can’t afford to live where they work. Those people — teachers, government workers, public safety employees, managers and office and retail workers — often quit their jobs at the lake when they tire of commuting or buy a home elsewhere. April 30, 2007