Home / News / Government (page 391)

Government

Permits, Starts Data Show Shift to Multifamily

Housing permits rose a sharp 4.6 percent to a seasonally adjusted annual rate of 946,000 in February to the highest level since June 2008, while housing starts edged up 0.8 percent to 917,000, the Census Bureau and HUD reported jointly Tuesday. Most--almost 62 percent--of the increase in permits came in applications to build multifamily units.

Read More »

Survey: 1 in 5 U.S. Households Reside in a Multifamily Rental

The Census Bureau and HUD released the results of its new 2012 Rental Housing Finance Survey, revealing that one in five American households live in multifamily rental buildings. The survey, which was conducted in the winter and early spring of 2012, found that there are nearly 2.3 million multifamily rental properties in the United States, 67 percent of which are owned by households or individuals. Among other findings: 1,337, or 59.4 percent, of multifamily rental properties examined in the survey have at least one mortgage.

Read More »

Attorneys General Demand New Leader for FHFA

A coalition of nine state attorneys general is petitioning the national government to replace Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco. The coalition charged DeMarco with positioning Fannie Mae and Freddie Mac as a ""direct impediment to our economic recovery"" and called for his replacement in a joint letter to the president, the Senate majority leader, and the Senate minority leader Friday. The attorneys' general complaint stems from DeMarco's refusal to allow the GSEs to engage in principal reductions for struggling and underwater homeowners.

Read More »

Industry Experts Predict Price Growth into 2017

Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies. On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth averaging 4.1 percent is expected to follow into 2017. The panel also responded to questions on refinance options for underwater borrowers, with the majority expressing support for proposals that would allow certain underwater borrowers to refinance

Read More »

Builder Confidence Sinks to 5-Month Low Despite Tighter Inventory

Builder confidence slipped in March to 44, the lowest level since October, the National Association of Home Builders Monday. Economists had expected the Housing Market Index, the measure of confidence, to improve to 47 from February's reading of 46. It was the second straight monthly decline in the index and the third straight month the index failed to increase (it was flat from December to January). Tighter inventories had been expected to improve confidence, but builder attitudes have also been weighed down by prices of new single-family homes.

Read More »

House Reps Renew Efforts to Reinforce FHA

The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give the Federal Housing Administration (FHA) more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. Lawmakers say there is clear, bipartisan agreement on the need to provide FHA with additional risk management tools.

Read More »

Titanium Solutions Shutters Doors

A longtime provider of mortgage industry outreach services announced it is closing its doors for good. Titanium Solutions, founded in 1999 and based in South Carolina since 2008, said its services aren't as in-demand as they once were with the market now in recovery. In a statement sent to its vendors, the company said the use of face-to-face outreach has experienced a ""precipitous decline,"" attributable to ""improving mortgage delinquency rates, declining foreclosures, and improved servicer processes."" All outstanding work assignments are being returned to clients.

Read More »

Commentary: Budget Pains

It's been two weeks since the dreaded sequester took effect, and so far, the only casualty has been the White House tour. There actually have been some positives, with both parties presenting budgets. However, both the GOP budget and the Democratic plan have one major similarity: Each is dead on arrival and destined to at best be a one-house budget, which leaves the country back where it was. Setting a target for practical balance would bring us closer to reducing the deficit and with less pain.

Read More »

California Foreclosure Uptick Doesn’t Indicate Long-term Trend

Foreclosures are declining in most of the Western states tracked by ForeclosureRadar, but some experienced anomalous upticks in February. For example, in California notices of default and notices of trustee sale together increased 10 percent--a sharp about-face from the previous month's 43.3 percent decline. ForeclosureRadar anticipates a return to the recent trend of declining foreclosure activity in the state. While positive for homeowners, ForeclosureRadar points out an unintended consequence of such market conditions: decreased REO inventory, which is ""still very much a part of the California real estate landscape,"" the firm said.

Read More »

Fed Rejects Capital Plans for Ally and BB&T; 14 Banks Accepted

Out of 18 large banks, the Federal Reserve announced 14 banks received approval for their capital plans, while the plans of two banks, Ally Financial and BB&T Corp., were rejected. According to the results, Goldman Sachs and JP Morgan Chase were not rejected but are required to submit new capital plans.

Read More »