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The U.S. Department of Housing and Urban Development announced in a report released last week it has sold $15.8 billion dollars in nonperforming loans since 2010, cutting losses to its insurance fund and saving thousands of homeowners from foreclosure. Since the inception of the Single-Family Loan Sale program four years ago, HUD has sold approximately 91,000 loans, approximately 38,000 of which had been sold through the second quarter of 2013. About half of those 38,000 had been resolved, meaning they were either foreclosed upon or reached some other solution and are no longer nonperforming loans.
HUD stated in the report that foreclosure was averted in about 34 percent of those loans that were resolved, which comes to about 6,400 homes, and that those properties would have been foreclosed upon had it not been for the sale of those loans. Meanwhile, sales of the loans resulted in reduced overall losses to HUD's Mutual Mortgage Insurance fund. Losses to the fund declined from 63.5 percent in the first quarter of 2010, when the SFLS program began, down to 52.9 percent in the second quarter of 2014
The U.S. is not prepared to accommodate its rapidly growing older population where housing needs are concerned, according to a report by Harvard Joint Center for Housing Studies and AARP Foundation released on Tuesday. The report estimates that the population of adults age 50 and above will reach 133 million by 2030, a jump of more than 70 percent since the year 2000. But while their numbers are rapidly increasing, the amount of housing that is affordable, physically accessible, and located well is not. The rising cost of housing often forces older adults to cut back in other areas such as food, health care, or retirement savings.
