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News Clips

The Mortgage Reports, Thursday, April 28, 2016
(RECAP: Younger adults are finding themselves moving to higher-priced housing markets to be closer to more employment options. The housing market has historically seen younger adults rent and wait to buy a house later in life. One of the biggest reasons they were waiting was that they found job security an integral part of their decision. This "job-centric" approach to home buying demonstrates this group's affinity for foresight and planning. Many recent graduates have high student loan payments and want to ensure stable and long-term employment is within reach.)
NCSHA, Thursday, April 28, 2016
(RECAP: Homeownership is a dream that is out of reach for millions of Americans, with only 63.4 percent owning their homes, the lowest level in 30 years, according to the Census Bureau. Even as home sales have increased with interest rates near historic lows, first-time homebuyers are playing a relatively small part in the market. Along with tight lending standards, rising home prices – especially at the low end of the market – are shutting out many buyers. But, as a lender, I would point out that first-time homebuyers struggling to purchase have options. Among the most attractive are housing finance agencies (HFAs) – housing authorities established to help meet the needs of the residents of individual states, counties, and cities through a wide range of affordable housing and community development programs.), Wednesday, April 27, 2016
(RECAP: Americans who rent their home are nearly twice as likely as those who own their home to say they worry about not being able to pay their housing costs. While upper-income Americans are more likely to own and lower-income Americans are more likely to rent, renters worry more than homeowners at all income levels. These results are based on more than 5,000 combined interviews from Gallup's 2013-2016 Economy and Personal Finance surveys. Gallup has consistently found renters are more worried than homeowners about making housing payments, both overall and by household income level, in the 16 years it has conducted the Economy and Personal Finance survey. But the gap in homeowner-renter worry has increased among both middle- and upper-income owners compared with the past.)
Reston Now, Wednesday, April 27, 2016
(RECAP: Bozzuto Development and Hunter Mill Supervisor Cathy Hudgins will present a revised proposal for St. Johns Wood Apartments at a community meeting on Wednesday, May 4. The St. Johns Wood plan has been through a couple of changes since first plans were shown to community members more than a year ago. The 14.3-acre development currently consists of nine three-story, garden-style apartment buildings containing a total of 250 multi-family residential units. Twelve percent of the units will be set aside for affordable housing, as required by law. The developers expect the planning phase will take about two years and construction another two years.)
CNBC , Wednesday, April 27, 2016
(RECAP: Amid a moribund economy and reduced levels of consumer spending, the Fed on Wednesday again opted not to raise interest rates. "Economic activity appears to have slowed," the Federal Open Market Committee said in a statement released after its two-day meeting this week. "Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high." Prominently missing from the statement was a "balance of risks" assessment, a mainstay of Fed communiques in which the Fed described how conditions were shaping up compared to its expectations. Fed watchers have taken the absence of the language from the past two statements as indications that FOMC officials remain concerned about growth both domestically and internationally.)
The News & Advance , Wednesday, April 27, 2016
(RECAP: The number of homeless people in the region has decreased by about 27 percent in the last year, according to preliminary numbers released this month by the agency tasked with leading the fight to end homelessness. In January the Central Virginia Continuum of Care counted a total of 174 individuals living in the area’s shelters or on the streets of Lynchburg and the counties of Amherst, Appomattox, Bedford and Campbell. The continuum, up to full staff for the first time since its creation in 2013 provides funding to non-profits to quickly re-house homeless individuals and families to minimize the trauma and dislocation; promotes access to and utilization of mainstream programs by homeless individuals and families; and helps homeless individuals and families achieve self-sufficiency through programming and financial supports.)
Martinsville Bulletin , Wednesday, April 27, 2016
(RECAP: Martinsville City Council aims to explore its options for helping the Community Development Corp. (CDC) of Martinsville-Henry County before it further considers granting the organization an exemption from having to pay real estate taxes. The council on Tuesday tabled the organization’s tax-exemption request. It plans to discuss the matter again during its May 10 meeting. The CDC is a charitable organization involved in efforts to revitalize the city’s largely minority west side. Its tax-exemption request was considered by a committee that included Commissioner of the Revenue Ruth Easley, before the request was presented to the council. If the request is granted, the city would lose about $721 in annual tax revenue it receives from two properties that the CDC owns, according to Easley.)
Mortgage News Daily , Tuesday, April 26, 2016
Servicer Issues (RECAP: Mortgage servicing remains a sore spot for consumers, especially those having problems paying their loans. The Consumer Financial Protection Bureau (CFPB) has released its latest monthly consumer complaint snapshot, putting a spotlight on mortgage complaints. Since CFPB launched its Consumer Complaint Database in June 2012, it has handled over 850,000 complaints across all financial products. As of April 1, 223,100 of those complaints were mortgage related. The Bureau has grouped mortgage complaints into three categories - problems when consumers are unable to pay; confusion over loan transfers, and communication issues involving servicers. "Today's report shows that consumers are still running into too many dead ends and obstacles in resolving issues with their mortgage servicer," said CFPB Director Cordray. "The Bureau will continue to press to make sure that people can get the right information and the timely help they need.")
Richmond Times-Dispatch , Tuesday, April 26, 2016
(RECAP: Economic prosperity and quality of life in the Richmond area and how those factors tie into housing was the focus Tuesday morning at a forum presented as part of the ninth annual Affordable Housing Awareness Week. About 140 people attended the event at the Virginia Historical Society in Richmond. Ashley Hall, a keynote speaker and manager of the Capital Region Collaborative, presented 2015 findings from the Capital Region Collaborative’s newly published RVA Snapshot, a report packed with data about the Richmond region such as the area’s average age (37.9); race (58 percent white, 29 percent black) and reliance on motor vehicles for transportation.)
NCSHA, Monday, April 25, 2016
(RECAP: The Senate Appropriations Committee on April 21 unanimously approved its Fiscal Year (FY) 2017 Transportation, Housing and Urban Development (THUD) funding bill. The THUD Appropriations Subcommittee reported the bill April 19. The full Committee adopted the bill with only minor amendments, which did not change its HUD program funding levels. The bill provides $950 million for the HOME Investment Partnerships Program (HOME) and fully funds project-based rental assistance contracts. The bill also increases the number of public housing units that can convert under the Rental Assistance Demonstration (RAD) program from 185,000 to 250,000 and eliminates the program’s sunset date. It also includes authority for Section 202 Project Rental Assistance Contract properties to convert under RAD and provides $4 million in assistance to those properties for that purpose. In addition, it provides $56.5 billion in new spending on programs within its jurisdiction, $827 million less than the THUD FY 2016 funding amount and $2.9 billion below the Administration’s FY 2017 budget request.)
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