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News Clips

Bloomberg, Monday, July 25, 2016
(RECAP: Welcome news for America’s renters could be unhelpful for the Federal Reserve. A 42-year high in the number of apartment buildings under construction points to an impending surge in supply that portends a moderation in the cost of shelter, which in June capped the biggest 12-month jump in almost a decade. Any cooling in the most pronounced driver of inflation means the Fed will have to wait even longer to reach their 2 percent price target -- a prerequisite for some policy makers to raising interest rates.)
U.S. Department of the Treasury , Monday, July 25, 2016
(RECAP: The Department of the Treasury, HUD and the FHFA today released a white paper designed to serve as a guide for future loss mitigation programs that draw on the lessons learned from implementing the government’s crisis-era housing recovery programs. Making Home Affordable (MHA) and other crisis-era homeowner assistance programs resulted in improved homeowner engagement in the loss mitigation process, new guidelines for the types of loss mitigation options offered to homeowners and standardized procedures for how such products are provided. The programs also supported the recovery of the housing market and demonstrated that a mortgage modification can be a sustainable option for homeowners seeking to avoid foreclosure. The MHA programs will close at the end of the year. This paper is one important part of an ongoing effort to assist the mortgage servicing industry and other stakeholders to develop a framework for the future of loss mitigation.)
Charlottesville Tomorrow, Monday, July 25, 2016
(RECAP: As Charlottesville’s public housing agency settles in under a new executive director, the City Council held a work session Monday to get acquainted with the body whose members they appoint to oversee its management. “We have several new members of City Council and several new members of the Charlottesville Redevelopment and Housing Authority,” said MayorMike Signer. “There are big decisions ahead for CRHAand some points at which council could be involved.” The rare joint meeting was welcomed by the chairwoman of the CRHA’s Board of Commissioners. Councilors and authority commissioners spent the final portion of the meeting trying to explore ways they could work together. They discussed potential grant applications and how best to utilize a new position of redevelopment specialist that was authorized by the council in April as part of the city’s current budget.)
Richmond Times-Dispatch , Sunday, July 24, 2016
(RECAP: With a growing number of real estate tax delinquencies in Richmond, the city could soon turn to a new nonprofit organization to help convert the properties into affordable housing. The Maggie Walker Community Land Trust, created last fall, hopes to serve as a resource for the city to convert the liabilities into assets. The land trust’s formation and mission could serve as the solution for what some City Council members see as a flawed structure. “The CLT is not a magic bullet, but it’s a really important tool in the toolbox,” said Laura Lafayette, CEO of the Richmond Association of Realtors and a member of the land trust’s board of directors.), Friday, July 22, 2016
(RECAP: The Virginia residential real estate market continued year-over-year and long-term improvement according to the second quarter 2016 Home Sales Report released by the Virginia Association of Realtors. Both the total number of sales and the value of transactions rose from the same period last year, to 34,688 units and $11.720 billion, respectively. Volume — the sum of all transactions for April, May, and June of 2016 — was 8.6 percent higher than the same period last year, and more than 20 percent higher than the second quarter of 2014.)
Curbed DC, Friday, July 22, 2016
(RECAP: The Wellington is about to get even bigger. A new three-building apartment development was approved for the site of The Wellington's parking lot on Columbia Pike. ARLnow reported that in order for the Arlington County Board to approve the project, the property owner had to agree to convert 105 of development's existing apartments into affordable housing. The project will feature 402 market-rate, multi-family residential units across three, six-story residential buildings.)
Mortgage News Daily , Thursday, July 21, 2016
(RECAP: Sales of existing homes increased in June for the fourth consecutive month. The National Association of Realtors® (NAR) said it was encouraged to see the month also bring a modest increase in the percentage of first-time homebuyers. Sales of existing single-family homes, townhomes, condominiums, and cooperative apartments rose 1.1 percent from May to a seasonally adjusted annual rate of 5.57 million units. Sales in May were at a rate of 5.51 million, a downward revision from the 5.530 million originally reported. Sales were up 3.0 percent from the June 2015 rate of 5.41 million units. Last month's sales were at the highest annual pace of any month since February 2007.)
National Mortgage News , Thursday, July 21, 2016
(RECAP: HUD appears to be trying to resolve a feud between the agency and its inspector general over whether FHA lenders are ignoring guidelines on down payment assistance programs. The HUD IG claimed last year that under some down payment assistance programs, FHA lenders are charging so-called premium pricing under which low- and moderate-income homebuyers pay a slightly higher interest rate. HUD initially responded by downplaying those findings, sparking a disagreement between it and the IG. But in a statement on July 18, Nani Coloretti, a deputy HUD secretary, said the department is now conducting its own investigation into issues raised by the IG's auditors.), Wednesday, July 20, 2016
(RECAP: When people say they own their home, it’s usually a half-truth at best. Often, a bank owns the home they live in — most of it, anyway. Still, Americans have a lot of real money tied up in their homes — on average, $150,506, according to a new report by the Urban Institute called “How Much House Do Americans Really Own? Measuring America’s Accessible Housing Wealth by Geography and Age.” “Homeownership is important to building wealth,” said report author Laurie Goodman. “This can be seen by the fact that housing wealth, while inequitably distributed, is still more equitably distributed than other types of wealth.”)
WVIR NBC29, Wednesday, July 20, 2016
(RECAP: A Charlottesville group focused on making housing more affordable has some recommendations. A report put together by Robert Charles Lesser & Co. Real Estate Advisors concludes Charlottesville has a major lack of affordable housing. A subcommittee tasked with coming up with some viable recommendations to that problem met at the Neighborhood Development Services conference room Wednesday. Members of that subcommittee discussed the possibility of offering incentives to developers who provide low-income housing in their developments, as well as other options. The group also talked about enacting some new zoning policies which would require developers to make a percentage of housing affordable to those of a certain income level.)
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