Housing News

State Updates 2009-2010 Legislative Session Comes to a Close

Please click here for more information. Text of the Act can be found here. 

BOSTON, July 29, 2010 --- If you're a regular reader of Foreclosure Monitor, you know that every quarter, we crunch foreclosure data by community, zip code and census tract. This can help tell us where the problem is moving, what neighborhoods are stabilizing and where support may be needed. Read our latest full report and see our top 20 charts on which neighborhoods are rebounding and which areas are having increases in foreclosures. If you don't have time now, here are the headlines:

On July 28, 2010, the Legislature enacted S. 2407, An Act to Stabilize Neighborhoods. S. 2407 is a set of focused and practical tools that addresses various aspects of the foreclosure crisis. This legislation accomplishes the following:

More than 5,700 single-family homes sold in Massachusetts in June, the highest amount for any month since June 2006, according to the latest report by The Warren Group, publisher of Banker & Tradesman. Single-family home sales increased 28 percent in June, the fifth straight month of double-digit percentage increases. A total of 5,726 single-family homes sold in June, up from 4,457 a year earlier. Sales volume hasn't come this close to 6,000 since June 2006, when there were 6,152 sales.

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the second edition of the Administration’s Housing Scorecard showing that, thanks in part to interest rates continuing at all-time lows, home affordability in the U.S. remains near the most attractive levels in 10 years. In addition, for the first time, the report now tracks the impact of HUD’s Neighborhood Stabilization Program (NSP), which has spurred local investment and is beginning to make affordably-priced homes available to consumers.

Boston, MA - July 20, 2010 - Today, the Warren Group released data that shows the number of completed foreclosures increased over 56 percent in the first six months of 2010 compared to a year earlier. Foreclosure deeds, which are recorded when a property has been foreclosed on, rose from 4,742 for the first half of 2009 to 7,431 during the same time period in 2010. Without further action to stem home losses, the Commonwealth is on pace to set a new record for foreclosures completed in a year – more than 14,860 households are on pace to lose their homes in 2010.

Years without accountability for Wall Street and big banks brought us the worst financial crisis since the Great Depression, the loss of 8 million jobs, failed businesses, a drop in housing prices, and wiped out personal savings. The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them. We must create a sound foundation to grow the economy and create jobs.

Moving ahead without a completed budget agreement, the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (T-HUD) approved its FY11 appropriations bill on July 1. The T-HUD Subcommittee bill would provide $46.579 billion in discretionary funds for HUD, over $1 billion more than the President’s request. The bill passed the Subcommittee by a voice vote. Please click here to read more.

From HousingPolicy.org - Older adults face an array of housing challenges. Many live in homes that lack accessibility features, are unaffordable or energy inefficient, or are located far from important destinations and amenities. Others need various kind of assistance to maintain their independence and autonomy but cannot afford the supportive services that would allow them to age successfully in a residential environment.