Michigan launches massive blight removal campaign Michigan has received more than $381 million in blight removal funds from the US Treasury’s hardest hit fund – by far the most of any state. The HHF was originally intended to help homeowners facing foreclosure. Starting in 2013, Treasury allowed some of the funds to be diverted to blight removal, mostly in the form of demolitions.FDIC Calls for Consideration of Junior Liens A lien is a legal right granted by the owner of property, by a law or otherwise acquired by a creditor. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.
Market Commentaries Housing Starts Dip In October, But Permits Rise The U.S. Commerce Department put out some mixed housing data earlier this morning. On point, the agency reported that housing starts had eased by 2.8% last month, coming in at a seasonally adjusted 1.009 million units on an annualized basis.
Here are starts on a historical basis: As you can see, June’s rate is approaching October’s downward. be surprised to June’s number drop even further when it’s revised in August. But surprisingly,
· Housing starts are 4.7% lower compared to the prior-year month, after growing by 1.1% in April. February and March both showed negative double-digit.
U.S. housing starts fall 2.8% in October. The permits rate rose 1.4% for single-family homes, and 8% for apartments. Economists caution over reading too much into a single monthly home-construction report. A confidence interval of plus or minus 10% for October’s overall starts drop of 2.8% shows that the government isn’t sure whether the pace of construction rose or fell last month.
The 2.8% decline in overall starts in October was due primarily to a 15.4% decline on the multifamily side, which brought that sector’s annual production pace to 313,000 units on a seasonally adjusted annual basis. Meanwhile, single-family starts posted a 4.6% gain to 696,000 units.
NAFCU: The credit union perspective on housing finance reform Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit and Rick Stafford, president and CEO of tower federal credit union, testifying on behalf of the National Association of Federally-Insured credit unions (nafcu), were among the industry representatives invited to weigh in on the merits of the bill based on their associations.
Permits increased by 0.3%, which was better than expected. Maybe that’s a sign that starts will be better in January? Only time will tell. Year over year, housing starts tumbled 10.9%. That was the biggest drop since 2011. Last week, January pending home sales had rebounded more than expected on the month, up 4.6% versus the 1% expectation.
Economists had forecast housing starts falling to a rate of 1.175 million units last month and building permits. and drive up the cost of materials. A survey on Tuesday showed confidence among.
The rate of permits, a good barometer of what to expect from housing starts in the future, increased in October. Permits rose 4.8 percent to a rate of 1.031 million in October, up 1.2 percent year.
Housing Starts Privatelyowned housing starts in April were at a seasonally adjusted annual rate of 1,235,000. This is 5.7 percent (13.0 percent)* above the revised march estimate of 1,168,000, but is 2.5 percent (10.4 percent)* below the April 2018 rate of 1,267,000.