Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

FHFA extends foreclosure and eviction moratorium to Jan. 31

FHFA said it will continue to monitor the effect of coronavirus and update its policies as needed

The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31.

This marks the fourth time the government agency has extended the moratorium, now another month past its most recent deadline of Dec. 31. According to FHFA director Mark Calabria, extending Fannie Mae and Freddie Mac’s foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic

“This extension gives peace of mind to the more than 28 million homeowners with an Enterprise-backed mortgage,” said Calabria.

Fannie and Freddie’s foreclosure moratorium applies to enterprise-backed, single-family mortgages only. However, the extension also applies to real estate owned (REO) evictions, which are properties that have been acquired by an enterprise through foreclosure or deed-in-lieu of foreclosure transactions.

As a result, the FHFA projects additional expenses of $1.1 to $1.7 billion will be borne by the enterprises due to the existing COVID-19 foreclosure moratorium and its extension. This is in addition to the $6 billion in costs already incurred by the enterprises.


Freddie Mac on the state of housing affordability

Join experts at Freddie Mac for a discussion on The State of Affordability. This panel will identify significant data and trends impacting the future and outline key challenges. Get up to speed on today’s housing market and discover how the industry can evolve to better serve tomorrow’s market, together.

Presented by: Freddie Mac

Per the last three extensions, the FHFA said it will continue to monitor the effect of coronavirus on the mortgage industry and update its policies as needed.

The FHFA recommends those who may be struggling with their mortgage or facing possible foreclosure to review their options with their servicers as soon as possible. Homeowners impacted by COVID-19 are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months, as mandated by the CARES Act.

Foreclosure starts were down significantly in October, declining to 4,700, a 90% year-over-year reduction, according to recent data from Black Knight. Active foreclosure inventory set yet another record low at 178,000 as well.

Mortgage delinquencies overall fell to 6.44%, the lowest level since March, but there are still 3.4 million delinquent mortgages

The FHFA has not yet stated whether it will also extend its policy that allows Fannie and Freddie to buy qualified loans in forbearance. That deadline is set to expire on Dec. 31.

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