Economic activity in Massachusetts is estimated to have declined at a 4.2 percent annualized rate in the first quarter of 2009, according to the MassBenchmarks Current Economic Index. The US Bureau of Economic Analysis reported today that the national economy declined at an estimated annual rate of 6.1 percent during the same period.
Please click here for the full MassBenchmarks bulletin.
The federal Department of Housing and Urban Development (HUD) has awarded $54.8 million from the Housing and Economic Recovery Act (HERA) to Massachusetts and four of its cities. These NSP funds are to be used primarily for the acquisition and rehabilitation of abandoned and foreclosed properties. The awards amounts are:
Please click here to view the draft plan and attachments for the program on DHCD’s website.
HUD and the Treasury Department issued guidance on the Tax Credit Assistance Program (TCAP) and the Low Income Housing Tax Credit Exchange Program (“Section 1602”) on May 4, 2009. They held a joint webcast on May 6 to discuss the programs and issues that will be addressed through further guidance and/or “Q and A” websites. Both agencies emphasized the importance of meeting commitment and spending deadlines. Treasury was represented on the webcast by Jean Whaley and HUD by Marcia Sigal. HUD has a TCAP Q&A website and Treasury is accepting questions by email at 1602Questions@do.treas.gov.
Please click here to read CHAPA’s summary.
From the Wall Street Journal – Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure – a landmark decision for tenants.
The policy will be in effect Jan. 9, Fannie Mae said Sunday, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect.
WASHINGTON – U.S. Housing and Urban Development Secretary Steve Preston today announced that the HOPE for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower’s monthly mortgage payments.
Please click here to view the full news release on HUD’s website.
The “Massachusetts Foreclosure Monitor” is MHP’s quarterly examination of statewide and local foreclosure trends in Massachusetts and the nation.
According to the report, the national real estate market deteriorated in the latter half of 2008. The latest data from the Federal Housing Finance Agency shows home prices increased in only 18 states from Q3 2007 to Q3 2008. All told, prices fell in 30 states and the District of Columbia from Q3 2007 to Q3 2008. Massachusetts had the ninth worst annual price decrease (4.8 percent). This was a deterioration from the Q2 2007-Q2 2008 comparison, when prices declined 2.9 percent. Massachusetts prices are now at the same level as Q3 2004.
Please click here to view the full report.