Home construction and sales of existing homes sagged in December while revised federal programs toughened on riskier home loans but provided for earlier intervention for homeowners facing missed mortgage payments. Little relief is seen for the housing industry in the near-term while the general economy remains mired in recession. In Galveston, homeowners accuse lenders of [...]
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Archive | January, 2010
HUD fails 14 percent of Texas subsidized properties inspected in physical inspections
January 25, 2010
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Back in 2008 we presented data on physical inspection scores of subsidized housing in Texas. HUD has updated this dataset to reflect more recent inspections, and things are still bad. 56 of 388 properties inspected (14%) by HUD in 2009 received a failing score (i.e. less than 60 on a 0-100 scale) . The ten [...]
Read moreA conversation series dedicated to developing a disaster housing reconstruction program for low income homeowners
January 15, 2010
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The Texas Grow Home Conversation Series will consist of eight meetings held every third Wednesday from 4pm – 6pm (location to be announced). Each meeting will discuss and develop recommendations for various topics associated with low-income homeowner recovery. Recommendations developed during each meeting will be used to inform the work of the Natural Disaster Housing [...]
Read moreAnother epic, preventable disaster strikes the poor
January 13, 2010
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Somilia, Katrina, Rita, Ike, now Haiti. Another epic disaster strikes a population of desperately poor people. Poor physical living conditions, makeshift homes, substandard materials. no building codes all magnify human suffering and deaths in each disaster. God does not seek out the poor to punish with disasters, we are each responsible for accepting poverty and substandard [...]
Read moreHUD OIG subpoenas three Texas lenders
January 12, 2010
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The HUD Office of the Inspector General (OIG) issued subpoenas to 15 companies on Tuesday, including three Texas lenders. The investigation is focusing on mortgage companies with significant claim rates against the Federal Housing Administration mortgage insurance program. The three Texas lenders subpoenaed are: Alethes LLC, Lakeway, TX Alacrity Financial Services, LLC, Southlake, TX Americare [...]
Read moreBo McCarver’s weekly housing news compilation – 1/12/2010
January 12, 2010
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The federal effort to stem foreclosures has failed as bankers and homeowners shun bad deals: bankers invest in more profitable ventures and former homeowners find more comfort in renting than trying to salvage “The American Dream.” In Texas, record cold weather tests the state’s ability to house its homeless. For a pdf version of the [...]
Read moreHouston Chronicle reports hurricane rebuilding fund diversion
January 11, 2010
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Mike Synder of the Houston Chronicle this weekend picked up on the story about Governor Perry’s diversion of funds away from hurricane impacted areas. Read the full story here. A Texas plan for distributing hurricane recovery funds provided less than half the money needed for housing and business recovery in Galveston and Orange counties while [...]
Read moreThe Texas plan directs rebuilding money away from those in need
January 11, 2010
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There is really no other way to characterize the plan Governor Perry submitted to HUD to spend $1.7 billion in federal disaster recovery funds. The Texas plan is to take money away from those suffering and in need to give to those not in need – reverse Robin Hood. HUD’s research, summarized in the map [...]
Read moreHUD pushes Governor to redirect hurricane rebuilding funds to hurricane impacted counties
January 11, 2010
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Things did not slow down during the holidays over the shape of Hurricane Ike and Dolly rebuilding programs in Texas, but my blogging did. This update recounts what has been happening. The concerns we have been raising for the past two years came to a head as the State of Texas moved to request an [...]
Read moreCity of Austin runs online survey on housing need
January 7, 2010
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The City of Austin is seeking public input to help focus its affordable housing finance programs, including the use of the final allocation of the city’s 2006 General Obligation housing bonds. We encourage public participation in this survey, which is scheduled to wrap up next week. The survey can be accessed here More information about [...]
Read moreBo McCarver’s weekly housing news compilation – 1/5/2010
January 7, 2010
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The nation’s foreclosure rates are far outpacing federal efforts to modify loans. After nine months of efforts to restructure vulnerable mortgages, less than five percent have been salvaged. Meanwhile, Congress has eased restrictions on federal emergency funds and is allowing cities to use the money to leverage funds from other federal and state programs. In [...]
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