Mortgage foreclosures restarts as early as July 2021.

It’s been over a year since lenders and the federal government stepped in to help Americans stay in their homes amid the global health and economic crisis caused by the Covid-19 pandemic. And many Americans still need that support.

About 2.1 million homeowners are still in forbearance plans that suspend their mortgage payments, according to Mortgage Bankers Association’s latest data. And about 1.8 million families are not in forbearance, but are already at least 90 days delinquent on paying their mortgages as of April, according to the latest data from Black Knight, which monitors mortgage data.

But those protections are running short on time. President Joe Biden extended the federal foreclosure moratorium earlier this year, but that will expire on June 30, 2021. Many of the forbearance programs on federally backed loans are set to lapse this fall. 

n a hearing Wednesday, Senators asked the CEOs of several major banks about what they plan to do to help Americans caught in this situation. Here’s what the heads of Bank of America, Chase and Wells Fargo said.

Read more at:

San Diego jarred by latest development on housing

These are days of high anxiety and potential opportunity on the housing front in San Diego.

Some recent turns of events have energized discussions over high housing prices, low housing stock and whether too many homes are being allowed in certain neighborhoods.

Add to that the increasing concerns about corporations dominating the homebuying market.
Here’s what has surfaced in just the past two weeks:

• The Navy is considering building up to 10,000 housing units in high-rises and major commercial and office space at its current NAVWAR site along Coast Highway on the edge of the Midway District.

• Blackstone Group, the private equity giant, purchased some 5,800 apartments from the Conrad Prebys Foundation.

• The county Board of Supervisors is considering assessing fees in “car-centric” areas in a continuing effort to channel development into more urbanized areas that have shorter commutes and accessible transit.

• Mid-City residents are protesting policies encouraging additional dwelling units, often called granny flats, that could double or triple — or more — the number of housing units in neighborhoods designed for single-family homes.
The latter may be the housing version of big things coming in small packages. That’s good or bad, depending on one’s point of view.

The latter may be the housing version of big things coming in small packages. That’s good or bad, depending on one’s point of view.

Additional dwelling units (ADUs), sometimes called casitas, have dotted San Diego’s neighborhoods for generations. They’ve seemed relatively benign because there weren’t that many of them and they had a historic, even cute, familiarity as granny flats, a name housing advocates are trying to phase out.
The steady increase of the small homes largely has gone under the radar in the housing wars, which tend to focus on massive developments and legislative proposals in Sacramento to essentially upzone the entire state in an effort to get more housing built. Not too long ago, government regulations made them difficult to build, if not discouraged entirely

read more at:

Is the housing market a bubble

When the Federal Open Market Committee begins its two-day meeting on Tuesday, it ought to consider whether its policies aimed to bolster housing may be having negative side effects.

With the market for new and existing homes red hot, the rationale for subsidizing the mortgage market has largely passed. Indeed, the Fed’s policies may be hurting home affordability as much as they’re helping.

Strong housing and mortgage activity argues against the Fed effectively subsidizing a sector that is near bubble territory. According to the Home Price Appreciation Index from the American Enterprise Institute, prices are up 12.6% in the 12 months through March, a doubling of the pace from a year ago. Among various markets, Phoenix was up 17.7% while the smallest gain was in the New York metro area with a 7.0% rise.

“Monetary policy that supports the extension of easy money when house prices are rising at record rates makes no sense. It’s one thing to misread the tea leaves of an asset bubble, but it’s another thing to be the enabler,” Carson writes.

One way to stop inflating home prices would be for the Fed to reduce its purchases of mortgage-backed securities. If that suggestion sounds familiar, it’s because Peter Boockvar made it in this column back in December.

Read entire article: