Tracy Brown Tracy Brown

Biden’s executive action to extend eviction moratorium is a ‘Band-Aid’ on the rental crisis

President Joe Biden is expected to request an extension of the federal eviction moratorium through March as part of a flurry of executive actions after taking office on Wednesday. While the effort would offer short-term relief for millions of struggling renters, it falls short of providing enough aid until the coronavirus pandemic is brought under control, according to experts.

Read More
Tracy Brown Tracy Brown

Will Foreclosures Boom in 2021?

Given the number of Americans who have struggled financially during the coronavirus pandemic, you'd think foreclosure numbers would be booming. But actually, according to new research on household debt by The Ascent, foreclosure rates are down this year. While there were around 50,000 foreclosures in November 2019, there were just 10,000 in September 2020. But things could change in a very unfavorable way come 2021.

Read More
Tracy Brown Tracy Brown

Eviction And Foreclosure Moratorium On Federally-Backed Mortgages Extended Through January 2021

The Federal Housing Finance Authority (FHFA) and Department of Housing and Urban Development (HUD) announced on Dec. 2 it will extend its foreclosure and eviction moratorium through Jan. 2021—the moratorium was originally slated to expire at the end of December. This means that if you have a federally backed mortgage, you can’t be foreclosed on or evicted for not paying.

Read More
Tracy Brown Tracy Brown

New York’s 2021 housing crisis

Shortly before the Trump administration expires at noon on Jan. 20 — about 60 days from now — New York will face a storm of evictions, bankruptcies and foreclosures as the current housing crunch explodes into a full-blown disaster. A new report by the Community Service Society is warning that current and future political leaders must address the approaching crisis without delay.

Read More
Tracy Brown Tracy Brown

'Bumpy Waters Ahead': New Mortgage Data Suggests Wave of Foreclosures Is Coming

If you're a home flipper or landlord on the hunt for a new investment, then keep your eyes on early next year. Two reports released this week signal an incoming wave of foreclosures -- likely hitting in the first half of 2021, once homeowners have exhausted their mortgage forbearance options allowed under the CARES Act. Those relief options allow borrowers to hit pause on their loans for a total of 360 days (two separate 180-day terms) that started in March 2020.

Read More
Tracy Brown Tracy Brown

The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures

Various reports show that the market for previously-owned homes climbed nearly 10% in September, the fourth straight monthly increase. It is not just sale volumes that are high, but the price of homes is showing double-digit gains. If you just look at volume and prices, the U.S. residential real estate market looks as rosy as every, spurred on by very low interest rates from the same Federal Reserve which once-upon-a-time was tasked with preventing bubbles above all else but during the last three decades has arguably been the chief cause of them. That's the sunny side of the street. The shady side of the street is much different.

Read More