article thumbnail

The share of owner-occupants buying foreclosures has doubled — here’s why

Housing Wire

The share of distressed property auction buyers who say they are owner-occupants nearly doubled over the last year, boosted by a game-changing government policy that took effect last August. Department of Housing and Urban Development (HUD) in August 2022.

article thumbnail

Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

Before the new law was enforced, many condo associations were investing their reserves in government-insured instruments, sacrificing their liquidity to generate a return. In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs.

HOA 459
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I My renovated homes are] reducing the number of rental properties , which in our town has become a source of demise.”

Inventory 371
article thumbnail

Proprietary Capital completes acquisition of AFR, hires new COO

Housing Wire

Since its foundation in 1997, Proprietary Capital has developed a platform to invest in the U.S. AFR offers agency, nonagency and government lending products. residential mortgage market and housing-related assets. It also has a niche in construction and manufactured home loan programs.

Lending 324
article thumbnail

Biden’s plan to fix housing supply depends on Congress

Housing Wire

The government would not build any houses. The plan is in addition to measures the federal government announced in September 2021 that the federal government said would create 100,000 homes in three years. One measure would expand existing federal subsidies for multifamily housing development.

article thumbnail

Biden tax credit to rehab homes is finally unveiled

Housing Wire

Housing and Urban Development Secretary Marcia Fudge joined Biden to mark the 100th year since a white mob killed hundreds of Black residents of the Greenwood District. Investors who acquire and renovate older homes could claim the credit on their federal tax returns, as long as the home is sold to and occupied by an eligible buyer.

article thumbnail

Todman on HUD’s steps to increase supply, review rules and get the money ’out the door’   

Housing Wire

Department of Housing and Urban Development (HUD) is focusing on launching initiatives to increase home supply, review existing rules in and ensure the agency is “getting the money out the door.“ “In Under the leadership of acting secretary Adrianne Todman since March, the U.S.