DS NEWS UPDATE
State Regulators Say Federal Foreclosure Prevention Program Falls Short
Top officials from across the country warned policymakers in Washington this week that efforts to stem the housing crisis are falling short. According to a group of state banking regulators and attorneys general, six out of 10 seriously delinquent borrowers are not involved in loss mitigation efforts. Perhaps the most divisive proposal put forth by the group is that government programs should make principal reductions a priority in areas where home prices have plummeted.
FHA to Provide Early Relief to Struggling Homeowners
In an announcement Friday, HUD said homeowners with mortgages insured by the Federal Housing Administration (FHA) who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments.
Commercial Real Estate Prices Break 13-Month Losing Streak
After a 13-month run of steady price declines, U.S. commercial property prices rose 1 percent in November, Moody’s Investors Service said this week. Despite the short-term boost, Moody’s says it expects prices to resume falling in the coming months as occupancyand rental rates continue to decline, but depreciation should be less severe than the sector experienced in the middle of 2009, when some index readings showed price dives in excess of 5 percent.
Foreign Investors in Real Estate Pledge Allegiance to U.S.
Despite a lack of placement opportunities in 2009, foreign investors in real estate say they remain committed to the United States as their preferred real estate investment opportunity. This sentiment is underscored by a dramatic increase in the number of overseas market participants identifying the U.S. as offering the best potential for real estate capital appreciation, according to the Association of Foreign Investors in Real Estate.
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