The Department of Housing and Urban Development (HUD) released its Fiscal Year 2009 annual State of Fair Housing Report this week. The report is a compilation of complaints filed with HUD and a review of the agency’s progress in enforcing the Fair Housing Act.
According to the report, there were 10,242 complaints filed with the agency. Discrimination based on a person’s disability status (44%) accounted for the largest single category of complaint, followed by discrimination based on race (31%) and discrimination based on family status (20%). It also highlights HUD’s recent efforts to ensure that the agency’s core housing programs are open to all, regardless of sexual orientation or gender identity.
In this type of market, we have all been there; a property under contract appraises for less than the purchase amount and the sale falls apart. Unfortunately, more often than you might think, it is not solely the appraisers fault. Many times the fault lies with the mortgage lender. And, believe it or not, the practice of lenders cutting value off the appraisal has been going on for years. It’s just that during a normal market times, the practice isn’t as noticeable as it is today.
Yesterday, Congress passed the extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have had contracts in place as of April 30, 2010 and have yet to close. The new closing deadline is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
Members of the military, foreign service and intelligence communities will have an additional year to buy a home and claim the home buyer tax credit that expired on April 30. To qualify for the extended tax credit deadline, qulaified service members must have served on official extended duty outside of the United States for 90 days or more at any time between January, 1, 2009, and April 30, 2010. If so, they have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. The rule includes both the $8,000 first-time and $6,500 repeat homebuyer tax credit.
Starting April 5th the federal government will begin offering financial incentives to hasten the short-sale process for eligible homeowners as part of the Home Affordable Foreclosure Alternatives (HAFA) program. Under the new guidelines, lenders and owners are provided incentives that will help them take advantage of either the short-sale process, whereas the borrower and the mortgage lender agree to sell the home for less than the value of the loan; or a deed-in-lieu of foreclosure, whereas the homeowner voluntarily gives the deed of the property back to the lender.
