Tag Archives: HUD

President Obama is expected to choose San Antonio Mayor Julián Castro to replace Shaun Donovan as HUD secretary following Donovan's move to the Office of Management and Budget, according to a report from the New York Times. This is the second overture the White House has made to the San Antonio mayor.

As part of its efforts to expand credit access to more borrowers, the Federal Housing Administration has introduced its "Blueprint for Access," which includes a new counseling program for borrowers using FHA-insured financing. The plan has its critics, including the American Enterprise Institute's Edward Pinto, who argues that FHA "has not stood for sustainable homeownership for at least five decades."

On Thursday, RealtyTrac released its Residential & Foreclosure Sales Report, which showed modest gains in U.S. residential sales in March. The firm reported that March showed a 0.4 percent uptick in overall transactions compared to February and a full 8 percent increase over sales in March 2013. RealtyTrac’s data clashes with other reports released this week about March sales.

The pace of new home sales plunged in March to their lowest level in eight months, driving down hopes of a seasonal renewal in housing activity. Monthly data released Wednesday by HUD and the Census Bureau shows sales of new homes last month plummeting 14.5 percent from February to an estimated seasonally adjusted yearly rate of 384,000. The last time transactions ran so low was last July, when they came to 383,000.

Homebuilding across the country lifted slightly in March but still fell short of expectations, while permits for new housing tumbled. According to figures released Wednesday by the Census Bureau and HUD, March housing starts were at a seasonally adjusted annual rate of 946,000, 2.8 percent above February’s revised estimate but below a consensus forecast of 970,000 predicted in a survey of economists.

The government renewed its support for homeless assistance programs across the United States with the awarding of $1.6 billion in grants. President Obama’s 2015 budget seeks $2.4 billion for Homeless Assistance Grants, an increase of $480 million above the 2012 enacted level. As budgetary battles continue to shape policy in Washington, HUD Secretary Shaun Donovan urges lawmakers to approve the full funding so local providers can move forward.

According to reports released Tuesday by the Census Bureau and HUD, new home sales in February ran at a seasonally adjusted annual rate of 440,000, down 3.3 percent from the revised January rate of 455,000 (originally recorded at 468,000). It was the weakest sales pace since September 2013. Compared to February 2013, last month’s sales rate was down by about 5,000 (1.1 percent).

The appointed monitor for the National Mortgage Settlement revealed Tuesday that all banks involved in the settlement have satisfied their consumer relief and refinancing obligations—and nearly a year ahead of schedule. In a release, Joseph A. Smith Jr. commented, "Because of the way this landmark agreement was designed, an unprecedented amount of relief has been provided to consumers quickly and efficiently."

In a conference call Tuesday, HUD Secretary Shaun Donovan discussed the agency's proposed fiscal year 2015 budget, which is up 2.6 percent from current levels to $46.66 billion. Joining Donovan was Carol Galante, commissioner of the Federal Housing Administration (FHA), which last year was forced to accept its first-ever Treasury draw—an incident her agency is expected to avoid this year.

According to estimates released Wednesday by the Census Bureau and HUD, new single-family homes sold at a seasonally adjusted annual rate of 468,000, up 9.6 percent from December’s upwardly revised rate of 427,000. Compared to last year, January sales increased 2.2 percent. The overall increase should come as welcome news to a market in slowdown.