Rental demand to grow by 6.6 million through 2016

The demand for rental housing is expected grow by nearly 6.6 million units through 2016, with about 4.2 million new renters attributing to the total. Many factors will play into the rental housing growth trend including more inventory going into rentals as well as an attractive single-family rental sector for large institutional grade investors – … More Rental demand to grow by 6.6 million through 2016

Housing recovery will surge short term, but hurdles remain

With existing home sales and property construction picking up over the past three years, all the positive momentum in housing is expected to continue, but headwinds still loom. Consistently low interest rates and falling home prices will continue to spur demand for properties among investors, RealtyTrac vice president Daren Blomquist told HousingWire. “I think that … More Housing recovery will surge short term, but hurdles remain

Housing recovery to occur in fits and starts

Momentum continues to build in the housing market as a result of positive views on housing demand and supply assumptions, according to JPMorgan Chase’s ($46.46 0%) securitized report. The big banking company projects 3.4% growth nationally in 2013, and 3% growth in 2014 and 2015, respectively. Home sales are also expected to climb to 5.1 … More Housing recovery to occur in fits and starts

HSBC to pay $249 million to end foreclosure probes

International bank HSBC ($55.30 -0.06%) signed onto an agreement that effectively ends the companies’ review of questionable foreclosure practices. Rather than using an independent review process already in place, the bank will address the issue through a one-time settlement with impacted homeowners. The mega bank is joining 12 other servicers that already ended independent foreclosure … More HSBC to pay $249 million to end foreclosure probes

Cook County approves land bank to curb blight

The Cook County Board of Commissioners unanimously passed an ordinance to create the nation’s largest geographical land bank that will acquire, manage and repurpose vacant and abandoned properties within the Chicago area. In December, HousingWire reported on the progress of the land bank that is expected to help solve the county’s housing woes. The land … More Cook County approves land bank to curb blight

RealtyTrac: Many states witness housing reboot as foreclosure activity rises

Foreclosure activity increased in 25 states while median home prices also rose in 25 states, lifting 1.6 million homeowners out of negative equity, according to RealtyTrac’s Year-End 2012 Foreclosure Market Report. A total of 25 states posted year-over-year increases in foreclosure starts — 20 of which use the longer judicial foreclosure process. New Jersey led … More RealtyTrac: Many states witness housing reboot as foreclosure activity rises

City of Chicago Water Department Run by Private Company

As of January 7, 2013, the City of Chicago Water Department was taken over by a private company.  The private company is in the process of working through the tremendous backlog of water certificate requests made before the take over occurred.  It has been recommended that pending water certificate requests that are in the backlog, … More City of Chicago Water Department Run by Private Company

Obama Scorecard: Foreclosure programs aid 1.4 million homeowners

The Making Home Affordable Program has assisted more than 1.4 million distressed borrowers since its inception, the Obama Administration said in its December Housing Scorecard report. HOPE Now lenders alone offered families and individuals more than 3 million proprietary mortgage modifications. Between April 2009 and November 2012, more than six million mortgage modifications and other … More Obama Scorecard: Foreclosure programs aid 1.4 million homeowners