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Economy

CNN claims most homes affordable

A news headline we spotted yesterday took us by surprise: According to CNN.com, "Nearly 75% of homes are affordable."

A closer examination of the story reveals a couple of key conditions to their definition of affordable: "Nearly anyone with a decent job and a good credit score [our emphasis] can afford to buy ..."

VPR: Vermont foreclosures rise

Vermont Public Radio aired a story this morning about foreclosures in Vermont.

Vermont Deputy Commissioner of Banking and Securities and VHFA Commissioner Thomas Candon is heard in the segment, reported by Susan Keese.

State housing tax credits on the chopping block

sarah carpenterVermont affordable housing advocates, including VHFA Executive Director Sarah Carpenter, are testifying to the House Ways and Means Committee today.

The subject is the House tax expenditure budget bill, which proposes to eliminate the state Affordable Housing Tax Credit, along with the Charitable Housing Tax Credit and Mobile Home Park Sale Credit.

Housing affordability debated

wamcThe Vermont Economy Newsletter released its annual housing affordability analysis yesterday.

Its claim — that housing in Vermont is more affordable now than at any time since 2003 — is disputed by affordable housing advocates and organizations, such as VHFA.

HUD fights loan modification scams

preventscamsLast Friday, the U.S. Department of Housing and Urban Development (HUD) and the Loan Modification Scam Prevention Network launched PreventLoanScams.org, a site where homeowners can report alleged scams.

Rutland Herald: Vermont foreclosures rise

The Rutland Herald published an article this weekend about the recession and its effect on foreclosures in Vermont.

VHFA Policy & Planning Manager Maura Collins and VHFA Commissioner and Deputy Commissioner of Vermont's Department of Banking, Insurance, Securities and Health Care Administration Thomas Candon were both quoted in the story.

Read the Herald story online.

Renters: You have rights if your landlord faces foreclosure

vtiRent an apartment? Landlord losing the property to foreclosure? Think you have to move? Think again.

If you have a valid lease and have been paying your rent, the law says the new owner of the property most likely must honor the term of your lease. If you're renting month-to-month, you're owed 90 days' notice before you have to move out.

Forbes: Housing shortage coming in 2011

If we don't focus on building new housing, the nation's headed for a crisis larger than the one we've already seen.

That's the warning made by First Trust Advisors Chief Economist Brian Wesbury in a recent interview with Steve Forbes.

Nationally, "we need 1.5 million houses per year just to keep up with population growth," he says. "And then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year.

Reports: Foreclosures will affect home prices for years

Two recent reports suggest loan modification efforts will delay, not prevent, home foreclosures — and those foreclosures will lower home prices for the next several years.

Those conclusions come from studies issued by John Burns Real Estate Consulting Inc. and Standard & Poor's Financial Services LLC.

Read more about the studies at the Wall Street Journal.

VHFA gives Housing Needs Assessment testimony

2010hnaVHFA Policy & Planning Manager Maura Collins will present testimony regarding the recently-published Vermont Housing Needs Assessment (HNA) to the Vermont House General, Housing and Military Affairs Committee tomorrow morning at 9:30.

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