-A A +A

Economy

Report: Housing costs burden many low-income Vermonters

Vermont’s aging housing stock is inadequate, causing low-income households to spend more of their money on housing than they can afford, according to the 2010 Vermont Housing Needs Assessment.

The report was released at a press event this afternoon at the Vermont Statehouse (pictured).

VHFA Executive Director Sarah Carpenter and Policy and Planning Manager Maura Collins spoke at the event.

Report: Housing affordability worsens

chp logoA recent report from the Center for Housing Policy shows housing affordability has worsened, despite dropping home prices.

"Housing Affordability Trends for Working Households" reports the number of working families across the nation with "severe housing cost burdens" rose from 18 to 20 percent from 2005-08.

Washington Post: Foreclosure relief participation low

The Washington Post says participation in the federal government's foreclosure relief program is low.

The article, published Friday using figures released by the U.S. Department of the Treasury the day before, says just 4 percent of homeowners in the Making Home Affordable program have proceeded past the trial period to achieve a permanent loan modification.

Read the Post story online.

Credit crisis puts a pinch on first-time homebuyers

The Rutland Herald and Times Argus published a piece yesterday about the global credit crisis and its effect on the ability of Vermont organizations such as VHFA to serve first-time homebuyers.

"It's diminished our ability to serve those low-income homebuyers that are our mission to serve," Executive Director Sarah Carpenter says in the article. "In the big picture, it's meant less opportunity for Vermont borrowers."

Record high foreclosures, nationwide; Vermont fares better

Numbers released yesterday by the Mortgage Bankers Association (MBA) show foreclosures and mortgage loan delinquencies were at a record high in the third quarter of 2009.

Nationally, approximately 14 percent of all home loans were either delinquent or in some stage of foreclosure.

Vermont's numbers aren't nearly as bad (See map).

Read the Washington Post's story about the report.

BusinessWeek: St. Albans "most affordable" Vermont suburb

businessweek logoBusinessWeek has named St. Albans Vermont's "most affordable" suburb.

"Housing prices across the nation are being flattened by the worst economic crisis in decades," Prashat Gopal writes, "but it's still not necessarily easy to find affordable suburbs.

NAR study: Record number of first-time homebuyers last year

A recent study by the National Association of REALTORS (NAR) shows first-time homebuyers reached their highest market share on record during the past year.

The number of first-time buyers rose to 47 percent of all home sales, up from 41 percent in the previous year's study.

“These buyers are critical to housing and a general economic recovery, because the market always heals from the bottom up," according to Paul Bishop, NAR Vice-President of Research.

Home values in VHFA portfolio up 24 percent

An independent review of VHFA’s single-family home loan portfolio shows property values increased by 24 percent compared to values at time of purchase.

The median increase in individual home values in VHFA’s portfolio was 14 percent.

“During this recession we’ve heard a lot about homes dropping in value, but properties in VHFA’s portfolio are doing well. This is evidence of the fiscal strength of the Agency,” said Executive Director Sarah Carpenter.

Homebuyer tax credit extension; local media coverage

The U.S. Senate has voted to extend the $8,000 first-time homebuyer tax credit and President Obama is expected to sign the bill into law today. (Read our previous posts about the credit.)

Report details recession in Vermont

report coverThe Public Assets Institute in Montpelier has published "State of Working Vermont 2009."

The report, which explores the recession's effects on the Green Mountain State, concludes, "Some hopeful signs suggest that the end of the recession is coming into view — that is, the overall economy is beginning to grow again instead of shrink.

Pages

Subscribe to RSS - Economy