Peter Coy and Prashant Gopal report on recent developments in the housing market that may signal a solution to the four-year-old crisis.
Although housing prices continue to sink in many communities, Coy and Gopal think that policy makers and big banks are finally taking the necessary steps to deal with the foreclosure crisis and underwater homeowners.
"Lenders and government agencies have finally begun to understand how to deal with the crash by efficiently saving the homes of people who can afford to stay in them-and quickly recycling the properties of delinquent borrowers who are beyond hope. That triage, while painful, is a prerequisite for the eventual recovery of the housing market."
According to Coy and Gopal, "Unclogging the legal and financial system is key to the recovery. The latest improvement is an upsurge in lenders' enthusiasm for short sales as an alternative to foreclosures."
And yesterday's announced settlement over flawed foreclosure practices is adding to the sense that progress is being made on the foreclosure front as the agreement will "keep many struggling borrowers in homes they might otherwise lose."
FULL STORY: A Solution to the Housing Crisis Could Be at Hand
Lessons from the Last Housing Crisis: How to Get Control of Properties
How to keep affordable apartments and single-family homes out of the hands of institutional investors if the coronavirus pandemic leads to a giant wave of evictions and foreclosures.
August Expiration Date for Federal Foreclosure Moratorium Raises Concerns
The housing market has yet to devolve like in 2008, thanks to a federal safety net put in place in March, but a wave of foreclosures is still a possibility as protections begin to expire.
Foreclosures Surge in Maryland, as Second Wave of Housing Crisis Crashes
The housing crisis is alive and well in Maryland, as a second wave of foreclosures inundates the state. Though thousands of residents may be forced out of their homes, experts are confident the properties "will be snatched up quickly."
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.
Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.
MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.
Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie