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."
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.
Study: London ULEZ Rapidly Cleaning up Air Pollution
Expanding the city’s ultra low-emission zone has resulted in dramatic drops in particle emissions in inner and outer London.
The Unseen Aftermath: Wildfires’ Lasting Health and Emotional Burden
Wildfires in Los Angeles not only pose immediate physical health risks but also lead to long-term respiratory problems and mental health struggles, underscoring the need for a coordinated public health response to mitigate their lasting effects.
Public Parks as Climate Resilience Tools
Designed with green infrastructure, parks can mitigate flooding, reduce urban heat, and enhance climate resilience, offering cost-effective solutions to environmental challenges while benefiting communities.
What the Proposed Federal Budget Means for Transit, Rail
The proposed FY 2025 budget keeps spending for public transit and passenger rail essentially the same as in 2024.
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.
Resource Assistance for Rural Environments
City of Edmonds
City of Grandview
Harvard GSD Executive Education
UCLA Lewis Center for Regional Policy Studies
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research