Margert in the News

U.S. Foreclosure Filings Top 300,000 for Sixth Straight Month
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Sept. 10 (Bloomberg) -- Foreclosure filings in the U.S. exceeded 300,000 for the sixth straight month as job losses that boosted the unemployment rate to a 26-year high left many homeowners unable to keep up with their mortgage payments.

A total of 358,471 properties received a default or auction notice or were seized last month, according to data provider RealtyTrac Inc. That’s up 18 percent from a year earlier, and down 0.5 percent from July, the Irvine, California-based company said in a statement. One in 357 households received a filing.

Foreclosures rose from a year earlier as companies cut payrolls by 216,000 workers last month, boosting the U.S. jobless rate to 9.7 percent, according to Labor Department data released last week. The rise in unemployment is having a bigger impact than an effort by the U.S. government and banks to modify mortgages and prevent foreclosures, said Morris A. Davis, an assistant real-estate professor at the Wisconsin School of Business.

“The foreclosure numbers are largely unemployment related,” Davis, a former Federal Reserve Board economist, said in an interview. “As long as 15 million Americans are unemployed, record foreclosures will continue.”

Foreclosures aren’t abating even as demand is returning to the U.S. housing market after a three-year slump. The number of contracts to buy previously owned homes rose more than forecast in July and increased for a record sixth consecutive month, while mortgage buyer Freddie Mac said the average price rose 1.7 percent in the second quarter.
 

New Jersey had the 11th highest rate with 8,316 filings, a 28 percent increase from a year earlier. Connecticut ranked 24th with 2,189 filings, a 22 percent increase. New York had the 39th highest rate with 5,350 filings, down 2.3 percent.

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State Calls for Mid-Year Budget Reductions
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Let the Cutting Begin! State Calls for Mid-Year Budget Reductions

Tuesday, 22 September 2009

New York State officially has begun its development of next year’s budget with a call for cuts to eliminate a $2.1 billion deficit this year.

State Budget Director Robert L. Megna’s annual “call letter,” which provides agency commissioners with budget guidelines, outlined the need for “mid-year cuts in agency spending.”

Commissioners were urged to focus on opportunities to lower non-personal service spending by aggressively reducing expenditures on contractors, travel, postage, and activities outside your core mission. “While agency-by-agency mid-year savings targets will not be delivered until later this month, you should immediately begin the process of implementing these specific measures and developing further cost-reduction ideas for consideration,” wrote Megna.

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National Median Home Sales Price Down 12.5%
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US home resales down 2.7 percent in August, ending four-month winning streak

By Alan Zibel, AP Real Estate Writer
Thursday September 24, 2009

WASHINGTON (AP) -- Home resales dipped last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.

The National Association of Realtors says sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.

Lawrence Yun, the trade group's chief economist, said the drop may reflect delays in completing sales due to tough lending standards and new rules for appraisals.

The median sales price was $177,700, down 12.5 percent from $203,200 in the same month last year.           

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Governor Signs Green Jobs / Green New York Act
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Announces Website to Connect Job Seekers with Opportunities

Governor David A. Paterson has signed the Green Jobs/Green New York Act, establishing a program that will create green jobs and stimulate investment in weatherization and energy efficiency improvements for residential and commercial buildings. Governor Paterson held the signing ceremony at the New York State Weatherization Directors Association training center in North Syracuse, where New Yorkers are being trained to weatherize and retrofit homes.

The Governor also announced a new website -- www.greencareersny.com -- to assist those seeking to enter the new green job sector. The site is designed to connect individuals, businesses and workforce professionals and help find local training programs and green job opportunities.

"The workforce training that this bill supports will prepare New Yorkers to find jobs in the 21st century clean energy economy that we are building here in New York. I am proud to sign into law the Green Jobs/Green New York Act, so we can help New Yorkers secure jobs that help working families and businesses cut their energy bills while reducing greenhouse gas pollution," said Governor Paterson. "I have laid out a New Economy jobs plan that will help to put New Yorkers back to work through innovation and technology, and have set a goal to meet 45 percent of our electricity needs through energy efficiency and renewables by 2015. The Green Jobs/Green New York Act is an important tool in achieving these energy and economic goals."

DHCR will be providing more than $8 million to the New York State Weatherization Directors Association (NYSWDA) and the Association for Energy Affordability (AEA) for weatherization-related training. Additionally, DHCR has requested proposals from training consultants to provide on-site technical assistance to WAP subgrantees.

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