HUD cuts red tape to speed reflief to hard-hit flood areas in Iowa

U.S. Housing and Urban Development Secretary Steve Preston today agreed to allow Iowa to spend approximately $26 million in Community Development Block Grant (CDBG) funding more quickly, thereby speeding relief to flood-ravaged areas of the HawkeyeState. Preston granted several waivers that will give Iowa substantial flexibility to overcome regulatory and legal hurdles and accelerate the pace of recovery in 85 counties that were devastated by severe storms, tornadoes and flooding.

To read the complete details, please visit: http://www.hud.gov/news/release.cfm?content=pr08-129.cfm

HUD readies Disaster Assistance for Gulf Hurricane Victims

U.S. Housing and Urban Development Secretary Steve Preston today announced HUD is ready to speed federal disaster assistance to hurricane-ravaged counties throughout the Gulf Coast and provide support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This assistance includes foreclosure relief for families whose damaged homes are insured through the Federal Housing Administration (FHA) living in presidentially declared disaster areas.

To read the complete story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-130.cfm

HUD awards $16.9 Million for affordable housing and economic development in rural America

U.S. Housing and Urban Development Secretary Steven Preston today awarded $16.9 million to 60 rural housing programs across the country to stimulate economic development, create jobs and produce more affordable housing. The funding is provided through HUD's Rural Housing and Economic Development Program. "HUD is deeply invested in promoting affordable housing and community development throughout rural America," said Preston.

To read the entire story, please go to: http://www.hud.gov/news/release.cfm?content=pr08-132.cfm

Home prices plummet in a new record

National U.S. home prices fell a record 15.4% in the second quarter compared with last year, according to a report released Tuesday. The latest S&P/Case-Shiller national home price index is down 18.2% from its peak in the second quarter of 2006, and there are no signs that the pace of home-price declines is easing. The second-quarter loss was even larger than the record 14.2% drop posted in the first three months of 2008. Both the Case-Shiller 10-city index (down 17%) and 20-city index (down 15.9%) also posted record year-over-year losses in the second quarter.

To read the complete story, please visit: http://money.cnn.com/2008/08/26/real_estate/Case_Shiller_home_price_report/index.htm?postversion=2008082611

Mortgage volume rises

Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index rose to 421.6 during the week, from 419.3 a week earlier, which had been the lowest index level in nearly eight years. Refinance volume rose 0.3%, while purchase volume increased 0.6% during the week. Refinance volume accounted for 35.2% of all applications.

To read the complete details, please visit: http://money.cnn.com/2008/08/27/news/economy/mortgage_volume.ap/index.htm?postversion=2008082707

HUD Secretary and Mayor McCrory announce $10 Million loan guarantee to Charlotte

U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that he is approving a $10 million loan guarantee to the City of Charlotte to purchase 70 acres in the Double Oaks neighborhood. This purchase will complete the site assembly of 98 acres in preparation for the eventual development of 108,000 square feet of retail space and 940 new apartments, condominiums and single-family homes.

To read the entire story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-128.cfm

FHA Strengthens Loss Mitigation Program

The Federal Housing Administration (FHA) has announced several changes to its loss mitigation program that the agency says will strengthen both its loan modification and partial claim initiatives. The changes, which are effective immediately, address borrowers who are facing severe defaults, and are designed to give mortgagees additional latitude to help borrowers cure defaults and retain homeownership.

To read the complete story, please visit: http://www.dsnews.com/view_story.cfm?id=2801

Secretary Preston and Governor Schwarzenegger announce $105 Million for affordable housing and community development in California

U.S. Housing and Urban Development Secretary Steve Preston and California Governor Arnold Schwarzenegger today announced that the California State Program will receive more than $105 million to support community development and produce more affordable housing in the GoldenState. HUD's annual funding will also provide downpayment assistance to first-time homebuyers; assist individuals and families who might otherwise be living on the streets; and offer real housing solutions for individuals with HIV/AIDS.

For the complete story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-125.cfm

HUD awards $19.3 Million in HIV/AIDS Housing Grants to 18 local programs nationwide

They are extremely low-income, living with HIV/AIDS and at high risk of homelessness. Today, more than 1,100 persons and their families will find a stable home, and receive the services they need to manage their illnesses, because of $19.3 million in grants awarded by Housing and Urban Development Secretary Steve Preston.

To read the entire article, please visit: http://www.hud.gov/news/release.cfm?content=pr08-126.cfm