Piece by Piece
IN THIS ISSUE
AJC Investigates
Anti-Blight Provision
Is Atlanta Affordable?
Investors Focus on Atlanta
Foreclosure Activity Drops, but...
Restructuring Secondary Market
Calendar Items: HomeSafe Georgia


QUICK LINKS
  

>PBP Online 

 
  
  Follow us on Twitter

Piece by Piece Update

October 31, 2012

  

  

Greetings! 

  

Congratulations!   The hard work of the more than 150 Piece by Piece partners was recognized at the recent 11th Annual Fall  Affordable Housing Conference hosted by AHAND and GSTAND.  Piece by Piece received an Outstanding Achievement Award from AHAND for its coordinated efforts in addressing the foreclosure crisis.  Piece by Piece is proud of this achievement by all of our partners, and we are grateful to AHAND for this recognition.

 

Please take note of the following news and calendar updates:

 

Mortgage Meltdown: AJC Investigates

 

(Courtesy of AJC):  In a two-part series running October 28-29, AJC reporters Russell Grantham and J. Scott Trubey examine foreclosure vacancies in southwest Atlanta and the impact on the metro area's recovery.  The second part of the series delves into code enforcement strategies. Several Piece by Piece partners are quoted.  In coordination with the AJC series, WSB-TV aired a story by investigative reporter Jodie Fleisher on unclaimed vacant houses that litter neighborhoods across the metro area and threaten local government budgets.     WSB-TV     AJC

 

Anti-Blight Provision in the National Mortgage Settlement

  

The National Foreclosure Prevention and Neighborhood Stabilization Task Force,  a cross-industry group of local and national organizations working to address the impacts of the foreclosure crisis on communities, is collecting signatures on a letter to Joe Smith, Office of Mortgage Settlement Oversight.  The letter makes recommendations on reporting points under the Anti-Blight provision.  They include:  Expand quantitative measures of anti-blight activities; Publish the policies and property standards set for REO properties; Publish anti-blight and tenant protection policies; and Identify REO properties held.  The current text of the letter is available here.  Please contact Sarah Jawaid at sjawaid@nhc.org if you have questions or if your organization is interested in signing the letter.   MORE

 

Is Atlanta Affordable? National Report Ranks Atlanta 5th Least Affordable MSA for Moderate-Income Homeowners

 

A new report released by the Center for Housing Policy and Center for Neighborhood Technology gauges the housing and transportation cost burdens of moderate-income households living in the 25 largest metro areas at the end of the decade.  Housing and transportation costs rose faster than income during the 2000s, increasing the burden that these costs placed on already stretched budgets.  This held true for each of the 25 largest metropolitan areas, though the disparity was greater in some areas than others. When transportation and housing costs are combined, Atlanta ranks as the 5th least affordable MSA for moderate-income homeowners following Miami, Riverside, LA, and San Diego.   MORE   

 

Atlanta Makes National Headlines as Private Equity Investors Turn Focus to Metro Neighborhoods

 

(Courtesy of Bloomberg)  Colony, Blackstone, Waypoint Real Estate Group LLC and American Homes 4 Rent have converged on Atlanta in search of low-priced properties to buy and rent out, after helping drive prices up 34 percent in Phoenix from a year ago. Their goal is to take advantage of the burgeoning U.S. housing recovery, earning annual returns of at least 6 percent on rents until home prices rise enough to make a lucrative exit.  Their arrival may set the stage for a real estate rebound in the Georgia state capital, where banks seized more homes in the last 12 months than any other U.S. metro area, according to CoreLogic Inc. Atlanta prices have risen 6.5 percent on a seasonally-adjusted basis since March, when they dipped to levels last seen in 1997, the S&P/Case-Shiller Index shows.  MORE 

 

 

Atlanta's Foreclosure Activity Drops, But Rates Still More Than Twice National Average

 

(Courtesy of AJC):   A report released recently by a real estate tracking firm offers a promising sign for Atlanta's real estate market.  The metro area's foreclosure activity dropped by about 21 percent from the second quarter to the third quarter, according to RealtyTrac. Foreclosure activity also dropped about 20 percent from the same time period last year.  The news isn't all good. Metro Atlanta's foreclosure rates are still more than twice the national average, with one of every 112 housing units facing foreclosure. In all, there were about 19,000 foreclosure auctions and bank repossessions in the metro area during the third quarter.  MORE

 

 

Restructuring the Secondary Market: An Eight-Point Guide

 

(Courtesy of Shelterforce):  Since the onset of the recent foreclosure crisis and the collapse of much of the nation's housing finance system, questions have been growing as to how best to rebuild the system in a manner that avoids the problems inherent in past mechanisms. The National Council of La Raza (NCLR), University of North Carolina-Chapel Hill Center for Community Capital (UNC-CCC), and Center for American Progress (CAP) have been working together to develop a set of recommendations on ways to ensure a robust secondary mortgage market that serves all households in an equitable manner.  Jim Carr, Senior Policy Fellow with Opportunity Agenda, identifies eight essential secondary market functions.   MORE

 

CALENDAR ITEMS

 

November 1 at 10:00 AM.  Chairman Charlotte Nash and Commissioner Mike Beatty of the Georgia Department of Community Affairs will hold a  press conference to kickoff the HomeSafe Georgia Program in Metro Atlanta.; Gwinnett Justice and Administration Center. MORE

 

 

Sincerely

Susan Adams

Piece by Piece Coordinator  

 

 

andp brown