Housing Markets and Choice

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks® America, designed to support a rapid expansion of foreclosure intervention counseling in response to the nationwide housing crisis. This brief summarizes the final results of the Urban Institute’s evaluation of the first two rounds of the NFMC program. Overall, the program is having its intended effect of helping troubled homeowners by improving the quality of mortgage modifications, increasing the frequency and sustainability of cures of delinquencies and foreclosures, and reducing the number of foreclosure completions for counseled homeowners.

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks America, designed to support a rapid expansion of foreclosure intervention counseling in response to the nationwide housing crisis. This report presents the final results of the Urban Institute’s evaluation of the first two rounds of the NFMC program. Overall, the program is having its intended effect of helping troubled homeowners by improving the quality of mortgage modifications, increasing the frequency and sustainability of cures of delinquencies and foreclosures, and reducing the number of foreclosure completions for counseled homeowners.

Public concern about blighted properties has swelled in New Orleans, and residents are rightfully concerned. Although blight has declined substantially since 2008 thanks to billions of federal housing dollars, as of 2010, New Orleans still had 43,755 blighted homes or empty lots. This report includes a review of economic and housing trends that are affecting blight, a broad set of principles to help guide various efforts to eliminate blight in New Orleans, and an analysis of neighborhood housing markets. Finally, this report provides recommendations for maximizing the potential of available resources for eliminating blight, including how neighborhood organizations can supplement public efforts.

The aging of the baby boomers represents a demographic tidal wave that will profoundly affect housing needs and living arrangements in the coming years. The authors examine three possible scenarios for the projected number and mix of households in New Orleans in 2020. But regardless of the scenario, the increase in households headed by elderly will greatly surpass the increase in any other household type. This report concludes with strategies for attracting new residents to the city and ensuring we meet the housing needs of aging residents, including the desire of many seniors to stay in their homes as long as possible.

Analysis of the conditions of rental markets in the wake of the Great Recession reveals a troubling forecast for multifamily properties and the households that inhabit them. Despite increasing rental vacancies since the beginning of the housing bust, the number of low and extremely low income renters swelled, resulting in notable increases in households paying over acceptable levels on rent. Further, even as the rental property climate improves in some metropolitan areas, tenuous rental income and increases in operating costs will expose marginally viable properties to increased financial risks. For renters, this amounts to deteriorating physical conditions and a lower supply of decent, affordable housing. From What Works Collaborative, a partnership of academia and policy think tanks including the Urban Institute.

Policies and strategies at all levels of government are increasingly associating educational outcomes with community planning and housing. Challenges remain for local officials and practitioners trying to align these policy areas, including persistent spatial inequity and rigid institutional silos. This report develops seven steps to link education and planning policy at the local level. The authors draw from a national scan of model activities, interviews with key experts and agency staff members, and the authors' experience working with local governing bodies. The report identifies practical solutions that encompass assessing the current educational environment, engaging the community, strategic planning and implementation of investment, and institutionalizing successful innovations.

Conversation on the latest foreclosure trend in the National Capital Region and resources to help struggling homeowners.

The Washington, D.C. Metropolitan Area Foreclosure Monitor and its accompanying County Profiles are co-published quarterly by NeighborhoodInfo DC and the Metropolitan Washington Council of Governments. The Monitor gives a snapshot of the impact of foreclosures on the region, as well as broader sales market trends. The Washington, D.C. metropolitan area continued to experience historically high rates of foreclosure and mortgage delinquency through 2010. The housing market appears to have stabilized in many parts of the region over the past year.