Distressed

The city of Birmingham plans to set aside nearly $1 million in the 2021 budget to prop up the underperforming CrossPlex Village development in Five Points West, city officials said.

With the moratorium still in place, mortgage foreclosure activity fell 83% in July compared to the year before and 4% from June, according to Attom Data Solutions.

Borrowers will likely have to put more assets on the line to get forbearance extensions.

Late home payments increased in this community that hosts the Masters, according to a California-based real estate analytics firm.

Mortgage delinquency rates in May were even higher in some Texas markets.

Boston Common is planning to confront banks and real estate investors as an eviction crisis looms across the U.S., one that's likely to disproportionately impact Black Americans and other minorities.

Ken Casey, a now-deceased Marin County, Calif., real estate developer, is being investigated by the Securities and Exchange Commission for fraud.

Developer Doug Loose says he is "living in a cloud" after recently securing financing through Frankenmuth Credit Union for a portion of his $4.2 million purchase of a damaged condominium complex in Midland, Mich.

Though overall forbearance share is down, the number of extensions is rising as coronavirus hardship filings surpass the 90-day mark that delineates the end of traditional forbearance plans.

PREIT, which owns a number of large malls, is trimming the salaries of its CEO and chief financial officer while suspending dividend payments as part of a deal with its lenders to stave off default as the coronavirus pandemic continues to take its toll on the troubled company.

Louisiana ranks second in the nation in the percentage of homeowners who are late on their mortgage payments, according to Black Knight.

CEO Douglas Gordon credited the relationship between Waterstone Financial and the mortgage subsidiary for the boost in net income.

The number of loans going into coronavirus-related forbearance dropped for the sixth consecutive week, as the growth rate fell 6 basis points between July 13 and July 19, according to the Mortgage Bankers Association.

Whalen: "It is tempting to think that low interest rates will cure all ills in the housing sector, but this view is seriously in error, as we learned in 2008."

With coronavirus moratoriums still in place, foreclosures fell to the lowest level since at least 2000, while serious delinquencies ballooned by 1.2 million in June, according to Black Knight.

The measures currently ensuring mortgage companies have sufficient cash to cover advances aren't necessarily sustainable, warns Ted Tozer, a senior fellow at the Milken Institute and a former government official.

The number of loans going into coronavirus-related forbearance dropped for the fifth straight week, as the growth rate plummeted 38 basis points between July 6 and July 12, according to the Mortgage Bankers Association.

A strong housing market prior to the pandemic and the subsequent coronavirus-related moratorium helped to pull foreclosure activity down to historic lows in the first half of 2020, though that could all change soon, according to Attom Data Solutions.

The number of loans going into coronavirus-related forbearance fell for the fourth consecutive week, as the growth rate plummeted 21 basis points between June 29 and July 5, according to the Mortgage Bankers Association.

A significant number of plans that expired at the end of June were not renewed, Black Knight said.