Economy

Federal Housing Administration mortgages — the affordable path to homeownership for many first-time buyers, minorities and low-income Americans — now have the highest delinquency rate in at least four decades.

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.

As more borrowers exit their plans, fewer than 4 million loans sit in forbearance, according to Black Knight.

The FHFA director’s move this week to impose an “adverse market fee” of 0.5% on most refinanced mortgages will shift billions out of the hands of American consumers and into the hands of Fannie Mae and Freddie Mac — and their private shareholders.

The Tri-COG Land Bank, a multicommunity effort to get abandoned and blighted properties back on the tax rolls, has sold its first property.

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.

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

But the 30-year fixed remains below 3%, which should continue to support increased demand.

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

Developer Parkway Corp. has closed on $187 million in funding through commercial real estate finance firm Meridian Capital Group to build a Center City Philadelphia office tower for law partnership Morgan, Lewis & Bockius.

A new Marriott Residence Inn is expected to sprout next to the Millbrae BART station after landing a construction loan that serves as a welcome counterpoint to the pall of economic uncertainty cast by the coronavirus.

A survey conducted throughout the second quarter found knowledge gaps based on race and income.

The proprietors of the Lorraine Hotel in downtown Toledo have received multi-year prison sentences from a federal judge for orchestrating a $3.9 million fraudulent real-estate investment scheme, while a third person received probation.

Some of Miami Beach's priciest real estate is now a relative bargain, even in the billionaire enclave of Fisher Island.

Tenants at so-called Class C buildings paid 54% of total rents due in June by the middle of the month, according to a study by LeaseLock.

May’s overall delinquency rate was up over 100% from the prior year.

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.

Oahu's housing market remained depressed in July, though new sales data shows the severity of the decline is easing.

Squeezed up by a combination of low supply and high demand, home prices broke records in nearly every major Washington county last month, even as the pandemic's onslaught continued to wreak havoc with other parts of the economy.

A Dallas developer has admitted to paying bribes to a former city councilwoman in exchange for her lobbying efforts and votes to provide $650,000 in taxpayer money for his Fair Park apartment project.