The covid-induced data collection restrictions have ended in all areas as of the last quarter of 2021. However, technical issues involved with data collection changes limit useful comparisons of the data during the pandemic with the prior data series. We have especially noted the homeownership rate data for the last three quarters of 2020 with separate dots below to denote these technical issues. We encourage readers to consider these data points separately from the remaining data series.  Nonetheless, the first three quarters of 2021 likely return the series to a more apples-to-apples comparison with the prior history of the series.

The homeownership rates of adults ages less than 35, 35-44 and 44-54 increased over the last year, while the remaining two older age groups experienced decreases. The homeownership rates among households ages less than 35 registered the largest gains among all age groups, from 37.8% to 39.1%, followed by households ages 45-54 with 1.2 percentage point increase from 69.4% to 70.6%. Households ages 35-44 experienced a modest 0.6 percentage point increase. However, homeownership rates of households ages 55-64 and 65+showed a decline of 0.3 percentage points.

While the total housing inventory estimates were unaffected by the data collection changes during the COVID-19 pandemic,  the estimates of homeownership rates, vacancy rates, and the components of housing inventory were affected severely until the second quarter of 2021 when in-person interviews were allowed in 99% of the country. The housing stock-based HVS revealed that the count of total households increased to 128.0 million in the second quarter of 2022 from 126.3 million a year ago. The gains are largely due to strong owner household formation (1.6 million increase), while renter households only increased by 81,000.

BY NA ZHAO

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Except for the South, the share of prospective buyers actively searching for a home rose in every region between the first and second quarters of 2022: Northeast (50% to 54%), Midwest (40% to 51%), and West (46% to 57%).

In the second quarter of 2022, the share of active buyers who have been looking for a home for 3+ months fell to 63%, down from 67% in the previous quarter.  The share is at its lowest point in almost two years (since the third quarter of 2020, when it was 62%). Before the pandemic (between the first quarters of 2018 and 2020), fewer than 60% of active buyers shopped for a home for 3+ months.

**Results come from the Housing Trends Report (HTR) – a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets.  The HTR is produced quarterly to track changes in buyers’ perceptions over time.  All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult.  Results are seasonally adjusted.  A description of the poll’s methodology and sample characteristics can be found here.  This is the fifth in a series of six posts highlighting results for the 2^nd quarter of 2022.

BY ROSE QUINT

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The below figure derived from the SLOOS shows that RRE credit standards relative to the first quarter of 2022, tightened by no more than 5.6 percent, except for subprime mortgages for which banks tightened standards by 12.5 percent. Government-issued mortgages, such as FHA and VA loans, were the only category of RRE loans that showed a loosening of credit standards, that too, by a negligible amount of -1.9 percent.

Although major net shares of most banks reported weaker demand for RRE loans, a small fraction of banks reported moderately to substantially stronger demand across all loan categories except subprime residential mortgages. For loans extended to homeowners based on their homes’ market values, a positive net share of 41.1 percent of banks surveyed reported moderately stronger demand for home equity lines of credit and 5.4 percent of banks reported substantially stronger demand.

Meanwhile, banks reported tighter lending standards for all Commercial Real Estate (CRE) loan categories and weaker demand in construction and land development loans and nonfarm nonresidential loans. A modest net share of banks, 6.1 percent, reported stronger demand for loans secured by multifamily residential properties. In Q1 2022, multifamily loans’ demand, on net, was 18.5 percent stronger. In the following quarter’s survey, 4.5 percent of banks reported substantially stronger demand, 18.2 percent indicated moderately stronger, and 60.6 percent of banks reported unchanged demand. The questions were subdivided between large commercial banks and other commercial banks.

In SLOOS’s last category, Commercial and Industrial (C&I) loans, banks reported a tightening of lending standards across all firm sizes, citing unfavorable economic conditions for the tightening. Thirty-three percent of banks reported moderately stronger demand for C&I loans made to large and middle-market firms while 29 percent of banks reported moderately stronger demand for loans made to small firms. Interestingly, the survey asks banks to use only funds disbursed to measure C&I loan demand.

BY LITIC MURAL

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“Manufactured homes are an important element of the nation’s affordable housing supply,” said Assistant Secretary for Housing Julia Gordon. “These proposed updates, when final, will help to expand the availability of safe and affordable homes that align with current design trends and construction methods.”

Containing new and updated standards, including 88 standards incorporated by reference, the proposed rule will bring the HUD Code in line with more recent manufactured housing industry standards and further improve the quality and safety of manufactured home construction. Proposed changes in the rule will facilitate innovation and greater production of manufactured homes with features that are sought-after by consumers and that are common consumer needs for modern living, including: multi-unit dwellings; ridge-roof designs; open floor plans, truss designs, specifications for attics, and accessibility improvements, among others.

When final, the updates contained in the proposed rule will enact a significant number of recommendations made by the federally-mandated Manufactured Housing Consensus Committee. Further, the updates will eliminate the need for manufacturers to obtain alternative construction approvals for frequently requested features and materials that already meet or exceed HUD standards.

The proposed updates are available for public comment for 60 days. Comments must be submitted via the methods described in the proposed rule.

Fact Sheet
Proposed Updates to HUD Manufactured Home Construction and Safety Standards
July 19, 2022

22 million people live in manufactured homes throughout the country. The Biden-Harris Administration views manufactured homes as a priority solution for solving the nation’s affordable housing challenges. Proposing updates and additions to the Manufactured Home Construction and Safety Standards, commonly referred to as the “HUD Code” is one way HUD is playing a leading role in fostering increased production and broader consumer acceptance of manufactured housing as a viable, affordable, and comparable alternative to a site-built home.

Summary of HUD Code Updates Contained in the July 19, 2022, Proposed Rule

Key proposed additions and updates included in the proposed rule will allow:

• Materials that facilitate modern design approaches and improve quality: Updates to reference standards for materials (wood, steel, piping) and products will align with other building standards, will allow the use of more modern design approaches and installation of alternative materials, and will improve the quality and safety of homes for consumers.
• Ridge roof designs: Revising definitions and regulatory language will allow certain specified roof ridge designs (peak cap and peak flip roof assemblies) without a requirement for specific on-site inspections by a HUD-approved agency, except for certain exclusions. This type of roof installation is common throughout the industry and uses technology that is time-tested. This will be beneficial for manufacturers and consumers by incorporating more recent design practices into the regulations and eliminating unnecessary inspections and associated costs.
• Multi-unit manufactured homes: Proposed changes to regulatory language address multi-unit dwellings, proposing allowance of up to three units while assuring comprehensive fire safety to multi-unit occupants by adding benchmarks and guidelines that meet Manufactured Housing Construction and Safety standards. This may help to further leverage manufactured housing as a means of addressing affordable housing needs.
• Open floor plans, truss designs, and specifications for attics: The updated requirements for exterior door separation and structural design requirements will improve allowances for open floorplans while maintaining fire safety, clarify unclear provisions, and allow potential for optimization of truss design. In addition, the proposed rule will include more clarity regarding structural design requirements for attics.
• Accessibility improvements: Modifications to standards for accessible showers will comply with nationally-recognized disability standards for roll in showers. This will eliminate the need for HUD alternative construction approval and reduce cost and burdens for manufacturers and consumers.
• Modern and energy-saving appliances: Updating and adding new standards will allow for the use of more modern and energy efficient appliances, including gas-fired tankless water heaters, eliminating the need for HUD alternative construction approvals for use of such appliances.
• Additional process efficiencies that save time and reduce costs: Improved language stipulating prerequisites for the process of obtaining installation licenses will increase flexibility for installers; updates to water system piping testing procedures will decrease on-site testing time; and utilization of appliance QR codes for manuals and information will reduce paperwork and bookkeeping.

About the Manufactured Home Construction and Safety Standards (HUD Code)

The National Manufactured Housing Construction and Safety Standards Act of 1974 (the Act) authorizes HUD to establish federal standards for the design and construction of manufactured homes to assure quality, durability, safety, and affordability. Effective in 1976, HUD established the Manufactured Home Construction and Safety Standards, commonly known as the HUD Code, which has worked to transform manufactured homes in quality, safety, durability, and affordability.

HUD standards may preempt state and local laws that do not conform to the HUD standards. HUD’s Office of Manufactured Housing Programs enforces standards directly or through State Administrative Agencies that have partnered with HUD, monitors inspections of factories and retailer lots, regulates installation standards for the homes, administers a dispute resolution program for defects, establishes and collects a fee for each home built, authorizes a certification label to be placed on each section of a home that meet the HUD standards, and pursues a civil or criminal action for violations of the Act.

About the Manufactured Housing Consensus Committee

The Manufactured Housing Consensus Committee (MHCC) is a statutory Federal Advisory Committee body charged with providing recommendations to the Secretary of HUD on the adoption, revision, and interpretation of HUD’s Manufactured Home Construction and Safety Standards and related procedural and enforcement regulations. The MHCC was also charged with developing and proposing model installation standards to the Secretary of HUD, so HUD could enact model manufactured home installation standards and implement an installation program for the manufactured housing industry. By regulation, HUD also engages the MHCC in the process of revising the Manufactured Home Model Installation Standards and Installation Program Regulations.

Source: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_22_133

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• Don’t ignore the letters from your lender
• Contact your lender immediately
• Contact a HUD-approved housing counseling agency
  Toll FREE (800) 569-4287
  TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don’t ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found online.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low-cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender, if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses–cable TV, memberships, entertainment–that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.

Do you have assets–a second car, jewelry, a whole life insurance policy–that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don’t need to pay fees for foreclosure prevention help–use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender or a HUD-approved housing counselor will provide free if you contact them.

10. Don’t lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately and if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor.

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Credits: HUD

Read the entire article – https://files.consumerfinance.gov/f/201308_cfpb_respa_narrative-exam-procedures.pdf

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Benefits

Agricultural Land Easements protect the long-term viability of the nation’s food supply by preventing conversion of productive working lands to non-agricultural uses. Land protected by agricultural land easements provides additional public benefits, including environmental quality, historic preservation, wildlife habitat and protection of open space.  Additionally, ALE easements leverage local partnerships to match NRCS funding and local partners are responsible for the long-term stewardship of the easement.

Visit here – https://www.nrcs.usda.gov/wps/portal/nrcs/main/national/programs/easements/acep/

Who is eligible?

• Eligible partners include American Indian tribes, state and local governments and non-governmental organizations that have farmland, rangeland or grassland protection programs.
• Eligible landowners include owners of privately held land including land that is held by tribes and tribal members.
• All landowners, including required members of landowner-legal entities, must meet adjusted gross income (AGI) limitations and must be compliant with the HEL/WC provisions of the Food Security Act of 1985.

What land is eligible?

Land eligible for agricultural easements includes private or Tribal land that is agricultural land, cropland, rangeland, grassland, pastureland and nonindustrial private forest land. NRCS will prioritize applications that protect agricultural uses and related conservation values of the land and those that maximize the protection of contiguous acres devoted to agricultural use, including land on a farm or ranch.

Eligible Land Types and which also meets one of the four following land eligibility criteria:

1. Parcels enrolled to protect Prime, Unique, or Other productive soil.
2. Parcels enrolled to provide protection of grazing uses and related conservation values.
3. Parcels containing historical or archeological resources.
4. Land that furthers a state or local policy consistent with the purposes of ACEP-ALE.

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Friction

Adding a rental agreement that your guests must sign and return to you adds considerable friction to the booking process.  And, any additional friction will ultimately reduce your booking rate – which is worth thinking long and hard about.

How much friction will it add, and how many potential bookings will you lose because of it?

Who knows, but this is certainly worth weighing up before blindly plowing ahead.

Airbnb doesn’t have your back

This rental contract is between you and your guests and has nothing to do with Airbnb the company whatsoever.

Therefore you won’t be getting any help from them as an intermediary in the case of any disputes.

Instead, any disputes will need to go through the regular legal process, often involving lawyers and courts, which can get expensive.

Workload

If you’re a busy host (which I hope you are), then building a new contract for every new booking that comes in can be a bit of a headache.

Plus, on top of that, there’ll be a lot of chasing guests for signed contracts along the way too.

Please ensure you seek the advice of an attorney before finalizing any legally binding document. Your agreement should be revised and updated habitually to adhere to any changing local or state laws.

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Is remote notarization the same as electronic notarization?

Many people confuse electronic notarization with remote notarization, believing they are the same. They are not.

Electronic notarization, or eNotarization, involves documents that are notarized in electronic form, and the Notary and document signer sign with an electronic signature. But all other elements of a traditional, paper notarization apply to electronic notarization, including the requirement for the signer to physically appear before the Notary.

The confusion arises from the fact that remote notarizations typically involve digital documents that are signed and notarized electronically. However they go a step further in that the transaction is conducted online rather than in person.

What states allow remote notarization?

Currently, 40 states have passed remote notarization laws.

Out of those states, 34 have laws that are in effect as of November 2021. Those states include Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Hawaii, Idaho, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (see below), Virginia, Washington, West Virginia, Wisconsin and Wyoming.

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