Our 150th Post: Ohio Supreme Court Holds Appeal of Planning Commission Order by Service of Summons by Clerk of the Courts on Administrative Agency Along with Notice of Appeal within Statutory Timeframe is Sufficient

In a proceeding where a development company and property owners sought to develop a subdivision of single-family homes in two phases (I and II), the applicant appealed the denial of a preliminary plat for Phase I and a conditional acceptance of Phase II.   The Supreme Court addressed the question of whether a service of summons by a clerk of courts upon an administrative agency along with a copy of a notice of appeal is sufficient to perfect an administrative appeal under R.C. 2505.07, and held that it is indeed sufficient.

Click HERE For More Information | Law of the Land

Federal Reserve chief has one recipe for housing market

Federal Reserve Chairman Ben Bernanke has a recipe for helping the housing market: Modify more loans and speed up foreclosures to get rid of a glut of distressed properties clogging the system.

Still, even that approach may be slow going, with persistently high unemployment making would-be borrowers cautious, and tighter credit standards for mortgages locking out the bottom third of buyers who would otherwise take the plunge.

Click HERE For More Information | Reuters

Distressed Property Sales Drop, Despite Push to Sell

“Realtors and mortgage loan officers nationwide are driving mid-to-high end organic, short and distressed sales on the fear that buyers will be unable to qualify for loans once the QRM (Qualified Residential Mortgage) rules are in place requiring 20 percent down,” says mortgage market analyst Mark Hanson, describing new rules being considered for risk retention by banks (part of the banking overhaul legislation passed last summer).

Click HERE For More Information | CNBC

 

American home equity cut by one-third

The head of global securitized products research at Citi Global Markets said that home equity held by American households is down from 60% to 39%.

Mary Kane, speaking at an American Securitization Forum session about consumer trends and the state of the housing market, said residential mortgage comprised the largest proportion of debt held by families.

Click HERE For More Information | HousingWire

 

More lawmakers join major push to reduce QRM down payment

More lawmakers in the House of Representatives signed a second letter Friday requesting federal regulators to lower the 20% down payment on the qualified residential mortgage.

More than 150 lawmakers signed the original letter sent to regulators in May. However, when regulators delayed the comment period to Aug. 1. days before it was to end, organizers had another chance to push for a reduction. Rep. John Campbell (R-Calif.) and Brad Sherman (D-Calif.) circulated another letter to colleagues on June 13 asking for more signatures by June 16.

Click HERE For More Information | HousingWire

 

Housing Starts Increase, While Jobless Claims Slip

Unemployment benefit applications fell to a seasonally adjusted 414,000,the Labor Department said on Thursday. It was the second drop in three weeks and a positive sign that layoffs are slowing.

Still, applications have been above 400,000 for 10 consecutive weeks, evidence that the job market is weak compared with earlier this year.

Click HERE For More Information | NY Times

 

This housing crisis is NOT the Great Depression

The subject line of one email HousingWire received Tuesday from the Toronto-based firm read: “US Housing Market Monthly – Worse than the Great Depression.” Coverage on CNBC, later aggregated by the Drudge Report, stated “the housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.” The economist who wrote the note, Paul Dales, said the level of press coverage surprised him. He said the actual eight-page, 24-chart report focused little on the generational comparison, which happened unintentionally, despite taking prominence in the email subject line.

Click HERE For More Information | Housing Wire