HUD Extends Foreclosure Anti-Flipping Rule

The Department of Housing and Urban Development (HUD) announced that it is in the process of approving another one-year suspension of its anti-flipping rule on foreclosed properties bought with FHA loans. The suspension was first initiated on February 1st of last year to allow investors to quickly renovate foreclosed homes and selling them to first time buyers as a means to further sales of foreclosed properties.



In 2003, HUD issued a rule that prohibits the FHA from insuring a mortgage on a home that was owned by the seller for less than 90 days. HUD initiated the anti-flipping rule early last decade because the Federal Housing Authority (FHA) discovered that too many of these quick sales were made at grossly inflated prices and involved fraudulent activities.

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HUD Offers Regional Housing, Economic Data on New Website

U.S. Department of Housing and Urban Development launched a new website Monday that offers economic and housing data by region, including Colorado and the Rocky Mountain region.
The site — www.huduser.org/portal/regional.html — provides information such as rental-home activity and employment statistics at the regional, state, metropolitan and county levels, HUD says.
“Current and reliable data shouldn’t be hard to come by,” Raphael Bostic, HUD’s assistant secretary for policy development and research, said in a statement. “This is precisely why this site will be so helpful to state and local lenders, developers, the real estate industry and the general public, who need the latest available data on their markets.”


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