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Why Foreclosures in Vermont Are Up

Posted March 14, 2013

By Kevin J. Kelley. Reposted from Seven Days, March 13, 2013.

“Even as the national foreclosure crisis appears to be easing, Vermont is experiencing a spike in legal filings by mortgage lenders seeking to take title to homes whose owners have fallen behind in their payments.

Vermont’s foreclosure rate has ranked as one of the lowest in the country in the years since the 2008 financial meltdown put millions of Americans in jeopardy of losing their homes. Today, the state is an outlier once again — for the opposite reason. Nationally, foreclosure filings fell by 28 percent last year; in Vermont, they increased 33 percent…”

Link to full Seven Days article
PDF of full Seven Days article

 



Life in the ‘dead zone’: Homeowners near airport watch neighborhood disappear

Posted June 28, 2012

Gary Shepard at 1 Patrick St., his home near the Burlington International Airport in South Burlington.

John Briggs, Free Press Staff Writer: June 25, 2012

The Burlington Airport’s neighborhood, sound buffeted, is going away, piece by piece, like a landscape-shifting Stephen King novel or like Detroit, changing the daily landscape for those who remain. The noise from the airport is too loud for residential life according to Federal Aviation Administration guidelines, and the houses are being bought by the airport and torn down.

It is still a pleasant neighborhood with tall trees and deep, well-tended lawns. Many houses have flower gardens. Airport Parkway has become a throughway from South Burlington to Colchester — one woman who lives there says backing from her steep driveway is often an adventure. The side streets, Dumont Avenue, Patrick and Maryland streets, North Henry Court are still a testament to the post-war housing boom that gave cash-pressed families a respectable address and neighborhood to call home.

Now, it is a neighborhood marked by empty lots and dozens of houses marked with quarantine-like yellow signs, South Burlington’s zoning permit to “demolish a single family home.” The signs don’t explain why.

In conversation — and virtually everyone wants to talk about what’s happening — themes emerge: nostalgia for what was, irritation at the airport’s lack of communication with people in the sound zone and a feeling that forces greater than a single homeowner have decided the neighborhood is of less value than an expanding airport. Often, conversations about the change are tinged with sadness that once familiar sounds and a neighborhood pulse are becoming past tense.

“I’d like to keep my neighborhood,” said Beverly Darling, who lives on Maryland Street, “but it’s too late now.”

“Now, it’s going goodbye. It’s going to happen,” said her neighbor across the street, Tricia Phillips, who observed that her family’s dog and another dog two houses down give some protection against burglars entering the empty house next door ..

 

Link to Full Burlington Free Press Article

PDF of Full Burlington Free Press Article

 

 



More HUD funding for housing counseling coming to Vermont

Posted January 5, 2011

HUD has awarded $252,800 to seven additional Vermont nonprofits to help low and moderate income Vermonters become first time homeowners, to prevent foreclosures and help mobile home owners preserve their homes.  The following each received a share of the federal funds to support their important homeownership and foreclosure counseling work:

  • Central Vermont Community Land Trust
  • CVOEO Mobile Home Project
  • Champlain Housing Trust
  • Lamoille Housing Partnership
  • NeighborWorks of Western Vermont
  • Rockingham Area Community Land Trust
  • Windham Housing Trust 

The funding is part of a $1,440,300 HUD grant to Boston-based Citizens Housing and Planning Association (CHAPA).  The Central Vermont Community Action Council and Bennington-Rutland Opportunity Council also received $76,883 in direct funding from HUD for homeownership, foreclosure prevention and tenant counseling. 

“HUD-approved housing counseling agencies are a critical part of the nation’s housing recovery,” said HUD Secretary Shaun Donovan.  “This critical funding will help counseling organizations continue to assist families in making more informed choices before they purchase a home and counsel families facing foreclosure.” 

CHAPA received full funding for its application on behalf of the New England Housing Network.  The Vermont Affordable Housing Coalition is the state’s lead agency for the Network and helps provide technical assistance to the Vermont grantees.  The Obama Administration awarded nearly $73 million in housing counseling grants to more than 500 national, regional and local organizations, a 22% increase over last year’s funding level. 

You can read HUD’s press release here: http://tinyurl.com/24roqt7.

 



Vermont Joins Other States in Foreclosure Investigation

Posted October 14, 2010

Source: Burlington FreePress, October 14, 2010

By Sam Hemingway

“Vermont banking regulators and the Attorney General’s Office have joined officials from 48 other states investigating claims that several large mortgage loan servicing entities engaged in the “robo-signing” of documents to initiate thousands of foreclosure actions around the country. [More …]

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Foreclosed properties rehabbed to create affordable housing

Posted August 29, 2010

Source: Rutland Herald, August, 29, 2019

By: Bruce Edwards


“It’s a tough time for first-time home buyers.

Consumer confidence isn’t high and while mortgage rates are extremely low, banks have tightened up their lending standards.

But thanks to a year-old housing program, some low-income Vermonters are realizing their dream of home ownership. [More …]

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Vermont Foreclosures Continue To Rise

Posted March 31, 2010

Susan Keese

Source: Vermont Public Radio, March 31, 2010

“(Host) The number of mortgage foreclosures in Vermont continues to rise, and experts expect that trend to continue into the near future.

But help is available for homeowners in trouble.

And more may be on the way, as VPR’s Susan Keese reports. [More …]

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Officials unveil home loan plan

Posted March 26, 2010

Associated Press

Source: Bennington Banner, March 26, 2010

“WASHINGTON (AP) — Under pressure to stem the foreclosure crisis, the Obama administration launched a plan Friday to reduce the amount some troubled borrowers owe on their home loans and give jobless homeowners a temporary break.

Administration officials cautioned that the plan won’t stop all foreclosures or help all troubled homeowners. Instead, officials said their goal is to meet their original target, announced last year, of helping 3 million to 4 million borrowers avoid foreclosure. [More …]

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House to pass bill to reduce home foreclosures

Posted March 17, 2010

“Montpelier, Vt – Today, the Vermont House of Representatives passed H. 590, An Act Relating to Mediation in Foreclosure Proceedings.  The bill is a consumer protection act which seeks to keep struggling Vermonters in their homes.

[More …]

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Vermont foreclosures rise by 17 percent

Posted February 28, 2010

By Bruce Edwards

“The recession continues to make its presence felt in Vermont as the number of homeowners facing foreclosure jumped 17 percent last year.

There were 1,928 foreclosures filed in the state in 2009 compared to 1,639 the prior year, according to the Department of Banking, Insurance, Securities and Health Care Administration. [More …]

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Foreclosures Seen Still Hitting Prices

Posted February 16, 2010

By James R. Hagerty

“More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project.

The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC—both conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure. [More …]

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