The Rutland Herald and Times Argus published a piece yesterday about the global credit crisis and its effect on the ability of Vermont organizations such as VHFA to serve first-time homebuyers.
"It's diminished our ability to serve those low-income homebuyers that are our mission to serve," Executive Director Sarah Carpenter says in the article. "In the big picture, it's meant less opportunity for Vermont borrowers."
Two interesting economic-related reports were released recently:
The Federal Reserve Bank of Boston releases housing related economic indicators monthly. The results, shown in the table below, are from the October release.
Vermont's home prices have dropped less than New England's and the nation's, and the drop in the number of permits has been about equal to the decrease nationally.
Interestingly, the number of existing home sales has declined more in Vermont compared to nationally. According to VHFA's analysis of Property Transfer Tax records, through the end of September the number of home sales was down 26 percent from the same time last year (this would include new and existing home sales).
Gov. Jim Douglas appointed Thomas N. Pelletier of Montpelier to be chairman of the VHFA Board of Commissioners. The change took effect upon the Governor’s appointment Tuesday.
“Tom’s been a highly-respected member of Vermont’s lending community for more than a decade and has served on our Board since May 2008,” says Executive Director Sarah Carpenter. “We welcome him as VHFA’s new Board chairman.”
Numbers released yesterday by the Mortgage Bankers Association (MBA) show foreclosures and mortgage loan delinquencies were at a record high in the third quarter of 2009.
Nationally, approximately 14 percent of all home loans were either delinquent or in some stage of foreclosure.
Vermont's numbers aren't nearly as bad (See map).
Read the Washington Post's story about the report.
