Housing
Tax breaks prove costly for Detroit
David Josar of The Detroit News used State Tax Commission data, property assessments and tax records to show that Detroit is losing more than $63 million in annual revenue because of property tax breaks given to people moving into new houses, condos and lofts. The tax breaks have cost the city and school district more…
Read MoreMortgage industry employs felons
Geoff Dutton of The Columbus Dispatch continues to follow the predatory lending business and practices in Ohio. He finds that “leaders of the brokers association have urged lawmakers to reject new proposals designed to crack down on predatory lending and increase state oversight. The mortgage industry, they argue, can police itself without new state regulations.”…
Read MoreRetrofits offer limited earthquake protection
Thomas Peele and Jessica Guynn of Contra Costa Times found that despite houses being retrofitted to keep them safe during an earthquake, less than a third of the houses inspected would survive a major earthquake. In an investigation of 35 retrofitted houses, the newspaper found that in 24 of the 35 homes , residents might…
Read MoreBooming housing industry slows in South Fla.
Matthew Haggman, Lisa Arthur and Tim Henderson of The Miami Herald analyzed home sales over the past five years and found South Florida has gone through the most explosive housing boom in its history. “The land rush has transformed just about every corner and corridor of the region, sending prices skyward since 2000 — more…
Read MoreInequities found in property taxes
Andrew Nelson, Bill Dedman and Matt Hersh of The Telegraph used city records to show that thousands of homeowners in Nashua, N.H. are paying too much in property taxes because of wide disparities between sale prices and the city’s valuation of properties. Thousands more are paying too little, requiring other taxpayers to pick up the…
Read MoreHigh interest mortgages prevalent in rural areas
Geoff Dutton, Jill Riepenhoff and Doug Haddix of The Columbus Dispatch analyzed federal Home Mortgage Disclosure Act data and explored the spread of high-interest mortgages from inner cities to Ohio’s suburban and rural areas. They found that risky high-interest mortgages have cost record numbers of people their homes, but not just in the big cities.…
Read MoreForeclosures growing burden on low-income communities
Lisa Hammersly Munn, Binyamin Appelbaum and Ted Mellnik of The Charlotte Observer used county records in a three-part series that looks into the rapidly rising numbers of home foreclosres, and the effects on neighborhoods where failed home loans have concentrated since the advent of easy credit by government and lenders. “Home loan failures have more…
Read MoreGulf Coast homeowner loans lagging
Leslie Eaton and Ron Nixon of The New York Times used federal data to show the pace of homeowner loans in the Gulf Coast is lagging. “The Small Business Administration, which runs the federal government’s main disaster recovery program for both businesses and homeowners, has processed only a third of the 276,000 home loan applications…
Read MoreMultifamily housing hit hardest by Wilma
Brittany Wallman and Jeremy Milarsky of the South Florida Sun-Sentinel analyzed hurricane damage reports to show that in Broward County, “condos and apartments were hit the hardest, accounting for 55 percent of the buildings declared uninhabitable. Mobile homes made up 28 percent of seriously damaged structures. Houses fared the best. Only 42 were deemed uninhabitable,…
Read MoreManhattan homeowners pay lower taxes
Josh Barbanel of The New York Times used local tax and real estate data to show that “average taxes on Manhattan co-ops and condos are lower than they would be if they were taxed the way some of the most heavily taxed houses are. But it is prewar co-ops that have the greatest tax advantage.”…
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