Thursday, July 14, 2011

Housing News Digest, July 14

Moody’s Places U.S. on Review for Downgrade As Debt Talks Stall
Moody’s Investors Service put the U.S. under review for a credit rating downgrade as talks to raise the government’s $14.3 trillion debt limit stall, adding to concern that political gridlock will lead to a default.

S&P; warns lawmakers on debt limit downgrade: aide
WASHINGTON (Reuters) - Standard & Poor's has warned lawmakers privately that it would downgrade the country's debt if the Treasury Department is forced to prioritize payments because Congress does not raise the debt limit, a congressional aide said on Thursday.

Homebuilder Taylor Morrison sale for $955M closes
A group of private equity firms said Wednesday that it has completed its acquisition of U.S. homebuilder Taylor Morrison from Britain's Taylor Wimpey PLC for $955 million.

Deadline for homeowners assistance approaches
Homeowners at risk of foreclosure have until July 22 to submit applications for interest-free loans under the Department of Housing and Urban Development's Emergency Homeowners' Program.

The program is designed to provide mortgage relief to eligible homeowners experiencing a decrease in income of at least 15 percent directly resulting from involuntary unemployment or underemployment due to the economy or a medical emergency.

Local layoffs prolong slow recovery
Lockheed Martin Space Systems is asking for volunteers to resign or take early retirement. This will certainly affect the housing and job market significantly in Douglas and Jefferson counties. The first announcement indicated 800-1,500 employees mostly from Colorado and California would be impacted. With many employees concentrated at the Waterton Canyon campus, those leaving either voluntarily or forced from Lockheed’s Colorado workforce will certainly increase South Denver’s unemployment rate.