The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.
If required, the bailout would be the first in the federal agency’s 79-year history. The FHA has been hard-hit by defaults from housing bubble-era loans made from 2005 through 2008, with future losses estimated at $70 billion for loans made in 2007, 2008 and 2009 alone.
Real estate agents and brokers are missing out on a potentially lucrative business opportunity to serve consumers interested in rentals, according to study conducted by residential real estate consulting firm WAV Group Inc.
The study, conducted on behalf of the Houston Association of Realtors, surveyed 1,196 respondents online between Sept. 26, 2012 and Oct. 30, 2012. The vast majority of respondents, 82 percent, said they were currently renting or leasing, and the remainder said they were looking to rent or lease. All were located in the Houston metro area.