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» VISIT US ONLINE @ DSNEWS.COM 47 MULTIFAMILY CONSTRUCTION FUELS HOUSING STARTS A surge in multifamily construction brought April housing starts above a pace of 1 million for the first time this year, but single-family activity is still hobbling. According to the Commerce Department and HUD, privately owned housing starts in April were at an estimated seasonally adjusted annual rate of 1.07 million, representing a 13.2 percent jump from March's barely revised pace of 947,000. Unfortunately for the supply-constrained single-family market, most of that spike came in apartment buildings, which were started at a rate of 413,000—a leap up from March. Paul Diggle, property economist for macroeconomic research company Capital Economics, commented, "[T]he rise in multifamily homebuilding is part of a genuine long-term upward trend which reflects the rising share of the population renting, where multifamily accommodation dominates." Meanwhile, single-family groundbreaking was up a modest 0.8 percent over March, increasing to a rate of 649,000. Furthermore, while permit issuance for new homebuilding was up 8 percent overall, single-family authorizations edged up only 0.3 percent, which—along with a 2.4 percent decline in single-family completions— suggests "housing data may struggle for a few more months," said Mark Vitner and Anika Khan, senior economists for Wells Fargo's Economics Group. "Fewer completions mean completed inventories will remain low, which will continue to restrain new home sales," the economists said in a data response. "Moreover, with single-family permits running well below starts, housing starts may give back some of their recent gain." e release followed data from the National Association of Home Builders (NAHB), which showed builder sentiment for the single-family market dipping further amid weak sales reports. "e flat single-family data confirm our latest surveys, which show that single-family builders remain concerned that tight credit availability and uncertain economic conditions are keeping potential buyers on the sidelines," said NAHB chair Kevin Kelly. However, added David Crowe, NAHB's chief economist, "e growth in multifamily production is a very positive development as it shows an expected increase in household formations from young people renting apartments and taking the first step into the housing market. ese young households will form the demand for ownership in the future." FROM THE BENCH STANDING, DECLARATORY RELIEF AND LOST ASSIGNMENTS- OVERCOMING PROCEDURAL HURDLES Ohio foreclosure law underwent a shift in the initial evidentiary requirements over the previous decade, starting with the landmark federal court decision in Deutsche Bank Nat'l Trust Co. v. Steele1, to the current Ohio Supreme Court's Fed. Home Loan Mtge. Corp. v. Schwartzwald decision2 and its recent appellate court interpretations. e first said, in short, that the Plaintiff must demonstrate it is the real party in interest at the time of the filing of its complaint. e result was the instantaneous dismissal of hundreds of cases (and the quiet death of filing in federal court). is decision carved—but more like poured—its way into the Ohio State Courts, with the Ohio Supreme Court finally putting its stamp on the proposition that standing is jurisdictional in Schwartzwald. e evolution of these cases and those in between has caused foreclosure counsel to become exceedingly diligent in establishing standing prior to the filing of any action. Plaintiff 's counsel now ensures it has (1) a recorded copy of an assignment of the mortgage to the named plaintiff and (2) either a blank or specifically endorsed note before filing its case. While some courts may require more, most will adhere to the standards of ORC 1303.31 in regard to the note. However, there are times when executing and/or acquiring the assignment of mortgage is not possible due to it being lost, destroyed and/or the assignee of record being non-existent. e Ohio Revised Code provides a special remedy for pleading when the relief sought is outside the parameters of a normal pleading, specifically at Chapter 27213, Declaratory Judgments. A plaintiff can request that the Court declare it to be the property party in interest while naming and estopping the previous parties in interest. Again, this is particularly convenient when the assignment is unobtainable and one has exhausted their options. To bolster one's standing claim, ensure possession of the original note to assert the plaintiff 's status at the time of filing. Finally, in an effort to provide clarity to the chain of title, and to put future parties on notice of the plaintiff 's interest, an affidavit relating to title4 setting forth said interest can be recorded at the appropriate county recorder's office. e affidavit should set forth the applicable facts concerning the chain of title, the originating mortgage recording information, and adequately describe the subject property. Districts are quick to dismiss matters without proper documentation. e ability to at least get a hearing on the matter, and ultimately provide a marketable title, is paramount. 1 In re foreclosure Cases 2007 WL 3232430 (N.D. Ohio, Oct 31, 2007), 2 Fed. Home Loan Mtge. Corp v. Schwartzwald, 134 Ohio St.3d 13, 2012. 3 See ORC 2721.02 and ORC 2721.12.4 Ohio Revised Code 5301.252 The percentage of Americans ages 18- 34 who said they would be likely or very likely to bank with companies like Google, Apple, Walmart, T-Mobile, or the U.S. Postal Service if offered the chance. Source: Accenture STAT INSIGHT 72%

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