Consumer Confidence Takes Downward Turn in November

first_img The Best Markets For Residential Property Investors 2 days ago November 28, 2014 1,421 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: Freddie Mac’s Growth Rate Hits 20-Month High Next: Income, Inventory Increases Lift October Home Sales Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Conference Board Consumer Confidence Consumer Spending GDP Conference Board Consumer Confidence Consumer Spending GDP 2014-11-28 Tory Barringer About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Related Articles Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Consumer confidence retreated this month, falling from a seven-year high on a gloomier outlook for what the future will bring.The Conference Board’s index of consumer confidence declined to 88.7 in the group’s November reading, according to a report. The drop follows a bump of more than five points in October to a post-recession high of 94.5 (revised to 94.1 in the latest measure).”Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook,” said Lynn Franco, director of economic indicators at the Conference Board.The index’s component gauging consumer expectations fell nearly seven points this month, decreasing to 87 after a spike in October.According to the Conference Board, consumers in the latest survey were less optimistic about the labor market outlook, reflected in a decline in the share of respondents expecting more jobs in the next six months and an increase of more than 2 percentage points in the share expecting fewer jobs.Americans were also slightly more pessimistic about income growth, with fewer expecting higher wages in the coming months.Meanwhile, the index’s present situation component saw a more moderate decline, falling three points to 91.3.News of the decline in the headline index came on the same day of the Commerce Department’s most recent estimate on economic growth. According to the government’s figures, gross domestic product grew through the third quarter at an annual rate of 3.9 percent, helped partly by an increase in consumer spending.Based on that, analysts for Wells Fargo’s Economics Group say the drop in confidence is nothing to worry about.”[T]his morning’s revision to third quarter GDP indicated a stronger pace of real consumer spending and October’s retail sales report indicated that spending was off to a good start in the fourth quarter,” Wells Fargo economists Mark Vitner and Michael Brown said in a note. “That is hardly the data you would expect if consumers were growing more concerned.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Consumer Confidence Takes Downward Turn in November Data Provider Black Knight to Acquire Top of Mind 2 days ago Consumer Confidence Takes Downward Turn in November The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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What Effects Do Low Rates Have on Mortgage Holders?

first_img Share Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The recent Black Knight Financial Services Mortgage Monitor for June 2016 analyzes the effect that new multi-year lows in rates are having on the population of 30-year mortgage holders who could both likely qualify for and benefit from refinancing.According to the report, a usual seasonal monthly increase was shown in the delinquency rate, consistent to that observed in five of the last six Junes. They state that even with this rise, delinquencies are down 10 percent from last year.Likewise, early stage delinquencies, 30 and 60-day, increased by approximately 50,000 from last month. In contrast 90+ and active foreclosure inventories declined yet again.Additionally, foreclosure starts rose almost 12 percent from May 2016 but despite this monthly increase, Q2 overall saw historically low levels of foreclosure starts. The report notes that just over 210,000 borrowers that entered 2016 current on their mortgage payments are now 60 or more days delinquent. This figure is 17,000 below last year but about 10 percent higher than historical standards.It was also found that nearly 60 percent of new seriously delinquent loans are coming from pre-crisis vintages meaning those from 2007 and earlier. This is despite those vintages making up 26 percent of active mortgages.The report says that over the first half of 2016, it was found that one out of every 100 borrowers in a pre-2008 vintage mortgage that were current at the beginning of the year are now 60 or more days past due. This is compared to three out of every 1,000 borrowers in a 2008 or later vintage.In addition to these findings, the total foreclosure starts have now reached what the report is calling historic norms, with Q2 2016 starts volume reaching an 11-year low. As well, over 55 percent of foreclosure starts continue to be repeats as the industry continues to work through lingering inventory from the 2008 crisis.When the report looks specifically at first time foreclosure starts, Q2 2016’s 84,300 first time foreclosure starts denote a 20 percent decrease from Q2 2015 and the lowest volume seen on record since 2000.With the second lowest quarter on record for first time foreclosure starts in Q1 of 2016, Q2 represents a 16 percent decrease from that quarter. The report states that April 2016 saw the lowest total foreclosure starts in 11 years and the lowest one-month volume of first time starts on record. July 31, 2016 1,330 Views About Author: Kendall Baer Tagged with: Black Knight Financial Services Mortgage Monitor Foreclosures Previous: The Week Ahead: Sizing Up the GSEs’ Financial State Next: U.S. Mortgage Insurers Names New Chairman Servicers Navigate the Post-Pandemic World 2 days ago Black Knight Financial Services Mortgage Monitor Foreclosures 2016-07-31 Kendall Baer Subscribe Demand Propels Home Prices Upward 2 days agocenter_img What Effects Do Low Rates Have on Mortgage Holders? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Home / Daily Dose / What Effects Do Low Rates Have on Mortgage Holders? in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articleslast_img read more

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Existing Home Sales: Owners Aren’t Budging

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Existing Home Sales: Owners Aren’t Budging Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles Previous: Counsel’s Corner: Facing Challenges in Financial Services Next: Senators Unveil Task Force to Combat Zombie Properties Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines Share Save Demand Propels Home Prices Upward 2 days ago October 26, 2017 1,461 Views The Best Markets For Residential Property Investors 2 days agocenter_img data HOUSING mortgage 2017-10-26 Dean Terrell Tagged with: data HOUSING mortgage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Existing Home Sales: Owners Aren’t Budging About Author: Dean Terrell Governmental Measures Target Expanded Access to Affordable Housing 2 days ago According to Ten-X’s Residential Real Estate Nowcast, existing home sales have dropped in October. Based on the seasonally adjusted annual rate (SAAR), between 5.2 and 5.49 million sales are expected in October with the targeted number being 5.35 million. This is down 0.8 percent compared to the National Realtors Association (NAR) reported sales in September.”The lack of available inventory is having a major impact on existing home sales, and there’s not much hope for improvement in the foreseeable future,” said Ten-X Executive Vice President Rick Sharga. “New home construction is still lagging behind demand, about one third of current homeowners don’t have enough equity to put their homes on the market, and there appears to be a psychological barrier coming into play, where homeowners aren’t willing to sell their home because they’re afraid there’s nothing for them to buy. Over time these issues will be resolved, but in the meanwhile, it’s hard to see sales numbers improving significantly.”In September, Ten-X projected total-existing home sales to be around 5.39 million when seasonally adjusted. This was later confirmed by the NAR’s release on existing home sales. This is a 0.7 percent increase compared to August, but still 1.5 percent lower compared to September 2016. In August 2017, Ten-X also predicted a sturdy gain in existing home prices, later confirmed by the NAR. The median existing-home price in September increased 4.2 percent from to $245,100. This marks the 67th consecutive month of year-over-year price gains. Ten-X predicts annual strides will continue with median existing-home prices landing between $231,897 and $256,308 with a target price point of $244,103. This is down 0.4 percent from September but up 5.1 percent from last year.”Demand for homes remains solid due to a robust labor market and low mortgage rates,” according to Ten-X Chief Economist Peter Muoio. “However, extremely low inventory of homes for sale is a major factor constraining sales and driving up prices, diminishing affordability. High student debt, relatively tight underwriting conditions, and the potential for higher interest rates could further constrain a considerable segment of home buyers.”The full report can be viewed here.      Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Rental Markets vs. Buyer Markets

first_img Previous: The Impact of Amazon’s HQ2 Next: A Universal Solution to a Universal Problem Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Rental Markets vs. Buyer Markets Beracha Hardin & Johnson Buy vs. Rent Index Florida Atlantic University Florida International University Single Family Rental 2018-03-12 Staff Writer Do real estate market conditions favor buying or renting? The Beracha, Hardin & Johnson Buy vs. Rent Index is designed to provide guidance to consumers struggling with that choice.The index, conceived by faculty from Florida International and Florida Atlantic universities, compiles data from 23 major metropolitan housing markets and the overall U.S. real estate market, but the data is not current. There is approximately a two-month delay in the availability of data needed to determine the values Those values range between -1 and 1. If the value is 0 or above, conditions support renting. If the value is less than 0, buying is preferred. The further the value is from 0 in either direction, the stronger the suggestion that buying or renting is favored in a given market.The values are reached through a comparison between a consumer who is buying a home and one who is renting a similar home. The factors in the comparisons include rent-to-price ratio, mortgage rates, the expected rate of inflation, real past stock market long-term returns, long-term rent growth and housing price appreciation, maintenance and property tax costs, and average homeowners’ duration between relocations. The objective of the index is to provide consumers with information on the health of housing markets. With this data, more informed decisions can be made.According to the index, most housing markets in the U.S. are nearing a peak in the real estate cycle. Of the 23 metropolitan areas in the index, 13 are slightly to moderately in buy territory, and 10 are slightly to moderately in rent territory. Atlanta, Chicago, and Cincinnati are among the cities in buy territory while Dallas, Denver, and Houston are in rent territory. The overall U.S. market is slightly in buy territory.Eli Beracha of Florida International University, a co-creator of the index and Editor of the Journal of Real Estate Practice and Education, said the numbers suggest prices are higher than their 40-year trend but not as much as in 2007.“Rather than a crash,” Beracha said, “I anticipate slower growth in prices accompanied by longer marketing times for sellers and increasing inventories, which should bring prices back in conjunction with their 40-year trend.” The Best Markets For Residential Property Investors 2 days ago March 12, 2018 3,836 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Beracha Hardin & Johnson Buy vs. Rent Index Florida Atlantic University Florida International University Single Family Rental Home / Daily Dose / Rental Markets vs. Buyer Markets in Daily Dose, Featured, Headlines, Journal, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Staff Writer Sign up for DS News Daily Subscribelast_img read more

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5 Cities Where Homes Are Flying Off the Market

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: FOMC Meeting: Setting the Pace for Future Rate Hikes Next: For Renters, Some States are Friendlier Than Others The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / 5 Cities Where Homes Are Flying Off the Market The Best Markets For Residential Property Investors 2 days agocenter_img in Daily Dose, Featured, Magazine, Market Studies, News Days on Market Homebuyers Homes Hot Markets HOUSING Median Values sellers 2018-03-20 Radhika Ojha Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for DS News. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer. 5 Cities Where Homes Are Flying Off the Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe About Author: Seth Wellborn Servicers Navigate the Post-Pandemic World 2 days ago Even though the story more often than not seems to point to a housing and inventory crisis, this doesn’t mean that every metro area in the U.S. is facing fast sales and low inventory. In fact, according to data from Realtor.com, there are plenty of areas that aren’t facing the same inventory problems as the rest of the country.Nationally, homes are staying on the market for lesser timeframes. The study found that the median number of days on the market hit a low of just 60 days in 2017. “[Such] info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” said Danielle Hale Chief Economist of realtor.com. “In a really hot market, you can probably sell your home without making updates. But if you make updates, your home is more competitive.”San Jose, California, and Seattle, Washington are the fastest-selling metro areas, despite the skyrocketing home prices on the West Coast. While homes stay on the market for a median of just 28.6 days in San Jose in Seattle it takes a little more time at 34.1 days. With a slightly more 38.2 median days on the market, Salt Lake City, Utah took the third place on this list followed by Denver, Colorado and Nashville Tennessee to round up the five cities with the hottest markets.On the opposite end of things, the Claremont, New Hampshire and Brownsville, Texas top the list of highest number of days on the market, with the median number of days at 129.4 and 124.9 respectively. Low-income levels and rising unemployment in these regions leave the pricier homes sitting for longer times in these areas, especially in Brownsville. Homes in Salisbury, Maryland sat on the market for around 124.9 days, followed by Rocky Mount, North Carolina with 123 median days on the market, and Pittsfield, Massachusetts where homes typically are on the market for 121.6 days. March 20, 2018 2,325 Views Tagged with: Days on Market Homebuyers Homes Hot Markets HOUSING Median Values sellerslast_img read more

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Extending Foreclosure Protections for Homeowners

first_img Demand Propels Home Prices Upward 2 days ago Previous: The Ongoing Struggle of Pending Home Sales Next: Financial Services Law Firms Navigate Modern Challenges Foreclosure Mediation Residential Mortgage Foreclosure Act Rhode Island Senate Bill 2270 2018-06-27 David Wharton in Daily Dose, Featured, Foreclosure, Government, Journal, News, Servicing Home / Daily Dose / Extending Foreclosure Protections for Homeowners The Rhode Island legislature has voted to extend the sunset provision on the state’s Residential Mortgage Foreclosure Act, which mandates “good-faith effort” mediation between lenders and homeowners facing foreclosure before that foreclosure can go forward.The Act, which was originally passed in 2013, was due to expire on July 1 due to its original sunset clause. It requires the lender and homeowner “to deal honestly and fairly with the mediation coordinator with an intent to determine whether an alternative to foreclosure is economically feasible.” The mediator must a member of a HUD-approved counseling agency and is required to serve as an “unbiased, impartial and independent coordinator” between the lender and homeowner.Rhode Island Senate Bill 2270 shifts the sunset clause of the Act back to July 1, 2023, extending it by another five years. A companion bill, House Bill 7385, would have removed the sunset clause entirely, but it stalled along the way. Senate Bill 2270 is now headed for the desk of Rhode Island Gov. Gina Raimondo. Why was there a sunset clause on the original bill in the first place? According to The Jamestown Press, optimism. The Jamestown Press reports that “The sunset clause was added because legislators hoped the economy would bounce back stronger by now. The Jamestown resolution, however, says ‘while foreclosure rates have improved since the depths of economic crisis, the percentage of Rhode Islanders facing foreclosure today is still four times higher than pre-crisis rates.’”The AP reports that nearly 1,000 homeowners have sought mediation since 2013. Furthermore, Rhode Island Housing—the organization that administers the state program—more than 70 percent of the homeowners who have participated in the mediation program have come to terms with the lenders and were able to remain in their homes.According to The Jamestown Press, “Before the law took effect, Rhode Island had one of the least restrictive foreclosure procedures in the country. Lenders merely were required to provide notice to the homeowner of their intent to initiate foreclosure. They also had to post public notice of the foreclosure in a newspaper. There was no required court involvement and no requirement that lenders meet with borrowers to explore alternatives to foreclosure.”The housing crisis a decade ago saw nearly 10,000 Rhode Island homes go into foreclosure. Had the Residential Mortgage Foreclosure Act been allowed to expire, Rhode Island would have once again joined the handful of states that do not require a judicial or mediation process prior to foreclosure. In written testimony to the state’s Senate Judiciary Committee, Rhode Island attorney Michael Zabin put it succinctly, saying that if the mediation requirement had been allowed to lapse, “we would be back to the wild, wild West that existed before the statue.” Demand Propels Home Prices Upward 2 days ago Extending Foreclosure Protections for Homeowners June 27, 2018 2,973 Views Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: Foreclosure Mediation Residential Mortgage Foreclosure Act Rhode Island Senate Bill 2270center_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Sign up for DS News Daily Subscribelast_img read more

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Need of the Hour: Uniformity in Servicing Data

first_img in Daily Dose, Featured, Market Studies, News, Servicing Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Need of the Hour: Uniformity in Servicing Data Tagged with: Compliance Data Standardization Mortgage Loan Servicing Mortgage Servicing Collaborative mortgage servicing rights Servicing Urban Institute About Author: Krista Franks Brock Previous: Fannie Mae’s “Action Plan” to Help Homeowners Next: Will Coastal Homes Go Underwater by 2100? November 15, 2018 1,110 Views Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Savecenter_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Need of the Hour: Uniformity in Servicing Data Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Compliance Data Standardization Mortgage Loan Servicing Mortgage Servicing Collaborative mortgage servicing rights Servicing Urban Institute 2018-11-15 Krista Franks Brock Uniform data standards for the mortgage servicing industry could lead to reduced servicing costs, better customer service, reduced compliance burden, and widespread innovation and automation in the industry. So claims the Mortgage Servicing Collaborative (MCS), a group of industry stakeholders brought together by the Urban Institute’s Housing Finance Policy Center in their report, The Case for Uniform Mortgage Servicing Standards.Also, according to MCS, there’s no time like the present for diving into this lofty goal.“Because most of the post-crisis regulatory overhaul is behind us, because delinquencies are low, and because the industry is no longer operating in turmoil, we believe now is the right time to implement uniform servicing data standards,” the MCS stated in its report.The MCS laid out four main benefits of uniform servicing data standards. The first is “improved servicing transfer and subservicing processes.” When mortgage servicing rights are sold or when a subservicer takes on a portfolio of loans, a large amount of data must be transferred from one firm to another.With almost 18 percent of GSE-backed, fixed-rate, full-documentation, fully amortizing loans having their servicing transferred as of 2016 and with subservicers handling 21 percent of the total outstanding unpaid principal balance in the single-family loan sector, the industry has a major incentive to ensure this data is transferred without error and as efficiently as possible.“Standards can help minimize data inconsistencies and the expenses needed to mitigate them,” the MCS said.The second benefit the MCS outlined is “greater innovation, automation, and lower costs.” Following data standardization in the mortgage loan origination sector, technological innovations “have revolutionized the way financial transactions are conducted.”While the MCS said, “it is hard to foresee the specific advancements that would take place if servicing data were standardized,” the group asserts, “high-quality data are clearly a prerequisite.”Third, the MCS claimed data standards would result in “better, more accurate pricing for MSRs” because data transfers would be straightforward and free from errors.Lastly, the MCS suggested standardized data can bring “more efficient regulatory reporting.” Mortgage servicers currently report to various different agencies on different timelines and with differing data requirements. With increased demands following the financial crisis, “servicers have doubled or tripled their compliance staff, increasing costs,” the MCS reported. “Standardization could reduce the need for such checks, as more reporting could be automated.”The MCS admitted that “adoption of data standards will cost a lot in the short term” but asserted that “the likely payoff is far greater today than at any time in the past.” The group also suggested the large undertaking could be broken up into segments to make it easier to achieve. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Ginnie Mae’s Michael Bright Steps Down

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The U.S. Department of Housing and Urban Development (HUD) and the Government National Mortgage Association (Ginnie Mae) announced that Michael Bright, EVP and COO at Ginnie Mae will be stepping down on January 16 and has requested that his nomination for President of the agency be withdrawn to pursue a new opportunity in the private sector.In his resignation letter to HUD Secretary Ben Carson, Bright said that he would institute an orderly transition process, including handing over delegated authority for policy decisions immediately.”The opportunity to serve the country and our economy in this capacity has been a tremendous honor… I am incredibly proud of what we have accomplished since early 2017,” Bright said. “As you are aware, over the past two years, Ginnie Mae’s total outstanding portfolio crossed the $2 trillion mark, and last year we served 1.9 million American families as they purchased or refinanced a home. This would not have taken place without the dedication and leadership of the Ginnie Mae staff, who are some of the most knowledgeable and mission-focused professionals I have ever worked with.”Maren Kasper, current EVP of Ginnie Mae, will serve as the Acting President upon Bright’s departure. Kasper joined Ginnie Mae in June 2017.“I want to thank Michael for his many contributions to Ginnie Mae over the last two years,” said Secretary Carson. “He has assembled a first-rate team and successfully managed and expanded a portfolio that enables millions of Americans to become homeowners each year. We wish him the best in his future.”Nominated to head Ginnie Mae in May, Bright had said that he intended to continue Ginnie Mae’s ongoing work to strengthen and modernize the agency as well as ensuring that the security of the FHA, VA, and USDA loans it oversees to ensure better security price and lower rates for borrowers of these loans.“Between the work we have done administratively at Ginnie as well as the language recently passed into law, we have taken a major step towards rooting out behavior that was threatening the very viability of the Ginnie security, and thereby threatening the viability of the VA, USDA, and FHA programs we support,” Bright had said during his confirmation hearing in the Senate Banking Committee. “We will not tolerate this behavior, and we now know that Congress stands with us. Collectively, our efforts are working. We can already see that in the form of a better security price, which directly translates into lower rates for FHA, VA, and USDA borrowers.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Ben Carson Ginnie Mae HUD Michael Bright 2019-01-09 Radhika Ojha Related Articles January 9, 2019 2,026 Views Share Save Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Previous: Why Is the Manhattan Housing Market Slowing Down? Next: Former Ginnie Mae COO’s New Role The Best Markets For Residential Property Investors 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. About Author: Radhika Ojhacenter_img Tagged with: Ben Carson Ginnie Mae HUD Michael Bright Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Ginnie Mae’s Michael Bright Steps Down Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Ginnie Mae’s Michael Bright Steps Down Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

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What Amazon’s NY Farewell Means for the Housing Market

first_img Demand Propels Home Prices Upward 2 days ago Share Save What Amazon’s NY Farewell Means for the Housing Market Related Articles Subscribe In a surprise move, Amazon announced Thursday morning that they are withdrawing from their plans to build their “HQ2″ headquarters in Long Island City, Queens, New York. The company stated that “for Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term.” Speaking of the impact of this decision on the housing market in New York, Danielle Hale, Chief Economist at Realtor.com said, “Housing prices in Queens have not seen the increases that Arlington County, Virginia, has experienced since Amazon announced its decision to split its second headquarters between the two areas in November.” The median asking price in Queens is up by 8.3 percent year over year at $585,000 but relatively flat since November. This compares to $757,000 in Arlington County, which is up 13.4 percent year over year, and 18.2 percent, or $117,000, since November. “Half of all homes in Queens are selling in under 82 days. The typical home for sale in the more affordable neighboring borough of the Bronx is priced at $403,000, up 15.0 percent year over year. In contrast, the typical home for sale in pricier neighboring borough Brooklyn (Kings County) is priced at $849,000, down 2.8 percent year over year. The discrepancy in price growth is likely due to the higher housing costs and relatively more supply in the New York metro area, along with burdensome state taxes.”While polls revealed that 70 percent of New Yorkers supported their plans and investment, a number of state and local politicians were opposed to Amazon establishing a presence in Long Island City. “Some Queens residents have pushed back on the entry of Amazon, citing higher housing costs, among other concerns. Currently, the median income in Queens is $67,700. A household at this income level can reasonably afford less than 12 percent of the homes currently on the market in Queens,” Hale said. Analyzing the affordability issue in Queens and Arlington markets, she indicated that in order to afford half of the homes on the market, a buyer would have to be earning in the 85th percentile of all Queens households—reflective of the fact that 85 percent of Queens households currently cannot reasonably afford to buy a home there and helps explain the area’s lower than average homeownership rate. Realtor.com’s 2019 forecast (prior to HQ2 announcement) projected the New York metro area to grow by 3.0 percent. Based on housing data around previous Amazon expansions, the rate of price growth was expected to double, putting housing further out of reach for locals. According to a PropertyShark report released in November 2018, there was a noticeable spike in listing views traffic post the announcement of the retail giant’s move to LIC and Arlington. Views on Long Island City listings page increased by 198 percent in November 2018, almost triple the views after the announcement. On account of easy access to “Amazon Island City” and a heightened increase in homes in surrounding areas, the property prices were expected to accelerate in LIC. Long before Amazon’s descent on LIC, the neighborhood experienced a surge in interest as well as home prices, with a median home price saw an increase of 35 percent in the last five years. While there is no talk of HQ2 search at this time, Amazon will proceed as planned in Northern Virginia and Nashville and will focus on hiring and growth across its 17 corporate offices and tech hubs in the U.S. and Canada. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph Home / Daily Dose / What Amazon’s NY Farewell Means for the Housing Market February 14, 2019 4,765 Views Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Journal Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The 20 Hottest Housing Markets Next: Calabria: “FHFA Is Absolutely Necessary” Sign up for DS News Daily amazon HQ2 2019-02-14 Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: amazon HQ2  Print This Postlast_img read more

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Mortgage Delinquency by State

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured November 14, 2019 2,877 Views Share Save Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Southern states are some of the most delinquent states in the country, according to data from LendingTree. LendingTree’s study of states with the highest rates of delinquency (90 days or more) shows that Southern states, including Mississippi, Louisiana, Texas, and Georgia all hold the highest percentage of adults who are delinquent on a variety of loans, however, when accounting for mortgage debt alone, these rankings shift.When it comes to homeowners delinquent on mortgages, the highest volumes are in the North, not the South. Maryland has the highest percentage of delinquent mortgage holders in the country, at 2.1% of the state, closely followed by Maine at 2.0%. Tied for third place is New Jersey and Connecticut, where 1.9% of homeowners are delinquent on their mortgage.North Dakota, meanwhile, holds the smallest percentages of delinquent borrowers at 0.7%, followed by a 4-way tie for second place with California, Colorado, Alaska, and South Dakota, all at 0.8%.Overall, the national share of mortgages that were in some stage of delinquency was 4% in June 2019—a 0.3 percentage point decline, compared to last year’s 4.3%, according to recent data from CoreLogic.The share of mortgages that are delinquent more than 90 days fell from 1.2% to 0.9%, and the percentage of mortgages that were more than 120 days delinquent dropped to 1% from 1.4% in June 2018.“A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, Chief Economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”1Mortgages delinquent between 30 and 59 days rose marginally from 2% last year to 2.1% in 2019.Of the metros studied, the New York-Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. The metro also had the highest overall foreclosure rate at 1.3%.The next highest was Miami-Fort Lauderdale-West Palm Beach, Florida, at 2%. Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Delinquency The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn Delinquency 2019-11-14 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Previous: Federal Judge Weighs in on CFPB’s Ocwen Suit Next: From Key Executive Changes to New Tech Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Mortgage Delinquency by State Mortgage Delinquency by State Sign up for DS News Daily Subscribelast_img read more

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