Month: May 2021

  • Fed Holds Steady on Interest Rates

    first_img About Author: Phil Banker Despite rising “consumer sentiment” and confidence in the markets, the Federal Reserve announced no new interest rate hikes at the Wednesday meeting of the Federal Open Market Committee (FOMC).The FOMC kept the current benchmark overnight lending rate target at a range of 0.5 percent to 0.75 percent. The Fed raised the target a quarter of a point in December 2016, only the second hike in the past 10 years.Per a statement released on the Fed’s website, the Committee attributed the steady interest rates to a generally improving economy.“Information received since the FOMC met in December indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace,” the Committee said. “Job gains remained solid and the unemployment rate stayed near its recent low. Household spending has continued to rise moderately while business fixed investment has remained soft. Measures of consumer and business sentiment have improved of late.”Federal Reserve Chair Janet Yellen said recently that as the economy nears full employment, the Fed mustn’t be too slow with rate hikes.”Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road – either too much inflation, financial instability, or both,” Yellen said in remarks prepared for delivery to the Commonwealth Club of California in San Francisco. “”In that scenario, we could be forced to raise interest rates rapidly, which in turn could push the economy into a new recession,” she said.The Fed went on to say they plan on supporting the growing job market.“The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation,” they said.The Fed indicated in December 2016, following the aforementioned rate hike, that three additional hikes are on the way this year.Danielle Hale, Managing Director of Housing Research with the National Association of Realtors, said today’s announcement was in line with their expectations.“We weren’t anticipating a change of rates today, but we anticipate they’ll be raising funds in the future,” Hale said. “We think mortgage rates will continue to move up gradually with that policy of normalization.” Fed Holds Steady on Interest Rates Related Articles The Best Markets For Residential Property Investors 2 days ago  Print This Post Tagged with: Fed Federal Reserve The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: McCalla Raymer Pierce and Hunt Leibert Jacobson Announce Merger Next: Blackstone’s Bet Pays Off With Invitation Homes IPO Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img February 1, 2017 1,070 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Fed Federal Reserve 2017-02-01 Phil Banker in Daily Dose, Featured, Government, Headlines, News Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fed Holds Steady on Interest Rates Demand Propels Home Prices Upward 2 days agolast_img read more

  • CFPB Head Discusses Dodd-Frank

    first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Consumer Financial Protection Bureau recognizes the burden of regulatory compliance placed on today’s financial organizations and is actively working to alleviate that weight, CFPB Director Richard Cordray conveyed during remarks at the Chamber of Commerce 11th Annual Capital Markets Summit in Washington, D.C., on Thursday.In his speech, Cordray touched on Dodd-Frank, the Bureau’s role in the financial marketplace, and its efforts to improve and adapt regulations based on industry comment and need.“Despite our best efforts, we recognize that the outcome of any human process will be imperfect,” Cordray said. “We learn from the comments we receive and our final rules are helpfully informed by that input on a consistent basis. But even after we issue a final rule, if the data shows over time that any of our substantive calls need to be reconsidered, we can and will face the issue frankly and address it. We will not let pride of authorship interfere with the serious task of policymaking in the interests of consumers and the American public.”It’s this approach, Cordray said, that the CFPB took in issuing its first rule regarding Dodd-Frank, which it accepted comment on and then, subsequently, revised the rule based on that feedback.“We have also taken and continue to take the same approach to our mortgage rules,” Cordray said. “Through rulemaking, we showed our willingness to repeal and replace provisions that were not working as expected, such as the definition of ‘rural and underserved,’ which we expanded not once but twice. We made these adjustments with one aim in mind: to ensure the effectiveness of our rules by making compliance easier.”According to Cordray, providing clarity in situations like this “reduces burden, increased competition, and produces a better market for consumers.”As mandated by Congress, the CFPB must review any significant rules made after five years have passed. The Bureau will start by reviewing its Dodd-Frank rule on remittances, followed by the mortgage rules.“This process will tell us more about the effectiveness of the rules and yield other insights,” Cordray said. “One thing we have learned is that whenever you try to ‘improve’ things, you create new transitional challenges as industry finds itself facing a moving target for compliance management. So we will try to be sensitive to the need for further changes.”Addressing ambiguities and conflicts in other laws is on the agenda too, since many federal consumer financial laws were created in the ‘60s and ‘70s, Cordray said,“Since that time, not only has technology drastically changed many industries, but certain market practices have evolved as well,” he said. “So often we find that there is substantial demand for clarity and modernization from both industry and consumer advocates alike.”Ultimately, Cordray said, the goal is to streamline and provide ease of use to the financial services industry.“These methods can help us achieve what I believe is a shared vision: a highly competitive economy that works for Americans in both the short run and the long run.”Cordray also mentioned that the Bureau is currently looking at payday loans and the debt collection market as part of its efforts to protect consumers. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Is Rise in Forbearance Volume Cause for Concern? 2 days ago Home / Featured / CFPB Head Discusses Dodd-Frank March 30, 2017 1,430 Views CFPB Head Discusses Dodd-Frank Previous: The Nation’s Hottest Markets Next: Fannie Mae Sees Decreases in Monthly Summary Subscribe Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB Dodd-Frank Regualtion Richard Cordray The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post CFPB Dodd-Frank Regualtion Richard Cordray 2017-03-30 Rachel Williams Share Save About Author: Aly J. Yale in Featured Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

  • FHA Loans Could Lead to Portfolio Growth for Servicers

    first_img Demand Propels Home Prices Upward 2 days ago Previous: Mr. Cooper Supporting Customers Affected by Harvey and Irma Next: Veros Introduces UCD-compliant Solution Tagged with: default FHA VA  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Altisource recently released its inaugural Default Servicing Survey, which pooled over 200 servicing professionals from June 22 to June 29 in order to gather its data. According to the results, 71 percent of servicers believed that FHA and VA loans would increase in the next 12 to 24 months, which according to Min Alexander, SVP, Real Estate Services at Altisource, “is quite dramatic.” Further, 41 percent thought that FHA loans would account for a majority of the additions to their portfolio.The report notes that the U.S. Department of Housing and Urban Development’s data shows that while only 17 percent of newly originated mortgages in 2016 were through the FHA, those loans comprise 35 percent of all loans delinquent for 30-plus days.”What we’re finding is these professionals that we surveyed were all selected because they are part of the default servicing space,” she said, “And for us and FHA, most of us in our industry have been predicting this after the 2008 crisis, our foreclosure rates are now back to pre-crisis levels. That being said, because real estate is so cyclical, everyone has been waiting. And because the industry is changing, are we to expect a downturn in the next five years? When would something like that come about?”Costs from FHA conveyance fees are a concern for servicers, so much so that 29 percent of the survey pool said the greatest challenge in dealing with Claims Without Conveyance of Title. In response, servicers are evaluating their third-party vendors to make sure that they possess the proper knowledge to comply with the program—97 percent of servicers that participated in the survey said they are considering a single-vendor approach to streamline the increasingly complicated process.“As the housing market continues its recovery and demand continues to outstrip supply, vendors’ CWCOT programs have a key role to play in helping servicers move housing inventory quickly back to the market,” said Alexander. “However, distressed properties require servicers to effectively manage multiple processes, with CWCOT as one part of a multilayered disposition strategy. Managing various third-party vendors only adds to the complexity and information asymmetry through the property lifecycle. It comes as little surprise that servicers are often choosing a single-vendor approach for comprehensive solutions to streamline their processes for higher quality and consistency of outcomes.”Altisource’s full report can be found here. September 20, 2017 2,293 Views Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Sign up for DS News Daily default FHA VA 2017-09-20 Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Loss Mitigation, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Joey Pizzolato Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FHA Loans Could Lead to Portfolio Growth for Servicers 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 Home / Daily Dose / FHA Loans Could Lead to Portfolio Growth for Servicerslast_img read more

  • Ginnie Mae and Other Mortgage Leaders React to Government Shutdown

    first_imgHome / Featured / Ginnie Mae and Other Mortgage Leaders React to Government Shutdown Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Featured, Government, News Sign up for DS News Daily Applications bankers Borrowers Federal Budget FHA Ginnie Mae Government HOUSING industry Lenders loans mortgage Shutdown VA 2018-01-21 Rachel Williams The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Applications bankers Borrowers Federal Budget FHA Ginnie Mae Government HOUSING industry Lenders loans mortgage Shutdown VA Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Related Articles As day three of the government shutdown begins, the concern about its impact on mortgage lending grows.As previously reported, if the government doesn’t find a resolution quickly, the shutdown is likely to affect the industry in three major ways: FHA and VA mortgage loan originations could be impacted due to government workers not being in office; loan applications will be held up if lenders can’t obtain verification of social security numbers; and mortgage firms won’t be able to process loans if the IRS is not available to verify borrowers’ tax returns, effectively creating a backlog when the government eventually re-opens.”It’s going to take a little longer to get those loans funded,” Kelly Decker with First United Bank Mortgage told NBC, referencing lenders not being able to obtain IRS data due to the shutdown. “[If the homebuyer] had planned on moving trucks showing up on the last day of the month, it might mean they have to wait maybe another three, four, five days, depending on how long the shutdown takes,” Decker said.As companies brace themselves for what a prolonged shutdown could mean, Ginnie Mae announced on Sunday that its operations will continue despite the shutdown. In a press statement the Ginnie Mae insured investors that:During a lapse in government funding, Ginnie Mae will reduce staffing to essential personnel levels. Importantly, Ginnie Mae will continue to remit timely payment of principal and interest to investors. There will also be no disruption of essential functions like the granting of commitment authority and support for continued issuance of Ginnie Mae-guaranteed Mortgage Backed Securities (MBS) and REMICs.Many are looking to the 2013 shutdown for guidance. But the fundamental changes to the industry in the past five years may mean we are in unknown territory. To learn the full impacts of a prolonged shutdown, the 2013 shutdown, which lasted 16 days, can be a guide, however other changes in the market will impact the total cost of the current shutdown.“In the past decade, government involvement in the housing industry has precipitously increased, hastening an even greater dependence on the federal institutions that would be affected by a potential government shutdown,” said Five Star Institute President and CEO Ed Delgado. “I call on all congressional stakeholders to stop using the needs of American homeowners as leverage for achieving their policy goals.”The Senate is scheduled to vote at noon today on a resolution that if passed would extend the budget until February 8. Servicers Navigate the Post-Pandemic World 2 days ago January 21, 2018 1,712 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Ginnie Mae and Other Mortgage Leaders React to Government Shutdown Previous: Ellie Mae Passes New Milestone Next: Ellie Mae Partners with COCC for Digital Mortgage Solutions Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

  • The Industry Pulse: Updates on Black Knight, Ginnie Mae, and More …

    first_imgHome / Daily Dose / The Industry Pulse: Updates on Black Knight, Ginnie Mae, and More … Related Articles  Print This Post March 22, 2018 3,864 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago App Black Knight Caliber Home Loans Fannie Mae Ginnie Mae Homes HouseCanary LenderLive Loan mortgage MPF Technology 2018-03-22 Radhika Ojha 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. From new appointments to new milestones, get the latest information on the industry in this weekly update.Florida-based Black Knight, Inc. announced that Fannie Mae has signed an agreement to continue its use of the Default Management Reporting System (DMRS). Developed by Fannie Mae and Black Knight, DMRS provides an online tool where servicers and the attorney firms they work with can report foreclosure and bankruptcy milestone events that occur on Fannie Mae loans. The tool is designed to make processes more efficient through the standardization of industry terminology, data transparency, and a reduction in investor data requests. The DMRS technology aggregates and links servicer and attorney data then evaluates it to identify process and timeline discrepancies. Servicers and attorneys are notified of any discrepancies, so they can take appropriate corrective action. This centralized data-reporting tool is used throughout the bankruptcy and foreclosure process and offers an easy-to-use interface for data submission and monitoring.________________________________________________________________________________________The MPF Program recently surpassed $1 billion in mortgage-backed securities (MBS) issued. The MPF Government MBS product was the result of a partnership forged by the Federal Home Loan Bank of Chicago and Ginnie Mae to issue securities guaranteed by Ginnie Mae and backed by mortgages originated by FHLB member financial institutions. The product provides mortgage lenders, particularly smaller institutions, direct access to the secondary mortgage market, and more options when creating mortgage products for their home-buying customers. The MPF Government MBS product was initially made available only to eligible participating members of the Federal Home Loan Bank of Chicago and has now expanded to six Federal Home Loan Banks that can now offer the MPF Government MBS product to their members.___________________________________________________________________________________________Coppell, Texas-headquartered Caliber Home Loans, Inc. (Caliber), has announced the launch of a new mobile platform. Featuring three mobile phone apps customized for three user groups–borrowers, the Caliber sales force, and their business associates–all users receive real-time information and the ability to respond from virtually anywhere. Caliber processes data from all three apps on the back end, which enables efficient and effective communication across the loan process. “We customized each of these new mobile apps to provide user-friendly access to all touchpoints in the mortgage system,” said Sanjiv Das, CEO, Caliber. “This greatly increases the efficiency of the process and will help us close loans even faster. We’re well-aware that today’s consumers prefer to manage their finances via cell phone whenever possible.”__________________________________________________________________________________________A federal jury in Texas has awarded HouseCanary, a provider of real estate valuation and assessment tools, $706.2 million in its breach of contract and trade secret misappropriation case with Title Source, an affiliate of Quicken Loans, now known as AMROCK, Inc. Trial litigation firm Susman Godfrey secured the jury verdict for HouseCanary in the misappropriation of trade secret and breach of contract case related to HouseCanary’s technology for valuation, appraisal, and real estate analytics. At the conclusion of the six-week trial, a 12-person jury found unanimously in favor of HouseCanary, on counterclaims in this high-stakes legal battle._________________________________________________________________________________________LenderLive Holdings Inc., a mortgage services provider based in Denver, has announced that Ian Morgan has been promoted to Chief Information Security Officer (CISO). In this role, Morgan will be responsible for the confidentiality, integrity, and availability of the company’s information assets, partnering with LenderLive’s business lines to strengthen existing security controls, setting the strategic direction of information security at LenderLive and adhering to regulatory requirements. He will report to Lorie Helms, Chief Information Officer (CIO). Morgan joined LenderLive in September 2010. Throughout his career with LenderLive, he has held positions of increasing management responsibility within the organization. Most recently, Mr. Morgan served as vice president, Technology Solutions, where he guided the build-out of the company’s workflow system, strengthened the company’s eSign, eMortgage, and document imaging platforms, and strove to secure business systems by meeting comprehensive audit requirements. The Best Markets For Residential Property Investors 2 days ago Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Industry Pulse: Updates on Black Knight, Ginnie Mae, and More … Sign up for DS News Daily Tagged with: App Black Knight Caliber Home Loans Fannie Mae Ginnie Mae Homes HouseCanary LenderLive Loan mortgage MPF Technology Previous: Starter Homes Feel the Market Pressure Next: Housing Markets Suffer as Young Adults Delay Household Formation Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

  • The Two Factors Impeding Home Affordability

    first_img Related Articles April 23, 2018 1,746 Views Servicers Navigate the Post-Pandemic World 2 days ago Home prices increased 2.9 percent in February 2018 according to the latest data from First American’s Real Home Price Index (RHPI) that was released on Monday. The data revealed that homes became 5.1 percent more expensive compared to the same period last year, even as consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 2.6 percent in February. The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time and across the U.S. at the national, state, and metropolitan area level. Because the RHPI adjusts for house-buying power, it is also a measure of housing affordability.The report revealed that two powerful factors affected affordability in February—the shortage of housing supply and rising mortgage rates—even as homeowners gained equity and the economy remained strong.“Two dynamics are restricting housing supply this spring, namely an increasing number of homeowners are rate-locked, and the prisoner’s dilemma facing homeowners. The supply squeeze is already impacting the market,” said Mark Fleming, Chief Economist at First American. “Existing-home sales, which account for roughly 90 percent of U.S. home sales, declined 1.3 percent in February compared with a year ago. The market is underperforming its potential by an estimated 300,000 seasonally adjusted annualized rate of sales.” The report indicated that while the conditions that were driving the supply squeeze and the rise in home prices were likely to continue throughout the year, the bright spots remained the increasing demand for homeownership among millennials as well as builder confidence that was demonstrated by the number of homes under construction reaching their highest point in over a decade in February.Regionally, Nevada showed the greatest year-over-year increase in RHPI, followed by New York, Kentucky, New Hampshire, and Missouri. Washington, D.C. led the States showing the greatest year-over-year decrease in RHPI, followed by Maryland, New Jersey, Vermont, and Arkansas. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability First American Home Home Prices Homeowners HOUSING Millennials real home price index rhpi Supply Affordability First American Home Home Prices Homeowners HOUSING Millennials real home price index rhpi Supply 2018-04-23 Radhika Ojha 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. in Daily Dose, Featured, Market Studies, News Home / Daily Dose / The Two Factors Impeding Home Affordabilitycenter_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Two Factors Impeding Home Affordability Previous: Freddie Mac Forecasts Housing Conditions Through 2019 Next: Counsel’s Corner: Navigating the Regulatory Landscape Share Save Sign up for DS News Daily  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

  • Rent and Affordability

    first_img About Author: Seth Welborn Rent and Affordability Servicers Navigate the Post-Pandemic World 2 days ago Affordability Prices Renters 2019-04-16 Seth Welborn April 16, 2019 1,286 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordability Prices Renters Home / Daily Dose / Rent and Affordability Data Provider Black Knight to Acquire Top of Mind 2 days ago Rents increased 2.9 percent year over year in February 2019, according to CoreLogic’s Single-Family Rental Index. CoreLogic states that Single-family rents climbed steadily starting in 2010, and annual rent increases have stabilized, fluctuating between 2.7 and 3.1 percent for the past 12 months.Rental affordability has continued to be a problem across the country, due in part to inventory issues. According to Freddie Mac, the largest metro areas are the most rent-burdened.“Rental affordability is a significant challenge for metropolitan areas across the United States,” said Steve Guggenmos, VP of Freddie Mac Multifamily Research and Modeling. “The vast majority of the units Freddie Mac finances are affordable. Even so, our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.”CoreLogic notes that rent has been rising for lower-priced homes more than higher-priced homes, creating an extra barrier to homeownership for many renters. Rents on lower-priced rental homes increased 3.7 percent year over year and rents for higher-priced homes, defined as properties with rents more than 125 percent of the regional median rent, increased 2.4 percent year over year. According to Freddie Mac, lower income households are most burdened by the rising cost of lower-priced rentals.“What tends to be lost in the analysis is the impact of high rents on tenants who earn well below the median renter income. Firefighters, police officers, teachers, and other members of a city’s vital workforce earn only modestly more than their suburban or rural counterparts. As a result, they often struggle to afford housing in the communities in which they serve,” Guggenmos said.Miami tops Freddie Mac’s list of metroes facing unaffordable rents, followed by West Coast cities San Diego and Los Angeles. Miami, in particular, is impacted by its lower-than-average median income for potential renters, as rents are significantly higher than in other Florida cities.For renters looking to escape high rent costs and move on to homeownership, now may the the best time. Entry level home prices are growing at their slowest pace since mid-2016, and inventory is showing consistent positive growth, as this spring turns into a homebuyer’s market, according to RealEstate.com’s Entry-Level Market Report.”Buying a home for the first time is an incredibly exciting yet extremely stressful time,” said RealEstate.com General Manager Justin LaJoie. “Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do—contacting more agents, doing more research and visiting open houses—should pay off this year.” Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Previous: Freddie Mac Announces Non-Performing Loan Sale Next: An Uphill Climb Related Articles 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share Save Subscribelast_img read more

  • A Question of Housing Affordability

    first_img Servicers Navigate the Post-Pandemic World 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 Share Save August 22, 2019 1,231 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 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. Sign up for DS News Daily Previous: Understanding Uncertainty: Property Preservation and Maintenance in Flux Next: Mortgage Rates Influencing Homebuyers Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Tagged with: Affordability CoreLogic Home Home Equity Home Sales HOUSING Mortgage Rates Negative Equitycenter_img Demand Propels Home Prices Upward 2 days ago The economic expansion over the past nine years has not only created more than 20 million jobs and raised family incomes but has also driven the recovery of the housing market, according to a special report by CoreLogic.The report indicated that over the past decade, not only has the number of homes with negative equity decreased (4.1% in Q1 2019 against 25.9% during the same period in 2010), but total home equity has also hit a record high.At the end of Q1 2019, total home equity reached $15.8 trillion, up from $6.1 trillion a decade ago. Additionally, between Q1 2010 and Q1 2019, the average equity per borrower increased from approximately $75,000 to around $171,000.“Home prices have increased steadily since 2011, creating record amounts of home equity and putting homeowners in a good position to weather future downturns,” said Molly Boesel, Principal Economist at CoreLogic.But the rise in home prices has also impacted housing affordability, especially in some areas of the country.Take California for example. According to Frank Nothaft, Chief Economist at CoreLogic, “While California’s home prices grew considerably from 2013 to 2018, affordability issues in the state have since hampered growth with the state’s average annual home price dropping from 7.4% in 2018 to 4.9% in 2019.”The effects of affordability are being felt by millennials—the largest cohort of homebuyers. According to the report, millennials made up 44% of home-purchase mortgage applications in 2018. However, metros in California had the lowest percentage of millennials applying for a mortgage.Additionally, the millennial share of homebuyers was higher in more affordable metros. Citing data from the CoreLogic Market Conditions Indicator the report said that of the top 10 metros for millennial buyers, four (Pittsburgh; Rochester, New York; Wichita, Kansas; and Grand Rapids, Michigan) were undervalued, five (Buffalo, New York; Milwaukee; Albany, New York; Provo, Utah; and Des Moines, Iowa) were at value, and one (Salt Lake City) was overvalued .But despite the challenges of affordability, the housing market is set to remain stable over the next 24 months, the report found. “We expect the housing market to enter a normalcy phase over the next 24 months. With prices, neither rising too fast nor too slow, and with a growing stream of young households looking to buy homes over the next two decades, the long-term view looks healthy,” said Ralph McLaughlin, Deputy Chief Economist. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago A Question of Housing Affordability Home / Daily Dose / A Question of Housing Affordability Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Affordability CoreLogic Home Home Equity Home Sales HOUSING Mortgage Rates Negative Equity 2019-08-22 Radhika Ojha Subscribelast_img read more

  • Ryanair says the decision “is clearly a political one”

    first_img Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week By News Highland – February 27, 2013 LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Ryanair says the decision “is clearly a political one” Three factors driving Donegal housing market – Robinson WhatsApp Previous article3 men questioned over Christopher Warren murderNext articlePat the Cope says fishermen must be compensated for new discards policy News Highland Google+ News Facebookcenter_img Pinterest WhatsApp The European Union has blocked the latest Ryanair takeover bid for Aer Lingus.It was expected the EU Commission would reject the €694 million bid from Micheal O’Leary.Ryanair said earlier this month that the decision was being made despite it meeting every competition concern raised by the EU.Ryanair’s Robin Kiely said “Ryanair has no alternative but to appeal any prohibition decision and we expect to get a fair hearing at the European Courts, as we haven’t received one from Commissioner Almunia and his case team”.”This decision is clearly a political one to meet the narrow, vested interests of the Irish Government and is not based on competition law” he added.Aer Lingus has welcomed the move, saying that the offer should never have been made.”The series of inadequate remedy offers presented by Ryanair only underlines the view that Ryanair made its offer without any reasonable belief that it could obtain clearance”, Aer Lingus CEO Christoph Mueller said in a statement.Government ‘not supportive’ of moveSpeaking earlier this month, Transport Minister Leo Varadkar said the government would not ‘support or cooperate’ with the bid.”Certainly it is the view of the government…that we don’t believe that the Ryanair proposed takeover of Aer Lingus is in the country’s interest” he said.”It’ll damage competition, damage connectivity and it’ll cost us jobs” he added.The carrier had offered to eliminate all competitive overlapping routes between the two airlines.It says airline group IAG had committed to take over Ryanair’s and Aer Lingus’ entire London-Gatwick operations, and Flybe had also committed to take over 43 Aer Lingus UK and European routes.In its decision, the Commission said the combination of Ryanair and Aer Lingus would have led to very high market shares on all 46 routes. RELATED ARTICLESMORE FROM AUTHOR Pinterest Calls for maternity restrictions to be lifted at LUH Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Guidelines for reopening of hospitality sector published Facebooklast_img read more

  • Over 39,000 cars on the road in Donegal – DTTS

    first_img Facebook Over 39,000 cars on the road in Donegal – DTTS LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook WhatsApp Previous articlePETA calls for sanctuary for pig farm fire survivorsNext articleChair of Aura board says more can be done to maximise revenue admin Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Homepage BannerNews Twitter Google+ By admin – August 14, 2015 center_img GAA decision not sitting well with Donegal – Mick McGrath Google+ Pinterest Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR There were just over 39,000 cars registered in Donegal at the end of last year according to the Annual Bulletin of Vehicle and Driver Statistics, which has just been published by the Department of Transport.Toyota is the most popular car brand in the county followed by Ford and Nissan.2,723 new cars were registered in the county last year, the first increase since 2010.Donegal’s register also includes just over 13,000 vans, almost 4,000 tractors and 800 motorcycles.There were just over 97,000 driving licences issued in the county at the end of last year,almost 7,000 of which were learner permits. Twitter Pinterest Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more