Bubble Ahead?

first_imgHome / Daily Dose / Bubble Ahead? August 9, 2017 1,496 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Previous: Are NPL and RPL Markets the Key to Investor Growth? Next: IDS Promotes Beckie Santos to Manager of New Product Development   Bubble Ahead? The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Tagged with: Housing Bubble Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Housing Bubble 2017-08-09 Brianna Gilpin 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 Home prices are rising and inventory is low—sound familiar? That fact has been talked about nearly to death, but it’s for good reason. Though it means that housing confidence is up and on a positive trajectory, it also means for certain areas that we could be headed for a correction.Eight in 10 American’s, or 79 percent, say that homeownership is still a part of the American Dream, which is why ValueInsured has ranked the Housing Confidence Index score at 68.7 on a hundred-point scale. However, the expectation that homes will continue on their value path has decreased significantly.According to ValueInsured, 57 percent of the American homeowners that were surveyed think their area is overvalued and home prices are unsustainable. Since last quarter, that is a 7 percent increase. Homeowners in Urban areas are particularly concerned with 65 percent believing that homes are overvalued and unsustainable.“We see more homebuyers concerned with timing the market,” said Joe Melendez, CEO of ValueInsured. “This is especially true for millennials, who are more likely to switch jobs, relocate or need to upsize in the next few years. No one wants to buy at the peak and find themselves underwater as so many did a decade ago.”Overall, 62 percent of those surveyed think there will be another housing bubble, but there are five states that could especially be on the road to correction. Seventy-one percent of those surveyed think Washington is the number one place headed for correction followed by New York (68 percent), Florida (63 percent), California (59 percent), and Texas (58 percent).“Beyond the jitters, I see in our survey an increasingly informed nation of homebuyers, who understand the risk of the market,” said Melendez. “To those concerned about a price correction, or waiting to time the market, I recommend a proactive approach. Have an exit plan, then anytime you find a home you love is a good time to buy.”To read the full report, click here.  Print This Post About Author: Brianna Gilpin Subscribelast_img read more

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Ocwen’s Ron Faris Announces Retirement, Glen Messina to Succeed

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Ocwen’s Ron Faris Announces Retirement, Glen Messina to Succeed Tagged with: Company News Ocwen April 19, 2018 1,990 Views Previous: Foreclosure Starts on the Rise Next: The Enthusiasm Gap: Why Homeowners Aren’t Eager to Sell Company News Ocwen 2018-04-19 Rachel Williams Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] About Author: Rachel Williams The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Ocwen’s Ron Faris Announces Retirement, Glen Messina to Succeed Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Ocwen Financial Corporation, a leading financial services holding company, announced on Thursday that President and CEO Ron Faris is retiring after 27 years with the company. Faris will remain President and CEO through June 30, 2018 and will remain a consultant to the company to “ensure a smooth leadership transition and to assist with the integration process for Ocwen’s pending combination with PHH.”“We thank Ron for his leadership and for all of his contributions over the years,” said Phyllis Caldwell, Chair of Ocwen’s Board. “As President and CEO, Ron guided Ocwen through a period of significant change, both in the mortgage industry and at our Company. Ron redesigned the way we conduct business and, because of Ron’s leadership, we are strategically positioned to move forward into the future through our pending merger with PHH.”Ocwen’s  Board of Directors has appointed Glen A. Messina as President and CEO, effective concurrently with the closing of Ocwen’s previously announced acquisition of PHH Corporation. He will also be appointed as a member of Ocwen’s Board at that time. Messina will be based at Ocwen’s West Palm Beach, Florida corporate headquarters.Messina was most recently President and CEO of PHH before stepping down in June 2017. Ocwen entered into a definitive agreement to acquire PHH in February 2018. The transaction is targeted to close in the second half of 2018.“We are very pleased that Glen Messina has decided to join Ocwen as our new President and CEO,”  Caldwell said. “Glen is one of the recognized leaders in the mortgage industry and his disciplined approach to top and bottom line results in his previous roles is widely respected. He also has a successful record of bringing together strong teams to strategically build stability and structure across an enterprise. Glen’s significant experience leading change as a public company CEO and his deep understanding of PHH will help accelerate Ocwen’s transformation.”“I am extremely excited to join Ocwen at this important time for the Company,” Messina said. “I believe Ocwen’s pending combination with PHH will create a stronger, more efficient mortgage servicer, positioned for a return to growth. I believe the merger with PHH, combined with the major overhaul that Ocwen has undertaken in recent years of its risk and compliance infrastructure, will mark the beginning of a new chapter in the Company’s history. I look forward to partnering with all team members to help Ocwen continue as a leading mortgage servicer that delivers significant benefits to consumers, employees, clients, and investors.” Demand Propels Home Prices Upward 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, News, Servicinglast_img read more

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Homeowners Feel the Shutdown’s Impact

first_img Banks Borrowers Employment FEMA Government HUD JPMorgan Chase loans Shutdown Wells Fargo 2019-01-07 Radhika Ojha  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 January 7, 2019 1,412 Views Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Share Save Sign up for DS News Daily Home / Daily Dose / Homeowners Feel the Shutdown’s Impact Servicers Navigate the Post-Pandemic World 2 days agocenter_img 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. Demand Propels Home Prices Upward 2 days ago Homeowners Feel the Shutdown’s Impact The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Banks Borrowers Employment FEMA Government HUD JPMorgan Chase loans Shutdown Wells Fargo Approaching its third week, with no near term solution in sight, the partial government shutdown’s effects are not only being felt on federal agencies but also on the housing market as federal employees go without pay. This is, in turn, is affecting their ability to repay loans. According to the latest estimates, around 800,000 workers are either on furlough or required to work without pay. This includes employees of federal institutions like the U.S. Department of Housing and Urban Development as well as the Federal Emergency Management Agency (FEMA).Federal Contractors Losing OutOn Friday, FEMA posted a stop work order that is likely to impact many open contracts. According to the Washington Post, in a note to federal contractors Bobby McCane, Head of FEMA’s Contracting Activity said, “Any work done after the receipt of this notice is at your own risk and will not be reimbursed. I thank you for your assistance during this funding lapse.”While many of the contractors affected by the FEMA shutdown are deep-pocketed tech companies and large government services firms such as AT&T and IBM, the Post said that small businesses and contractors were feeling the shutdown more sharply as they relied on these contracts to provide a large portion of their annual revenue.Effect on BorrowersThe effects of the shutdown are now being felt on the housing market too as banks and credit unions announce assistance programs to help affected borrowers working in the government to tackle loan repayments. For example, Wells Fargo has said that it will work with “individuals and business banking customers whose income is disrupted as a result of the shutdown.” Additionally, the bank has said that it has set up phone lines to help mortgage, loan, and credit customers who might qualify for forbearance or other payment assistance programs based on their individual circumstances.Chase has also offered hardship programs to customers who have been affected by financial strain, unemployment, or natural disasters. The bank has said that it will automatically waive or refund overdraft and monthly service fees on Chase checking and savings accounts if an employee’s salary from an affected federal agency was direct-deposited into the account in November 2018.“We’re here for our government worker customers whose pay may be disrupted,”  said Thasunda Duckett, CEO of Consumer Banking at Chase.  “We all hope this will be resolved soon.” Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ups and Downs in Home Flips Next: Foreclosures in the Big Apple Demand Propels Home Prices Upward 2 days ago Subscribe About Author: Radhika Ojhalast_img read more

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Talking Mortgage Reform

first_img April 4, 2019 1,099 Views The Best Markets For Residential Property Investors 2 days ago Previous: Time-Barred Foreclosures and the Statute of Limitations Next: Home Prices Hit New Record Sign up for DS News Daily Talking Mortgage Reform In the annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon stated that the U.S. is in desperate need of mortgage reform. Dimon stated that reform would add to America’s economic growth.“Reducing onerous and unnecessary origination and servicing requirements (there are 3,000 federal and state requirements today) and opening up the securitization markets for safe loans would dramatically improve the cost and availability of mortgages to consumers – particularly the young, the self-employed and those with prior defaults,” said Dimon.“And these would not be subprime mortgages but mortgages that we should be making,” Dimon continued. “By taking this step, our economists believe that homeownership and economic growth would increase by up to 0.2 percent a year.”According to Dimon, it was mortgage laws that led to the Great Recession in 2008, and today, bad mortgage laws are hindering economic growth.“Because there are so many regulators involved in crafting the new rules, coupled with political intervention that isn’t always helpful, it is hard to achieve the much-needed mortgage reform,” said Dimon. “This has become a critical issue and one reason why banks have been moving away from significant parts of the mortgage business. That business, in particular, highlights one of the flaws of our complicated capital allocation regime.”Dimon stresses the importance of mortgage reform. According to Dimon and JPMorgan Chase’s analysis, over “$1 trillion in additional mortgage loans might have been made over a five-year period had we reformed our mortgage system.”Additionally, in his letter, Dimon notes the impact student loans have had on mortgages and household formation.“Irrational student lending, soaring college costs and the burden of student loans have become a significant issue,” said Dimon. “The impact of student debt is now affecting mortgage credit and household formation – a $1,000 increase in student debt reduces subsequent homeownership rates by 1.8 percent. Recent research shows that the burdens of student debt are now starting to affect the economy.”Find Dimon’s complete letter here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago 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.  Print This Post Tagged with: JP Morgan Chase mortgage Recession reformcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn JP Morgan Chase mortgage Recession reform 2019-04-04 Seth Welborn Share Save in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Talking Mortgage Reform The Best Markets For Residential Property Investors 2 days ago 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 Subscribelast_img read more

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Re-Evaluating the Traditional Appraisal

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Appraisal AVM default MBA 2019-05-02 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago May 2, 2019 3,278 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Seth Welborn 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 ago Re-Evaluating the Traditional Appraisal The Best Markets For Residential Property Investors 2 days ago After the Mortgage Bankers Association (MBA) proposed raising the threshold for requiring manual appraisals from $250,000 to $400,000, Collateral Analytics examined how raising this threshold would impact the mortgage industry as a whole.The MBA originally wrote a letter to the US Comptroller of the Currency, the Chairman of the Federal Reserve Board of Governors, and the Chairman of the FDIC, requesting the elimination of manual appraisals from the mortgage underwriting process when mortgages are $400,000 or less, stating “MBA supports the agencies’ desire to raise the threshold for appraisal exemptions as a means of leveraging technology to better serve consumers, while also preserving crucial safety and soundness standards.”According to Collateral Analytics, around 19.4% based on MLS (multiple listing service) sale transactions and about 14.6% based on public records would be impacted by the new proposed guideline. Collateral’s study suggests this slight move to eliminate traditional appraisals, from even a modest subset of residential mortgages, is a baby step toward modernizing the regulation and underwriting process for homebuyers. Without traditional appraisals, automated valuation models (AVM) would still be necessary during the underwriting process, performing the same tasks as humans but processing more data. However, AVMs may not reach the target price lenders may be pressured to achieve.According to a study from Calem, Lambie-Hanson, and Nakamura (July 2017) from the Federal Reserve Bank of Philadelphia, the current system of price disclosure (to appraisers) creates a flaw in the risk management system. According to the study, when appraisals exactly hit the purchase prices or refinance target prices, no real information is gained by lenders and that “…we find that appraisals are less predictive of default than automated valuation model estimates.”Most lenders still use traditional evaluation processes, even though 68% of all homes are under $312, 500 the typical threshold for a $250,000 mortgage, and eligible for automated appraisal methods combined with inspections on property condition. Eliminating the traditional evaluation will require a fresh look at this issue. in Daily Dose, Featured, Foreclosure, Investment, News Home / Daily Dose / Re-Evaluating the Traditional Appraisal Demand Propels Home Prices Upward 2 days ago Previous: Obligations Fulfilled for Goldman Sachs’ Mortgage-Backed Securities Settlements Next: The Risks and Rewards of ARMs Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Appraisal AVM default MBA Share Save 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. Subscribelast_img read more

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Federal Reserve: Consumer Optimism Rises

first_imgSign up for DS News Daily Federal Reserve: Consumer Optimism Rises Share Save in Daily Dose, Featured, Government, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Federal Reserve: Consumer Optimism Rises About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Federal Reserve Bank Survey of Consumer Expectations 2019-07-08 Mike Albanese Demand Propels Home Prices Upward 2 days ago July 8, 2019 952 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Previous: Lawmakers Spar Over Zombie Properties Legislation Next: Re-examining Lenders’ False Claims Act Liability Tagged with: Federal Reserve Bank Survey of Consumer Expectations Data Provider Black Knight to Acquire Top of Mind 2 days ago The Federal Reserve Bank of New York’s June Survey of Consumer Expectations found that respondents were more optimistic regarding their financial situation and the labor market. Expectations on the U.S. unemployment rate, finding a job, and losing one’s job all improved. Consumers’ expectations of an increase in the average interest rate on savings accounts over the next year declined to their lowest level since May 2015, according to the survey. The report states that median home price change expectations were stable at 3% in June, which is the seventh-consecutive month at this level. CoreLogic’s latest Home Price Index (HPI) revealed national home price rose 3.6% year-over-year in May 2019.The report adds that CoreLogic is forecasting prices to increase 5.6% from May 2019 to May 2020. The May 2019 gains was lower than the 6.4% increase of May 2018, but a slight increase from March 2019’s 3.3%. According to the Federal Reserve Bank’s survey, median expected household income growth increased to 2.9% in June from 2.8% in May. Median household spending growth expectations decreased from 3.5% in May to June’s 3.3%.The latest jobs report released last week  revealed the economy added 224,000 jobs in June, the most January. “After May’s weaker jobs data, which was revised even lower today, the June report takes on new importance as a sign of whether the May data was a one-month blip or the start of a new weaker trend,” said Danielle Hale, Chief Economist for realtor.com. “The 224,000 jobs added in June are a strong bounce back and will likely make the Fed less inclined toward rate cuts later this month, especially as the unemployment rate still hovers near 50-year lows at 3.7%.” The unemployment rate of 3.7% is marginally higher than what was reported in May, and the number of unemployed people came in a 6 million. Data also found the labor force participation rate came in at 62.9%, which is marginally higher than May’s 62.8%.  The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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How Interest Rates are Impacting Housing

first_imgHome / Daily Dose / How Interest Rates are Impacting Housing Previous: These States are Bucking Mortgage Delinquency Trends Next: Industry Veterans Collaborate to Form Insight One Financial Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img How Interest Rates are Impacting Housing The Best Markets For Residential Property Investors 2 days ago September 19, 2019 1,241 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: building Construction HOUSING Recession building Construction HOUSING Recession 2019-09-19 Seth Welborn Housing starts in August hit a seasonally adjusted yearly rate of 1.364 million according to recent data from the U.S. Census Bureau, which Barron’s economics commentator Matthew C. Klein notes is an indicator that the housing recession that started at the beginning of 2018 is over and the recovery is in full swing.Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,364,000.  This is 12.3% above the revised July estimate of 1,215,000 and is 6.6% above the August 2018 rate of 1,279,000.  Single‐family housing starts in August were at a rate of 919,000; this is 4.4% above the revised July figure of 880,000. The August rate for units in buildings with five units or more was 424,000.Klein states that the higher number of housing starts along with the 1.419 million in authorizations “make August the best single month for home building since the summer of 2007.”Recent recovery, Klein suggests, has been a product of the Fed’s changing opinions about the appropriate level of short-term interest rates.“Traders’ expectations of rate cuts have helped lower mortgage costs and supported the rebound in construction,” he said. “Disappointing those expectations would therefore lead to higher mortgage rates and less construction. While that could be desirable under certain circumstances, Fed officials should be aware of the potential trade-offs.”How will the rate drop impact mortgage rates in the near future? In a statement realtor.com’s Director of Economic Research Javier Vivas discussed current market conditions and what to look for in the wake of rate cuts.“The cut in the Fed’s short term rates is unlikely to lead to noticeable drops in mortgage rates over the immediate horizon,” Vivas said. “Rates remain about a percentage point lower than a year ago. However, despite higher purchasing power, consumers faced declining housing inventory in August, especially at the entry level. For buyers, today’s vote removes the urgency to sign a purchase contract, as expectations of continuing low mortgage rates collide with increasing clouds over the economic horizon.” in Daily Dose, Featured, Market Studies, News Share Save Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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Low-End Rentals Propping Up Investment Growth

first_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Rent 2019-12-17 Seth Welborn Home / Daily Dose / Low-End Rentals Propping Up Investment Growth Share Save 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post December 17, 2019 1,358 Views Tagged with: Rentcenter_img About Author: Seth Welborn in Daily Dose, Featured, Investment, News The Best Markets For Residential Property Investors 2 days ago 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 Low-End Rentals Propping Up Investment Growth According to the latest update from CoreLogic, single family rents increased by 3.1% year over year in October 2019, up from a 2.9% increase in October 2018, and the rent increases were propped up largely by low-end rentals, defined as properties with rents 75% or less of a region’s median rent.CoreLogic found that rents on lower-priced rental homes increased 3.6% year over year, while higher-priced rents increased 2.9% year over year.Overall, data from Zillow revealed that the rental market has been stabilizing, even as rent prices have been rising and many Americans have put off homebuying.Annual rent growth slowed to less than 1% in late 2017 before ticking back up. By the end of the year 2020, Zillow predicts rent growth will slow slightly once more, stabilizing in line with wage growth and inflation at a rate just under 2% annually.”While the total amount of rent paid has increased each year this decade, that trend is by no means immutable,” said Zillow Group Economist Joshua Clark. “With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s.”Rents are on the rise in the most recent months, according to the October Zillow Real Estate Market Report, falling in only two of the 35 largest metros, but as Zillow notes, this rate of growth has slowed in each of the past three months, but growth is expected to continue through the end of the year, notably in the single-family rental market.According to realtor.com, investors are using the popularity of single-family rental to their advantage. Real estate investors purchased 7.7% of all homes in the second quarter of 2019, up 0.6% year-over-year, the most speculation the market has seen 2013. Previous: Shifting Housing Hotspots Next: How Mortgage Default Rates Are Trending Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Treasury Delivers Update on Residential Investment

first_imgSubscribe in Daily Dose, Featured, Government, Market Studies, News Tagged with: Economy Investment Servicing Treasury 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. The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago May 6, 2020 790 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Share Savecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago In a new report to the Secretary of the Treasury, Beth Hammack, Chair, Treasury Borrowing Advisory Committee and Daniel Dufresne Vice Chair, Treasury Borrowing Advisory Committee outlined the current state of the economy and borrowing.”Going forward, the coronavirus and weak global growth will be significant headwinds, while a large fiscal boost in response to the virus will provide some offset for the remainder of the year,” the letter stated. “We applaud the efforts of Treasury, Congress and the Federal Reserve which were swift, deliberate and highly effective at reducing financial market volatility and will hopefully reduce the economic impact of the many shelter in place orders throughout the country.”As Hammack and Dufresne note, residential investment increased at a 21.1% annualized rate in the first quarter, its third consecutive quarterly increase and the largest increase since 2012. However, new home sales, housing starts, and permits all fell in March, and surveys of home builders have indicated a very low level of optimism. Mortgage rates declined significantly over the last year, which has provided a boost to housing activity.Hammack and Dufresne’s letter also covers the sharp rise in unemployment. The unemployment rate increased by 0.9 percentage points to 4.4% in March, while the broader underemployment rate increased by 1.7pp to 8.7%. The labor force participation rate declined by 0.7 percentage points to 62.7%, and the employment-to-population ratio declined by 1.1 percentage points to 60.0%. According to Hammack and Dufresne, the unemployment rate will rise sharply further, as jobless claims have spiked to record levels and have totaled 27.9 million over the last six weeks.The Committee also recommended Treasury continue with its plan to begin monthly 20- year issuance this quarter, beginning with a $14 billion inaugural issue during the week of TIPS auctions, and $12 billion reopenings in the following two months. The Committee expected that auction sizes would gradually increase over coming quarters.”Given the uncertainty inherent in fiscal projections and Fed balance sheet policy, Treasury will need to retain flexibility in its issuance path to respond to further changes in funding needs, market functioning and shifting demand preferences,” the letter adds. Data Provider Black Knight to Acquire Top of Mind 2 days ago Treasury Delivers Update on Residential Investment Servicers Navigate the Post-Pandemic World 2 days ago Economy Investment Servicing Treasury 2020-05-06 Seth Welborn Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Ed Delgado: ‘Pettiness of Politics’ Eroding Confidence in Mortgage Next: Investor Update: Keeping Renters in Place Home / Daily Dose / Treasury Delivers Update on Residential Investmentlast_img read more

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HUD to Terminate Affirmatively Furthering Fair Housing Regulation

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tagged with: Affirmatively Furthering Fair Housing Final Rule Department of Housing and Urban Development Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / HUD to Terminate Affirmatively Furthering Fair Housing Regulation July 23, 2020 2,496 Views  Print This Post in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago HUD to Terminate Affirmatively Furthering Fair Housing Regulation Affirmatively Furthering Fair Housing Final Rule Department of Housing and Urban Development 2020-07-23 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Trio of Storms Raise Concerns on Potential Property Damage Next: Share of Mortgages in ‘Financial Hardship’ Improves in June The Best Markets For Residential Property Investors 2 days ago The Department of Housing and Urban Development’s (HUD) Secretary Dr. Benjamin Carson announced the Department will terminate the Obama Administration’s Affirmatively Furthering Fair Housing (AFFH) regulation.This regulation was issued in 2015 and, according to HUD, proved to be “complicated, costly, and ineffective.” HUD added that Secretary Carson suspended the regulations 92 question grading tool in January 2018.“After reviewing thousands of comments on the proposed changes to the Affirmatively Furthering Fair Housing (AFFH) regulation, we found it to be unworkable and ultimately a waste of time for localities to comply with, too often resulting in funds being steered away from communities that need them most,” said Secretary Carson. “Instead, the Trump Administration has established programs like Opportunity Zones that are driving billions of dollars of capital into underserved communities where affordable housing exists, but opportunity does not.“Programs like this shift the burden away from communities so they are not forced to comply with complicated regulations that require hundreds of pages of reporting and instead allow communities to focus more of their time working with Opportunity Zone partners to revitalize their communities so upward mobility, improved housing, and homeownership is within reach for more people. Washington has no business dictating what is best to meet your local community’s unique needs.”HUD’s new rule—Preserving Community and Neighborhood Choice—defines fair housing to mean housing is affordable, safe, decent, free of unlawful discrimination, and accessible under civil rights laws.The rule defines “affirmatively furthering fair housing” as any action rationally related to promoting any of the above attributes of fair housing.“Now, a grantee’s certification that it has affirmatively furthered fair housing would be deemed sufficient if it proposes to take any action above what is required by statute related to promoting any of the attributes of fair housing,” HUD states. “HUD remains able to terminate funding if it discovers, after the investigation made pursuant to a complaint or by its own volition, that a jurisdiction has not adhered to its commitment to AFFH.” Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Share Save About Author: Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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