Freddie Mac Scales Back Expectations for 2014

first_img  Print This Post Share Save Related Articles Freddie Mac Scales Back Expectations for 2014 June 20, 2014 1,246 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News Previous: HUD OIG Focuses on Civil Fraud, Touts $48M in Restitution in 6 Months Next: Realtor.com Still Sluggish Amidst DDoS Attack Despite a disappointing first quarter and a mediocre second quarter, Freddie Mac still expects the economy to improve throughout the second half of 2014. The company is, however, tempering its New Year’s optimism.In its June U.S. Economic and Housing Market Outlook, Freddie offers a mid-year assessment that sees more humble growth in gross domestic product that mirrors the 2 to 2.5 percent growth that the economy has seen the past few years.Contributing to this modest growth will be an upswing in the workplace. U.S. unemployment is down from 6.7 to 6.3 percent, and May showed the fourth straight month in which 200,000 new jobs were created.For housing, the even-better news is that construction jobs are picking up, particularly in the residential building and specialty trade sector. These areas are averaging about 9,500 jobs per month so far this year.Still, there’s hardly cause for joy bells just yet. “Construction has rebounded over the past two years but is still significantly below the levels one would expect to see given projections of household formations,” said Frank Nothaft, Freddie Mac’s chief economist.Nothaft is also tenuous in his view of the overall housing picture. “We’re nearly half way through the year and single-family housing remains weaker than we projected six months ago, while multifamily appears to be right on track,” he said.Inventories of homes for sale are still limited in markets where sellers remain underwater or have decided to stick with the bargain-basement mortgage rates they refinanced or modified their loan into under government programs. This, Freddie reported, is holding back a full recovery in the overall sales market.”The important question is: How much further will prices and rents have to rise to give incentives for more existing owners to list their properties for sale and developers bring more supply to the market?” Nothaft said.While the number of vacant units has decreased overall by 4.2 percent since Q1 2010, the number of vacant units for sale has declined by 24.2 percent. And while homebuying has picked up since the end of March, activity is still down 13 percent compared to last year, Freddie reported.This has caused the agency to lower its overall homes sales forecast from 5.5 million to 5.4 million.The good news for Freddie is that the leveling-off of home sale prices should lead to more stable and sustainable gains. Though the enterprise’s House Price Index was up 9.3 percent in 2013, Freddie expects gains to slow to 5 percent this year, though average apartment rents should rise 3 to 3.5 percent through 2015.Overall, Freddie expects the low vacancy rate and tight inventory to carry the housing market through its current above-inflation growth. The company just expects it to happen with a little less gusto than it had thought at the beginning of the year. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Forecast Freddie Mac GDP Home Sales Housing Starts Forecast Freddie Mac GDP Home Sales Housing Starts 2014-06-20 Scott Morgan Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Freddie Mac Scales Back Expectations for 2014 About Author: Scott Morgan The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The Single-Family Rental Surge

first_imgHome / Daily Dose / The Single-Family Rental Surge Related Articles Previous: Connecting Homebuyers to REO Properties Next: Meeting the Challenges of Inventory Shortage Share Save Home Prices Housing Inventory inventory shortages Rent prices rental increases Single Family Rental 2018-04-17 David Wharton With skyrocketing home prices, insufficient housing inventory, and crippling student debt, many potential homebuyers simply don’t have the means to save up for a downpayment on a home. For many, that leaves rental as the only option, and a pair of recent reports have highlighted the growth and potential investment opportunities in the single-family rental (SFR) market.First up, CoreLogic has released their Single-Family Rent Index covering data from January 2018. CoreLogic’s SFRI “analyzes single-family rent price changes nationally and among 20 metropolitan areas.” For January, CoreLogic reports a national rent increase of 2.8 percent, compared to an increase of 2.6 percent in January 2017.Much of this increase is being driven by one of the same factors affecting home prices—a lack of inventory. Year-over-year SFR price increases peaked in February 2016 at 4.1 percent. Rent prices as a whole, however, have been on the rise since 2010.High-end rent prices increased 2.4 percent year over year in January, up from a 1.5 percent increase noted in January 2017. (CoreLogic defines high-end rentals as properties with rent prices 125 percent or more of a region’s median rent.) Rent prices among low-end rentals (properties with rent prices less than 75 percent of the regional median) increased 3.8 percent in January 2018, down from a gain of 4.7 percent in January 2017. On the low-end side of things, properties with rent prices less than 75 percent of the regional median increased 3.8 percent in January 2018, down from January 2017’s 4.7 percent increase.Las Vegas demonstrated the highest year-over-year increase in SFR rents in January 2018, coming in at 4.8 percent year-over-year. Of the markets examined by CoreLogic, only Urban Honolulu featured decreasing rent prices, declining 1.1 percent year-over-year.According to a recent RENTCafe analysis, the number of single-family rental homes has surged over the past decade, driven forward initially by an influx of available rental inventory after the 2008 financial crisis. U.S. Census estimates reveal that single-family rentals increased by 31 percent in the years between 2007 and 2016, while multifamily rentals increased by only 14 percent during that period. Put another way, single-family rentals increased by 3.6 million units during that decade; rental apartments increased by 3.2 million units.As of the 2016 census, the Census Bureau counted over 15 million single-family homes for rent in the United States and over 26 million apartments for rent. RENTCafe found that, between 2007 and 2016, single-family rentals increased faster than rental apartments in 22 of the 30 largest U.S. cities.As reported by Urban Institute, the majority of U.S. single-family rentals are owned by investors. To learn more about opportunities within the SFR market, check out DS News’ recent interview with CoreVest CEO Beth O’Brien by clicking here. Demand Propels Home Prices Upward 2 days ago The Single-Family Rental Surge Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 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] April 17, 2018 2,715 Views Servicers Navigate the Post-Pandemic World 2 days ago Subscribe 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Tagged with: Home Prices Housing Inventory inventory shortages Rent prices rental increases Single Family Rental About Author: David Wharton  Print This Postlast_img read more

The Hypervacancy Problem in American Cities

first_imgHome / Daily Dose / The Hypervacancy Problem in American Cities Previous: The Evolution of Housing Wealth Next: Q1 Mortgage Delinquency Snapshot hypervacancy Lincoln Institute of Land Policy Vacancies Vacant Properties zombie homes Zombie Properties 2018-05-17 David Wharton Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Journal, Market Studies, News, REO The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Hypervacancy Problem in American Cities About Author: David Wharton Related Articles May 17, 2018 2,965 Views Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Over the last few decades, housing vacancies have become more widespread in many American communities. That’s according to a new report published this week by the Lincoln Institute of Land Policy. But why is the problem so widespread, and what can communities do about it?In a Policy Focus Report entitled The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, researcher Alan Mallach analyzes U.S. Census and Postal Service data for 15 American cities, ranging from San Francisco to Dallas to Boston. The report examines the increasing occurrences of “hypervacancy” in these cities, which the report defines as when at least one in five properties are vacant within a given area.The report points out that, in 2015, more than 49 percent of Census tracts in Flint, Michigan, suffered from hypervacancy, “with more than a quarter of units vacant in each tract.” In Detroit, the number was 46 percent; in Gary, Indiana, it was 42 percent. The problem is on the rise in many American cities.In the report, Mallach explains that these high levels of vacancy fundamentally disrupt the local housing markets. “Houses sell, if they sell at all, only to investors at rock bottom prices while the neighborhoods become areas of concentrated poverty, unemployment, and health problems.”Mallach also spotlights increases in the number of properties that have been “effectively abandoned”—unused, empty properties that are neither for sale nor for rent. According to the report, the number of units that are effectively abandoned has increased nationally from 3.7 million in 2005 to 5.8 million in 2016. That was an uptick of 2.1 million units—”roughly equal to five times the entire housing stock of San Francisco.”The report lays out contributing factors that need to be addressed, such as convoluted foreclosure processes, but also highlights how various communities are working to combat the problem. According to the report, Baltimore has successfully put 1,300 units back into circulation since 2010, thanks to the use of receivership and partnerships with for-profit and non-profit developers.The report also cites initiatives in Cleveland and Philadelphia that worked to demolish abandoned properties and convert the lots to community green space.The report recommends that affected cities adopt better data collection strategies on their local vacancies, make it easier for the properties to be repurposed, and “balance demolition with rehabilitation as part of a larger strategy for revival.”To access the full report by the Lincoln Institute of Land Policy, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share 1Save 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] Tagged with: hypervacancy Lincoln Institute of Land Policy Vacancies Vacant Properties zombie homes Zombie Propertieslast_img read more

CFPB Awarded $59M in Mortgage Relief Fraud Case

first_img The Best Markets For Residential Property Investors 2 days ago Previous: Study Recognizes Platform of eMortgage Company Next: California Wildfires Put $7B of Loans at Risk CFPB Awarded $59M in Mortgage Relief Fraud Case 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 The Week Ahead: Nearing the Forbearance Exit 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. The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 8, 2019 5,575 Views in Daily Dose, Featured, Investment, News Tagged with: CFPB Law CFPB Law 2019-11-08 Seth Welborn Related Articles A federal judge in Wisconsin has awarded the Consumer Financial Protection Bureau (CFPB) a $59 million judgment from two defunct mortgage-relief law firms and their attorney principals as restitution and civil penalties for misrepresenting their services to consumers. This is the final judgement in the CFPB’s 2014 case, which accused The Mortgage Law Group LLP, Consumer First Legal Group LLC and their founding partners of scamming struggling homeowners into paying illegal upfront fees for mortgage assistance legal help that wasn’t delivered as promised.Law360 reports that U.S. District Judge William Conley ordered the payments on November 4, and puts the former firms and their principals on the hook for paying various pieces of a combined $21.7 million in restitution to consumers, most of which TMLG was already ordered to pay in 2017 as part of a stipulated agreement resolving its part of the case.The judgment also orders civil penalties totaling nearly $37.3 million for CFLG and the individual defendants, Thomas Macey, Jeffrey Aleman, Jason Searns and Harold Stafford, the bulk of which will fall on Macey, Aleman and Searns.The civil penalty amount is roughly $9 million less than what the CFPB proposed earlier this year, and Judge Conley disagreed with the date calculated used by the CFPB in working up its penalty recommendations as well as its tally of violations by each defendant. While the agency argued that each discrete regulatory violation found by the court should count toward that number, Judge Conley said such an approach “would result in excessive and duplicative penalties in this case.”“Therefore, exercising the discretion granted by the civil penalty statute and relevant case law, this court will calculate the number of violations based on the general category of each defendants’ misconduct—such as making misrepresentations or failing to make certain disclosures—rather than on subcategories for each specific type of misconduct,” the judge wrote. Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / CFPB Awarded $59M in Mortgage Relief Fraud Case Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily About Author: Seth Welbornlast_img read more

Fannie Mae Announces 2020 Securities Issuance Calendar

first_imgSubscribe  Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago November 19, 2019 1,656 Views Governmental Measures Target Expanded Access to Affordable Housing 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. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie Mae Announces 2020 Securities Issuance Calendarcenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae The Best Markets For Residential Property Investors 2 days ago Related Articles Fannie Mae has announced its 2020 Benchmark Securities Issuance Calendar. The calendar provides opportunities for investors and other market participants to utilize Fannie Mae Benchmark Securities for their respective investment activities. According to the FHFA, Fannie Mae was the largest issuer of single-family mortgage-related securities in the secondary market during the first nine months of 2019. The company’s estimated market share of new single-family mortgage-related securities issuances was 39% for the third quarter of 2019.On a weekly basis, Fannie Mae has the option to auction Benchmark Bills with maturities of one year or less. The size and maturity of the weekly Benchmark Bills auctions, if any, will be announced on the same day in which the auction occurs. Benchmark Bills auctions generally occur on Wednesdays between 9:00 a.m. and 9:45 a.m. Eastern Time.The 2020 Benchmark Securities Calendar also identifies at least one calendar day per month for a Fannie Mae Benchmark Notes announcement. On each scheduled announcement date, Fannie Mae will either announce the maturity date of the Benchmark Notes offering or announce that a Benchmark Notes offering will not be made. Benchmark Notes offerings typically price and settle within a few business days of the announcement date.Fannie Mae may elect to forgo any scheduled Benchmark Bills or Benchmark Notes issuance. Fannie Mae will inform the market when an issue is not offered on the specified date.Fannie Mae’s securities are included in the GSE’s plan to transfer risk from homeowners. In the first half of 2019, the Fannie Mae and Freddie Mac transferred risk on $281.4 billion of UPB, and securites issuance accounted for 56% of the total Risk in Force (RIF) of $10.5 billion. Reinsurance transactions accounted for 26% of RIF, and lender risk sharing accounted for 18% of RIF. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae Announces 2020 Securities Issuance Calendar Fannie Mae 2019-11-19 Seth Welborn in Daily Dose, Featured, News, Secondary Market Previous: Pushing Housing Investment in Detroit Next: Former President of Carrington Mortgage Services Changing Posts Share Savelast_img read more

NMSA Proposes COVID-19 Response to Ensure Liquidity, Stability

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save About Author: Seth Welborn As the nation continues working to adapt to the ongoing consequences of the COVID-19 outbreak, both government agencies and industry stakeholders are working diligently to ensure stability and assist struggling homeowners. Some solutions put forward have included foreclosure suspensions, forbearance programs, and other forms of mortgage relief. On Friday, the National Mortgage Servicing Association (NMSA), a nonpartisan organization driven by senior executive representation from the nation’s leading mortgage servicing organizations, released a proposal outlining their recommended steps in the light of some of these announced governmental programs.The opening of the proposal states:The announcement of foreclosure moratoriums in response to COVID-19 has led to a growing concern of servicers being able to advance funds due to liquidity constraints. To address these concerns, and to introduce ways to mitigate the unintended consequences of moratoriums, the National Mortgage Servicing Association announced a proposal today to ensure that the up to $100 billion in liquidity necessary to provide payment relief for up to 12 million Ginnie Mae homeowners is secured.In a statement, Ed Delgado, President and CEO of Five Star Global, said, “With these extraordinary times, we recognize that the Federal government must work to present unprecedented solutions. To that end, the National Mortgage Servicing Association has assembled several strategic recommendations designed to help ensure liquidity to the banks, avoid the impact of unintended consequences, and protect American homeowners. We look forward to working with all stakeholders toward bringing our nation through this difficult time.”NMSA’s proposal outlines how Ginnie Mae programs, which include residential mortgage loans guaranteed by FHA, VA, and USDA, play a crucial role in the housing market by serving low-to-moderate income, communities of color, first-time homebuyers, and rural and veteran mortgage borrowers who typically do not qualify for conforming or bank loans and may be especially vulnerable during periods of economic stress, including the present COVID-19 pandemic.The proposal suggests that these borrowers could be assisted by a standard forbearance program, allowing them to defer interest and principal payments for up to six months, which is broadly consistent with proposed actions to address the COVID-19 pandemic on the part of Fannie Mae and Freddie Mac. Failing to support Ginnie Mae borrowers risks contributing to a downturn in the housing market and would put at risk the guaranty funds at FHA, VA, and USDA to the extent that higher delinquency and foreclosure-related losses emerge over time.The NMSA also notes that this liquidity could be provided by the Federal Reserve through its 13(3) program and would be repaid after the six-month forbearance program ends.“There would be no direct cost to the Federal Government,” the NMSA proposal states. “The losses associated with borrowers who are not able to resume payments would be absorbed by the respective guaranty funds. Without the 13(3) program or other federally backed financing mortgage servicers would not be able to advance funds to Ginnie Mae bondholders, which would risk further disruption to the US mortgage and housing market.”The NMSA suggests that Ginnie Mae, whose borrowers account for almost 20% of the mortgage market, would benefit from amending the Ginnie Mae acknowledgement agreement to permit separate financing of advances, which is the standard practice at Fannie Mae, Freddie Mac, and private mortgage investors.You can read the NMSA’s proposal in full by clicking here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Coronavirus Ginnie Mae HOUSING NMSA March 20, 2020 1,716 Views Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Coronavirus Ginnie Mae HOUSING NMSA 2020-03-20 Seth Welborn NMSA Proposes COVID-19 Response to Ensure Liquidity, Stability 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Regulators and Lawmakers Accelerate Coronavirus Response Next: Richard Cordray on Protecting the CFPB Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / NMSA Proposes COVID-19 Response to Ensure Liquidity, Stability  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Could Home Price Surge Lead to Another Crash?

first_imgHome / Daily Dose / Could Home Price Surge Lead to Another Crash?  Print This Post Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News August 24, 2020 2,922 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Even in the face of a pandemic, elevated unemployment, and a general nationwide recession, home prices have surged, researchers recently reported. “Prices are defying logic, expectations, and even belief, as they shoot up to record highs amid an unprecedented health and economic crisis,” reported Realtor.com, which went on to weigh the questions: “Are some markets getting too hot? Could a significant correction be around the corner?” Markets in possible peril include “some high-priced California and less expensive Rust Belt, Midwestern, and Southern markets,” Realtor.com reported.  Prices have shot up by more than 20% in the past year in some of these regions. Experts who spoke with Realtor.com discussed the sustainability of this “seemingly irrational home price exuberance” and speculated that “bubble territory” could be looming. They also speculated that a Great Recession-type bust is unlikely. Nationally, the median home list price rose 10.1% year over year in the week ending August 15, according to the most recent Realtor.com figures.  This year’s high prices are driven by many buyers competing for a very limited inventory. More demand than supply means higher prices. “Some markets are overvalued,” said Javier Vivas, Realtor.com’s Director of Economic Research. “Growth of prices in a recession is pointing in that direction. Some markets are seeing increased risks of price corrections.” More likely than a bubble pop is the chance that home prices would come back to reality, Vivas said. “Typically, market corrections happen fairly quickly, within two or three months, as priced-out buyers make a beeline for the sidelines,” Vivas said. “This year, record-low mortgage interest rates are muddying the picture.” Rates at an unprecedented sub 3% are driving more buyers into the market and allowing them to stretch higher on what they’re willing to pay. Lower rates mean lower monthly mortgage payments. That’s allowing sellers to ask—and receive—more for their properties. Those unable to buy in the spring because of the pandemic—along with buyers desperate for larger, single-family homes with big backyards after sheltering in place for months—are adding to the rising demand. However, worries about the pandemic have led to a record-low number of homes for sale, as sellers decided to wait out the health crisis. Meanwhile, many builders were forced to pause projects in some parts of the country. That has led competing buyers to bid up prices hoping to secure a property. The 2020 home price ramp-up is happening in some of the nation’s most expensive and inexpensive markets alike.“In the inexpensive markets, you have a ton of space for prices to grow. You can see them overheat and absorb that overheating better,” says Vivas. That’s unlike the already high-priced coastal areas. “The outlook for them is a faster and broader correction, [with] slight declines in home prices.” Realtor.com explained why America likely will not see the housing-bubble pop it saw in 2008.  Until more properties come online, the low-inventory-high-demand dynamic is unlikely to change. The Great Recession had the opposite problem: There were many more homes available than qualified buyers. “In the aftermath of the housing bust, it’s become harder for buyers without good jobs and strong credit to score mortgages. This weeds out riskier borrowers. And unlike the last go-around, when builders were erecting residences at what seemed like a break-neck pace, the under-building of the last few years has exacerbated the housing shortage,” according to Realtor.com.“Even if the economy doesn’t improve by next year and a vast swath of Americans remain unemployed, we are not likely to see the flood of foreclosures that characterized the housing crash, partly because government protections could be extended.” The report goes on to evaluate the potential future of over overvalued markets as well as potential increases in cheaper markets.   Previous: A Closer Look at Latest Forbearance Report Next: Landlords Fight Foreclosure Ban Related Articles Could Home Price Surge Lead to Another Crash? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babbcenter_img Share Save Tagged with: Forbearance Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Servicers Navigate the Post-Pandemic World 2 days ago 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 Forbearance 2020-08-24 Christina Hughes Babblast_img read more

Tracking Hurricane Laura’s Impact on Homeowners

first_img Hurricane Laura made landfall near Cameron, Louisiana, in the early hours of Thursday, buffeting the coastline with winds estimated at 150 mph. Colorado State University hurricane expert Phil Klotzbach noted on Twitter that Laura tied for fifth place in terms of the 10 “strongest continental U.S. #hurricane landfalls on record (since 1851).” The storm has thus far killed seven people, including, as reported by CBS News, a 14-year-old girl and a 68-year-old man, and it left a path of damage and ruin across parts of Louisiana and Texas. As with so many disasters before, once the immediate danger of the storm itself is past, it will fall to many in its path to rebuild—including homeowners who have lost or seen their homes severely damaged.And in a year still reeling from the ongoing health and economic impacts of COVID-19, the road the recovery could be even more difficult.”I will tell you the damage was extensive,” Louisiana Gov. John Bel Edwards told CNN. “The wind speed was as promised. Right now I believe we got a break on the storm surge—about half of what was projected.”However, USA Today reported that National Hurricane Center storm surge specialist Jamie Rhome said that the center’s “initial analysis indicate it was as bad as feared in Cameron Parish.”According to the National Oceanic and Atmospheric Administration’s forecasts conducted last May, the 2020 hurricane season could produce 16 to 18 storms nationwide this year. That’s all the more troubling when you consider a recent survey finding that, while 86% of homeowners in high-risk states say they feel prepared for this year’s hurricane season, one-third haven’t taken any steps to actually prepare against storm damage.“While more than half of respondents say their homes could experience flood damage from a storm, 34% inaccurately believe that the damage would be covered by their home or renters insurance policy,” the report from ValuePenguin noted. It added that “over one-third were unaware that they would need flood insurance to protect their homes and possessions from a storm surge or heavy rains.”Many homeowners in high-risk areas also weren’t sure how much insurance they would need to be fully protected against hurricanes. More than 37% didn’t know if they had enough coverage. Moreover, 42% incorrectly estimated the average cost of repairing hurricane damage to be under $10,000 — significantly lower than the $42,000 average flood claim, according to the Federal Emergency Management Agency (FEMA).On the side of industry impact, servicers will be implementing industry playbooks established by previous storms in order to communicate with and assist impacted homeowners, as well as monitoring and dealing with damages to any REO properties. A CoreLogic forecast earlier this week, housing damage from Hurricane Laura could total more than $88 billion.“The coincidence of two catastrophes—a damaging hurricane season and the ongoing global pandemic—underscores the importance of the correct valuation of reconstruction cost, one of the core tenets of property insurance,” said Tom Larsen, Principal for Insurance Solutions at CoreLogic. “Homeowners, mortgage lenders, and insurers need to work together to ensure properties are fully protected and insured. CoreLogic data has found a correlation in mortgage delinquencies and catastrophes, which could point to a serious issue of underinsurance trends.”A.M. Best also emphasized the likely impacted on insurance companies’ balance sheets, with a Business Wire report on a new A.M Best commentary explaining that “reinsurance may help mitigate losses, but will challenge future risk management strategies, as loss-affected areas will see increases in reinsurance rates that are already hardening.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Tracking Hurricane Laura’s Impact on Homeowners About Author: David Wharton Servicers Navigate the Post-Pandemic World 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] Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Tracking Hurricane Laura’s Impact on Homeowners Subscribe August 27, 2020 1,352 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Hurricane Laura hurricanes 2020-08-27 David Wharton Tagged with: Hurricane Laura hurricanes in Daily Dose, Featured, Foreclosure, Journal, Loss Mitigation, News The Best Markets For Residential Property Investors 2 days ago Previous: Competition Heats Up Amid Diminishing Inventory Next: Hurricane Laura Damage Estimates in the Billionslast_img read more

Delinquencies at Lowest Levels Since Pandemic Start

first_img April 13, 2021 1,035 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Eric C. Peck Demand Propels Home Prices Upward 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 CoreLogic Delinquencies Dr. Frank Nothaft Foreclosures Frank Martell 2021-04-13 Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How Alternative Data Could Improve Access to Mortgage Credit Next: Affordable Housing-Related Reforms Worth Considering Tagged with: CoreLogic Delinquencies Dr. Frank Nothaft Foreclosures Frank Martell Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Delinquencies at Lowest Levels Since Pandemic Start Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Home / Daily Dose / Delinquencies at Lowest Levels Since Pandemic Start According to CoreLogic, for the month of January, 5.6% of all mortgages in the U.S. were in some stage of delinquency (defined as 30 days or more past due, including those in foreclosure), a 2.1-percentage point increase year-over-year. Nationally, the overall delinquency has been declining month-to-month since August 2020.“While delinquency rates are higher than we would like to see, they continue to decline,” said Frank Martell, President and CEO of CoreLogic. “At the same time, foreclosure rates remain at historic lows. This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of recovery.”In terms of stages of delinquencies, Early-Stage Delinquencies (30 to 59 days past due) stood at 1.3% in January, down 1.7% year-over-year. Adverse Delinquencies (60 to 89 days past due) stood at 0.5% in January, down from 0.6% year-over-year. Serious Delinquencies, defined as 90 days or more past due, including loans in foreclosure, were at 3.8% in January, up from 1.2% in January 2020. The Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process) stood at 0.3% in January, down from 0.4% in January 2020. The Transition Rate (the share of mortgages that transitioned from current to 30 days past due) was at 0.7% in January, up from 0.6% over the previous year.“The transition rate from current to delinquent this January was the lowest in 12 months, which is another hopeful sign that family finances are beginning to improve,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Further, the transition from 30- to 60-day delinquency was the lowest since last March and is likely to decline further with strong job growth. The consensus view among economists is that the 2021 economy will expand at the fastest rate since 1984.”Nationwide, all 50 states and nearly all metro areas logged increases in annual overall delinquency rates in January.Hawaii and Nevada (up 4.2 and 4.1 percentage points, respectively) logged the largest annual increase in overall delinquency rates, as these states are dependent on tourism, which has been slow to recover. Among metro markets, Odessa, Texas, experienced the largest annual increase with 9.7 percentage points as the area is still recovering from significant job loss in the oil industry. Other metro areas with significant overall delinquency increases included Midland, Texas (up 7.7 percentage points) and Kahului, Hawaii (up seven percentage points). The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save in Daily Dose, Featured, Journal, News Subscribe Sign up for DS News Daily last_img read more

Row between Killybegs fishing reps rumbles on

first_img By News Highland – February 8, 2012 Facebook Pinterest Google+ Twitter Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR Almost 10,000 appointments cancelled in Saolta Hospital Group this week LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Row between Killybegs fishing reps rumbles on Facebook Calls for maternity restrictions to be lifted at LUH center_img News Google+ WhatsApp The public spat between the current and a former boss of the Killybegs Fishermen’s Organisation rumbles on today.Yesterday the current chief, Sean O’Donoghue, hit out at Joey Murrin over his claims that Donegal’s income from Mackerel could be down 30 million euro in 2012.Mr Murrin has also suggested not enough is being done to challenge the threat Iceland and the Faroes fishing practices are having on the stocks.Mr O’Donoghue said Mr Murrin’s comments are without foundation – but today the later hit back saying his information actually came from the KFO: Previous articleWarning issued after another border carjackingNext articleSchool buses from the Republic taken off the road in Derry News Highland WhatsApp Twitter Guidelines for reopening of hospitality sector published Pinterest NPHET ‘positive’ on easing restrictions – Donnelly last_img read more