Month: May 2021

Home Prices Remain Flat; Distressed Homes Stable in March

first_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS News Webcast: Monday 3/31/2014 Next: Texas Employment Still Growing; Oil and Gas Industry Lead About Author: Colin Robins March 30, 2014 778 Views Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Clear Capital Distressed Sales Growth Home Data Index Home Sales 2014-03-30 Colin Robins The Best Markets For Residential Property Investors 2 days ago Tagged with: Clear Capital Distressed Sales Growth Home Data Index Home Sales Clear Capital, a provider of data and solutions for real estate asset valuation and collateral risk assessment, released its Home Data Index Market Report with data through March, 2014. The report noted that the frosty winter left home prices mostly flat, while saturation of distressed homes remained stable at 21.8 percent.Year-over-year, home prices increased by 9.8 percent, and .7 percent sequentially.The report noted that the Midwest is still experiencing non-existent growth over the quarter, causing concerns in the region.”Our data through the end of March reveals prices remained steady through the final weeks of winter, a sigh of relief to all market participants,” said Dr. Alex Villacorta, VP of research and analytics at Clear Capital. “Yet, national quarterly gains of just 0.7% mean there’s certainly still risk for short-term price declines in some markets.”Low tier home sales, which are classified as homes selling for $95,000 and less, have fueled recovery for the past two years, according to Clear Capital. The report found, “This deeply discounted sector attracted enough buyers to drive prices up 31.8% from the bottom of the market in 2011. Over the last quarter, however, low tier home price gains slowed to just 1.2%—a big difference from 3.7% a year ago.”Clear Capital hypothesizes the increasingly stable market could motivate first time and “move-up” home buyers to purchase homes.Home prices were outpaced by the owner’s equivalent of rent for 21 out of 23 quarters. This environment was particularly friendly to investors, who saw attractive returns that helped drive investor demand past historical norms.According to the report, “While the recovery took hold, home price gains outpaced growth in the owners’ equivalent of rent in most of 2012 and 2013.”Villacorta believes a few shifts are essential in order to maintain market stability.”The key to overall market progress and stability in 2014 will lie in the transition from investor to traditional home buyer demand,” he said.Villacorta added, “While each segment will continue to be important, healthy markets have shown higher rates of traditional home buyer demand and less investor-driven demand. Should prices remain stable, home buyer confidence will build, supporting a balanced transition.”The highest performing major metro markets quarter-over-quarter for March were all in California: Riverside, California (2.5 percent); Fresno, California (2.1 percent); San Diego, California (2.1 percent); Sacramento, California (2.1 percent); and Los Angeles, California (2.1 percent).The lowest performing major metro markets quarter-over-quarter for March include: New Orleans, Louisiana (-2.6 percent); Dayton, Ohio (-2.4 percent); Jacksonville, Florida (-0.2 percent); Milwaukee, Wisconsin (-0.1 percent); and Baltimore, Maryland (-0.1 percent). The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. center_img Home / Daily Dose / Home Prices Remain Flat; Distressed Homes Stable in March Data Provider Black Knight to Acquire Top of Mind 2 days ago Home Prices Remain Flat; Distressed Homes Stable in March Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Share Savelast_img read more

Survey: Americans’ Attitude Mixed Toward Housing, Economy

first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Consumer Confidence Employment Home Prices Jobs New York Federal Reserve Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Consumer Confidence Employment Home Prices Jobs New York Federal Reserve 2015-01-12 Tory Barringer Home / Daily Dose / Survey: Americans’ Attitude Mixed Toward Housing, Economy The New York Federal Reserve’s year-end Survey of Consumer Expectations showed little change between November and December, though there was a slight dropoff in Americans’ financial expectations, according to results released Monday.Consumers’ median earnings growth expectations were 2.5 percent for the year ahead in December, the New York Fed revealed. While that marks a step back from November’s reading of 2.7 percent, it’s still the second-highest reading since the start of that measure in July 2013.For all 2014, median growth expectations came in at 2.3 percent, weighed down by a trough in confidence in the spring.Median household income growth expectations also dipped but remained near their high at a rounded-off 2.9 percent.While wage projections were down slightly, job market confidence improved, boosted by strong employment reports through much of the year. According to the New York Fed, consumers last month said the average perceived probability of losing their job was 14.5 percent, down nearly a percentage point from November and the lowest level since July 2013. Improvements were seen across all education groups.Meanwhile, the average probability of bouncing back into a job within three months of being fired was 51 percent, also up close to a percentage point and turning around a four-month decline.The results mirror the latest National Housing Survey results released last week by Fannie Mae. In that survey, Fannie Mae found 41 percent of respondents believe the country is on the right track economically, though a rising share reported declining household incomes.As in the Fannie Mae survey, housing attitudes were mixed in the New York Fed’s poll. Looking at the year ahead, the median home price change expectation was 3.6 percent in December, down from November’s 3.7 percent and the 2014 average of 3.85 percent.On the other hand, respondents were more optimistic about their chances of getting a loan. Compared to a year ago, 23 percent of Americans in the New York Fed’s survey said credit is more available, an improvement from November. By this time next year, 24 percent expect credit to be at least slightly easier to obtain, up from 20 percent in November.  Print This Post The Best Markets For Residential Property Investors 2 days ago Survey: Americans’ Attitude Mixed Toward Housing, Economy Share Save January 12, 2015 743 Views center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Previous: Recent HAMP Loan Mods Re-Defaulting At Higher Rates Next: Former HUD Employee Receives Prison Sentence for Defrauding Government of $843K About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Week Ahead: Update on Economic Conditions in the Beige Book

first_img May 28, 2017 1,265 Views Previous: Nation Takes Aim at Veteran Homelessness Next: Tech Talks: How Technology is Shaping the Industry Beige Book 2017-05-28 Brianna Gilpin Servicers Navigate the Post-Pandemic World 2 days ago 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] The Summary of Commentary on Current Economic Conditions by Federal Reserve District, otherwise known as the Beige Book, will be released this Wednesday. The book, released eight times a year, gathers anecdotal information on current economic conditions in its District through Bank and Branch director reports and interviews with key business contacts, economists, market experts, and other sources. Summarizing this information, the Beige Book is an overall summary of the 12 district reports and prepared by a designated Federal Reserve Bank on a rotating basis.The last Beige Book, released in April, reported increased economic activity between mid-February and the end of March. The pace of expansion was equally split between modest and moderate and additionally the pickup was evident to varying degrees across economic sectors.Manufacturing continued its expansion at a modest to moderate pace, but freight shipment growth slowed slightly. As reports of stronger light vehicle sales were accompanied by softer reading in non-auto retail spending, consumer spending varied.Reports suggested that residential construction accelerated somewhat though growth in home sales slowed partly due to lack of inventory. Nonresidential construction became more mixed in some regions, but overall remained strong. Leasing activity generally improved at a more modest pace.More than half of all reports showed increased loan volumes, but only one said they were down modestly. Non-financial services continued to expand steadily.The May Beige Book will be released Wednesday at 2 p.m. EST Share Save About Author: Brianna Gilpin This Week’s Schedule:Case-Shiller U.S. Home Prices, Tuesday 9 a.m. ESTPending Home Sales Index Report, Wednesday 10 a.m. ESTZillow: Effects of International Buyers Felt at Higher End of the Housing Market, WednesdayZillow: Paint Colors That Help Sell a Home for More Money, ThursdayFreddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Week Ahead: Update on Economic Conditions in the Beige Book Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Beige Book Week Ahead: Update on Economic Conditions in the Beige Book Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Distressed Properties Contribute to Low Average Market Time

first_imgHome / Daily Dose / Distressed Properties Contribute to Low Average Market Time Subscribe The National Association of Realtors (NAR) released their May Existing Home Sales Index on Tuesday showing that, even though inventory saw a slight uptick compared to April, it is still low, and median home prices continue to rise. Seasonally adjusted, there were 5.62 million existing homes for sale, which is a 1.1 percent increase from last month, a 2.7 percent increase from last year, and the third highest amount year-over-year. May reported a total housing inventory of 1.96 million homes, up 2.1 percent from last month but down 8.4 percent since last year—this marks the 24th consecutive month that inventory has fallen year-over-year. If the pace of sale remains constant, unsold inventory will dry up in 4.2 months. Consequently, unadjusted median sale prices have hit a new high, at $252,800, beating the previous record of $247,000 that was set in June of 2016. That’s a 5.8 percent increase in comparison to this time last year, which saw an unadjusted median sale price of $238,900.Low inventory is also responsible for a reduction in the average time homes sat on the market, which, in May, was 27 days—the lowest recorded since NAR began compiling existing home sales in May 2011. A month ago, the average time was 29 days, and a year ago, the average time was 32 days. While non-distressed homes sold the quickest at three days shy of a month, foreclosure sales averaged 48 days on the market and short sales averaged 94 days. Distressed sales, in total, accounted for 5 percent of sales in May. The past month also marked a record-setting 55 percent of all houses on the market sold in less than a month. So, who’s buying? NAR accounts that 33 percent of the market are first-time homebuyers, which is down from April’s amount of 34 percent, but up from a year prior, which was 30 percent.  How long will this trend last? Lawrence Yun, Chief Economist, doesn’t believe it will last long. “Home prices keep chugging along at a pace that is not sustainable in the long run. Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”The next monthly NAR Existing Home Sales Index will be released on July 24. distressed properties Existing Home Sales Report Foreclosure NAR National Association of Realtors 2017-06-21 Staff Writer Share Save June 21, 2017 1,773 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Distressed Properties Contribute to Low Average Market Time Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Freddie Mac Announces Second Seasoned Loan Transaction Next: VRM Mortgage Services Receives 10-Year VA Contract Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: distressed properties Existing Home Sales Report Foreclosure NAR National Association of Realtors Data Provider Black Knight to Acquire Top of Mind 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  Print This Postlast_img read more

The Risks of Real Estate Fraud

first_imgHome / Daily Dose / The Risks of Real Estate Fraud  Print This Post in Daily Dose, Featured, Foreclosure, Loss Mitigation, News Tagged with: Foreclosure Fraud real estate September 11, 2019 1,746 Views Mortgage application fraud risk decreased significantly in Q2 2019 from Q1 2019, according to the latest Mortgage Fraud Risk Index from CoreLogic. The Index fell from 152 to 132 quarter-over-quarter.According to the report, New York, Florida, and New Jersey remained the top states for fraud risk. The top five states for fraud risk increases were Idaho, Alabama, Mississippi, New York, and Delaware. According to Bridget Berg, Mortgage Fraud Solutions Principal at CoreLogic, the decrease in fraud risk may be temporary, based on unexpected interest rate drops and an influx of low-risk refinance transactions.“The absolute number of risky loans did not decrease but is part of a larger mortgage market for now,” Berg said.Undisclosed real estate debt fraud risk decreased the most year-over-year in Q2 2019. Corelogic defines undisclosed real estate fraud as when an applicant intentionally fails to disclose additional real estate debt or past foreclosures. During Q2 2019, this fraud type decreased by 12.8%. Despite the higher decrease, this fraud type is still one of the most common issues.Overall, mortgage foreclosures have been shrinking, according to CoreLogic. The 30 days or more delinquency rate for June 2019 was 4%, while 4% of mortgages were delinquent by at least 30 days or more including those in foreclosure.”A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said CoreLogic Chief Economist Frank Nothaft. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”Despite delinquency rates sitting at their lowest levels since 1999, several states and metropolitan areas posted small annual increases in June. The highest gains were in Vermont (+0.7%), New Hampshire (+0.3%), Nebraska (+0.2%) and Minnesota (0.2%), while the other four states–Michigan, Iowa, Wisconsin and Connecticut–experienced a nominal gain of just 0.1%.Property fraud, meanwhile, decreased by 9.9% year-over-year. Property fraud occurs when information about a property is intentionally misrepresented.  The Best Markets For Residential Property Investors 2 days ago 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 About Author: Seth Welborn Foreclosure Fraud real estate 2019-09-11 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: Lender, Wholesaler Announce Integration Next: Consumers Weigh in On Fed Rate Cuts and Mortgages Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 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 Related Articles The Risks of Real Estate Fraud The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

The Bright Side of Residential Investment

first_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 17, 2019 907 Views Previous: REO Activity’s Ups and Downs Next: Default Rates Inching Upward Across the Board 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. About Author: Seth Welborn The Bright Side of Residential Investment Residential fixed investment and continued strong consumer spending are expected to help counteract weakness in business fixed investment, according to the latest commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.Risks to the ESR Group’s forecast remain biased to the downside, with trade tensions between the U.S. and China continuing to pose the greatest threat to growth, but housing is expected to be a source of strength in the near term. While the ESR Group had expected housing to contribute positively to third quarter GDP growth, stronger-than-expected recent data led the Group to revise substantially upward its projection for residential fixed investment. The Group’s updated forecast of 4.2% annualized is 3.3 percentage points higher than last month’s projection. According to Fannie Mae, this would represent the first time residential fixed investment has been positive since 2017.“While consumer spending, supported by a healthy labor market and gains in household wealth, remains the current expansion’s economic engine, the housing sector appears poised to offer meaningful near-term contributions to growth,” said Fannie Mae SVP and Chief Economist Doug Duncan. “Our macroeconomic forecast continues to call for solid, if modest, real GDP growth through 2020 despite the persistence of downside risks associated with U.S.-China trade tensions, slowing global growth, and other geopolitical concerns. Considering these risks and the Fed’s reluctance to roil financial markets, this month we’ve updated our monetary policy expectations. We now expect the federal funds rate cut previously projected for December to occur this month, followed by one more in January, the final such cut of the forecast horizon. The potential January rate cut is more conditioned on the intervening data than normal given the divided views of the voting members of the Fed Board.”“Unfortunately, expectations for a stronger housing market through the early part of next year are unlikely to offer prospective homebuyers much respite from the longstanding affordability issue,” continued Duncan. “Home prices appear likely to maintain a positive growth trajectory due in part to persistently low mortgage rates and evidence of declining inventory. On the flip side, the supply imbalance should be supportive of new home construction, which we believe will lead to an uptick in single-family housing starts through next year.” The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago Tagged with: Economy Fannie Mae Investment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Economy Fannie Mae Investment 2019-10-17 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Investment, News Home / Daily Dose / The Bright Side of Residential Investmentlast_img read more

The States Leading in Nationwide Delinquency Rate Drops

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, News The States Leading in Nationwide Delinquency Rate Drops Share Save 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. Tagged with: Delinquency Foreclosure Home / Daily Dose / The States Leading in Nationwide Delinquency Rate Drops Related Articles Delinquency Foreclosure 2019-12-11 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The overall delinquency rate was 3.8% nationwide in September, down from 4.4% a year earlier and the lowest for the month of September in more than 20 years, according to the latest CoreLogic Loan Performance Insights Report. Five states, CoreLogic notes, reported even larger decreases in their delinquency rates.Year-over-year, the states that logged the largest decreases included: Mississippi (-1.1 percentage points), North Carolina (-1.1 percentage points), Louisiana (-1.0 percentage points), New Jersey (-1.0 percentage points) and South Carolina (-1.0 percentage points). CoreLogic notes that the decreased activity in the Carolinas may be due in part to a recovery from the elevated levels in 2018 in the wake of Hurricane Florence.While overall delinquency fell, serious delinquency rates have begun to flatten out at low levels. The serious delinquency rate, defined as 90 days or more past due, including loans in foreclosure, was 1.3% in September 2019, down from 1.5% in September 2018. Likewise, the share of mortgages that were 30 to 59 days past due—considered early-stage delinquencies—was 1.9% in September 2019, down from 2.2% in September 2018. The share of mortgages 60 to 89 days past due was 0.6% in September 2019, down from 0.7% in September 2018.Some of the highest delinquency rates were in metro areas including New York and Miami, though Miami still experienced annual declines. The New York metro had the highest rate at 5.1%, while Miami, with the second-highest rate at 5%, saw a sharp decrease in the overall delinquency rate, falling from 6.1% in September 2018.In a previous report, Molly Boesel, Principal, Economist, Office of the Chief Economist at CoreLogic stated that four of the five states with delinquency rate increases also had increases in unemployment rates.“Job loss can trigger a loan delinquency, especially for families with limited savings,” said Dr. Frank Nothaft Chief Economist for CoreLogic. “The rise in overall delinquency in Iowa, Minnesota, Nebraska and Wisconsin coincided with a rise in state unemployment rates between August 2018 and August 2019.”center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Setting the Mortgage Industry Up for Success Next: The Fed: No Changes to Interest Rates Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago December 11, 2019 1,783 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

Why Pending Foreclosure Wave Won’t Be Like the Last One

first_imgSubscribe The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Why Pending Foreclosure Wave Won’t Be Like the Last One Home / Daily Dose / Why Pending Foreclosure Wave Won’t Be Like the Last One Previous: Report Ranks 11 Top Communities for Opportunity Zone Investments Next: How Borrowers are Handling Pandemic-Prompted Budget Barriers 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. 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 agocenter_img Tagged with: AATOM Bankrate Foreclosure Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago September 3, 2020 15,545 Views AATOM Bankrate Foreclosure 2020-09-03 Christina Hughes Babb in Daily Dose, Featured, News There is little doubt that the COVID-19 pandemic will give rise to more foreclosures, but industry professionals predict conditions won’t be nearly as bad as they were in 2008-2010, for a few reasons.  A prominent housing analyst told Bankrate.com to expect hundreds of thousands of defaults next year as mortgage forbearance periods end. Bankrate points out that the federal government predicts several billion dollars in loan losses at Fannie Mae and Freddie Mac. But as bad as the projections might seem, Bankrate added, conditions are mild compared to those in the Great Recession. “We aren’t thinking the housing market today is going to suffer anywhere near the catastrophe that it suffered during the Great Recession,” Ralph McLaughlin, Chief Economist at Haus, a financial technology company, told Bankrate. “We all suffer from recency bias, but I can’t stress enough how different it is.” During the Great Recession, in the first half of 2010, 1.65 million American homes went into foreclosure, according to ATTOM Data Solutions. In the first half of 2020, barely 165,000 loans were hit with foreclosure actions. McLaughlin points out that during the last recession, “a frenzy of foolish lending, reckless borrowing and rampant speculation set the housing market up for a wrenching crash. Home prices collapsed, and millions endured the loss of their homes.” Entering this recession, by contrast, credit standards remained tight, and the housing market was healthy. “The COVID-19 pandemic will lead to a rise in mortgage defaults and foreclosures,” Bankrate’s Jeff Ostrowski reported. “But as the housing market muscles through this economic downturn, it looks as if foreclosures will form a trickle rather than a flood.” ATTOM reported at least 200,000 American homeowners are likely to default next year.  Worst case scenario, ATTOM reported, the foreclosure count could range as high as 500,000 homes. Todd Teta, ATTOM’s Chief Product and Technology Officer, forecasted a 70% increase in foreclosures over the next two years. The fallout is likely to vary by location, the company predicted. ATTOM expects foreclosures to soar in Colorado, Massachusetts and California.  The anticipated most- and least-affected cities are listed here.  There are a couple of main reasons, reported by Bankrate, that Americans won’t see the same crisis they saw after 2008:1. American homeowners have built up large reserves of home equity. The situation was the opposite in the Great Recession. “Unlike the Great Recession, home prices in most markets are rising,” said Joel Kan, Associate Vice president of Industry and Economic forecasting at the Mortgage Bankers Association. “This means that people’s equity is also up, which will reduce the incentive for them to give up their home if it can possibly be avoided.”McLaughlin says the federal government’s slow reaction to the Great Recession exacerbated that crisis. Unemployment benefits provided only subsistence levels of income, and the HARP and HAMP foreclosure programs weren’t fully up and running until two years after the recession began.2. The federal government has reacted relatively quickly and aggressively to the COVID recession, he said.Also, in general, lenders are positioning for a more-cooperative, less-punitive approach, Bernadette Kogler, co-founder of RiskSpan, a data analytics firm, told Bankrate.“The industry is going to do a better job of keeping people in homes,” Kogler said. “This time around, it feels like the mortgage finance industry is part of the solution, and not part of the problem, like it was in 2008.”last_img read more

DS5: Why the Public Capital Market is Attracting Lenders

first_imgHome / Daily Dose / DS5: Why the Public Capital Market is Attracting Lenders In the latest episode, DS5 Inside the Industry speaks with Patricia Cook, CEO for Finance of America, who discusses why lenders are seeking to access public capital markets and how she expects the mortgage industry to shift in the coming months.Why are so many lenders these days going public? Cook starts with her own company, which recently announced its IPO.”The firm was started about seven years ago with private investors and we’ve spent that time building a business that would be a public company,” she said.As to why that idea is attractive to lenders, Cook says, “it gives you the capital flexibility, the flexibility to access the capital markets over time, and will ultimately allow us to continue to invest in the business.”Click on the video to hear what else this industry expert has to say about the topic and more. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FHFA’s Stats on Mortgage Loan Performance in 2020 Next: Is the Economy Stuck in Neutral? in Daily Dose, Featured, Media, News, Webcasts The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago February 4, 2021 1,527 Views 2021-02-04 Christina Hughes Babb About Author: Christina Hughes Babb  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Savecenter_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago DS5: Why the Public Capital Market is Attracting Lenders The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Councillor wants builders to take over ghost estates

first_imgNewsx Adverts Twitter By News Highland – November 5, 2010 Three factors driving Donegal housing market – Robinson WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Facebook A County Councillor has called for changes to the County Development Plan which would encourage builders applying for multiple developments to instead be encouraged to take over ghost estatesThe National Development Housing Survey, which was published recently, found that there were 133 ghost estates in Donegal.Councillor Jimmy Harte says that the CDP should be changed so that in the case of a builder keen on developing properties,  the council would only approve developments that will complete ghost estates.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/11/jhart10.mp3[/podcast] Google+ RELATED ARTICLESMORE FROM AUTHOR Previous articleTiming of Councillor O’Domhnaill joining Fianna Fail a ‘coincidence’Next articleLetterkenny man to replace Mark Durkan in Stormount News Highland center_img Calls for maternity restrictions to be lifted at LUH Pinterest Twitter Facebook 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny Councillor wants builders to take over ghost estates Google+ Pinterest Guidelines for reopening of hospitality sector publishedlast_img read more