Mortgage Rates Continue Month-Long Slide

first_img Previous: Young Adults Aging Out of Foster Care Face Unique Housing Challenges Next: Survey: Mortgage Insurance Costs Negatively Impacts Homeowners Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Demand Propels Home Prices Upward 2 days ago May 30, 2014 848 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: Bankrate Fixed-Rate Mortgage Freddie Mac Mortgage Rates Bankrate Fixed-Rate Mortgage Freddie Mac Mortgage Rates 2014-05-30 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Mortgage Rates Continue Month-Long Slide The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage rate declines have continued now for more than a month straight, bringing interest rates down once again to new 2014 lows.In its weekly released Primary Mortgage Market Survey, Freddie Mac found the average rate for a 30-year fixed-rate mortgage (FRM) was 4.12 percent (0.6 point) for the week ending May 29, down from 4.14 percent last week and the lowest 30-year fixed average since October 2013.The 15-year FRM also slid down, averaging 3.21 percent (0.5 point) compared to last week’s 3.25 percent.The latest rate movements accompanied mixed news in the housing market, noted Frank Nothaft, Freddie Mac’s chief economist: “Fixed mortgage rates eased a bit for the fifth consecutive week as reports thatexisting home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.”Movements were mixed for adjustable-rate mortgages (ARMs). According to Freddie Mac, the 5-year Treasury-indexed hybrid ARM averaged 2.96 percent (0.3 point), unchanged from the last survey. Meanwhile, the 1-year ARM averaged 2.41 percent (0.4 point), down from 2.43 percent.Bankrate.com’s weekly national survey also showed declines for fixed rates, though adjustable rates were up. According to the finance site’s latest data, the 30-year fixed last week averaged 4.25 percent, while the 15-year fixed was down to 3.35 percent. The 5/1 ARM, on the other hand, edged up a few basis points to 3.24 percent.With the Federal Reserve tapering its stimulus purchases, analysts for Bankrate say it’s outside pressures pushing rates down: “A number of factors come into play: disappointing U.S. economic growth at the start of 2014; slower growth in emerging markets; the prospect of European stimulus measures; and geopolitical issues around the globe, to name a few. But the bottom line is this—any time investors get nervous, whatever the reason, it is good news for mortgage shoppers.” Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Mortgage Rates Continue Month-Long Slide Subscribelast_img read more

Default Risk Index For Agency Purchase Loans Hits Series High

first_img Default Risk Index For Agency Purchase Loans Hits Series High Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Market Studies, News February 20, 2015 1,552 Views Home / Featured / Default Risk Index For Agency Purchase Loans Hits Series High Demand Propels Home Prices Upward 2 days ago The default risk for mortgage loan originations rose in January, marking the fifth straight month-over-month increase, according to the composite National Mortgage Risk Index (NMRI) released by AEI’s International Center on Housing Risk.In January, the NMRI for Agency purchase loans increased to a series high of 11.94 percent. That number represented an increase of 0.4 percentage points from the October through December average and a jump of 0.8 percentage points from January 2014.”With the NMRI once again hitting a series high, the risks posed by the government’s 85 percent share of the home purchase market continue to rise,” said Stephen Oliner, co-director of AEI’s International Center on Housing Risk.Default risk indices for Fannie Mae, FHA, and VA loans hit series highs within the composite, according to AEI. The firm attributes to the consistent monthly increases in risk indices to a substantial shift in market share from large banks to non-bank accounts, since the default risk tends to be greater on loans originated by non-bank lenders.AEI’s study for January revealed that the volume of high debt-to-income (DTI) loans has not been reduced by the QM regulation. About 24 percent of loans over the past three months had a total DTI above 43 percent, compared to 22 percent for the same period a year earlier. The study also found that Fannie Mae and Freddie Mac were compensating to a limited extent for the riskiness of their high DTI loans.Further, the NMRI for FHA loans in January experienced a year-over-year increase of 1.5 percentage points up to 24.41 percent – meaning that nearly one quarter of all recently guaranteed home purchase loans backed by FHA would be projected to default if they were to experience an economic shock similar to 2007-08. AEI estimates that if FHA were to adopt VA’s risk management practices, the composite index would fall to about 9 percent.”Policy makers need to be mindful of the upward risk trends that are occurring with respect to both first-time and repeat buyers,” said Edward Pinto, co-director of AEI’s International Center on Housing Risk. “Recent policy moves by the FHA and FHFA will likely exacerbate this trend.”AEI said the cause of the softness in mortgage lending is not tight lending standards, but rather reduced affordability, loan put back risk, and slow income growth among households.More than 180,o00 home purchase loans were evaluated for the January results, bringing the total number of loans rated in the NMRI since December 2012 to nearly 5.5 million, according to AEI. Tagged with: AEI’s International Center on Housing Risk Agency Loans Mortgage Default Risk Related Articles Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honeacenter_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae Reports Reduced Income for Q4, Full Year 2014 Next: House Subcommittee to Hold Second Hearing on FHA’s Financial State Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily AEI’s International Center on Housing Risk Agency Loans Mortgage Default Risk 2015-02-20 Brian Honealast_img read more

Completed Foreclosures Still Elevated

first_imgHome / Daily Dose / Completed Foreclosures Still Elevated About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago completed foreclosures Foreclosure Inventory Rate Serious Delinquency Rate 2016-04-12 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Completed Foreclosures Still Elevated Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. While the number of completed foreclosures during the month of February 2016 was down by 10 percent year-over-year, February’s total is still way above the pre-crisis monthly average, according to CoreLogic’s February 2016 National Foreclosure Report released Tuesday.Approximately 34,000 foreclosures were completed during February, which is down from February 2015’s total of 38,000 but still elevated compared to the monthly average of 2000 to 2006 of 21,000. February 2016’s total was down by 71.3 percent from the monthly peak of 117,776 reached in September 2010.Completed foreclosures represent the total number of homes lost to foreclosure. Since the crisis began in September 2008, approximately 6.2 million homes have been lost to foreclosure. Since homeownership rates peaked in in the second quarter of 2004, the number of homes lost to foreclosure totals 8.2 million.Despite February’s total of completed foreclosures remaining elevated above pre-crisis levels, other default-related metrics were positive. Foreclosure inventory for February 2016 totaled about 434,000, or approximately 1.1 percent of homes with a mortgage nationwide—the lowest rate since November 2007. February 2016’s foreclosure inventory rate of 1.5 percent represented a year-over-year decline of about 32 percent from February 2015’s total of 1.1 percent (571,000 homes).The serious delinquency rate, which is the percentage of residential mortgages that are 90 days or more overdue or in foreclosure or REO) dropped by nearly 20 percent year-over-year in February 2016 down to 1.3 million mortgages, which calculates to 3.2 percent of total mortgages nationwide. It is the lowest level for the serious delinquency rate since November 2007.“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces.” Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Financial Services Vet Ed Kramer Joins Treliant Risk Advisors Next: Is Government’s Defense in Fairholme Suit Valid? The Best Markets For Residential Property Investors 2 days ago Related Articles April 12, 2016 1,281 Views Tagged with: completed foreclosures Foreclosure Inventory Rate Serious Delinquency Rate Sign up for DS News Daily Subscribelast_img read more

Ask the Economist: Housing Industry Post Election

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Commentary / Ask the Economist: Housing Industry Post Election Demand Propels Home Prices Upward 2 days ago 2016 Presidential Election Amy Crews Cutts equiax Housing Policy 2016-08-10 Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer Amy Crews CuttsAmy Crews Cutts, Chief Economist for Equifax Inc., is a recognized industry expert with over 17 years of economic analysis and policy development experience. Cutts recently spoke with DS News about what she foresees for the future of the housing market post the 2016 presidential election.When asked how will the upcoming 2016 presidential election will affect the housing market as well as what the housing market and mortgage industry will look like post Obama administration, Cutts says that she can speak only looking at past presidential elections but on that basis thinking about what happened in the past.“One thing that characterizes the United States and obviously many of our friends in the western, industrialized world is an easy transfer of power,” says Cutts. “One president goes on and the next president goes in and the democratic process works. The lights from one account goes off and then they pull a switch and all the accounts are active under the new regime.”Cutts shares that from the perspective of the American consumer nothing happens at the point of the new administration taking office; business is as usually from one day to the next. Cutts notes that very little should happen in terms of funding and the financial market.“Where potential issues arise and where we might argue that there will be fundamental differences is when administration moves in tries to change policy,” says Cutts.She says the first thing the new administration must do upon taking office is put a new cabinet together. Once that is complete, then the next thing that must be done is the cabinet must start to think about what rules they want to write and then start creating them.“Now we are a year in to a new presidential administration before any of those changes really take place,” says Cutts.It’s easier when the same party stays in place, according to Cutts, because in many causes the same deputies will stay on until they are replaced and the process as a whole is a little more orderly. The issue comes when their is a change in party. Cutts says this is when a lot of house cleaning happens because those on the previous cabinet don’t want to work for the new party.“An orderly transformation of power means that the FHA rules will stay the same, the Fannie Mae and Freddie Mac rules will stay the same, the Wall Street Rules will stay the same up until the time that the new administration, whoever that may be, comes in and starts to make their mark on policy,” says Cutts. “But that is a year or two in.”Cutts remarks that outside of those issues, the only response you are going to see is whether the market is happy with the choice or unhappy with the choice. She says in the case that the market is unhappy, that is where volatility in the registry may be seen. Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: 2016 Presidential Election Amy Crews Cutts equiax Housing Policy Related Articles Previous: Lenders Find New Strengths In Shared Households Next: DS News Webcast: Thursday 8/11/2016 Ask the Economist: Housing Industry Post Election Demand Propels Home Prices Upward 2 days ago August 10, 2016 1,559 Views  Print This Post 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 in Commentary, Daily Dose, Featuredlast_img read more

The Week Ahead: Prices Still Rising, Inventory Still Dropping

first_img The Best Markets For Residential Property Investors 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.  Print This Post Tagged with: FHFA Home Prices Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Side Effects Include… Next: International Document Services Receives Certification from GSEs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FHFA Home Prices 2017-05-21 Seth Welborn in Daily Dose, Featured, Market Studies, News Home / Daily Dose / The Week Ahead: Prices Still Rising, Inventory Still Dropping May 21, 2017 2,839 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Prices Still Rising, Inventory Still Dropping Data Provider Black Knight to Acquire Top of Mind 2 days ago This Week’s ScheduleChicago Fed National Activity Index, Monday, 8:30 a.m. ESTCensus Bureau New Home Sales, Tuesday, 10 a.m. ESTMBA Mortgage Applications, Wednesday, 7 a.m. ESTUniversity of Michigan Final Consumer Sentiment Survey, Friday, 10 a.m. EST Related Articles On Wednesday, at 9 a.m. EST, the Federal Housing Finance Agency (FHFA) will release its House Price Index (HPI) for March. The Index covers single-family housing, using data provided by Fannie Mae and Freddie Mac.Previously, the FHFA reported in its February HPI that home prices rose 0.8 percent month-over-month. In the report, January’s former unchanged index was revised to a 0.2 percent increase.On a seasonally adjusted national level, prices are now nearly 10 percent higher than their March 2007 peak. Prices have seen a compound annual growth rate of 3.5 percent since 1991, 3.4 percent since 2000, and 6.2 percent since 2012.Out of all nine census divisions, the Mountain region saw the biggest annual increase in prices, with a 9.5 percent uptick over the year. The region includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico. The Pacific division—Hawaii, Alaska, Washington, Oregon, and California—saw a 7.6 percent annual rise, while the Middle Atlantic—New York, New Jersey, and Pennsylvania—saw the least year-over-year growth with just 4.6 percent.Other Indices have been reporting similar increases, such as First American’s Real House Price Index (RHPI). The RHPI revealed that home prices have dropped by 32.8 percent since the pre-recession peak, but are still at a relative high. Real house prices rose 0.7 percent between January and February. The low inventory has meant that home prices have remained high.”The main story in most markets this spring is the lack of supply. Combined with unfaltering demand, the lack of supply continues to pressure unadjusted prices higher in one of the strongest spring sellers’ markets seen in recent memory,” said Mark Fleming, Chief Economist at First American. The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn Share Save Sign up for DS News Daily Subscribelast_img read more

HUD Files Housing Discrimination Complaint Against Facebook

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: SimpleNexus Among Top 500 Companies Next: Diversity and the Business Supply Chain in Mortgage August 17, 2018 3,042 Views HUD Files Housing Discrimination Complaint Against Facebook Home / Daily Dose / HUD Files Housing Discrimination Complaint Against Facebook facebook Fair Housing HUD 2018-08-17 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: facebook Fair Housing HUD Share Save Related Articles 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 in Daily Dose, Featured, Government, Newscenter_img About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago The U.S. Department of Housing and Urban Development (HUD) announced on Friday that they were filing a formal complaint against Facebook for violating the Fair Housing Act by allowing landlords and home sellers to use its advertising platform to engage in housing discrimination.HUD claims Facebook enables advertisers to control which users receive housing-related ads based upon the recipient’s race, color, religion, sex, familial status, national origin, disability, and/or zip code. HUD alleges that Facebook then invites advertisers to express unlawful preferences by offering discriminatory options, allowing them to effectively limit housing options for these protected classes under the guise of “targeted advertising.” You can read the full complaint right here.“The Fair Housing Act prohibits housing discrimination including those who might limit or deny housing options with a click of a mouse,” said Anna María Farías, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity. “When Facebook uses the vast amount of personal data it collects to help advertisers to discriminate, it’s the same as slamming the door in someone’s face.”The Fair Housing Act prohibits discrimination in housing transactions including print and online advertisement on the basis of race, color, national origin, religion, sex, disability, or familial status.  HUD’s Secretary-initiated complaint follows the Department’s investigation into Facebook’s advertising platform which includes targeting tools that enable advertisers to filter prospective tenants or homebuyers based on these protected classes.HUD’s complaint alleges that Facebook’s platform violates the Fair Housing Act by enabling advertisers to, among other things:display housing ads either only to men or women;not show ads to Facebook users interested in an “assistance dog,” “mobility scooter,” “accessibility,” or “deaf culture”not show ads to users whom Facebook categorizes as interested in “child care” or “parenting,” or show ads only to users with children above a specified agedisplay/not display ads to users whom Facebook categorizes as interested in a particular place of worship, religion, or tenet, such as the “Christian Church,” “Sikhism,” “Hinduism,” or the “Bible”not show ads to users whom Facebook categorizes as interested in “Latin America,” “Canada,” “Southeast Asia,” “China,” “Honduras,” or “Somalia”draw a red line around ZIP codes and then not display ads to Facebook users who live in specific zip codesHUD also claims that  Facebook promotes its advertising targeting platform for housing purposes with “success stories” for finding “the perfect homeowners,” “reaching home buyers,” “attracting renters,” and “personalizing property ads.”In addition, on Friday the U.S. Attorney for the Southern District of New York filed a statement of interest, joined in by HUD, in U.S. District Court on behalf of a number of private litigants challenging Facebook’s advertising platform.This isn’t the first time critics have leveled complaints at Facebook’s ad practices. In 2017, ProPublica purchased dozens of rental housing ads on the site but specifically requested that they not be shown to a variety of groups protected under the federal Fair Housing Act. That act makes it illegal to run ads that indicate “any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin.”The ads targeted men and women, aged 18-65, living in New York City, and highlighted categories such as “first-time buyer,” “house hunting,” and “buying a house.” However, ProPublica requested that their Facebook ads exclude a wide variety of groups, including “African Americans, mothers of high school kids, people interested in wheelchair ramps, Jews, expats from Argentina, and Spanish speakers.” According to ProPublica, all of the ads were approved by Facebook—most of them in five minutes or less. You can read more about ProPublica’s study by clicking here. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 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] Sign up for DS News Daily Subscribelast_img read more

HUD’s Human Touch

first_img Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Home / Daily Dose / HUD’s Human Touch Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago Buyers Disaster Homeowners HOUSING HUD Hurricane 2018-10-16 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily 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.  Print This Post Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Over the past few weeks, the U.S. Department of Housing and Urban Development has reached out to people who are affected by its programs and services in various ways. On Tuesday, the department launched a photo blog called Humans of HUD that showcases the stories of some of America’s most vulnerable populations that the department has served to help them achieve their dream of homeownership.The blog also makes this point through its collection of photos and stories that, according to HUD, are part of an ongoing conversation with everyday Americans who “are working to overcome homelessness, drug addiction, natural disasters, among other challenges.”“Humans of HUD exhibits the best part of our agency – the people we serve through our programs, grants, and initiatives,” Secretary Ben Carson said. “This is storytelling at its core. People have really opened up to us in a way that brings new meaning and purpose to our work at HUD.”The series which will be featured regularly on HUD’s social media channels contains personal portraits and interviews of these people.More recently, the agency announced disaster assistance for homeowners impacted by Hurricane Michael in Florida and Secretary Benjamin Carson, visited Wilmington to take a look at the impact of Hurricane Florence in the region.Driving home the point Carson said, “We work for the people, the people don’t work for us. The best way to actually work for the people is to see what the people are doing, to hear from the people themselves.”He was visiting the region along with Alex Acosta, Secretary of the Department of Labor, Sen. Richard Burr (NC), Sen. Thom Tillis (NC), and Congressman David Rouzer (NC-7).HUD has also awarded $47 million in grants for housing counseling to help approximately 1 million households find housing, make more informed housing choices or keep their current home.Read more about HUD’s grants and initiatives:After Hurricane Michael’s Landfall …Helping Americans Keep Their Homes Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago HUD’s Human Touch October 16, 2018 1,427 Views Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Home Maintenance and Hurricanes Next: Are Inventory Woes Impacting Rental Prices? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Tagged with: Buyers Disaster Homeowners HOUSING HUD Hurricane Subscribelast_img read more

Home Flipping by City

first_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Nationwide Affordability Problems Next: HUD Addresses Discrimination in Housing Home Flipping by City The Best Markets For Residential Property Investors 2 days ago July 31, 2019 2,102 Views Home / Daily Dose / Home Flipping by City About Author: Seth Welborn in Daily Dose, Featured, Investment, News Related Articles The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Tagged with: Home Flipping Investment Sales Sign up for DS News Daily center_img 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 Demand Propels Home Prices Upward 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 ago Home Flipping Investment Sales 2019-07-31 Seth Welborn As the homeownership rate falls, it becomes harder and harder to find buyers for a flipped home, depending on where you are selling. A new report form Wallethub examines where investors will get the most return on their flipped homes, based on a study of 170 U.S. cities.Wallethub’s study cited Sioux Falls, South Dakota as the overall top city to flip homes, based on market potential, renovation and remodeling cost, and quality of life. Meanwhile, Pittsburgh; Cleveland; Wilmington, Delaware; Philadelphia, Pennsylvania; Columbia, Maryland, and Baltimore all tie for the top spot for highest average gross return on investment.The most homes were flipped in Memphis, Tennessee. The second place spot for highest number of homes flipped, behind Memphis, is a tie between five cities in Arizona, including Phoenix, Glendale, Mesa, Chandler, and Scottsdale.By cost, entire home flips were cheapest in Little Rock, Arkansas, followed by Memphis. Home flipping is the most expensive in California cities such as Fremont and San Jose, as well as Boston, Massachusetts.The lowest return on investment was found in Manchester, New Hampshire; Nashua, New Hampshire; Boise, Idaho; Nampa, Idaho, and Austin, Texas.According to Daren Blomquit, VP, Market Economics at Auction.com, home flipping serves as a good barometer of where the market is heading. In an interview with DS News, Blomquist stated that despite a decline in flipping in 2018, home flipping is on its way back up.“The good news is that downward trend in home flipping reversed itself in early 2019, with the home-flipping rate jumping to a seven-year high in February,” said Blomquist. “That’s a strong positive sign for the health of the overall housing market going forward for the remainder of the year.”Brittany Kielhurn, Owner, CEO at Carolina Community Investments & Professor at Duke University discussed the value home flippers bring to the market.“House flipping by it definition means investors are putting their money into improving a worn down property,” Kielhurn told WalletHub. “Flippers therefore serve an important role in many communities where the housing stock might otherwise be left to continue deteriorating for lack of investment.” Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Update on Delinquency and Prepayments

first_imgHome / Daily Dose / Update on Delinquency and Prepayments Tagged with: Foreclosure mortgage Prepayments Update on Delinquency and Prepayments  Print This Post Previous: Foreclosure Timelines, State by State Next: Paul Volcker, Namesake of ‘Volcker Rule,’ Dies at 92 December 9, 2019 1,406 Views Foreclosure mortgage Prepayments 2019-12-09 Seth Welborn 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 Subscribe Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img in Daily Dose, Featured, Foreclosure, Market Studies, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Black Knight’s Mortgage Monitor report began with a review of some of the high-level mortgage performance statistics stated in the company’s most recent First Look report, accompanied by an update on delinquency, foreclosure, and prepayment trends. An in-depth look into the noticeable rise in prepayment activity, and the reasons for it, followed thereafter, and fast on the heels of those facts came an assessment of the refinance incentive remaining in the current market. The nation’s equity landscape was then discussed before the subject of servicer retention rates was broached.The report wasted no time in getting down to the nitty-gritty, evaluating their procured stats in order to offer an overview of October’s activity. They reported an impressive and steady rise in mortgage prepayments, an occurrence that they attribute to previous low-interest rates. Although, they did also warn that a recent rise in rates, coupled with the trend of seasonal home sales slowing, may likewise retard prepayment activity as the coming holidays progress. In light of this, the report predicts that the trend for delinquencies to rise seasonally in both November and December would be no surprise.Regarding prepayment activity and the current factors driving prepayments, Black Knight Mortgage Monitor’s data reveals that overall prepayment activity is now more than three times higher than in January 2019, a month which stats represented an 18-year low. The date then points to the fact that the lion’s share of 2019’s prepayment increase was driven by a rise in refinancing occurrences. Also, even though late October’s interest rates rose to 3.78%, sending the incentives to refinance to their lowest levels since March, Freddie Mac’s December 5 report on refinancing candidates in the housing market points to the promising fact that more than 8 million refinance candidates still remain at the ready to make moves.Then offering insights into the current state of equities, Black Knight Mortgage Monitor shared that tappable equity has grown in 97 of the 100 largest U.S. markets during the past year, showcasing widely varying growth rates, of which, the most equity-rich markets seeing some of the lowest.It was then revealed that while refinance lending is at multi-year highs, servicers struggled to retain refinancing borrowers in the third quarter of 2019. Specifically, after seeing the highest retention rates since late 2017 earlier in the year, just 22% of borrowers stayed with their servicer post-refinance.  Pointing out that, “Data shows that borrowers’ motivations for refinancing are anything but uniform,” Black Knight Mortgage Monitor’s then suggests that in order to better navigate and understand these ever-changing trends, an advanced portfolio and market analysis can help servicers proceed in the most successful fashion, forward. The Best Markets For Residential Property Investors 2 days ago Share Save 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 Demand Propels Home Prices Upward 2 days ago Related Articles About Author: Andy Beth Millerlast_img read more

CFPB, FHFA Partner on Borrower Assistance Program

first_img in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB Coronavirus FHFA housing market 2020 About Author: Mike Albanese 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 CFPB, FHFA Partner on Borrower Assistance Program Related Articles CFPB Coronavirus FHFA housing market 2020 2020-04-15 Mike Albanese Subscribe Home / Daily Dose / CFPB, FHFA Partner on Borrower Assistance Program April 15, 2020 2,111 Views The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Previous: A Snapshot of Mortgage Forbearance Trends Next: Treasury, HUD Address Mortgage Servicer Liquidity Servicers Navigate the Post-Pandemic World 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. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced a new joint initiative—the Borrower Protection Program. The Program enables the CFPB and FHFA to share servicing information to protect borrowers during COVID-19. Under the guidelines of the program, the CFPB will make complaint information and analytics tools available to FHFA through a secured interface. The FHFA will make information regarding forbearances, modifications, and loss mitigation initiatives by Fannie Mae and Freddie Mac available to the CFPB. “Help for consumers is always here at the CFPB through our complaints process. In addition to working with your lender to get an answer for you, we analyze the information to better educate consumers, provide clear rules for financial institutions, and hold companies accountable,” said CFPB Director Kathleen L. Kraninger in a release. Dr. Mark A. Calabria said protecting homeowners during the COVID-19 emergency is “my top priority.” “No one should be worried about losing their home,” Calabria said. “Borrowers are entitled to accurate information about their forbearance options. This partnership with CFPB ensures FHFA can address misconceptions stemming from consumer complaints by working with Fannie and Freddie servicers.”The GSEs and the Federal Home Loan Banks—the FHFA’s regulated entities—provide more than $6.3 trillion in funding for the U.S. mortgage market. In recent weeks there have been numerous agencies allowing homeowners to either defer or pay a reduced mortgage payment in forbearance programs. Mark Zandi, the Chief Economist at Moody’s Analytics estimated that as many as 30% of Americans with home loans—nearly 15 million households—could stop paying their loans if the economy is closed through the summer.“This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania, in an article by the Los Angeles Times. “The great financial crisis happened over a number of years. This is happening in a matter of months—a matter of weeks.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share 4Save Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more