House Payments Rise; Should Homebuyers Consider Renting?

first_img 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Headlines, Market Studies, News Housing Affordability Housing Payments RealtyTrac 2014-02-20 Colin Robins Previous: Brock & Scott Acquires Georgia Law Firm Next: Wingspan Portfolio Advisors Open to Additional Acquisitions 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 RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago.325 U.S. counties were included in the analysis that measured “house payments for a median-priced three-bedroom home purchased in the fourth quarter of 2013—including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit.”The report showed that the average house payments of homes purchased in the fourth quarter of 2013 rose to $865, based on a 30-year fixed rate mortgage with an interest rate of 4.46 percent and a 20 percent down payment.House payments have risen from the fourth quarter average of $714 in 2012, when interest rates were 3.35 percent.Freddie Mac’s Primary Mortgage Market Survey reported a 33 percent increase in the average interest rate for a 30-year fixed mortgage, helping to push housing prices higher.The increase in interest rates caused an average 10 percent rise in median prices across the counties measured.”A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year,” said Daren Blomquist, VP at RealtyTrac.”The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints,” Blomquist said.Counties with some of the biggest increases in estimated monthly house payments included Contra Costa and Sacramento counties in California (both up more than 50 percent), Wayne and Oakland counties in Michigan (both up more than 45 percent), and Clark County, Nevada (up 43 percent).Despite rising interest rates and increased activity from investors and cash buyers, buying a home is still cheaper than renting in most counties.The average income needed to qualify for a median-priced home was $41,544 in Q4 of 2013. The average minimum income needed to rent a three-bedroom home at fair market rents for 2014 was $43,892.The report noted “the estimated monthly house payment for a median-priced three bedroom home in the fourth quarter of 2013 was lower than average fair market rent for a three bedroom home—set by the U.S. Department of Housing and Urban Development for 2014—in 91 percent of the counties analyzed (296 out of 325).”The 29 counties where it’s cheaper to rent, however, are heavily populated metros. They account for 20 percent of the population of measured counties.Areas include the California counties of Los Angeles, Orange, Santa Clara, Alameda, Ventura and San Francisco, along with King County, Washington (Seattle), Suffolk County and Westchester counties in the New York City region, Will County in the Chicago metro area, and Denver County, Colorado.The 15 most populated counties house payments increased an average of 34 percent from a year ago, making house payments higher than renting in 6 of the 15 largest counties.”A year ago only one of those 15 counties—Santa Clara County in the San Jose area of Northern California—had an estimated monthly house payment above the average fair market rent,” the report said.  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago House Payments Rise; Should Homebuyers Consider Renting?center_img Tagged with: Housing Affordability Housing Payments RealtyTrac Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribe February 20, 2014 698 Views The Best Markets For Residential Property Investors 2 days ago About Author: Colin Robins Home / Daily Dose / House Payments Rise; Should Homebuyers Consider Renting? Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

DS News Webcast: Thursday 5/29/2014

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS News Webcast: Thursday 5/29/2014 The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Previous: Home Price Appreciation Accelerates; Foreclosure Sales Slow Next: LenderLive Names New VP of National Sales  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: DSNews Home / Featured / DS News Webcast: Thursday 5/29/2014 2014-05-29 DSNews Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days ago May 29, 2014 523 Views U.S. residential properties sold at an estimated annual pace of 5.2 million in April, according to RealtyTrac’s April 2014 Residential & Foreclosure Sales Report. The median sales price of both distressed and non-distressed properties was $172,000 for the month, an increase of 4 percent from March. April’s increase was the biggest year-over-year increase since U.S. median prices bottomed out in March 2012, according to RealtyTrac.Short sales and foreclosures declined for the month, dropping to 15.6 percent of all sales in April, down from 16.5 percent of all sales in March. Short sales and distressed sales are down yearly from 17.2 percent in April 2013. The metro area with the highest share of combined short sales and distressed sales was Las Vegas, Nevada at 37.7 percent. Rounding out the top five metros are Stockton, California; Modesto, California; Lakeland, Florida; and Orlando, Florida.The Federal Housing Finance Agency released its latest Refinance Report, which reported that approximately 77,000 refinances were completed through the Home Affordable Refinance Program, or HARP, in the first quarter of 2014. 3.1 million refinances have been performed using HARP since the program’s inception. The first quarter of 2014 marks the fourth straight quarter that total refinances and HARP refinances have declined. The report attributed the decline to March’s rising interest rates. Demand Propels Home Prices Upward 2 days agolast_img read more

Report: Housing Market Will Gain Momentum In Next Year

first_img December 12, 2014 1,593 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News The housing market will continue its gradual recovery and gain momentum in 2015 after a disappointing 2014, according to the Wells Fargo Economics Group 2015 Economic Outlook entitled “A Whole New Ballgame,” released earlier this week.Wells Fargo cited a number of reasons in the report for its optimistic housing market predictions for next year, namely easing of credit, job and income growth, and mortgage rates near their lowest levels in a generation. The economists predict existing home sales, which dropped by 3.8 percent for the first 10 months of 2014, will grow by 4.1 percent in 2015.Single-family starts, which grew by just 6 percent (655,000 units) in 2014 due to a weak job market, slow household formation, tight lending standards, and a backlog of troubled mortgages going through the foreclosure process, are expected to make a comeback in 2015, according to Wells Fargo. Economists expect the percentage of single-family starts to more than double next year, up to 13.7 percent.Two major factors in the turnaround in homeownership have been the rise in foreclosures and with the earlier decline in home prices, according to Wells Fargo. The homeownership rate, which peaked 10 years ago, has fallen 4.8 percentage points down to 64.4 percent, the lowest rate for homeownership in 19 years.”We would expect this series to overcorrect because of tight mortgage credit, changing attitudes towards homeownership and household finances continue to be repaired,” the report said.Foreclosures peaked about four years ago, resulting in large numbers of investors purchasing many homes at low prices in major metropolitan areas. The foreclosure crisis is mostly over, having decreased significantly in the last three years since their peak, but the numbers are still above long-run norms, according to Wells Fargo. Foreclosure numbers remain high particularly in judicial foreclosure states, such as Florida, New Jersey, Maryland, and Illinois, where the foreclosure process must pass through the courts. Demand Propels Home Prices Upward 2 days ago Forecast Homeownership Housing Market The Wells Fargo Economic Outlook Wells Fargo Economics Group 2014-12-12 Brian Honea Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. About Author: Brian Honea Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Foreclosure Prevention Counseling Program Has Helped 1.8 Million Homeowners Next: DS News Webcast: Monday 12/15/2014 The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Report: Housing Market Will Gain Momentum In Next Year Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Forecast Homeownership Housing Market The Wells Fargo Economic Outlook Wells Fargo Economics Group Sign up for DS News Daily Home / Daily Dose / Report: Housing Market Will Gain Momentum In Next Year Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Freddie Mac Obtains $132 Million Insurance Policy to Reduce Credit Risk

first_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Credit Risk Transfer Freddie Mac Insurance Policies Previous: MERS Wins Federal Court Battles Over Deed of Trust in Georgia, New York, and Texas Next: DS News Webcast: Tuesday 9/29/2015 September 28, 2015 1,143 Views Freddie Mac has obtained another actual loss insurance policy under its Agency Credit Insurance Structure (ACIS) program, which is tied to an actual loss deal that is part of the Structured Agency Credit Risk (STACR) program, according to an announcement from Freddie Mac on Monday.The latest ACIS transaction transfers much of the remaining credit risk associated with the first actual loss STACR offering from April 2015 (STACR Series 2015 DNA1), and it transfers combined maximum limit of up to about $132.5 million in losses on single-family mortgage loans acquired by Freddie Mac in Q4 2012.Freddie Mac obtains insurance policies through ACIS that transfer to insurance and reinsurance companies worldwide.”We continue to expand the panel of participating reinsurers as the ACIS program matures,” said Kevin Palmer, VP of Freddie Mac’s Single-Family strategic credit costing and structuring. “We have now acquired more than $1 billion in additional insurance coverage this year with six ACIS transactions, and almost $2 billion since the program’s inception in 2013. This transaction includes new and past participants as we strive for consistency in how and where we transfer credit risk.”The first two ACIS transactions were completed by Freddie Mac in July, providing coverage based on both first loss and actual losses realized on a pool of residential mortgages, according to Freddie Mac.”This transaction includes new and past participants as we strive for consistency in how and where we transfer credit risk.”Freddie Mac has laid off a substantial portion of credit risk on more than $333 billion in unpaid balance in single-family mortgages through 15 STACR offerings (including first loss and actual loss risk transactions) and 10 ACIS transactions since the middle of 2013. Freddie Mac’s investor base has grown to include more than 160 unique investors since the Enterprise began marketing credit risk transactions with STACR and ACIS.Last week, Freddie Mac priced its first STACR transaction selling its first actual loss offering of loans with LTV ratios ranging from 80 to 95 percent. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily center_img Demand Propels Home Prices Upward 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Freddie Mac Obtains $132 Million Insurance Policy to Reduce Credit Risk Share Save Demand Propels Home Prices Upward 2 days ago Related Articles Subscribe Credit Risk Transfer Freddie Mac Insurance Policies 2015-09-28 Brian Honea About Author: Brian Honea Freddie Mac Obtains $132 Million Insurance Policy to Reduce Credit Risk Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Multigenerational Households on the Rise

first_img in Daily Dose, Featured, Journal, Market Studies, News Demand Propels Home Prices Upward 2 days ago Tagged with: Census Bureau ethnicity multigenerational households Pew Research Center Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago As of 2016, one in five Americans lived in a multigenerational household. That’s the key revelation from a newly released Pew Research Center analysis of U.S. Census data, revealing that the percentage of multigenerational American households has reached a level not seen since in decades.Pew Research Center found that, in 2016, a record 64 million people lived in multigenerational homes in the United States. Pew defines a multigenerational household as including “at least two adult generations or grandparents and grandchildren younger than 25.”Pew’s study found that multigenerational living has been on the rise for several decades. Asian and Hispanic households are more likely than white households to be multigenerational. Pew states that increasing ethnic and racial diversity among the U.S. population could account for some of the increase in multigenerational households. However, multigenerational households are growing “among nearly all U.S. racial groups, Hispanics, most age groups, and both men and women.”Pew reports that 29 percent of Asians living in America in 2016 lived in a multigenerational household. Among Hispanics and blacks, the number was 27 percent and 26 percent, respectively. Only sixteen percent of white Americans lived in multigenerational households in the same year, per Census data.Multigenerational households declined steadily during the middle of the previous century, dropping from 21 percent in 1950 to 12 percent in 1980. The Great Recession resulted in a sharp uptick in this sort of living situation, and multigenerational households have continued to make up more of the American housing landscape in the years since.In 2009, multigenerational households accounted for 17 percent of the U.S. population (around 51.5 million Americans), based on data from the U.S. Census Bureau’s American Community Survey. By 2014, that percentage had increased to 19 percent, or around 60.6 million Americans.Recent years have also seen a shift in which age group is most likely to live in a multigenerational household—previously, it was adults aged 85 and older. As of 2016, there was a surge of 25- to 29-year-olds living in multigenerational households, with 33 percent reporting living in such a situation in 2016.This certainly tracks with other trends that have been apparent throughout the industry in recent years, from skyrocketing home prices to inventory shortages to the struggles of millennials and other young potential homebuyers to save up down payments while saddled with ever-increasing student debt. If those trends don’t shift, the percentage of Americans living in multigenerational homes doesn’t seem likely to drop anytime soon.You can read the full results of the Pew Research Center study by clicking here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Multigenerational Households on the Rise The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: What’s Happening With Reverse Mortgage-Backed Securities? Next: The Best Cities for America’s Top Expanding Professions April 16, 2018 2,731 Views 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] Census Bureau ethnicity multigenerational households Pew Research Center 2018-04-16 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Related Articles Share Save Sign up for DS News Daily Multigenerational Households on the Rise About Author: David Wharton  Print This Post Servicers Navigate the Post-Pandemic World 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 Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

The Price Tag of Owning a Home

first_imgHome / Daily Dose / The Price Tag of Owning a Home The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Homeowners Homes HOUSING Maintenance price Thumbtack Zillow 2018-08-23 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago August 23, 2018 2,496 Views Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Homeowners Homes HOUSING Maintenance price Thumbtack Zillow Related Articles Previous: Where is Single-family Rental Growing the Most? Next: Looking into the Housing Market in 2019 Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. in Daily Dose, Featured, Market Studies, News The Price Tag of Owning a Home  Print This Post About Author: Scott Morgan Buying a house is usually expensive, but the money doesn’t stop flowing out once the deal is closed. Costs associated with caring for a property can run many homeowners as much as $9,390 every year, according to an analysis by Zillow and Thumbtack. Property taxes, utilities, and homeowners insurance are necessary expenses tend to add up fast for homeowners. “Nationally, these costs add up to $6,327 per year, but can be much higher in more expensive markets,” the report stated. “In San Jose, where the typical home is worth $1,287,600, these costs add up to $17,255 per year, the highest of any market analyzed. By contrast, these costs add up to $5,540 annually in Indianapolis, less than one-third of the San Jose total.”Another cost homeowners often do not consider until it starts affecting their pocketbooks is professional services—house cleaning, lawn care, carpet cleaning, central air and heating system repairs, gutter cleaning, and pressure washing, among others. According to the report, the average cost of these tasks nationally is $3,067 per year. “Labor costs vary in different parts of the country,” the report stated, “so these jobs can be much more expensive depending on where someone lives.” In Portland, for example, homeowners can expect to pay $3,810 per year for these projects, compared with the $2,570 owners in Miami can expect to spend, the report found.”Ongoing maintenance costs and annual fees are some of the most common surprises for first-time home buyers after they finally become homeowners,” said Zillow Senior Economist Aaron Terrazas. “While they are shopping, buyers tend to focus on their monthly mortgage payments, but other needs quickly add up after move-in. The list price is just the beginning of understanding the costs that come with being a homeowner, and it’s important to understand what other expenses you may have to account for when determining what you can afford.” Lucas Puente, the lead economist at Thumbtack, added that many basic maintenance costs “are often overlooked when calculating the cost of buying a home. It’s imperative that those looking to buy a home do their homework to avoid any surprise charges.” Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Homeownership May Be More Affordable Than We Thought

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Homeownership May Be More Affordable Than We Thought Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Previous: Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress Next: The Cities Still Struggling With Delinquent Mortgages The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Home Affordability Index Housing Affordability Housing Finance Policy Center Housing Markets Urban Institute Demand Propels Home Prices Upward 2 days ago Home Affordability Index Housing Affordability Housing Finance Policy Center Housing Markets Urban Institute 2019-03-12 Krista Franks Brock in Daily Dose, Featured, Market Studies, News While some lament that housing affordability is slipping, putting homeownership out of reach for some would-be homebuyers, new research suggests affordability might not be as big of a hindrance as we thought.Taking issue with the fact that traditional affordability indexes rely on median incomes and median housing costs, researchers at the Urban Institute’s Housing Finance Policy Center delved deeper into the matter with a look at all income levels in the top 100 metros in the nation.The policy center’s housing affordability for renters index (HARI) compares the income levels of renters to the income levels of recent homebuyers to determine how many current renters could afford to purchase a home in their market. It is important to note that this index does not take into account credit scores, down payment levels, or other barriers to homeownership. The index is simply focused on income as a means of affordability.Overall, affordability as of 2017 was higher than it was in 2006, lower than in 2009, and about the same as the year prior. From 2006 to 2017, there was a 6 percent rise in the number of renters who could afford to purchase a home in their area.About 27 percent of renters could afford to purchase a home in 2017, and across the largest metropolitan statistical areas (MSAs), affordability ranged between 20 and 31 percent, according to the research.Higher priced markets were not automatically the least affordable markets because renters in those markets tended have incomes comparable to homebuyers living in those markets.For example, Washington D.C., has one of the highest affordability rates for renters living in the MSA at 30 percent. On the other hand, Houston, Texas, has an affordability rate of 23 percent among renters currently living in the MSA.While home prices may be higher in the D.C. area, incomes are as well. About 9 percent of renters in Houston earn more than $90,000, compared to 33 percent in D.C.San Francisco and Washington D.C., had the highest share of high-income new homeowners. St. Louis had the lowest share of high-income new homeowners.The highest affordability rate among all 100 MSAs was 34 percent in Cape Coral-Fort Meyers, Florida, followed by Las Vegas-Henderson-Paradise, Nevada at 32 percent and Lakeland-Winter Haven, Florida, and Phoenix-Mesa-Scottsdale, Arizona, which both had rates of 30 percent.The lowest affordability rate was 18 percent in Los Angeles-Long Beach-Anaheim, California. San Diego-Carlsbad, California, and Oxnard-Thousand Oaks Ventura, California both had affordability rates of 20 percent; and McAllen-Edinburg-Mission, Texas, and Durham, Chapel Hill, North Carolina both had affordability rates of 21 percent.While some higher-priced markets remain within reach for local residents, they may be out of reach for renters looking to move to the area from another MSA.While 30 percent of renters in Washington D.C., can afford a home in the area, only 17 percent of renters across the nation could afford a home in D.C. Similarly, in San Francisco, 25 percent of local renters can afford a home, but only 6 percent of renters nationwide can afford a home in the MSA.On the flipside, 26 percent of renters in Detroit can afford a home in the area, but 30 percent of renters across the nation can afford a home in the MSA. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily  Print This Post Related Articles Homeownership May Be More Affordable Than We Thought About Author: Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 12, 2019 1,422 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Where Negative Equity is Concentrated

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save  Print This Post March 12, 2020 1,845 Views Subscribe Previous: Regulators Responding to Coronavirus Spread Next: USFN Cancels Industry Events Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, Market Studies, News About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Where Negative Equity is Concentrated Demand Propels Home Prices Upward 2 days agocenter_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. Related Articles The Best Markets For Residential Property Investors 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 Where Negative Equity is Concentrated Tagged with: Equity Home Prices Negative Equity Equity Home Prices Negative Equity 2020-03-12 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Nationwide, the negative equity share for the fourth quarter of 2019 was 3.5% of all homes with a mortgage, the lowest share of homes with negative equity since the third quarter of 2009 according to CoreLogic’s latest Equity Report. By state, the largest negative equity share was in Louisiana, with 9.8% of mortgages with negative equity—more than twice the national average.Behind Louisiana, Connecticut (7.1%) and Illinois (7%) rounded out the top three states with the highest negative equity shares. States with high negative equity shares have experienced low home price appreciation. While Florida makes the top ten list for negative equity share, that state saw a large year-over-year decline in negative equity share, falling from 6.2% in the fourth quarter of 2018 to 4.8% in the fourth quarter of 2019.Louisiana also topped ATTOM Data Solution’s Q4 Home Equity & Underwater Reportlist of seriously underwater homes, with 16.8% seriously underwater. Louisiana was followed by Mississippi (16.0%, West Virginia (13.9%), Iowa (13.5%) and Arkansas (12.9%). Similarly, states with the lowest percentage of equity-rich properties were Louisiana (13.6% equity-rich), Oklahoma (14.9%), Illinois (15.3%), Arkansas (16.3%) and Alabama (16.5%).According to CoreLogic, the amount of equity in mortgaged real estate increased by $489 billion in the fourth quarter of 2019 from the fourth quarter of 2018, an annual increase of 5.4%. Borrower equity hit a new high in the fourth quarter of 2019, and borrowers have gained over $6 trillion in equity since the end of 2011 when equity stopped declining. Years of home price increases have led to record-levels of home equity and pick up in price gains in the fourth quarter of 2019 boosted home-equity wealth further.On the metro level, San Francisco has the largest average amount of negative equity, but the negative equity share is only 0.7%. Miami has the smallest average amount of negative equity, but has a negative equity share of 8.5%, which is more than double the national rate.Additionally, the number of underwater properties decreased by 330,000 from the fourth quarter of 2018 to the fourth quarter of 2019.last_img read more

FHFA: Forbearance Plans Dominated May Foreclosure-Prevention Actions

first_img  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Industry Pulse: Compliance Technology Advancements and New Office Expansions Next: ‘Online Buyers’ Contribute to Growing Home Sales The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Fannie Mae Foreclosure Prevention Freddie Mac 2020-08-20 Christina Hughes Babb in Daily Dose, Featured, News Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Phil Hall Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago August 20, 2020 1,288 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily FHFA: Forbearance Plans Dominated May Foreclosure-Prevention Actions Tagged with: Fannie Mae Foreclosure Prevention Freddie Mac The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FHFA: Forbearance Plans Dominated May Foreclosure-Prevention Actions The government-sponsored enterprises (GSEs) completed 83,756 foreclosure prevention actions during May, according to new data released by the Federal Housing Finance Agency (FHFA).The overwhelming majority of the GSEs’ actions in May were forbearance plans—77,218, up from 9,749 in April—while 4,577 were loan modifications, 1,598 were repayment plans, and 77 were charge-offs-in-lieu.The FHFA reported that initiated forbearance plans declined from 989,594 in April to 392,338 in May. The total number of loans in forbearance plans at the end of May was 1,450,557, which represented slightly more than 5% of the total loans serviced by the GSEs.The GSEs also completed 286 home forfeiture actions in May, which consisted of 218 short sales and 68 deeds-in-lieu.Furthermore, the FHFA revealed that the GSEs’ 30-59 days delinquency rate fell to 2.53% in May but the serious delinquency rate inched up by less than a quarter-percentage point to 0.86%. Third-party and foreclosure sales totaled 344, down from 260 in April, and the decline was attributed to the GSEs’ suspension of foreclosures in response to the COVID-19 pandemic. As a result of foreclosures being suspended, foreclosure starts fell from 3,229 in April to 2,316 in May.Elsewhere in May, the FHFA determined the GSEs’ total refinance volume rose to their highest levels in seven years as mortgage rates tumbled—the average interest rate on a 30-year fixed rate mortgage slid from 3.31% in April to 3.23% in May. During May, 14 refinances were completed through the High LTV Refinance Option, bringing total refinances through this channel to 46 since its inception earlier in the year. The percentage of cash-out refinances dipped from 30% in April to 28% in May.Fannie Mae and Freddie Mac have completed 4,534,370 since they were put into federal conservatorship in September 2008, with more than half of these actions consisting of permanent loan modifications. 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 Subscribelast_img read more

CFPB Addresses Regulating Consumer Access to Financial Data

first_img October 22, 2020 1,132 Views 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 The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Dodd-Frank Act Rule  Print This Post Subscribe Related Articles Previous: Serious Delinquency Rate Improves for First Time Since March Next: Stimulus Could Help Keep American Economy ‘Afloat’ Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB Dodd-Frank Act Rule 2020-10-22 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Phil Hall CFPB Addresses Regulating Consumer Access to Financial Data  Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Consumer Financial Protection Bureau (CFPB) has issued an advance notice of proposed rulemaking (ANPR) requesting input on regulating consumer access to financial records. With the ANPR, the CFPB is looking for suggestions on how the agency could most efficiently and effectively develop regulations implementing Section 1033 of the Dodd-Frank Act, which focuses on consumer rights regarding the access of financial records. The agency added the ANPR is specifically seeking comments and information on costs and benefits of consumer data access, competitive incentives, standard-setting, access scope, consumer control, and privacy and data security and accuracy. “When consumers use financial products and services, the providers of those products and services generally accumulate data about those consumers and their use of those products and services,” the CFPB said in a press statement. “Consumer access to these data allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. Consumers may realize these benefits by authorizing third parties to access these data on their behalf and allowing those third parties to deliver new or improved financial products and services. Use cases for consumer-authorized data include personal financial management, making and receiving payments, assisting consumers with improving savings outcomes, underwriting credit, and many other services.”In February of this year, the CFPB hosted a symposium titled “Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act.” In the report issued after the symposium’s conclusion, the CFPB observed that while consumers’ ability to access their financial records in electronic form “empowers them to better monitor their finances” while encouraging financial services companies to make the consumer experience more efficient, it also determined that “this kind of expanded access to consumer financial records raises a number of concerns, particularly with respect to data security, privacy, and unauthorized access.” The ANPR comments are due within 90 days after its publication in the Federal Register, with the ANPR identified by Docket No. CFPB-2020-0034 or RIN 3170-AA78.  The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / CFPB Addresses Regulating Consumer Access to Financial Data  Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featuredlast_img read more