Freddie Mac Reports Mortgage Portfolio Decrease

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribe in Daily Dose, Featured, Government, Headlines, Market Studies, News Freddie Mac released its Monthly Volume Summary for January, 2014, noting their total mortgage portfolio decreased at an annualized rate of 1.9 percent in January. Despite a slight uptick in December, 2013, Freddie Mac’s ending balance has been declining since June, 2013.The summary notes the unpaid principal balance (UPB) of mortgage-related investments decreased by approximately $7.1 billion in January.Mortgage-related securities and other commitments increased at an annualized rate of one percent in January, down from the previous month’s growth rate of 2.3 percent.Single-family refinance-loan purchase and guarantee volume was $10.5 billion in January, representing 55 percent of total single-family mortgage portfolio purchases or issuances.Single-family loans saw a seriously delinquent rate decrease, from 2.39 percent in December to 2.34 percent in January. The multi-family delinquent rate decreased slightly from .09 percent in December to .05 percent in JanuaryThe report notes, “Relief refinance mortgages comprised approximately 34% of our total single-family refinance volume during January 2014 based on unpaid principal balance (UPB).”Freddie Mac had 6,094 loan modifications for the month of January, 2014. Freddie Mac Monthly Volume Summary 2014-02-25 Colin Robins The Best Markets For Residential Property Investors 2 days ago 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. February 25, 2014 656 Views Previous: Is the Strongest Part of the Housing Recovery Over? Next: More Local Markets Experiencing Full Recovery Tagged with: Freddie Mac Monthly Volume Summary Home / Daily Dose / Freddie Mac Reports Mortgage Portfolio Decrease Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Freddie Mac Reports Mortgage Portfolio Decrease Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 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 About Author: Colin Robinslast_img read more

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Study Says Homebuyers Should Do Their Homework When Shopping for a Mortgage

first_img  Print This Post Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Blight Elimination Program Gets Underway in Indiana Next: Based on Recent Signs, Analysts Still Hold High Hopes for Housing Recovery in 2015 April 13, 2015 1,130 Views When it comes to shopping around for a new home, buyers should also shop around for the right mortgage lender, say Fannie Mae economists Qiang Cai and Sarah Shahdad.In the latest Fannie Mae National Housing Survey, studying the mortgage shopping experience homebuyers navigate these days, the authors found that two-thirds of buyers‒‒particularly the young and those who’ve already bought homes‒‒obtain multiple mortgage quotes, though newbies to the process typically rely on friendly advice to find a suitable lender and terms.“Higher-income, younger-aged, and minority borrowers are more likely to obtain multiple quotes when shopping for a mortgage,” the report stated. “First-time homebuyers and lower-income borrowers are more likely to say that referrals from friends, family, or co-workers had a major influence on their choice of lender.”According to the report, about 16 percent of buyers under age 30 shop around for quotes, compared to 5 percent of those above 50. Nearly a third of buyers earning at least $75,000 per year shop around, compared to just 1 percent of those who make less. About 20 percent of minority buyers seek multiple quotes.Experienced homebuyers are unlikely to say that a referral from a real estate agent or a mortgage specialist influenced their choice of lender, unless they earn less than $75,000 a year. The authors found that about 31 percent of first-time buyers took such advice, regardless of income, while more than half of those who earn less than $75,000 a year sought referral advice. About 7 percent above that income line sought advice.The authors also found that first-time and minority homebuyers are more likely to report unexpected changes at the closing table. A third of first-time buyers and a third of minority buyers say that they had some type of surprise at the closing table. Half of all buyers making less than $50,000 a year reported surprises.The authors wrote that consumers may benefit from better tools and advice from knowledgeable, objective third parties when looking for good mortgage terms, saying this would allow buyers to balance any tradeoffs.“As large and infrequent as the mortgage transaction is in most people’s financial lives, borrowers may be leaving money on the table by not shopping around and negotiating for the best terms they can get,” Cai and Shahdad wrote. “Encouraging homebuyers to seek multiple sources of information, determine the key criteria that are important to them, and ask detailed questions about the basis for a lender recommendation when shopping for a mortgage may help them find a lender that best meets their individual needs.” Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Fannie Mae Homebuyers Mortgages Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae Homebuyers Mortgages 2015-04-13 Scott Morgan Demand Propels Home Prices Upward 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. center_img About Author: Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Study Says Homebuyers Should Do Their Homework When Shopping for a Mortgage The Best Markets For Residential Property Investors 2 days ago Study Says Homebuyers Should Do Their Homework When Shopping for a Mortgage The Best Markets For Residential Property Investors 2 days agolast_img read more

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Georgia Lawmaker Proposes Bill to Make CFPB Accountable to Congress

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago CFPB Congressional Oversight Consumer Financial Protection Bureau Senator David Perdue 2015-05-20 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senior Treasury Official Named Main Housing Adviser for Obama Administration Next: Senators Introduce Amendment to Prevent Use of Fast Track to Weaken Dodd-Frank The Best Markets For Residential Property Investors 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 Home / Daily Dose / Georgia Lawmaker Proposes Bill to Make CFPB Accountable to Congress Sign up for DS News Daily in Daily Dose, Featured, Government, News Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img  Print This Post Georgia Lawmaker Proposes Bill to Make CFPB Accountable to Congress Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Congressional Oversight Consumer Financial Protection Bureau Senator David Perdue Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 20, 2015 1,085 Views U.S. Senator David Perdue (R-Georgia) has introduced a bill that would make the Consumer Financial Protection Bureau (CFPB) more accountable by bringing it under the Congressional appropriations process, according to an announcement on Perdue’s website.Perdue said the Consumer Financial Protection Bureau Accountability Act of 2015 will provide critical Congressional oversight for a Bureau that is funded by the Federal Reserve but is led by a single director rather than a board of directors and is not accountable to Congress.The CFPB was created in 2011 out of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Since then, the Bureau has handed down several multi-million and even billion dollar fines and penalties to agencies, firms, and companies that it believes has engaged in predatory financial practices, including many against mortgage lenders and servicers. The Bureau has been the subject of much controversy, with those in opposition claiming that the Bureau’s actions are overreaching.”The Consumer Financial Protection Bureau was spawned from the disastrous Dodd-Frank financial regulation law,” Perdue said. “Georgians sent me to Washington to help restore accountability and transparency to the federal government, and the CFPB needs a major dose of both. Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations at whim without real Congressional oversight. The American people, through Congress, deserve a closer look at the CFPB and how its actions will impact consumers.”Dodd-Frank established a budget of up to 12 percent of the Fed’s annual operating expense for the CFPB, which amounts to approximately $600 million with no oversight from Congress on the amount the Bureau is spending.”Additionally, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public,” Perdue said. “Ultimately, I believe the CFPB should be eliminated, but an important first step is bringing it into the light for the American people.”Perdue’s proposal is gaining support among consumer and taxpayer advocacy groups, according to the Senator’s website.”The CFPB represents the greatest threat to consumer choice and freedom this country has seen in a long time,” said Sarah Makin on behalf of the U.S. Consumer Coalition. “With the enforcement authority of the DOJ, and the regulatory authority of the FDIC, this unaccountable agency has limitless power to impact the lives of Americans. While there may be a role for the CFPB, we applaud Senator Perdue for working to protect consumers from the so-called consumer protector.”Republicans promised they would take aim at Dodd-Frank and in particular the CFPB when they gained a majority in both the Senate and the House back in November. U.S. Representative Sean Duffy (R-Wisconsin) introduced a comprehensive CFPB reform package in March that included a proposal (H.R. 1261) similar to the one introduced by Perdue in the Senate. Though Democrats have vowed to fight efforts to reform the CFPB, one of Duffy’s proposals, the Bureau Advisory Commission Transparency Act, passed in the House by a 401 to 2 vote in mid-April.In February, Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) revived a bipartisan bill that would create an independent Inspector General for the CFPB that is appointed by the president and approved by the Senate. The Bureau currently shares an IG with the Federal Reserve, a position that is appointed by the Fed chair and not subject to Senate approval.last_img read more

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Slow Wage Growth: Not a Sign of a Weak Labor Market

first_imgHome / Daily Dose / Slow Wage Growth: Not a Sign of a Weak Labor Market Slow Wage Growth: Not a Sign of a Weak Labor Market The Best Markets For Residential Property Investors 2 days ago The February employment summary released last week by the Bureau of Labor Statistics was nearly all positive, with job growth of 242,000 for the month and a 15-month high reported for the labor force participation rate.The one factor which many analysts have cited as holding back homeownership, wage growth, took a step back in February. The average hourly earnings for all employees declined by 3 cents down to $25.35 after an increase of 12 cents in January.According to a recent economic letter released by the Federal Reserve Bank of San Francisco, slow wage growth is not a sign of a weak labor market—but rather, it is a reflection of cyclical and secular shifts in the composition. Authors Mary C. Daly (SVP and associate director of research in the Economic Research Department of the San Francisco Fed), Bart Hobijn (professor of economics at Arizona State University), and Benjamin Pyle (research associate in the Economic Research Department of the San Francisco Fed) said the combination of baby boomers who were paid higher wages retiring and lower-wage workers getting back into the workforce has suppressed wage growth.The wage gains of continuously employed full-time workers can push up wage growth, while the exit of higher-wage workers replaced by entry-level employees making much less can be a drag on wage growth, according to the authors of the economic letter.Average wage growth has been slow during the recession and has stayed flat during the recovery—it has hovered around 2 and a quarter percent for the last two years, whereas it averaged 3 and a quarter percent from 1983 to 2015, according to the San Francisco Fed.As the spring homebuying season is right around the corner, there were some concerns in the industry about home price acceleration outpacing wage growth, which would put a strain on affordability.“Our forecast of a more modest gain in home sales this year reflects our concern of declining housing affordability from income growth that is trailing home price appreciation,” Fannie Mae Chief Economist Doug Duncan said, adding that the February employment summary “is consistent with our view of an affordability-constrained housing expansion.”Some expect that wage growth will not stay down in 2016. Curt Long, Chief Economist with the National Association of Federal Credit Unions, said that February’s wage growth was “disappointing, particularly coming after a strong month in January. With that said, once inflation is considered, 2.2 percent wage growth is not terrible, and as the labor market continues to tighten we should see that figure climb.”Still some are predicting big things for the spring homebuying season in spite of the slower wage growth. Jonathan Smoke, Chief Economist with Realtor.com, said he believes that the “strong pace of job creation should lead to continued positive household formation.” Governmental Measures Target Expanded Access to Affordable Housing 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. Sign up for DS News Daily Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Brian Honea Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: San Francisco Fed Spring Homebuying Season Wage Growth Demand Propels Home Prices Upward 2 days ago March 11, 2016 990 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: GSEs’ Expenses Are Way Up; Where Did the Money Go? Next: Quicken Still Fighting Government’s Lawsuit Over FHA Loans in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago San Francisco Fed Spring Homebuying Season Wage Growth 2016-03-11 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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Risk Management in Real Estate Investment

first_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Commentary / Risk Management in Real Estate Investment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FHFA Updates on Foreclosure Stats Next: Bradley J. Osborne Joins Hladik, Onorato & Federman, LLP 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 Sign up for DS News Daily About Author: Chris Dunlap April 24, 2019 7,710 Views center_img  Print This Post Tagged with: Management real estate Sales Risk Management in Real Estate Investment Management real estate Sales 2019-04-24 Seth Welborn 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Chris Dunlap, MS, ARM-E, CBCP, CFPS, CLCS, CRIS, is VP and Risk Services Lead for Hub’s National Real Estate Practice. in Commentary, Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago For the real estate owner/operator, 2019 will be about looking good. That is, making your portfolio a safe bet for underwriters.The long-standing soft commercial property market that led to lower loss ratios and lower premiums for many underwriters is now headed toward correction. Property policies have nowhere else to go but up, thanks to the catastrophic 2017 hurricane season and subsequent depressed building valuations. Building owners/operators can expect to see carriers instituting rate increases throughout 2019. When it comes to loss-affected and coastal properties, the rates are likely to spike 25% or more.Properties that maintain—or improve—their standing will be best positioned to keep costs at bay. The proven way to do this is to invest in tighter risk management, including disaster preparedness ahead of the next catastrophic event and engaging your property policy broker to do what they do best—negotiate on your behalf.Here’s what is in store for real estate in the months ahead.Habitational Real Estate Price IncreasesDriven largely by traditional property loss leaders, including fire and water damage and increased property valuations, the largest property policy increases will be felt by habitational real estate owners. In the first half of 2018 alone, building construction costs were up 3%. Considering this rate of inflation, a property valued at $1 million just a decade ago is very likely significantly underinsured today. To best position habitational real estate, champion preventative maintenance, risk management, emergency response, and have a water mitigation plan.Water Damage Remains a Major Loss LeaderOne of the largest drivers of commercial property losses, water damage claims, will continue to wreak havoc across the country in 2019. Aging infrastructure and defects in new construction are causing significant claims to occur across the country. What begins as a small event in one space often becomes a massive claim. For example, a recent claim involving a residential high-rise condominium occurred when a half-inch water line broke in the penthouse unit and wasn’t stopped for 20 minutes. Due to the trickle-down of water to many other building units below, the result was a six-figure claim, with months of headache for the affected condo owners. Underwriters have been seriously affected by water damage claims over the last few years, and are therefore including additional deductibles on property policy renewals to protect themselves.Collaboration Has Never Been EasierWarehouses and shared workspaces are exploding, counteracting the losses and foreclosures in retail in urban areas like New York, Chicago, Charlotte, Atlanta, and Los Angeles. The “WeWork”s of the world have a strong leasing power in high numbers—and they’re passing the savings along to businesses looking for a smaller footprint and cost. Like renting a car, it doesn’t strain the pocket to rent office space by the day, week, or month—especially when someone else is taking care of the back-of-house technology infrastructure, office management, and building upkeep. A real option for businesses facing increased operating costs, shared work spaces are here to stay—at least for a while. Consult your broker/carrier to find out what type of insurance and risk transfer methods are best if you decide to engage shared workspace.It’s Not Easy Being Green Sustainability initiatives are great—when they don’t lead to additional risk. When they do, property owners and operators will face limited insurance options. Photovoltaic (solar) panels on the roof introduce the chance for electric shock. If charged, firefighters won’t spray water on them to extinguish a building fire. Near the coast, roof-installed renewables could blow off in a storm, causing additional damage to other structures. Similarly, wood structures are difficult to insure due to their increased risk of fire. Consider discussing renewable options with your broker and underwriter before you decide on installation.Looking Ahead: 2019 and BeyondPortfolio managers hoping to minimize property policy increases in 2019 and beyond will need to look inside their facilities and strategically institute best practices in the hopes of minimizing common loss leaders like water damage. They’ll need to institute only sustainable initiatives that don’t increase risk and consider investing in. They’ll also need to consider shared workspaces to engage millennial workers. Those who engage their insurance broker to minimize premiums and optimize policy language will be best positioned in 2019 and beyond.last_img read more

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3.4M Homeowners in Forbearance Plans

first_img Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Subscribe About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago April 25, 2020 1,226 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Tagged with: Coronavirus Forbearance The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Previous: Mnuchin: Current Plans Sufficient to Fund Mortgage Servicers Next: More Opportunities for Real Estate Investors  Print This Postcenter_img 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. Coronavirus Forbearance 2020-04-25 Seth Welborn Home / Daily Dose / 3.4M Homeowners in Forbearance Plans 3.4M Homeowners in Forbearance Plans Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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 ago Asian flu ncov coronavirus over Earth background and its blurry hologram. Concept of cure search and spreading disease. 3d rendering toned image. Elements of this image furnished by NASAAccording to the McDash Flash Forbearance Tracker from Black Knight, as of April 23, 2020, more than 3.4 million homeowners, or 6.4% of all mortgages, have entered into COVID-19 mortgage forbearance plans.This population represents $754 billion in unpaid principal and includes 5.6% of all GSE-backed loans and 8.9% of all FHA/VA loansThis is an increase from Black Knights April 16 data, when more than 2.9 million homeowners, or 5.5% of all mortgages, have entered into COVID-19 mortgage forbearance plans.According to Black Knight CEO Anthony Jabbour, the recent Federal Housing Finance Agency (FHFA) announcement of a four-month limit on advance obligations for servicers of mortgages backed by Fannie Mae and Freddie Mac provides the industry with some much-needed clarity.“Having a four-month end date on the period in which servicers need to advance principal and interest payments on behalf of homeowners in forbearance is extremely helpful to our servicing clients,” said Jabbour. “Still, even knowing that time limit, with today’s number of forbearance plans, servicers are still looking at more than $7 billion dollars in advances over those four months. And the forbearance numbers are climbing steadily, day by day. Clearly, this remains a challenging situation all around.”With dramatic increases in unemployment, delinquencies and defaults can be expected to increase for the foreseeable future, even during forbearance, Black Knight notes.“From the start of the COVID-19 crisis, Black Knight has sought to provide leadership on behalf of our clients, as well as provide them with clarity, actionable intelligence and knowledgeable assistance,” Jabbour added. “Beyond that, no other company has the sort of holistic view of the mortgage market and related industries that Black Knight has. We’ve been able to see – and quantify – what this situation means for our clients, the industry and the wider U.S. economy, and we have been actively sharing and innovating around that insight.”In response to increased forbearances and increased economic hardships nationwide, Nevada joined a coalition of 35 states in recommending the U.S. government take several steps to address the mortgage market.”COVID-19 will present unprecedented challenges to homeowners and the mortgage servicing industry, and protecting Nevadans’ most import asset—their homes—is of critical importance,” Attorney General Aaron Ford said in a statement. “These recommendations will help millions of American homeowners avoid delinquency and limit the potentially disastrous strain on the mortgage servicing industry, especially here in Nevada.”last_img read more

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Housing Market Heats Up, Inventory Still Lags Behind

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Housing Market Heats Up, Inventory Still Lags Behind Share Save First American Financial Corporation has released its First American Real House Price Index (RHPI) for May 2020. According to the report—which measures the price changes of single-family properties throughout the nation, adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state, and metropolitan area levels—the gap in supply and demand that plagued the pre-pandemic home market has only grown.What is even more newsworthy, experts expect that this imbalance between supply and demand will only grow, alongside increasing house prices. First American Chief Economist Mark Fleming suggests that—and at least through the summer season—home prices will remain robust.According to the RHPI:Real house prices decreased 0.3% between April 2020 and May 2020.Real house prices declined 7.3% between May 2019 and May 2020.Consumer house-buying power, how much one can buy based on changes in income and interest rates, increased 1.3% between April 2020 and May 2020, and increased 15.9% year-over-year.Median household income has increased 4.5% since May 2019 and 62.8% since January 2000.Real house prices are 21.8% less expensive than in January 2000.While unadjusted house prices are now 12.5% above the housing boom peak in 2006, real house-buying power-adjusted house prices remain 44.5% below their 2006 housing boom peak.Fleming explained his reasoning behind this forecast: “Mortgage rates were falling before the pandemic, and just last week they fell below 3% for the first time ever. Demographic demand from millennials aging into their prime homeownership years continues to benefit housing as well. Both of these dynamics help boost demand.”The resiliency of housing amid the devastation of other industries due to the outbreak of COVID-19 has been attributed by experts to a few key factors, including the presence of low mortgage rates and strong millennial demand.“As the coronavirus pandemic continues to wreak havoc on global and domestic economies, housing has thus far proven resilient, managing a V-shaped recovery from the low point reached in April,” Fleming said. “The strong rebound is largely a result of two dynamics that existed before the pandemic and have continued or even gained strength in the last few months.”He continued: “Mortgage rates were falling before the pandemic, and just last week they fell below 3% for the first time ever. Demographic demand from millennials aging into their prime homeownership years continues to benefit housing as well. Both of these dynamics help boost demand.”Yet another factor pointed out by Fleming was the increased demand in an already tight market. “An already tight inventory of homes has now reached record low levels and continues to move lower,” he said. “The housing market amid the pandemic faces a significant supply and demand imbalance, and the result is accelerating price appreciation. In fact, based on current trends, we expect house price appreciation nationally to remain strong, and even accelerate in many markets this summer.”The RHPI reports that the five states that experienced the greatest year-over-year increases were Vermont (+6.7%), Oklahoma (+3.7%), Montana (+3.5%), Texas (+3.2%), and Georgia (+2.8%). In addition, the five states with the greatest year-over-year decrease included Louisiana (-11.5%), New Hampshire (-9.5%), West Virginia (-9.3%), South Dakota (-7.7%), and New Jersey (-7.5%). Previous: Black Knight Pays $1.8B for Optimal Blue Next: The Industry Pulse: Updates on Mortgage Connect, Hyland in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Andy Beth Miller Demand Propels Home Prices Upward 2 days ago Housing Market Heats Up, Inventory Still Lags Behind  Print This Post 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. Tagged with: First American Home Prices real home prices rhpi July 27, 2020 1,290 Views center_img Demand Propels Home Prices Upward 2 days ago 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Related Articles Data Provider Black Knight to Acquire Top of Mind 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 First American Home Prices real home prices rhpi 2020-07-27 David Wharton Subscribelast_img read more

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The Election and Housing: What You Need to Know

first_imgRed States/Blue States: Housing Data Reveals Key DifferencesResearchers looked at major housing indicators to see how greatly they diverged between red, blue, and swing states. Share Save The Election and Housing: What You Need to Know Related Articles Cristin Espinosa is a reporter for DS News and MReport. She graduated from Southern Methodist University where she worked as an editor and later as a digital media producer for The Daily Campus. She has a broadcast background as well, serving as a producer for SMU-TV. She wrote for the food section during her fellowship at The Dallas Morning News and has also contributed to Advocate Magazine and The Dallas Observer. There is no denying that 2020 has been an eventful year, with a pandemic, protests, natural disasters, and, of course, a historic presidential election. Now, the country holds its breath for one more day as the election comes to a close.The election outcome will undoubtedly impact every industry in the nation, and the housing industry is no exception. MReport and DS News have provided unique coverage of the election and its relationship with the housing industry regarding prices, inventory, migration trends, the candidates’ housing experience, and more.Take a look through these five top stories on the 2020 election from MReport and DS News: November 2, 2020 14,941 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2020 election Government Politics Presidential Election 2020-11-02 Cristin Espinosa Tagged with: 2020 election Government Politics Presidential Election What Could Each VP Candidate Mean for Housing? The vice-presidential candidates each have unique points of view on housing. Here’s how they might impact the future.  Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago How Migration Trends Might Sway the ElectionAs city dwellers continue to leave urban centers behind, how might these shifts impact the presidential election results? About Author: Cristin Espinosa Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Where Each Presidential Candidate Stands on HousingAn economic expert has delved into the ways incumbent President Donald Trump’s policies compare to the challenger and former VP Joe Biden’s actions and stances regarding industry issues. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Election Year Ripple Effects: Housing Prices and InventoryA survey showed “some home sellers—and buyers, to a lesser extent—are delaying their plans because of all the stress and uncertainty in the world, including the divisiveness surrounding the presidential election.”  The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The Election and Housing: What You Need to Know in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Subscribe Previous: 9.9 Million Americans May Miss Housing Payments Next: Legal Insights: HUD Compliance and Foreclosure Dismissals Demand Propels Home Prices Upward 2 days agolast_img read more

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Ex-GSE CEO Sees Hope in Toomey’s Housing Reform Plan

first_img March 26, 2021 1,120 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Recognizing that the nation’s housing finance system is in urgent need of reform, Senate Banking Committee Ranking Member Pat Toomey (R-PA) recently issued his framework for legislation to end the government-sponsored enterprise (GSE) duopoly, and foster a liquid secondary mortgage market, while protecting taxpayers and promoting equitable access for all lenders.The keys to Sen. Toomey’s proposal includes:A transition the GSE duopoly toward a competitive secondary market;An end the conservatorships of Fannie Mae and Freddie Mac;The establishment of a level playing field for other sources of private capital that bear mortgage credit risk;The fostering of a liquid secondary mortgage market that promotes the continued availability of affordable 30-year and other long-term fixed-rate mortgage loans nationwide and throughout the economic cycle;Protecting taxpayers by ensuring that significant first-loss private capital stands in front of any government support and that taxpayers are appropriately compensated for that support;The promotion of equitable access to the secondary mortgage market by mortgage lenders of all sizes, business models, charter types, and locations; andProviding for a smooth transition to the reformed housing finance system by ensuring that reforms are incremental and realistic, leveraging the existing regulatory and market structure.Don Layton, Senior Industry Fellow for the Joint Center for Housing Studies of Harvard University and former CEO of Freddie Mac, took a closer look at Sen. Toomey’s framework for housing industry change, and asked if it was a legitimate kick-start to comprehensive housing finance reform, or just the latest in a line of declarations that will potentially fade away.“I believe the answer is no, but it could lay the groundwork for something successful and worthwhile,” said Layton in his analysis.Layton cites two attempts released in September of 2019 at reforming the housing marketplace, “Housing Finance Reform Plan” by the U.S. Department of Housing & Urban Development and the U.S. Department of the Treasury’ s “Housing Reform Plan.”Layton detailed four major takeaways from Sen. Toomey’s framework.First, Layton feels the framework is more about the GSEs and not so much about housing reform.“Significant possible reforms of the Federal Housing Administration (FHA), Ginnie Mae, and other aspects of housing finance are beyond the scope of his focus on housing finance reform,” said Layton.Second, Layton feels the framework for housing reform offers a necessary concession.“This concession is a good start, as without it no agreement with the Democrats would be possible,” said Layton in his analysis. “Interestingly, putting private capital in front of the taxpayer actually began almost eight years ago, when large-scale single-family credit risk transfer began; the retention of earnings by the GSEs beginning in late 2019 then accelerated the process. In other words, as such a reduction of taxpayer exposure is well underway, Congress just has to let it continue as part of any reform legislation.Third, the framework maintains a stance against the GSEs.“Also dated is the call to ‘end the [GSE] duopoly,’” said Layton. “This was a policy goal shared by most in the mortgage industry and many Democrats (and me) in the immediate years after the 2008 financial crisis, but not for several years now. This collective change of view has occurred for the simple and practical reason that efforts to construct the details of how to end the duopoly, without likely massive disruption to housing markets during a transition, have failed.”By 2017, the industry and most of the policy community turned their focus to the “utility model” for the GSEs, where they are regulated not just for safety-and-soundness, but similar to an electric or water utility, their pricing and terms of service are set by a commission.“Such a utility model is now, I believe, widely regarded as the only reasonable path out of conservatorship that is credibly believed will work as predicted and without unacceptable transition risk,” said Layton. “Sen. Toomey’s call to end the duopoly and replace it with a ‘competitive secondary market’ is therefore outdated, and fails to recognize the reality of what has been learned over a decade of unsuccessful reform proposals.”Finally, Layton claims Sen. Toomey’s framework “abandons the comprehensive approach, and instead aims for reforms that are ‘incremental and realistic, leveraging existing regulatory and market structure.’”The framework keys in on slow and steady reforms, rather than a drastic overhaul to the entire housing finance system. Smaller changes would impact the industry on a much smaller scale than a drastic and comprehensive overhaul that could cause a potential shock to the system.“Indeed, ‘comprehensive’ has been the enemy of progress; Congress has produced 100% of nothing instead of 10 or 20% of something,” said Layton. “So, it is good to see that Sen. Toomey is abandoning the comprehensive approach in favor of specific, narrowly-defined reforms that could potentially work as promised and could pass in a Congress controlled by Democrats.”Click here for more of Don Layton’s analysis of Sen. Toomey’s housing finance reform. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Don Layton Federal Housing Administration (FHA) Ginnie Mae government-sponsored enterprises (GSEs) Housing Reform Pat Toomey About Author: Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Don Layton Federal Housing Administration (FHA) Ginnie Mae government-sponsored enterprises (GSEs) Housing Reform Pat Toomey 2021-03-26 Eric C. Peck Home / Daily Dose / Ex-GSE CEO Sees Hope in Toomey’s Housing Reform Plan The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: House Hunters Face Fierce Bidding Wars Next: Though Millions Remain in Forbearance, Numbers Are Decreasing Related Articles  Print This Post Demand Propels Home Prices Upward 2 days ago Ex-GSE CEO Sees Hope in Toomey’s Housing Reform Plan Subscribelast_img read more

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31 people on trolleys at Letterkenny and Sligo General Hospitals

first_img Figures from the INMO show 31 people on trolleys at the north west two hospitalsAccording to the figures provided this morning, 12 people are being treated or awaiting treatment at Letterkenny General Hospital.This despite the recent opening of the new multi million euro medical block.There are 19 people on trollyes at Sligo General Hospital.It is not clear what caused the spike at Letterkenny General where the INMO generally records few or none on trolleys. 31 people on trolleys at Letterkenny and Sligo General Hospitals By News Highland – November 16, 2012 WhatsApp Facebook Pinterest Google+ Twitter NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR Previous articleICSA calls for rethink on proposed new commonage rulesNext articleVigil for Savita organised for Letterkenny this Saturday News Highland center_img Google+ News Pinterest Twitter 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny Facebook Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH WhatsApplast_img read more

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