Boomers Trade Homeownership for Renting

first_img Demand Propels Home Prices Upward 2 days ago Previous: DS News Webcast: Monday 3/14/2016 Next: 15 Neighborhoods Investors Should Know About Is Rise in Forbearance Volume Cause for Concern? 2 days ago Baby Boomers Homeownership Renting 2016-03-14 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago As the Baby Boomer generation grows older and enter those “empty-nester” years, many are swapping out their long-tome homes to enter the rental market.A small percentage of Boomers are expected to  convert from owning to renting in their empty-nest years, a report John Burns by Jeff Kottmeier said.The 55 and older population is often overlooked—especially when the spotlight has been on millennials for so long—but they are a large part of the housing market.The National Association of Home Builders (NAHB) and American Community Survey data found that over 48 million households in the U.S. are headed by someone who is 55 or older, accounting for about 42 percent of all households.Senior households have been rising slowly over the decades, but this is about to change in the coming years. Urban Institute’s analysis of housing trends determined that senior households are expected to grow dramatically by 2030.The Institute found in 1990, there were 20 million households for seniors ages 65 and up. In 2010, this number had reached 25.8 million, and by 2030, the institute projects that aging baby boomer households will reach 46 million.“This dramatic growth will occur among both senior homeowners and renters, Urban Institute said. “Our research suggests that from 2010 to 2030, senior homeowners will increase from 20 million to almost 34 million, and senior renters—who include both homeowners who will shift to renting and baby boomers who already rent—will increase from 5.8 million to 12.2 millionThe John Burns report determined the following about the relationship between renters and Boomers:In many metros, older renters have been driving demand.These renters rent by choice. They prefer an urban or suburban mixed-use location that provides convenient access to retail, dining, and cultural amenities.Mature renters prefer smaller, more intimate developments (~180 to 220 units) over large apartment complexes.Although 55 percent of newly developed apartments are studio/one-bedrooms units, there is significant demand for larger three-bedroom units, often appealing to boomers. A number of our developer clients wish they had planned a larger mix of 3+ bedroom units in their developments.Contrary to history, three-bedroom units are now often renting for more per square foot than two-bedroom units.”As architects, developers, and investors plan for new communities, consider designing rental communities in locations that cater to the growing demand of boomers,” Kottmeier wrote. “To be clear, we are not forecasting the end of homeownership. We just expect a continued increase in the number of boomers who rent.” in Featured, News 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 About Author: Xhevrije West Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. March 14, 2016 1,444 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Featured / Boomers Trade Homeownership for Renting Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Boomers Trade Homeownership for Renting Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: Baby Boomers Homeownership Renting  Print This Post Subscribelast_img read more

Foreclosure Prevention Activities Drop Further in May

first_imgHome / Daily Dose / Foreclosure Prevention Activities Drop Further in May  Print This Post Foreclosure Prevention Activities Drop Further in May The Week Ahead: Nearing the Forbearance Exit 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 Click HERE to see the FHFA’s complete foreclosure prevention report for May. in Daily Dose, Featured, Foreclosure, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Previous: Foreclosures Drop Sharply from Last Year Next: Independent Foreclosure Review to Yield Additional Payments for Borrowers Fannie Mae FHFA Foreclosure Prevention Freddie Mac 2016-08-09 Kendall Baer The number of foreclosure prevention activities completed by Fannie Mae and Freddie Mac has continued to decrease, according to the FHFA’s May 2016 Foreclosure Prevention Report released Tuesday as the number of nationwide foreclosures continues its decline since reaching peak levels in 2009 and 2010.In May of 2016, the GSEs completed 15,283 foreclosure prevention activities, over half of which (9,838) were loan modifications including HAMP permanent modifications. May’s total activities brought the total number of foreclosure prevention actions completed by the GSEs to 3,724,545 since the conservatorships began in September 2008.Despite the total activities completed since that origination date, the number has been on the decline for a few years along with foreclosure volume. For example, in 2012, Fannie Mae and Freddie Mac completed a total of 940,974 foreclosure prevention actions between them. That number fell to 789,627 the next year and down to 561,312 for 2014. For 2015, the pace fell to 428,881 and through the first six months of 2016, the number is 150,391.In May the number of home retention actions recorded by the GSEs, which included loan modifications, repayment plans, and forbearance plans, totaled 13,089, down from 13,960 in April. The number of home forfeiture actions, which included short sales and deeds-in-lieu of foreclosure, was also down over the month in August from 2,280 to 2,194, a decline of 4 percent.The number of permanent loan modifications also declined from April to May, from 10,784 to 9,838. The share of modifications with principal forbearance increased slightly from April to May up to 19 percent. According to the report, improved house prices and a declining Home Affordable Modification Program (HAMP)-eligible population resulted in a drop in the share of modifications with extend-term only down to 47 percent of all modifications.The number of foreclosure starts on GSE-backed residential mortgage loans increased 6 percent from 17,665 in April to 19,726 in May, and likewise, the number of third-party and foreclosure sales increased 3 percent over the month in May from 7,595 to 7,849.The combined serious delinquency rate (mortgage loans 90 days or more past due) on loans backed by the GSEs declined only slightly from April to May (1.31 percent down to 1.28 percent). Tagged with: Fannie Mae FHFA Foreclosure Prevention Freddie Mac Subscribe Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. The Best Markets For Residential Property Investors 2 days ago About Author: Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily August 9, 2016 1,423 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Filling the Void: Number of Vacant Properties Reduces

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News  Print This Post Realty Trac Zombie Properties 2016-09-07 Kendall Baer Share Save Tagged with: Realty Trac Zombie Properties Home / Daily Dose / Filling the Void: Number of Vacant Properties Reduces September 7, 2016 1,145 Views 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, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Filling the Void: Number of Vacant Properties Reduces The Best Markets For Residential Property Investors 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Ups and Downs of Consumer Housing Sentiment Next: International Document Services Acquires Encomia Data Provider Black Knight to Acquire Top of Mind 2 days ago Nearly 1.4 million U.S. residential properties representing 1.6 percent of all residential properties were vacant as of the end of the third quarter according to the Q3 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report released by ATTOM Data Solutions, parent company to RealtyTrac. It was also reported that the number of vacant properties decreased 3 percent from the previous quarter and was down 9 percent from a year ago.The report states that ATTOM Data Solutions analyzes publicly recorded real estate data collected by the company, including foreclosure status, equity, and owner-occupancy status, and matches the data against monthly updated vacancy data from the U.S. Postal Service.As of the end of the third quarter, the report states that 18,304 U.S. residential properties actively in the foreclosure process were vacant. This represents 4.7 percent of all residential properties in foreclosure. In addition, the number of zombie foreclosures decreased 5 percent from the previous quarter as well as decreased 9 percent from Q3 2015.It was also noted that there were 46,604 vacant bank-owned residential properties as of the end of the third quarter. This was a reported increase of 7 percent from the previous quarter and up 67 percent from Q3 2015.“A strong seller’s market along with political pressure has likely motivated lenders to complete the foreclosure process over the past year on many vacant properties that were lingering in foreclosure limbo for years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “While that has reduced the number of vacant properties in the foreclosure process — so-called zombie foreclosures — it has also resulted in a corresponding rise in the number of vacant bank-owned homes. Assuming that the foreclosing lenders are maintaining these properties and paying the property taxes, they pose less of a threat to neighborhood quality than zombie foreclosures, but they still represent latent inventory in an inventory-starved housing market.”The report says that the states with the most vacant REO properties as of the end of the third quarter were Florida with 5,880 properties, Michigan with 4,661 properties, Ohio with 3,585 properties, Illinois with 2,652 properties, and Georgia with 2,626 properties.In addition, the report states that among 148 metropolitan statistical areas with at least 100,000 residential properties analyzed, those with the most vacant REOs were Detroit with 2,386 properties, Chicago with 2,379 properties, Miami with 1,880 properties, Philadelphia with 1,737 properties, and New York with 1,668 properties. The report notes that other metro areas in the top 10 for most vacant REOs were Baltimore with 1,649 properties, Atlanta with 1,573 properties, Tampa with 1,310 properties, Cleveland with 1,106 properties, and Flint, Michigan with 1,091 properties.States with the most vacant foreclosures, or zombie properties, were New Jersey with 3,698 properties, New York with 3,556 properties, Florida with 2,528 properties, Illinois with 1,018 properties, and Ohio with 999 properties. The report also says that metro areas with the highest number of vacant foreclosures included New York with 3,590 properties, Philadelphia with 1,525 properties, Chicago with 783 properties, Miami with 694 properties, and Tampa with 603 properties.A total of 1,035,813 U.S. residential investment properties were vacant as of the end of Q3 2016. This was 76.1 percent of all vacant properties nationwide and the report says that it represents 4.3 percent of all investment properties as well.It was reported that states with highest investment property vacancy rate included Michigan at 10.3 percent, Indiana at 9.8 percent, Alabama at 6.9 percent, Mississippi at 6.6 percent, and Kansas at 6.5 percent.ATTOM Data Solutions also included the metro areas with the highest investment property vacancy rate which included Flint, Michigan at 24.3 percent, Detroit at 12.6 percent, Youngstown, Ohio at 12.1 percent, South Bend, Indiana at 11.5 percent, and Indianapolis at 11.0 percent. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Trusting Data: How Technology Can Lead to Paperless Documentation

first_img in Daily Dose, Featured, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago Being able to track which exact item had changed, whether a word, comma or entire paragraph, is dependent on an individual company’s business processes.If document A, B, or C are ever lost, you still have a proof that they existed at some point in time.This will be the future of data: 1) verifying your data or documents against an immutable, decentralized, third-party source, and 2) allowing for others to whom you may sell or transfer the documents to also validate, providing authenticity multiple times over, and thus giving a stronger defense for lost documentation.As time moves forward, data is only going to become increasingly more valuable. Where the proofs of that data are stored will also become more valuable because we are migrating away from paper. Original sources of truth will never be irrelevant. I was recently traveling in eastern Europe leaving a country that was a former member of the Soviet Union. Before boarding the plane, I was stopped by that country’s immigration officers. They asked to see my travel itinerary, and I showed it to them on my United mobile app.What followed could only be described as a scene from an old Abbott and Costello movie where we went back and forth, me showing my app and the officer demanding to see my “papers”.Why this comedy of errors? Because while the travel and airline industry has evolved to trusting data without paper, the rest of the world has not. We believe in the expression “put it in writing”. We want to see it on paper because that makes it true and unchangeable.Paper MindsetCurrently, the mindset is that data must be attached to a “physical” piece of paper – whether that be a PDF, a printed pay stub, or a scanned image of a document, to make it “true”. As technology moves forward, this mindset will no longer be valid. Data will be collected directly from the source without paper support ever existing.Many parts of the process in consumer services (lending, credit cards, insurance, etc.) involve collecting data from various sources and using it to make decisions. While we have moved to receipt of that data in pure data form, we still have it followed up with paper (PDF or images) to “support” it.That is because these industries have grown accustomed to having to recreate the truth in case of a dispute over accuracy or authenticity of documentation. Whether you’re dealing with audits, foreclosures, lawsuits, or regulatory reviews, it’s always better to have the proof already than to be forced to try to recreate the truth. But the real question we should be asking is why don’t we trust data alone? The answer is simple:Because data can be changed … In fact, it is designed to be changed, updated, and dynamic.Blockchain as a source or truthA popular critique by blockchain naysayers is that just because data is on the blockchain doesn’t make it true, but only ensures that it is in the same format and unchanged from when it was originally written.We are still faced with the core problem that data written to the blockchain doesn’t make it “true”, it just makes it permanent or immutable.  So, how do you know the information that you are inputting onto the blockchain is correct? Human nature (with ill intent or not) is prone to make mistakes.What makes this powerful use of immutability so valuable is that even the errored data is documented. Over time you can track the errors along with the corrections in a timeline of data provenance. The more data you collect associated with previous data, the more it becomes validated/authentic.The Proof is in the BlockchainSure, it sounds well and good, but why would you give up that physical piece of paper for something you can never touch or feel?I’m going to try and break it down in the easiest way possible:Documents A, B, and C live inside the centralized, firewall-safe database of Company X.Documents A, B, and C are then used to create a cryptographic proof (or hash) with minimal metadata and information about the original document used for search purposes. Think of the cryptographic proof or hash as a digital fingerprint that is created from a one-way algorithm developed by the U.S. NSA.This hash is then placed on a blockchain.Recreating documents from a hash is computationally impossible. But the power is in the fact that only the original document can be used in the algorithm to recreate the hash. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The original documents A, B, and C are still stored in Company X’s database.If document A, B, or C are changed in any way, they will not match the original hash.If you think you have the original document but it doesn’t match the hash, then you have immutable proof that you do not have the original. Data Provider Black Knight to Acquire Top of Mind 2 days ago blockchain data Documentation industry Paper Paperless Solutions Technology 2018-02-14 Radhika Ojha Trusting Data: How Technology Can Lead to Paperless Documentation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Trusting Data: How Technology Can Lead to Paperless Documentation February 14, 2018 2,006 Views Tagged with: blockchain data Documentation industry Paper Paperless Solutions Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save Previous: Serious Delinquencies Spike in Texas, Florida Next: Fannie Posts Q4 Losses, but Remains Optimistic Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Investment Trends in Single-Family Rentals

first_img Tagged with: loans mortgage SFR Single Family Rental Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago October 9, 2018 1,728 Views How can lenders reach out to investors who are buying, fixing, and rehabbing REO properties back into the marketplace? “The most interesting part of investment in the single-family rental market today is that it was born out of the crisis back in 2008-09 as a very small percentage of the US single-family, but over the years, investors in this space have aggregated investment in these homes into large corporate businesses that own and manage these homes professionally,” said Jeffrey Tesch, Managing Director, RCN Capital, who spoke to DS News recently on the trends in investments in this segment and the loans being tailored for these investors.Watch this video to learn more:<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> 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. Share Save Sign up for DS News Daily in Daily Dose, Featured, News, REO Servicers Navigate the Post-Pandemic World 2 days ago Investment Trends in Single-Family Rentals Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago loans mortgage SFR Single Family Rental 2018-10-09 Radhika Ojha Previous: HSBC Looks Ahead After Resolving Legacy RMBS Matter Next: The Rise and Fall of Property Values About Author: Radhika Ojha  Print This Post Home / Daily Dose / Investment Trends in Single-Family Rentals Subscribelast_img read more

Additional $63M in Aid Approved for Puerto Rico

first_img Previous: Rule Could Have ‘Devastating’ Impact on Brokers Next: A Proactive Approach to Loss Mitigation Demand Propels Home Prices Upward 2 days ago Additional $63M in Aid Approved for Puerto Rico Sign up for DS News Daily Related Articles February 12, 2020 1,320 Views Servicers Navigate the Post-Pandemic World 2 days ago The Federal Emergency Management Agency (FEMA) and the Central Office for Recovery, Reconstruction, and Resilience announced an additional $63 million in aid will be sent to Puerto Rico. Funds will be used for 56 projects related to the recovery and reconstruction of the island as it works to rebuild following January’s earthquakes and Hurricane Maria. More than $6.2 billion has been approved for Puerto Rico under FEMA’s Public Assistance Program. “FEMA and [Central Office for Recovery and Reconstruction] remain focused on prioritizing obligations of funds to municipalities for eligible expenses related to hurricanes Irma and Maria to help communities recover,” FEMA stated in a release. The agency also states many projects during this phase of the recovery are for architectural and engineering design, which may open the door to funding opportunities for larger projects in the future. FEMA says funds help to reduce the “damage-rebuild-damage” cycle that comes with restoring structures to pre-disaster conditions. The Associated Press reported last month that Puerto Rico’s government hopes to relocate all of the families impacted by January’s magnitude 6.4 earthquake that destroyed or damaged nearly 1,700 homes.Ongoing tremors have forced re-inspections of more than 7,000 homes that engineers already visited. “We know we still have a lot of work ahead of us,” Puerto Rico Gov. Wanda Vázquez said. “No one was prepared.”The report states that a total of 4,600 people remain in shelters along Puerto Rico’s southern coast. Vasquez, however, said the majority did not report any damage in their house and were scared to return home due to continuing shakes. Three hundred homes were destroyed and another 1,390 damaged by the quake, according to the Associated Press. Alex Amparo, Puerto Rico’s coordinating officer, said $3.8 million has been approved to help affected by the quake. Information from Global Property Guide found that the island’s housing market is recovering, as its seasonally-adjusted purchase-only house price index rose 10.59% year-over-year as of Q3 2019. Quarter over quarter, though, house prices fell by 2.66% in Q3 2019. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Natural Disasters Puerto Rico  Print This Post Home / Daily Dose / Additional $63M in Aid Approved for Puerto Rico 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. Natural Disasters Puerto Rico 2020-02-12 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Loss Mitigation, News Subscribelast_img read more

Mortgage Delinquencies Hit Four-year High

first_img Share Save Previous: FHA Proposes Revisions to Single-Family Servicing Policies Next: Mark Calabria Applauds Decision to Review Secondary Mortgage Market  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The share of mortgage loans that became delinquent in April outpaces anything seen during the Great Recession and is the highest rate on record in 21 years, according to CoreLogic’s data. During the month of April, 3.4% of mortgages went from current to 30 days past due, outpacing the 2% high recorded in late 2008.The overall national delinquency rate in April stood at 6.1%, according to CoreLogic’s Loan Performance Insight Report, released Tuesday. CoreLogic clarified that all loans in forbearance are counted in its report as in past-due or delinquent status.Not only does April’s delinquency rate mark the highest in four years, but it also brings an end to 27 straight months of falling annual delinquency rates.“Despite the scale and suddenness of the pandemic, mortgage delinquency has yet to emerge as a major issue, thanks to government COVID-19 relief programs and other housing finance industry efforts,” said Frank Martell, President and CEO of CoreLogic. “As the true impact of the economic shutdown during the second quarter of 2020 becomes clearer, we can expect to see a rise in delinquencies in the next 12-18 months—especially as forbearance periods under the CARES Act come to a close.”The share of mortgages in early-stage delinquency in April was significantly higher than the shares that were seriously delinquent. Instead, the serious delinquency rate wallowed to its lowest level in about 20 years, and the foreclosure rate experienced a slight decline as well.The share of loans that were between 30 and 59 days past due in April was 4.2%, a significant jump from the 1.7% recorded last April. On the other hand, the share of loans that were seriously delinquent, meaning at least 90 days past due, was 0.3%, down slightly from 0.4% a year ago.New York had the highest loan delinquency rate of any state, at 10%. Louisiana, New Jersey, and Mississippi had the next-highest delinquency rates. South Dakota had the lowest loan delinquency rate at 3%.Among metro areas, those that typically serve as tourist destinations are suffering high delinquency rates. For example, CoreLogic pointed out that Kahului, Hawaii; Atlantic City, New Jersey; and Las Vegas all experienced a 5 percentage point or higher rises in delinquencies in April.Miami charted the highest delinquency rate among the major metros across the nation with 11.5% of all properties in some stage of delinquency, which is 6.7 percentage points higher than a year ago.Denver fared the best with 3.7% of properties in delinquency.The serious delinquency rate increased in 63 metros in April while remaining stable in 135 metros.Looking ahead, CoreLogic anticipates a spike in late-stage delinquencies and foreclosures this year. The analytics firm already released its home price prediction, anticipating a 6.6% decline in prices by May 2021, which would diminish many borrowers’ existing equity. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Mortgage Delinquencies Hit Four-year High Servicers Navigate the Post-Pandemic World 2 days ago July 14, 2020 3,842 Views Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Foreclosure 2020-07-14 Mike Albanesecenter_img 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. The Best Markets For Residential Property Investors 2 days ago Mortgage Delinquencies Hit Four-year High About Author: Krista F. Brock The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: Delinquency Foreclosure 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, Foreclosure, News Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The Housing Market’s ‘Remarkable Comeback’

first_imgHome / Daily Dose / The Housing Market’s ‘Remarkable Comeback’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Housing Recovery Mortgage Refinance 2020-10-15 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Housing Market’s ‘Remarkable Comeback’ About Author: Christina Hughes Babb Tagged with: Freddie Mac Housing Recovery Mortgage Refinance Previous: A ‘Record-Breaking’ Year for Mortgage-Backed Securities Next: Under Trump or Biden, GSE Reform Path is ‘Uncertain’ 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 The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img in Daily Dose, Featured, Government, Market Studies, News October 15, 2020 1,302 Views  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Even as businesses begin to reopen, the unemployment rate remains a cause for concern among economists. That makes for much fiscal uncertainty. But despite weakness in the labor market, the housing sector remains robust—it has been reported over the past couple weeks, and the Q3 forecast from Freddie Mac, published this week, reinforces as much: “Even though the overall economic recovery is uneven,” its authors noted, “the housing market has made a remarkable comeback.”Total mortgage origination volumes increased over the last several months, according to the forecast. Experts reason that many homeowners are continuing to take advantage of historically low mortgage rates.”Even as the economy faces challenges from the coronavirus pandemic, the housing market has been showing strength,” said Sam Khater, Freddie Mac’s Chief Economist. “Refinance activity is solid and homebuyer demand continues, resulting in increased sales and an acceleration in house price growth.”Freddie’s forecast highlights:The average 30-year fixed-rate mortgage is expected to be 3.2% in 2020 and 3.0% in 2021. “Given weakness in the broader economy, the Federal Reserve’s signal that its policy rate will remain low until inflation picks up, and no signs of inflation, we forecast mortgage rates to remain flat over the next year. From the third quarter of 2020 through the end of 2021, we forecast mortgage rates to remain unchanged.”Home sales are expected to increase in 2020 to 6.2 million homes and decrease in 2021 to 6.1 million homes. “There was a sizeable increase in total home sales, with strong monthly showings from both new and existing sales. In August, new homes sales surpassed 1 million units at an annualized rate, the highest since Q2 2006. Existing home sales reached 6 million units at an annualized rate in the same month. The recent surge in home sales will help propel total annual sales to 6.2 million in 2020. While construction has rebounded, the slowdown in activity in the spring and early summer of 2020 will translate to fewer new homes available for sale next year.”House price growth is expected to increase to an annual rate of 5.5% in 2020. In 2021, that rate is expected to be 2.6%. “This surge in home sales has put pressure on housing inventory and resulted in an acceleration in house price growth this summer. Total housing inventory declined 18.6% in August from the same month a year ago.”Purchase originations are expected to increase to $1.414 trillion in 2020 and $1.445 trillion in 2021.Refinance originations are expected to be $2.168 trillion in 2020 before falling to $1.240 trillion in 2021.Overall, the Forecast expects annual mortgage origination levels to be $3.582 trillion in 2020 and $2.685 trillion 2021.Prepared by Freddie Mac’s Economic and Housing Research Group: Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Freddie Mac: Single-Family Delinquencies Down

first_imgHome / Daily Dose / Freddie Mac: Single-Family Delinquencies Down Freddie Mac: Single-Family Delinquencies Down 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 Servicers Navigate the Post-Pandemic World 2 days ago The latest monthly volume report from Freddie Mac found a growing mortgage portfolio and a declining level of single-family delinquencies.Freddie Mac reported that its entire mortgage portfolio totaled $137.2 billion in October, an annualized rate of 25.7%. One year ago, the portfolio totaled $51.1 billion.The single-family refinance-loan purchase and guarantee volume in October was $89.7 billion, which accounted for 71% of total single-family mortgage portfolio purchases and issuances. The aggregate unpaid principal balance of Freddie Mac’s mortgage-related investments portfolio decreased by approximately $6.7 billion in October.The government-sponsored enterprise also reported that its single-family delinquency rate dropped from 3.04% in September to 2.89% in October while its multifamily delinquency rate inched up slightly from 0.13% in September to 0.14% in October. One year earlier, the single-family delinquency rate was 0.61% and the multifamily delinquency rate was 0.05%.Freddie Mac’s mortgage-related securities and other mortgage-related guarantees increased at an annualized rate of 26.1% in October, with an ending balance of $2.52 billion. In October 2019, by comparison, mortgage-related securities and other mortgage-related guarantees increased at an annualized rate of 5.8%, with an ending balance of $2.2 billion.October marks the start of the fourth quarter, and Freddie Mac is coming off a third quarter where it recorded $2.5 billion in third quarter net income, up from $1.77 billion in the second quarter and up from $1.70 billion in the third quarter of 2019, as well as $2.4 billion in comprehensive income, up from $1.9 billion in the previous quarter and up from $1.8 billion one year earlier.Freddie Mac reported $337 billion in new single-family business activity in the third quarter, a 45% increase from the previous quarter, while its new multifamily business activity declined to $18 billion, down 10% from the prior quarter. On a year-over-year measurement, Freddie Mac’s single-family and multifamily guarantee portfolios grew 11% and 14%, respectively. 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago 2020-11-25 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 25, 2020 1,279 Views Share Save Related Articles  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe in Daily Dose, Featured, Government, Market Studies, News Previous: Top 5 U.S. Cities Experiencing Drops in Affordable Homes Next: Most Americans Don’t Fully Understand Their Homeowner’s Insurance Policy About Author: Phil Halllast_img read more

County Councillors debate mobile phone mast location restrictions

first_img NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Guidelines for reopening of hospitality sector published Facebook Calls for maternity restrictions to be lifted at LUH Google+ County Councillors debate mobile phone mast location restrictions WhatsApp Previous articleHSE: New Letterkenny General E.D. will open in the summerNext articleGardai urged to enforce yellow box at Letterkenny lights News Highland Google+ Twitter RELATED ARTICLESMORE FROM AUTHORcenter_img People in Donegal are being asked their views on how the location of mobile phone masts should be regulated in the new County Development Plan.This week, the council met in special session to discuss the document which will outline how the county should develop from now to 2018.A number of Fine Gael and Labour councillors argued that mobile telephone masts should not be erected within one kilometre of residential areas, schools or community centres. Some Fianna Fail Councillors argued that in order to deliver communications of the highest quality in Donegal, these masts had to be located in town centres.In the end, the council agreed to include wording suggested by the county manager making reference to “close proximity”, without laying down a distance.Cllr Barry O’Neill says he believes it’s a matter of public health…[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/bon830.mp3[/podcast] WhatsApp Three factors driving Donegal housing market – Robinson Facebook 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny Newsx Adverts Twitter Pinterest By News Highland – January 18, 2012 last_img read more