Fed Continues Cut Back Despite Possible Slowdown

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fed Continues Cut Back Despite Possible Slowdown Demand Propels Home Prices Upward 2 days ago in Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Featured / Fed Continues Cut Back Despite Possible Slowdown March 19, 2014 566 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Officials at the Federal Reserve voted this week to continue cutting back its stimulative monthly asset purchases despite signs of a slowdown in economic growth to start the year.Citing the “cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions” since the start of the current stimulus program in 2012, the Federal Open Market Committee decided at its March meeting to reduce purchases of agency mortgage-backed securities to a pace of $25 billion per month and to dial back purchases of long-term Treasury securities to a pace of $30 billion each month, starting in April.The two cuts, made evenly, add up to another $10 billion reduction in monthly asset purchases.The decision was made despite a noted stumble in growth during the winter months, which the committee said “in part [reflects] adverse weather conditions.”Overall, the consensus opinion of the labor market was that indicators remained “mixed but on balance showed further improvement,” though the unemployment rate remains elevated. The unemployment rate ticked up to 6.7 percent in February despite a more promising showing in payrolls than in January and December.With the unemployment rate hovering just above the 6.5 percent threshold originally set by the Fed as one of its markers for holding down interest rates, the committee also updated its forward guidance to shift its goal to one more subjective: “maximum employment.”In a press conference following the release of the latest committee statement, Fed Chair Janet Yellen remarked that while the 6.5 percent mark “had a very useful impact in helping markets understand our expectations and shaping their own,” its use shrank as the economy approached that milestone so quickly.“The committee has never felt that the unemployment rate is a sufficient statistic to the labor market. In assessing the real state of slack in the labor market … it’s appropriate to look at many more things,” Yellen explained. “The closer we get as we narrow in on coming closer to the target we want to achieve, we will be carefully considering many indicators.”Among those indicators, she says: the share of the labor force working part-time involuntarily, the number of discouraged and marginally attached workers, the long-term unemployment rate, and overall labor force participation. While some of those negative factors are seeing “exceptionally high” numbers, “the dial on virtually all of those things is moving in a direction of improvement,” she said.The markets may take a little more convincing than that. In the minutes following the release of the FOMC statement, both the Dow Jones and NASDAQ saw declines—brought down even further by hints that the entire program could be finished as soon as October. Sign up for DS News Daily 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 Best Markets For Residential Property Investors 2 days ago Previous: Nonprofits Sue California Governor Over Alleged Misused National Servicing Settlement Funds Next: Credit Loosens and Refinances Shrink in February Federal Reserve Janet Yellen 2014-03-19 Tory Barringer Tagged with: Federal Reserve Janet Yellen Share Savelast_img read more

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Report: Justice Department Nears Settlement With Bank of America

first_img Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad, according to a report from the Wall Street Journal.Citing “people familiar with the matter,” the Journal reported Wednesday afternoon that BofA has agreed to pay between $16 billion and $17 billion to clear itself of charges that it knowingly sold toxic securities in the run-up to the financial crisis. The allegations mostly revolve around Bank of America’s Merrill Lynch unit, which the bank acquired in 2008.According to the report, BofA will pay approximately $9 billion to the government, with the rest going toward consumer relief.Noting that the deal could still fall through, the Journal report says no announcement is likely to come this week as representatives on both sides meet to finalize the terms.If the latest rumored agreement is true, the deal would mark the largest-ever penalty in a civil settlement between the government and an institution, a record previously held by JPMorgan Chase after it agreed to a $13 billion settlement in a similar case last year.BofA and the Justice Department reportedly came to an agreement last week, only a day after a federal judge ruled the bank must pay nearly $1.3 billion over a fraud case brought on by alleged misconduct at Countrywide, another acquisition made in 2008. At the time that decision was publicized, a spokesperson for BofA said the bank plans to review the ruling and assess its options to appeal.In addition, the firm reported a legal expense of $4 billion in the second quarter, “substantially all” of which was related to mortgage matters. The case with the Justice Department stands as one of the bank’s last major legal hurdles. Previous: Survey: Agent/Client Relationship Key for First-Time Buyers Next: Alliant Hires Brasier as SVP Report: Justice Department Nears Settlement With Bank of America The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Justice Department Settlement Sign up for DS News Daily About Author: Tory Barringer Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. in Daily Dose, Featured, Government, News 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 agocenter_img Share Save Home / Daily Dose / Report: Justice Department Nears Settlement With Bank of America  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 August 6, 2014 1,252 Views Bank of America Justice Department Settlement 2014-08-06 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

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Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: CFPB’s Complaint Volume is Swelling Next: Fed Unveils Stress Test Criteria Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings January 28, 2016 994 Views Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Banks Earnings Statements Fitch Ratings Profits RMBS Settlements Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 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. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Banks Earnings Statements Fitch Ratings Profits RMBS Settlements 2016-01-28 Brian Honea The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings Related Articles More than half of the 17 largest banks or investment banking firms in the United States posted lower over-the quarter incomes in Q4 2015 due to such factors as market volatility, interest rate uncertainty, and pressures in oil and gas, according to a release from Fitch Ratings on Thursday.One of the factors that offset these factors was a moderation in litigation costs stemming from mortgage-backed securities, as was the case with Bank of America and Morgan Stanley—both of which reported substantial gains in their profits for Q4 with costs stemming from multi-billion dollar RMBS settlements largely in the rear view mirror. One notable exception to this was Goldman Sachs, which saw a decline of about 50 percent in net earnings over-the-quarter and about 67 percent year-over-year in Q4 due to a fresh $5.1 billion settlement reached in January 2016.Incremental income growth and very benign credit costs were other factors that offset the market volatility, interest rate uncertainty, and oil and gas pressures, according to Fitch. According to the Fitch report, 11 of the 17 largest financial institutions posted lower over-the-quarter net incomes in Q4.The precipitous drop in oil prices that has continued into 2016 has resulted in many of the banks reporting further loan loss reserve builds, because banks cited exposure to oilfield services and exploration and production companies as higher risk segments. Banks have benefited greatly from reserve releases in recent years, according to Fitch, but Q4 net earnings were affected by related provisioning even though the banks’ direct exposure to oil and gas pressures was fairly modest.Fitch noted that it expects to see some price recovery in the oil industry—specifically, the agency expects oil prices to jump from $30 a barrel to about $45 a barrel in 2016 and $55 a barrel in 2017. There is still a great deal of regulatory uncertainty regarding oil prices for the banking sector, according to Fitch. Share Savelast_img read more

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The Enthusiasm Gap: Why Homeowners Aren’t Eager to Sell

first_img Tagged with: Homebuyers homesellers Housing Inventory inventory shortages Redfin  Print This Post The Enthusiasm Gap: Why Homeowners Aren’t Eager to Sell The Best Markets For Residential Property Investors 2 days ago Previous: Ocwen’s Ron Faris Announces Retirement, Glen Messina to Succeed Next: The Real-World Impact of Home Prices Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The latest report from Redfin shows that home sale prices in March were still on the way up—they were 9 percent higher than a year ago, closing the month at a median $297,000 nationally. But homes for sale were down across the board as well. Compared to March 2017, the number of homes on the market in the United States was down 12 percent. More telling, the number of newly listed homes fell 5.6 percent from last year, something Redfin classifies as “a sign of possible waning seller enthusiasm and ongoing tight market conditions.”Redfin Chief Economist Nela Richardson said one explanation for the dropoff in housing movement this March might have been the fact that Easter came so early.“Sellers are slow to list this year and we aren’t seeing enough new construction homes to fill the gap,” Richardson said. “If we don’t see the new listings number turn around next month or a pickup in new housing starts, inventory will be a persistent drag on sales for the remainder of the year.”If seller enthusiasm is waning, buyer demand is still strong. According to Redfin, the typical home went under contract in 43 days in March. That’s eight days faster than a year earlier and faster than any March on record. Among homes that sold last month, 24 percent sold above their list price, up from 22.3 percent last March. One in five homes that sold in March went under contract within two weeks of their debut, compared to 18.4 percent last year. The Bay Area had much higher numbers than the average, though. In San Jose, 83 percent of houses sold above list price. In San Francisco and Oakland, three-quarters of houses sold higher than listed.Seattle (for the second month in a row) and Denver were the fastest-moving markets in the country. Houses there were on the market for a median of just seven days in March. The Bay Area also saw houses close in less than two weeks.As is typically the case, prices grew most in the Bay Area. San Jose saw prices leap by 32 percent from a year ago; San Francisco almost 17 percent.But less-typical markets showed price growth as well. Allentown, Pennsylvania, saw prices climb 22 percent since last year, just 1 percent more than the prices in Detroit.  At the same time, inventory dropped in 65 of the 73 most populous metros Redfin tracked. In 48 of those metros, inventory fell more than 10 percent compared to last year. Baton Rouge; Washington, D.C.; and Allentown bucked the declining inventory trend, respectively adding 26.6 percent, 11.8 percent, and 11.4 percent to housing supply from last year. The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Scott Morgan Home / Daily Dose / The Enthusiasm Gap: Why Homeowners Aren’t Eager to Sell Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Homebuyers homesellers Housing Inventory inventory shortages Redfin 2018-04-19 David Wharton Servicers Navigate the Post-Pandemic World 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago April 19, 2018 1,452 Views in Daily Dose, Featured, Journal, Market Studies, Newslast_img read more

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Strong Seller’s Market

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Previous: Fannie Weighs in on Housing Sentiment Next: The Week Ahead: Eye on U.S. Mortgage Performance Trends Tagged with: Housing Market Inventory Minneapolis Minnesota Pro Teck Sevices Housing Market Inventory Minneapolis Minnesota Pro Teck Sevices 2018-12-07 Donna Joseph Subscribe Demand Propels Home Prices Upward 2 days ago Share Save December 7, 2018 985 Views The Best Markets For Residential Property Investors 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 Home / Daily Dose / Strong Seller’s Market Strong Seller’s Marketcenter_img About Author: Donna Joseph in Daily Dose, Featured, Market Studies, News, Servicing Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Minneapolis/St. Paul/Bloomington, Wisconsin featured in the top 10 list of hottest markets in Pro Teck Sevices’ Housing Market Report for the first time. In its monthly housing value forecast, Pro Teck took a closer look at some of the activities in the single-family home markets in the top 200 metropolitan areas in the U.S.Quoting other sources, the report stated that Minnesota was ranked at 3 and 5 best state to live in by CNBC and 24/7 Wall Street, respectively. The rankings are based on key indicators such as poverty rates, life expectancy, population growth, unemployment rates, education, crime rates and quality of life. Factoring in these indicators, the report revealed that Minnesota recorded the highest high school graduation rate at 93.1 percent. The state also reflected the largest share of the population with post-secondary education at 74.4 percent.According to the report, Minnesota has added 37,000 jobs over the last year and recorded employment rates at 2.8 percent. It also pointed out a steady growth in the state’s population at 7.3 percent. The reports noted significant improvements in the Twin Cities’ markets over the past two years. The home prices in Minneapolis/St. Paul is up by 16 percent from pre-recession levels, the report found. Minneapolis metro is a strong seller’s market with more and more people looking to put down roots in such a favorable location. The month’s remaining inventory is at a mere 2.47. The active days on market for the metro is at just 50 days—the lowest number recorded by Pro Teck in its top 10 rankings. The number of listings saw a decline by 16 percent this month and is projected to continue, the report said.  Read the full report here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articles 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 Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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What Will Affect Home Appreciation in 2019?

first_imgHome / Daily Dose / What Will Affect Home Appreciation in 2019? Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Appreciation Home Values HOUSING Housing Supply Mortgage Rates Veros 2019-01-17 Radhika Ojha Demand Propels Home Prices Upward 2 days ago It might not be a crash, but home appreciation is certainly poised for a slowdown in 2019 according to the fourth quarter of 2018 VeroFORECAST.Published by Veros Real Estate Solutions, the quarterly forecast revealed that the rate of appreciation in 2019 would drop to 3.9 percent in some of the most populous markets of the U.S. reflecting a half-percent drop from 4.5 percent that was reported in the previous quarter’s report.”This amount of change from one quarter to the next is significant,” said Eric Fox, VP of Statistical and Economic Modeling at Veros. “While the market fundamentals remain solid and we still expect the overall housing market to remain healthy, there is a definite slowing down of most markets from last quarter’s update.”Looking at the factors that were likely to impact home values, the report said that overall interest rates “appear to be softening the forecasts in many markets by 1-2 percent” over what they would have been if these rates had remained flat as in the past years. “At the same time, housing supply is a key discriminator between our top and bottom forecast performing markets,” Fox said.”We do not see a crash, but simply a slowing down as the strength of the past few years is expected to dissipate somewhat in most markets,” he said.The report indicated that the number of depreciating markets has increased from three to five percent since last quarter’s update. This means, 18 markets, twice as many as in the third-quarter 2018 report, are predicted to depreciate through December 1, 2019.Farmington, New Mexico which was expected to depreciate 2.9 percent topped this list, followed by three cities in Illinois Danville (1.4 percent); Decatur (1 percent); and Peoria (1 percent). Grand Forks in North Dakota (0.8 percent) rounded off the bottom five markets.The forecast also revealed a diminishing trend of big cities dominating the housing market values. This quarter’s forecast indicated that a majority of the top and bottom 10 housing markets were small to modest-sized cities with an average population of 260,000. Four states, in fact, dominated the top 1o markets. They included Idaho, Washington, Texas, and Colorado. The housing market in Boise City, Idaho was projected to show maximum appreciation at 9.5 percent by December 1, 2019, followed by Olympia, Washington (8.8 percent); Midland, Texas (8.7 percent); Idaho Falls, Idaho (8.6 percent); and Odessa, Texas (8.4 percent) rounding off the Top 5 markets.Hotspots such as Denver, Las Vegas, Reno, and Dallas would be appreciating at lower rates this year, the report predicted. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Share Save Previous: Delgado to CNBC: “We’re Not Ready” Next: A Closer Look at TRID 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 Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Tagged with: Appreciation Home Values HOUSING Housing Supply Mortgage Rates Veros What Will Affect Home Appreciation in 2019? 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago January 17, 2019 2,126 Views Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Postlast_img read more

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Economist to Today’s Teens: “Start Saving Now”

first_img in Daily Dose, Featured, Market Studies, News January 31, 2019 1,127 Views Home / Daily Dose / Economist to Today’s Teens: “Start Saving Now” The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Danielle Hale Generation Z Home Prices Homeownership Median Home Price Realtor.com 2019-01-31 Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Donna Joseph Tagged with: Danielle Hale Generation Z Home Prices Homeownership Median Home Price Realtor.com Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] center_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Generation Z needs to start saving $304 a month now to buy a home by age 30, according to a new analysis by Realtor.com. The homeownership success of this group will largely depend on the location. Midwest and South are considered regions with more affordable options, it indicated. The analysis titled “The Home of Home Search” shows that nearly 80 percent of Generation Z wants to own a home before age 30. However, to make their dream of homeownership a reality, they will have to save $304 every month for the next 12 years to buy with a 10 percent down payment plus closing costs on a median-priced home. Currently, the median price of a home in the U.S. is projected to cost $386,310 in 2031, when today’s 18-year-old members of Generation Z turn 30, the analysis pointed out. Realtor.com’s projections based on a 13-year forecast for median home prices in top 100 metros and different down payment savings plans reveal that Generation Z will need to save $1,962 per month will need to save $1,962 per month. The next most expensive locale is San Francisco at $1,439 followed by Los Angeles at $979, and  Honolulu at $946, and California at $877 per month in terms of savings. According to realtor.com’s analysis of Optimal Blue mortgage data, the typical under-30 home buyer used a seven percent down payment to successfully complete their home purchase in 2018. Starting on their 18th birthday, to afford a 10 percent down payment and typical closing costs in the top 10 most expensive metros by the time they turn 30 years old, members of Generation Z will need to save an average of $948 a month. The median-priced home in 2019 is expected to cost $265,000, but over the course of the next 12 years, the price is expected to increase by nearly 50 percent, according to Realtor.com. Youngstown, Ohio, topped the list of the most affordable metros, where Generation Z would only have to save $108 per month, followed by McAllen, Texas; Toledo, Ohio; Wichita, Kansas; and Little Rock, Arkansas. “Choosing to live in one of the U.S.’s larger and more expensive metros, especially on the West Coast, is going to make homeownership a difficult task, but that doesn’t mean that Gen Z should give up on their dreams.The most important thing they can do is start saving as much as possible early on and let compound interest do the heavy lifting for them,”  said Danielle Hale, Chief Economist at Realtor.com. Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Economist to Today’s Teens: “Start Saving Now”  Print This Post Previous: Top 25 Women of Law, Part 3 Next: The Industry Pulse: The Latest Buzz in Financial Services Subscribelast_img read more

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California Faces Affordability Challenges

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe September 16, 2019 1,275 Views Demand Propels Home Prices Upward 2 days ago Affordability California rents 2019-09-16 Seth Welborn Previous: Housing Market Braces for Rate Cuts Next: What Weighs on Housing? Tagged with: Affordability California rents Home / Daily Dose / California Faces Affordability Challenges The Best Markets For Residential Property Investors 2 days ago California Faces Affordability Challenges About Author: Seth Welborn in Daily Dose, Featured, Investment, Market Studies, Newscenter_img  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago California has the highest poverty rate in the nation, according to analysis from the U.S. Census Bureau, and according to Texas Public Policy Foundation VP Chuck DeVore on Forbes, California’s new rent control law will likely make things worse.“California’s new housing stock has been severely restricted by the state’s myriad of web of development fees, restrictive zoning rules, environmental laws—including greenhouse gas restrictions—and lawsuits,” DeVore said. “Now it’s about to get much worse, with statewide rent control further discouraging new investment in the state.”DeVore notes that the bill also strengthens already-strong tenant protections, now barring property owners from pursuing evictions without a government-approved reason. The California Association of Realtors said that the bill will, “…impose onerous standards upon small property owners and, in turn, exacerbate the state’s housing crisis.”“In 2018, California builders started construction on 116,400 single and multi-housing units, likely not enough to accommodate demand with what was expected to be about 125,000 new households in the state,” DeVore notes. “At this rate, it would take builders 122 years to completely turnover the state’s 14.3 million housing units. California’s 2018 construction starts were 31% below the state’s historical average since 1960.”There is good news for homeowners and buyers in California, though. CoreLogic reported that home sales in July grew from the year prior for the first time in a year. Growth was motivated by lower mortgage rates. Home prices across the state were less than 2% above last year, and prices in the Bay Area fell annually for the third-consecutive month.The nine-county San Francisco Bay Area saw the purchase of 7,404 new and existing houses and condos, which is a 2.2% year-over-year decline. Median-sales prices, though, fell 4.1%—the largest decline December 2011’s 10.5% drop.The report finds that an estimated 42,432 new and existing homes and condos were sold in July, which is a 5.1% increase from June and up 1.8% from July 2018. CoreLogic, however, stated that housing activity usually declines, with the average decline for the two months being 5.3%. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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‘Tides Have Changed’ For Fannie Mae, Freddie Mac

first_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News ‘Tides Have Changed’ For Fannie Mae, Freddie Mac Demand Propels Home Prices Upward 2 days ago Previous: Comptroller Joseph Otting to Step Down Next: CFPB Assisting Loss-Mitigation Efforts A report by Bloomberg said while the government took control of Fannie Mae and Freddie Mac during the last downturn, the GSEs are “now at the heart” of the government’s effort to assist homeowners, lenders, and servicers during COVID-19. Anthony Sanders, a finance professor at George Mason University, told Bloomberg, “the private market can’t save us.”“The tides have changed dramatically. Now we realize without Fannie and Freddie, we’d be in a world of hurt, because who else is going to buy these mortgages?” Sanders said. Bloomberg added that government control of the GSEs allowed Congress a tool to provide economic relief quickly, mostly through forbearance plans where borrowers can delay or make reduced payments. Black Knight reported that delinquent mortgages rose by 1.6 million in April—the largest monthly gain ever recorded. The national delinquency rate nearly doubled to 6.45% from March—the largest single-month increase ever recorded—and nearly three times the previous record for a single month from back in late 2008.               “The fact that 70% of the market is federally backed has made this experience far less gruesome than it could have been,” said Julia Gordon, President of the National Community Stabilization Trust to Bloomberg. “As imperfect as it is, we’re still in a better place than we were in 2007.”The Federal Housing Finance Agency (FHFA) announced foreclosure and evictions supported by the GSE will be extended to June 30. Deadlines for all foreclosure and eviction moratoriums were set to expire on May 17. “During this national health emergency, no one should be forced from their home,” said FHFA Director Dr. Mark A. Calabria. “Extending the foreclosure and eviction moratoriums protects homeowners and renters with an Enterprise-backed mortgage and provides certainty for families.”This announcement came shortly after the FHFA announced new payment deferral options for loans backed by Fannie Mae and Freddie Mac. Borrowers now have the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. Servicers will begin offering deferral payment options beginning July 1, 2020, according to the FHFA.  Tagged with: Fannie Mae FHFA Forbearance Freddie Mac housing market 2020 Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articlescenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae FHFA Forbearance Freddie Mac housing market 2020 2020-05-22 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / ‘Tides Have Changed’ For Fannie Mae, Freddie Mac 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. The Best Markets For Residential Property Investors 2 days ago 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 May 22, 2020 3,806 Views Subscribelast_img read more

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£500 worth of damage done to Melmount Centre in Strabane

first_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest News Twitter By News Highland – November 14, 2012 Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Pinterest Calls for maternity restrictions to be lifted at LUH Police in Strabane are appealing for information following the report of a burglary in the Melmount Road area in the early hours of Monday 12th November.It was reported shortly after midnight that premises in the Melmount Centre had been entered by unknown persons. A security light was smashed and considerable damage was caused to a window to gain entry. A quantity of ice was taken from a freezer and an estimated £500 damage caused.Police would ask anyone who noticed any suspicious activity in the area or who has any information about this incident to contact them in Strabane on 0845 600 8000. Or, if someone would prefer to provide information without giving their details, they can contact the independent charity Crimestoppers and speak to them anonymously on 0800 555 111. Google+center_img WhatsApp Guidelines for reopening of hospitality sector published Previous articleApprentice Boys Hall attacked by vandals in DerryNext articleSenator Harte calls for clarity on Medical Cards debacle News Highland RELATED ARTICLESMORE FROM AUTHOR Facebook £500 worth of damage done to Melmount Centre in Strabane Facebook Twitter Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

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