Urban Areas Lead in Home Prices; Suburbs Grow Faster

first_img About Author: Scott Morgan Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Demand Home Prices Population Growth Suburbs Urban Area 2014-04-11 Scott Morgan Home / Daily Dose / Urban Areas Lead in Home Prices; Suburbs Grow Faster Tagged with: Demand Home Prices Population Growth Suburbs Urban Area April 11, 2014 783 Views As the housing market inches further toward recovery, a curious dichotomy has arisen between urban and suburban growth. According to Jed Kolko, chief economist at Trulia, while cities are outpacing the suburbs in price gains, the suburbs are leading the way in population growth.According to Kolko, citing Trulia’s joint Price Monitor and Rent Monitor reports, released Wednesday, asking prices for homes in densely populated (i.e., high-rise-rich) and urban settings are still rising as the spring buying market catches its stride. Asking prices typically lead actual sale prices by about two months, meaning today’s asking prices should be a good indicator of what typical sale prices will be as housing enters the summer.Trulia found that month-to-month asking prices nationally in urban markets rose 1.2 percent in March. Quarter-to-quarter, prices rose 2.9 percent in March, reflecting three straight months of solid month-over-month gains. Both calculations were seasonally adjusted.More encouraging is that asking prices are up a full 10 percent since last year, rising in 97 of the 100 largest metros. Only three metro areas—Albany, New York; and Hartford and New Haven, Connecticut, showed a drop in asking prices year-over-year.It’s the suburbs, however, where population is growing most—something Kolko admits can seem rather strange. After all, he says, “locations with stronger demand should have both higher price growth and more population growth.” And there has been greater demand for urban living since the construction bubble burst in 2009 and badly damaged new home construction in suburban areas. The answer, however, lies in the supply.“Suburbs can have faster household growth but smaller price gains because it’s easier to build new housing in suburbs than in dense urban neighborhoods,” Kolko said. “New construction accommodates population growth while taking pressure off rising prices.”It only seems as if cities have the edge in housing recovery, he said, because home prices in high-density high-rise neighborhoods in cities such as New York, Chicago, and San Francisco have risen faster than those for other urban and suburban areas.It also appears to have the lead because construction recovery has been disproportionately urban. In 2013, apartment building construction hit a 15-year high, but single-family home construction is still considerably below normal levels. That means many dense cities where much of the housing stock is comprised of rental apartments have seen a construction boom relative to their local normal level of construction, Kolko said.“Population growth since the housing bust has slowed most in the bottom quartile of counties, which are largely rural areas, not suburbs,” Kolko said. “The suburbs are far from over.” 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.  Print This Post Servicers Navigate the Post-Pandemic World 2 days agocenter_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FDIC Urges Institutions to Mitigate Cyber-Related Risk Next: Spring Thaw Expected to Help Minnesota Homeowners The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Urban Areas Lead in Home Prices; Suburbs Grow Faster The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Subscribelast_img read more

DS News Webcast: Thursday 9/25/2014

first_img September 25, 2014 485 Views Previous: Foreclosure Inventory Falls, But Delinquency Rate Rises in August Next: Wells Fargo’s J.K. Huey Receives 2014 Five Star Lifetime Achievement Award Foreclosure inventory is down nationwide, but the delinquency rate is up, according to Black Knight Financial Services’ First Look at August Mortgage Data released today. Foreclosure starts declined by 10 percent from July to August and by 24 percent from August 2013 to August 2014, according to Black Knight. The month-over-month decrease in foreclosure starts was the first in five months. The total number of foreclosure starts in August was reported at 81,600. Foreclosure inventory, which is the total number of loans in foreclosure, fell to 913,000, its lowest point since March 2008. Foreclosure loans are past due for an average of 1,010 days.While foreclosure starts and overall inventory fell, however, the mortgage delinquency rate took a 5 percent month-over-month leap in August up to its highest point since February; the delinquency rate declined year-over-year, however, by 4.8 percent, Black Knight reported. The majority of new delinquencies reported in August were in the early stage of delinquency. The total number of delinquent loans increased by 146,000 from July to August. Delinquent loans are defined as those more than 30 days past due but not in foreclosure.The August median price of U.S. distressed homes climbed both monthly and annually, according to RealtyTrac’s August 2014 U.S. Residential and Foreclosure Sales Report released today. Distressed properties, which are homes that are either in foreclosure or owned by banks, saw their average sale price jump up to $129,000 dollars for August, which is an increase of 2 percent from July and 15 percent from August 2013, RealtyTrac reported. That price, despite the monthly and annual increases, is still 37 percent below the national median price of a non-distressed home, which was reported at $205,000. in Featured, Media, Webcasts About Author: Jordan Funderburk DS News Webcast: Thursday 9/25/2014 Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Featured / DS News Webcast: Thursday 9/25/2014  Print This Post Related Articlescenter_img The Best Markets For Residential Property Investors 2 days ago 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 Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 2014-09-25 Jordan Funderburk Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Mortgage Delinquency Rate Declines for 12th Straight Quarter

first_imgHome / Daily Dose / Mortgage Delinquency Rate Declines for 12th Straight Quarter Delinquent Mortgages Mortgage Delinquency Rate TransUnion 2015-02-18 Brian Honea Sign up for DS News Daily Related Articles 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Delinquent Mortgages Mortgage Delinquency Rate TransUnion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The nation’s mortgage delinquency rate for loans 60 days or more overdue continued its steady decline in the fourth quarter of 2014, falling to 3.29 percent – representing a 14 percent drop from the same quarter in 2013 (3.84 percent), according to TransUnion’s latest mortgage report released Wednesday.Q4 was the 12th straight quarter in which the mortgage delinquency rate declined, according to TransUnion.”The mortgage delinquency rate continues to be well controlled as it slowly recedes to pre-recession levels, driven primarily by the ongoing clearance of the foreclosure backlog. More recent vintages have been performing exceptionally well,” said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. “A bigger story this past quarter is the continued rise in mortgage balances. Much of this gain can be attributed to those consumers who took advantage of a low interest rate environment to purchase homes with jumbo mortgage loans. The share of these loans amongst all mortgage originations increased by 8% in Q3 2014 from 6.8% in Q3 2013 and 5.8% in Q3 2012.”Miami experienced the largest year-over-year decline in delinquency rate among metro areas with a drop from 10.4 percent in Q4 2013 down to 7.18 percent in Q4 2014 (a decline of 30.9 percent). Two more major metro areas that experienced year-over-year double digit declines in delinquency rate in Q4 were Los Angeles (from 3.06 percent to 2.4 percent, a 21.5 percent decline) and Boston (from 3.08 percent down to 2.69 percent, a decline of 12.8 percent).”These are significant data points, because they show that mortgage delinquency rates continue to drop across the country—both in those markets with elevated delinquencies and in those that have already experienced major drops,” Becker said.The age group that saw the largest year-over-year decline in mortgage delinquency rate in Q4 was the age 30 and under group, which saw a 2.92 percent rate in Q4 2013 fall down to 2.21 percent in Q4 2014, a drop of 24.3 percent. But while delinquency rates dropped year-over-year for all age groups, debt levels increased. The under-30 group of consumers saw a the largest debt-to-borrower increase, from $149,778 in Q4 2013 up to $151,692 in Q4 2014, according to TransUnion.There were 53.2 million mortgage accounts nationwide as of the end of Q4 2014, according to TransUnion – a slight increase from 52.9 million in the same quarter in 2013. However, Q4 2014’s total was more than six million fewer than the same quarter in 2009 (59.6 million). Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Mortgage Delinquency Rate Declines for 12th Straight Quarter Demand Propels Home Prices Upward 2 days ago Subscribe Previous: Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation Next: Freddie Mac to Announce Q4, Full Year 2014 Financial Results Thursday 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 Share Save About Author: Brian Honea February 18, 2015 1,200 Views last_img read more

Economic and Job Growth Pushing Housing Slowly Toward ‘Normal’ Levels

first_imgHome / Daily Dose / Economic and Job Growth Pushing Housing Slowly Toward ‘Normal’ Levels  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The housing market is slowly but surely inching closer to normal levels with the help of economic and job growth.According to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Thursday, markets in 75 of the approximately 360 metro areas nationwide have returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2015. This is an increase of 13 markets year-over-year.“The markets are gradually improving and economic and job growth continue to strengthen, which bodes well for housing for the remainder of the year,” said Tom Woods, NAHB chairman and a home builder and developer from Blue Springs, Missouri.The NAHB reported that the index’s score increased on point to .92, which means that the nationwide average is at 92 percent of normal economic and housing activity. Although this increase may seem marginal, this one point rise up places the market closer to the one point goal, indicating that it has returned to normal. In addition, 66 percent of markets have shown improvement year-over-year.“Of the three elements in the LMI (house prices, permits, and employment), house prices have had the broadest recovery, with 345 markets returning to or exceeding their last normal level,” said David Crowe, NAHB’s chief economist. “Meanwhile, 64 markets have met or exceeded their normal employment levels. The housing permit level has made the least progress toward normality, with only 26 markets at or above their last normal level.”The index found that Baton Rouge, Louisiana continues to top the list of major metros on the LMI, with a score of 1.47, 47 percent better than its last normal market level. Other major metros leading the list include Austin, Texas; Honolulu, Hawaii; Houston, Texas; and Oklahoma City. Rounding out the top ten are San Jose, California; Los Angeles, California; Charleston, South Carolina; Salt Lake City, Utah; and Nashville, Tennessee. Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Housing Market Jobs NAHB National Association of Home Builders U.S. Economy 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. The Best Markets For Residential Property Investors 2 days ago Housing Market Jobs NAHB National Association of Home Builders U.S. Economy 2015-08-06 Brian Honeacenter_img August 6, 2015 1,853 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Economic and Job Growth Pushing Housing Slowly Toward ‘Normal’ Levels The Week Ahead: Nearing the Forbearance Exit 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 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articles Previous: Green Tree Servicing to Merge With Ditech Mortgage Next: New York AG Highlights Success of Home Retention Programslast_img read more

State Spotlight: Is Louisiana Verging on a Housing Crunch?

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / State Spotlight: Is Louisiana Verging on a Housing Crunch? Subscribe in Daily Dose, Featured, News Share Save 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, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Previous: Experts Talk Housing Outlook After the Election Next: At the Intersection: Discrimination and Diversity in the Modern Workplace The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago State Spotlight: Is Louisiana Verging on a Housing Crunch? Demand Propels Home Prices Upward 2 days ago September 5, 2016 1,131 Views  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Baton Rouge Fannie Mae Louisiana New Orleans 2016-09-05 Kendall Baer Tagged with: Baton Rouge Fannie Mae Louisiana New Orleans About Author: Kendall Baer Demand Propels Home Prices Upward 2 days ago Louisiana may be on the verge of a large housing crunch due to not just the recent flooding causing disruption to thousands of homeowners but also the economic situation in large metro areas in the state according to a recent report from The Home Story presented by Fannie Mae.The report states that in particular, New Orleans, while having escaped most of the flooding, is seeing an economic slowdown that is impacting their housing market.“The backsliding economic situation in metro New Orleans is disappointing,” says Kim Betancourt, director of economics for Fannie Mae’s Multifamily Economics and Market Research (MRG) group. “New Orleans’ short-lived economic recovery is over, and the metro area is on the verge of slipping into a recession.”The report notes that this is due to the economy feeling the full effects of booming oil prices gone bust. Fannie Mae says that reports from Moody Analytics show that they do not expect to see a revival in New Orleans until 2019, when job growth will amount to just 0.7 percent. Suffering from lingering low oil prices and muted U.S. exports, they anticipate that total local employment will slide 0.4 percent over the next five years. This is compared to a national gain of 1.1 percent.Despite this, Fannie Mae notes that there are some bright spots in New Orleans’ economy such as oil refineries. The report notes that these have registered about 6 percent gain in employment year over year, and wages are higher than average. Additionally, the commentary notes that “the metro’s well-developed port and logistics infrastructure remains one of its strongest economic drivers.”Business costs are also “quite attractive” for bringing new companies to the area at 89 percent of the national average, according to the Fannie Mae commentary. Prosperity NOLA is one example of how the city is hoping to capitalize on its strengths. They do note thought that the cost of living in New Orleans registers at 103 percent of the national average.“A focus on more professional, scientific, and technical jobs would be a big help and could help propel the Crescent City to a brighter future in the next decade,” says the Fannie Mae commentary.Meanwhile, uncertainty hangs over the extent to which recent flooding has further disrupted housing in parts of the state.The report says that the AP reported initial estimates of damage to more than 40,000 homes have been revised to reflect upwards of 60,000 or more.Fannie Mae cites The Baton Rouge Advocate, who reports that the state capital of Baton Rouge is in for a “crazy” housing market — at least over the short run — as people scramble to find temporary shelter while they restore their damaged homes.In addition, The Greater Baton Rouge Association of Realtors® reports that the inventory of homes for sale on the local market is inadequately low to meet the needs of displaced residents. They state that before the flooding, there were 3,382 homes on the market which is only a 3.9-month supply at the current sales pace.Fannie Mae shares that over the longer term, some of those who are active in the Baton Rouge market expect to see housing demand shift away from flood-impacted areas to higher-elevation locations where homes avoided serious flood damage.last_img read more

ZVN Properties Announces New Executive Leadership

first_img in Daily Dose, Featured, News January 25, 2018 3,029 Views 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 Nathan Vannatter, VP of Business Development, ZVN PropertiesStacey Baumann, VP Hazard Claims, ZVN PropertiesZVN Properties Inc, a national mortgage field services provider based in Canal Fulton, Ohio, recently announced the newest additions to the company’s executive leadership team with the acquisition of two industry veterans, Stacey Baumann, VP Hazard Claims, and Nathan Vannatter, VP of Business Development. With over three decades of combined industry experience, Baumann and Vannatter will excel the ZVN Properties team to continue future growth.“Any time you can add to your team with leaders of this caliber of talent and industry experience, it puts you in a great position to continue to be poised for future growth and a work product that exceeds client expectations,” said Bryan Lysikowski, Co-Founder and CEO of ZVN Properties.In Baumann’s role, she is responsible for executive oversight of the Hazard Claims Team, in which her focus will be client satisfaction while managing the operations team to exceed the goals and expectations of ZVN’s clients. Prior to joining ZVN Properties, Baumann built and developed business strategy and process improvements within the mortgage default industry. With over 20 years’ experience in which she has managed hazard claims, client operations, vendors, critical client accounts, high-risk assets, and property preservation accounts—she is a proven industry veteran and a welcomed addition to the ZVN team.Vannatter has spent the last 14 years in the real estate industry including managing multi-state residential sites with the last six years focusing on property preservation, new construction, renovations, and maintenance on residential, multifamily, and commercial assets throughout the country to enhance the value of investor’s portfolios. He began his career shortly after earning a bachelor’s degree in accounting and an MBA, both from Ball State University. Having worked in the industry as a Chief Business Development Officer and CEO, Vannatter brings a wealth of knowledge and ideas to ZVN. Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / ZVN Properties Announces New Executive Leadership Share Save Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] About Author: Nicole Casperson ZVN Properties Announces New Executive Leadership Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: HOUSING mortgage Movers and Shakers ZVN Properties Previous: Chicago Tops List of Most Affordable Rental Markets Next: An Upbeat Economy with a Downbeat Side Effect Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Related Articles 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 Subscribe HOUSING mortgage Movers and Shakers ZVN Properties 2018-01-25 Nicole Casperson The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Senate Banking Committee Reexamines Regulatory Expectations

first_img Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Banking crapo Regulation Securities Senate Banking Committee 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, Government, News Share Save Home / Daily Dose / Senate Banking Committee Reexamines Regulatory Expectations Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: New Program Looks to Ease Customers’ Minds Next: Measuring Mortgage-Backed Securities Volumes About Author: Seth Welborn Related Articlescenter_img 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. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The U.S. Senate Committee on Banking, Housing, and Urban Affairs turned its eye toward supervision on Tuesday. During Tuesday’s hearing, titled “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?” the committee hear from Greg Baer, President and CEO of the Bank Policy Institute, Margaret Tahyar, Partner, Davis Polk & Wardwell LLP, and Patricia McCoy, Professor of Law, Boston College Law School.“Banks receive significant forms of government support and benefits, including deposit insurance and access to the Fed’s discount window,” said Committee Chair Mike Crapo. “In exchange for these benefits, which ensure that American consumers have stable access to their deposits, banking agencies supervise banks and in return expect them to operate in a safe and sound manner.”In her testimony, Tahyar discussed the “shadow” regulatory systems, or oral principles, not made public nor written down. This includes the practice of regulation by negotiation in the application process.“An illustrative example, which can be used because it is one of the few to become public, comes from applications by Citicorp, J.P. Morgan, and Bankers Trust New York Corporation in 1987 to underwrite and deal in municipal revenue bonds, mortgage related securities and commercial paper,” Tahyar said. “During negotiations with agency staff, each applicant ‘voluntarily’ consented to market share limitations while protesting that they saw no need for them. When considered for review by the Federal Reserve Board of Governors, the banks admitted that they agreed to the limitations only to ‘expedite the applications.’”In addition to discussing the supervisory practices of the banks during this hearing, Crapo and the Senate Banking Committee discussed how they are working to reform housing finance, and prevent another major crash.During a hearing earlier this year, the federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency proposed a rule to “limit the interconnectedness of large banking organizations and reduce the impact from failure of the largest banking organizations.” In yet another hearing this year, Crapo and the Committee discussed Crapo’s housing finance reform outline. Under the outline, Crapo said that the new housing finance reforms would protect taxpayers by reducing the systemic, too-big-to-fail risk posed by the current duopoly of mortgage guarantors Banking crapo Regulation Securities Senate Banking Committee 2019-04-30 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago April 30, 2019 2,049 Views Senate Banking Committee Reexamines Regulatory Expectations Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Postlast_img read more

Homeowners Bracing for Climate Change

first_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago climate change flooding Zillow 2019-08-13 Seth Welborn in Daily Dose, Featured, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Home / Daily Dose / Homeowners Bracing for Climate Change Subscribe Previous: Hurricane Barry’s $300M Cost to Insurers Next: Stocks Fall, Yield Curve Inverts as Recession Fears Grow Sign up for DS News Daily Homeowners Bracing for Climate Change Half of residents in major U.S. metro areas believe climate change will affect their homes or communities within their lifetime, according to a new report from Zillow. The Zillow Housing Housing Aspirations Report reveals that young adults and people who live in coastal metros are the most likely to anticipate their lives will be impacted by climate change.The report states that around 62% of people ages 18 to 34 say their homes or communities will be affected either “somewhat” or “a great deal” in their lifetimes, compared with 51% of people ages 35 to 54, and only 39% of those 55 and older.By city, Miami (61%), San Jose (59%) and Los Angeles (57%) were most likely to anticipate climate change impact, compared to St. Louis (40%), Detroit (43%) and Philadelphia (44%).”This survey confirms that millions of Americans are sensitive to the risks associated with climate change and believe they will face them in their lifetimes,” said Skylar Olsen, Director of Economic Research at Zillow. “Young adults are much more likely to recognize the reality of climate change-related risks to their homes and communities. Every month new evidence is brought to light about the risks ranging from rising temperatures to more frequent floods to wildfires, and people are hearing the message. Even across age groups and political lines, there is at least consensus that when you are in a hole the first step is to stop digging, in this case by not continuing to build new homes in high-risk areas.”A previous analysis from Zillow found that more than 800,000 existing homes worth $451 billion will be at risk in a 10-year flood by 2050. Additionally, there are around a half million homes in California at risk from wildfires.Zillow also surveyed residents on what solutions they would like to see. Of those surveyed, 71% would support new laws to prevent developers from building in high-risk areas that are prone to natural disasters. Additionally, 62% support making structural improvements to homes to mitigate damage, while 59% would support the adoption of new policies that require homeowners in high-risk areas to buy disaster insurance. August 13, 2019 1,557 Views center_img Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 Share Save 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 The Best Markets For Residential Property Investors 2 days ago Tagged with: climate change flooding Zillowlast_img read more

A Call for a Government Liquidity Facility

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post A Call for a Government Liquidity Facility The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 20, 2020 1,733 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / A Call for a Government Liquidity Facility 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. Demand Propels Home Prices Upward 2 days ago About Author: Krista F. Brockcenter_img Subscribe Tagged with: Federal Reserve liquidity facility US Department of the Treasury Servicers Navigate the Post-Pandemic World 2 days ago Share Save With the rise in confirmed COVID-19 cases this summer and the uncertainty surrounding the extension of temporary unemployment benefits after the end of this month, housing experts from the Urban Institute suggest we may be on the brink of another “liquidity panic” similar to what we experienced in March.While loan servicers have weathered the pandemic-induced recession and all that came with it fairly well so far, further pressure would disproportionately impact the government loan market, according to the researchers.“We recommend the Federal Reserve and the Treasury begin developing a liquidity facility that could be activated quickly to minimize any potential market disruption,” wrote Karan Kaul and Ted Tozer in a brief, “The Need for a Federal Liquidity Facility for Government Loan Servicing.”While the CARES Act put servicers in a precarious position with its generous mortgage loan forbearance program, servicers have weathered the storm well for several reasons.Record-low interest rates caused a burst of refinancing activity that bolstered servicers’ liquidity. Also, while millions of borrowers entered forbearance plans, some continued to submit payments regardless. The researchers also suggest that early confusion about how and when borrowers would have to repay the forborne payments perhaps dissuaded some from entering forbearance.Most importantly, though the GSEs helped servicers by capping their obligation to advance principal, interest, taxes, and insurance on loans in forbearance at four months.The GSEs are able to do this because they can leverage their corporate resources or issue debt in order to advance funds to their Common Securitization Platform.On the other hand, Ginnie Mae does not have the flexibility to support its issuers in this manner and to complicate matters further, the loans Ginnie Mae backs are higher risk than GSE loans.As of the end of June, 6.2% of GSE loans were in forbearance, while 11.2% of Ginnie Mae loans were in forbearance, according to data from the Mortgage Bankers Association.Ginnie Mae’s role is to serve as a backstop if an issuer becomes insolvent. Its issuers are on the hook for more than the servicers of GSE loans are. Ginnie Mae issuers “are responsible for performing many of the same functions in the government lending space that the GSEs perform in the conventional space,” according to the Urban Institute.Ginnie Mae created the Pass-Through Assistance Program to cover principal and interest advances in order to help its issuers. However, the issuers are still responsible for taxes, FHA insurance premiums, homeowners’ insurance, and Ginnie Mae’s 6 basis point guarantee fee. Together, these account for about 30% of the average monthly payment, according to the Urban Institute.Thus, the rise in confirmed COVID-19 cases, financial uncertainty, and the potential for further income loss or restrictions are a particular threat to the government loan sector.“Ultimately, we conclude that a federal liquidity facility is the only practical solution for mitigating forbearance-related liquidity risks for government loans,” the researchers wrote. 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 The Best Markets For Residential Property Investors 2 days ago Previous: Foreclosing Filings Fall During First Half of 2020 Next: HUD, OCC Tout Opportunity Zone Potential Sign up for DS News Daily Federal Reserve liquidity facility US Department of the Treasury 2020-07-20 Mike Albaneselast_img read more

FHFA Announces Rule to Address Post-Conservatorship Framework

first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago About Author: Eric C. Peck Home / Daily Dose / FHFA Announces Rule to Address Post-Conservatorship Framework 26 days ago 697 Views Previous: Forbearance Volume Continues Downward Trend Next: Home Prices Climb 11.3% YoY in March Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency (FHFA) Freddie Mac government-sponsored enterprises (GSEs) Housing and Economic Recovery Act of 2008 (HERA) Housing Finance System Mark Calabria FHFA Announces Rule to Address Post-Conservatorship Framework in Daily Dose, Featured, Government, Journal, News 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. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency (FHFA) Freddie Mac government-sponsored enterprises (GSEs) Housing and Economic Recovery Act of 2008 (HERA) Housing Finance System Mark Calabria 2021-05-04 Eric C. Peckcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Federal Housing Finance Agency (FHFA) has published a final rule that requires Fannie Mae and Freddie Mac (the government-sponsored enterprises) to develop credible resolution plans, also known as “living wills.” These resolution plans would facilitate an orderly resolution of the GSEs should the FHFA be appointed their receiver per the Housing and Economic Recovery Act of 2008 (HERA).“After the capital rule, the finalization of the living will rule is one of the last major regulatory pieces needed to give effect to Congress’ intent in HERA,” said FHFA Director Mark Calabria. “Just like other large financial institutions, these plans will provide Fannie Mae, Freddie Mac and FHFA with a roadmap for preserving business continuity should they fail again. This rule helps create a stronger, more resilient housing finance system by protecting taxpayers and the mortgage market from harm if either Enterprise fails.”The final rule mirrors a rule issued by both the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) under the Dodd–Frank Wall Street Reform and Consumer Protection Act, which requires many large financial institutions to submit living wills. The Department of Treasury’s 2019 Housing Reform Plan highlighted the need for a credible resolution framework for the Enterprises, and the Financial Stability Oversight Council endorsed GSE living wills in the fall of 2020.The final rule states that the GSEs must demonstrate how core or important business lines would be maintained to ensure continued support for mortgage finance and stabilize the housing finance system, without extraordinary government support, to prevent a GSE from being placed in receivership, indemnify investors against losses, or fund the resolution of a GSE.“FHFA is developing a more robust prudential regulatory framework for the Enterprises, including capital, liquidity, and stress testing requirements, and enhanced supervision,” the final rule stated. “FHFA believes a resolution planning rule is also an important part of developing such a framework and is a key step toward the robust regulatory post-conservatorship framework FHFA is developing.”In terms of Fannie and Freddie’s government-conservatorship status and the future of the GSEs, Calabria recently commented at an industry event that the FHFA is open to input from the industry as it continues to make decisions.“FHFA is continuing to put in place key regulations that support the enterprise’s safety and soundness and ability to fulfill their mission, across the economic cycle,” Calabria said. “I encourage [mortgage bankers] to continue to engage with FHFA, provide your market insights to help us inform our work. Through all the changes and continuing challenges of 2021, I remain optimistic about what we can accomplish working together.” Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more