Treasury Reflects On Six Years of Reform Progress

first_imgSign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Treasury Reflects On Six Years of Reform Progress Dodd Frank Wall Street Reform and Consumer Protection Act U.S. Department of the Treasury 2016-07-27 Kendall Baer Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Previous: Cash Sales Share Slows Next: Ocwen Remains Positive Despite Another Quarterly Loss Home / Daily Dose / Treasury Reflects On Six Years of Reform Progress About Author: Kendall Baercenter_img When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law in 2010, the United States Department of the Treasury reports that it was “the most comprehensive, far-reaching set of reforms to our financial system since the Great Depression”. Today, they share that they economy is back on track, growth has returned, and the financial system is safer because of these historic reforms.In addition to these statements, Treasury also reports the unemployment rate has been cut by half and jobs continue to grow with an average of more than 150,000 new private sector jobs per month in 2016 so far. Additionally, household net worth has grown by about $30 trillion to levels well above those from pre-crisis, and business lending has increased by over 60 percent.Treasury also states that Wall Street Reform has also brought greater transparency and stability to the financial system therefore developing a foundation for maintainable, all-encompassing economic progress.During these past six years, Treasury says that banks have added over $700 billion in additional capital to lend to consumers and businesses and that will make these institutions more resilient in the event of unexpected losses. Standardized derivatives are also now required to be centrally cleared and traded on exchanges or transparent trading platforms in order to increase transparency and reduce risks to the financial system.In addition to these developments, Treasury also notes The Financial Stability Oversight Council who has brought in their opinion the entire financial regulatory community together to identify and respond to potential emerging threats to financial stability. Finally, they note The Consumer Financial Protection Bureau who has secured more than $11 billion for more than 27 million hardworking consumers.The report says that in the words of Secretary Lew “this progress must not lead to complacency”. Treasury doesn’t believe their work ended with the passage of Wall Street Reform, but instead was just the beginning. They share that creating a safer, more stable financial system is an ongoing project and it requires constant vigilance.They also say in the coming months, they will remain focused on seeing the implementation of Dodd-Frank through, opposing efforts to weaken the reforms we’ve put in place, and creating a system that protects taxpayers, consumers, and Main Street communities all across the country. July 27, 2016 1,258 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Dodd Frank Wall Street Reform and Consumer Protection Act U.S. Department of the Treasury  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Index Reveals a Rise In Foreclosure Activity

first_imgHome / Daily Dose / Index Reveals a Rise In Foreclosure Activity About Author: Brianna Gilpin Index Reveals a Rise In Foreclosure Activity Tagged with: Bankruptcy Consumer Confidence Foreclosure Bankruptcy Consumer Confidence Foreclosure 2017-09-11 Brianna Gilpin Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago September 11, 2017 3,172 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Previous: Foreclosure Proceedings Limited Next: Over Half of Top 100 Metros at New Highs The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe in Daily Dose, Featured, Foreclosure, News 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A monthly report that covers bankruptcy, foreclosure, consumer confidence, and other data was released Thursday revealing that foreclosures are increasing—and bankruptcies could be close behind.LegalShield, a provider of legal safeguards and identity theft solutions, released its LegalShield Law Index that uses five indices: the LegalShield Consumer Financial Stress Index, Bankruptcy Index, Housing Activity Index, Foreclosure Index, and Real Estate Index. The indices rely on LegalShield’s unique and proprietary database of member demand for and usage of legal services as well as a close tracking of the Consumer Confidence Index by The Conference Board, Housing Starts report by the Census Bureau, and Foreclosure Starts by the MBA.In its Foreclosure Index, foreclosures worsened, which is reflected in a 5.1 point rise to 63.8 in August, even though foreclosures remain down nearly 5 percent year-over-year. LegalShield said if debts such as student loan, credit card, and auto increase, bankruptcies could also be on the rise, mainly due to consumer financial health being weighed down.”While confidence remains an important economic indicator, our data suggest that confidence is inflated right now,” said James Rosseau, LegalShield’s Chief Commercial Officer. “Decision makers who rely heavily on confidence measures in forecasting consumer spending may be disappointed.”Rosseau said the inflated confidence is due to what they believe is stubborn optimism. Though consumers have reason to be assured about the economy, and LegalShield hopes for continued economic strength, their data has worsened in recent months.“In light of these developments, we want to make decision makers aware that consumer spending will likely continue to fall short of the levels implied by consumer confidence,” Rosseau said. “In short, the consumer picture is pretty good, but not gangbusters.”LegalShield publishes the Law Index on the sixth business day each month. To read the full report, click here. Share Save  Print This Postlast_img read more

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Foreclosure Distress to Impact Political Views?

first_imgHome / Daily Dose / Foreclosure Distress to Impact Political Views? Related Articles in Daily Dose, Featured, Headlines Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: HOUSING mortgage New research from Arizona State University (ASU) reports that the foreclosure crisis in the metro area of Phoenix, Arizona may have caused a shift in the population’s political views.On Monday, Arizona Central news released an article discussing the soon-to-be-released research study titled Housing Distress Political Feedback Loop—and reports that as the housing crash affected demographics and crime, the author wanted to find out if it also affected politics.The research delves into foreclosures, voter turnout, and changes in the political party vote margin by neighborhood and demographic groups in the metro area of Phoenix.“Voters in neighborhoods hardest-hit by foreclosures were mad and often scared about their situation,” said the author of the study and ASU Associate Professor with the School of Geographical Sciences and Urban Planning, Deirdre Pfeiffer.Therefore, this emotional distress may have an impact on which side majority of the metro area population votes for political parties.According to the Financial Crisis Inquiry Report by Stanford School of Law, in the fall of 2010, in every 11 outstanding residential mortgage loans in the U.S. was at least one payment past due, a warning of potential foreclosure. In addition, distressed sales accounted for the majority of home sales in cities around the country—and one of those major cities included Phoenix, Arizona.Although Pfeiffer’s research hasn’t been published yet, researchers are already providing positive feedback to the study.“Deirdre’s research is fascinating,” said Director of the Master of Real Estate Development program at ASU, Mark Stapp. According to Stapp, researchers are still learning just how profound of an impact the foreclosure crisis had on people. The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson Previous: Treasury Disputes Arbitration Rule’s Costs, Benefits Next: BNY Mellon Sees Jump in Earnings for Q3 The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Foreclosure Distress to Impact Political Views? Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img 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]  Print This Post HOUSING mortgage 2017-10-23 Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago October 23, 2017 1,237 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Bipartisan Bill Tackles Robocalls and Debt Collection

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Bipartisan Bill Tackles Robocalls and Debt Collection Energy and Commerce Chairman Frank Pallone, Jr. and Ranking Member Greg Walden have unveiled the bipartisan Stopping Bad Robocalls Act.“Americans deserve to be free of the daily danger and harassment of robocalls,” Pallone and Walden said in a statement.  “It’s time we end the robocall epidemic and restore trust back into our phone system. We’re pleased to announce we’ve reached a deal on comprehensive bipartisan legislation to stop illegal robocalls.”“The bipartisan Stopping Bad Robocalls Act offers consumers a way out by ensuring that every call they get is verified,” Pallone and Walden continued.  “Americans should be able to block robocalls in a consistent and transparent way without being charged extra for it. Our legislation also gives the FCC and law enforcement the authority to enforce the law and quickly go after scammers.  We look forward to moving this bill through the Communications and Technology Subcommittee next week.”The New York Times reports that the bipartisan bill came a month after “the Senate overwhelmingly approved separate anti-robocall legislation to respond to constituent furor over unwanted calls.” NYT notes that consumer advocates believe the Senate action didn’t go far enough, though it is one of several steps being taken to curb robocalls and “autodialers.”In May, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). According to the CFPB, the proposal would provide consumers with clearer protections against harassment by debt collectors, including robocalls. For mortgage servicers and other debt collectors, these outlines require a closer look.The National Mortgage Servicing Association (NMSA) last year wrote a letter to the to the Federal Communications Commision (FCC), outlining their suggestions for changes to regulations imposed by the TCPA. One suggestion involved a re-examination of the definition of an “autodialer.” For example, the NMSA proposed that it should be made clear that the definition of an autodialer does not include dialing from a list, and that the technology used must involve both generating a phone number in random or sequential order and calling that generated number. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Bipartisan Bill Tackles Robocalls and Debt Collection Debt Collection Robocalls Servicers 2019-06-21 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Home Sales Data for May Reveals Positive Outlook Next: New Digital Lending Experience Launched by Two Companies 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 Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.  Print This Post June 21, 2019 1,199 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Debt Collection Robocalls Servicers Sign up for DS News Daily About Author: Seth Welborn Subscribelast_img read more

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What to Make of the QM Patch Moving Forward

first_imgHome / Daily Dose / What to Make of the QM Patch Moving Forward About Author: Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News Subscribe Share Save Previous: New-Home Sales go in the Wrong Direction in July Next: Protecting Homes from Wildfire  Print This Post 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. Related Articles Tagged with: Mortgages QMcenter_img August 23, 2019 893 Views What to Make of the QM Patch Moving Forward The Best Markets For Residential Property Investors 2 days ago The AEI Housing Center discuss the future of the QM patch, more specifically what can be seen, and what is not foreseeable. AEI states that foreseeable results from the patch are higher home prices, and the unseen are borrowers who would not have needed the Patch, had the home-price inflation caused by the Patch not occurred. According to the information, the GSE Patch allowed borrowers to take on additional debt, and the GSEs and FHA were in a “favored position”  to insure loan that exceeded the debt-to-income (DTI) limit of 43% imposed by private lenders. Additional leverage helped price growth for lower-priced homes at a quicker rate than for higher-priced homes. A correlation exists between faster home-price appreciation and the existence of higher DTIs. From 2012-2018, sections that had above average DTIs (above 37%) experienced appreciation quicker than the average. “Thus, a policy that assists buyers in taking on high DTI levels simultaneously undermines home affordability, driving up home prices faster than they would have, absent the Patch-provided stimulus,” the report states. In 2017, about 17% of borrowers with incomes below $80,000 had DTIs above 43%, which increased to 26% by 2017. Higher income borrowers saw their dependency on the patch rise from 11% to 17%. “The sharper increase in reliance on DTIs above 43% for borrowers with incomes below $80,000 is due to the more rapid home price appreciation for entry-level homes,” according to the report. Last year, Standard & Poor Global (S&P) reported that non-QM products are gaining popularity since being introduced. The report states that the non-QM market is the fastest-growing segment of non-agency residential mortgage-backed securities in the U.S., despite still being a relatively small slice of the pie. The non-QM market is on track to double, or even triple, last year’s securitization issuance within this year.S&P found that there have been 20 odd transactions year-to-date, totaling over $6 billion in issuance, which is already almost double 2017’s full-year volume. S&P also notes that, when compared to other RMBS categories, non-QMs have prepaid quicker, often soon after loan origination. The report found a conditional prepayment rate (CPR) 35%. 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 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Mortgages QM 2019-08-23 Mike Albanese The Best Markets For Residential Property Investors 2 days agolast_img read more

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Tennessee Tornadoes Property Damage Hits $1B

first_img  Print This Post March 5, 2020 1,754 Views Related Articles Home / Daily Dose / Tennessee Tornadoes Property Damage Hits $1B Tennessee Tornadoes Property Damage Hits $1B The Best Markets For Residential Property Investors 2 days ago Disaster Tornado 2020-03-05 Seth Welborn in Daily Dose, Featured, Loss Mitigation, News After severe storms and at least one tornado have destroyed numerous homes across central Tennessee, at least 140 buildings have been and at least 22 people have been killed as of Tuesday.According to CoreLogic’s Tornado Path Map, approximately 250 square miles were affected by the damaging effects of the tornadoes. The current estimate of damaged residential and commercial properties from the 50 mile-long Tennessee tornadic event, extending well beyond the Nashville metro area, is as shown in the table below. CoreLogic expects the total damage to property from this event to exceed $1 billion.CoreLogic reports that the Tennessee tornadoes are preliminarily estimated at an intensity of EF3 to EF4, or Severe to Devastating damage. Nashville, Tennessee, was the community most impacted by this event. The 2018 Census tabulates 319,529 housing units in Davidson County, the location of Nashville.AP News reports that much the storm tore through Nashville areas transformed by a recent building boom, including Germantown and East Nashville. There has been 16 deaths reported in Putnam County, three in Wilson County, two in Davidson County, which includes Nashville, and one in Benton County.“It is heartbreaking. We have had loss of life all across the state,” said Governor Bill Lee.President Donald Trump announced plans to visit the disaster area on Friday. “We send our love and our prayers of the nation to every family that was affected,” he said. “We will get there, and we will recover, and we will rebuild, and we will help them.”Strong to severe storms still are possible across parts of the South on Tuesday, including Texas, North Alabama, Georgia, North Carolina and Virginia.Natural disasters impact investors, service providers, mortgage servicers, government agencies, legal professionals, lenders, property preservation companies, and—most importantly—homeowners.The 2020 Five Star Disaster Preparedness Symposium will include critical conversations on response, reaction, and assistance to ensure the industry is ready to lend the proper support the next time a natural disaster strikes.Register today for the Disaster Preparedness Symposium. Demand Propels Home Prices Upward 2 days ago Subscribe 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 agocenter_img About Author: Seth Welborn 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. Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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 Previous: Elizabeth Warren Ends Bid for the White House Next: Fannie Mae Transfers $30.7B in Unpaid Principal Balance Tagged with: Disaster Tornado Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Housing Leaders Praise Supreme Court LGBTQ Decision

first_imgHome / Daily Dose / Housing Leaders Praise Supreme Court LGBTQ Decision Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Diversity mortgage 2020-06-19 Seth Welborn Tagged with: Diversity mortgage 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. June 19, 2020 1,102 Views Previous: Mortgage Forbearances Down by 57,000 Next: Appraisals at a Distance The Best Markets For Residential Property Investors 2 days ago Housing Leaders Praise Supreme Court LGBTQ Decisioncenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn 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 in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Supreme Court ruled that LGBTQ workers are protected under existing civil rights laws after a move praised by mortgage industry leaders, including members of the American Mortgage Diversity Council (AMDC).AMDC Chair Lola Oyewole, VP, Human Resources and Chief Diversity & Inclusion of Ocwen Financial Corporation said, “This is a historic moment for the LGBTQ+ community, extending protections aimed at prohibiting discrimination is a positive step towards the change we all need and deserve.”“Diversity and Inclusion is inherent in Aspen’s values and culture and we strongly believe that a diverse workforce enhances our product and service offerings to our clients, brings new ideas and thinking and drives inclusion and motivation across the business,” said Ed Buckley, Brand Ambassador at Aspen Grove Solutions. “In a perfect world we would not need laws to protect against discrimination, but as we live in an imperfect world, it is great to see these protections being solidified.”The AMDC also discussed homeownership and workplace challenges faced by the LGBTQ community in a white paper, which you can read here.In response to the Supreme Court’s decision, Jodi Gaines, Chief Client Officer for Insight One Financial, stated, “As Vice Chair of AMDC, I am proud of all the work our group is doing to raise awareness, provide education and training, as well as making sure everyone has a voice and is treated fairly—simply put, doing the right thing. It is through these types of efforts and more that we will continue to make progress and improvements. There is still much work to be done however I’m confident we are heading in the right direction.”“Those of us doing the work of diversity, equity, and inclusion, as well as those who are champions for justice, know that terminations based on identity are wrong,” said AMDC Advisory Council member Charmaine Brown, Sr. Consultant, Alignment Strategies. “This is a big victory that must now be guarded to ensure enforcement. The AMDC previously held town halls with the LGBTQ community and leaders in 2017 and released a white paper which validated the discrimination faced by our LGBTQ fellow human beings in housing and employment. I encourage you to read the report and share it with your leadership teams.To learn more about the AMDC’s research and advocacy in the LQBTQ space, click here. Subscribelast_img read more

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Homes in Large Cities Are Less Affordable Than Ever

first_img Related Articles Home / Daily Dose / Homes in Large Cities Are Less Affordable Than Ever Subscribe  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-12-23 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Previous: What Neighborhood Factors Impact Home Values? Next: Unprecedented Equity Could Help Prevent ‘Foreclosure Tsunami’ Homes in Large Cities Are Less Affordable Than Ever Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share 1Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Veronica Bradley has covered the consumer packaged goods industry, the tech industry, the healthcare industry, and a few other industries that impact people’s daily lives. When she isn’t researching and writing, she moonlights as an amateur accountant and bookkeeper for a small family brewpub, because unlike most writers, she isn’t afraid of numbers. The American Dream of homeownership is becoming more cost-prohibitive than ever, especially in the country’s largest and most in-demand cities, according to Point2. And the researchers there don’t expect the situation to improve anytime soon.While mortgage rates have been historically low, they’ve been offset by rapidly increasing home costs. The magic number for affordability is 30%—a mortgage over 30% of a household’s income deems that home unaffordable. Fifteen major cities have now crossed that threshold, up from only 13 cities in 2010.While many cities are still under 30%, 51 of the 100 largest U.S. cities have increased in unaffordability. Only 11 of the largest U.S. cities saw a minimum change.And incomes aren’t keeping up with the rising cost of mortgages. Homeowners in the most unaffordable cities would need to make an additional $43,567 annually in order to not be burdened by their mortgages. Fifty-three of the 100 largest cities have home prices increasing faster than wages.Since 2010, Los Angeles has seen home prices increase by 57%, Seattle and Santa Ana have experienced 77% increases, and North Las Vegas and Aurora, CO, have seen 90% and 100% increases. Wages in these cities have increased nowhere close to these amounts, which puts buyers in a bad place.In fact, some of the cities with the fastest rising home prices are cities with slowest increasing incomes. North Las Vegas house prices, for example, are rising 75% more than incomes.The market with the most expensive homes is San Francisco with a median price of $1,239,415. To other California cities, Fremont and San Jose, possess a median home price of over a million dollars, as well. This means that with even a down payment of 20%, a monthly mortgage would be between $4,000 and $5,000 for 30 years.However, not every city is in the same situation. Six cities in the U.S. have mortgages that fall below 10% of annual, average income. Detroit requires about 8% of income, and Cleveland and Toledo, both in Ohio, boast mortgages below 10%. These three cities have all experienced incomes increasing over mortgages. The Ohio cities even saw real estate prices drop.Although lowering home prices isn’t usually considered a good thing, it does allow more people to purchase homes for the first time, which can correct the market over time. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago December 23, 2020 1,665 Views About Author: Veronica Bradleylast_img read more

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Overall Mortgage Forbearance Volume Increases

first_img Related Articles Overall Mortgage Forbearance Volume Increases Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Data Provider Black Knight to Acquire Top of Mind 2 days ago 2021-01-26 Christina Hughes Babb in Daily Dose, Featured, Market Studies, News About Author: Chuck Green Home / Daily Dose / Overall Mortgage Forbearance Volume Increases Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribecenter_img  Print This Post Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago January 26, 2021 1,826 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Economists Predict Even Bigger Housing Market Growth in 2021 Next: Bear Witness: Maine Requires Direct Testimony Share 1Save Due largely to forbearance programs, home is remaining sweet home, at least for the time being.  There was a slight uptick—from 5.37% of servicers’ portfolio volume in the prior week to 5.38% as of January 17, 2021—in the total number of loans now in forbearance, according to MBA’s estimate, 2.7 million homeowners are in forbearance plans.  The total number of loans now in forbearance increased slightly from 5.37% of servicers’ portfolio volume in the prior week to 5.38% as of January 17, 2021. According to MBA’s estimate, 2.7 million homeowners are in forbearance plans.  There was a drop of 3.11% or a 2-basis point upgrade in the share of Fannie Mae and Freddie Mac loans in forbearance. Meantime, Ginnie Mae loans in forbearance retreated 6 basis points to 7.61%. More dramatically, there was a bounce of 26 basis points to 8.94% in the forbearance share for portfolio loans and private-label securities. At 5.79%, the percentage of loans in forbearance for independent mortgage bank services held compared to the week before. Loans in forbearance for depository servicers spiked 3 basis points to 5.36%. At +2.3%, Wyoming’s the lone state with a year-over-year jump, while California, at -9.3%, paced the five states with the largest year-over-year decrease in the RHPI. It was followed by Massachusetts and Louisiana, both of which were at -8.5%; and New York and Hawaii, -7.7% each. Meanwhile, at +4.7%, Cleveland held the top hand among the Core Based Statistical Areas tracked by First American with the widest year-over-year humps in the RHPI. Rounding out the top five were Pittsburgh, +2.4%; Kansas City, +2.3%; Hartford, Conn, at +1.2%; and Memphis, +0.7%. San Francisco, -17.5%, paced the markets with the greatest year-over-year decrease in the RHPI among the Core Based Statistical Areas First American monitored. San Jose, -14.0%; Boston, -12.2 percent; Miami, -11.0%; and San Diego, -9.7%, followed. A total of 18.17% of total loans in forbearance are in the initial forbearance plan stage; 79.31% are in a forbearance extension. Forbearance re-entries stand at 2.52%. Total weekly forbearance requests as a percent of servicing portfolio volume (#) held at 0.07%, similar to the previous two weeks. “The small increase in the share of loans in forbearance was led by a gain in the portfolio/PLS loan segment. The good news is that the forbearance numbers for GSE loans continues to decline more consistently, as these borrowers typically have stronger credit and more stable employment,” said Mike Fratantoni, MBA’s senior vice president and chief economist. “The rate of exits from forbearance slowed in the prior week, while the rate of new forbearance requests remained steady at a low level.” “The latest housing market data show strong momentum entering 2021, with both the pace of home sales and new construction booming,” he continued. “We expect that this strong market could benefit homeowners who need to sell their home, as record-low inventory is causing for-sale homes to go under contract quickly and is pushing up home prices.” last_img read more

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Deputy McHugh says number of capital projects ready to go in Donegal

first_img Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR Pinterest Twitter NPHET ‘positive’ on easing restrictions – Donnelly News Pinterest Twitter WhatsApp Help sought in search for missing 27 year old in Letterkenny Donegal North East Deputy Joe Mc Hugh has told the Dail that more capital projects should be started to boost the economy, and there are several ready to go in Donegal.During questions to Public Expenditure Minister Brendan Howlin, Deputy Mc Hugh quoted the economist John Maynard Keynes, who argued that the best way to tackle recession was to start major infrastructure projects which would create jobs and get money flowing in local communities.Deputy Mc Hugh outlined what could be done in North Donegal…………[podcast]http://www.highlandradio.com/wp-content/uploads/2013/10/joemc1pm.mp3[/podcast]Minister Howlin said he would be considering Deputy Mc Hugh’s points, and urged him to get support for his proposals from his Fine Gael colleagues.However, Minister Howlin stressed the key aim of economic policy for the next while will be to ensure a sustainable exit from the bailout…………[podcast]http://www.highlandradio.com/wp-content/uploads/2013/10/bhowl1pm.mp3[/podcast]center_img Previous article300 new engineering jobs set to be announced for OmaghNext articleUpdate – Council says start date for Dungloe and Glenties Sewage Schemes is “imminent” News Highland WhatsApp Google+ By News Highland – October 10, 2013 448 new cases of Covid 19 reported today Facebook Deputy McHugh says number of capital projects ready to go in Donegal Facebook Calls for maternity restrictions to be lifted at LUH Google+last_img read more

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