S&P/Case-Shiller Index Shows Improvement in January

first_imgSubscribe Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / S&P/Case-Shiller Index Shows Improvement in January Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Single-family home prices across the country beat forecasts but still showed signs of sluggishness in January, according to one of the industry’s leading home price indices.The S&P/Case-Shiller Home Price Indices, released Tuesday, showed a 0.8 percent seasonally adjusted month-over-month improvement in January, topping the 0.7 percent gain forecast in a poll of economist conducted by Reuters.On an unadjusted basis, the 20-city composite index posted its third monthly decline at -0.1 percent. The 10-city index ticked up a negligible amount, meanwhile.“The housing recovery may have taken a breather due to the cold weather,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.Compared to December, 12 cities across the nation reported price declines (unadjusted), with eight performing worse than they did at the end of 2013. Chicago and Seattle declined the most (-1.2 percent and -0.8 percent, respectively), posting their fourth straight month each of depreciation.On an annual basis, the 10- and 20-city composites reported increases of 13.5 percent and 13.2 percent, respectively, representing a step back from the 13.6 percent and 13.4 percent annual growth rates recorded in December.All cities on the 20-market composite saw growth, though S&P reports 12 of them saw their annual rates worsen.Las Vegas and San Francisco remained the only two metros to post annual gains exceeding 20 percent; prices in those cities were up 24.9 percent and 23.1 percent, respectively. San Diego showed the most improvement compared to December’s rate of growth, recording a year-over-year return of 19.4 percent versus 18.0 percent previously.Despite the slowdown, Blitzer says recent data point to continued gains throughout 2014.“Although most analysts do not expect the same rapid increases we saw last year, the consensus is for moderating gains,” he said.The Case-Shiller Indices are the second of three major January price reports scheduled this week; Black Knight Financial Services’ monthly report, released Monday, recorded no change month-over-month and an 8 percent increase year-over-year.Raj Dosaj, VP of behavioral models and HPI for Black Knight Data & Analytics, noted at the time that the company’s index isn’t impacted as strongly by seasonal effects, leading to differences in the data. Black Knight Financial Services Case-Shiller Home Prices 2014-03-25 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago 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, Headlines, Market Studies, News March 25, 2014 725 Views Related Articles Share Save S&P/Case-Shiller Index Shows Improvement in January Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Audit Reveals Lack of Quality Control for Pre-Foreclosure Property Inspections Next: FHFA’s HPI Up .5 Percent in January Tagged with: Black Knight Financial Services Case-Shiller Home Priceslast_img read more

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Housing Expert Shares Why He is Thankful for the Mortgage Industry

first_img 2016-11-22 Kendall Baer About Author: Kendall Baer Housing Expert Shares Why He is Thankful for the Mortgage Industry in Commentary, Daily Dose, Featured 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. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save It’s the season of giving thanks, and for those who have worked in the mortgage and servicing industry throughout the ups and downs seen in the housing market, there are many aspects of the business to be thankful for these days. DS News spoke with several mortgage professionals to discuss their mortgage background, what changes they have seen over the course of their tenure in the industry, and what they love about the work that they do.For the first installment of this series, DS News sat down with Brian Koss, EVP of Mortgage Network, one of the largest independent mortgage companies headquartered on the East Coast.What is your background as a mortgage professional?I got into the business right out of college. Fortunately, it was back in 1986, and rates were still in double digits but making their way down. During this time, there was a big refinance boom. A college kid could come out of school and be thrown into the masses of paperwork and be given lots of responsibility to help. There was more business than the banks could deal with.I worked for a regional bank at that time, and they were a great training ground. I was able to learn the business from the back forwards, and I was able to process, underwrite, and learn how to serve the customer from the back of the business. It was a great opportunity and I was able to become a top producer at the bank. I have done that at each of the companies that I’ve worked for since then.A defining moment for me was getting to be one of the people opening up North American Mortgage, which was a growing national franchise back. In January of 1994, it was a tough time to open. The federal reserve moved very quickly, and rates went way up but we stuck with it and opened up a brand that became number one. Then we were bought by Washington Mutual. I moved with my team over to Countrywide at that time because they were getting into retail and was part of a group from North American. We got to help the start of their retail franchise and help them grow to the number one market share in New England.Then you could see the writing on the wall with the changes over there, and I jumped off in 2006 and joined Mortgage Network, which was, I thought, one of the best kept secrets in the business. It was a good sized, regional independent at that time. I helped them grow and run their production franchise, and I have been doing that ever since. It’s been obviously a very tumultuous 10 years in the business, and we’ve seen some ups and downs. We got out of wholesale and are 100 percent retail now. I’ve rebuilt that, and we do about $2.6 billion in retail throughout the East Coast.What are the best parts about this industry or the best parts about your position in the industry?For those who really understand the risk of being the lender and fiduciary responsibility of being a lender, you feel what it’s like to have the responsibility of that customer and you don’t offset that responsibility. You might be that person who may have to come back and repossess a home and that is a horrible, horrible feeling.We feel good about the industry. It’s come around so that, for the most part, there are a lot of really good people who are left, who did the right thing, and are adults that take the responsibility very seriously of putting people in homes and keeping them in homes. Therefore, if you’re really good at that, and you’re really good at letting people know your story, you can build a very good business.In looking back 5 years, what aspects of the industry have changed or shifted?I think, obviously, the compliance aspects or the fear of the unknown have changed. I do think that we’re coming to the end of the fear of the unknown, and we’ve seen the worst that it can be. All of the burdens of the regulatory world finally seem to be coming to an end. Now we’re starting to see that’s what we’ve been living with for the last five years is the fear of anything you do could be wrong. What’s enough compliance? What’s enough fear to permeate your business? Looking forward, we see less of a reason to be fearful and more of a reason to be able to find a better way, a faster way, a cheaper way to be able to get funding to people.That’s why you’re seeing things like rockets and digitals. All that discussion is the essence of what we’re looking at going forward – how to do this business better, bring it back, and make it more affordable for people to get a home and less painful, without losing our fiduciary responsibility to take care of them and make sure they are in the right home they should be in. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Commentary / Housing Expert Shares Why He is Thankful for the Mortgage Industry The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Previous: Are More Declines in Homeownership to Come? Next: What’s Driving Innovations in Real Estate Auctions? Subscribe The Best Markets For Residential Property Investors 2 days ago November 22, 2016 1,152 Views Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily  Print This Post 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 agolast_img read more

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Homebuyer Demand Cools Off

first_imgHome / Daily Dose / Homebuyer Demand Cools Off Homebuyer Demand Cools Off 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Demand Homebuyers Homes HOUSING Housing Markets Inventory Listings Redfin 2018-08-01 Radhika Ojha Tagged with: Demand Homebuyers Homes HOUSING Housing Markets Inventory Listings Redfin 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Inventory may be rising, but Redfin’s June Housing Demand Index had its worst year-over-year drop in two years. Year over year, the index posted its largest decline—9.6 percent—since April 2016.According to Redfin, the number of people requesting home tours fell 6.1 percent compared with a year earlier, and 15 percent fewer made offers on homes. That’s also the largest year-over-year decline since April 2016.Across the 15 metros covered by the Demand Index, the total number of homes for sale fell by 3.8 percent and the number of homes newly listed in June fell 1.6 percent year over year, the report stated. “Although these measures both posted declines, they reflect moderating decreases in the numbers of homes for sale, driven by large increases in some of the most supply-starved markets,” it stated. Month-over-month, the numbers are far less dramatic. The index ended June at 120, a 0.7 percent decline from May that was driven by a 2.2 percent decrease in the seasonally adjusted number of homebuyers requesting tours, the report stated. Another factor was a 12.2 percent decrease in the number making offers on homes from May to June.The drop in demand came with slight bumps in inventory in Seattle and Washington, D.C. Each metro posted double-digit year-over-year increases in homes for sale in June while month over month, homebuyer demand fell 3.4 percent and 3.7 percent, respectively. Year over year, demand fell by 14.8 percent and by 14 percent, respectively.Portland also experienced double-digit inventory increases, while local homebuyer demand stayed flat compared to May, the report stated. Year over year, demand in Portland increased 12.3 percent.”As much-needed large inventory increases finally arrive in some of the hottest markets, buyers are taking the opportunity to be choosy, offering only on well-priced homes,” said Pete Ziemkiewicz, head of analytics at Redfin. “Buyers in Seattle are even keeping offer contingencies like the inspection intact, something that has been increasingly rare in recent years. With more homes to go around, buyers don’t need to bid as aggressively to win bidding wars, so prices, while still growing, are growing a lower rate, and home sales are slowing.” Ziemkiewicz said the cooling trends are concentrated in the markets “that became the most uncomfortably hot” over the past few years.“It’s too soon to tell whether this is the start of a broader cooling or simply a return to something more like balance in places that had become extreme seller’s markets,” he said. “Plenty of large markets, like Chicago and Atlanta, are continuing to see increasing buyer demand and shrinking inventory.”According to the report, homebuyer demand In Chicago and Atlanta increased by 4.3 percent and 1.7 percent, respectively, month over month in June. These markets posted year-over-year inventory declines of 5.8 percent and 19.3 percent respectively. About Author: Scott Morgan Previous: A Snapshot of Economic and Housing Trends Next: Wells Fargo Settles Allegations of Fraud for $2.09B Sign up for DS News Daily Share Save August 1, 2018 2,583 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News  Print This Postlast_img read more

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Tracking Legislative Processes in Financial Services

first_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Tracking Legislative Processes in Financial Services Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: BCFP Bills Compliance Financial services Homeowners Legal League 100 Regulations 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 Previous: CoreLogic Integrates Geospatial and Appraisal Data Features Next: The Week Ahead: Spotlight on Economic Trends Demand Propels Home Prices Upward 2 days ago BCFP Bills Compliance Financial services Homeowners Legal League 100 Regulations 2018-09-09 David Wharton About Author: David Wharton in Daily Dose, Featured, News, Print Features The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articlescenter_img Subscribe Sign up for DS News Daily  Print This Post The Best Markets For Residential Property Investors 2 days ago September 9, 2018 1,744 Views Share Save Editor’s Note: This feature originally appeared in the September issue of DS News, out now.After graduating from the University of San Diego, where he earned his Bachelor of Arts degree in Political Science and Spanish, Andrew Boylan received his Juris Doctorate degree from the University of San Diego School of Law and his MBA from the University of San Diego Graduate School of Business Administration. Boylan has spoken on regulatory and legal compliance issues at numerous mortgage industry events. Boylan has also received the highest possible AV Preeminent Rating from Martindale-Hubbell by members of the Bar and Judiciary in both legal ability and ethical standards. He is licensed to practice law in the States of California and Washington. Boylan spoke to DS News during the Legal League 100 Servicer Summit in Dallas, Texas.What would you say is the most critical aspect of the Legal League Summits?With the wide array of panels available, you can get out of it what you want. It’s good to hear about evolving trends regarding the Fair Debt Collection Practices Act (FDCPA) and make sure we stay ahead of any potential other issues. Even if something is only affecting one part of the country at the moment, it’s often inevitable that you will eventually see it in your jurisdiction as well.Legal League events are an excellent way for firms, servicers, banks, GSEs, and everyone to come together as an industry and talk about issues, talk about trends, get ahead of things, and ensure we are keeping the lines of communication open. We can learn a lot from each other, and it’s definitely worth the time and travel.What are some of the trends that are affecting the way you do business this year?Our firm operates in nine states. That makes for nine different sets of laws with which we have to ensure compliance, as well as regulations from the Bureau of Consumer Financial Protection and other government agencies. There’s great value in tracking that and knowing your states’ legislative processes, knowing what bills are out there, and knowing how they will affect your operations. Our firm is part of many different groups where we attend advocacy days, work with lobbyists, and even meet face-to-face with legislators to discuss the industry. It’s a chance to educate them on what we do, what issues we see, and to help prevent legislation from passing that could have an adverse impact on our firm, our clients, or our industry.Could you tell us about some of the legislation you’ve been tracking in recent months?In California, there’s a pending law that’s looking to bring back the Homeowner Bill of Rights. It sunset at the end of 2017, but now there’s a law that’s looking to bring it back. It’s important to stay involved and see what version of it is being put forward and where it might be highly litigated or unclear. If there is an area that’s unclear, it’s advantageous for all players—whether it’s within our industry or even on the borrower side—to know what the law is and that there aren’t any areas of ambiguity that could lead to additional litigation.What are some issues the industry is dealing with right now that you foresee continuing to be a challenge into 2019?Depending upon what governing body you’re dealing with, it’s about having as much input and as loud a voice as possible to create a structure that’s fair and reasonable. There are concessions, and there are many protections that are in place for good reason. But it’s also about making sure that we’re educating the lawmakers and regulatory bodies how regulation impacts our industry, so we can work to avoid any disruptions.How can financial services firms best streamline and evolve their collaborations with servicers?Communication is key. Maintaining communication at all different levels, whether it’s at the top or even just down to a specific file, keeping that avenue open is beneficial for everyone involved. It allows you to discuss developing cases and say, “Here’s what could potentially happen as a result.” Especially at events like the Legal League 100 Summits, where it’s a mix of firms, servicers, and even the GSEs, there’s a substantial advantage to getting all of us in the room together talking so we can hopefully avoid problems on down the line.What are the hot topics that are coming up a lot in the industry right now?I run our compliance team, and ‘compliance’ can be defined very broadly. It’s always great to hear about how BCFP rules are changing, the new successor in interest regulations, FDCPA cases, evolving case law across the country in different districts and circuits, and the potential impacts it could have across the jurisdictions. Even if it doesn’t have a direct effect on your day-to-day, it’s going to, in some way, shape, or form, affect your operations. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Tracking Legislative Processes in Financial Serviceslast_img read more

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Delgado Warns of Emerging Recessionary Conditions

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: 2019 Five Star Single-Family Rental Summit Charles Sells Ed Delgado Five Star Global Jeffrey Tesch Molly Boesel Sean Miller SFRS Tim Rood Subscribe Experts from the housing and mortgage industry came together at the Guest House at Graceland in Memphis, Tennessee for the 2019 Five Star Single-Family Rental Summit (SFRS). The event, which began on Monday with an opening night reception launched into a full lineup of curriculum today and will run into tomorrow. The event is a deep-dive into the financing and strategic planning needed to invest in this dynamic market. During his opening remarks before an audience of SFR investors and portfolio managers, Five Star Global President & CEO Ed Delgado warned of emerging economic conditions suggesting a recession may be on the horizon for the U.S. economy. “There are several indicators that suggest the U.S. economy will enter a recessionary period at some point in 2020,” Delgado said, “including increased volatility in the manufacturing sector, a waning of both business and consumer sentiment, and a slowdown in the global markets under the looming condition of an inverted yield curve, all pointing to cooling of the economy in the next year.”Jeffrey Tesch, Managing Director at RCN Capital said, “As institutional money continues to flood the single-family investment space, rate compression and ease of aggregation for investors are better than ever. However, investors pooling SFR assets in multiple geographic regions across the United States are having a more difficult time than ever due to constraints on inventory. The content presented at the SFR Summit was a great lead into the Five Star annual event in Dallas in September,” Tesch shared. Charles Sells, Founder and Managing Director, The PIP Group, told DS News earlier that speculation about a possible recession is preoccupying some investors with “what if” scenarios spurred by uncertainty. “Investors have all talked about that 18-month window [for expecting a market correction],” Sells said. Traditional homebuyers (not investors) are just playing the wait-and-see game. They don’t want to buy right now because they’re afraid they’ll end up in upside-down mortgages. They’re all just hanging tight, not wanting to make that move,” he added. The discussion around SFR investment has become even more important in a market that’s seeing an increasing growth. According to a CoreLogic report, U.S. single-family rent prices increased 3.1 percent year-over-year in December 2018 compared with 2.9 percent in 2017, with low-end rental growth outpacing high-end gains for the fifth consecutive year in 2018. “The strengthening in rent prices reflects strong economic and labor markets,” said Molly Boesel, Principal Economist at CoreLogic. “However, low-end rental increases outpaced high-end increases for the fifth consecutive year, suggesting continued supply constraints on the lower end.” With a strong economy and labor markets continuing to propel SFR growth, experts at the summit said that now was clearly the time to collaborate on strategies to take SFR to the next level. “As the SFR market continues to grow, innovative investors are not only looking for new opportunities but also for creative ways to fund those investments,” Delgado said. “We are proud to host leaders of this asset class, which, in many cases, provides a stepping stone toward homeownership.”  Sean Miller, President, PointCentral, told DS News that the market for single-family rentals (SFR) remains strong. “Owners and operators are trying to up their game as a way to serve that strong demand,” Miller said, “whether that’s combining portfolios or adding to their existing portfolios.” Overall, Miller predicted that 2019 would be another strong year for SFR. Tim Rood, Co-founder & Chairman at The Collingwood Group, LLC said, “The one thing I have noticed is that millennials have been renting single family homes once they start a family but their aspirations to ultimately buy a home are statistically comparable to previous generations. The only difference to previous generations is that Millenials are making their first home purchase later in life (mid-30s vs. mid- to-late 20s).”This year’s SFRS curriculum is divided into three broad subject areas with panels and keynote speakers providing more detailed insights into each topic. Tuesday’s discussions were split between the funding session from 9 a.m. to 1 p.m. and the acquisition and disposition session from 1 p.m. to 3 p.m. While the funding session focused on financing for fix and flip projects, creative funding for acquisitions, and getting the best financing deals, the sessions on acquisitions and disposition featured expert panels on elements that can impact buying opportunities, pricing portfolios for successful disposition, and getting the timing right on buying and selling an SFR investment.On Wednesday, the sessions on property management will look at how SFR investors can manage their portfolio while expanding their business, maintaining profitability through tenant retention, and technology that can fuel revenue generation for SFR investments. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Delgado Warns of Emerging Recessionary Conditions Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Here Are the Top Small Towns To Live In Next: National Flood Insurance Program: A New Way Forward? Servicers Navigate the Post-Pandemic World 2 days ago 2019 Five Star Single-Family Rental Summit Charles Sells Ed Delgado Five Star Global Jeffrey Tesch Molly Boesel Sean Miller SFRS Tim Rood 2019-03-12 Donna Joseph Related Articles About Author: Radhika Ojha 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. 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Servicing Delgado Warns of Emerging Recessionary Conditions About Author: Donna Joseph  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago March 12, 2019 1,568 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

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Fannie Mae Reports Shifts in Delinquency Rates

first_imgHome / Daily Dose / Fannie Mae Reports Shifts in Delinquency Rates Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 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 ago Tagged with: Delinquency Fannie Mae Inventory mortgage About Author: Steve Gaenzler Previous: Overseas Real Estate Investors are Net Sellers Next: Numerica Renews Mortgage Cadence Contract Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, News, REO Fannie Mae Reports Shifts in Delinquency Rates Delinquency Fannie Mae Inventory mortgage 2019-09-02 Seth Welborn September 2, 2019 3,764 Views center_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Fannie Mae’s latest monthly summary revealed a decrease in single-family serious delinquencies. Fannie Mae’s Conventional Single-Family Serious Delinquency Rate decreased 3 basis points to 0.67% in July. Additionally, the Multifamily Serious Delinquency Rate increased 2 basis points to 0.07% in July.Fannie’s Guaranty Book of Business increased at a compound annualized rate of 6.8% in July, to $3,247,222 million, composed of $3,084,197 million in MBS, excluding the portion backed by Freddie Mac securities, and other guarantees, and $163,025 million in mortgage loans.Freddie Mac recorded the lowest fixed-rate mortgage since November 2016 in August, with the 30-year fixed mortgage rate averaged 3.55% as of August 22. The 30-year FRM declined by 0.5 percentage points from the previous week’s rate of 3.60%. The 15-year FRM and 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) declined as well, down to 3.03% and 3.35%, respectively.“The drop in mortgage rates continues to stimulate the real estate market and the economy,” said Sam Khater, Freddie Mac’s Chief Economist. “Home purchase demand is up 5% from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.”While lower mortgage rates may influence some potential buyers to move ahead, inventory continues to stifle the market. Data from Fannie Mae’s Economic and Strategic Research Group found that limited inventory, especially for affordable housing, continued to remain a challenge for homebuyers. This, despite Fannie Mae’s latest Home Purchase Sentiment Index suggesting strong homebuyer interest after recording a new survey high in July.“Mortgage rates are approaching the lowest level in recent decades, and as they have moved lower more and more homeowners are finding incentive to refinance,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.. “We estimate that 35% of outstanding mortgages are now ‘in the money,’ meaning borrowers may realize significant cost savings by refinancing; as such, we expect the share of refinance originations to grow through the remainder of the year.” Steve Gaenzler is co-founder and managing principal, of Five Bridges Advisors, a Radian company. Gaenzler has more than 25-years of experience in the mortgage and capital markets. Prior to founding Five Bridges, Gaenzler spent his entire career within the U.S. capital markets divisions of financial institutions and GSEs. Subscribelast_img read more

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Start Spreading the News: NY Mortgage Servicers’ Compliance Deadline

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago January 17, 2020 2,961 Views Start Spreading the News: NY Mortgage Servicers’ Compliance Deadline Servicers who were compliant with the previous version of New York’s mortgage servicing have 90 days from the effective date, or until March 17, 2020, to comply with the Final Rule, JD Supra reports.Many of the changes made through the Final Rule involve foreclosure and default practices, in a state with some of the highest delinquency and foreclosure rates in the county, concentrated in New York City.According to data from LendingTree in November 2019, the New York-Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. The metro also had the highest overall foreclosure rate at 1.3%.Additionally, New York has some of the longest foreclosure timelines in the country, at an average of 1,103 days.The Final Rule includes several changes relevant to servicers, including requirements for dual tracking prohibitions that restrict servicers from taking certain foreclosure actions depending on whether the servicer has already made the first foreclosure notice or filing.The rule also mandates intervention and loss mitigation, including provisions that require servicers to provide certain delinquent borrowers with a single point of contact, early intervention notice, appropriate loss mitigation options and modifications, and appeal rights.This is not the only recent major legislation to impact servicers working in default in New York. Toward the beginning of the year, New York Governor Andrew Cuomo recently signed a bill intended to defendants in foreclosure court. The bill, sponsored by Assemblymember Helene Weinstein and State Sen. Brian Kavanagh, which amends Article 13 in Real Property Actions & Proceedings and allows defendants more leeway to bring up the defense of “standing” in foreclosure court, Kings County Politics reports.Alongside foreclosures, New York has also been searching for ways to reduce zombie properties in the state. In December, New York also took a stab at zombie properties when Governor Cuomo signed legislation granting local cities more power in fighting against zombie properties, according to a news affiliate out of Albany, New York.The law will authorize local governments to compel mortgage lenders to “fast track” foreclosure properties or release the abandoned property to allow for resolution on a local level. Default Mortgage Services Foreclosure 2020-01-17 Seth Welborn Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agocenter_img  Print This Post Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Default Mortgage Services Foreclosure Related Articles Subscribe Previous: The Growing Power of Built-For-Rent Next: The Week Ahead: Housing’s Role in the Economy Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Government, News Home / Daily Dose / Start Spreading the News: NY Mortgage Servicers’ Compliance Deadline The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Report: The Best Real Estate Markets of 2020

first_img Servicers Navigate the Post-Pandemic World 2 days ago Report: The Best Real Estate Markets of 2020 Data Provider Black Knight to Acquire Top of Mind 2 days ago WalletHub recently released a rundown of the most-current state of affairs in 2020’s housing market. The data provide a comprehensive guide to help all those looking to jump into the market to make wise and informed decisions, be they real-estate investors or home buyers looking for the house of their dreams, WallerHub reported.The housing market is ever-changing and high-stakes, and according to the real estate experts, this year is certainly no different. In fact, WalletHub reveals that 2020 has found the housing market in an extremely rare position. This is because mortgage rates have dropped a staggering amount, hitting historical lows. Such low rates are a welcome reprieve for the vast majority of Americans, many of whom are continuing to grapple with the financial strains that the current pandemic have plagued them with.As for those Americans who are not struggling as much with the financial pinch from the pandemic, and who have some extra money to spend, now seems the perfect time to invest in a home. Of note within the report’s findings was the fact that among this tightening of supply and increase of demand in the housing market today, home prices have been steadily on the rise throughout the pandemic (on average). As for rental rates, those are reported to still range the entire spectrum, especially according to what region of the nation you are in.Advice for those perusing the market are offered some expert advice by WalletHub. The first tidbit includes the encouragement to look beyond tangible factors like square footage and style and really shoot for long-term growth, equity, and profit, as these are the things that most drive an uptick in property values. This criteria, according to WalletHub, is more relevant to residential home buyers versus investors.WalletHub further revealed not only what’s happening on the market today, but where home buyers should look to purchase and dwell. WalletHub was able to determine the best local real-estate markets in the country by comparing 300 cities of varying sizes across 24 key indicators of housing-market attractiveness and economic strength.According to WalletHub’s data, the top five best places to buy a house include Boise, ID; Seattle, WA; Frisco, TX; Nashville, TN; and Gilbert, AZ (respectively).Details about main findings are charted on WalletHub.com, along with rankings by city size. Finally, as part of the research, experts weighed in on their findings. Related Articles About Author: Andy Beth Miller Sign up for DS News Daily housing market 2020 WalletHub 2020-08-25 Christina Hughes Babb Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Report: The Best Real Estate Markets of 2020 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Postcenter_img August 25, 2020 2,076 Views Share Save Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago 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 Tagged with: housing market 2020 WalletHub Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Hurricane Laura Threatens Homes Across Texas, Louisiana Next: Fannie Mae Announces Sixteenth Sale of Reperforming Loanslast_img read more

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Distressed Property Investing in the Coming Year

first_img Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News December 3, 2020 1,804 Views Demand Propels Home Prices Upward 2 days ago 2020-12-03 Christina Hughes Babb As foreclosure moratoria expire in 2021, depending on actual and anticipated extensions, there are a couple of likely scenarios for servicers, says real estate investor and contributor to Millionacres, a Motley Fool publication, Liz Brumer.In the end, she concludes that the new administration likely will enact public protections that will prevent a great foreclosure surge and that REO properties added to the market in 2021 would only balance out the existing supply shortage. However, Brumer’s article explores two possibilities.The market could experience “an increase in foreclosures due to the large number of homeowners still out of work” or “a decrease in foreclosures due to new policies that could extend foreclosure moratoriums,” Brumer noted.”While many signs point to an increase in foreclosure properties hitting the market, in reality, no one knows for sure,” she said.The following is what Brumer believes each situation would mean for the industry.She notes that indicators right now point to an increase in foreclosure activity. “It’s unlikely many of those currently delinquent will be in a different situation in order to reinstate their debt obligations …” Without significant aid, it’s extremely likely foreclosure starts will start to increase steadily over the year, she added.”If scenario 1 does play out as described, investors can expect to see an uptick in foreclosure properties hitting the market around late summer 2021 to early spring 2022,” she said.She writes that at first it is unlikely that pricing for foreclosure properties will reflect large discounts that REO investors saw after the Great Recession. With the heightened demand for real estate and values continuing to increase, the additional foreclosure properties would merely “balance demand and supply and likely slightly lower values a bit.”Brumer says, “I personally think dramatic discounts even with foreclosure properties are unlikely in 2021.”On the other hand, investors could continue to see more of what they experienced this year, that is, high delinquencies and fewer foreclosures.”This would happen if the new Biden administration extends forbearance and/or foreclosure moratoriums or offers new protections that limit a lender’s ability to foreclose in the coming year,” she wrote, adding that in this case, “real estate values will continue to rise as demand outpaces supply.”She concludes that scenario two is more likely, but that many unknowns remain.Read the article in full on Fool.com. Subscribe About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Previous: Housing Trends and Georgia’s Political Fortunes Next: Homeowners of Color Benefiting Less From Forbearance Programs  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Distressed Property Investing in the Coming Year Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Distressed Property Investing in the Coming Year 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 ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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The Rate of AVM Error in Majority-Black Neighborhoods

first_img 2021-03-08 Christina Hughes Babb Demand Propels Home Prices Upward 1 day ago Accurate home appraisals are key not only to attaining mortgage financing but also to establishing the level of equity in a homeowner’s property.Having previously shown that in-person appraisals are subject to bias and discrimination, research associates at the Urban Institute recently conducted a study in an effort to understand how automated home appraisals—which have gained in use with the COVID-19 pandemic—are working for various racial groups.They say the data when analyzed shows that automated home valuation technology errors disproportionately affect residents of majority-Black neighborhoods.”Automated valuation models (AVMs) are a type of financial technology that can be an alternative or supplement to in-person appraisals,” explain UI fellows Michael Neal, Linna Zhu, and Caitlin Young, who authored the report. “Many lenders use AVMs as part of their lending decision process. AVMs apply mathematical algorithms to a database of housing activity, including sales transactions, to calculate a home’s value. Hypothetically, by limiting the human assessment element and potential racial bias, AVMs could provide a more accurate picture of a home’s value in majority-Black neighborhoods, which could hold promise for closing the racial wealth gap.”Digging into data from Atlanta, Memphis, and Washington, DC, the authors set out to determine if and how AVMs contribute to racial disparities in home value estimates. The researchers studied the accuracy of AVMs in majority-Black neighborhoods relative to majority-white neighborhoods by comparing the AVM estimate with the actual sales price.The researchers initially found the magnitude of AVM error was larger in majority-white neighborhoods, however, upon adjusting for the sales price, which is lower in majority-Black neighborhoods, they discovered that the percentage magnitude of error was greater in majority-Black neighborhoods.”That means the absolute dollar-value error might be less in these neighborhoods, but the proportional size of the error is larger because the average home price in majority-Black neighborhoods is much lower,” the authors noted. “For example, the percentage difference between a $100,000 AVM estimate and a $115,000 sales price (15 percent) is higher than the percentage difference between a $400,000 AVM estimate and a $415,000 sales price (4 percent), even though the absolute difference ($15,000) is the same.”The full report is available on urban.org. Servicers Navigate the Post-Pandemic World 1 day ago The Rate of AVM Error in Majority-Black Neighborhoods Previous: Forbearances Continue Slow and Steady Improvement Next: Upticks in Labor Market Breeding Consumer Optimism Home / Daily Dose / The Rate of AVM Error in Majority-Black Neighborhoods Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Christina Hughes Babb Share Save Demand Propels Home Prices Upward 1 day ago Related Articles Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 8, 2021 607 Views Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News  Print This Postlast_img read more

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