Rising Home Equity Gives Housing Market a Lift

first_img Home Equity Housing Market NAHB Negative Equity 2015-12-11 Brian Honea The Best Markets For Residential Property Investors 2 days ago Previous: Senate Votes to Extend Foreclosure Safeguard for Servicemembers Next: Mortech Mortgage Pricing Technologies Now Integrated with Calyx Point Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago December 11, 2015 2,172 Views Share Save Servicers Navigate the Post-Pandemic World 2 days ago Rising Home Equity Gives Housing Market a Lift Governmental Measures Target Expanded Access to Affordable Housing 2 days ago While many factors contribute to the overall health of the housing market and economy, home equity is providing a major boost to the overall position of U.S. households.A recent report from the Financial Accounts of U.S. and analysis from the National Association of Home Builders (NAHB) found that household holdings of real estate reached $21.826 trillion in the third quarter of 2015, up $1.365 trillion from $20,461 trillion from last year.In addition, the reports showed that home mortgage debt outstanding totaled $9.460 trillion in the third quarter of 2015, up $78.0 billion from last year during the same time.The government report also found that mortgage debt increased 1.6 percent at an annual rate.The NAHB analysis concluded that because household-held real estate grew at a much faster pace than the total amount of mortgage debt outstanding, this means that home equity among consumer grew.According to the Financial Accounts of the U.S., home equity totaled 12.366 trillion in the third quarter of 2015, up 11.6 percent year-over-year, and is now 56.7 percent of household real estate.The amount of underwater mortgages in the U.S. continues to decline, but is not fully helping the housing market on the road to recovery, particularity in many large markets that were heavily impacted during crisis times.The negative equity rate nationwide fell in the third quarter to 13.4 percent of underwater borrowers, down from last quarter’s percentage of 14.4. One year ago, 16.9 percent of homeowners owed more on their home than it’s worth, Zillow’s Negative Equity Report showed.”Negative equity has become almost an afterthought in a handful of the nation’s hottest markets, but is holding back the recovery in dozens of large markets nationwide,” said Dr. Svenja Gudell, Zillow’s Chief Economist.She added, “Despite steady declines in negative equity, many cities are still facing tight inventory, especially among entry-level homes. Those homes that are available are often not in demand and stay on the market for a long time. This can be extremely frustrating for buyers and sellers alike, as they come face to face with the difficult side effects of negative equity.” in Daily Dose, Featured, Market Studies, News 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. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: Home Equity Housing Market NAHB Negative Equity About Author: Xhevrije West 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 Home / Daily Dose / Rising Home Equity Gives Housing Market a Lift The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Why Aren’t Gen Xers Downsizing Their Homes?

first_img Previous: The Tappable Equity Slide Next: Foreclosure Challenges, From Fraud to Deed Theft  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe 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. in Daily Dose, Featured, Market Studies, News Why Aren’t Gen Xers Downsizing Their Homes? Home / Daily Dose / Why Aren’t Gen Xers Downsizing Their Homes? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Baby Boomers Gen Xers generation Home Price Home Sellers Homebuyers Homeowners Income Millennials NAR Rent 2019-04-01 Radhika Ojha Demand Propels Home Prices Upward 2 days agocenter_img About Author: Radhika Ojha Related Articles The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Multi-generational homes are the preferred choice for Gen-Xers and older millennials, according to the National Association of Realtors’ (NAR’s) 2019 Home Buyer and Seller Generational Trends study. However, the reasons they prefer to buy these homes are different.The study found that while Gen Xers prefer to buy a multi-generational home because their adult children are moving in with them or never left home, older millennials who bought these homes were likely to do so to take care of their aging parents.”The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ home either out of necessity or an attempt to save money,” said Lawrence Yun, Chief Economist at NAR. “While these multi-generational homes may not be what a majority of Americans expect out of homeownership, this method allows younger potential buyers the opportunity to gain their financial footing and transition into homeownership.”For the first time, the study also divided the millennial generation into older millennials and younger ones due to the disparity in their homebuying habits. While millennials as a whole continued to form the largest group of homebuyers of any generation at 37 percent of all buyers, younger millennials accounted for 11 percent of all buyers while older ones represented 26 percent of all homebuyers.It indicated that younger millennials accounted for a larger buying share than the silent generation which stood at 7 percent of all buyers. Among millennial homebuyers, the study indicated that older millennials “have a median household income of $101,200 and purchase homes with a median price of $274,000, comparable to Gen Xers ($111,100 income, $277,800 median home price) and younger boomers ($102,300, $251,100 respectively).”According to Yun, “Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts.”On the other hand, younger millennials whose median income stood at around $71,000 were purchasing the least expensive and smallest homes due to the challenges of affordability.When it came to downsizing, the study revealed that this wasn’t common among any of the generations at present. It indicated that sellers over the age of 54 only downsized by a median of 100 to 200 square feet as Gen Xers and boomers who might be interested in downsizing facing the challenges of smaller inventory. These sellers could also “have been impeded by the increase in multi-generational living these generations are reporting to accommodate the needs of adult children and aging parents.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 1, 2019 1,651 Views Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Affordability Baby Boomers Gen Xers generation Home Price Home Sellers Homebuyers Homeowners Income Millennials NAR Rent The Best Markets For Residential Property Investors 2 days agolast_img read more

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Time-Barred Foreclosures and the Statute of Limitations

first_img  Print This Post Related Articles Previous: HUD Secretary Benjamin Carson Responds to DACA Mortgage Questions Next: Talking Mortgage Reform Data Provider Black Knight to Acquire Top of Mind 2 days ago April 4, 2019 11,308 Views Share 1Save Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Finlay has focused his legal career on consumer credit, business, and real estate litigation and has extensive experience with trials, mediations, arbitrations, and appeals. Finlay is at the forefront of the mortgage banking industry, handling all aspects of the ever-changing default servicing and mortgage banking litigation arena, including compliance issues for servicers, lenders, investors, title companies, and foreclosure trustees. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Over the past several years, those who service loans in the State of Washington have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on Washington’s six-year statute of limitations.Historically, these lawsuits allege that the foreclosure is time-barred because Notice of Acceleration letters have been issued more than six years prior to the initiation of the foreclosure process. However, based on recent case law, we foresee a real danger of an increase in the amount of lawsuits brought by borrowers who have had their debts discharged in bankruptcy and either continued to make their monthly payments following their discharge, or engaged in a game of cat-and-mouse with the servicer, as result of which the servicer did not commence foreclosure within the six-year period following the discharge. Indeed, in at least one instance, the borrowers who obtained a bankruptcy discharge order successfully quieted title to their home against Fannie Mae based on Fannie Mae’s failure to foreclose with the six-year period.  The potential of these lawsuits—and given the result discussed above—creates a significant risk to the mortgage industry, which should be addressed, assessed, and mitigated by lenders and servicers.Washington RCW 7.28.300 permits title owners—not necessarily borrowers—to commence quiet title actions against secured lenders to eliminate liens secured by the property based on the lender’s failure to timely foreclose:The record owner of real estate may maintain an action to quiet title against the lien of … deed of trust on the real estate where an action to foreclose such … deed of trust would be barred by the statute of limitations, and, upon proof sufficient to satisfy the court, may have judgment quieting title against such a lien.The applicable statute of limitations within which a lender can foreclose for purposes of RCW 7.28.300 is six years from the date of acceleration of the debt.Recently, in Edmundson v. Bank of Am., NA, 194 Wn.App. 920, 931 (2016) (Edmundson), Silvers v. U.S. Bank Nat. Ass’n, 2015 WL 5024173 (W.D. Wash. Aug. 25, 2015) (Silvers), and Jarvis v. Fed. Nat’l Mortg. Ass’n, 2017 WL 1438040 (W.D. Wash. Apr. 24, 2017) (Jarvis), Washington’s State and Federal Courts addressed the impact of a bankruptcy discharge on the lenders’ ability to foreclose within the purview of RCW 7.28.300.In Edmundson, the Court of Appeals held that the borrowers’ bankruptcy discharge, which terminated their personal liability under the promissory note, triggered the statute of limitations within which the lender was entitled to foreclose. The court reasoned that since the borrowers owed no future payments after the discharge of their personal liability, the date of their last-owed payment kick-started the deed of trust’s final limitations period.The same outcomes were reached by the Federal Courts in Silvers and Jarvis. In Silvers, the court reasoned that because the bankruptcy discharge relieved the borrowers’ personal liability on the note, no future payments were owed and no installments capable of triggering the limitations period remained. Accordingly, the court held that the six-year limitations period accrued at the time of the borrowers’ last missed payment preceding their discharge of personal liability.In Jarvis, the court actually granted the borrowers motion for summary judgment and quieted title pursuant to RCW 7.28.300 in borrowers’ favor and against Fannie Mae, finding that the borrowers’ bankruptcy discharge order triggered Washington’s statute of limitations for foreclosure.  The court noted that “[t]he [bankruptcy] discharge … alert[s] the lender that the limitations period to foreclose on a property held as security has commenced” and that “[t]he last payment owed commences the final six-year period to enforce a deed of trust securing a loan. This situation occurs … at the payment owed immediately prior to the discharge of a borrower’s personal liability in bankruptcy, because after discharge, a borrower no longer has forthcoming installments that he must pay.”The court rejected Fannie Mae’s public policy argument that “tying the discharge of a borrower’s personal liability to a lender’s right to enforce a deed of trust would automatically accelerate future installments secured by the deed of trust without the lender’s consent and to the borrower’s detriment.” Instead, the court found that Washington law supported the termination of Fannie Mae’s secured interest under RCW 7.28.300:The discharge of a borrower’s personal liability on his loan—the cessation of his installment obligations—is the analog to a note’s maturation. In both cases, no more payments could become due that could trigger RCW 4.16.040’s limitations period. The last-owed payment before the discharge of a borrower’s personal liability on a loan is the date from which a secured creditor has six years to enforce a deed of trust securing the loan.The Jarvises stopped repaying their loan, Fannie Mae did not accelerate their obligation, and the Bankruptcy Court discharged their debts on February 23, 2009. They did not reaffirm. Their last installment payment owed, therefore, was the one immediately prior to their discharge. Over six years passed between that date and the date they filed for quiet title, February 11, 2016. RCW 4.16.040 forecloses Fannie Mae’s right to enforce the deed of trust against them.This result clearly demonstrates the potential danger to secured lenders in situations involving accounts discharged in bankruptcy and makes it imperative that lenders and servicers remain vigilant in tracking all of such discharged accounts to ensure that their security interests remain protected. This is especially important in situations where the borrowers, having obtained orders discharging their debts, continue to make monthly payments on their loans, thus precluding foreclosure.While the Jarvis court noted that, following bankruptcy, “a borrower and a lender may agree to reaffirm or renegotiate the borrower’s dischargeable debt,” clearly more effort is needed, as the borrowers are not required to agree to reaffirm their debt and/or to re-negotiate. Accordingly, in situations where the borrowers continue making their monthly payments (or at least a portion of them), we recommend tracking the file and discussing the lender’s options with an attorney before the statute of limitations expires rendering the security unenforceable. On the other hand, in situations where the borrowers remain delinquent on their payments, we recommend that lenders ensure that the foreclosure proceedings are initiated before the expiration of the six-year statute of limitation period.Authors’ Note: While the purpose of this article is to discuss Washington State law, the analysis herein could be equally applicable to any state which has laws governing statute of limitations on foreclosure. Subscribe Demand Propels Home Prices Upward 2 days ago in Commentary, Daily Dose, Featured, Foreclosure, Journal, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img About Author: Robert Finlay Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Time-Barred Foreclosures and the Statute of Limitations Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Luke I. Wozniak Luke I. Wozniak was admitted to the California Bar in 2006 and has been with Wright, Finlay & Zak since 2011. Prior to joining Wright, Finlay & Zak, Wozniak practiced in the areas of complex business, as well as consumer finance and mortgage banking litigation. Wozniak is admitted to practice in California, as well as Arizona, Hawaii, Nevada, Oregon, and Washington. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bankruptcy Foreclosures Statute of limitations title Home / Commentary / Time-Barred Foreclosures and the Statute of Limitations Data Provider Black Knight to Acquire Top of Mind 2 days ago Bankruptcy Foreclosures Statute of limitations title 2019-04-04 David Whartonlast_img read more

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The Delinquency Drop

first_img The Delinquency Drop Home / Daily Dose / The Delinquency Drop Previous: Understanding Drops in Mortgage Delinquency Next: Court of Appeals Rules in Favor of Castle Law Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Mortgage delinquencies fell by 0.9 percent year over year, according to the latest Loan Performance Insights Report from CoreLogic. By measuring delinquency as well as transition rates across all stages, CoreLogic’s report indicates the overall strength of the housing market.Employment increased by 196,000 in March, according to the most recent U.S. Bureau of Labor Statistics Employment Situation Summary, which Frank Nothaft, CoreLogic Chief Economist cites as one reason for the increased loan performance.”Income growth, home appreciation and sound underwriting combined have pushed delinquency rates to their lowest level in 20 years,” said Frank Nothaft, CoreLogic Chief Economist. “The low delinquency rates on home mortgages are a contrast to the rising delinquency rates on consumer credit. While home mortgage delinquency rates are at, or are near, their lowest levels in two decades, delinquency rates for auto and student loans are higher now than they were during the early and mid-2000s.”According to the Report, the overall delinquency rate has fallen on a year-over-year basis for the past 13 consecutive months, although, the largest gains in delinquencies were seen in areas affected by natural disasters, notably the Southeast. CoreLogic notes that five Southeastern metroes impacted by natural disasters also saw the biggest gains in delinquencies, including Panama City, Florida; Albany Georgia, and three North Carolina metroes: Jacksonville, Wilmington, and New Bern.Still, overall delinquency rates have been declining. The foreclosure inventory fell by 0.2 percent year over year as of January 2019, down to 0.4 percent.”As the economic expansion continues to create jobs and low mortgage rates support home buying this spring, delinquency rates are likely to trend lower during the coming year,” said Frank Martell, President and CEO of CoreLogic. “The decline in delinquency rates has occurred in nearly all parts of the nation.”Serious delinquency, or 90 days or more past due including loans in foreclosure, fell nationwide, except in one state: North Dakota, which remained unchanged. By metro, 13 areas saw increases in serious delinquency,  while 14 remained the same and all remaining metro areas decreased.Find more from the report here. 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. Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago 2019-04-09 Seth Welborn Subscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago April 9, 2019 1,261 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post in Daily Dose, Featured, Foreclosure, Market Studies, Newslast_img read more

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Financial Stress Factors Facing Real Estate

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The spread of COVID-19 has caused disruptions in the financial and economic markets. However, the Joint Center for Housing Studies of Harvard University looked at how the stresses facing the market could impact the housing industry. Don Layton, the former CEO of Freddie Mac and the author of the piece, said many REITs specialize in mortgage-related assets, ranging from liquidized agency-mortgage backed securities or commercial MBS and other real-estate debt models. “They are hedge funds in most respects, relying on high leverage (secured by their assets) to produce good returns, but leaving them with tremendous liquidity exposure because they need to keep rolling their debt as they invest in long-term assets while financing them with short-term liabilities,” he said. Layton added that the financial stresses in the current market stem from an “extreme global flight-to-safety” and liquidity, which is resulting in high demand for cash. “Although agency MBS is government-supported, there is a high spread between the yield on MBS and the equivalent maturity Treasuries,” Layton said. “The agency MBS market has long been regarded as second in size and liquidity only to the market for Treasuries themselves, and so agency MBS investors are rattled.”Both the Federal Reserve and the U.S. Department of the Treasury announced plans to provide additional liquidity into the economy and support for households to combat the impact of COVID-19. The Fed added that it would use its “full range of tools” to support households, businesses, and the economy during these uncertain times. It will also purchase Treasury securities and agency mortgage-backed securities “in the amounts needed to support smooth marketing functioning” and transmission of monetary policy.Last week the Fed announced it would purchase at least $500 billion in Treasury securities and at least $200 billion of mortgage-backed securities.  The Federal Housing Finance Agency (FHFA) added that it has authorized Fannie Mae and Freddie Mac to enter into additional dollar-roll transactions—provide mortgage-back securities investors with short-term financing. Also, a concern for Layton could be the losses suffered by the GSEs. He said, combined, that Fannie Mae and Freddie Mac have about $5 trillion in credit guarantees, mostly in single-family mortgages and securities investments. While losing large amounts during the Great Recession, Layton said the GSEs have eliminated the major sources of those losses. “Ideally, their credit reserves should rise—they are, after all, supposed to take appropriate credit risk—but not anything like in the last crisis,” Layton said.  Tagged with: Coronavirus GSEs Coronavirus GSEs 2020-03-27 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Financial Stress Factors Facing Real Estate in Daily Dose, Featured, Government, News, Secondary Market 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.  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 27, 2020 2,328 Views Financial Stress Factors Facing Real Estate Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Previous: CFPB Issues Support for Financial Institutions Next: How the CARES Act Impacts Mortgage Servicers Related Articles About Author: Mike Albanese Sign up for DS News Daily Subscribelast_img read more

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Distressed Property Investing in 2021 and Beyond

first_img Related Articles Subscribe Home / Daily Dose / Distressed Property Investing in 2021 and Beyond Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Sign up for DS News Daily December 9, 2020 2,221 Views in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: High Court Takes on FHFA ‘Separation of Powers’ Case Next: Cities That ‘May Be Vulnerable’ to Foreclosures Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Distressed Property Investing in 2021 and Beyond Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Two knowledgeable real estate veterans hosted a webinar in which they examined U.S. housing, the economy, and foreclosure trends, to name a few things.Rick Sharga, SVP at RealtyTrac, and Daren Blomquist, VP Market Economics at Auction.com Wednesday facilitated “2021 Outlook: What’s in Store for the Real Estate and Foreclosure Markets.”They said it would not be a surprise to anyone paying attention to hear that the economy has been “on a real roller coaster of a ride.” Although the GDP saw a drop, Sharga said it wasn’t as drastic as expected, and the rebound has “probably surpassed a lot of economists’ expectations on what was going to happen.”They agreed that the housing market has been one of the bright spots in the economy.  Looking at the months since the pandemic began, Sharga explains that during April and May, months that generally see more home buying activity, home purchases were down. “What we saw over the summer, though, was really nothing short of phenomenal,” he said.”We saw a lot of pent up buying activity that had us exceed the number of sales that we saw in July and August last year, and those numbers even went up more dramatically in September and October. Rather than the pandemic causing the number of existing homes sold this year to be lower than we saw last year. We’re already running ahead of 2019 pace.”Delinquencies are at an all-time high—”that’s the headline,” Sharga said but suggested that listeners consider some factors before panicking or view this like we would have viewed serious delinquencies a decade ago.”There’s a record level of homeowner equity in the market of at six and a half-trillion dollars. I do believe that data suggest that over 70% of homeowners have more than 20% equity.”He predicts that as bans on foreclosure expire, homeowners will go into default, but with 20% equity in a market with no inventory and high demand. Having that equity gives them an opportunity to really get out from under the foreclosure before it happens and sell a house, probably at a profit. The exception to the rule might be FHA loans, which are running about twice as delinquent as loans overall.”The FHA borrower who probably is at the low end of the income scale, and who probably took out a loan with very little downpayment, won’t maybe have the equity cushion that other borrowers might have.”Sharga pointed to exceedingly low recent foreclosure activity, noting that “virtually the only thing going into foreclosure right now are vacant and abandoned properties, which is a good thing. We want to get them.” He added that the CARES Act and foreclosure moratoria have made for an unprecedented situation.”We have this real dichotomy right now between record-high levels of serious delinquency and record-low levels of foreclosure activity …”When homeowners who have opted for COVID -related forbearance programs hit the end of forbearance, Sharga says, they basically have a clean slate and get to start all over again, which is completely different than how seriously delinquent loans have been treated in the past. “Normally, if you were 90, 120, 150, 180 days delinquent, you’re pretty much guaranteed to go through—or are already in—foreclosure.”Blomquist detailed Auction.com’s predictions for the foreclosure and distressed property market in the next five years.Applying a model that accounts for unemployment and home equity, seriously delinquent rate among other factors, Blomquist anticipates 1.8-3.3 million completed foreclosures.While remaining below 78% below year-ago levels, there was a 24% uptick of completed foreclosure auctions to a six-month high in September, Blomquist said. That said, the moratoria have played a part in creating a backlog of likely foreclosures that an Auction.com analysis estimates will grow to more than 1.1 million by Q2 2021.  (Blomquist’s complete Q4 Distressed Market Outlook is available now on Auction.com.)”Now it’s not going to all happen evenly over the next five years … but we’re, we’re coming off with that baseline level of about 250,000, adding another 60% roughly per year,” he explains.The men closed in saying that they did not want to downplay the impact of the pandemic. “We both expect to see default activity increase,” Sharga said. “The question is how big it will be and how severely it will be seen in foreclosure activity.”On the bright side, he concluded, “There are going to be a lot of opportunities both for investors and real estate professionals and, in a way, for homeowners because as sad as it is when someone loses a home, to foreclosure, there’s an opportunity for a new homeowner to come in and have a chance at their own shot at homeownership.” 2020-12-09 Christina Hughes Babb  Print This Postlast_img read more

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Examining the Racial Divide in Home Sales

first_img Arnell Brady Daryl Fairweather racial divide Redfin Reginald Edwards U.S. Census Bureau 2021-04-20 Eric C. Peck The Best Markets For Residential Property Investors 2 days ago Examining the Racial Divide in Home Sales Previous: The Future of Remote Work in the Housing Finance Industry Next: Fudge, Calabria Discuss Housing Affordability, Equity, and More April 20, 2021 650 Views Demand Propels Home Prices Upward 1 day ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Examining the Racial Divide in Home Sales The Best Markets For Residential Property Investors 2 days ago 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. in Daily Dose, Featured, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 1 day agocenter_img Subscribe Tagged with: Arnell Brady Daryl Fairweather racial divide Redfin Reginald Edwards U.S. Census Bureau Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Share 1Save According to a new Redfin analysis, the average home in a primarily Black neighborhood nationwide is worth $46,000 less than a comparable home in a primarily white neighborhood. Redfin analyzed the values of more than seven million listed and sold from 2013 through February 2021, accounting for the fundamental factors that contribute to a home’s value, such as size, condition, neighborhood amenities and schools.”Our analysis rules out all the factors that are typically associated with home value and still finds a significant difference between the values of otherwise nearly identical homes in similar Black and white neighborhoods. We’re left with bias and systemic racism to explain the variation in home values,” said Redfin Senior Economist Reginald Edwards. “Today’s Black homeowners are missing out on $46,000 worth of wealth due to racist housing policies that were outlawed in the 1960s and continuing biases among homebuyers and housing professionals in parts of the homebuying process like appraisals and mortgage lending—and that’s $46,000 that would multiply as the years go on and benefit future generations.”The gap in home values between homes in Black and white neighborhoods has held steady over the last eight years, fluctuating just slightly year by year. Homes in primarily Black neighborhoods nationwide were valued at an average of roughly $41,000 less than comparable homes in primarily white neighborhoods in 2020, compared to a $46,000 devaluation in 2013.The U.S. Census Bureau reports that slightly more than 44% of Black Americans own the home they live in, versus 74.5% of white Americans. The Black families who do own their homes have less equity than other races, with median home equity of $89,000 in January 2021 versus $113,000 for white families.”No real progress on the racial home-value gap has been made over the last decade, which highlights the depth of the problem and how difficult it is to change,” said Redfin Chief Economist Daryl Fairweather. “There isn’t a policy that would make people less prejudiced. We would need to see a broad cultural shift in the way homebuyers view neighborhoods that are predominantly Black. I’m hopeful that can happen. It used to be that many white homebuyers would consider a neighborhood undesirable if there were any Black residents at all, but now diverse neighborhoods aren’t as stigmatized. However, there still appears to be a stigma against primarily Black neighborhoods. Unfortunately, the longer Black Americans have lower home values than their white counterparts, the longer they are missing out on wealth that could be used for other investments and to pass along to their children.”Redfin examined trends in homes sold over the last five years in the Chicago metro market. Crime rates are one factor in sale prices. Incorporating crime rates into Redfin’s city-level analysis for Chicago shows that all else being equal—including crime rates—homes in primarily Black neighborhoods are valued at an average of $56,000 less than comparable homes in primarily white neighborhoods.”Homes in majority-Black parts of Chicago are valued lower, and the cycle set in motion by policies like redlining make it tough to equalize home values,” said Arnell Brady, a Redfin Mortgage Advisor based in Chicago. “There’s simply a perception that a home in mostly Black Bronzeville, for example, is worth less than a home in Lincoln Park, which is mostly white. It might be the exact same house, but the demographics and amenities of the neighborhood are different.”Click here for more information on Redfin’s latest study. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Eric C. Peck The Week Ahead: Nearing the Forbearance Exit 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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Donegal Senator calls for independent assessment of Irelands wind energy policy

first_img Google+ By News Highland – April 10, 2014 LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH News Facebook Previous articleFarmers from Donegal, Derry and Tyrone travel to Omagh for conference todayNext articleControversial traffic lights switched back on at LYIT News Highland Pinterest Donegal Senator Brian Ó Domhnaill has repeated his call for an independent assessment of Ireland’s wind energy policy, saying it’s not right that the Department of Energy is evaluating its own policy.Senator O’Domhnaill says given the amount if money that is spent subsidising the sector, there needs to be an independent, objective and scientifically based cost benefit analysis of wind farms in Ireland.He told the Seanad this week that a recent study found that excessive grants, subsidies and tax breaks make wind farms an expensive and inefficient way of reducing greenhouse gas emissions.However, he says, Minister Pat Rabbitte refuses to address the issue………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/04/brod830.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Twitter Google+center_img RELATED ARTICLESMORE FROM AUTHOR Donegal Senator calls for independent assessment of Irelands wind energy policy Pinterest WhatsApp WhatsApp Three factors driving Donegal housing market – Robinson Twitter Guidelines for reopening of hospitality sector published Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

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Councillor walks out of Buncrana chamber in row over report delay

first_img Google+ Councillor walks out of Buncrana chamber in row over report delay A Buncrana Town councillor has walked out of today’s monthly meeting in protest at delays in reports being provided to elected members.Councillor Peter Mc Laughlin said he left the meeting in protest, claiming he has been waiting 5 months for a report on the land deal agreed last year by the county council and the IDA.He says that deal favors Letterkenny.Councillor Mc Laughlin says the delay in the report is holding up other business of the council:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/pete530.mp3[/podcast] Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Newsx Adverts Previous articleCllr Terence Slowey “breached ethics guidelines” – SIPONext articleReport into Cllr Slowey expenses likely to come before council News Highland Facebook Facebook Calls for maternity restrictions to be lifted at LUH Pinterest NPHET ‘positive’ on easing restrictions – Donnelly center_img Twitter Twitter WhatsApp RELATED ARTICLESMORE FROM AUTHOR Pinterest Three factors driving Donegal housing market – Robinson Google+ WhatsApp By News Highland – April 13, 2011 Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

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Highland Radio News special budget reaction report

first_img WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHOR Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook WhatsApp Previous articleCar used in Speenogue robbery found at BurnfootNext articleTwo jobs saved in Letterkenny following AVIVA deal News Highland Pinterest Discussions in the Dail and elsewhere today have been dominated by Budget 2013, with opposition parties criticising the harsh measures in it, and the government countering that they had no choice.Donal Kavanagh has this special report…………[podcast]http://www.highlandradio.com/wp-content/uploads/2012/12/donbudgt.mp3[/podcast] Twittercenter_img News Three factors driving Donegal housing market – Robinson Highland Radio News special budget reaction report By News Highland – December 6, 2012 Pinterest Calls for maternity restrictions to be lifted at LUH Google+ Guidelines for reopening of hospitality sector published Google+ Facebooklast_img read more

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