Month: May 2021

 

Black Knight: Delinquency Rate Lowest Since October 2007

first_imgSubscribe  Print This Post April 22, 2014 756 Views About Author: Colin Robins The Best Markets For Residential Property Investors 2 days ago Previous: DS News Webcast: Tuesday 4/22/2014 Next: LenderLive Welcomes New Regional Account Manager Black Knight Financial Services Delinquency Rate First Look Foreclosures Inventory 2014-04-22 Colin Robins The Best Markets For Residential Property Investors 2 days ago Tagged with: Black Knight Financial Services Delinquency Rate First Look Foreclosures Inventory Black Knight: Delinquency Rate Lowest Since October 2007 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 Demand Propels Home Prices Upward 2 days agocenter_img in Daily Dose, Featured, Headlines, Market Studies, News Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Home / Daily Dose / Black Knight: Delinquency Rate Lowest Since October 2007 Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Delinquency and foreclosures rates have declined to levels not seen since October 2007 and 2008, respectively, according to Black Knight Financial Services “First Look” at March Mortgage Data. The company’s Data and Analytics division reported that the share of loans in foreclosure was down nearly 37 percent year-over-year.The company noted that it uses data “derived from its loan-level database representing approximately 70 percent of the overall market.”The total U.S. delinquency rate, classified as loans 30 or more days past due but not in foreclosure, was 5.52 percent in March, a 7.57 percent decline from February.Total foreclosure starts were down 4.24 percent from February, totaling 88,100. March’s figure represented a year-over-year decline of 27.19 percent. Total foreclosure starts in March were a 7 and a half year low.Pre-sale foreclosure inventory fell as well, down 36.6 percent year-over-year and down 4.23 percent month-over-month to settle on March’s pre-sale foreclosure inventory figure of 2.13 percent.The company reported that the non-current loan population dropped below 4 million for the first time since November 2007 to 3.8 million. The number of properties 30 or more days overdue was 2.7 million, down 200,000. Properties 90 days past due, but not in foreclosure, were approximately 1.2 million, a decline of 43,000 properties from February.The five states with the highest percentage of non-current loans were Mississippi (13.39 percent), New Jersey (12.93 percent), Florida (12.1 percent), New York (11.09 percent), and Maine (10.58 percent).The five states with the highest percentage of properties in serious delinquency (90 plus days past due) were Mississippi (5.28 percent), Nevada (4.06 percent), Rhode Island (3.78 percent), Alabama (3.55 percent), and Massachusetts (3.49 percent). Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

 

DS News Webcast: Tuesday 9/23/2014

first_img 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 Servicers Navigate the Post-Pandemic World 2 days ago September 23, 2014 554 Views Demand Propels Home Prices Upward 2 days ago  Print This Post Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Jordan Funderburk Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Featured / DS News Webcast: Tuesday 9/23/2014center_img Representatives from the U.S. Department of Housing and Urban Development and Ginnie Mae convened at the second annual Ginnie Mae Summit on Monday to discuss initiatives and programs designed to create a healthy housing market. HUD secretary Julián Castro delivered the keynote address, and Ginnie Mae president Ted Tozer announced his organization’s planned initiatives to meet the needs of a housing finance industry that is constantly evolving and a mortgage market that is ever-changing.Tozer’s announcements indicate that Ginnie Mae is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities program, reduce risk, and better manage resources. Tozer told the audience at the summit that “the retreat of traditional depository banks from mortgage lending and servicing is transforming the housing industry.”In an effort to sign more eligible homeowners up for the Home Affordable Refinance Program, the Federal Housing Finance Agency is holding its third HARP outreach event on October 2 in Detroit. The purpose of the event will be to educate eligible homeowners on the benefits of refinancing through HARP and provide community leaders with resources to reach those eligible. The government estimates that nearly 28,000 homeowners in the Detroit area could reduce their mortgage payments by as much as $1,800 a year as a result of a HARP refinance. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 2014-09-23 Jordan Funderburk The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Bank of America Continues Fight to Overturn ‘Hustle’ Case Verdict Next: A2Z Makes Inc. 5000 List of Fastest Growing Companies Is Rise in Forbearance Volume Cause for Concern? 2 days ago in Featured, Media, Webcasts Subscribe DS News Webcast: Tuesday 9/23/2014last_img read more

 

The Results are In: How Did the Presidential Candidates Fare on Super Tuesday?

first_img Tagged with: Housing Market Presidential Election Super Tuesday The Results are In: How Did the Presidential Candidates Fare on Super Tuesday? Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago March 2, 2016 988 Views in Featured, Government, News Share Save 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. Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Housing Market Presidential Election Super Tuesday 2016-03-02 Brian Honea Home / Featured / The Results are In: How Did the Presidential Candidates Fare on Super Tuesday? About Author: Xhevrije West  Print This Post Previous: Fannie Mae’s Mortgage Portfolio Kicks Off 2016 With Rare Expansion Next: CFPB: Mortgages Remain the Most Complained About Financial Product Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago It was survival of the fittest among the 2016 presidential candidates on Super Tuesday as they endured 12 primaries and caucuses in different states, ultimately putting their campaigns to the test. Who came out on top and what do these hopefuls intend to contribute to housing in the U.S.?Super Tuesday, also known as the SEC Primary, consists of primaries in Alabama, Arkansas, Georgia, Massachusetts, Oklahoma, Tennessee, Texas, Virginia, and Vermont, and party caucuses in Alaska, Colorado, and Minnesota.A total of 661 Republican delegates will be allocated, based on Super Tuesday, and 865 delegates for Democrats, according to Politico. Former Secretary of State Hillary Clinton and Donald Trump reeled in big wins in the South for Super Tuesday.NPR reported:On the Republican side, Trump has won seven states: Virginia, Arkansas, Alabama, Tennessee, Vermont, Massachusetts, and Georgia. Sen. Ted Cruz won his home state of Texas and eked out a surprise victory in Oklahoma. Florida Sen. Marco Rubio finally got his first outright win by taking the Minnesota caucuses.In the Democratic race, Clinton also captured seven states: Georgia, Virginia, Texas, Alabama, Tennessee, Massachusetts and her onetime home of Arkansas. Sen. Bernie Sanders took his home state of Vermont and also picked up wins in the Colorado and Minnesota caucuses.Source: The New York TimesAs the 2016 presidential election grows closer and candidates’ campaigns pick up speed, there is one topic that has been considered to be a taboo among those in the race to the White House. Many in the mortgage industry still do not have a clear picture of what exactly these candidates intend to do for the U.S housing market.Back in 2006, prior to the housing crisis, Trump started a mortgage company called Trump Mortgage. According to multiple media reports, Trump believed that his company would be successful despite forecasts of an uncertain future.”As a presidential candidate a decade later, Trump says he would use the skills that made him successful in real estate to fix Washington,” a recent report from Independent stated. “His decision to embrace the mortgage business illustrates the potential dangers of a business philosophy that has relied in part on a willingness to put aside the advice of experts and take risks.”Housing policy has been a muted subject among all of the presidential candidates throughout their speeches, debates, and plans for the U.S., but one presidential hopeful has finally broke the silence.After months of hearing about Wall Street reforms, former Secretary of State and Democratic candidate, Hillary Clinton, released her “Breaking Every Barrier Agenda,” which outlines intentions to revitalize the economy and includes a substantial housing investment.Interestingly, the agenda, or the $125 billion , will be paid for by a tax on Wall Street, which Clinton’s campaign believes will ensure that the “major financial institutions that contributed to the Great Recession are doing their part in bringing back the communities it hurt the most.”A $25 billion portion of the $125 billion-dollar Economic Revitalization Initiative will be dedicated to “lifting more families into sustainable homeownership and connecting housing to opportunity,” according to a factsheet on Clinton’s campaign site.”Homeownership is about more than just owning a home,” Clinton’s campaign explained. “It is about putting roots down in a community with better schools, safer streets and good jobs. And it is about building wealth, as homeowners build equity in their home one mortgage payment at a time. But this opportunity is increasingly out of reach for too many families, particularly families of color…We must make sure that everyone has a fair shot at homeownership.” Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

 

The Changing Makeup of Consumer Debt

first_img Demand Propels Home Prices Upward 2 days ago Tagged with: Consumer Debt debt Equifax HELOCs Home Equity Lines of Credit Mortgage Debt Share Save in Daily Dose, Featured, Journal, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 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] About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Watt: “These Conservatorships are Unsustainable” Next: Best Markets for Single-Family Rental Investment Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articlescenter_img Home / Daily Dose / The Changing Makeup of Consumer Debt  Print This Post The Changing Makeup of Consumer Debt May 23, 2018 2,843 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage debt makes up a noticeably smaller share of total consumer debt than it did a decade ago, according to the latest Equifax National Consumer Credit Trends Report, covering data for March 2018.According to the Equifax report, mortgage debt now accounts for 71.2 percent of total consumer debt. That’s down from 78.4 percent in 2008, which marked the previous peak in total debt. First mortgage write-offs—which Equifax defines as “loans terminated in severe derogatory status—made up 1.99 bps of outstanding balances in March 2018. That’s the lowest level since early 2007, down from 2.56 bps a year ago.First mortgage write-offs, defined as loans terminated in severe derogatory status, are at 1.99 bps of outstanding balances in March 2018. This is the lowest level since early 2007, down from 2.56 bps a year ago.Equifax also notes that home equity loan balances were down 68.9 percent as of March 2018, and accounts were down 63.2 percent. Over the past year, total aggregate Home Equity Line of Credit (HELOC) credit limits on outstanding lines fell from $935 billion in March 2017 to $914 billion in March 2018. Both HELOC loan balances and accounts have been steadily declining since peaking in 2007.The report reveals that the makeup of total debt has changed dramatically over the course of that decade. Credit cards have decreased as a percentage of total nonmortgage debt since 2008, dropping from 29.0 percent to 21.4 percent. Auto loans and leases have remained more or less flat as a percentage of total nonmortgage debt—32.8 percent in March 2018 vs. 32.1 percent in March 2008—but they have hit a new record for outstanding total at $1.24 trillion.Student loan debt, however, has demonstrated the most dramatic shift over the past decade. Student loans now account for 36.9 percent of total nonmortgage debt, up from 21.8 percent in 2008. Outstanding student loan debt now totals $1.4 trillion.“Student loan debt is not a bad thing when students actually receive a degree,” said Amy Crews Cutts, Chief Economist, Equifax. “However, starting college and not finishing can leave a consumer’s finances in distress, with generally nothing to show for it. Importantly, the $1.4 trillion in student loans reported to Equifax represents only loans still considered active—the Department of Education guarantees about $154 billion in defaulted loans on which it is still trying to collect that are no longer reported to credit bureaus.” The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Consumer Debt debt Equifax HELOCs Home Equity Lines of Credit Mortgage Debt 2018-05-23 David Wharton Subscribelast_img read more

 

Building a Playbook for the Future

first_imgHome / Daily Dose / Building a Playbook for the Future Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Building a Playbook for the Future Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: David Wharton Editor’s Note: This feature originally appeared in the May issue of DS News, out now.Tim Neer serves as the SVP and Director of Loan Servicing for Colonial Savings in Fort Worth, Texas. As Director, Neer is responsible for all loan servicing operations, including the division’s purchased servicing business. Prior to Colonial Savings, Neer was a Senior Executive at Morgan Stanley where he held the position of SVP over Saxon Mortgage’s Financial Transaction Management Group. With over 35 years of experience in all facets of the mortgage business, Neer has held numerous senior leadership positions with American Home Mortgage, HomeBanc Mortgage, GE Capital Mortgage Services, and Washington Mutual. Neer is actively involved in numerous industry committees and advisory groups and currently resides in Fort Worth, Texas.What are the trends and challenges you see as being important in 2018 for the servicing side?Right now, the biggest challenges are the disasters that we had in Houston, in Florida, and the wildfires in California. The industry is focused on how to assist those borrowers and what is the right level of assistance to provide. How do we get them back on track to start making payments again?Delinquencies overall are way down as well. We’re pre-crisis levels, so the big challenge is how to reset our capacity to match declining delinquencies. Another big item facing us in 2018 is how to create a better self-serve experience for customers. We’re in a day and age where consumers are very tech-savvy. Cell phones, text messages, email. Everybody’s trying to address, what is self-serve? What level is the right level? How do we get the right mix out there but still manage our risk?Now is the time for the industry as a whole to take a step back and figure out how to improve the overall technology platforms within our industry. The technology in the servicing space has probably lagged behind the industry and consumer needs for some years now. So, how do we get with our core servicing providers and figure out how to change the technology to be more consumer-friendly, create better productivity, and remain flexible to an ever-changing regulatory landscape, all while preparing for the future and any crisis we may incur?What are the emergent technologies you think are poised to be useful or transformative for the industry?The problem with most platforms today is they’re not very self-providing. So, if you have an insurance policy as a consumer and you want to make a change to your policy—for example, your insurance carrier—you can’t today go into our core platforms and effectively self-serve yourself. Today, you can’t go into our system and make that a self-service event. The overriding factor for mortgage servicers is going to be, how do we get to an environment where if I want to go in and make a change to my insurance carrier, I can go online and provide all of that information to you and get that new carrier set up without the servicer having to get involved with it, and without me having to pick up the phone and call you to figure out what’s going on.On the question of blockchain, it really hasn’t gotten into the mortgage space in a big way yet. We’ve talked about things like Apple Pay, Samsung Pay, and how all that will work in our payment systems, but we’re a way out before we begin to see that kind of progress take effect. We’re so far behind the times regarding technology in the servicing space; we’re struggling with the basic things like text messaging, emails, websites that allow borrower uploads of documents to us. We are heavily regulated in several key areas. For example, with text messaging we have the Telephone Consumer Protection Act (TCPA), so how do we get consumers to consent to these activities? Consumers want it, but they have to consent for us to do it. We’re still back at that basic blocking and tackling level, in my opinion, and we have to do better. We’re still addressing many technology issues that are impeding our progress.This industry as a whole is still pretty basic, and we have got to start figuring out how to modernize our industry to meet consumer needs.Do you think that process is about trying to roll things out gradually or do pilot programs? Or is it about communicating with the consumers to figure out what is wanted?It’s both. For the most part, we know where consumers are, we know the kind of things they like. We’ve done enough surveys, and we understand it. The problem is, we have limitations in our platforms. The two big service providers really can’t do auto-text-messaging and auto-emails today. Go to any credit card system and they will show you how it is done. The servicing platforms were not built for those types of technological advances. Historically, in this business, we have believed that we know what’s best for the consumer, and so our systems have always dictated what we thought was best. We live in a different world now, where the consumers are speaking out and telling us, “No, what we think is best is X.” To keep up will require a large investment in our core technology, and that’s a massive undertaking.We’ve built systems on old architecture and technology that are not easy to change. You can’t go in and flip the switch and make something happen. We understand consumer needs to a large degree, so the question is, how do we get there? How do we build the infrastructure around that to get us to where we need to be?I’m sure cost is a concern as well.It is a concern, obviously, but the reality is we need to spend money to improve the industry. It will make our operations more efficient and capable of meeting consumers’ needs. There’s a lot of conversation right now about servicing costs. It’s probably tripled over the last three years. I remember days when average servicing costs were $56 a loan, and now it’s $200 a loan. The spend on technology clearly gets us more bang for the buck, but the industry is still struggling with how to pay for these advances in technology.What are some of the things that servicers can do to prepare for that sort of constant evolution?Every time we go into a disaster, or every time we go into a downturn in the market, it shouldn’t feel like the first time we’ve ever done it. This last crisis, when things started to happen, delinquencies started to rise and foreclosures began to grow, we came out of the gate very poorly. We started throwing a lot of things at the problem to fix it and we simply were not prepared. It was almost like we were developing stuff on the fly. Now, we have an opportunity to step back and say, “What are all the lessons we’ve learned in this process?” Let’s build a playbook for the future, so if these 10 things happen, we have a roadmap to be able to implement the right changes and address consumers’ needs quickly to avoid confusion and turmoil.For the servicing business, this is the time for us to take a step back, look at who we are, analyze the things that we’ve done, come up with a standardized playbook, look at the technology shortfalls we have, and figure out what we need to improve on for the future.Are you taking into consideration the possibility of these natural disasters becoming more frequent and more damaging going forward?A disaster is a disaster, right? Hurricane, fire. It doesn’t matter. The way we react as an industry is the same. Somebody’s going to go file a claim. FEMA’s going to require certain things. No matter what the disaster is or when it occurs, we need to have a standardized process that says, when it occurs and when it’s been declared, here are steps we are to take. Part of the problem is, when it happens, we all sit around and talk about it. We say, “Okay, this is what we’re going to do, we’re going to develop a playbook.” And then ten other things come up, and we forget about it, and we don’t do it. Then the next disaster hits, and we’re like, “Oh yeah, we were going to build a playbook for this.”The same thing could happen and likely will happen, as history tells us, with downturns in the marketplace. This crisis was a fairly deep crisis, so the question is, what did we learn, what are we going to to do next time, and who are the leaders who will sit down now to develop the playbook to prepare us for the next time? Are we going to be prepared or are we going to get caught flat-footed again? The choice is an industry-wide decision that needs to be addressed. Demand Propels Home Prices Upward 2 days ago Borrowers Customers Disasters Lenders Lending mortgage platforms Regulations Service Providers Servicing TCPA Technology 2018-05-28 David Wharton Related Articles 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Print Features Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Week Ahead: Making the Business Case for Diversity Next: Creating the Right Mortgage Team Sign up for DS News Daily Tagged with: Borrowers Customers Disasters Lenders Lending mortgage platforms Regulations Service Providers Servicing TCPA Technology The Best Markets For Residential Property Investors 2 days ago May 28, 2018 2,462 Views Subscribelast_img read more

 

Best Markets for Single-Family Rental Investment

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Best Markets for Single-Family Rental Investment in Daily Dose, Featured, Investment, Journal, Market Studies, News, REO With rent prices increasing right alongside home prices in many markets, rental investment can pay serious dividends for those savvy enough to do their homework before they invest. But like the old adage goes, one critical element is “location, location, location.” With that in mind, HouseCanary recently examined the state of rental investment, including single-family, condos, and apartments, to see which markets are hot … and which are not.In order to make that determination, HouseCanary examined year-over-year (YOY) price growth within the top 100 U.S. metropolitan statistical areas (MSAs) by population, dividing things into three subcategories: single-family homes, condos, and apartments.So, which MSA featured the highest YOY price growth in the single-family rental (SFR) sector? The Sunshine State should take a bow—not only is Florida home to the top MSA, it also accounts for three of the top 10 entries.Palm Bay-Melbourne-Titusville, Florida, was the MSA featuring the strongest YOY rent price growth for SFR, coming in at 6.6 percent. The other two Florida MSAs that made the top 10 are Deltona-Daytona Beach-Ormond Beach at 5.8 percent and #5, and Tampa-St. Petersburg-Clearwater at 5.6 percent and #7.Here’s how the rest of the top 10 broke down:Seattle-Tacoma-Bellevue, Washington—6.1 percent (#2)Stockton-Lodi, California—6.0 percent (#3)Salt Lake City, Utah—5.9 percent (#4)Boise City, Idaho—5.7 percent (#6)Sacramento-Roseville-Arden Arcade, California—5.4 percent (#8)Nashville-Davidson-Murfreesboro-Franklin, Tennessee—5.4 percent (#9)McAllen-Edinburg-Mission, Texas—5.3 percent (#10)On the other end of the spectrum, here are the 10 MSAs with the lowest YOY rent price growth for SFR, according to HouseCanary.Virginia Beach-Norfolk-Newport News, Virginia/North Carolina—0.4 percent (#100)Harrisburg-Carlisle, Pennsylvania—0.5 percent (#99)Bridgeport-Stamford-Norwalk, Connecticut—0.6 percent (#98)Augusta-Richmond County, Georgia/South Carolina—0.8 percent (#97)Rochester, New York—0.9 percent (#96)Little Rock-North Little Rock-Conway, Arkansas—0.9 percent (#95)New Orleans, Metairie, Louisiana—0.9 percent (#94)Columbia, South Carolina—1.0 percent (#93)Syracuse, New York—1.0 percent (#92)Hartford-West Hartford-East Hartford, Connecticut—1.1 percent (#91)To see the rest of HouseCanary’s findings, including the results for condos and apartments, click here. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Share Save 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago May 24, 2018 4,462 Views Tagged with: HouseCanary Rent Rent prices Single Family Rental About Author: David Wharton HouseCanary Rent Rent prices Single Family Rental 2018-05-24 David Wharton 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 Home / Daily Dose / Best Markets for Single-Family Rental Investment Sign up for DS News Daily Previous: The Changing Makeup of Consumer Debt Next: Are Home Prices Finally Slowing Their Pace? Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

 

If It’s a Buyer’s Market, Do the Homebuyers Know?

first_img 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. After February’s transition from a seller’s market to a buyer’s market, many potential homebuyers agree that now is a good time to buy. According to survey data from the National Association of Realtors (NAR), 37 percent of buyers stated that they strongly believe now is a good time to buy, up from 34 percent in Q4 2018 but down from 38 percent one year ago.The Q1 2019 NAR Housing Opportunities and Market Experience survey found that just 35 percent of respondents said that now is not a good time to buy a home, compared to 37 percent in Q4 2018. Over half, 53 percent, of respondents believe that the economy is improving, a slight year over year decline from last year’s 59 percent.NAR Chief Economist Lawrence Yun noted what is driving this optimism.”First, inventory has been rising, so those buyers interested in making a purchase will not be limited in choices,” Yun stated. “Additionally, more stable home price trends are leading to more foot traffic at various open house gatherings.”According to Yun, those who live in the Northeast and South, those who earn $50,000 to $100,000, or those who rent are the most likely to believe home prices are due to increase in their communities.A high percentage of the Western population believes that prices increased in the past year, while – possibly for the same reason – a higher segment from the West compared to other regions say prices could fall in the next 12 months,” Yun said. “As to the broader economy, the perception is weaker and showing cracks in the Midwest.”Additionally, Yun and NAR note that, despite some misconceptions, mortgage affordability in Q1 2019 has been more favorable for would-be homebuyers than it has been in recent quarters, citing the Fed’s decision to delay a rate hike.“The Federal Reserve’s decision to refrain from any foreseeable rate hikes was beneficial to potential buyers,” Yun said. “That move directly contributed to mortgage rates declining in quarter one, which provided a second-chance opportunity to those looking to buy who were priced out last quarter.” About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago March 26, 2019 1,149 Views Subscribe  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Buyer’s Market Buyers Homebuyers NAR Prices sellers 2019-03-26 Seth Welborn Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago If It’s a Buyer’s Market, Do the Homebuyers Know?center_img Servicers Navigate the Post-Pandemic World 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 Home / Daily Dose / If It’s a Buyer’s Market, Do the Homebuyers Know? Tagged with: Buyer’s Market Buyers Homebuyers NAR Prices sellers The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Building Better Disaster Relief for Homeowners Next: The Fundamentals of Freddie Mac Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Related Articleslast_img read more

 

Foreclosures Expected to Rise in New York

first_imgThe Oswego County News reports that changes to the county’s tax foreclosure laws in 2017 are likely to increase the number of foreclosed properties compared to prior years. County officials could have more than triple the number of foreclosure in 2020 as previous years as new measure cuts the foreclosure process in half. According to the Oswego County News, the Oswego County Land Bank—created in 2016—acquires its properties from the county following tax foreclosure and aims to improve the housing stock within the county. The new foreclosures processes were due to legislation approved by the Oswego County Legislature in September 2017, which allowed the county to take possession of residential properties after two years of non-payment of property taxes. The prior law enacted in 1995 allowed for a four-year timeframe. County Treasurer Kevin Garden said there are nearly 600 properties in the county that are on track to be foreclosed. The number of foreclosed properties is usually around 150. While Oswego County is reporting an uptick due to new legislation, ATTOM revealed that foreclosure starts in New York were down 28% in 2019. Foreclosure starts across the nation fell 9% last year. Buffalo, New York—roughly 150 miles west of Oswego—saw an annual increase in REOs with its share rising 16% last year. Honolulu, Hawaii, reported a 34% increase in REO properties. “The continued decline in distressed properties is one of many signs pointing to a much-improved housing market compared to the bad old days of the Great Recession,” said Todd Teta, Chief Product Officer for ATTOM Data Solutions. “That said, there is some reason for concern about the potential for a change in the wrong direction, given that residential foreclosure starts increased in about a third of the nation’s metro housing markets in 2019. Nationally, the number also ticked up a bit in December. While that’s not a major worry, it’s something that should be watched closely in 2020.”New York Governor Andrew Cuomo signed a bill in January 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.New York has 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%. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Radian Announces Sale of Clayton Services to Covius Next: Housing’s Great Recession Recovery: Strength in the West Tagged with: Foreclosure Legislation Sign up for DS News Daily Home / Daily Dose / Foreclosures Expected to Rise in New York Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Foreclosures Expected to Rise in New York Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese January 22, 2020 2,280 Views in Daily Dose, Featured, Foreclosure, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save  Print This Post Foreclosure Legislation 2020-01-22 Mike Albanese Subscribe Related Articleslast_img read more

 

HUD Secretary Ben Carson Tests Positive for COVID-19

first_img HUD Secretary Ben Carson Tests Positive for COVID-19 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / HUD Secretary Ben Carson Tests Positive for COVID-19  Print This Post in Daily Dose, Featured, News November 9, 2020 14,994 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-11-09 Christina Hughes Babb Previous: DS5: Keeping Families ‘Together and In Their Homes’ Next: Home Buying and Selling Sentiment ‘Recovering’ Housing and Urban Development (HUD) Secretary Dr. Benjamin Carson has tested positive for COVID-19.ABC News’ Katherine Faulders reported via Twitter that Carson is one of multiple people working closely with the White House who has contracted the virus. He also is a member of the White House coronavirus task force.According to Faulders, “His deputy chief of staff says he’s ‘in good spirits & feels fortunate to have access to effective therapeutics which aid and markedly speed his recovery.'”ABC also reported that Carson attended a “watch party” on election night at the White House.According to Politico reporter Katy O’ Donnell Carson went to Walter Reed after experiencing symptoms.This is a developing story. DS News will continue to provide updates. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

 

What Shifts in Forbearance Rates Mean

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / What Shifts in Forbearance Rates Mean Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports.  Print This Post 2020-12-15 Christina Hughes Babb December 15, 2020 1,580 Views Servicers Navigate the Post-Pandemic World 2 days ago What Shifts in Forbearance Rates Mean The Best Markets For Residential Property Investors 2 days ago Previous: Fannie Mae Upgrades Predictions for 2021 Housing Market, Economy Next: What Marcia Fudge’s Appointment Might Mean for HUD The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Loans reportedly are evading forbearance, according to the most recent Forbearance and Call Volume Survey, which showed that the total number of loans currently in forbearance toppled from 5.54% of servicers’ portfolio volume in the prior week to 5.48% as of December 6.A total of 2.7 million homeowners are in forbearance plans, according to MBA’s estimate. Meantime, the share of Fannie Mae and Freddie Mac Loans in forbearance lost their bearings, dropping to 3.26%, a hike of 8 basis-points. As for Ginnie Mae? Loans in forbearance nosedived 21 basis points to 7.68%, while there was an uptick of 19 basis points to 8.89% in the forbearance share for portfolio loans and private-label securities. Among independent mortgage bank servicers, there was a drop off of 4 basis points from the week before to 5.98%. The percentage of loans in forbearance for depository servicers receded 10 basis points from the previous week to 5.38%.”The share of loans in forbearance decreased in the first week of December. However, more borrowers sought relief, with new forbearance requests reaching their highest level since the week ending August 2, and servicer call volume hitting its highest level since the week ending April 19,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Compared to the last two months, more homeowners exiting forbearance are using a modification— a sign that they have not been able to fully get back on their feet, even if they are working again.”Added Fratantoni, “The latest economic data is showing a slowdown, particularly an increase in layoffs and long-term unemployment. Coupled with the latest surge in COVID-19 cases, it is not surprising to see more homeowners seeking relief.”By stage, 18.72% of total loans in forbearance are in the initial forbearance plan stage; 78.72% are in a forbearance extension.Forbearance data might not be as daunting as it looks at first blush. That is, according to an article by Bloomberg.com, which points to the MBA data showing that, as of September 6, as many as 25% of all homeowners in forbearance plans have continued to make their monthly mortgage payments. That means that of 3.4 million households in forbearance at that point, about 820,000 had not missed a payment.In a Bloomberg interview, Fratantoni called this “one of the most surprising aspects of this entire episode.”He added that he had seen that share drop over the months as borrowers exited forbearance.What does this indicate? Bloomberg author Christopher Maloney (a market strategist and former portfolio manager) suggests it is “strategic forbearance, with many homeowners taking on the option, just in case.”He broke it down: “Of the Ginnie Mae borrowers in forbearance, 23.7% are current. For conventional borrowers it’s 20.6%, and for those sitting on banks’ balance sheets it’s 28.6%,” Maloney pointed out. “This is important, as mortgages which continue to pay are not going to be bought out by servicers, and for mortgage investors buyouts are just prepayments by another name. With loans bought out from pools at par, this can weigh on portfolio performance, especially when much of the mortgage universe is trading at a premium.” Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago About Author: Chuck Green in Daily Dose, Featured, Loss Mitigation, Market Studies, News Share Save Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more