Month: May 2021

California Lawmaker Assigned to Two Housing Committees

first_img Capital Markets and Government-Sponsored Enterprises Committee Ed Royce House Finances Services Committee Housing and Insurance Subcommittee 2015-01-11 Brian Honea Home / Daily Dose / California Lawmaker Assigned to Two Housing Committees Related Articles in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Tagged with: Capital Markets and Government-Sponsored Enterprises Committee Ed Royce House Finances Services Committee Housing and Insurance Subcommittee Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago January 11, 2015 1,007 Views Share Save Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago California Lawmaker Assigned to Two Housing Committees Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: DS News Webcast: Monday 1/12/2015 Next: Did Obama Overestimate Progress of Housing Market Recovery? Sign up for DS News Daily About Author: Brian Honea U.S. Representative Ed Royce (R-California), a senior member of the House Finances Services Committee, was assigned to the Capital Markets and Government-Sponsored Entities Subcommittee and the Housing and Insurance Subcommittee by HFS Committee Chairman Jeb Hensarling (R-Texas), according to an announcement from Royce’s website on Friday.Royce, who has been a member of the HFS Committee since 1995, is also the Chairman of the House Foreign Affairs Committee. The Capital Markets and Government-Sponsored Enterprises Subcommittee has jurisdiction over U.S. capital markets, the securities industry, and GSEs Fannie Mae and Freddie Mac.The function of the Housing and Insurance Subcommittee is to oversee the U.S. Department of Housing and Urban Development (HUD) as well as government-sponsored insurance programs such as the National Flood Insurance Program (NFIP).”As a longtime advocate of eliminating the failed duopoly that is Fannie Mae and Freddie Mac, I look forward to completing the unfinished work of financial reform and passing legislation that returns long-term stability to the housing market,” Royce said in a prepared statement. “Congress must act to ensure a sustainable housing system that ends taxpayer-funded bailouts and encourages private sector capital, investment and innovation. I’ll also aim to reverse Dodd-Frank’s failure to harmonize cross-border regulations, bring transparency and accountability to the regulatory bureaucracy, and shore up the financial system’s defenses against cyber attacks.”On Wednesday, while many lawmakers and housing industry executives praised the Federal Housing Administration (FHA)’s decision to lower mortgage insurance premiums down to 0.85 percent, Royce had a different take.”The president’s decision reflects a race to the bottom between the FHA and the GSEs in which the private sector is crowded out and taxpayers are left holding the bag,” he said in a statement on his website. “The financial crisis is proof positive that an increased government presence in housing distorts the market and promotes the very boom-and-bust cycle we are trying to avoid.” The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more

Fed Anticipates Economic Boosts from Tax Bill

first_img Previous: Spend the Money, Fix the Roads, Woo the Homebuyers Next: Landmark Network, Inc. Announces Support Program for Lenders Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fed Anticipates Economic Boosts from Tax Bill in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago The Federal Reserve released the minutes for the Fed’s December 2017 Federal Open Market Committee meeting on Wednesday afternoon, providing insights into the recent decision to increase interest rates, as well as other key economic concerns. That meeting saw the Fed agree to increase its benchmark interest rate from 1.25 percent to 1.5 percent.The minutes reveal that the Fed officials expect the recent tax cuts passed by Congress and signed into law by President Trump to boost both consumer and business spending, although there were no firm predictions as to exactly how much of an impact they will have. The minutes do cite the tax changes as one reason the Committee boosted their forecast for 2018 GDP growth from 2.1 percent to 2.5 percent.According to the minutes, “Most participants indicated that prospective changes in federal tax policy were a factor that led them to boost their projections of real GDP growth over the next couple of years.” The minutes also explained that “broad equity price indexes rose over the intermeeting period, likely reflecting in part investors’ perceptions of increased odds for the passage of federal tax legislation and an associated potential boost to corporate earnings.”Even though the actual passage of the tax bill hadn’t happened at the time of the FOMC meeting, the Committee members were still generally positive about economic conditions as 2017 neared a close. The minutes stated that “real economic activity appeared to be growing at a solid pace, buttressed by gains in consumer and business spending, supportive financial conditions, and an improving global economy.”There were some concerns and disagreement during the meeting, however. Inflation has been an ongoing concern for the Fed, specifically the failure to hit the organization’s target rate of 2 percent. Committee members Charles Evans and Neel Kashkari both voted against the interest rate hikes, citing inflation concerns as a factor. However, the minutes said that most Committee members “judged that much of the softness in core inflation this year reflected transitory factors and that inflation would begin to rise as the influence of these factors waned.” The minutes do, however, record some concerns that “inflation might stay below the objective for longer than [Committee members] currently expected.”The minutes added that “in light of elevated asset valuations and low financial market volatility, a couple of participants expressed concern that the persistence of highly accommodative financial conditions could, over time, pose risks to financial stability.”The next Federal Open Market Committee meeting is scheduled for January 30-31, 2018. You can read the full text of the Federal Open Market Committee minutes by clicking here. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Federal Open Market Commitee Federal Open Market Committee Minutes Federal Reserve Inflation Interest rates minutes Tax Reform 2018-01-03 David Wharton 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago January 3, 2018 1,501 Views Home / Daily Dose / Fed Anticipates Economic Boosts from Tax Bill 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 About Author: David Wharton  Print This Post Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Federal Open Market Commitee Federal Open Market Committee Minutes Federal Reserve Inflation Interest rates minutes Tax Reform Sign up for DS News Daily Subscribelast_img read more

An Update on Lender-Placed Insurance Guidelines

first_imgHome / Daily Dose / An Update on Lender-Placed Insurance Guidelines The Week Ahead: Nearing the Forbearance Exit 2 days ago An Update on Lender-Placed Insurance Guidelines Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Share 1Save September 29, 2018 2,505 Views Collapse Homeowners Insurance Lenders mortgage NAIC Regulations 2018-09-29 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Financial Impact of Disasters on Homeowners Next: The Week Ahead: Measuring Housing Market Health The Lender-Placed Insurance (LPI) Working Group of the Property & Casualty Committee of the National Association of Insurance Commissioners (NAIC) declined to address proposed new consumer-friendly guidelines at a scheduled national meeting in early August. Instead, after a committee meeting in September, they extended the comment period on the proposed new guidelines to October 31. Following the extended period on comments on the redlined version of the guidelines, reforms are expected to be endorsed by the NAIC by the end of this year.The Working Group is likely to recommend sweeping new standards for the LPI industry segment. State associations would then decide whether to implement the new guidelines as regulations. On the whole, such guidelines are widely, if irregularly, adopted.The industry’s movement to self-correct followed public, widespread difficulties in critical segments that brought to light the shortcoming in LPI practices. In 2011, practices in New York led to multi-million dollar penalties against insurers and lenders and restitution for property owners. At that time, regulators discovered cases of actual “reverse commission” where insurers providing the coverage had created incentives to push premiums higher, allowing lenders and mortgage servicers to share in the profits from the higher rates, and far lower usage of the coverage.According to the NAIC, lender-placed insurance is placed on a home by a bank or mortgage servicer when the homeowner does not maintain valid or sufficient insurance based on the terms of the mortgage agreement. If a homeowner’s insurance policy lapses and is not replaced, many mortgage agreements allow the lender to purchase insurance on the home and require the borrower to pay the premiums. Following the 2008 real estate market crash, consumer groups and regulators raised concerns over the often high premiums and limited coverage provided under lender-placed insurance, as well as the perceived lack of incentives for lenders to select the best policies for the borrowers. After a 2012 NAIC public hearing on the subject, a Working Group was formed to draft a new model law to address these issues. The NAIC acts as a forum for the creation of model laws and regulations. Each state may or may not pass each NAIC model law or regulation. States may delete or modify certain sections if the substance of it already exists in state law. The NAIC comprises the insurance commissioners of each state, Washington D.C., and the five U.S. territories. The current working version of the new guidelines can be viewed here.Comments should be submitted to NAIC’s Tiffany Lewis by October 31, 2018 on [email protected] more about the guidelines here:Insuring Against Collapse 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 agocenter_img in Daily Dose, Featured, Government, News Demetrius Gray is the CEO and Founder of WeatherCheck, the only company making premise-specific damage assessments and sending pre- and post-event weather alerts to trigger specific actions. Gray, a third-generation entrepreneur, started WeatherCheck after experience in the finance, roofing, and reconstruction industries helped him realize that key processes were ripe for authentic disruption. He recognized an opportunity to automate damage detection and speed claims processing and repairs after weather damage. About Author: Demetrius Gray Tagged with: Collapse Homeowners Insurance Lenders mortgage NAIC Regulations Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribe Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Dualities of the Housing Market

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Dualities of the Housing Market 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 in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The housing market has plateaued at a high level and will become more bifurcated between first-time buyers and repeat buyers in 2019, according to the American Enterprise Institute (AEI).The AEI, which published its findings on the housing market along with its monthly National Mortgage Risk Index (NMRI), expects the higher priced part of the housing market to see a moderation in home price growth, especially in the higher priced coastal markets.“The current house price boom, now entering its seventh year, has been driven by two punch bowls, the Fed’s accommodative monetary policy, now being slowly withdrawn, and easy first-time buyer credit made available by federal agencies, which continues unabated” noted Edward Pinto, Co-Director of AEI’s Center on Housing Markets and Finance. “Continued credit easing for first-time buyers will offset the Fed’s tightening and fuel further unsustainable entry-level home price appreciation.”AEI said that it expected a slowing transaction volume in some markets because of tax law changes and affordability pushing buyers into more affordable markets. However, due to continued credit easing by FHA and Fannie Mae, the lower-priced part of the market consisting predominantly of first-time buyers would “likely see continuing strong house price appreciation with transaction volume remaining around its current high level.”The NMRI found a huge spread of default rates across risk buckets as higher house prices concentrated at the lower end of the market, where leverage was seen to be increasing the most. Moving into 2019, the AEI projected even more risk as borrowers, especially, first-time buyers were forced to take on more leverage to buy a home.“Given the continued credit easing for first-time buyers with much higher risk profiles, it is too soon to speak of a turnaround in house prices,” said Tobias Peter, Senior Research Analyst of AEI’s Center on Housing Markets and Finance. “Our past research proves that in a tight housing market as little as 30 percent of borrowers with high-risk levels can effectively drive up house prices for everyone in a census tract.”The NMRI indicated that the First-time Buyer Mortgage Risk Index (FBMRI) for August was up 0.6 points from a year ago. When compared to August 2013, the FBMRI has increased by 3.1 points and at a new series, high FHA’s FBMRI stood at 28.6 percent in August rising 2.1 points from a year earlier. Fannie Mae’s FBMRI stood at 10 percent rising 0.8 points from a year earlier and four points since September 2012.The data indicated that while repeat buyers had been able to avoid increasing leverage, the gap between first-time buyers and repeat buyers’ risk had widened to 7.5 points from 4.6 points five years ago. Tagged with: AEI Edward Pinto Fannie Mae FHA First-time Buyers Home Prices Homes HOUSING Leverage market mortgage repeat buyers Tobias Peter Previous: Wildfires Leave Behind Billion-Dollar Losses Next: A ‘Meaningful’ Change  Print This Post Share Save Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img November 27, 2018 1,476 Views AEI Edward Pinto Fannie Mae FHA First-time Buyers Home Prices Homes HOUSING Leverage market mortgage repeat buyers Tobias Peter 2018-11-27 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Dualities of the Housing Market About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. Subscribelast_img read more

Assessing Financial Vulnerabilities

first_img November 28, 2018 6,728 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Media, News  Print This Post The Best Markets For Residential Property Investors 2 days ago Distress Finance Jerome Powell Stability The Federal Reserve 2018-11-28 Radhika Ojha About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Previous: Weighing in on Deregulation Next: Tackling the Unknown Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Assessing Financial Vulnerabilities Home / Daily Dose / Assessing Financial Vulnerabilities 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. On Wednesday, The Federal Reserve released its first Financial Stability Report that assesses the resilience of the U.S. financial system and the triggers that can impact its stability. Speaking about this report at a forum by The Economic Club of New York, Jerome Powell, the Chairman of the Fed revealed the findings of the report.”Today marks the publication of the Board of Governors’ first Financial Stability Report. Earlier this month, we published our first Supervision and Regulation Report,” Powell said. “Together, these reports contain a wealth of information on our approach to financial stability and to financial regulation more broadly. By clearly and transparently explaining our policies, we aim to strengthen the foundation of democratic legitimacy that enables the Fed to serve the needs of the American public.”Before revealing the findings of the latest report, Powell touched upon the outlook and monetary policy of the Fed saying that the Fed was pleased to have completed the mandate given to it by the Congress “of promoting maximum employment and price stability.”  He said that the unemployment rate was at 3.7 percent while inflation was near the Fed’s 2 percent target.Watch what Powell said about the outlook of the economy and the findings of the Financial Stability Report in this video: The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Distress Finance Jerome Powell Stability The Federal Reserve Share Save Sign up for DS News Daily Subscribelast_img read more

Homeowners Unprepared for Storm Risks

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago August 22, 2019 1,438 Views Homeowner attitudes in states at high-risk of hurricanes are yet to reflect any disaster preparedness according to a survey by ValuePenguin.The survey of 1,050 homeowners found that while 77% of respondents in hurricane-prone states said that they felt prepared for the hurricane season, nearly half of the respondents also said that they hadn’t actually started making preparations.”At minimum, these numbers imply that one in four respondents from these high-risk states felt sufficiently prepared while having taken no protective measures,” the survey revealed.Homeowners are also underestimating the cost of damage due to a storm or a hurricane, the survey found. More than half of the respondents guessed that an average home would require less than $10,000 in storm damage repairs. This underestimates the actual cost of repairs which averaged $91,735 for hurricane-related claims in 2017, according to the National Flood Insurance Program.Homeowners also believed that weather professionals exaggerated “the risk level of incoming hurricanes.” Almost four in ten homeowners believed this to be true, with two-thirds of respondents underestimating the number of hurricanes that would hit the country this year.The survey said that the National Oceanic and Atmospheric Administration has projected between five and nine hurricanes (defined by winds of at least 74 mph) hitting the U.S. between now and November 30.One of the reasons the survey cited for homeowners underestimating the losses from storm-related damages was the fact that many residents in these high-risk states didn’t know how much insurance cover would be needed to protect themselves from these damages. The survey found that in the 19 high-risk states 45% of respondents were unsure about the amount of insurance coverage they would need.According to ValuePenguin data, the average claims after Hurricane Michael in 2018 stood at $57,754 while those after Hurricane Florence averaged $47,138. The highest claims payments in recent years were made after Hurricane Harvey in 2017, where insurance claims averaged $116,823. About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Homeowners hurricanes Insurance Storms ValuePenguin Share Save Home / Daily Dose / Homeowners Unprepared for Storm Risks Previous: Delinquencies Recover from Spike Next: Understanding Uncertainty: Property Preservation and Maintenance in Flux Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Homeowners hurricanes Insurance Storms ValuePenguin 2019-08-22 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. Homeowners Unprepared for Storm Risks Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Loss Mitigation, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Postlast_img read more

What Wells Fargo’s New CEO Means for the Industry

first_imgHome / Daily Dose / What Wells Fargo’s New CEO Means for the Industry Related Articles September 30, 2019 3,657 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Banking Business Wells Fargo The Board of Directors of Wells Fargo & Company recently announced that it has named Charles W. Scharf as the company’s CEO and President, and a member of the Board of Directors, as of October 21. Scharf was chairman and CEO of Bank of New York Mellon.“I am delighted to welcome Charlie as our new CEO. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation,” said Wells Fargo Board Chair Betsy Duke. “With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc. and Bank of New York Mellon, Charlie has demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. Charlie’s financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board’s search committee.”In March, the board appointed C. Allen Parker interim CEO and President and a member of the board. Parker will continue to serve in these roles until Scharf joins the company.Scharf said, “I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change. I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members. I am committed to fully engaging with all of our stakeholders including regulators, customers, elected officials, investors, and communities.“I also want to note the wonderful job Allen has done as general counsel and interim CEO in providing strong leadership. Given his experiences and accomplishments, I know we will work closely together as we move forward,” added Scharf.Parker said, “Over the last six months, I have gained an even greater understanding as to what an extraordinary company Wells Fargo is. I have been incredibly impressed by our team members and their commitment to serve our customers, move the company forward, and build an even stronger foundation for the future. I am proud of the progress we have made together, and I look forward to working with Charlie to ensure a seamless transition and continuation of our progress.”Prior to his role at BNY Mellon, Charlie was CEO of Visa, Inc. Before joining Visa, Scharf was managing director of One Equity Partners, the private investment arm of JP Morgan Chase & Co. He also served as CEO of Retail Financial Services at JP Morgan Chase and Chief Executive Officer of the retail division of Bank One Corp. Scharf has been CFO of Bank One Corp., CFO of the Global Corporate and Investment Bank division at Citigroup, and CFO of Salomon Smith Barney.Scharfy is an outside hire, and earlier this year, Berkshire Hathaway CEO Warren Buffett stated that Wells Fargo should look outward in their search. Wells Fargo made a point“They just have to come from someplace (outside Wells) and they shouldn’t come from Wall Street. They probably shouldn’t come from JPMorgan or Goldman Sachs,” Buffett told the Financial Times.In a hearing earlier this year, former CEO Tim Sloan stated that the bank has worked toward a change in leadership, culture, and practices. He pointed out that Wells Fargo has created the required ethics training for all team members titled “Change for the Better.” He also added that he “cannot promise perfection” but suggested that the changes implemented will act as a deterrent to further issues. “We’ve made fundamental changes,” Sloan said. “I can give personal assurance the bank will comply with consent decrees.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Previous: Sun West Mortgage Partners with Cloudvirga Next: FHFA Director Mark Calabria Talks Increased GSE Capital Retention Banking Business Wells Fargo 2019-09-30 Seth Welborn Demand Propels Home Prices Upward 2 days agocenter_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. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago What Wells Fargo’s New CEO Means for the Industry The Week Ahead: Nearing the Forbearance Exit 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 About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share Save in Daily Dose, Featured, Newslast_img read more

This Week’s Housing and Economic Report

first_imgHome / Daily Dose / This Week’s Housing and Economic Report  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 31, 2020 977 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Chuck Green 2020-08-31 Christina Hughes Babb Related Articles Demand Propels Home Prices Upward 2 days ago Annualized in Q2 2020, the gross domestic product, adjusted for inflation, plummeted 31.7%, according to the second estimate from the Bureau of Economic Analysis.That’s a bit better than the advance estimate of a 32.0% drop annualized. Private inventories, consumer spending, business fixed investment, and exports received the upward revisions. Meantime, compared to the prior quarter, which wasn’t annualized, there was a plunge of 11.1% in pre-tax profits; that was on the heels of a dip in the first quarter of approximately 12%.Last month, remaining essentially intact were personal income, adjusted for inflation, the Bureau reported. There was a 0.7% uptick in real personal income growth, transfer payments aside, while real personal consumption expenditures bumped up 1.6%. That said, however, it’s still falls 4.7% below February’s level. There was a sag in the personal saving rate from 19.2% to 17.8%. The PCE price index inched up 1.0% from a year ago. That’s a one-tenths boost from June, while the core PCE price index ascended 1.3%, which pushed the pedal to the metal by two-tenths from the prior month.In August, there was a drop of 6.9 points to 84.8 in the Conference Board Consumer Confidence Index—the lowest reading dating back to May 2014. In the aftermath of a two-month climb, the present situation index withdrew, which the plummet continued in the index for consumer expectations.  In the final August reading, the University of Michigan Consumer Sentiment index drifted up to 74.1, a boost of 1.6 points.In July, the Census Bureau reported that orders for durable goods parachuted 11.2%. However, the still were fell 6.3% short of February’s levels.There was a spike of 13.9% in July for new single family home sales to a seasonally adjusted annualized rate of 901,000—which the Census Bureau indicated is the largest boost since December 2006.While Fannie Mae forecasts a degree of cooling in new home sales in the upcoming months with a fall in pent-up demand, it continues to expect new home-sales and construction to proceed unabated in conjunction with a burgeoning economy.Meantime, after trailing off—significantly—in March, April’s reading of housing starts and permits from the Census Bureau tumbled even further.There was a drop of 20.8% in April housing permits while housing starts dipped by 30.2%. Completions for the month, meantime, sagged by 8.1%.In the northeast month-over-month, housing starts drifted 43.6%; in the west, a 43.4% drop was reported from March. There was a drop off annually by 11.8% in the number of homes completed.Holden Lewis, Home and Mortgage Specialist at NerdWallet, said April’s drop is associated with the uncertainty of whether or not buyers will return to the market later this year.“On top of that, they have to guess about the availability of construction workers in the next few months. This will exacerbate the housing shortage that many places suffer from. With fewer houses being built, there will be less opportunity for today’s homeowners to move up and sell to first-time buyers,” he said.center_img Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News This Week’s Housing and Economic Report Servicers Navigate the Post-Pandemic World 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 Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Where Zombie Properties Are Accumulating Next: Limiting Mortgage Servicing Risk in Turbulent Times The Best Markets For Residential Property Investors 2 days agolast_img read more

Latest Housing Market Stats

first_img  Print This Post Home / Daily Dose / Latest Housing Market Stats Sign up for DS News Daily September 4, 2020 1,054 Views 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 Share 2Save Previous: Intercontinental Exchange Acquires Ellie Mae Next: Mortgages in Forbearance Down From Peak  About Author: Chuck Green Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home sellers are in good shape this week, with a low supply and buyers chomping at the bit in light of total for-sale inventory contracting for the 13th week in a row. That puts sellers behind the wheel of the housing market, according to Zillow’s Weekly Market Report. What’s more, typical time-on the market remained at record lows.  With a hike of almost 9% in median lost prices compared to last year, the price of typical homes on the market have spiked. However, as new for-sale inventory bubbles up month-over-month, coming closer to approaching last year’s figures more than any period since March, light might be creeping over the horizon for buyers. Median prices swelled to $345,722; the uptick in list price of 8.9% compared to last year looms as the highest jump year-over-year since at least last January. Concluding the week of July 18, the median sale price was $280,375—6.4% higher than last year. Meantime, the hike of 4.6% month-over-month median sale price was second in size only to the week before in records dating back through last January; the week ending July 11 posted a 5% month-over-month increase). At 4.2%, 1.4% points lower than a year ago, the share of listings held its ground.  Mirroring the past three weeks, typically, homes are going under contract 13 days after they’re listed—two weeks quicker than a year ago. Meantime, in Zillow’s weekly records extending back through January of last year, the briefest median time on market.   Compared to 2019, there was an 18.4% hike in newly pending home sales—the highest year-over year increase since November 2019. It’s unchanged contrasted to a month ago, and jumped only 0.5% week over week.  Among metro areas, in newly pending sales-year-over-year, based on market size, New York/Newark was at 18.4%, followed by Los Angeles, 4.9%, Chicago, 43.1%; and Dallas/Fort Worth, 26.2%. Squared off the list was, Philadelphia, 24.0%. In fact, in light of records low mortgage rates and demand driven by millennials hitting the age of homeownership the escalating volume of home sales seems entrenched, according to FirstAM.com.However, Chief Economist Mark Fleming says homes not on the market are out of the reach of potential buyers.  According to FirstAM’s July potential home sales model, last month, there was an uptick in potential existing home sales to a 5.59 million seasonally adjusted annualized rate (SAAR), a 1.9% month-over-month increase. That’s a 61.3% hike from the market potential low point in February 1993.   Meantime, compared to a year ago. among existing-home sales, the market potential parachuted 4.0%. That’s an almost 215,800 (SAAR) hike in sales.   Potential existing-homes sales now is 1.2 million (SAAR)—or 17.7% below the pre-recession peak of market potential from April 2006, while the market for existing-home sales failed to meet its potential by 1.0% or approximately 56,000 (SAAR) sales. Meanwhile, between June 2020 and July 2020, there was a bounce by an estimated 16,000 (SAAR) sales in the market performance gap. Data Provider Black Knight to Acquire Top of Mind 2 days ago Latest Housing Market Stats Related Articles 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. 2020-09-04 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Budget will contain number of ‘Brexit-proofing’ measures – Kenny

first_img WhatsApp Homepage BannerNews Guidelines for reopening of hospitality sector published Twitter Facebook Pinterest Facebook By admin – October 11, 2016 Taoiseach Enda Kenny says the Budget will contain a number of ‘Brexit-proofing’ measures.The Ministers for Finance and Public Expenditure will reveal the full details of the Budget in the Dail this afternoon.Key features will include a helping hand for first time buyers, higher welfare and pension payments and tax cuts.It’s also set to outline the biggest health budget in the history of the State, and a major scheme to help parents with the cost of childcare.But Taoiseach Enda Kenny says that while some negotiations are still underway with Fianna Fáil this morning, most of the budget is finalised:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/10/budget9am.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Three factors driving Donegal housing market – Robinson Google+ WhatsAppcenter_img Pinterest Previous articleUlster Council turn down request to put back Intermediate fixtureNext articleGardai in Buncrana appeal to public in bid to trace stolen vehicle admin Twitter Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Nine Til Noon Show – Listen back to Wednesday’s Programme Budget will contain number of ‘Brexit-proofing’ measures – Kenny RELATED ARTICLESMORE FROM AUTHOR GAA decision not sitting well with Donegal – Mick McGrath Google+last_img read more