HUD: March Housing Scorecard Shows Progress

first_img The U.S. Department of Housing and Urban Development’s (HUD) latest Housing Scorecard for March, released in conjunction with the U.S. Treasury, showed progress in the housing market, but cautioned that the national economy is still healing from the Great Recession. In particular, the report commented that foreclosure starts continued to decrease while January home prices remained stable.”While there is good news in the March Scorecard, it’s clear the housing market is still in the recovery phase of the cycle,” said HUD Deputy assistant secretary for Economic Affairs, Kurt Usowski. “The good news is that homeowners’ equity is now over $10 trillion, foreclosure starts are at their lowest levels since 2005, and house prices remain stable, but the recovery is stronger in some markets than in others.”Citing data from RealtyTrac, HUD found newly initiated foreclosure starts were 51,842, down 9 percent from January and 27 percent from a year ago. Foreclosure starts are at their lowest levels since December, 2005.30,307 properties were repossessed (REO), which was virtually the same figure as January and down 33 percent from the previous year.The Federal Housing Finance Agency (FHFA) reported that the purchase-only house index rose 7.4 percent, up .5 percent seasonally-adjusted from December. The government report noted that home values are on par with prices in mid-2005.”Overall, with home sales slowing, too many homeowners still underwater, and mortgage delinquency rates remaining high compared to historic norms, we must sustain our efforts to encourage continuing recovery in the housing market and help responsible homeowners,” Usowski added.A bright spot in the report highlighted the Obama administration’s loss mitigation programs.Government programs have extended mortgage aid nearly 7.6 million times to homeowners through mortgage modifications and other forms of mortgage assistance arrangements between April 2009 and February 2014. The report found that mortgage aid has outpaced foreclosures.The Making Home Affordable Program has helped 2 million homeowners, while the Home Affordable Modification Program (HAMP) has assisted 1.3 million homeowners.The scorecard noted that HOPE Now lenders had offered families and individuals more than 4 million property modifications through January.”The Administration’s Making Home Affordable program continues to provide assistance to struggling homeowners, with more than 1.3 million homeowners receiving permanent modifications through HAMP,” said Tim Bowler, Treasury Acting Assistant Secretary for Financial Stability. “In addition, the standards set through the program have helped change the industry and helped millions more avoid foreclosure.” 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 April 4, 2014 721 Views Sign up for DS News Daily Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / HUD: March Housing Scorecard Shows Progress About Author: Colin Robins Share Save Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fed Survey Finds Increased Interest in RMBS Next: DS News Webcast: Monday 4/7/2014 Servicers Navigate the Post-Pandemic World 2 days ago HUD: March Housing Scorecard Shows Progress Tagged with: Foreclosures HAMP Home Prices Housing Scorecard HUD Making Home Affordable Program The Best Markets For Residential Property Investors 2 days ago  Print This Post 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. Foreclosures HAMP Home Prices Housing Scorecard HUD Making Home Affordable Program 2014-04-04 Colin Robinslast_img read more

Analyst Forecasts Improvements for RMBS in 2015

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement Next: Freddie Mac Predicts Biggest Year for Home Sales Since ’07 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Sign up for DS News Daily The upcoming year is expected to bring continuing improvements in the market for residential mortgage-backed securities (RMBS), according to one forecast.In its predictions for 2015, Moody’s says stronger underwriting standards, third-party reviews, and the implementation of risk retention rules will all bolster the credit quality of new private-label RMBS.”New regulations setting strict standards for origination of qualified mortgages along with ability-to-repay rules will drive the strong credit quality of new issuance,” said Navneet Agarwhal, managing director at Moody’s.Agarwhal added that even non-qualified mortgages are likely to see an improvement in credit quality “because they need to comply with ability-to-repay rules as well.”Moody’s also expects private-label RMBS issuance will rise slowly over the next year, slightly exceeding 2014 levels. While the collateral backing these securities will likely have weaker credit characteristics, regulatory guidelines are expected to help boost the credit quality of those pools, as well.Legacy private-label securities are also anticipated to perform better as economic improvements bring down delinquencies. However, loss severities for seriously delinquent loans will continue to increase, Moody’s predicts. Tagged with: Forecast Moody’s RMBS Demand Propels Home Prices Upward 2 days agocenter_img Forecast Moody’s RMBS 2014-12-16 Tory Barringer Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Home / Daily Dose / Analyst Forecasts Improvements for RMBS in 2015 in Daily Dose, Featured, News, Secondary Market  Print This Post Demand Propels Home Prices Upward 2 days ago Subscribe December 16, 2014 1,033 Views Servicers Navigate the Post-Pandemic World 2 days ago Analyst Forecasts Improvements for RMBS in 2015 About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement

first_imgHome / Daily Dose / Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement The Week Ahead: Nearing the Forbearance Exit 2 days ago A federal judge dismissed a lawsuit filed by a non-profit organization against the U.S. Department of Justice over a $13 billion settlement reached between JPMorgan Chase and the DOJ, according to media reports.Better Markets, a non-profit Wall Street reforms advocate based in Washington, D.C., filed a suit against the DOJ in February 2014 alleging that the settlement Chase agreed to with the DOJ in November 2013 to settle claims that Chase sold toxic mortgage-backed securities in the run-up to the financial crisis, was “unlawful” and that the settlement had granted the megabank civil immunity without sufficient judicial review.The DOJ filed a motion to have the lawsuit dismissed in May 2014, and Judge Beryl A. Howell of the U.S. District Court for the District of Columbia accepted the motion earlier this week, claiming the plaintiff did not have sufficient grounds to sue the Justice Department.Representatives from Chase did not immediately respond to a request for comment.Better Markets President and CEO Dennis Kelleher issued a statement expressing his disappointment at the judge’s ruling to dismiss the lawsuit. In the suit, the organization was reportedly seeking to have a judge review the settlement before it was enforced.”The court never considered or ruled on the merits of our lawsuit that DOJ did not have the unilateral authority to settle years of JP Morgan Chase’s egregious illegal conduct without independent judicial review,” Kelleher said. “The decision sadly stands for the proposition that there are no checks and balances when it comes to Executive Branch action to settle any case on any terms without any meaningful transparency, public accountability or oversight by anyone.”This procedural ruling makes clear that the lawsuit is not deficient, the law is: no one has standing to challenge DOJ’s actions even when senior political appointees secretly negotiate legal immunity in exchange for a $13 billion payment from the country’s largest, most politically connected too-big-to-fail Wall Street bank for inflating the subprime housing bubble, which lead to the worst financial crash since 1929. Such backroom deals should not be allowed in a democracy worthy of its name. We will be carefully evaluating the court’s opinion before determining our next steps.”The Justice Department issued a statement saying that it was “serious about examining the root causes of the financial crisis, and holding the appropriate people and companies accountable.”The $13 billion settlement between Chase and the DOJ was a record amount between the government and one company until nine months later, when Bank of America settled with the DOJ for $16.65 billion in August 2014 over similar MBS issues. 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. March 20, 2015 844 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Department of Justice JPMorgan Chase Lawsuits Mortgage-Backed Securities Settlements 2015-03-20 Brian Honea The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Department of Justice JPMorgan Chase Lawsuits Mortgage-Backed Securities Settlements Servicers Navigate the Post-Pandemic World 2 days ago Previous: Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement Next: CoreLogic Launches Expanded Property Risk Assessment Platform  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Real Estate Investors Expanding Property Searches, Broadening Strategies

first_img Previous: Delinquencies, Bankruptcies, Foreclosures Improve; Household Debt Still 6.5% Below Peak Next: Freddie Mac Expert Discusses Options for Struggling Borrowers Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Share Save Related Articles Housing Market Real Estate Investors Visio Financial Services 2015-05-14 Brian Honea Visio Financial Services, a residential real estate marketplace lender in the U.S., revealed the results of its Annual Residential Real Estate Investor Report today. The report found that investors are expanding their property searches, buying in higher price bands, and broadening their strategies in 2015.According to Visio, growing trends in the multi-billion dollar residential real estate investment market indicate that this asset class is growing in popularity as alternative lending fills the financing gap left by traditional capital. The report gathered data from single-family real estate investors who purchase homes to fix-and-flip or to hold in their portfolio as rental properties.“Although investment properties are not as abundant as in previous years, investors are finding new and better ways to flip more houses and grow their rental portfolios,” Visio CEO Jeff Ball said. “We lend exclusively to residential investors, so we see the challenges that they face in responding to rapid market changes. The results of our survey support our experience that investors are smart, resilient, and resourceful as they embrace the rebounding property market.”The data also reveals that investors are actively seeking bigger and better deals in places beyond their local markets. Half of all survey respondents said that they intend to buy four or more homes this year. This number is double the amount of investor that purchased homes in 2014.Visio found that 63 percent more investors are considering purchasing properties over $200,000, while sub-$40,000 deal interest has decreased, compared with last year’s report. Investors are also seeking to enhance their investment return strategy by fixing and flipping homes and building their rental portfolios.“Eighty-three percent of our part-time investors expressed interest in going full time, and are seeking fast, simple, and dependable financing in order to do so. Of our full-time investors, more than 90 percent are looking to accelerate their businesses with more options for working capital,” Ball said. “Each year, our survey continues to tell us that investors want to build their small businesses, and are looking for the tools they need to succeed.”To view the full survey results, click here.  Print This Post Subscribe The Best Markets For Residential Property Investors 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 May 14, 2015 1,047 Views center_img Home / Daily Dose / Real Estate Investors Expanding Property Searches, Broadening Strategies Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Xhevrije West Tagged with: Housing Market Real Estate Investors Visio Financial Services Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Real Estate Investors Expanding Property Searches, Broadening Strategies 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily last_img read more

With TRID Looming, Compliance in Housing is More Critical Than Ever

first_img The Best Markets For Residential Property Investors 2 days ago Compliance Mortgage Industry Regulations 2015-09-19 Brian Honea Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Servicing is More Complex Than Ever With Constantly Changing Rules and Policies Next: House Committee Finds That Americans Are Less Free as a Result of Dodd-Frank Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Compliance Mortgage Industry Regulations With TRID Looming, Compliance in Housing is More Critical Than Ever Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img About Author: Brian Honea  Print This Post September 19, 2015 1,034 Views Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / With TRID Looming, Compliance in Housing is More Critical Than Ever in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago With regulatory oversight continuing to weigh heavier on the mortgage industry, compliance may be the only solution to avoid fines and penalties.Compliance obligations stemming from the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), the National Mortgage Settlement, states’ Homeowner Bill of Rights, client audits, and individual investor guidelines can be a heavy burden to bear in the housing sector.With the CFPB prepping to unleash the highly-anticipated TILA-RESPA Integrated Disclosure rule in two weeks on October 3, the industry is about to be hit with more changes that must be met with compliance.With all of this in mind, it is more crucial than ever to stay ahead of the curve and prepare for the path ahead.In the Compliance Lab at the 2015 Five Star Conference on September 17 at the Hilton Anatole in Dallas, Texas, panelists from all facets of the mortgage industry discussed topics that got to core of compliance.In the lab, which was hosted by AspenGrove Solutions and co-hosted by 5 Arch Code Compliance, ShortSave, and Walz Group, the experts provided a TILA-RESPA update, compliance management programs, CFPB enforcement actions, and Section 342 of the Dodd-Frank act.Lab director and Chief Compliance Officer of Bayview Loan Servicing Michael Waldron, opened the discussion with a brief update on the industry-wide compliance.”The industry, while it has taken its hits, does stay ahead of issues and addresses them accordingly.” “The industry, while it has taken its hits, does stay ahead of issues and addresses them accordingly,” he said.Danna Clayton, SVP, chief compliance officer, LenderLive, defined proactive compliance in the panel and revealed how her company includes this concept into their business structure.”Proactive compliance embraces a holistic view,” Clayton explained. “Everything must work together. You cannot mitigate risk, you must have a working system to follow.”She added, “LenderLive makes compliance a part of our culture, we have an entire team dedicated to ensuring we are compliant.”Waldron went further to say that companies must “allow compliance to be woven into the fabric of their business.”Bob Caruso, division president of ServiceLink, a Black Knight Company delved into the methods his company uses to ensure compliance. He noted that his company uses extensive methods to keep all of their employees in code and has quality controls such as a business group, compliance group, and risk, audit, and legal group.Ed Buckley, president of AspenGrove addressed regulatory issues, explaining that “a regulated entity can outsource the work, but not the risk associated with the work.”He further noted that in order to keep regulation of you back, “compliance actions need to documentable, provable, and written down.Roy Diaz, a shareholder at SHD Legal Group found that “its tough being in an industry where the federal government blames you all the time. Perfection is a hard goal to achieve.”Editors note: The Five Star Institute is the parent company of DS News and DSNews.com.last_img read more

Agency First-Time Buyer Mortgage Risk Continues Upward Move

first_imgHome / Daily Dose / Agency First-Time Buyer Mortgage Risk Continues Upward Move Agency First-Time Buyer Mortgage Risk Continues Upward Move Previous: Single-Family Built-for-Rent Market is on the Rise Next: Are Legacy HELOC Borrowers at Significant Risk of Default? The risk on Agency first-time buyer mortgages is rising while the disparity in risk between Agency first-time buyers and repeat buyers is growing wider, according to the AEI International Center on Housing Risk’s First-Time Buyer Mortgage Risk Index (FBMRI) for January 2016 released Monday.The Agency FBMRI provides an estimate of the share of Agency first-time buyer mortgages that would default if the economy were to suffer adverse conditions similar to those during the 2007 and 2008 financial crisis. In January 2016, the FBMRI increased over-the-year by 0.7 percentage points up to 15.7 percent and is 6 percentage points higher than the Agency risk index for repeat buyers. The gap between the two continues to grow wider, according to AEI.More than half (54 percent) of first-time buyer loans in January were high risk, meaning they had an MRI higher than 12 percent. That share jumped by 2 percentage points over-the-year, up from 52 percent in January 2015.Risk layering is largely responsible for the higher risk for first-time buyer mortgages, according to AEI. In January, 70 percent of first-time buyer mortgages had a combined LTV ratio of 95 percent or higher and 97 percent of the mortgages had a 30-year term. The combination of a low down payment and slow amortization assures that these first-time buyers will have little equity for many years, barring substantial home price appreciation.“The gap between first-time buyer and repeat buyer mortgage risk levels now stands at 5.92 percentage points compared to 4.91 and 4.64 percentage points in December 2014 and 2013 respectively,” said Edward Pinto, codirector of the AEI International Center on Housing Risk. “In a seller’s market, risk layering artificially pushes up prices, particularly for entry-level buyers; the result is a wealth transfer from buyers to sellers of these homes.”Another contributor to riskier first-time buyer mortgages is the fact that one-fifth of first-time buyers had a credit score lower than 660, which is the traditional definition of subprime mortgages. Also, one-fourth of first-time buyers had total DTI ratios higher than 43 percent, which is the limit set by the Qualified Mortgage rule.Mortgages taken out by repeat buyers were less risky because a much smaller share of repeat buyers had a CLTV higher than 95 percent, and a smaller share of repeat buyers had a FICO score lower than 660.The Agency First-Time Buyer Share Index (FBMSI), which measures the percentage of primary owner-occupied home purchase mortgages with a government guarantee, increased by only 0.1 percentage points over the year in January, from 56.0 percent to 56.1 percent. AEI attributes this largely to delayed closings brought on by the TRID rule, which went into effect on October 3, 2015.“On a year-over-year basis, the first-time buyer share increased only modestly in January, with the rise likely suppressed by the implementation of TRID,” Pinto said.  “Once this impact abates we expect the housing market, particularly at the entry-level, to exhibit strong demand, in combination with shortness of supply, which will continue to drive home prices up faster than incomes and inflation.” 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. 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 Share Save The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago February 22, 2016 1,300 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: AEI International Center on Housing RIsk Agency first-time buyer loans Mortgage Risk  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago AEI International Center on Housing RIsk Agency first-time buyer loans Mortgage Risk 2016-02-22 Brian Honea in Daily Dose, Featured, Government, News Sign up for DS News Daily Subscribelast_img read more

Wells Fargo and Others Settle 9 Year Suit

first_imgHome / Daily Dose / Wells Fargo and Others Settle 9 Year Suit Unionized workers and other individual and institutional investors a $165 million all-cash settlement on Wednesday in connection with losses from securities issued by, NovaStar Mortgage Inc, The Royal Bank of Scotland (RBS), Wells Fargo, and Deutsche Bank. This settlement will end the nine-year class action lawsuit if approved by the U.S. District Court.The class action lawsuit settled on Wednesday charged NovaStar, RBS, Wells Fargo, and Deutsche Bank with misleading investors into believing the securities they bought were safer than they proved to be. In the years leading up to the financial crisis, NovaStar had specialized in authorizing risky mortgage loans that banks underwrote and packaged into mortgage-backed securities. The suit argues that the company hid how it systematically disregarded its own underwriting guidelines to increase the number of mortgages it could originate and incentivized its employees to make noncompliant loans to extremely risky borrowers.Lead plaintiff The New Jersey Carpenters Health Fund, as well as class representative Iowa Public Employees’ Retirement System, were among the many worker pension funds that bought mortgage-backed securities from NovaStar in 2006. The funds took a painful hit when these securities downgraded to junk bond status.“After years of hard-fought litigation – which included a dismissal, an appeal, and even the bankruptcy of some of the defendants – thousands of workers will finally get some financial relief,” said Steven J. Toll, Managing Partner at Cohen Milstein Sellers & Toll, which represented the plaintiffs in this class action. “We will continue to seek justice for those who suffered because of irresponsible lending and investments that burst the housing bubble and crashed our economy.”“This has been a long, complex process, and our clients and the attorneys on the case have overcome significant obstacles in reaching this settlement,” said the plaintiffs’ lead attorney, Joel P. Laitman of Cohen Milstein Sellers & Toll. “This settlement will give closure and monetary relief to investors who suffered losses in connection with these NovaStar MBS. Wells Fargo and Others Settle 9 Year Suit The Best Markets For Residential Property Investors 2 days ago March 15, 2017 1,301 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Settlement Wells Fargo Previous: CFPB Orders Penalty Against Nationstar Next: Trump Names New Finance Officials Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Staff Writer Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Settlement Wells Fargo 2017-03-15 Staff Writer Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Tech Hubs Attract Employee Migration

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. June 2, 2018 2,548 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago migration Moving 2018-06-02 Krista Franks Brock Tech Hubs Attract Employee Migration Home / Daily Dose / Tech Hubs Attract Employee Migration  Print This Post Subscribe The majority of Americans say they are willing to move for their jobs. Those who do move tend to be young and work in higher-paying jobs, according to a recent migration study conducted by Glassdoor. About 77 percent of Americans say they would move for their job. Among Millennials, the percentage is 86, according to a “Career Trends Report” published by Cornerstone OnDemand. Reviewing its vast collection of job applications in the 40 largest U.S. metros, Glassdoor found 28.5 percent of job applications were submitted to companies outside the applicant’s current metro. Job seekers applying outside their metro are on average younger, more educated, and more likely to be men, according to Glassdoor’s findings. A large percentage of applications are submitted to tech-heavy markets. An additional 10 years of age translates to a 7-percentage point lower likelihood of willingness to move for a job. Older job seekers might be convinced to move with “salary premiums or excellent workplace culture,” according to Glassdoor. A Master’s degree equates to a 4.9 percentage point greater likelihood of being willing to move for a job. Also, men are 3.3 percentage points more likely to apply for jobs outside their current metro than women.The city most attractive to job seekers who are willing to move to another metro is San Francisco, according to Glassdoor data. About 12.4 percent of job applications on which the applicant applied to a job in another metro went to jobs in San Francisco. San Francisco was followed by New York (8.4 percent); San Jose, California (6.9 percent); Los Angeles, California (6.8 percent); and Washington, D.C. (4.3 percent). Other cities in the top 10 for attracting outside talent were Boston, Massachusetts; Chicago, Illinois; Seattle, Washington; Dallas-Fort Worth, Texas; and Austin, Texas. The common thread among many of these metro migration hubs is a booming tech sector. In fact, Glassdoor found tech talent was some of the most mobile talent. The jobs with the highest percentage of applications outside the applicant’s current metro were chemical engineer with 73.1 percent of applications to outside metros and Oracle database administrator with 69 percent. These were followed by ATG developer, industrial engineer, salesforce developer, flight attendant, data engineer, and structural engineer—all of which had nearly 60 percent or more of applications to remote locations. “Do more geographically mobile job candidates earn higher pay on average?” Glassdoor asked. “The short answer: yes, especially if it’s for a tech job.” However, while high-paying tech and engineering jobs may be driving people to move, overall “most job candidates prefer to stay close to home,” according to Glassdoor. In particular, lower-skilled jobs, including retail and food services, do not attract remote candidates. Jobs for which people were least likely to apply outside of their current metro were bartender, retail representative, delivery driver, receptionist, retail team member, and front desk agent. Glassdoor says these job applicants are unlikely to move “regardless of a city’s affordability,” while also noting that many of these jobs earn lower than the median national salary of $51,975. While Glassdoor did not mention moving costs in its report, moving costs could deter applicants in lower-paying jobs from moving, even to a more affordable metro. For applicants who are willing to move for a job, regardless of field, salary, of course, is a motivator. However, it is not as big a motivator as company culture, according to Glassdoor’s research. Tagged with: migration Moving Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Share Save 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 Previous: Breaking Down Consumer Debt Collection Complaints Next: What Makes the Perfect Neighborhood? About Author: Krista Franks Brock Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago last_img read more

Industry Lessons Learned From 2020’s Catastrophic Events

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Industry Lessons Learned From 2020’s Catastrophic Events Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Industry Lessons Learned From 2020’s Catastrophic Events About Author: Chuck Green  Print This Post The failure to take climate change seriously is akin to playing Russian roulette with the housing economy, according to experts. Consequently, it’s incumbent upon the insurance and mortgage industries to tap new technologies to ratchet up efficiency, while reducing risk and ensuring the protection of American homeownership and commercial assets. That’s the message from the CoreLogic 2020 Catastrophe Report.The report analyzes last year’s natural catastrophes through a host of perspectives, including climate change, the pandemic, and the overall threat to American homeownership.Insurers and mortgage lenders can better understand peril risk and damages down to a parcel level by using catastrophe risk science, weather verification tools, and digital workflows.In fact, last year marked the sixth straight year with over 10 weather events reaching losses catapulting $1 billion.A cocktail of peril risk scores from CoreLogic reflect 35 million homes—which approaches a third of the U.S> housing stock—are highly vulnerable stemming from natural hazards. The location of the homes at the highest risk: California, Texas, Oklahoma, Kansas, Nebraska, along the Mississippi River, and large Gulf and Atlantic coastal stretches.A new study authored by researchers at Stanford University has determined that increased precipitation created by increased global temperatures have contributed to one-third of the financial costs of flooding in the U.S. over the past three decades.The study, published in the journal Proceedings of the National Academy of Sciences, estimated that nearly $75 billion of the $199 billion in flood damages that occurred between 1988 and 2017 was the result of dramatic changes to the global climate. The Stanford researchers used climate and socioeconomic data for their study to determine if the increase in flooding was being driven primarily by climate change or by other ground-level factors including population growth, housing development, and increasing property values.“The fact that extreme precipitation has been increasing and will likely increase in the future is well known, but what effect that has had on financial damages has been uncertain,” said Frances Davenport, a PhD student in Earth system science at Stanford’s School of Earth, Energy & Environmental Sciences and the lead author of the study. “Our analysis allows us to isolate how much of those changes in precipitation translate to changes in the cost of flooding, both now and in the future.” Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 28, 2021 891 Views Subscribe Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save 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: Most Valuable Company Profile: BRON, Inc. Next: Honoring the Top Women of Law in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily 2021-01-28 Christina Hughes Babblast_img read more

Housing Industry Dealing With Pandemic Fallout

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Redfin Chief Economist Daryl Fairweather has authored a report forecasting the future of the post-pandemic housing market. In “Five Ways the Housing Market Will Change After the Pandemic,” Fairweather analyzes five trends the market will see and how the industry will deal with the fallout of the pandemic nationwide.The five primary changes include:Home values will grow as the economy recovers, but at a slower pace as higher mortgage rates may temper demandMore will list their homes for saleThere will be great interest in the condo marketThe suburbs will start to feel more like citiesRents will rise quickly, especially for short-term rentals“Some people will be eager to buy a home because they will feel more confident in their own economic prospects once the economy recovers,” said Fairweather. “But some people will look at how expensive homes have become and hold off. As a result, home values will rise about 5% per year, which will be more in line with the growth of the overall economy.”As we are now seeing a year after the start of the pandemic, mortgage rates are steadily climbing, forcing many out of a chance to refinance yet still unable to purchase due the imbalance between demand and the short supply available.“Five percent fewer homes were listed for sale in the past 12 months than in the year prior, and currently new listings are down 12% from last year,” said Fairweather in her report. “If most people are vaccinated by 2022, Redfin predicts that the coming year will bring a 10% increase in new listings.”More homeowners may decide to list their homes in order to cash in on high home prices. Redfin recently reported that for the four-week period ending March 21, median home-sale prices increased 16% year-over-year to an all-time high of $331,590, while 39% of homes sold above their list price, also an all-time high, 15 percentage points higher than the same period a year earlier.The report also noted that condos will become hot post-pandemic as condos sold at a 17.3% discount to single family homes during the pandemic, the largest discount since at least 2013. Redfin forecasts that post-pandemic condo prices will likely grow faster than single-family home prices and the discount on condos will shrink.”If you want to buy a condo, now is the time,” said Seattle Redfin agent Ben Stanfield. “I tell my buyers that if they’re open to looking at condos, we have the ability to negotiate on price and include favorable offer terms like an inspection contingency or a long escrow period. My personal opinion is that the condo market will start to see signs of life coming back in around October.”With the migration away from major metros, remote work will continue to make condos and homes in the suburbs target destinations. The value of a home is closely tied to what amenities are close by, and in the future, more suburbs could have it all—schools, parks, restaurants, coffee shops, and bars.Recent data from CoreLogic found that affordability, job opportunity, and outdoor amenities remain major driving factors of relocation these days, as most migrating homebuyers chose metros that were either adjacent to their current location, had a lower cost of living, or both.Finally, Fairweather noted that post-pandemic, many will decide to rent instead of buy a home simply because buying a home will be too expensive.“Short-term rentals will be especially popular. More remote workers will adopt a nomadic lifestyle, where they roam from city to city with no home base at all,” said Fairweather. “A remote tech worker might spend part of the year working from a headquarters, part of the year working from a satellite office, and the rest of the year in a vacation destination. This will cause prices for short-term rentals to increase.”Click here to view Redfin’s “Five Ways the Housing Market Will Change After the Pandemic” report. The Best Markets For Residential Property Investors 2 days ago March 31, 2021 871 Views Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles CoreLogic Daryl Fairweather Redfin 2021-03-31 Eric C. Peck About Author: Eric C. Peck in Daily Dose, Featured, Journal, News  Print This Post 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. center_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Housing Industry Dealing With Pandemic Fallout Housing Industry Dealing With Pandemic Fallout Previous: Forbearance Plans Slide Below the 5% Mark Next: How Online Auctions Impact REO Holding Time Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CoreLogic Daryl Fairweather Redfin Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more