Month: May 2021

Massachusetts AG Sues Fannie/Freddie Over Buyback Programs

first_imgHome / Daily Dose / Massachusetts AG Sues Fannie/Freddie Over Buyback Programs Massachusetts Attorney General Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and mortgage giants Fannie Mae and Freddie Mac, alleging the companies’ refusal to engage in foreclosure buybacks programs is “unfairly and illegally causing Massachusetts families to lose their homes.”Filed Monday in Suffolk Superior Court, the Massachusetts AG’s suit alleges that Fannie Mae and Freddie Mac refuse to comply with an August 2012 state law.Buyback programs, in this instance, are used by non-profit organizations to buy a foreclosed property to resell it back to the original owner at a more affordable price. The aforementioned state law prohibits creditors from blocking such programs.The recently-filed suit alleges the two GSEs have failed to comply with the law due to policies that prohibit property sales to non-profits in order to resell the property to the original homeowner.”It makes no sense for our federal government to stand in the way of this work to help struggling families stay in their homes, and it is illegal for Fannie and Freddie to do this in Massachusetts,” Coakley said. “For too long, Fannie and Freddie have been roadblocks to progress in addressing this foreclosure crisis, and I urge them to immediately reverse their policy on this common-sense program.”One example cited in the complaint is Boston Community Capital’s Stabilizing Urban Neighborhoods (SUN) Initiative. The program buys back foreclosed, REO properties at present market value and sells them back to homeowners.”Buyback programs like SUN prevent needless displacement of families that through an arrangement with a non-profit can afford to stay in their homes. Fannie Mae and Freddie Mac have continued to block buybacks even though they lose money in the process,” the AG’s office said in a release.Representatives for Fannie Mae and Freddie Mac offered no comment, citing pending litigation. Related Articles Sign up for DS News Daily About Author: Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Tagged with: Buyback Programs Fannie Mae Freddie Mac Martha Coakley Massachusetts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 3, 2014 740 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: VRM Mortgage Services Announces Milestone Next: Home Prices Continue Upward Climb in April Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Buyback Programs Fannie Mae Freddie Mac Martha Coakley Massachusetts 2014-06-03 Colin Robins The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Massachusetts AG Sues Fannie/Freddie Over Buyback Programs Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Loss Mitigation, Magazine, News, State Subscribelast_img read more

Read More
Underwater Borrower Rate Drops Below 17 Percent

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home Equity Home Values Underwater Mortgages Zillow 2014-12-18 Brian Honea in Daily Dose, Featured, Market Studies, News The number of U.S. homeowners who owe more on their mortgage than their home is worth has fallen off by nearly half in the last two years, but third-quarter data shows millions are still close to slipping back under.In a report released this week, property data company Zillow estimated that 8.7 million homeowners living in the nation’s top housing markets were underwater on their mortgage as of the end of the third quarter, putting the country’s negative equity rate at 16.9 percent. The U.S. underwater rate peaked at 31.4 percent in 2012’s first quarter.”The market has made terrific strides since bottoming out in late 2011 and early 2012, with millions of underwater homeowners freed in just the past few years, and millions more set to surface in coming months and years,” said Dr. Stan Humphries, chief economist at Zillow.By the end of Q3 2015, the company expects negative equity will drop further to a rate of 15.2 percent.While improving trends in home values and foreclosures have helped push more homeowners into positive equity positions, many are still barely afloat, possessing too little equity to realistically afford the cost of selling their home and buying a new one. Because they’re essentially locked into their houses, those homeowners are unable to contribute to their local stock of for-sale homes and are stuck in the way of entry-level or move-up buyers.Factoring in that group, Zillow estimates the “effective” negative equity rate is closer to 35 percent.On top of that, most of the improvement in home values has happened in the housing market’s highest price tier, where homeowners are only about one-third as likely to be underwater as those in bottom-tier homes (9.3 percent compared to 27.4 percent).The gap is even greater in some of the nation’s still-struggling markets—like Detroit, where nearly 50 percent of homes valued in the bottom price tier were underwater, while 7.6 percent of the highest-priced homes were upside down.Humphries says those problems are partly a reflection of some of the housing market’s current challenges, including low inventory, rapid value appreciation, and weak sales.”None of these problems will be solved overnight, in large part because negative equity will likely be a part of the housing market for years, and easily into the next decade in some hard-hit areas,” he said. “But we’re moving in the right direction, and time will heal all wounds.” About Author: Brian Honea Underwater Borrower Rate Drops Below 17 Percent Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Home Equity Home Values Underwater Mortgages Zillow Share Save Demand Propels Home Prices Upward 2 days ago December 18, 2014 891 Views Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: HUD Secretary Vows to Make Greatest Use of Allotted Resources in 2015 Next: Fannie Mae Forecasts Economic Growth in 2015 Despite Ending Year On a Low Note The Best Markets For Residential Property Investors 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. Home / Daily Dose / Underwater Borrower Rate Drops Below 17 Percent 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Read More
Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee Servicers Navigate the Post-Pandemic World 2 days ago June 8, 2017 1,412 Views 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 Tagged with: Ben Carson Department of Housing and Urban Development FY 2017 Budget House Appropriations Subcommittee HUD US House of Representatives Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Department of Housing and Urban Development (HUD) Secretary Ben Carson was met with strong words Thursday morning when he appeared before the U.S. House of Representatives Subcommittee on Appropriations to defend the proposed housing budget for the fiscal year. In opening statements, Rep. Nita Lowey (D-NY) called the administration’s proposed budget, “inadequate at best, unconscionable at worst.” Other members of the committee expressed their concerns with the department’s total $6 billion cut to the budget, and pressed Secretary Carson as to how he planned on serving the many at-risk communities that were already underrepresented. Secretary Carson remained poised, articulate, and open as the subcommittee members took turns voicing their specific concerns. Ranking Member Rep. David Price (D-NC) started the inquiry by addressing whispers about majority calls to ignore Democratic oversight, asking if the HUD had any policy in place to ignore inquiries, requests, or questions from ranking members or members of the minority party. The Secretary gave his assurances that no such policy existed, nor would it ever exist, even when the question was repeated.Other concerns that were addressed by the committee were: the fate of people with disabilities; elimination of vouchers and the SHOCK program; Housing Opportunities for Persons with AIDS budget cuts and the health of the HIV/AIDS community; community blight and its fallout; funding delays caused by bureaucratic red-tape; and the underserved rural community. With each question Secretary Carson validated the members’ concerns and expressed his willingness to work in tandem to find solutions with the $40.7 billion his department has been allocated in the federal budget. “The pie is only so big,” he said. “If we can make the pie bigger, we can make more slices.” Secretary Carson went on to say that the playbook had to be changed, and that while the department was working to become more efficient by hiring a COO, nominating a CFO and CIO, and operating more like a business, there simply was only so much money to go around. Most subcommittee members were receptive to Secretary Carson’s responses and expressed excitement to work with him in the future on various programs. Rep. Katherine Clark (D-Mass), however, remained skeptical. “This budget as a whole is a recipe for killing our economy. I am baffled at how you think this is going to work.” Carson echoed his previous claims that education, mentorship programs, and a public-private partnership were long-term solutions to the housing sector’s problems. “We would never do anything to harm something we see as something thats a solution … [w]e are going to be working assiduously to make sure that we actually expand on those [programs], regardless of under what name we do it.” The subcommittee will be submitting additional questions to the HUD. Secretary Carson will have 30 days from Friday to return his response. Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Related Articles Ben Carson Department of Housing and Urban Development FY 2017 Budget House Appropriations Subcommittee HUD US House of Representatives 2017-06-08 Joey Pizzolatocenter_img Previous: DOJ Policy Change Could Impact Crisis Suit Payouts Next: House Votes to Drastically Change CFPB Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News Sign up for DS News Daily Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Home / Daily Dose / Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee About Author: Joey Pizzolato The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Read More
NAHB Embracing Idea of MID Alternatives

first_img  Print This Post Related Articles Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] in Daily Dose, Featured, Government, Headlines, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / NAHB Embracing Idea of MID Alternatives October 4, 2017 1,426 Views About Author: Brianna Gilpin Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Predicting Home Price Appreciation Next: Freddie Mac Securing Seasoned Loanscenter_img In a recent article by Ginger Gibson from Reuters, it was reported that the National Association of Homebuilders (NAHB) has decided against demanding for a new version of the tax code that includes the mortgage interest deduction.Though the NAHB has raised concerns in the past about the current proposals for tax reform which eliminate benefits such as the state and local tax deduction, nullifying the benefits of the mortgage interest deduction and caps to the MID, it is now considering other homeownership boosting alternatives—as long as it offers a homeowner tax credit.“Now our policy is much more flexible,” Reuters reported Jerry Howard, President of NAHB saying. “It gives us a unique opportunity to help craft a unique tax policy as it is related to housing.”President Donald Trump said that a tax code overhaul would be completed his first year in office, but according to the article, there currently is not a written proposal to create a homeownership tax credit to replace the mortgage interest deduction. The plan, or lack there of, is generating much opposition in the housing industry.”[The National Association of Realtors] supports the goals of simplification and structural improvements for the tax system, and individual tax rates should be as low as possible while still providing for a balanced fiscal policy,” Iona Harrison, Chair of NAR’s Federal Taxation Committee said in a statement during a Senate Finance Committee hearing. “We simply believe that to achieve these goals, Congress should commit first to doing no harm to the common interest that homeownership provides.”NAHB’s Howard, however, sees the plan as an opportunity to embrace creative alternatives and said that members of the tax code writing House of Representatives Ways and Means and Senate Finance committees have expressed interest in creating a homeownership credit. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: MID NAHB NAR The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago MID NAHB NAR 2017-10-04 Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 2 days ago NAHB Embracing Idea of MID Alternatives The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Read More
Tallying Foreclosure Prevention Actions

first_img  Print This Post 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] Tagged with: Fannie Mae FHFA Foreclosure Foreclosure Prevention Foreclosure Starts Freddie Mac GSEs Loan Modifications principal forbearance Short Sales The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Tallying Foreclosure Prevention Actions Fannie Mae FHFA Foreclosure Foreclosure Prevention Foreclosure Starts Freddie Mac GSEs Loan Modifications principal forbearance Short Sales 2018-05-11 David Wharton Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: Where Home Sales Zipped the Most in Q1 Next: Housing Market Health Indicators Servicers Navigate the Post-Pandemic World 2 days ago Tallying Foreclosure Prevention Actions May 11, 2018 2,548 Views Share Save About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago The GSEs, Fannie Mae and Freddie Mac, completed nearly 20,000 foreclosure prevention actions in February 2018, according to the latest Foreclosure Prevention Report issued by the FHFA.The exact total of foreclosure prevention actions for February 2018 came to 19,932. Since the beginning of the conservatorships in September 2008, the GSEs have completed a total of 4,084,139 foreclosure prevention actions, with more than half of those being loan modifications.For February 2018, the GSEs completed 10,606 permanent loan modifications, bringing the total under the conservatorships to 2,173,383. Forty-six percent of February’s loan modifications involved principal forbearance. Forty-two percent of February’s modifications involved modifications with extend term only.According to the report, there were 794 short sales and deeds‐in‐lieu of foreclosure completed in February. That’s down 23 percent compared to January 2018’s 1,026 total.The serious delinquency rate at the end of February was 1.16 percent, down slightly from January’s 1.17 percent. As of February, 397,076 loans were reported 30-59 days delinquent, up compared to the January total of 370,705. Sixty-plus-days delinquent loans totaled 432,418, down slightly from January’s 443,103.Black Knight recently reported that the national delinquency rate for March 2018 was 3.73 percent, with the highest delinquency rates recorded in Mississippi, Louisiana, Florida, Alabama, and West Virginia. North Dakota, Minnesota, Washington, Oregon, and Colorado boasted the lowest delinquency rates. Third‐party and foreclosure sales also decreased in February, dropping from 5,000 in January to 4,311 in February. Foreclosure starts slid from 16,003 in January to 15,246 in February.For comparison’s sake, Black Knight’s March 2018 data found foreclosure starts up 12 percent over the month with 70 percent of the increase concentrated in areas impacted by hurricanes. Active foreclosures were down in hurricane-impacted markets, with a 7 percent decline in Texas and a 23 percent decline in Florida over the year in March. The market impact of the hurricanes has been “relatively muted as a result of ongoing forbearance programs,” according to Black Knight, and “it will be a number of months before the true foreclosure impact from these storms is revealed.”Editor’s note: An earlier version of this story misattributed the report to the FHA, rather than the FHFA. We apologize for this error. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe in Daily Dose, Featured, Foreclosure, Government, Journal, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Read More
Mortgage Servicing Professionals Convene for Industry Summit

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Altisource Default Servicing Investment Risks Subscribe June 14, 2019 1,577 Views Home / Daily Dose / Mortgage Servicing Professionals Convene for Industry Summit 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img About Author: Seth Welborn Altisource Default Servicing Investment Risks 2019-06-14 Seth Welborn Mortgage Servicing Professionals Convene for Industry Summit The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Investment, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago On Thursday, servicing leaders met at the Five Star Default Servicing Summit, hosted by Altisource at the Four Seasons Resort and Club Dallas at Las Colinas. Speakers included Stephanie Ruiz, Director, Default Servicing, Ocwen; John Dunnery, VP, Government Loan Servicing, Bayview Loan Servicing; and Jane Larkin, VP, Default Management, Colonial Savings. The keynote address was delivered by Patrick Coon, Senior Managing Director – Servicing, Home Point Financial Corporation.The first session of the day was a discussion on FHA Risk Mitigation. Ruiz spoke risk mitigation throughout the delinquency life cycle of an FHA loan. “The process starts with Field Services and continues through valuation, title, liquidation and claims.”Session two was titled “De-Risking Your Portfolio.” Lead by Dunnery, the session asked, “How are investors managing properties in high-risk areas, such as New York or Chicago?” The summit highlighted highlight the creation of the RPAPL report, which helps identify risk and ways to reduce it.The last session before the keynote, led by Larkin, was titled “Investor Guidelines and Best Practices.” With portfolio diversity so high, industry professionals guided attendees in the right direction for guidelines to follow, and who to listen to.Before the summit, Coon told MReport that he was looking forward to hearing from other industry default managers, and hearing what they are doing when it comes to areas such as property preservation and managing losses. “It’s not only important, but imperative, that we as a mortgage servicing industry periodically get together to listen and to share ideas on issues that are most prevalent to our business,” Coon said. Coon’s main points during his keynote included disasters as well as default stats, noting what the rest of the year may have in store.“Certainly 2018 and the first half of 2019 has been interesting for our business,” Coon said.  “Economic factors are indicating that we should perform in much the same manner as ‘today current.’” Previous: CoreLogic Services Available on LendingQB LOS Next: Homeowners Impacted by Sandy Face Uncertainty Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Read More
Homeowner Relief Could Lead to Servicer Strain

first_img Tagged with: forbearance programs housing market 2020  Print This Post Subscribe Home / Daily Dose / Homeowner Relief Could Lead to Servicer Strain Homeowner Relief Could Lead to Servicer Strain Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 13, 2020 1,452 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista F. Brock Related Articles Previous: Unemployment Could Lead to Mortgage Forbearance Surge Next: DS5: The Shifting Housing Landscape and Remote-Working Challengescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago While the nation deals with an unprecedented health crisis, leading unemployment claims to grow at record rates, the federal government has taken steps to protect homeowners undergoing financial hardship.However, some worry that mortgage servicers may face liquidity shortfalls as a result of the government’s attempts to relieve pressure on struggling homeowners. Unemployment skyrocketed to 6.6 million at the end of March, leaving many Americans without an income to meet their ongoing financial obligations, such as their mortgage payments. In response to this and other economic strains stemming from the COVID-19 pandemic, the Trump administration is issuing six months’ forbearance on government-backed mortgage loans with a possible extension of an additional six months’ forbearance. Now the industry is working to both implement those plans and to ensure that the mortgage market itself remains stable as our nation navigates this turbulent time.“Congress hasn’t made the repayment obligation disappear, but simply moved it from the borrower to the mortgage servicer,” stated Mike Calhoun, Jim Parrott, and Mark Zandi in an article published on CNN Business. While the article acknowledges that the government-backed loans will “eventually be paid back by the government,” it points out that servicers must cover the cost in the meantime, and the government payment “can take upwards of a year.” If one in four families forgo mortgage payments for six months, that comes out to more than $70 billion that mortgage servicers must cover in the interim. The authors of the piece explain that this compares to just $10 billion in total net profits for mortgage servicers during all of 2019. Under these circumstances, “Only the very largest, best-capitalized servicers would be able to handle that kind of strain,” the experts claim in their article. “The rest would falter, and many would fail altogether.”While some mortgage servicers are divisions of large, well-capitalized banks, others are smaller nonbank firms. Not only are they smaller, but they are also not subject to the same capitalization requirements as their bank counterparts. The Federal Reserve expressed some concerns with nonbank servicers in a report late last year, saying, “The nonbank structure is vulnerable to liquidity and funding risks. The new post-crisis generation of nonbanks seems vulnerable to liquidity pressures similar to those that nonbanks were subjected to during the financial crisis.” The report also detailed the increasing presence of nonbanks in the mortgage servicing sector. Nonbanks gained a rapid share of mortgage servicing as well as loan origination following the financial crisis of 2008. In fact, when analyzing the loans serviced by the top 25 loan servicers in the nation, just 4.0% were serviced by nonbanks in 2008. The share jumped to 42.3% by 2018, according to the Fed. If the mortgage servicing industry experiences major disruption, the impact could be detrimental to the market. If mortgage servicers fail, struggling homeowners would have difficulty finding help. Also, as many companies both service and originate loans, homebuyers would have a harder time obtaining loans as the market begins to recover. Ultimately, the piece argues, “policymakers have a choice. They can step in now and address the massive cash-flow problem faced by mortgage servicers, either by advancing these payments directly to investors or by lending servicers the money to do it themselves.”Various government agencies have already been working to address this issue in recent weeks, with Ginnie Mae last week announcing an All Participants Memorandum that expanded its servicer assistance program in response to the spread of COVID-19.Editor’s note: DS News reached out to both the White House and HUD for comment on this piece. As of press time, we have not received a response. The Week Ahead: Nearing the Forbearance Exit 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. Share Save in Daily Dose, Featured, Government, News forbearance programs housing market 2020 2020-04-13 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Read More
COVID-19’s Impact on Home Values

first_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago June 23, 2020 2,317 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 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. The Best Markets For Residential Property Investors 2 days ago About Author: Krista F. Brock Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Related Articles Previous: Foreclosures’ Far-Reaching Implications Next: Rising Tides of Economic Hardship Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-06-23 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Despite sending unemployment skyrocketing, the COVID-19 pandemic is likely to have little impact on home prices this year, according to a Reuters poll conducted in June. Home prices are expected to outperform consumer prices with a 3.0% increase this year, according to the poll.  This is only a slight decrease in the 3.4% rise predicted three months ago, meaning while the economy has suffered major impacts of the COVID-19 pandemic, the housing market appears remarkably immune.  “The U.S. housing market, which was at the epicenter of the previous financial crisis that led to a global recession, is expected to remain a bright spot amid a sharp downturn as the coronavirus pandemic continues to wreak economic havoc,” Reuters reported. Reuters conducted its survey of 40 housing experts between June 9 and June 19.  While the spring housing market did experience a dip, housing demand “is coming back in dramatic fashion,” Brad Hunter, Managing Director at RCLCO, a real estate advisory firm told Reuters.  A majority of those surveyed—60%—said activity in the housing market will return gradually. Around one-quarter said they expect activity to rebound quickly.  The main cause for concern in the housing market is clearly unemployment, which stands at 13.3% as of the latest data from the Department of Labor. Three-quarters of the housing experts surveyed said unemployment is the No. 1 threat to the housing market in the next year. Other experts were concerned with the lack of affordable housing supply and tight lending.  Only a few survey respondents anticipate a decline in housing prices this year. Reuters projected the “worst-case scenario” is a 1.2% decline this year and a 1.0% decline in 2021.  Already tight housing supply was further exacerbated by the slowdown in construction during the spring when many business operations were halted due to the COVID-19 pandemic.  As of May, the housing market held a 5.6 months’ supply, close to but not quite meeting the 6 months’ supply that is used as a benchmark for a balanced market. Mortgage rates remain low, reaching a low of 3.3% this month, which may push some potential homebuyers off the sidelines, but Sal Guatieri, Senior Economist at BMO Capital Markets said in the survey, “I don’t think that will more than compensate for elevated unemployment and relatively weak consumer confidence.”  Exactly where housing prices will land this year remains to be seen, but it is clear the market will not suffer the same fate as it did in the Great Recession.   Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / COVID-19’s Impact on Home Values COVID-19’s Impact on Home Values Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News Subscribelast_img read more

Read More
Residential Construction Reflects ‘Record-High Builder Optimism’

first_img Tagged with: Census Bureau Housing Starts Construction New Home Starts The Best Markets For Residential Property Investors 2 days ago October 20, 2020 1,199 Views About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Residential Construction Reflects ‘Record-High Builder Optimism’ in Daily Dose, Featured, Market Studies, News Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The U.S. Census Bureau released its construction statistics for September, recording a 1.9% increase in housing starts compared to August. Single-family residential starts rose 8.5% over the month to 1.1 million annualized units, a level not seen since 2007.Realtor.com’s Chief Economist George George Ratiu credits “record-high builder optimism” and a “strong wave of buyer demand” for the increasing numbers of permits, starts and completions seen in September.He adds that “homebuilders must balance the need to address an acute shortage of housing with the increasing costs of labor, materials and land.”Fannie Mae Economist Doug Duncan attributed that strong demand to “low interest rates, a tight supply of existing homes for sale, and a trend in some metro areas toward purchasing homes in suburban areas.”Here are more details culled from the bureau’s report. (Full report: Monthly New Residential Construction)Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,553,000. This is 5.2% above the revised August rate of 1,476,000 and is 8.1% above the September 2019 rate of 1,437,000. Single-family authorizations in September were at a rate of 1,119,000; this is 7.8% above the revised August figure of 1,038,000.Starts—Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,415,000. This is 1.9% above the revised August estimate of 1,388,000 and is 11.1% above the September 2019 rate of 1,274,000. Single-family housing starts in September were at a rate of 1,108,000; this is 8.5% above the revised August figure of 1,021,000. The September rate for units in buildings with five units or more was 295,000.Completions—Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,413,000. This is15.3% above the revised August estimate of 1,226,000 and is 25.8% above the September 2019 rate of 1,123,000. Single-family housing completions in September were at a rate of 921,000; this is 2.1% above the revised August rate of 902,000.Raitu added that, “The real estate market is unseasonably active for this late in the year, as buyers are still playing catch-up from the spring lockdown. With mortgage rates at new lows, many home shoppers are actively pursuing a home for the new environment of live, work, school, play and exercise under one roof. The search is translating into multiple bid offers in suburbs across the country, where greener backyards, larger homes and access to the outdoors are beckoning young professionals and families alike. The good news is that builders are already present in these neighborhoods, and in a good position to respond to shifting consumer preferences. However, a significant volume of new homes is needed to redress the existing imbalance between supply and demand, and tame the sharp jump in prices.”Austin Niemiec, Executive Vice President of Rocket Pro TPO, added that, “With historically low rates dominating our industry and keeping demand high for both refi and purchase loans, it is important for independent mortgage brokers to continue working with homebuyers and referral sources to maintain a steady flow of clients.”Duncan went on to further discuss the issues of supply shortages. “This strong sales pace, he said, “has gotten ahead of available units. Prior data released from the Census Bureau showed that, in August, the month’s supply of available new homes for sale at the current sales pace hit a record low, indicating that homebuilders will have to continue to accelerate their construction pace if they are to meet demand.”Adding to the building pressure is that during the spring COVID-19-related lockdowns and supply chain disruptions, much construction activity was disrupted. This is still being reflected in the comparatively modest increase of homes completed in recent months, which remains below the February pre-COVID-19 peak. In contrast, we believe the same dynamics helping to drive demand for single-family homes will likely continue to have an opposite effect on multifamily demand, putting downward pressure on construction activity in the urban regions of some metros areas.” Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Previous: DS5: Housing Forecasts & the State of Foreclosure Auctions Next: FHA Announces COVID-19 Forbearance Request Extension Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Residential Construction Reflects ‘Record-High Builder Optimism’ Census Bureau Housing Starts Construction New Home Starts 2020-10-20 Christina Hughes Babb Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

Read More
The Week Ahead: COVID-19 as ‘A Catalyst for Change’

first_img Share Save  Print This Post Sign up for DS News Daily 2020-11-06 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Organizers add that understanding how the industry has changed “can help propel us into the future.” Home / Daily Dose / The Week Ahead: COVID-19 as ‘A Catalyst for Change’ On November 12, CoreLogic will host a webcast entitled, “A 20/20 View of 2020: A Catalyst for Change.” It will take place at 9 a.m. PT/ 11 a.m. CT/noon ET. The property data analysts will discuss the ways in which COVID-19 “has accelerated trends all across the housing market and brought the industry into a new era of digital transformation,” the organizers say. “We [will] dive into the changes across the property ecosystem in real estate, lending, and insurance.” The Best Markets For Residential Property Investors 2 days ago November 6, 2020 983 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Freddie Mac’s CRT Program ‘Came Charging Back’ in Q3 Next: DS5: Keeping Families ‘Together and In Their Homes’ How the real estate and housing landscape has been transformedHow new legislation and the CARES Act impacted lending and mortgageHow property insurance has been affected by the digital trends of the pandemicYou can register for the complimentary virtual session here.Here’s what else is happening in The Week Ahead:SitusAMC, MSR Asset Monthly Snapshot (Tuesday)FHA, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic”(Tuesday)JCHS,  The Impact of Airbnb on the Residential Housing Market Data Provider Black Knight to Acquire Top of Mind 1 day ago The Week Ahead: COVID-19 as ‘A Catalyst for Change’ Specifically, they will discuss: Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 1 day ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Read More