Metro Areas See Home Price Growth; Some Face Affordability Issues

first_img The National Association of Realtors (NAR) released their latest quarterly report Tuesday, highlighting upwards trends in existing family home prices. An additional annual affordability report showed less favorable conditions for home affordability.The report revealed an increase in existing single-family home price in 73 percent of measured markets, citing 119 of 164 metropolitan areas showing gains based on closings in the fourth quarter. While still a positive trend in pricing, there were fewer price increases as seen in the third quarter with an 88 percent increase from a year earlier.Lawrence Yun, NAR chief economist, said there are two ways of looking at the price gains. “The vast majority of homeowners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” he said. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1 percent from $178,900 in the fourth quarter of 2012. In the third quarter, the median price rose 12.5 percent from a year earlier.Yun noted that a tight supply of existing homes and a decrease in production of new homes are two driving factors in the elevated prices.”New home construction activity needs to increase significantly in the fast appreciating markets to help relieve upward price pressure,” Yun said. In 2013, housing starts totaled 924,000, well below the historic average of 1.5 million units.Yun continued: “Added housing supply will help moderate price growth this year, and should help to stem erosion in affordability, but mortgage interest rates are projected to rise above 5 percent by the end of the year.”Steve Brown, NAR President and co-owner of Irongate, Inc. Realtors, cautioned consumers to keep in mind that all real estate is local. “The national figures provide useful background, but it really gets down to supply and demand in a given neighborhood,” he said. “Metropolitan area figures are an excellent gauge of local housing markets, but there can be widely ranging conditions within a metro area.”The NAR also released its Housing Affordability Index (HAI). The index reported a decrease in affordability, noting a score of 175.8 in 2013 from a record high 196.5 in 2012.An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.In each of the four regions listed in the HAI, total existing home sales declined.Particularly notable was the West Region, where existing-home sales dropped 12.7 percent in the fourth quarter, and are 8.1 percent below a year ago.Due to the decline of available homes, the median existing single-family home price in the West jumped 15.5 percent to $286,200 in the fourth quarter from the fourth quarter of 2012. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines, Market Studies Subscribe Home / Daily Dose / Metro Areas See Home Price Growth; Some Face Affordability Issues Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 11, 2014 555 Views Metro Areas See Home Price Growth; Some Face Affordability Issuescenter_img Related Articles About Author: Colin Robins Previous: DS News Webcast: Tuesday 2/11/2014 Next: Scott Law Firm Announces 3 New Positions 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. Home Affordability Index National Association of Realtors 2014-02-11 Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home Affordability Index National Association of Realtors  Print This Postlast_img read more

DS News Webcast: Wednesday 7/20/2016

first_img Share Save Subscribe  Print This Post in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago Though foreclosure and delinquency rates continue to fall, the national homeownership rate fell more than 5 percentage points in 2015 from its peak in 2004, according to a report from Fannie Mae. This decline has been primarily attributed to affordability. Due to continued home price appreciation, homeowners are paying larger shares of their income on housing.Even more so, the number of homeowners and renters classified as severely “cost-burdened” or those paying more than 50 percent of their income on housing is estimated to increase 11 percent by 2025. Fannie Mae states that the main driver for the increase in cost-burdened households came from the rental market. The share of cost-burdened renters surged to the highest level it has been compared to any other time in U.S. history.Despite the increase in default rate percentage, David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, believes there is no a cause for alarm. Quote Looking at the economy and credit conditions, American consumers are in good shape. The S&P/Experian Consumer Credit Default Indices covering mortgages and auto loans are within a few basis points of the lowest levels seen in 12 years. End quote. Additionally, three of the five major cities saw their overall default rates increase during the month of June. 2016-07-19 Brian Honea The Best Markets For Residential Property Investors 2 days ago Previous: Clayton Holdings Creates New Option for ‘Fix and Flip’ Lending Next: Rosenberg & Associates Sees New Changes About Author: Brian Honea Home / Featured / DS News Webcast: Wednesday 7/20/2016 Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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 July 19, 2016 1,050 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS News Webcast: Wednesday 7/20/2016 Demand Propels Home Prices Upward 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

The Week Ahead: Senate Committee Vote on Comptroller of the Currency

first_imgHome / Daily Dose / The Week Ahead: Senate Committee Vote on Comptroller of the Currency About Author: Joey Pizzolato 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 Demand Propels Home Prices Upward 2 days ago Next Thursday, September 7, the Senate Banking Committee on Banking, Housing, and Urban Affairs will convene to hold an executive session to vote on the nominations of Joseph Otting to be Comptroller of the Currency, and the Honorable Randal Quarles to be member of the Board of Governors of the Federal Reserve and Vice Chairman for the supervision of the board of governors.Otting and Quarles’ sat in a joint confirmation hearing in front of the committee back in July, where they fielded questions regarding Dodd-Frank rollbacks, the Volker Rule, and loosening regulations on banks. Some Democrats on the committee, including Senator Elizabeth Warren of Massachusetts, remained skeptical.The vote will take place at 9 a.m. EDT in the Dirksen Senate office building. Federal Reserve OCC Senate Banking Committee 2017-09-03 Joey Pizzolato Other Events in the Week Ahead: Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EDT.The Beige Book, Wednesday, 2 p.m. EDTFed Balance Sheet, Thursday, 4:30 p.m. EDT Subscribe Tagged with: Federal Reserve OCC Senate Banking Committee The Week Ahead: Senate Committee Vote on Comptroller of the Currency 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 September 3, 2017 1,189 Views The Week Ahead: Nearing the Forbearance Exit 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 Previous: FCC: Do Not Call Next: Women in Housing List Recognized in MReport’s September Issue Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Share Save Sign up for DS News Daily in Daily Dose, Featured, Government, Headlines, Newslast_img read more

Economic Outlook: Consumer Confidence and The Fed

first_img The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson in Daily Dose, Featured, Headlines The Federal Reserve Bank of New York recently released results from its September 2017 Survey of Consumer Expectations, which showed overall increases in pessimism.Specifically, the survey found that expectations about earnings, spending, income growth, home prices, financial situations and the stock market all “deteriorated.”The fraction of respondents who believe they are financially better off declined compared to last year to 32.3 percent, while the proportion of respondents who expect being better off financially a year from now declined to 40.3 percent.The mean perceived probability that U.S. stock prices will be higher 12 months from now also fell from its August level of 43.1 percent to 42 percent.Median home price change expectancies fell to 3 percent its lowest level since March 2016. In addition, median expected household income growth fell from 2.7 percent in August to 2.2 percent; the lowest level recorded since February 2014 and well below the series high of 3 percent in July 2017, according to the survey results.Additionally, “the average perceived probability of missing a minimum debt payment over the next three months increased for the third month in a row,” from 12 percent in June, to 13.4 percent in September.As consumer’s hope in the economy dwindles, the Fed’s expectations might be different. The Federal Reserve Board and the Federal Open Market Committee (FOMC) recently released its minutes of the Committee meeting held on September 19-20, 2017.In the latest FOMC minutes, the Fed indicated that an interest rate hike later in 2017 is likely, even with low inflation. However, Federal Reserve officials see the economy expanding at a steady pace.The meeting also shows members anticipating that the factors slowing down inflation will pass. The expectation is that inflation will hit the 2 percent target the central bank believes is consistent with healthy growth.Housing updates included, “interest rates on 30-year fixed-rate residential mortgages moved lower over the intermeeting period, in line with comparable-maturity Treasury yields.” While growth in mortgage lending for home purchases “picked up in July and August compared with its pace over the second quarter.” However, credit conditions remained tight for borrowers with low credit scores or hard-to-document incomes.The Fed also discussed recent information on housing activity, which suggests that real residential investment spending was decreasing in the third quarter after declining in the second quarter. Therefore, “starts for new single-family homes edged down, on net, in July and August, and starts for multifamily units moved lower in both months.”Building permits issuance for new single-family homes—which tends to be a good indicator of the underlying trend in construction—declined in July and August.To view the whole summary of FOMC minutes, click here. Tagged with: Federal Reserve FOMC HOUSING mortgage Sign up for DS News Daily Share Save Economic Outlook: Consumer Confidence and The Fed Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Federal Reserve FOMC HOUSING mortgage 2017-10-12 Nicole Caspersoncenter_img Home / Daily Dose / Economic Outlook: Consumer Confidence and The Fed Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] 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 Previous: Forward Thinking: Carson on the Future of Housing Next: Next Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 12, 2017 1,336 Views Subscribelast_img read more

What Lies Ahead?

first_img Servicers Navigate the Post-Pandemic World 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Subscribe Previous: How Real Estate Pros Can Fight Fraud Next: Good News for Rental Investors Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: 2018 HOUSING Inventory mortgage Price Appreciation Tax Reform top market trends From inventory to price appreciation, to the new tax reform bill—the future of the housing market remains uncertain. However, as 2017 winds down, the industry can’t help but predict what’s to come for 2018. According to Realtor’s 2018 National Housing Forecast, there are five market trends to look out for in the new year—with potential changes on the horizon.The first is inventory. According to the report, inventory is finally going to experience an increase, with declines expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in early fall 2018. “In August, the U.S. housing market began to see a higher than normal month-over-month deceleration in inventory that has continued into fall,” the report notes. “Based on this pattern, Realtor projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015.” Second, is price appreciation—which is forecasted to slow down to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017.The slowing is predicted to impact the higher-priced segment—as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively.First-time buyer homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.Coming in third are millennials, as this generation is on track to gain mortgage market share at all price points, according to the report. As the largest population of potential buyers, millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. “Millennials are a driving force in today’s housing market,” said Javier Vivas, Director of Economic Research at Realtor. “They already dominate lower price home mortgage and are getting close to overtaking older generations for mid- and upper-tier mortgages. While financially secure in general, their debt to income ratios has started to increase as they compete for higher priced homes.”Regionally, Southern markets are forecasted to lead in national home sales—marking the fourth trend to look out for. Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Oklahoma; Little Rock, Arkansas.; Dallas; and Charlotte, North Carolina leading the way.The growth in these specific markets is attributed to healthy building levels, along with the predicted inventory growth, these areas are expected to increase by 6 percent or more, compared with 2.5 percent nationally. Completing the top five is what the report calls the “wildcard,” which is the new tax reform bill, noting that at the time of this forecast, both the House and Senate had bills up for consideration, but neither had passed and their impact was not included in the forecast for 2018 sales and prices. Only time will tell how the tax bill might impact the future of housing.Anticipating what’s to come is a challenge, as 2017 was a year defined by unpredictability. Now 2018 offers a clean slate and a sense of optimism as the industry continues to grow and learn. In the December 2017 edition of MReport magazine, the cover story “Anticipating Tomorrow” delves into the best way to predict what 2018 has in store—by talking to the people who’ve been in the trenches during the twists and turns of 2017. With that in mind, MReport spoke to a cross-section of leading industry experts whose day-to-day duties demand that they try and anticipate the next challenge, the next opportunity, and the next unexpected curveball.What else is to come for 2018? Read for yourself in the December edition of MReport, out now. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / What Lies Ahead? Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img December 1, 2017 1,428 Views The Best Markets For Residential Property Investors 2 days ago 2018 HOUSING Inventory mortgage Price Appreciation Tax Reform top market trends 2017-12-01 Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago What Lies Ahead? About Author: Nicole Casperson in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily  Print This Postlast_img read more

Results, Remuneration, and Retribution

first_imgSign up for DS News Daily Related Articles Subscribe in Daily Dose, Featured, News November 2, 2018 1,328 Views Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. A report examined the state of the economy and how the housing market is faring. A government-sponsored enterprise (GSE) completing a decade under conservatorship announced its Q3 results. And a large bank moved toward settling mortgages under the direction of the Department of Justice. These are three of the top stories making the news this Friday. Here’s what you should be keeping tabs on as the nation goes to vote for the mid-term elections on November 6:The Case for a Strong EconomyThe Bureau of Labor Statistics released the jobs data for October on Friday, indicating that while unemployment remained low, wages saw an annual increase of 3.1 percent from the same period last year.”The updated information released today suggests that the labor market remains strong and inflation remains manageable, supporting our call that the Fed will raise its key policy rate in December,” said Doug Duncan, Chief Economist at Fannie Mae. “Meanwhile, the housing sector also registered job gains this month, but the stronger growth in average hourly earnings relative to the private sector overall suggests that labor availability remains a challenge.”According to Tendayi Kapfidze, Chief Economist, LendingTree, the low labor force participation rate has been holding wages back “so it will be important to see if this uptick is sustained since the year-over-year growth may have been biased upwards by a weak number in October 2017.”Rising wages have affected home buying too, according to Mark Fleming, Chief Economist at First American. “If household income had not increased compared with a year ago, rising mortgage rates, which jumped from 3.9 to 4.8 percent over the last year, would have reduced consumer house-buying power by $38,000,” Fleming said. “Rising household income mitigated the impact of higher cost mortgages by $11,000.”Business Fundamentals at Fannie MaeFannie Mae turned a profit in the third quarter and expects to pay $4 billion in dividends to the U.S. Treasury, according to the GSE’s Q3 financial statement, released Friday.Net revenues for the quarter were $5.37 billion. That’s up from $5.27 billion in Q3 of 2017. Pre-tax income was $5 billion. After-tax net income and total comprehensive income for the quarter were both $4 billion, up from $3 billion a year ago. The GSE posted a Q3 value of $7 billion.What all this means for shareholders is a net income of $36 million or $0.01 per share. That compares to last year’s Q3 net loss of $25 million.Fannie’s interim CEO, Hugh Frater, said Q3’s results show a positive forward momentum. “We are focused on serving our customers, helping them navigate market headwinds, and enabling a mortgage process that is better, faster, cheaper, and safer,” Frater said. “That means we have a responsibility to innovate while maintaining our strong commitment to safety, soundness, and stewardship on behalf of taxpayers.”According to the report, the GSE provided $122 billion in liquidity to the single-family mortgage market in the third quarter. It estimated its market share of new single-family mortgage-related securities issuances was 40 percent.Goldman Sachs Moves Closer to Consumer ReliefGoldman Sachs, forgiving principal on 746 loans, is steadily moving closer towards fulfilling its $1.8 billion consumer-relief obligation under its two April 11, 2016, mortgage-related settlement agreements with the U.S. Department of Justice and three states, according to an announcement by Eric D. Green in his ninth report as independent Monitor of the consumer-relief portions of the agreements.Since Green’s previous report on August 1, 2018, Goldman Sachs has forgiven a total of $78,678,617 in principal on 746 first-lien mortgages, for average principal forgiveness of $105,467 per loan and total reportable credit of $79,272,978after the application of appropriate crediting calculations and multipliers. The bank has now modified a total of 10,671 mortgages.The modified mortgages are spread across 42 states and the District of Columbia, with 32 percent of the credit located in the settling states of New York, Illinois, and California, and 47 percent of the credit located in Hardest Hit Areas, or census tracts identified by the U.S. Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities.”I am pleased to be able to confirm that Goldman Sachs continues to make steady progress toward meeting its obligation to provide Consumer Relief valued at $1.8 billion,” Green said. Share Save Tagged with: Defaults Dividends Employment Fannie Mae Goldman Sachs Homes HOUSING loans Modifcations mortgage profit Wages  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Results, Remuneration, and Retribution Results, Remuneration, and Retribution Demand Propels Home Prices Upward 2 days agocenter_img Previous: Fannie’s Innovation in Credit Risk Transfer Next: Just How Much Credit Risk Are the GSEs Transferring? About Author: Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Radhika Ojha 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 Defaults Dividends Employment Fannie Mae Goldman Sachs Homes HOUSING loans Modifcations mortgage profit Wages 2018-11-02 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 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. last_img read more

To BFCP or Not To BFCP: That Is the Question

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago To BFCP or Not To BFCP: That Is the Question The name change for the Consumer Financial Protection Bureau (CFPB) has been put on hold for now by Kathy Kraninger, the agency’s new director, reversing a decision of her predecessor, Acting Director, Mick Mulvaney, of renaming the bureau to the Bureau of Consumer Financial Protection (BCFP).According to the Washington Examiner, in a memo to agency staff, Kraninger said, “As of December 17, 2018, I have officially halted ongoing efforts to make changes to existing products and materials related to the name correction initiative.”“The name ‘Consumer Financial Protection Bureau’ and the existing CFPB logo will continue to be used for all other materials,” Kraninger said in her memo. “In other words, we have a legal name but will be using our colloquial name and the branded acronym ‘CFPB.’”However, she noted that the Bureau’s official seal and the BCFP name would continue to be used in all of the agency’s legal filings, required reports, and items specific to her office.Kraninger’s memo comes a day after Sen. Elizabeth Warren called for an investigation into the attempted name change. “Changing the agency’s name and acronym would make it harder for consumers to find the agency’s website, file complaints, and seek help,” Warren said in a letter to the Fed and the CFPB requesting the inquiry.The bureau’s changed name had been at the center of much speculation over the past few weeks. Just before Kraninger’s confirmation, an article in the Hill had cited an internal analysis that found that a name change would have cost the agency approximately $19 million and financial firms approximately $300 million in expenses for changing the agency’s name from CFPB to BCFP on their databases and documents.In April this year, Acting Director, Mick Mulvaney had announced plans to alter the bureau’s name to the one that was used when the agency was originally created under the Dodd-Frank Act in 2010. “I’m trying to get in the habit of now saying the ‘BCFP,’” Mulvaney had said at an industry event at that time. “The CFPB doesn’t exist,” he added. “The CFPB has never existed.” Previous: The Burden of Mortgage Next: Why Prepayment Activities Have Declined The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / To BFCP or Not To BFCP: That Is the Question The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 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. Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post December 19, 2018 1,901 Views About Author: Radhika Ojha Related Articles Tagged with: BCFP CFPB Elizabeth Warren Kathy Kraninger Mick Mulvaney Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago BCFP CFPB Elizabeth Warren Kathy Kraninger Mick Mulvaney 2018-12-19 Radhika Ojha Subscribelast_img read more

Fannie Mae Examines Economic and Housing Trends

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Share Save Fannie Mae Examines Economic and Housing Trends 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. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Tagged with: Affordable Housing Economy Fannie Mae Federal Reserve Homes HOUSING Inventory loans mortgage Rate Cuts Refinance Previous: Gen Z Home Loans Catching Up Next: Mortgage’s Share of Household Debt More rate cuts are on the horizon. At least that’s what Fannie Mae’s Economic and Strategic Research Group has projected in its latest report on economic and housing trends.The report projected two more rate cuts by the Fed—one in September and one in December. It also indicated that a stronger than expected first half had pushed the GDP growth forecast for 2019 to 2.2%, despite “escalating trade conflict and the associated risks of financial market volatility, labor market weakness, and loss of consumer resiliency.”Despite the strong signs of consumer demand, the report revealed that “residential fixed investment dragged for the sixth consecutive quarter.” Business investment also “turned negative in the face of increasing trade and geopolitical uncertainty.”“Though the current expansion recently became the longest on record, reverberating trade tensions and general economic uncertainty continue to weigh on growth,” said Doug Duncan, SVP and Chief Economist at Fannie Mae. “The persistent trade tensions between the U.S. and China threaten to further reduce business investment, disrupt equity markets, degrade household wealth, and diminish consumer spending, the country’s primary economic engine of late.”While the demand for housing remains strong, The ESR Group found that limited inventory, especially for affordable housing, continued to remain a challenge for homebuyers. This, despite Fannie Mae’s latest Home Purchase Sentiment Index suggesting strong homebuyer interest after recording a new survey high in July.The report also suggested an uptick in refinance activity as mortgage rates nearing new lows. The report indicated that the share of refinancing activity had risen from 29% in 2018 to 35% in 2019.“Mortgage rates are approaching the lowest level in recent decades, and as they have moved lower more and more homeowners are finding incentive to refinance,” Duncan said. “We estimate that 35% of outstanding mortgages are now ‘in the money,’ meaning borrowers may realize significant cost savings by refinancing; as such, we expect the share of refinance originations to grow through the remainder of the year.”However, he added that these benefits were mostly being enjoyed by existing homeowners. “Many would-be homeowners, and the purchase mortgage market generally, remain unable to capitalize on the favorable rate environment due to the chronically limited supply of homes available for sale,” Duncan said. August 15, 2019 1,650 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fannie Mae Examines Economic and Housing Trends Affordable Housing Economy Fannie Mae Federal Reserve Homes HOUSING Inventory loans mortgage Rate Cuts Refinance 2019-08-15 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 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 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 Subscribelast_img read more

Industry Applauds Nomination of Brian Montgomery for HUD’s Deputy Secretary

first_img About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Industry Applauds Nomination of Brian Montgomery for HUD’s Deputy Secretary Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. October 8, 2019 2,185 Views Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: When Hope Survives Next: David Lowman Stepping Down From Freddie Maccenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Brian Montgomery HUD Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Brian Montgomery HUD 2019-10-08 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post The U.S. Department of Housing and Urban Development (HUD) announced Tuesday that Brian Montgomery has been nominated to serve as Deputy Secretary of HUD.Montgomery, who also serves as HUD’s Assistant Secretary for Housing and Federal Housing Commissioner, would manage the day-to-day operations of the agency and assist the Secretary in leading the department’s nearly 8,000 employees.“Once again, I am tremendously honored to be called upon by President Trump and Secretary Carson to serve this Department and the American people,” Montgomery said. “Service to our fellow Americans is the cornerstone of our Department and I look forward to continuing to help fulfill HUD’s critical role.”A release from HUD states that Montgomery was nominated for these roles in September 2017 and he is the first person to serve as the head of the Federal Housing Administration twice and under three different Administrations.Five Star President & CEO Ed Delgado and Brian D. Montgomery AssistantSecretary for Housing – Federal Housing Commissioner for HUD speakingat an industry summit on housing and mortgage servicing (September 2019)“Brian brings tremendous experience to our team and has been a strong voice in the effort to reform the Nation’s housing finance system,” said HUD Secretary Dr. Benjamin Carson. “As Federal Housing Commissioner, Brian made certain FHA remains a stable and reliable resource for first-time and minority homebuyers, and other underserved borrowers while protecting the interests of taxpayers. Brian is a key member of our team and I look forward to having him confirmed as our Deputy Secretary.””We applaud the public service Mr. Montgomery has extended to the cause of promoting homeownership, and this is the next and right step to advancing the mission of HUD.”—Ed Delgado, President & CEO, Five Star GlobalAs Federal Housing Commissioner, Montgomery is responsible for the management of FHA’s more than $1.4 trillion mortgage insurance portfolio. He also oversees HUD’s project-based Section 8 rental assistance housing program, the Officer of Housing Counseling, and HUD’s Manufactured Housing Program.“The Manufactured Housing Institute applauds the nomination of Brian Montgomery for Deputy Secretary of HUD. His leadership and vision during two tours at HUD demonstrates his commitment to solving our nation’s affordable housing supply challenges through solutions that support innovative housing methods,” said Lesli Gooch, EVP, Government Affairs for the Manufactured Housing Institute.John Smaby, President of the National Association of Realtors, said Montgomery has demonstrated “consistent support for American consumers,” while capitalizing on the role the FHA plays in addressing affordability and facilitating homeowbership in the U.S.“His vision of modernizing the critical infrastructure of the FHA is essential to successfully serving all Americans with affordable and responsible mortgage financing while protecting both borrowers and taxpayers from avoidable risk,” said David M. Dworkin, President and CEO of National Housing Conference. “He will be a valuable voice within the administration and in the housing community as a whole.”Montgomery served in the Executive Office of the President as Deputy Assistant to the President and Cabinet Secretary from January 2003 until April 2005. He led the White House’s internal working group to monitor all facets of the Space Shuttle Columbia accident investigation, which he was awarded the NASA Exceptional Service Medal. He served as Deputy Assistant to the President and Director of Advance from January 2001 until January 2003. For more on Montgomery, read our interview in the November 2018 edition of DS News magazine. Home / Daily Dose / Industry Applauds Nomination of Brian Montgomery for HUD’s Deputy Secretary Demand Propels Home Prices Upward 2 days agolast_img read more

Single-Family Rental Experts to Assemble in Dallas

first_img  Print This Post About Author: Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Five Star Global is proud to announce Jeff Tesch, CEO of RCN Capital, as the Event Chair for the 2020 Single-Family Rental Summit, taking place March 24-25 in Dallas.“It’s going to be an amazing, information-packed two days,” Tesch said of the conference. Sessions during the summit include discussions on technology, financing, property management, and how investors can scale single-family business.  Single-family rental compromise one-third of all U.S. rental properties, with 16 million current properties on the market and 13 million in demand. CoreLogic’s Single-Family Rent Index found rent prices rose 3.1% year-over-year, an increase propped up by low-end rentals, defined as properties with rent prices less than 75% of the regional median. Low-end rentals were up 3.6% year-over-year in October 2019.The increase in single-family rental prices were fueled by the low rental home inventory, but price growth has slowed since February 2016. High-end rental prices grew alongside low-end, up by 2.9% from October 2018.“Increases in low-end rent prices have outpaced those on the high end for more than five years as newly-formed households push up demand for entry-level rentals,” said Molly Boesel, Principal Economist at CoreLogic. “However, high-end rents gained momentum for the sixth consecutive month in October 2019, while low-end rates slowed for the first time in roughly five months–resulting in the narrowest gap in rent growth for these price tiers since 2014.”By region, Phoenix had the highest year-over-year increase in single-family rents in October 2019 at 6.8%. Following Phoenix, Seattle took the second-highest rent price growth in October 2019 with gains of 5.8% and 5.4%. Phoenix, alongside Seattle, had high year-over-year rent growth driven by annual employment growth of 2.6% and 2.9%.Phoenix and Seattle’s year-over-year rent growth was driven largely by annual employment growth of 2.6% and 2.9%, respectively, larger than the national average of 1.4%.Overall, buying is more affordable in 53% of the 855 counties ATTOM Data Solutions tracks. Previous: Investor Update: Non-Traditional Renters Take Over Market Next: Don Layton Explains CRT Process and Effectiveness February 3, 2020 842 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago 2020-02-03 Mike Albanese 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 Home / Daily Dose / Single-Family Rental Experts to Assemble in Dallas Data Provider Black Knight to Acquire Top of Mind 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. in Daily Dose, Featured, News Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Single-Family Rental Experts to Assemble in Dallaslast_img read more