31 May
2021

Latest Real Wage Growth Could Spell Good News for Housing

first_img Latest Real Wage Growth Could Spell Good News for Housing Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea 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 / Latest Real Wage Growth Could Spell Good News for Housing Many economists and analysts have said that strong wage growth is needed in order for facilitate a full recovery for the housing industry. The latest data released by the U.S. Bureau of Labor Statistics indicates that real wages are on the rise, increasing by 22 cents year-over-year.In the real earnings report for February 2015 released Tuesday, the BLS reported that real average hourly earnings – hourly earnings adjusted for inflation – increased year-over-year from $10.32 to $10.54 year-over-year, an increase of 2.1 percent, despite a drop by one cent from January’s average of $10.55.Real average weekly earnings increased year-over-year in February by more than nine dollars, from $355.17 up to $364.56, while declining by 35 cents from January to February. The BLS cited the month-over-month decrease in real average hourly earnings combined with no change in the average workweek as the reasons for the slight month-over-month drop in real weekly earnings. The average work week remained unchanged at 34.6 hours from January to February while increasing by 0.6 percent year-over-year, from 34.4 hours reported in February 2014.The average hourly earnings increased by just three cents month-over-month in February from $24.75 to $24.78, while increasing by 48 cents year-0ver-year. Average weekly earnings ticked up by just $1.04 in February from $856.35 up to $857.39 while increasing by more than $21.00 year-over-year, from $835.92 reported last February. At the time the BLS February employment summary was released in early March, Fannie Mae Chief Economist Doug Duncan stated that the slow wage gains were holding back the housing industry, but that he said he believed the strong hiring numbers (an average of 266,000 jobs added per month in the last 12 months).”We maintain our belief that once upbeat hiring translates into stronger income growth, which we believe it likely will, a stronger housing recovery will follow,” Duncan said.While Fannie Mae reported a slow start to the year economy-wise in its March 2015 Housing and Economic Outlook released earlier this week, recent improvements in the labor market suggest that the GSE’s prediction that the economy will rebound and “drag housing upward” in 2015 may still yet come true. The latest year-over-year increase in real earnings suggest that the wage growth analysts are hoping for to lift the housing market may be coming.”The economy is getting a boost from the strong employment numbers we’ve seen last year and at the start of 2015,” Duncan said in the report. “When this employment growth partners with income growth and consumers experience a rise in their personal household income, we should see a similar boost in the housing sector. Overall, we expect an improving 2015 with continued economic growth bringing housing above 2014 levels.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Housing Market Real Wage Earnings U.S. Bureau of Labor Statistics Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 Previous: Cold Winter, Soft Economic Growth Cause Housing Market to Stumble Next: Fabrizio & Brook Announces New Hire; Managing Shareholder Appointed as Case Evaluatorcenter_img Demand Propels Home Prices Upward 2 days ago March 25, 2015 1,200 Views in Daily Dose, Featured, Market Studies, News Housing Market Real Wage Earnings U.S. Bureau of Labor Statistics 2015-03-25 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Sign up for DS News Daily Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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31 May
2021

Homeownership Rate Will Continue Decline Into 2030, Study Estimates

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: Potestivo & Associates Adds Two Associate Attorneys Next: Survey: Three In Five Americans Believe Country is Still in Midst of Housing Crisis 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. in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Share Save June 9, 2015 1,804 Views Homeownership Rate Will Continue Decline Into 2030, Study Estimates Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Homeownership Rates Housing Market Urban Institute  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Homeownership Rate Will Continue Decline Into 2030, Study Estimates Homeownership Rates Housing Market Urban Institute 2015-06-09 Brian Honea New renters will outpace new homeowners in the next decade and a half and the homeownership rate will decline even though there will be more homeowners than renters, thus creating intense competition for rental housing, according to a study released by the Urban Institute (UI) this week.The report found that the 20 million new seniors in the country by 2030 will require some sort of policy change in order to remain in their homes, and also that African-Americans will fall behind in the housing market while the rates of homeownership will improve for Hispanics.The study, titled “Headship and Homeownership: What Does the Future Hold?” by Laurie Goodman, Rolf Pendall, and Jun Zhu, covers patterns of household formation and homeownership rates in the two decades from 2010 to 2030. The authors concluded based on those estimates that “we do not have adequate policies in place to support the rental surge and adequate affordable rental housing and homeownership for all, regardless of race and ethnicity.”The report examines the role of millennials in the housing market over the next 15 years. Millennials, widely viewed by economists as a key driver to homeownership over the coming years, are expected to choose renting more than homeownership in the next 15 years. UI estimates that only 38 percent of millennials will own a home by 2030 when they have reached their prime homebuying age – compared with 38 percent of baby boomers who owned homes when they were the same age in the 1990s. The study also found that the pace at which people create new households, known as the headship rate, has been steadily declining since for every age group except the oldest Americans since reaching its peak in 1980 and will continue declining for the next 15 years.Also according to the UI, 43 percent of new households formed from 2010 to 2030 will be Hispanic, compared to 18 percent that will be White. More than half of the new homeowners are expected to be Hispanic, compared to only 7 percent that are expected to be White. The percentage of non-White households being formed will greatly increase in the next 15 years; UI estimates that 77 percent of the 11.6 million new households formed between 2010 and 2020 will be non-White. That number jumps to 88 percent of the 10.4 million new households formed between 2020 and 2030. The homeownership rate for Hispanics is expected to increase from 46 percent to 48 percent from 2000 to 2030, while the rate for African-Americans is expected to drop during that same 30-year period from 46 percent to 40 percent.”The gap between Hispanics’ and African Americans’ homeownership rates will grow,” the authors of the study said. “African Americans were hit hardest in the housing crisis and will see a large decline in their homeownership rates regardless of economic growth.”The UI estimates that by 2030, 74 percent of homeowners over age 65 will be White, substantially higher than 56 percent of those under 65 that are projected to be White.Overall, from 2010 to 2030, UI estimates there will be four million more renters than homeowners while the homeownership rate falls from 65.1 percent down to 61.3 percent during that 20-year period. In that time, 22 million new households will need homes to rent or buy; UI estimates that 13 million of those will rent while nine million will buy. Also, the homeownership rate among 35- to 44-year-olds is expected to be 55.2 percent in 2030, which is a decline from 67.4 percent 40 years earlier in 1990.In order to increase the homeownership rates in the next 15 years, UI recommends three policy changes: Encourage the building of suitable rental housing to meet demand; expanding mortgage credit availability to encourage homeownership, which will in turn reduce the shortage of rental housing; and develop policies that will allow seniors to keep their homes, “as most want to do.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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31 May
2021

Cordray: Servicers Still have Work to Do

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Tagged with: CFPB CFPB Director Richard Cordray CFPB’s Servicing Rules Home / Daily Dose / Cordray: Servicers Still have Work to Do October 25, 2016 1,090 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The implementation of these rules has not be easy on servicers, and there has been some noted push back since their publication in 2014. Because of this, the CFPB revised and updated the servicing rules in August in hopes of working out the kinks and subsiding legitimate concerns. Cordray said that responses to these updated final rules indicate that consumers are finding the new initiatives helpful and easier to understand and subsequently leading to consumers who are less anxious and more satisfied with how things are being handled.But the CFPB Director also said that the best way to insure consumer satisfaction is paying more conscious attention to what those consumers themselves have to say.“We have now received more than one million consumer complaints, which we study to prioritize our own supervision and enforcement work,” said Cordray. “We have published more than 646,000 of them, along with data on company responses. We share this data not only to empower consumers and inform the public, but also so that companies can learn from the data and improve their own operations.”“By closely analyzing complaint patterns, we can identify spikes in specific complaint types, emerging trends, issues with new and evolving products, and patterns across geographic areas, companies and consumer demographics,” he continued. “We urge you to be doing the same thing, not only with our complaints and the feedback you receive directly from your own customers, but also by reviewing complaints made about others in the same markets. This is data you can use to address current problems and prevent issues from arising in the future.”Cordray finished his time telling the servicers that their efforts to grow their businesses were the key to rebuilding the housing industry and thus contributing strongly to the economic recovery rather than holding it back.“We all are aware that the mortgage market has undergone dramatic change in the past decade,” said Cordray. “It has traveled a long and winding road from the irresponsible spree that sabotaged the world’s largest economy through a highly restrictive market that excluded many creditworthy applicants from qualifying for reasonable and responsible loans. Under our new rules, what is now emerging is a mortgage market in a steady recovery.” in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Cordray: Servicers Still have Work to Do Demand Propels Home Prices Upward 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Previous: Ellie Mae Launches Encompass Lending Platform Next: Housing Demand Picks Up Steam Related Articlescenter_img 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 “Although home foreclosures, mortgage delinquencies, and underwater mortgages have all declined steadily, they still affect millions of consumers who continue to feel the effects of the crisis. The pace of recovery has clearly been uneven around the country, particularly in communities of color,” said Richard Cordray, Director of the CFPB in a speech to mortgage servicers. “And I agree with Federal Housing Finance Agency Director Mel Watt that the market is not yet supporting access to credit for the full spectrum of creditworthy borrowers; average credit scores for home purchase loans are still above the levels historically viewed as normal from past years.”Cordray was not forthcoming with praise for the mortgage servicing industry during his speech on Tuesday, but instead spent most of his time highlighting work the CFPB has done in the past five years to revive the mortgage industry that was “devastated by the financial crisis.”“We firmly believe that through our work in this area, the Consumer Bureau has played an important part in these developments,” said Cordray. “We know that sometimes you are focused only on one side of the equation, namely the compliance costs you have incurred in implementing the rules we issued. That is a fact, but it is an inevitable one. No economic sector that precipitates a global financial meltdown could possibly expect to escape far-reaching reforms, as the Congress so dictated.” CFPB CFPB Director Richard Cordray CFPB’s Servicing Rules 2016-10-25 Kendall Baer No economic sector that precipitates a global financial meltdown could possibly expect to escape far-reaching reforms, as the Congress so dictated.-Richard Cordray, Director for the CFPB The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Kendall Baer  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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31 May
2021

Healthy Economy, Low Unemployment Fuels Strong Prices for Owners

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: And the Winner Is… Next: Black Friday Isn’t the Time to Go House Shopping Affordability closed sales Inventory New York State Association of Realtors NYSAR Skinny Housing Market Report 2017-11-22 Dean Terrell Healthy Economy, Low Unemployment Fuels Strong Prices for Owners November 22, 2017 1,893 Views Share Save Home / Daily Dose / Healthy Economy, Low Unemployment Fuels Strong Prices for Owners Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, Market Studies, News, REO Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: Affordability closed sales Inventory New York State Association of Realtors NYSAR Skinny Housing Market Report About Author: Dean Terrell The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The New York State Association of Realtors (NYSAR) released its Skinny Housing Market Report focusing on closed home sales and price data for October 2017. The report takes data from several listing systems throughout New York and highlights many key metrics to provide a clear picture of notable market changes. These metrics include new listings, pending sales, the amount of days home are on the market, average sales price, the percentage of the list price received, housing affordability, the inventory of homes for sale, and the months supply of inventory.The report mentions the national unemployment rate registered at 4.1 percent in October this year, meaning joblessness has not been this low since December 2000. With mortgage rates consistently holding at 3.9 percent, the NYSAR believes this combination of factors helps “keep the pool of potential buyers full, even during the so-called off season of home sales.” The NYSAR also notes that historically, mortgage rates have averaged around 6 percent.In October 2017, pending sales measured at 11,823, a 10.4 percent increase compared to the same time last year. Closed sales measured at 12,178 and increased 3.7 percent compared to October 2016, showing the market to be active according to the NYSAR.Homes for sale were down in October compared to the same time last year, showing a 6.6 percent decrease and landing at 69,321 units. It’s worth mentioning that the NYSAR believes there is reason to remain positive even with lower inventory. “There are several signs of impending inventory recovery as sellers become more confident and builders embark upon projects designed to meet demand,” the report stated. The median sales price last month went up compared to last year, with the average sale price being $249,900, a 9.1 percent increase from $229,000 last year. The months supply of inventory was down 9 percent compared to October 2016, which the NYSAR believes will continue to be the case next year and possibly for all of 2018. The percent of list price received at sale rose 0.5 percent, from 96.5 percent last year to 97 percent in October 2017.To view the full report, click here. Subscribelast_img read more

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31 May
2021

Debt and Regret Among Some Homebuyers

first_imgHome / Daily Dose / Debt and Regret Among Some Homebuyers Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Related Articles April 19, 2018 1,592 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Purchasing a home is unquestionably one of the biggest expenditures most consumers will make in a lifetime. It’s exciting, it’s nerve-wracking, it’s fraught with decisions. And when you finally find the “perfect” space to call your own, it’s also nearly impossible to resist—especially these days with inventory drum-tight, interest rates still hovering near the lowest recorded numbers in the past 30 years, and intense competition for the available properties. Sadly, for some buyers, that urge to acquire an abode is putting them in a precarious financial position, according to a new WalletHub study.The company recently set about determining which U.S. cities have the most overleveraged mortgage debtors. WalletHub compared the median mortgage balances against the median income and median home value in more than 2,500 cities.The nation’s number-one most overleveraged city, according to WalletHub? Willis, Texas, with an overleverage score of 65.77. How do the numbers shake out? Median mortgage debt in Willis is $141,422, while the median home value sits at $74,600. Median income is $33,933, mortgage debt-to-income ratio is 417 percent, and mortgage debt-to-house value ratio is 190 percent.Number two on the list is Ewa Beach, Hawaii, which garnered a 65.33 overleverage score. There, median mortgage debt is $357,535 and median home value is $468,200, while median income stands at $35,656. The mortgage debt-to-income ratio is 1003 percent, and the mortgage debt-to-house value ratio totals 76 percent.Now that you have an idea of how the scoring system works, here are the overleverage scores for the remaining cities in the top 10: Dumfries, Virginia—65.29; Kahului, Hawaii—63.66; Santa Ana, California—62.3; Lahaina, Hawaii—62.2; Watsonville, California—58.35; Bell Gardens, California—56.35; Vista, California—55.72; and Richmond, Texas—55.51.A simple tool like a mortgage calculator can be a huge aid in figuring out an affordable monthly payment and realistic payoff timeline, WalletHub says. Plus, a credit-score makeover (if necessary) is also a big help, it advises. The critical key, it notes, is knowledge.“As with any major financial decision, it’s wise to improve one’s credit score before applying for a mortgage in order to qualify for the best possible rates,” WalletHub said. “Without a good grasp of how to pay off mortgage debt, consumers might find that debt unsustainable.” The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Examining Housing Inequality Next: Rental Payment History vs. Mortgage Delinquency Risk The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability debt Mortgage Debt Mortgage Leverage WalletHub 2018-04-19 Alison Rich Debt and Regret Among Some Homebuyers Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability debt Mortgage Debt Mortgage Leverage WalletHub Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Alison Rich Sign up for DS News Daily  Print This Post Subscribelast_img read more

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31 May
2021

Housing Optimism Steady, But Trouble on the Horizon

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago June 25, 2018 1,618 Views in Daily Dose, Featured, Journal, Market Studies, News Housing Optimism Steady, But Trouble on the Horizon Previous: Black Knight Introduces LoanSphere Servicing Digital Next: Zombie Homes: Why Won’t They Die Out? Home / Daily Dose / Housing Optimism Steady, But Trouble on the Horizon Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home Prices HOME Survey Housing Inventory Housing Opportunities and Market Experience survey housing optimism NAR National Association of Realtors 2018-06-25 David Wharton Share 1Save Tagged with: Home Prices HOME Survey Housing Inventory Housing Opportunities and Market Experience survey housing optimism NAR National Association of Realtors Related Articles About Author: Scott Morgancenter_img Sign up for DS News Daily 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. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago When it comes to Americans’ optimism about buying homes, Q2’s numbers might as well be cribbed from the National Association of Realtors’ Q1 report. NAR’s second quarter Housing Opportunities and Market Experience (HOME) survey found that 68 percent of people think it’s a good time to buy—statistically, pretty much the same as in the first quarter.That optimism has remained steady among homeowners in particular. As with last quarter, 39 percent strongly agree that now is a good time to buy, while 29 percent moderately agree. Among renters, however, those positive feelings dropped from 55 to 49 percent in Q2. Optimism is highest among older buyers (65 or over) and those living in the South and Midwest regions (73 and 71 percent, respectively).NAR Chief Economist Lawrence Yun said affordability and low inventory are eroding buyer confidence. “Inventory remains the driving force in real estate, affecting everything for rising prices to household formation. Improving supply conditions is critical to improving buyer optimism and helping to remove some of the barriers holding back potential first-time buyers,” Yun said.Sixty-eight percent of those surveyed said they believe that home prices have gone up in their area within the last 12 months. That’s up from 63 percent last quarter. Meanwhile, 55 percent also believe that home prices will keep going up in their communities through year’s end. That’s about where it was last quarter, too.Those numbers also largely mirror optimism about the economy in general. According to the report, almost 60 percent said the economy will stay strong. Most of the optimists are in rural areas, where 63 percent said the economy is improving.The largest change in perception from Q1 regarded mortgages. Forty-six percent of those surveyed said they do not believe it would be difficult to obtain a mortgage. While still less than half, that number is up from 36 percent last quarter. “This is most likely a reflection of the current positive outlook on the direction of the economy,” Yun said. “Healthy job creation and faster wage growth mean that homeownership is viewed as a more attainable goal than it was a year ago.” But optimism for several years ahead was a little less bouncy. Asked if homeownership will be easier or harder to attain for future generations, 73 percent said it will be harder for future generations to purchase a home, compared to 11 percent who said it will be easier. On the other side of the table, 75 percent believe that now is a good time to sell. Twenty-nine percent overall said that now is not a good time to sell a home. Among homeowners, that number was 19 percent.“Hopefully, this strong seller optimism will lead to an increase in inventory later on in the year,” said Yun. 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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31 May
2021

Why Is the Manhattan Housing Market Slowing Down?

first_img About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Homes HOUSING Inventory Listing Price manhattan market sale Stribling & Associates 2019-01-09 Radhika Ojha in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily  Print This Post The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: RESPA Damages Denied for Delinquent Mortgagor Next: Ginnie Mae’s Michael Bright Steps Down Demand Propels Home Prices Upward 2 days ago Properties in the tony Manhattan borough of New York City spent the greatest number of days on market in six years according to a report on Manhattan’s housing market by residential brokerage firm Stribling & Associates.The report which covers sales, contracts, and inventory levels across the borough revealed that the luxury threshold (defined by Stribling as the top 10 percent of all sales) stood at $4.35 million. Many legacy contracts signed in new developments in the borough up to two years ago or more finalized their sales in Q42018 driving up the average price in Manhattan by 1.8 percent, even as the median price dropped 4.4 percent. “In healthier markets, these numbers would have moved correspondingly,” said Garrett Derderian, Director of Data and Reporting at Stribling.The borrow recorded a decline of 10 percent in total sales compared to the same period last year and was down 25 percent from the high recorded in Q42015, the report indicated. “Every quarter of 2018 saw a decrease in the number of sales over the same period one year ago, including the most recent quarter,” Derderian said. “The striking occurrence now is the number of sales hit a post-crash low. The last time we observed so few fourth-quarter sales was 2011.”Despite the decline in sales, the report revealed that sales volume in terms of dollars increased with total sales volume for Q42018 up 1.6 percent to $4.07 billion from $4.01 billion a year ago. Yet, according to Derderian, the total volume remained down from the nearly $5 billion recorded in 2015.Additionally, discounts in price listings continued to rise during the quarter in Manhattan. While the average discounts for properties in the borough were at 6.4 percent off the initial asking price in Q32018, they grew to 7.9 percent in Q4, though they weren’t evenly spread.Looking at the inventory in the area, the report found that there were 7,019 units on the market at the end of Q42018. Of these, condo units made up the largest share of the inventory with 49 percent. 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 agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago January 9, 2019 1,852 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Why Is the Manhattan Housing Market Slowing Down? Tagged with: Homes HOUSING Inventory Listing Price manhattan market sale Stribling & Associates Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Why Is the Manhattan Housing Market Slowing Down? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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31 May
2021

New York Fed: Snapshot of Consumer Housing Expectations

first_img The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / New York Fed: Snapshot of Consumer Housing Expectations 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Federal Reserve Bank of New York’s 2019 Survey of Consumer Expectations Housing Survey shows that U.S. households expect home prices to rise at a slower price when compared to last year.A large majority of households still view housing as a good financial investment, although the share believing housing is a “very good investment” declined across all regions, according to the survey.“The U.S. economy is still in a very good place,” said John Williams, President and CEO of the New York Federal Reserve. “We’re seeing very strong job growth. Very low unemployment and continued growth into this year.”The survey also concluded that the majority of renters still view obtaining a mortgage is difficult, but the share believing it is easy rose above 21% for the first time since 2014.The survey, which is part of the broader Survey of Consumer Expectations, has been conducted annually since 2014.Williams said one of the biggest reasons the economy has not seen more growth over the past few years is because the housing sector has “lagged relative to its historical patterns.”New York Fed reports there are approximately 10.7 million fewer households in 2016 than there were in 2004.According to the report, the average home-price-change expectation at both the one- and five-year horizons fell when compared to 2018. The average one-year change in home prices in 2019 was 3.6%, down from last year’s 4.6% and the second-lowest level since 2014.Five-year growth expectations average 2% annually, which is approximately 1% lower than last year.The average probability of home prices decreasing at the five-year horizon jumped to 29% in 2019 from 27% in 2018. Younger respondents—under 50-years-old—believe there is more of a risk in housing compared to those over the age of 50.Respondents, however, responded favorably toward housing as a financial investment, with 65% believing buying property in their zip code is a “very good” or “somewhat good’ investment. Nine percent think housing is a bad investment, down from 10.6% in 2018.Reversing a five-year trend, the average reported probability of moving over the next year rose to 17.8% from 17% in 2018. Tagged with: Federal Reserve Bank of New York Home Price Households  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How to Approach the Lien-Release Process Next: Legal Trends, Challenges in the Servicing Industry Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese 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 Federal Reserve Bank of New York Home Price Households 2019-05-22 Mike Albanese Sign up for DS News Daily May 22, 2019 1,168 Views in Daily Dose, Featured, News New York Fed: Snapshot of Consumer Housing Expectations The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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31 May
2021

Protecting Homes From Disaster

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Disaster Legislation Related Articles U.S. Representatives from Florida Gus Bilirakis and Charlie Crist have introduced their “Shelter Act,” a plan to offer tax credits for homeowners, families, and businesses threatened by natural disasters. According to the Representatives, the bill will “help Americans protect their homes or businesses against hurricanes, tornados, floods, drought, and wildfires” by creating a “first-of-its-kind disaster mitigation tax credit for families and business owners in disaster-prone areas,” Florida Daily reports. Other supporters include Louisiana Rep. Bill Cassidy and Colorado Rep. Michael Bennet.“With Hurricane Season underway, my constituents and all Americans living in coastal regions are susceptible to these devastating storms. Disaster can strike at any time, often with little warning. It’s never too early to prepare. Taking steps now to reinforce a roof covering, or protect an exterior window, could mean the difference between saving money in the long-run and dealing with major property damage,” said Bilirakis, introduced the bill. “This legislation is about helping our communities be proactive when it comes to preparing for Hurricane Season. Our local emergency managers in Pasco, Pinellas and Hillsborough Counties do an incredible job of ensuring our communities are ready. But preparedness must also begin at home. Our bill encourages that.”“As Americans, we know all too well that disaster can strike when we least expect it. For working families who own homes and businesses, a natural disaster can leave their lives and livelihoods literally in pieces,” said Crist. “This bipartisan legislation puts power back into the hands of the people, rewarding small businesses and homeowners who prepare for the unexpected and invest in protecting their property from hurricanes, floods, and everything in between.”The bill has drawn support such as BuildStrong Coalition, the Federal Alliance for Safer Homes, the Insurance Institute for Business and Home Safety, the National Association of Home Builders, the National Ready Mix Concrete Association, the National Realtors Association, the Smarter Safer Coalition and Home Depot. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Disaster Legislation 2019-07-02 Seth Welborn Previous: Legislation Addresses Michigan’s Property Tax Foreclosures Next: Proceed With Caution on HMDA Deregulation Servicers Navigate the Post-Pandemic World 2 days ago 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.  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago July 2, 2019 1,066 Views Home / Daily Dose / Protecting Homes From Disaster Protecting Homes From Disaster Demand Propels Home Prices Upward 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 The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn in Daily Dose, Featured, Loss Mitigation, News Subscribelast_img read more

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31 May
2021

Why Investors are Buying into Single-Family Rental

first_img Single-family rents increased 3% year over year in August 2019, according to the latest CoreLogic Single-Family Rent Index (SFRI). Low-end rentals, with rents 75% or less of a region’s median rent, made up a large chunk of August’s growth, as rents on lower-priced rental homes increased 3.7% year over year and rents for higher-priced homes, defined as properties with rents more than 125% of the regional median rent, increased 2.7% year over year.In an interview with DS News, CoreLogic Principal Economist Molly Boesel discussed how the increase in single-family rentals has impacted the housing market as a whole, and why many potential homeowners are turning to rentals.“Some of the demand has come from households displaced by foreclosure and some has come from millennial households who are looking for a single-family home but are not ready to buy,” Boesel said. “Just as the market has a low supply of for-sale housing, some markets also have a low supply of for-rent housing, which has driven rents up.”According to a post on the NAHB’s Best in American Living blog, renting by choice–instead of owning outright–is becoming increasingly popular among millennials.The blog said that this was where newly constructed built for-rent single-family homes came into the picture. These homes, according to the blog, present millennials “with a terrific opportunity to live the American dream–without the additional responsibilities and stress of homeownership.”According to realtor.com, investors are using the popularity of single-family rental to their advantage. Real estate investors purchased 7.7% of all homes in the second quarter of 2019, up 0.6% year-over-year, the most speculation the market has seen 2013. St. Louis is considered the most appealing destination for both flippers and landlords, with 18.8% of sales as investment properties. “Twenty years ago, [real estate investors] were all locals,” says St. Louis broker and landlord Dennis Norman of MORE Realtors. Now, “we have a lot of investors from California, from Colorado, and even international investors.” Home / Daily Dose / Why Investors are Buying into Single-Family Rental Share Save in Daily Dose, Featured, News October 15, 2019 1,341 Views About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Why Investors are Buying into Single-Family Rental Tagged with: Investment Rent SFR Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: Mortgage Contracting Services and M&M Merger: Industry Outlook Next: Financial Stress and Foreclosure Activity  Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Investment Rent SFR 2019-10-15 Seth Welborn Subscribelast_img read more

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