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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19 Oct
2020

China warns US against ‘McCarthy-style paranoia’

first_imgChina’s top diplomat Thursday warned the United States against “McCarthy-style paranoia” as tensions rise between the two superpowers.Beijing and Washington have been sparring over a slew of issues, from a new national security law in Hong Kong to trade and US criticism of China’s handling of the coronavirus pandemic.”The current US policy toward China is based on strategic misjudgements… and McCarthy-style paranoia,” China’s foreign minister Wang Yi said, referring to US senator Joseph McCarthy, who led an anti-communist crusade in his country in the 1950s. Topics : But Wang said China is still willing to resume dialogue at all levels to resolve differences.”China and the United States should not seek to transform each other, but should jointly explore ways for peaceful coexistence of different systems,” he said. center_img In a pre-recorded speech to a China-US think tank forum, at which former US secretary of state Henry Kissinger also spoke, Wang warned that “artificially creating various China threats may eventually lead to self-fulfilling prophecies.”The comments come weeks after Wang said relations with the United States were “on the brink of a new Cold War”, fuelled in part by tensions over the coronavirus pandemic.US President Donald Trump has accused Beijing of a lack of transparency, and pushed the unproven theory that the virus may have leaked from a Chinese maximum-security laboratory.”The United States should immediately stop politicizing the epidemic… and work with China to promote global cooperation on fighting the virus,” Wang said.last_img read more

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6 Oct
2020

Couple gives away land so 50 families can beat affordability crisis

first_imgThe $10.5m affordable living project will see a mix of one, two and three bedroom townhouses at Kallangur north of Brisbane for low to moderate income families.“Our aim is to provide quality housing solutions in empowered communities, with the supportof the Handy family we are achieving that here in Kallangur.”The mix of one, two and three bedroom townhouses were scheduled for completion in early October. They sit in one of the fastest growing parts of the Brisbane region – Moreton Bay. The median house price in Kallangur in the past 12 months was $365,000, with the median unit price at $305,750, according to CoreLogic Market Trends.Churches of Christ Housing Services has developed over 1,200 homes in the state and by the end of 2017 will deliver a further 95 homes for people on low to moderate incomes struggling in the private market. Philanthropists Ian and Neva Handy at the sod turning for a new $10.5 million housing development for disadvantaged families.THIS couple wins Valentine’s Day! They have given away land so 50 families can beat the housing affordability crisis.Ian and Neva Handy gifted over 9,000sq m (0.9ha) of land north of Brisbane to kickstart a $10,5 million affordable housing project by their church.The pair donated the land to the not-for-profit Churches of Christ Housing Services, which began construction of 50 townhouses. An artist’s impression of the $10.5m affordable living project by the Churches of Christ Housing Services. The project went ahead after Ian and Neva Handy donated over 9,000sq m of land for it.The Handys turned the sod on the Kallangur site on Monday so that construction could kick off.Mr Handy told The Courier-Mail that they had planned on building the townhouses themselves initially but found that it would be a lot more cost effective if a charitable organisation did it.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours ago“It’s a big hunk of land, over 9000sq m. We had it valued and it was about $2.5m. I’m sure a lot of people can benefit from being able to live in those units, they’re well designed for seniors and disabled too.”The 50 townhouses would be targeted at people on low to moderate income, seniors and people living with disability, according to COC Housing services general manager Frances Paterson-Fleider.“The financial challenge of developing affordable housing is often about the cost of the land, rather than actual construction costs.”She said the project was an opportunity to use private capital and philanthropic resources for social returns. last_img read more

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