Is Another Recession on the Horizon?

first_img in Daily Dose, Featured, News Share Save Sign up for DS News Daily Tagged with: GDP Recessions U.S. Economy Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago While many analysts expected economic growth to be weak in the first quarter, no one expected it to be as weak as it actually was.The Bureau of Economic Analysis (BEA) “advance” estimate for the gross domestic product (GDP) growth rate in Q1 reported a rate of 0.5 percent for the quarter. And while Q1 has had its problems in recent years—the GDP grew at only 0.7 percent for the first quarter of 2015, then shot up to 3.9 percent for Q2—none were expecting it to be that low.GDP growth was 1.4 percent in the fourth quarter of 2015.According to the BEA, the slow Q1 GDP growth reflected a larger decrease in nonresidential fixed investment, a deceleration in personal consumption expenditures (PCEs), a downturn in federal government spending, an upturn in reports, and larger decreases in primary inventory investment. These factors were partially offset by an upturn in local government spending and an acceleration in residential fixed investment, according to the BEA.“Our forecast was about 0.7 growth and it came in at 0.5,” said Fannie Mae Chief Economist Doug Duncan. “People’s expectations had adjusted toward that. The good news in there was that housing actually increased its contribution, and that’s consistent with our forecast. The thing I think people continue to be disappointed with is the consumption numbers and the business fixed investment numbers were quite weak. That’s actually not surprising, given that corporate profits have fallen over the last several months, and companies typically don’t invest when profits are falling.”Duncan added that is a risk component of the economic picture going forward, there is a “pretty high correlation between a decline in profits and a recession, even though most people don’t have that in their forecast at the moment.”With the GDP growth that low, is a recession in the cards for the near term? Capital Economics said the likelihood is low.“Following on from the 1.4 percent gain in the final quarter of last year, (growth of less than 1 percent) suggests the U.S. economy lost more momentum and could be headed for a full-blown downturn,” Capital Economics said in a recent report. “The risk of a recession this year is still relatively low, however, particularly as the improvement in the activity surveys points to a rebound in GDP growth soon.”There will be two more estimates for Q1 GDP growth; one will be released in late May and one in late June. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago GDP Recessions U.S. Economy 2016-04-28 Brian Honea Home / Daily Dose / Is Another Recession on the Horizon? Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Is Another Recession on the Horizon? Servicers Navigate the Post-Pandemic World 2 days ago Previous: Closing the Gap: Achieving Diversity in Housing Finance Next: Carrington: Delivering the Real Estate Goods Data Provider Black Knight to Acquire Top of Mind 2 days ago April 28, 2016 1,131 Views Subscribelast_img read more

McMansion Popularity Surging for First Time Since Housing Bubble

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Housing Bubble McMansion McMansion Popularity Surging for First Time Since Housing Bubble Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Home / Daily Dose / McMansion Popularity Surging for First Time Since Housing Bubble Demand Propels Home Prices Upward 2 days ago Share Save in Daily Dose, Featured, Headlines, News 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] Back in the mid-2000s, McMansions, or homes that were larger than 3,000 square feet, helped fuel the housing bubble as people started building bigger and better homes. Coupled with subprime mortgages, banks couldn’t keep up when people stopped paying their mortgages, and the market collapsed.Now, according to Newsweek, the popularity of McMansions is surging once more, and the median price of McMansions is approaching what it once was in 2007According to information put out by Zillow, the median McMansion price in the year 2000 was $330.5 thousand. That number climbed to $519.5 thousand before the collapse in 2007. Since then, home prices have rebounded to a median $482.3 thousand as of May 2017. Compare those figures to the median value of all other homes in the year 2000—$119.8 thousand—and the May 2017 figure of $199.2 thousand, which is at an all-time high.McMansions have a contagious effect on neighborhoods, according to a report put out by Clement Bellet of the CEP, and which ultimately causes a snowball: once a McMansion moves into a neighborhood, it fuels more people to upgrade. The article estimates that there are 794,000 large homes that have been built in May.“I further show that when bigger houses get built closer to smaller houses, house satisfaction is lower among the smaller households. The effect is concentrated in suburbs where size inequality is high but segregation is minimal due to geographical constraints on developable land. Thus the relative size effect depends on economic segregation within counties, defined by the distance separating superstar houses from houses below median size,” Bellet said.Will the rise in popularity create another housing market crash? The data could be pointing toward that. If the Fed doesn’t slow down expansion by increasing interest rates, a collapse could be imminent. Previous: Banishing Blight: Officials, Experts, and Lawmakers Meet for Roundtable Next: HSBC Tackles Another U.S. Lawsuit Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Housing Bubble McMansion 2017-07-05 Joey Pizzolato The Week Ahead: Nearing the Forbearance Exit 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 July 5, 2017 4,013 Views Demand Propels Home Prices Upward 2 days ago About Author: Joey Pizzolato Sign up for DS News Daily Subscribelast_img read more

Siding with CFPB

first_img A district judge in Pennsylvania has made an important ruling in favor of the Consumer Financial Protection Bureau (CFPB) recently, according to a report (Case: Consumer Financial Protection Bureau v. Navient Corp. et al., case number 3:17-cv-00101, in the U.S. District Court for the Middle District of Pennsylvania).Navient is a loan servicer which holds a U.S. Department of Education contract for over $300 billion in federal and private student loans for over 12 million accounts. The CFPB brought suit against Navient in January on the grounds that the lender gave customers incorrect information about repayment plans, failed to respond to borrowers’ complaints, made it difficult to lower payments, and even applied payments to the wrong accounts.What’s interesting in this suit isn’t that the CFPB brought action against a nonmortgage servicer, but the precedent that could potentially have been set if U.S. District Judge Robert D. Mariani had sided with Navient’s argument.Essentially, Navient made claim that the CFPB lacked the authority to bring suit against the servicer because the CFPB, at its very nature, was unconstitutional, mostly due to the fact that its structure interferes with Article II of the U.S. Constitution and the President’s authority to control the agency’s leadership and funding.However, Judge Mariani sided with the CFPB, showing that the constitutionality of the CFPB had already been examined in other areas, and that since its budget was controlled by Congress and the Consumer Financial Protection Act, rules could be changed through different, legislative means.Further, Judge Mariani cited other independent agencies that operated completely outside the normal annual appropriations process, which include the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the National Credit Union Administration, Farm Credit Administration, and Public Company Accounting Oversight Board. Siding with CFPB in Daily Dose, Featured, Government, Headlines, News The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB District Court Home / Daily Dose / Siding with CFPB About Author: Joey Pizzolato Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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] Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe CFPB District Court 2017-08-08 Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Flagstar Announces new Leader to Mortgage Business Next: Fighting Off Foreclosures Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago August 8, 2017 1,524 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

ARMS Vs. FRMS—Which Loan Comes Out on Top?

first_img The Best Markets For Residential Property Investors 2 days ago CoreLogic Delinquency Rate Loan Performance Insights Report loans 2017-10-18 Staff Writer CoreLogic’s Archana Pradhan released a blog post Wednesday titled “Comparing Performance of Adjustable-Rate Mortgages and Fixed-Rate Mortgages” which cited data collected from CoreLogic’s Loan Performance Insights Report released in June 2017. Based on that data, the rate of serious delinquency was 1.9 percent, dropping 0.6 percent in the overall rate compared to the same time last year. Regarding adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs), the data shows a significant difference in delinquency rate.ARMs landed at a 5.2 percent delinquency rate while FRMs were at 1.8 percent, a three-fold difference. The rates for both ARMs and FRMs are near a 10-year low and both experienced a drop compared to June 2016. According to CoreLogic, loans originating between 2003 and 2008 make up the bulk of the delinquency rate. Over 90 percent of ARMs considered seriously delinquent originated between 2003 and 2009, compared to the 3 percent that were delinquent between 2010 and 2017. The correlation also exists with FRMs in the same time frame, with 61 percent and 28 percent of delinquent loans originating from 2003-2009 and 2010-2017 respectively. CoreLogic notes the delinquency rate is largely influenced by loans made prior to 2010, so using the rate to compare how newer ARMs’ perform relative to FRMs may provide misleading results.The report also mentions notable trends among serious delinquency rates of conventional loans by vintage. For example, as ARMs and FRMs began to enter 2009, their performance improved, which Pradhan attributes to tightened underwriting standards after the economic recovery in mid-2009. Loans also originating in 2016 performed the best with the lowest 15-month delinquency in 10 years.Delinquency rate for ARMs was higher than the rate for FRMs before 2010, but as the option for ARMs and interest-only ARMs succeeded, the pattern reversed. CoreLogic attributes this to the Ability-to-Repay and Qualified Mortgage standards eliminating risky products. ARMS Vs. FRMS—Which Loan Comes Out on Top? Sign up for DS News Daily Tagged with: CoreLogic Delinquency Rate Loan Performance Insights Report loans  Print This Post Previous: Federal Reserve: What’s the Status of the Economy? Next: Mortgage Delinquencies Experience First Increase in Seven Years Home / Daily Dose / ARMS Vs. FRMS—Which Loan Comes Out on Top? About Author: Staff Writer Share Save in Daily Dose, Featured, Foreclosure, Journal, Market Studies Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img October 18, 2017 1,866 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The full report and vintages are available here.    Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

A Slow Decline: First Look at June Foreclosures

first_img Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / A Slow Decline: First Look at June Foreclosures 2018-07-24 Kristina Brewer About Author: Kristina Brewer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. in Daily Dose, Featured, Headlines, Journal, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Subscribe A Slow Decline: First Look at June Foreclosures Servicers Navigate the Post-Pandemic World 2 days ago Previous: Underinsured and Underwater: Preparing for Disaster Next: Erin Enderle Hired as Attorney at Gerner Kearns July 24, 2018 2,090 Views Sign up for DS News Daily Black Knight, Inc., a provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle, released their First Look for June 2018, with insights on foreclosures, loan inventory, and more.According to the report, June saw the fewest number of foreclosure starts in more than 17 years at 43,500, with many indicating a lingering yet shrinking after effect from the crisis. With a 119, 000 foreclosure loan reduction—a 30 percent decrease from last June—the total loan inventory rested below 300,000 for the first time since Q3 2006.Even with delinquencies experiencing a seasonal increase, they remained nearly 2 percent below last year’s level. In addition, serious delinquencies, or anything 90 or more days past due but not yet in foreclosure, it a new post-recession low in June, following the rise in the 2017 hurricane season.The following quick stats were also outlined in the report:Foreclosure starts fell another 3.1 percent in June for the lowest single-month total in more than 17 yearsActive foreclosures continued to decline as well, falling below 300,000 for the first time in nearly 12 yearsThe inventory of loans in active foreclosure has fallen 30 percent (-119k) over the past 12 monthsDelinquencies edged seasonally upward in June, but remain 1.59 percent below last year’s levelsAfter rising following the 2017 hurricane season, 90-day delinquencies hit a new post-recession lowPrepayment activity was up again in June, as home sales reached their typical early-summer peakNon-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets, and all whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.According to the report, the company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online by August 6.last_img read more

Senator Warren Unveils Updated Housing Plan

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordable Housing Rent Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Home / Daily Dose / Senator Warren Unveils Updated Housing Plan Previous: Rising Rates for Minority Homeownership Next: Pushing Housing Investment in Detroit November 19, 2019 1,115 Views Sign up for DS News Daily 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 agocenter_img Related Articles Senator Elizabeth Warren has pledged to create a Tenant Protection Bureau as part of her previously announced $500 billion affordable housing plan. According to Senator Warren, the Bureau will be modeled after the Consumer Financial Protection Bureau (CFPB).“Before the financial crash, I came up with the idea for a consumer financial protection agency—a new federal agency dedicated to protecting American consumers. I fought for that agency, helped build it from scratch, and now the CFPB has returned nearly $12 billion directly to consumers scammed by financial institutions,” Warren said, according to The Hill.Warren also notes that, as President, she would create a national public database of information about large corporate landlords, including information like corporate landlords’ median rent, the number and percentage of tenants they evicted, building code violations, the most recent standard lease agreement used, and the identity of any individuals with an ownership interest of 25% or more, either directly or indirectly, in large landlords’ corporations, LLCs, or similar legal entities.Fellow Presidential candidate Senator Cory Booker unveiled a plan to address housing affordability challenges oin June. Sen. Booker reportedly modeled his plan for renters’ credit on legislation he recently introduced.CNN reported that while this plan “is similar to a plan by his 2020 rival Sen. Kamala Harris, a California Democrat who has centered her own housing policy on a subsidy for low-income renters,” his plan goes further by introducing “sweeping changes to restrictive zoning laws, coupled with federal incentives to build more affordable housing.”As part of his plan, Booker also said that he would not only target predatory housing market practices and funding grants to combat homelessness, but also expand the right to counsel for tenants from low-income households who were fighting eviction.”Making sure all Americans have the right to good housing is very personal to me,” CNN reported Booker as saying. “I’m determined to tear down the barriers that stand in the way of every American being able to do for their families what my parents did for mine.”Warren’s announced plan comes alongside an increase in single-family rents. Single-family rents increased 3% year over year in August 2019, according to the October 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.” 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 in Daily Dose, Featured, Investment, News Affordable Housing Rent 2019-11-19 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Share Save Senator Warren Unveils Updated Housing Plan The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

FHFA Requests Input on Appraisal Policy Modernization

first_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Hall Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Stimulus and Moratoria Extensions: The Need for Long-Term Solutions Next: Forbearance Plan Removals Could Increase in January Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. The Federal Housing Finance Agency (FHFA) has issued a Request for Input (RFI) related to its appraisal policies, practices, and processes.The RFI follows the challenges that appraisers have faced over the past year, including issues during the COVID-19 pandemic when many appraisers were either unable or unwilling to perform on-site inspection due to the public health crisis. With the RFI, the FHFA is opening a public discussion on whether it will be necessary for the government-sponsored enterprises (GSE) to create new modifications to its appraisal procedures without introducing new risks to the process.“Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process,” said FHFA Director Mark Calabria in a press statement. “But if modernization is not properly adopted, it could have negative unintended consequences.”Calabria added the RFI will seek to “improve FHFA’s understanding of how the Enterprises can improve the appraisal process while at the same time ensuring they don’t take on unintended or inappropriate levels of risk. The comments we receive will inform how we will modernize appraisals to improve both loan quality and the origination process.”The RFI covers four areas, starting with appraisal modernization, which the FHFA defined as the “development of valuation alternatives that could address the gap between an appraisal waiver and a traditional appraisal.” One proposed alternative offered for consideration was appraisal bifurcation, also known as a hybrid appraisal, where one entity conducts and submits a property inspection report for submission to a GSE automated underwriting system, with a desktop appraisal being conducted later if further collateral analysis is required.Also being addressed is a potential updating of the Uniform Appraisal Dataset (UAD) and redesigning the appraisal forms, with the three-pronged goal of aligning the UAD with the industry-standard Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model Version 3.X, assessing if new data would strengthen risk management, and ensuring all property types are included in an expanded dataset.The RFI also seeks to address potential benefits and risks in the use of Automated Valuation Models (AVMs) and appraisal waivers and addressing valuation disparities in predominantly Black and Latino neighborhoods compared to predominantly White communities. The FHFA is accepting input on the RFI through February 26. Related Articles The Best Markets For Residential Property Investors 2 days ago FHFA Requests Input on Appraisal Policy Modernization Servicers Navigate the Post-Pandemic World 2 days ago January 4, 2021 1,095 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / FHFA Requests Input on Appraisal Policy Modernization Sign up for DS News Daily 2021-01-04 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Housing Market Momentum to Carry Into 2021

first_img Data Provider Black Knight to Acquire Top of Mind 1 day ago  Print This Post Housing Market Momentum to Carry Into 2021 Share 1Save Previous: Montgomery: Outgoing Cabinet Members, Political Appointees Deserve ‘Gratitude’ Next: Renewed Regulatory Focus in 2021? Sign up for DS News Daily 2021-01-25 Christina Hughes Babb Demand Propels Home Prices Upward 1 day ago About Author: Veronica Bradley The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Related Articles The housing market should continue to be a busy place, according to First American. In fact, there are a few factors to keep the momentum of 2020 going well into the year.For 2021 predictions to make the most amount of sense, it’s necessary to recap December 2020. The year ended with a 77.1 percent increase from the potential low point reached in February 1993. The overall market potential for existing-home sales actually increased 11.9 percent compared to the previous December, which is a gain of nearly 658,628 seasonally adjusted annualized rate (SAAR).Even with such high numbers, the market failed to hit its potential by 1.2 percent or 73,142 (SAAR) sales.“In the final month of 2020, the market potential for existing-home sales reached its highest point since 2007, rising to a 6.18 million seasonally adjusted annualized rate (SAAR) of sales,” said Mark Fleming, chief economist at First American. “While the winter months are traditionally real estate’s slow season, the housing market had one more surprise for us in 2020, as our measure of the market potential for existing-home sales showed the housing market again broke with traditional seasonal patterns during this unprecedented year.”So, what’s going to drive the market in 2021? Mostly millennials driven by low mortgage rates. The older portion of this generation is on the hunt for upgraded homes, and since 90 percent of homes on the market are existing-home sales, their desire to move will add inventory.Because of the pandemic, many potential sellers stayed put in 2020, actually increasing the average tenure length of owning a single home. A year ago, the average amount of time someone lived in a home was 10 years, and it has now increased to 10.5 years.The lack of for-sale homes caused by the pandemic decreased inventory by 170,200 in December 2020.“While the supply-demand imbalance will persist, existing homeowners who were hesitant to sell amidst the worst of the pandemic may be encouraged to bring their homes to market, relieving some of the supply shortage,” Fleming said. “Swelling demand and the potential for greater supply means housing market potential in 2021 is likely to remain strong and build off a historic 2020.”Low mortgage rates will also entice first-time buyers to enter the market. The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Veronica Bradley has covered the consumer packaged goods industry, the tech industry, the healthcare industry, and a few other industries that impact people’s daily lives. When she isn’t researching and writing, she moonlights as an amateur accountant and bookkeeper for a small family brewpub, because unlike most writers, she isn’t afraid of numbers. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 1 day ago Servicers Navigate the Post-Pandemic World 2 days ago January 25, 2021 1,085 Views Home / Daily Dose / Housing Market Momentum to Carry Into 2021 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day agolast_img read more

The Industry Pulse: Providers and Firms Announce Additions

first_img Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others.  Print This Post The Industry Pulse: Providers and Firms Announce Additions Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, News Home / Daily Dose / The Industry Pulse: Providers and Firms Announce Additions The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago BSI Financial Services, a mortgage-centric financial services company, announced today that it has hired Michael Bugbee as VP of Client Success. He will lead the company’s broader strategy to better align the delivery of its robust and client-centric focus with the expanding needs of BSI’s growing primary and specialty servicer client base.”Michael’s depth of knowledge and expertise in the agency and specialty servicing space is consistent with our core value of providing a world-class client experience,” said Allen Price, SVP of sales and marketing at BSI Financial. “We’re excited to have Michael join the BSI team.” April 9, 2021 1,459 Views Servicers Navigate the Post-Pandemic World 2 days agocenter_img About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago “It is exciting to grow our leadership team as we continue to focus on our primary and specialty servicing clients,” Lawrence said.Bugbee replaces Mike Whitfield, who will transition into a senior project management role to focus on several key initiatives throughout the company. To ensure client success continuity and a smooth transition, Whitfield will continue to work with Bugbee over the next several weeks.With nearly 20 years of experience, Bugbee worked for more than a decade at Mr. Cooper/Nationstar Mortgage, where he held a variety of roles but more recently leading a team of client managers responsible for portfolios totaling 300,000 units with a UPB of $86 billion. Before that, he worked for over seven years at Freddie Mac as a portfolio manager.”I’m delighted to lead BSI’s client success delivery model and look forward to further enhancing the client management experience,” Bugbee said. “I believe my mortgage background in operations, client and portfolio management makes me well suited for this critical role.”_____________________________________________________________________________________Codilis & Associates, P.C. (C&A), an end-to-end creditors’ rights and real estate law firm established to serve the needs of mortgage lenders and servicers, is pleased to announce the addition of Michael Anselmo as Managing Attorney of Real Estate.Prior to joining Codilis, Anselmo was an attorney with the Illinois office of Diaz Anselmo & Associates P.A., a multi-state creditor’s rights firm, and brings with him nine years of default servicing experience. Anselmo practices in the areas of real estate law, including REO closings and title. In his new role, Anselmo will serve as Managing Attorney of Real Estate out of the Burr Ridge, Illinois, office location of the Codilis Family of Firms.On joining the Codilis Family of Firms, Anselmo stated, “I am extremely pleased to be joining a firm with such a resoundingly positive reputation, and for having the opportunity to take part in this dynamic teams’ solidarity. I look forward to incorporating my experience to only enhance Codilis’ real estate department’s successes.”Adam Codilis, President of Codilis & Associates, P.C., stated, “Michael will make a great addition to the Codilis team with his fresh perspectives and established industry know-how—we know he’ll become an asset to the Codilis firms, and we’re excited to add him to our ranks.”____________________________________________________________________________________Mortgage Connect LP, a national mortgage services provider for the nation’s largest financial institutions, investors, servicers, and GSEs, announced Ian Morgan as Chief Information Security Officer. Morgan comes to Mortgage Connect with a robust amount of mortgage and financial services experience. With over 24 years’ experience working in Information Technology, Morgan brings diverse and unique expertise to the company.“Ian’s extensive knowledge coupled with his ‘roll your sleeves up and jump in mentality’ makes him a perfect fit for our organization,” said Gabe Minton, EVP, Chief Information Officer, Mortgage Connect. “Ian believes value is achieved through meaningful interaction with others and promoting leadership by example.”Morgan comes to Mortgage Connect from Covius Holdings, where he served as Chief Information Security Officer. He brings a differentiating resume in I.T., focused on a diverse mixture of network and system engineering, systems administration, development, and architecting secure information systems.Morgan embraces the ever-changing world of technology, consistently working to stay ahead of the curve. He holds CISSP and CSSLP certifications from ISC2, along with other notable certifications including ITIL, MCSE, CCNA, AWS Foundations and is a certified Scrum Master. Morgan, who has a B.S. in Business Administration and an M.S. in Information Technology Management with Cybersecurity Specialty from Colorado State University. He is also a United States Marine Corps Veteran. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: BSI Financial’s New VP of Client Success Next: The Importance of Single-Family Green Mortgage-Backed Securities Sign up for DS News Daily 2021-04-09 Christina Hughes Babb Related Articles Subscribelast_img read more

First and Deputy First Minister confirm April public consultation on A5 upgrade

first_img Twitter Google+ RELATED ARTICLESMORE FROM AUTHOR Previous articleDonegal Monaghan league clash not all ticketNext articleHealth Minister says there are particular difficulties with staffing at Letterkenny General News Highland Pinterest First and Deputy First Minister confirm April public consultation on A5 upgrade Facebook Twitter 448 new cases of Covid 19 reported today By News Highland – February 13, 2014 News WhatsAppcenter_img NPHET ‘positive’ on easing restrictions – Donnelly Facebook Pinterest Three factors driving Donegal housing market – Robinson Public consultation into the delayed A5 dual carriagewat will begin April.The news was this week confirmed to West Tyrone MLA Declan McAleer who sought assurances from the  that the Executive remains committed to the A5 project.In response to a question from Declan McAleer, Peter Robinson and Martin McGuinness stated that the Executive remains committed to the delivery of the A5 Western Transport Corridor.The project was subject to a successful legal challenge with Roads Minister Danny Kennedy and his officials now addressing the associated issues.Peter Robinson and Martin McGuinness said they understand that part of the work will include a number of important public consultation processes, the first of which is due to commence in April this year.The next steps in the project will be dependent on the outcome of the public consultation.Mr McAleer, who sits on the Stormont regional development committee, said he very much welcomes the re-commitment of the Executive to this strategically important project – the news has also been welcomed by Donegal Fine Gael Joe McHugh who said the progress was very welcome.The upgrade of the A5 would see a dual-carriageway from Aughnacloy, via Omagh and Strabane, to Derry. Guidelines for reopening of hospitality sector published WhatsApp Help sought in search for missing 27 year old in Letterkenny Calls for maternity restrictions to be lifted at LUH Google+last_img read more