Millennials are Heading to Suburbia

first_imgSubscribe Previous: New York AG Announces State Loan Program to Prevent Foreclosures Next: Pending Home Sales Surge in May Millennials are Heading to Suburbia The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Colin Robins Baby Boomers Millennials Population Growth Suburbs Trulia 2014-06-30 Colin Robins Tagged with: Baby Boomers Millennials Population Growth Suburbs Trulia Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Home / Daily Dose / Millennials are Heading to Suburbia Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img  Print This Post Share Save June 30, 2014 1,776 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Analyzing data from the United States Census, Trulia’s chief economist Jed Kolko found that the population growth of millennials in big, dense cities was outpaced by big-city suburbs and lower-density cities. Kolko also found that baby boomer growth in big, dense cities fell short of growth in big-city suburbs.To analyze the data, Kolko divvied all U.S. counties into four quartiles based on household density, leaving each quartile with approximately one-fourth of the total population. “Going from the highest to lowest density, the four categories correspond roughly to (1) big, dense cities; (2) big-city suburbs and lower-density cities; (3) lower-density suburbs and small cities; and (4) smaller towns and rural areas,” Kolko said.From 2012 to 2013, the population growth of millennials (20-34 year-olds) was the highest outside of large cities. The fastest growth was in areas with big-city suburbs and lower-density cities. Surprisingly, the data revealed that lower-density suburbs and smaller cities edged out big, dense cities for millennial population growth.While Kolko noted that the differences are far from astronomical, it certainly is true that there is “no mad rush to the cities—despite the shift from homeownership to renting among these young adults.”Metros with the fastest growth in the millennial population were in the South and West. The five metros with the largest growth in millennial population include: Colorado Springs, Colorado (3.2 percent); San Antonio, Texas (3.0 percent); Peabody, Massachusetts (2.9 percent); Honolulu, Hawaii (2.8 percent); and Denver, Colorado (2.5 percent).Conversely, baby boomers are becoming more urban, according to Trulia’s chief economist. While growth for baby boomers in big-city suburbs and lower-density cities was the highest quartile of the four measured, it only barely edged out growth in the top quartile of big, dense cities. Overall, baby boomer population growth skewed more urban than millennials.All of the top ten metros with the fastest growing population of baby boomers were in the South and West. The top five metros for baby boomer population growth include: Austin, Texas (4.4 percent); Raleigh, North Carolina (4.3 percent); Dallas, Texas (3.5 percent); Charlotte, South Carolina (3.4 percent); and Charleston, South Carolina (3.3 percent).Kolko commented, “Here’s what else these boomer-attracting metros have in common: they tend to have relatively young populations. In fact, Austin has the highest share of millennials of any large metro; millennials account for disproportionately high shares of the populations of Charleston, Dallas, and Houston as well … That means that boomers increasingly want to be where millennials live already.”He cautiously summarized his analysis with a few caveats: “The trends that are happening today may not last; they surely reflect current housing and economic conditions, but don’t necessarily reflect a long-term, permanent change in how or where people want to live.” 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 in Daily Dose, Featured, Headlines, Market Studies, Newslast_img read more

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FHFA Inspector General Cautions Profitability of GSEs Might Not Continue

first_img Previous: Ocwen to Sell Agency MSR Portfolio with $9.6 Billion in UPB to Green Tree Next: Free Web-Based Foreclosure Education Course Offered to General Public Home / Daily Dose / FHFA Inspector General Cautions Profitability of GSEs Might Not Continue FHFA Inspector General Cautions Profitability of GSEs Might Not Continue The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago In a white paper released Wednesday titled “The Continued Profitability of Fannie Mae and Freddie Mac is Not Assured,” the Office of Inspector General of the Federal Housing Finance Agency (FHFA) warned that the profitability of the two GSEs may not continue due to their having to rely on core earnings for profits in the future.The combined profits of the two GSEs totaled $135 billion in 2013 largely due to non-recurring tax-related items and legal settlements, which accounted for 60 percent of the profits. Without the income from the non-recurring items and settlements in 2014, the profitability of the two Enterprises shrunk to a combined $22 billion. Only 40 percent of the profits in 2013 came from core earnings, compared to 55 percent in 2014.The white paper suggested that the profitability of the GSEs in is jeopardy because, aside from missing the income from non-recurring items, the two Enterprises are legally required to reduce their investment portfolios, thus shrinking another source of income. Also, Fannie Mae and Freddie Mac cannot legally accumulate a financial cushion to absorb future losses – they must pay a dividend to Treasury each quarter equal to the excess of their net worth over an applicable capital reserve amount, according to the white paper. That capital buffer is currently $1.8 billion and is required to be reduced by $600 million per year until it reaches zero by 2018. Should the GSEs’ losses exceed their capital buffer, they would require another draw on Treasury.”Fannie Mae reports that it expects to remain profitable for the foreseeable future; however, it acknowledges that a decrease in home prices or changes in interest rates, combined with provisions of their agreements with Treasury that require the reduction of their retained asset portfolios, could lead to losses,” wrote Acting Deputy Inspector General for Evaluations Kyle Roberts in the white paper. “Thus, if these losses result in an Enterprise reporting a negative net worth, that Enterprise would be obligated to draw on Treasury’s funding commitment.”The white paper stated that a stress test conducted by the FHFA in April 2014 found that under economic conditions similar to those akin to the recent financial crisis, the two GSEs would require a draw on Treasury of $84.4 billion or $190 billion depending on the treatment of deferred tax assets.The FHFA OIG’s white paper was the second report released this week discussing the declining profitability of Fannie Mae and Freddie Mac. On Monday, the Urban Institute published a research brief entitled “What to Make of the Dramatic Fall in GSE Profits” and examined the likelihood of Freddie Mac having to take another draw on Treasury, which it has not done since 2012.Fannie Mae and Freddie Mac required a combined bailout of $188 billion in 2008 after the government seized control of them. The two GSEs returned to profitability in 2012. The future of the two GSEs has been a hotly contested topic in Washington as well as in the rest of the housing industry. Both parties appear to want to wind down the FHFA’s conservatorship of the two, but cannot agree on what, if anything, should replace them as well as what role the government should play in housing, if any.”Absent Congressional action, or a change in FHFA’s current strategy, the conservatorships will go on indefinitely,” Roberts wrote in the FHFA OIG white paper. “The Enterprises’ future status is beyond their control. At present, it appears that Congressional action will be needed to define what role, if any, the Enterprises play in the housing finance system.”U.S. Senator Bob Corker (R-Tennessee) co-sponsored legislation along with Senator Mark Warner (D-Virginia) in 2013 to eliminate GSEs Fannie Mae and Freddie Mac and replace them with a private insurance company system with a government backstop. The bill, known as the Housing Finance Reform and Taxpayer Protection Act of 2014 (S.1217), passed in the Senate Banking Committee by a vote of 13 to 9 in May 2014.”Today’s report strengthens my long-held belief that one of the biggest issues for Congress to address, and the last major unfinished business from the 2008 financial crisis, is passing comprehensive legislation to wind down Fannie Mae and Freddie Mac,” Corker said in reaction to the FHFA OIG’s white paper. “Much bipartisan effort has been put forth, and for Republicans to have a majority in Congress and not take action would be completely irresponsible.” Fannie Mae FHFA FHFAOIG Freddie Mac GSE Profits 2015-03-18 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Fannie Mae FHFA FHFAOIG Freddie Mac GSE Profits Data Provider Black Knight to Acquire Top of Mind 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. The Best Markets For Residential Property Investors 2 days ago  Print This Post March 18, 2015 1,254 Views The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articleslast_img read more

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The Home Equity Problem for Generation X

first_img Baby Boomers Generation X Home Equity Millennials 2017-07-18 Joey Pizzolato Related Articles The Home Equity Problem for Generation X Tagged with: Baby Boomers Generation X Home Equity Millennials Data Provider Black Knight to Acquire Top of Mind 2 days ago There is a disparity with home equity between Gen Xers and millennials, according to a recent report released by Zillow—which says that millennials and Gen Xers have similar median loan to value ratios on their mortgage.And the reason for this similarity, they say? The timing each generation got into the housing market in relation to the housing bust in the mid 2000s. Many Gen Xers were just beginning to purchase their homes in the years or months preceding the housing crash, which means they were hit the hardest when prices plummeted. Zillow estimates that homes lost 22.9 percent of their value on average between April 2007 and December 2011. Other generations that had been in the housing market for longer, like the Baby Boomers and the Silent generation, had built up enough equity in their home to sustain the crash.Most millennials (64.2 percent) have entered the housing market in the past five years, which means they weren’t around when the market crashed, and subsequently entered as home prices were rising. If Gen Xers bought their house before the crash, and lost a good percentage of their equity, they would be just getting back to their original prices as millennials entered.Certain metros were hit harder than others in the crash. For example, Las Vegas home values fell 62 percent between peak and trough, meaning that many millennials have more equity than their Gen X brethren. Similarly, median LTV ratio for millennials is far more favorable than it is to Gen Xers.In terms of high equity, the Silent Generation is the generation with the highest number of LTVs under 10, (11.8 percent), followed by Baby Boomers (6.1 percent). Gen X is further behind at 1.3 percent, and millennials are close at 0.3 percent.Zillow’s data shows that only 36.7 percent of all homeowners have a LTV of 0. Demand Propels Home Prices Upward 2 days ago Previous: Get a Move On Next: Suburban Boom in Daily Dose, Featured, Headlines, Market Studies, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / The Home Equity Problem for Generation X Share Save The Best Markets For Residential Property Investors 2 days ago July 18, 2017 2,211 Views 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Joey Pizzolato The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

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Credit Where It’s Due

first_img 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. Tagged with: Consumer Credit Credit Where It’s Due Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Consumer Credit 2017-08-15 Alison Rich Servicers Navigate the Post-Pandemic World 2 days ago Previous: Out of Their Reach Next: Condominium Law in Flux Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post About Author: Alison Rich Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago August 15, 2017 1,273 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / Credit Where It’s Due If it were a game of limbo, July would be the winner. That month, the composite default rate reached the biggest low it’s experienced in 12 months—down 18 basis points to 3.31 percent—according to the S&P/Experian Consumer Credit Default Indices.The indices show that the composite rate leapt one basis point from the prior month to 0.83 percent. Auto loan defaults, on the other hand, increased by four basis points to 0.86 percent. The first-mortgage default rate gained two basis points from June to 0.62 percent.Default rates tanked in three of the five major cities in July. New York saw the largest decrease, down six basis points from June to 0.82 percent. Los Angeles came in at 0.63 percent for July, losing three basis points from June. Chicago rounded out the trio at 0.9 percent, down one basis point from June. Dallas, however, increased 10 basis points from the previous month to 0.77 percent. Miami totaled 1.23 percent for July, up six basis points from June.Although the national bank card default rate did indeed experience its biggest low in 12 months, the rate remains high. After setting a recent low at 2.49 percent in December 2015, it has zigzagged upward before July’s decline. It’s 3.31 percent now. The composite, auto, and first-mortgage default numbers all sit close to their July 2016 levels.“Default rates for autos and first-mortgage loans are at their lowest points in the last 10 years, while bank card defaults remain modest,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Consumers’ use of credit is growing and the level of consumer credit outstanding is at an all-time high.”In the year ending June 2017, consumer credit outstanding hit 5.7 percent, outstripping most spending categories economy-wide. Conversely, retail sales excluding autos as well as auto sales are down a pinch since April, while home sales haven’t budged much in recent months. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

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House and Senate Republicans Release Joint Tax Legislation

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago House and Senate Republicans Release Joint Tax Legislation Home / Daily Dose / House and Senate Republicans Release Joint Tax Legislation Subscribe  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily On Friday, Republicans unveiled details of the final version of their tax cut bill, clearing the way for a floor vote that is expected to happen next week.To view the full agreement, click here.Here are the details of the final tax agreement, according to highlights from the conference committee reported by CBS News:Preserves the mortgage interest deduction for all homeowners with existing mortgages, and for homeowners with new mortgages, the home mortgage interest deduction will be available up to $750,000.The GOP claims the bill will mean a $2,059 tax cut for a family of four earning the median family income of $73,000.Eliminates penalty under the Affordable Care Act for failing to have health insurance.Lowers corporate tax rate from 35 percent to 21 percent (higher than the original 20 percent in the House and Senate bills).Reduces top effective marginal tax rate for S corporations to a top rate of 29.6 percent, allowing for a 20 percent tax deduction that applies to the first $315,000 of joint income earned by all S-corporations.Eliminates corporate Alternative Minimum Tax (AMT); increases the exemption amount from the AMT for individuals.Keeps seven individual tax brackets, although those brackets would change.Continues to exempt the value of tuition waivers from taxes (the GOP had considered counting tuition waivers as income, and thus, taxable).Increases the refundable portion of the child tax credit to $1,400, thanks to Rubio’s insistence. The overall child tax credit will increase from $1,000 to $2,000.Roughly doubles the standard deduction, from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples filing jointlyPreserves the child adoption tax credit.Allows filers to write off the cost of state and local taxes, but only up to $10,000. Filers must choose from among sales, income and property taxes for the deduction, instead of being able to deduct all local taxes.Preserves the charitable deduction as it is.According to CNN, the language was finalized late Thursday night—as the GOP leaders had to make 100 percent sure they had the votes as no other revisions are allowed. Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago December 15, 2017 1,548 Views Previous: Five Star Institute to Gather Industry Leaders Throughout 2018 Next: Housing Bubble 2.0? Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Nicole Casperson Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2017-12-15 Nicole Casperson in Daily Dose, Featured, Government, Newslast_img read more

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In San Francisco, $1 Million Buys an ‘Earthquake Shack’

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago March 5, 2018 2,957 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News It’s no secret that California is home to some of the priciest housing markets in the United States. According to a recent study by the Paragon Real Estate Group (using data provided by the California Association of Realtors’ Housing Affordability Index), the household income required to put down a 20 percent down payment on an average home in San Francisco is now $303,000—and the city’s median sale price last quarter was a whopping $1.5 million. Needless to say, demand in the city by the bay is outstripping both supply and the limits of most potential homeowners’ bank accounts. But high prices never stop homes from selling, and San Francisco homebuyers are proving willing to pay a lot—for a little.As reported by SFGate, San Francisco is recently seeing a spike in demand for so-called “earthquake shacks.” It’s a colorful name with an equally colorful history, with the colloquial name “earthquake shack” used to describe small cottages constructed in the aftermath of 1906’s earthquakes and fires. Those paired natural disasters left 500 city blocks obliterated and nearly half of San Francisco’s population homeless. Needless to say, the city needed housing, lots of it, and it needed it quickly.The solution was “earthquake shacks,” some 5,000 small homes constructed around the city in order to put a roof over the heads of the city’s displaced residents. At the time, none of the people moving into them would likely have described the earthquake shacks as the lap of luxury, but things have changed a lot in the past 100 years. In 2018, these quaint little huts are selling for upwards of a million dollars apiece.While that’s a very San Francisco kind of story, the origins of the earthquake shacks also echo very modern problems faced by California. Last year’s widespread wildfires caused over $5 billion in damages to the state, burning through some of the most expensive real estate in the country and aggravating an already dire housing inventory shortage.Other parts of the country are currently experimenting with communities of tiny homes as a way to combat homelessness, a problem that’s only being exacerbated by skyrocketing home prices and rents, nationwide inventory shortages, and construction that hasn’t been keeping pace with demand. That might work in California too—so long as they don’t get slapped with a million-dollar price tag. Home / Daily Dose / In San Francisco, $1 Million Buys an ‘Earthquake Shack’ Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: Affordability earthquake shacks Home Prices House Prices Housing Inventory inventory shortages San Francisco Previous: Majority of U.S. Homeowners Planning Improvements Next: The Best American Cities for Public Transit Governmental Measures Target Expanded Access to Affordable Housing 2 days ago In San Francisco, $1 Million Buys an ‘Earthquake Shack’  Print This Post Affordability earthquake shacks Home Prices House Prices Housing Inventory inventory shortages San Francisco 2018-03-05 David Wharton Subscribe Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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How Mortgage Investment Drives Interest Rates

first_img 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. Often overlooked, mortgages are a key factor in the declining interest rates, according to George Pearkes, Global Macro Strategist for Bespoke Investment Group in an opinion column on Business Insider. Pearkes states that while global growth worries, Federal Reserve policy shifts, and risk aversion are all being covered as causes of the recent decline in interest rates, mortgages are another factor that has been “undiscussed and invisible to the average investor.”Hedging, Pearkes notes, is partially behind upticks or downturns in interest rates. “Thanks to the unique option properties of US mortgages, large changes in interest rates cause the holders of mortgages to hedge,” he said. “That hedging activity can exacerbate declines or upticks in interest rates, creating a self-fulfilling prophecy of lower rates that runs very far before negative feedbacks kick in.”These unique options include mass market, long-term, fixed rate, and zero or low prepayment penalty mortgages for home purchase. Investors with mortgages or mortgage back securities buy exposure to interest rates as they drop because their portfolio’s exposure to rates is dropping along with interest rates, buying more sensitivity to interest rate movements from someone else. Then, as rates rise, investors hedge by selling sensitivity to interest rate movements to someone elseAccording to Pearkes, hedging mortgage-backed securities creates a “positive feedback loop” as billions of mortgage-backed securities are hedged by buyers desperate to buy interest rate exposure thanks to the drop in rates since last fall. When investors buy bonds to hedge their mortgage holdings, they drive rates down further. Long term, this will create a negative feedback loop, as less hedging is required when mortgages begun to be repaid with lower rate loans. For example, “when you repay your 5% mortgage with a 3.5% loan, the new loan requires less hedging than the old one,” said Pearkes. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago How Mortgage Investment Drives Interest Rates Tagged with: Investment mortgage Sales The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Previous: Next Recession Could ‘Destroy’ Younger Generation Next: Recession Worries and Risks for Homeowners The Best Markets For Residential Property Investors 2 days ago August 26, 2019 864 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / How Mortgage Investment Drives Interest Rates Investment mortgage Sales 2019-08-26 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Fannie Mae Exec on Mortgage Servicing’s Digital Future

first_img Share Save The Best Markets For Residential Property Investors 2 days ago Fannie Mae Exec on Mortgage Servicing’s Digital Future in Daily Dose, Featured, News, Technology Demand Propels Home Prices Upward 2 days ago Legacy Technology 2019-12-13 Radhika Ojha Sign up for DS News Daily 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 About Author: Radhika Ojha 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. Technology moves fast, and the servicing industry still has some catching up to do. Varma Penmatsa, VP-Digital Products, Fannie Mae, spoke with DS News about how innovation in the digital space is impacting mortgage servicing, as well as the challenges in implementing new technologies alongside legacy systems.”There is still a dependence on legacy frameworks,” Penmatsa said. “The way we solve that challenge is really cultural. How are we influencing the culture of the company and their associates to be able to have innovative mindsets?” December 13, 2019 2,164 Views Home / Daily Dose / Fannie Mae Exec on Mortgage Servicing’s Digital Future  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Legacy Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Wells Fargo Names New COO Next: Is the Net-worth Sweep at the GSEs Constitutional? The Best Markets For Residential Property Investors 2 days ago Subscribe Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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Latinx Homeownership Faces ‘Roadblocks’

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. The Best Markets For Residential Property Investors 2 days ago Latinx Homeownership Faces ‘Roadblocks’  Print This Post Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Latinx Homeownership Faces ‘Roadblocks’ October 12, 2020 714 Views Tagged with: Great Recession Homebuyers Latinx Demand Propels Home Prices Upward 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 Related Articles About Author: Christina Hughes Babbcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Great Recession Homebuyers Latinx 2020-10-12 Christina Hughes Babb Previous: DS5: Single-Family Rental Investments Now and in 2021 Next: Fannie Mae: Assistance Available to Owners of Disaster-Impacted Properties Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Both lending inequities and limited household wealth have been holding Latinx homebuyers back since, at least, the Great Recession, according to a Zillow study published Monday. While roadblocks remain, the report indicates, “remarkable growth this half-decade has boosted the share of Latinx households in the U.S. that own their home to its highest since the housing bust.”Within the Latinx American demographic there exists “more than 200 unique ancestries among the 60 million who live in the U.S.,” Zillow reported, adding that their homeownership gains in recent years have outpaced that of other groups.Latinx Americans account for about 18% of the U.S. population and about 60% of new homeowner gains in the country, during the past 10 years. That growth brings the Latinx homeownership rate to 48.9%, the highest level since 2008.This particular group was hit disproportionately hard during the 2008 recession, Zillow has reported: Less than 10% of all U.S. homes are in largely Latinx communities, yet 19.4% of all homes foreclosed upon between 2007 and 2015 were in these neighborhoods, its earlier study showed. After gains in the 1990s and early 2000s, this contributed to the Latinx homeownership rate falling to 44.1% in 2015— the lowest since 1998.”While Latinx households have made recent gains in ownership, longstanding inequities in intergenerational wealth and other systemic barriers continue to impede Latinx Americans from reaching parity with the U.S. population as a whole,” says Manny Garcia, population scientist at Zillow. “Latinx home buyers are more likely to face challenges during the process, with financing the purchase often reported as a primary concern. Even within the Latinx community, wealth inequality could help explain the varying homeownership rates of people of different origins.”Latinx homeownership continues to lag, Zillow said, “more than 10 percentage points behind the rate for Asian, Native, Hawaiian and Pacific Islander households, and nearly 25 percentage points behind non-Latinx white households.”Anther factor could be household wealth, Zillow reported:”The typical Latinx household earns about 75% of the typical white household as of 2018, but that typical white household held more than eight times the amount of overall wealth. That means Latinx households carry a far greater share of their wealth in their homes, adding to the pain caused by the Great Recession,” noted Zillow. “Those who more recently moved to the U.S. are less likely to own a home — perhaps explaining why the homeownership rate among first-generation Latinx Americans (46%) is lower than among other generations (50%)—as are those coming from less wealthy backgrounds. Latinx Americans of Spanish descent have the highest homeownership rate at 63%, while households headed by someone of Dominican descent have the lowest at 29%.”The full breakdown can be found on Zillow.com. The company explained that for the purpose of the analysis, “Latinx” refers to people and heads of household that identify with at least one Hispanic, Latino or Spanish origin. Subscribelast_img read more

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EU budget ‘good for the northwest’

first_img Twitter Three factors driving Donegal housing market – Robinson Google+ Pinterest Twitter Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published EU budget ‘good for the northwest’ Almost 10,000 appointments cancelled in Saolta Hospital Group this week Previous articleDerry police appeal after car kills dogNext articleTwo in court on Derry Peace Bridge robbery charges News Highland Google+ RELATED ARTICLESMORE FROM AUTHORcenter_img North West MEP Pat The Cope Gallagher says initial indications are that the EU budget agreed last evening is a good one for the North West.It makes provision for 100 million euro more for the BMW region than had initially been proposed, although it is still 100 million down on the previous allocation.Pat The Cope Gallagher says the budget now comes before parliament, and he and the other Irish MEPs will be analysing it in the coming days: Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton News Pinterest WhatsApp Facebook By News Highland – February 9, 2013 WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

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