Distressed Home Sales, Foreclosure Inventory Decline Substantially

first_imgHome / Daily Dose / Distressed Home Sales, Foreclosure Inventory Decline Substantially Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily  Print This Post 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. CoreLogic Distressed Home Sales Foreclosure Inventory REO Short Sales 2015-03-03 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, REO Previous: Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion Next: Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015 Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sales of distressed homes (REO and short sales) fell to their lowest level in seven years and foreclosure inventory dropped by 34 percent year-over-year in December 2014, according to CoreLogic’s February 2015 The MarketPulse report released on Tuesday.Distressed home sales (REO and short sales) made up 12.8 percent of total home sales in December 2014, the lowest percentage reported for any one month since December 2007 at the beginning of the financial crisis. December’s percentage was a 2.8 percent decline from the same month a year earlier and a decline of 1.2 percent from a month earlier, according to CoreLogic. REO sales accounted for 8.8 percent of December’s distressed home sales share while short sales accounted for 4 percent.”The ongoing shift away from REO sales is a driver of improving home prices, as REOs typically sell at a larger discount than do short sales, ” CoreLogic senior economist Molly Boesel said. “There will always be some amount of distress in the housing market, so one would never expect a 0 percent distressed sales share, and by comparison, the pre-crisis share of distressed sales was traditionally 2 percent.”Distressed home sales hit their peak in January 2009 when they accounted for 32.4 percent of all home sales (REO sales made up 28 percent of that share).The five states with the largest distressed home sales shares were Michigan (23.6 percent), Florida (22.4 percent), Illinois (20.8 percent), Maryland (18.7 percent), and Connecticut (18.6 percent). The state that experienced the largest year-over-year decline in distressed home sales share in December was Nevada, which saw a decline of 9.6 percent. The state that experienced the largest decline in distressed home sales share in December from its peak was California, which reported a decline of 56.9 percent from its peak total reached in January 2009 of 67.4 percent.Out of the nation’s 25 largest Core Based Statistical Areas (CBSAs), the top three in distressed home sales share were all located in Florida: Miami-Miami Beach-Kendall was tops with 24.7 percent, followed by Orlando-Kissimmee-Sanford with 24.2 percent and Tampa-St. Petersburg-Clearwater at 24 percent. Rounding out the top five were Chicago-Naperville-Arlington Heights, Illinois (23.6 percent) and Las Vegas-Henderson-Paradise, Nevada (19.8 percent).Meanwhile, CoreLogic reported that about 552,000 residential homes, or about 1.4 percent of all homes with a mortgage nationwide, were in some state of foreclosure in December 2014 – a 34 percent decline from December 2013, when 840,000 homes (2.1 percent of all homes with a mortgage) were in foreclosure.December marked 38 consecutive months of year-over-year declines in foreclosure inventory and 23 straight months with year-over-year declines of 20 percent or more, according to CoreLogic. Also experiencing large year-over-year declines were the 12-month sum of foreclosures, which totaled approximately 563,000 for the entire year of 2014 – a decline of 14.9 percent from the sum of completed foreclosures for 2013. The number of seriously delinquent mortgage loans (those 90 days or more overdue or in foreclosure) fell to 1.6 million in December 2014, a decline of 21.6 percent from the same month a year earlier. Tagged with: CoreLogic Distressed Home Sales Foreclosure Inventory REO Short Sales March 3, 2015 1,209 Views About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Distressed Home Sales, Foreclosure Inventory Decline Substantially Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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2021-05-31

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House Subcommittee to Hold ‘Dodd-Frank Act and Regulatory Overreach’ Hearing

first_img House Subcommittee to Hold ‘Dodd-Frank Act and Regulatory Overreach’ Hearing May 7, 2015 1,155 Views Previous: Former FDIC Chair Chosen as President of Private Maryland College Next: Survey: Consumers Generally Positive But Still Cautious Toward Housing 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 CFPB Dodd-Frank House Financial Services Committee Oversight and Investigations Subcommittee Regulatory Overreach 2015-05-07 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Share Save Subscribe 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 Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CFPB Dodd-Frank House Financial Services Committee Oversight and Investigations Subcommittee Regulatory Overreachcenter_img 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 Related Articles The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Home / Daily Dose / House Subcommittee to Hold ‘Dodd-Frank Act and Regulatory Overreach’ Hearing Demand Propels Home Prices Upward 2 days ago A House Financial Services Subcommittee hearing titled “The Dodd-Frank Act and Regulatory Overreach” is scheduled for Wednesday, May 13.The Oversight and Investigations Subcommittee will convene on that day to discuss the controversial piece of legislation, which was enacted in 2010 in response to the financial crisis.The Chairman of the Oversight and Investigations Subcommittee, Representative Sean Duffy (R-Wisconsin), has been an outspoken critic of Dodd-Frank. In 2011, one year after its passage, Duffy told the Washington Times that the full name of the act – the Dodd-Frank Wall Street Reform and Consumer Protection Act – is “misleading” because it “stimulated nothing but more government debt” and “fails to actually reform Wall Street or protect consumers,” citing the cost in both labor hours and money as evidence that he believed the pendulum had swung too far the other way.Representative Al Green (D-Texas), Ranking Member of the Oversight and Investigations Subcommittee, defended Dodd-Frank in 2013 by saying that “With reference to Dodd-Frank, Dodd-Frank provides a better way. Prior to Dodd-Frank, we had in essence two means by which we could deal with a systemic crisis – a crisis that involved exigent circumstances. These two ways were one, bankruptcy. Bankruptcy works, but it did not work for Lehman (the investment firm that filed for bankruptcy in 2008, the largest filing in the nation’s history); and two, bailouts. Bailouts are not the preferred choice because the public thinks somehow, and I agree, tax dollars ought not be utilized to bail out these large institutions.”Duffy has also made repeated attempts to reform the Consumer Financial Protection Bureau (CFPB), which was created in 2011 out of the passage of Dodd Frank. Last month, a Duffy-sponsored bill passed by a 401 to 2 vote in the House. H.R. 1265, known as the Bureau Advisory Commission Transparency Act,  calls for each advisory committee and subcommittee of the CFPB to be subject to the provisions of the Federal Advisory Committee Act, making the proceedings of those committees open to the public.Other Duffy-sponsored legislation attempting to reform the CFPB is currently pending. Duffy introduced several other bills in early March as part of a comprehensive reform proposal. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago About Author: Brian Honealast_img read more

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2021-05-31

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Favorable Conditions Drive Continued Improvements in Housing Market

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Favorable Conditions Drive Continued Improvements in Housing Market Servicers Navigate the Post-Pandemic World 2 days ago About Author: Xhevrije West Freddie Mac Housing Market Multi-Indicator Market Index 2015-10-23 Brian Honea  Print This Post in Daily Dose, Featured, Market Studies, News Favorable Conditions Drive Continued Improvements in Housing Market Tagged with: Freddie Mac Housing Market Multi-Indicator Market Index October 23, 2015 5,813 Views Demand Propels Home Prices Upward 2 days ago Related Articles Previous: HUD Extends Deadline for HECMs in Default Next: Housing Outlook Stays Positive Despite Predicted Moderate Economic Expansion Sign up for DS News Daily center_img The Best Markets For Residential Property Investors 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. As consumers purchase more homes, remain current on mortgage payments thanks to low rates, and employment continues to grow, the housing market continues to show improvement, according to data released by Freddie Mac on Friday.Freddie Mac’s Multi-Indicator Market Index (MiMi) showed that the U.S. housing market continued to stabilize as the national MiMi value reached 81.2 as of August 2015. This means that the market is on its outer range of stable housing activity.The MiMi rose 0.27 percent from July to August and has shown a three-month improvement of 2.54 percent, according to Freddie Mac. Year-over-year, the MiM values has increased 6.16 percent and has rebounded 37 percent since the all-time low in October 2010. However, the value is still significantly lower than its high of 121.7.”The nation’s housing market continues to improve riding the wave of the best year in home sales since 2007,” said Len Kiefer, Freddie Mac deputy chief economist. “With the MiMi purchase applications indicator at its highest level in more than seven years we expect home sales to remain strong. Low mortgage rates are fueling the recovery across the country.”The key drivers of the positive MiMi value were the current on mortgage indicator (83.7 points) and the employment indicator (103.3 points), both fell in range and increased 0.60 percent and 1.03 percent from July, respectively.The purchase applications indicator fell at 66.9 points in a weak position, but increased 1.23 percent from last month. The payment-to-income indicator also came in weak at 70.9 points, and fell 2.03 percent from last month.”The nation’s housing market continues to improve riding the wave of the best year in home sales since 2007.”—Len KieferA total of 29 of the 50 states including the District of Columbia had MiMi values in the stable range, with the District of Columbia (103.9), North Dakota (96.9), Hawaii (93.5), Montana (93.2), and Utah (90.3) occupying the top five spots, Freddie Mac reported.Meanwhile, 46 of the 100 metro areas have MiMi values that are stable, with Fresno (99.4), Austin (96.6), Honolulu (94.1), and Salt Lake City (93.3), and Los Angeles (93) occupying the top five spots.”Buoyed by strong employment growth, housing supply is struggling to keep pace with demand, which is driving house prices higher,” Kiefer said. “Fortunately, low mortgage interest rates are helping to keep homebuying affordable for some prospective homebuyers.”Nationwide, housing markets are getting back to their long-term benchmark averages, but they still have room for improvement. We’re expecting housing to sustain its momentum going into yearend, but we’re going to need stronger income growth to carry housing throughout 2016.”Click here to view the full report. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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2021-05-31

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Parties in Congress Divided by CHOICE Act

first_img in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Tagged with: CHOICE Act The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The country remains as divided as it has ever been on two of the most polarizing presidential candidates in history as the election is less than two months out. So perhaps it is not surprising that the two major political parties are equally divided on proposed legislation to roll back what the Obama Administration sees as one of its greatest achievements, the Dodd-Frank Act of 2010.House Financial Services Committee Chairman Jeb Hensarling (R-Texas) introduced H.R. 5983, commonly known as the Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) in June 2016, on the eve of Dodd-Frank’s sixth birthday, as an alternative to the highly controversial Wall Street Reform legislation. Among the CHOICE Act’s key proposals are giving banks the option for relief from certain regulations if they meet a certain capital threshold; eliminating the government’s power to designate firms as “systemically important”; and wholesale reforms to the Consumer Financial Protection Bureau that include removing the Bureau’s director and replacing him with a five-member bipartisan commission.The Republicans on the House Financial Services Committee tout the CHOICE Act as promoting “growth for all, bailouts for none.”“If we want strong economic growth and more freedom, we must empower Americans, not Washington bureaucrats.  We must offer all Americans greater opportunities to raise their standard of living and achieve financial independence.  In a phrase, we need economic growth for all and bank bailouts for none.  This is the foundation of the Republican plan to reignite growth by replacing Dodd-Frank with real reforms that work,” Hensarling said.In the last few months, Democrats on the House Financial Services Committee have derided the proposal, repeatedly referring to it as the “Wrong CHOICE Act.”[youtube http://www.youtube.com/watch?v=uiSDsQ4cTGY]Earlier this week in a Committee markup, the CHOICE Act passed by a 30-26 voice vote almost completely among party lines. Every Democrat on the Committee who voted on the CHOICE Act (Rep. Terri Sewell, D-Alabama, was the only Democrat who did not vote) voted against it. According to a report from the Wall Street Journal, Democrats were steadfastly unwilling to compromise their position, offering not one single amendment to the proposal during the markup.“Mr. Chairman, this bill is so bad that it simply cannot be fixed. This markup is not a serious attempt to move thoughtful legislation, evidenced by the fact that we only had one hearing on one portion of the bill. It’s clear that this is a rushed, partisan messaging tool, though why anyone would want to push legislation to deregulate Wall Street at a time like this is beyond me,” Committee Ranking Member Maxine Waters (D-California) said during the markup. “So let’s not waste any more time on this. Democrats will not offer any amendments, and we move to dispense with this political theater.”Every Committee Republican who voted (three did not vote), with one exception, voted in favor of the CHOICE Act. The lone Committee Republican who voted against it in the markup was Bruce Poliquin (D-Maine). Poliquin’s office did not immediately respond to a request for comment on his vote.The Wall Street Journal reported that the CHOICE Act is likely to pass in a full House vote, but is not expected to gain traction in the Senate. Even if it does, President Obama has vowed to veto any attempt to roll back Dodd-Frank, which his Administration views as one of its greatest triumphs. Governmental Measures Target Expanded Access to Affordable Housing 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Women in Housing is Celebrated for the Fourth Year Next: Completed Home Flipping at a Six-Year High Parties in Congress Divided by CHOICE Actcenter_img About Author: Kendall Baer Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Parties in Congress Divided by CHOICE Act September 14, 2016 1,240 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago CHOICE Act 2016-09-14 Kendall Baer Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

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2021-05-31

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Guild Mortgage Announces Record Growth in Q3 2017

first_img Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Featured / Guild Mortgage Announces Record Growth in Q3 2017 Guild Mortgage, mortgage lenders in the U.S., announced record overall loan volume of $11.7 billion through the nine months ended September 30, 2017, up 1.4 percent from the $11.5 billion in the same period of 2016. Purchase loans reached $9.5 billion, up 20.5 percent from $7.9 billion for the nine months of 2016, while the refinance market dropped 39.9 percent to $2.2 billion in 2017 from $3.7 billion.Third quarter comparisons reflected the shift in interest rates over the past year. Guild had its best quarter in history with $4.7 billion in total loans in the third quarter of 2016, led by $3.1 billion in purchase loans and a record $1.6 billion in refinanced loans. Purchase loans represented 65.2 percent of all loans in the 2016 quarter, with 34.7 percent in refinanced loans, the second highest level in Guild history, to 37.1 percent in the fourth quarter of 2016.In the third quarter of 2017, total loan volume was $4.4 billion, off 7 percent from the record 2016 quarter. Purchase loans hit a new quarterly high of $3.6 billon in the 2017-quarter, up 17 percent from the 2016 period, representing 81.5 percent of all loans versus 18.5 percent for refinanced loans.Mary Ann McGarry, President and CEO, said the regions and states exhibiting the fastest growth benefited from lower housing costs and better inventories, making qualifying for a loan easier than in more expensive areas.“The Southeast region led with 26.8 percent growth and had the lowest average loan size of $174,507,” said McGarry. “Compare that with our California Coastal Region, with an average loan size of $282,725, or Northwest, close behind at $279,947.McGarry continued, “We are optimistic about future growth in all areas based on continued strengths in the regional economies and more millennials reaching the age when they are in a position to consider buying a home instead of renting. To meet this need, we are always searching for new options to help potential homebuyers, such as our 1 Percent Down conventional loan program.” The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: HOUSING mortgage Previous: Venable LLP Announces New Partner Next: Housing Market Squeezing First-Time Buyers 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] Share Save HOUSING mortgage 2017-10-30 Nicole Caspersoncenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Nicole Casperson in Featured, Headlines Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Guild Mortgage Announces Record Growth in Q3 2017 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 30, 2017 974 Views Subscribelast_img read more

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2021-05-31

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Housing Gains Are No Mere Rebound: Will it Last?

first_img Share Save  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago October 31, 2017 1,386 Views Housing Gains Are No Mere Rebound: Will it Last? in Daily Dose, Featured, Headlines, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Scott Morgan Related Articles Data Provider Black Knight to Acquire Top of Mind 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 center_img U.S. home prices continued to steadily rise across through August, according to the latest S&P Dow Jones/S&P CoreLogic Case-Shiller Indices. So much so that David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said that home price increases in the U.S. “appear to be unstoppable.”The indices show a 6.1 percent uptick in home prices in August, which is up from 5.9 percent in the previous month. The indices’ overall numbers coalesced with breakdowns of the 10 and 20 largest U.S. metros. The 10-City Composite was just above flat, showing annual increase of 5.3 percent, up from 5.2 percent in July. Similarly, the 20-City Composite posted a 5.9 percent year-over-year gain, up from 5.8 percent the previous month.Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities in August. Seattle led the way with a 13.2 percent year-over-year price increase, followed by Las Vegas (8.6 percent), and San Diego (7.8 percent). Nine cities reported greater price increases in the year ending August 2017 versus the year ending July 2017.Month-over-month, the 10-City Composite and 20-City Composite both posted 0.5 percent increases. Nineteen of 20 cities reported increases in August both before and after seasonal adjustment. Atlanta, saw the seasonally adjusted monthly number slip 0.2 percent after seasonal adjustment.Blitzer said that over the last year, the consumer price index’s 2.2 percent rise was driven largely by energy costs.“Aside from oil, the only other major item with price gains close to housing was hospital services, which were up 4.6 percent,” he said.Wages climbed 3.6 percent in the year to August.“The ongoing rise in home prices poses questions of why prices are climbing and whether they will continue to outpace most of the economy,” Blitzer said. He answered with a strong one-two punch: Low mortgage rates, combined with an improving economy.“Low interest rates raise the value of both real and financial long-lived assets,” he said. “The price gains are not simply a rebound from the financial crisis.”However, despite the apparent unstoppability of U.S. housing gains to date, Blitzer offered a caveat of caution.“Home prices will not rise forever,” he said. “Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking. The Federal Reserve is pushing short-term interest rates upward and mortgage rates are likely to follow over time, removing a key factor supporting rising home prices.” Home / Daily Dose / Housing Gains Are No Mere Rebound: Will it Last? Previous: How Freddie Weathered Litigation in Q3 Next: Looking Back: Hensarling’s Announcement to Impact the Industry Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago HOUSING S&P/Case-Shiller Home Price Indices 2017-10-31 Scott Morgan 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. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Tagged with: HOUSING S&P/Case-Shiller Home Price Indices Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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2021-05-31

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Single-Family Rental: Opportunities and Growth

first_img in Daily Dose, Featured, Journal, News, REO, Servicing  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 9, 2018 2,766 Views Previous: Housing Center at AEI Hires Co-Director Next: Carrington Launches ‘Non-Prime’ Lending Program Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Affordability Beth O’Brien corevest Five Star Single-Family Rental Summit interviews inventory shortages rental investments Single Family Rental Single-Family Rental Investors workforce housing Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Beth O’Brien is President and CEO of CoreVest Finance, a private lender to residential real estate investors. Under O’Brien’s leadership, CoreVest has closed $3 billion in loans in the investor loan market and has financed more than 20,000 investment properties. Previously, O’Brien was EVP at Auction.com, where she ran residential capital markets and was President of AuctionFinance.com, where she ran the financing strategy for the platform. O’Brien also held prior positions at Citigroup and Goldman Sachs. Combined, she has over 25 years’ experience in almost every aspect of the mortgage industry, as both a principal and an advisor, and has overseen more than $15 billion in transactions.O’Brien recently sat down with DS News at Five Star’s 2018 Single-Family Rental Summit to discuss the booming single-family rental market, the ever-shifting industry landscape, and how CoreVest has evolved to thrive within it.Why is single-family rental important in 2018?O’Brien // We’re facing a housing shortage in the country. Over the next decade, I think it’s going to be severe, and there are several compounding factors that are working concurrently to make that the case, and it depends on where you are in the country as to which one you see most acutely. It’s manifesting itself in different ways in different markets, but there is a true housing shortage coming, particularly in what we think of as workforce housing.So, what does that mean? If you look at the structural components of the housing stock across the country, you see that the single-family rental has gotten to the point where more than half of the families who live in a rental home are living in single-family rentals. It’s a critical component of how we’re housing people in this country, and yet we haven’t built an infrastructure around it. People think rental and they think multi-family, which is fine, but that’s not the majority of what’s happening when you’re thinking rental.When you think affordable, it could be either rental or ownership. I don’t think it’s as critical because there are a lot of reasons now why owning versus renting should be a personal decision. I make the analogy sometimes of a block with a bunch of cars on it, in the driveways. My parents, their generation, they owned every car on that block in those driveways. Right now, pretty much all of those cars are leased. And there’s a smattering of both, but guess what? Over that period, there was some evolution as to how people were either financing or buying their cars. No car goes around with a sign on it saying, “I’m a rental.” The same is true for a lot of the homes that we finance that are rental homes.There are some rental communities, and I applaud the people that are building them because they’re great. They’re brand-new homes for people. They’re living in great places and they’re renting. But for the most part, you can’t tell when you go down the block if it’s a single-family rental or an owned home.Do you think single-family rental has the potential to replace the traditional path towards homeownership, given the problems with inventory shortages and affordability issues in many markets?O’Brien // I don’t think the single-family rental space is taking away from homeownership because I don’t think it’s the same homes that are winding up in the rental stock. Even over the past four, five decades, nevermind the past four or five years, there’s always been a high percentage of single-family rentals in the U.S. The number doesn’t change as much as people think. There was an influx from owned to rental right after the crisis, but for the most part, if we’re talking about workforce housing, those tend to have been rental stock and stayed rental stock. It’s not like there’s this pent-up demand. On the margin, there’s some. I’m not discounting that we have them, but that’s not what’s driving the demographics.What are the challenges you see coming up in 2018 within this space?O’Brien // Certainly rising interest rates are going to make it more difficult for investors to execute on some of the value-adds that have been happening. One of the things we’ve seen that I think was great is that there’s very good rehab financing available right now in some of these more urban infill markets where investors focus on value-add. I don’t like to use the term fix-and-flip because they’re not just flipping. A lot of investors are actually stabilizing properties and communities that weren’t stable before.Do you have any advice for investors who are considering stepping into the single-family rental market?O’Brien // It’s important to know where you’re doing it. If you’re planning to get in, it would be convenient to do it closer to home, unless you’re planning on using third-party property management. That’s one of the nice things about the fact that the industry has gotten more attention is that there are great technology companies that have also come into the space, and so there are third-party property managers, there are all kinds of tenant software that’s available now. All of the things that the large, institutional players were using to help manage their properties are available even for investors with a few properties because of the influx of web-based management tools. We’ve seen it ourselves with some of our smaller borrowers. The reporting’s been great, and the data they’re able to produce is great because the technology solutions are getting better and better.But it’s real estate, so you have to focus on location and title and all the nitty-gritty. Overall, the ability to be an entrepreneur, build wealth by building a portfolio of single-family rentals, it’s unequaled compared to other asset classes. We have borrowers who were teachers and started acquiring one property at a time and now have these nice portfolios.The market has changed a lot over the last ten years. What are some of the ways that CoreVest has evolved as things continue to flow?O’Brien // CoreVest started in response to realizing that there was no bespoke financing for the single-family rental space. There was technology used by the institutional players getting securitizations done that made us think, “Wow, we can do a conduit with securitization.” It was born out of the distress, but I think the evolution since then has been to dive deeper. We’ve been able to get closer and closer to what the actual market needs. What’s weird is that financing products tend to be born out of the ability to access the capital market, but just channeling the capital markets is never going to give you the right product. So, the good news is that four years into it, we’ve been able to tweak the products to more closely work with what the actual borrower needs, not what the capital market needs.Every one of the changes and innovations we’ve made over the past couple of years were to make it more borrower-centric versus capital market-centric. What’s been great is that the capital markets have come along. If you address a need in the marketplace, the capital markets will also see that as a positive innovation. And again, you have to start with the cost of capital.center_img Affordability Beth O’Brien corevest Five Star Single-Family Rental Summit interviews inventory shortages rental investments Single Family Rental Single-Family Rental Investors workforce housing 2018-04-09 David Wharton Share Save Single-Family Rental: Opportunities and Growth Data Provider Black Knight to Acquire Top of Mind 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 The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Single-Family Rental: Opportunities and Growth Sign up for DS News Daily Subscribelast_img read more

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2021-05-31

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The Importance of Cybersecurity in Risk Management

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago December 6, 2019 3,106 Views 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. Tagged with: Cybersecurity Technology Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Importance of Cybersecurity in Risk Management Servicers Navigate the Post-Pandemic World 2 days ago This week, Safeguard Properties hosted a webinar to discuss the challenges facing cybersecurity in 2019. Security, Safeguard notes, should be one of the primary focuses when implementing and developing systems and applications.Cybersecurity remains a top concern at a majority of lending institutions, according to the 2019 Regulatory & Risk Management Indicator released by Wolters Kluwer, and 78% of lenders reported it as a top risk that will receive “escalated priority” in the next year. While cybersecurity outranks all other risks in the survey, the level is down from 81% last year.During Safeguard’s webinar, Steve Roesing President and CEO of ASMGi, 2019 stated that the majority of data breaches from malicious attacks, with 69% of data breaches stemming from outside sources, as 51% of breaches are caused by malicious or criminal attacks.Meanwhile, just 24% of breaches are caused by human error, while another 25% are caused by system glitches.“It’s almost a 50-50 split,” said Roesing.Malware attacks made up 34.4% of attacks in 2019, the largest share of any other attack type. Meanwhile, account hijacking made up 18.2% of attacks. Among financial services institutions, there were 927 reported incidents, 207 of which included confirmed data disclosure. We applications, privilege misuse, and other miscellaneous errors made up 72% of breaches.Most malicious breaches, 88%, were reportedly done for financial reasons, while espionage made up another 10%.Cybersecurity, Safeguard notes, requires a “holistic approach,” involving both policy and systematic controls at all levels.Some of the trends noted in the webinar included the changing landscape of “phishing,” the increased use of mobile technology for attacks, and increased investments in cybersecurity. Going into 2020, Safeguard expects to see increased spending and a growing impact from AI and machine learning (ML) on cybersecurity. Previous: GSEs Move Closer to Public Offering Next: Mortgage Servicing: Keeping Up With the Consumer Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Home / Daily Dose / The Importance of Cybersecurity in Risk Management Cybersecurity Technology 2019-12-06 Seth Welborn Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Technology Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn  Print This Post Subscribelast_img read more

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2021-05-31

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The Fed’s Contingency Plan for the Next Recession

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Previous: Spotlight on Financial Services Law Firms Continued Next: Puerto Rico’s Ongoing Housing Recovery Tagged with: Economic Growth housing market 2020 Recession The Fed Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Fed’s Contingency Plan for the Next Recession January 28, 2020 1,370 Views 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. Subscribe in Daily Dose, Featured, Government, News Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Fed’s Contingency Plan for the Next Recession Share Save Servicers Navigate the Post-Pandemic World 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 About Author: Mike Albanese Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Wall Street Journal reported that Federal Reserve Officials are looking at a stimulus scheme last used during and after WWII as part of their contingency plan for the next recession. The Fed capped yields from 1942 to 1951—first on short-term bills and then long-term bonds—to help finance war spending and recovery. During the past three recession, the Fed cut its benchmark rate by around 5 percentage points. The current rate is between 1.5% and 1.75%, which leaves less room to counteract a downturn. Fed officials are unlikely to move this rate during their meetings this week. The Journal states that the Fed’s plan for the next recession will rely heavily on two items it used during the 2007-09 recession—bond purchases, sometimes called quantitative easing, or QE, and forward guidance about plans to hold rates at very low levels for longer than investors expect.The Fed cut interest rates for the third time in 2019 in October, dropping its benchmark lending rate for Federal funds to 1.5% to 1.75%.Doug Duncan, Chief Economist with Fannie Mae, said the Fed cited “implications of global developments,” as the rationale for the cut.Jarred Kessler, CEO of EasyKnock, said that expecting the economy to respond positively to declines in interest rates doesn’t always work out.“Lowering rates doesn’t always have the economic impact we think, or expect it to have because it disrupts the natural economic ecosystem,” Kessler said. “Just look at Japan, it can drive housing growth and a push in the stock market, but other facets of the economy are bound to lose. In the longer term this along with inflation can have a very negative impact.”Duncan, in Fannie Mae’s 2020 economic outlook, said housing will lead economic growth over the next year. “While we believe the strength and resilience of the American consumer is the lynchpin of near-trend GDP growth, this year we expect consumer demand to re-establish housing construction as a significant contributor to economic growth—hence our theme for the year: A resilient economy overcomes risks to drive housing,” said Fannie Mae SVP and Chief Economist Doug Duncan. “Strong labor markets, rising wages, and improved household balance sheets offer consumer spending upside potential, including the ability to withstand minor economic disruptions.”Fannie Mae expects the growing economic strength from housing that emerged in 2019 to carry into the rest of 2020, including solid growth in single-family construction spending and low mortgage rates.Recent studies have indicated that this increased residential construction spending could help limit the negative effects of capital-spending weakness, despite not taking up a large segment of the economy. According to Bloomberg utilizing data from the Atlanta Fed, the stronger U.S. housing market could provide a cushion from the effect of a “derailment” in corporate spending. Economic Growth housing market 2020 Recession The Fed 2020-01-28 Mike Albaneselast_img read more

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2021-05-31

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Deputy Mac Lochlainn calls on Health Minister to open new Letterkenny A&E Ward

first_img Facebook WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Previous articleMayor criticises Lonely Planet Guide report on LetterkennyNext articleInishowen project officer to get most from Derry’s year as City of Culture News Highland Facebook Twitter Donegal North East Deputy, Pádraig Mac Lochlainn is to seek a Dáil debate today on the ongoing overcrowding at Letterkenny General Hospital’s Accident and Emergency ward.Earlier this week all Outpatient Clinics were cancelled at the Hospital after what was described as unprecedented numbers attending A&E overnight.Deputy Mac Lochlainn has described the conditions for patients and staff as “completely unacceptable”.And he has called on the Minister to provide the necessary financial resources to ensure that the new Accident and Emergency ward nearby is operational as soon as possible…[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/pad1pm.mp3[/podcast] Google+ Three factors driving Donegal housing market – Robinson 448 new cases of Covid 19 reported today Deputy Mac Lochlainn calls on Health Minister to open new Letterkenny A&E Ward Pinterestcenter_img Help sought in search for missing 27 year old in Letterkenny Google+ RELATED ARTICLESMORE FROM AUTHOR Calls for maternity restrictions to be lifted at LUH WhatsApp Pinterest Twitter News By News Highland – January 12, 2012 Guidelines for reopening of hospitality sector publishedlast_img read more

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2021-05-27

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