Julián Castro Officially Nominated as HUD Secretary

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Julián Castro Officially Nominated as HUD Secretary Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Case-Shiller: Home Prices Continue To Rise, Albeit Slowly Next: Study: Housing ‘Recovery’ is Bypassing Many American Communities The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Colin Robins The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Headlines, News 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. The White House has made it official: President Obama has nominated San Antonio Mayor Julián Castro as the next Secretary of Housing and Urban Development (HUD). Castro had been the rumored frontrunner for the position, but wasn’t officially announced and hadn’t accepted the nomination until recently.The current HUD Secretary, Shaun Donovan, will serve as the Director of the White House Office of Management and Budget (OMB).The White House wrote in a release that “Mayor Castro has made significant progress in San Antonio and put the city and its citizens on a new trajectory.”The White House noted Castro’s record as a leader in housing and economic development programs, specifically citing his relationships with other mayors and key partners in the Obama Administration’s Promise Zones initiative. San Antonio was highlighted as a “shining example” of a revitalized city over the past few years.”A home is a source of pride and security. It’s a place to raise a family and put down roots and build up savings for college or a business or retirement, or write a lifetime of memories. And maybe one day the kid grows up in that home and is able to go on to get a great education and become the Mayor of San Antonio, and become a member of the President’s Cabinet,” President Obama said in a retelling of Castro’s story.Shaun Donovan, the departing Secretary, will shift roles into the OMB where he will continue to advise the president.”In the wake of the foreclosure crisis, Donovan reaffirmed HUD’s commitment to building strong, sustainable, inclusive neighborhoods that are connected to education and jobs and provide access to opportunity for all Americans,” the White House said.Furthermore, “While at HUD, Donovan made critical investments to speed economic growth, while also offering new savings proposals and ensuring fiscal responsibility. Donovan also chaired the Hurricane Sandy Rebuilding Task Force, which developed a comprehensive regional plan, based on local vision for redevelopment, to guide long-term disaster recovery efforts. Donovan has a track record of using data to make good decisions and drive results,” the White House added.center_img Home / Daily Dose / Julián Castro Officially Nominated as HUD Secretary May 27, 2014 702 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: HUD Julian Castro Shaun Donovan The White House Related Articles Share Save HUD Julian Castro Shaun Donovan The White House 2014-05-27 Colin Robins Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Mortgage Delinquency Rate Tumbles to Seven-Year Low in October

first_imgHome / Daily Dose / Mortgage Delinquency Rate Tumbles to Seven-Year Low in October Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Tagged with: Black Knight Financial Services Foreclosure Pre-Sale Inventory Foreclosure Starts Mortgage Delinquency Rate Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mortgage Delinquency Rate Tumbles to Seven-Year Low in October November 21, 2014 1,314 Views Previous: DS News Webcast: Friday 11/21/2014 Next: Solutionstar Announces Acquisition of Title365 Black Knight Financial Services Foreclosure Pre-Sale Inventory Foreclosure Starts Mortgage Delinquency Rate 2014-11-21 Brian Honea Sign up for DS News Daily center_img Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The nationwide mortgage delinquency rate in October fell to its lowest level in seven years, according to Black Knight Financial Services’ “First Look” at October 2014 Mortgage Data released on Friday.October’s delinquency rate, or the rate of loans that are more than 30 days past due but not in foreclosure, was reported at 5.44 percent, its lowest level since November 2007, according to Black Knight. The delinquency rate in October was a 4.1 percent decrease from September and a 13.4 percent decline from October 2013.Both foreclosure pre-sale inventory (the number of residential homes in some state of the foreclosure process) and foreclosure starts took big year-over-year tumbles in October, according to Black Knight. Foreclosure pre-sale inventory totaled 1.7 percent in October, a decline of 33.5 percent from the same month a year ago (and a drop of 3.9 percent from September).  Black Knight reported that foreclosure inventory hit its lowest level since February 2008. Foreclosure starts in the U.S. totaled 81,400 for October, a decline of 31.5 percent from October 2013 and a drop of 10.6 percent month-over-month.The number of non-current loans, which are those that are more than 30 days past due or in foreclosure, also plummeted both month-over-month and year-over-year, according to Black Knight. The number of non-current loans in the U.S. totaled 3.61 million for October, down 154,000 from September and down 810,000 from October a year ago.October’s pre-payment rate, typically an indicator of refinance activity, increased month-over-month for the first time since July up to 0.98 percent, an increase of 3.6 percent from September and 3.9 percent from October 2013, Black Knight reported. Related Articles in Daily Dose, Featured, Foreclosure, News 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 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. last_img read more

Celebrating the Women Leaders in Housing and Mortgage

first_img Demand Propels Home Prices Upward 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago July 11, 2017 2,131 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Top 5 Hottest SFR Markets Next: Underwater Borrowers Gain More Options Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Related Articles Celebrating the Women Leaders in Housing and Mortgage About Author: Aly J. Yale Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Nominations are now open for MReport’s Women of Impact list, which features influential female leaders in the housing and mortgage industry. The honorees will be recognized in the magazine’s special Women in Housing issue in September. MReport is the sister publication of DS News magazine.The Women of Impact list will be broken down into three categories: Power Players, which honors five executive-level and C-suite women; Leading Ladies, which recognizes top female executives and managers; and Notable Names, which profiles up-and-coming talents who are 35 years of age or younger as of September 1, 2017.MReport’s Women in Housing issue is a special issue published annually in conjunction with the Five Star Institute’s Women in Housing Leadership Forum, the concluding event at the Five Star Conference and Expo. Happening September 18-20, 2017, at the Hyatt Regency hotel in Dallas, the forum will be the fifth of its kind.According to Rachel Williams, Editor-in-Chief of MReport, the forum—and the magazine’s corresponding special issue—are much-needed initiatives in today’s market.“Gender equality in the workplace is an important issue in our country and, as a woman, I’m proud the housing industry is doing so much to make it a priority,” Williams said. “Our special issue and the Five Star forum are just one small way we recognize these efforts, as well as all the women who lead the housing and mortgage sectors each and every day.”The forum will include keynote presentations from industry leaders, as well as panels on diversity and inclusion.To learn more, see last year’s Women in Housing issue or visit FiveStarConference.com. To nominate yourself or a colleague for MReport’s Women of Impact list, click here. Tagged with: Five Star Conference Women in Housing Women in Housing Leadership Forum Women of Impact Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Five Star Conference Women in Housing Women in Housing Leadership Forum Women of Impact 2017-07-11 Joey Pizzolato Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Sign up for DS News Daily Home / Daily Dose / Celebrating the Women Leaders in Housing and Mortgage in Daily Dose, Featured, Foreclosure, Government, Headlines, Loss Mitigation, Market Studies, News, REO, Secondary Market, Technologylast_img read more

Florida Ends Housing Aid Program With $88 Million Unspent

first_img Tagged with: Delinquencies Disaster Relief federal aid Florida Florida Hardest-Hit Fund Florida Housing Finance Corporation Foreclosure housing aid housing assistance hurricanes mortgage Mortgage Modifications The Best Markets For Residential Property Investors 2 days ago February 1, 2018 1,911 Views Related Articles Delinquencies Disaster Relief federal aid Florida Florida Hardest-Hit Fund Florida Housing Finance Corporation Foreclosure housing aid housing assistance hurricanes mortgage Mortgage Modifications 2018-02-01 David Wharton About Author: David Wharton in Daily Dose, Featured, Government, Headlines, Journal, News Previous: The Industry Pulse: Updates on Aspen Grove Solutions, Indisoft, and More … Next: Homes are a Better Investment than Retirement Savings The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago On Wednesday, the state of Florida ended three programs designed to distribute federal housing aid funds, all under the banner of the Florida Hardest-Hit Fund (HHF). While that in itself would be noteworthy, the decision to end the programs is drawing criticism from some due to there being some $88 million left unspent.According to the Orlando Sentinel, Florida state officials says the HHF programs in question “helped tens of thousands of struggling Floridians” by providing mortgage principal reduction, mortgage help for the unemployed, and help with delinquent home loans.Trey Price, Executive Director for Florida Housing Finance Corporation, said, “Although the Florida HHF programs were originally slated to conclude by December 2020, we were able to meet the needs of struggling homeowners ahead of schedule.”Several Florida HHF programs will remain open, including those focused on mortgage assistance for the elderly, mortgage modifications, and down payment assistance. The state says the remaining $88 million in federal funds will be distributed among these remaining programs. However, the Sentinel reports that the remaining programs have thus far drawn only around a tenth of the applications of those the state is shuttering.U.S. Rep. Darren Soto, (D-Orlando), said, “Unfortunately, Governor Scott and Republican legislators dragged their feet for years in getting the FHFC [Florida Housing Finance Corporation] to deploy significant funds and various assistance programs, undermining the effort and stifling its effectiveness.”According to the Sentinel, the HHF programs “helped only about half the number of the approximately 100,000 Floridians who applied since it launched in 2010.” According to a 2015 federal report, the Florida program also had a low admission rate compared to the 17 other states that participated.Unsurprisingly, Florida saw an uptick in mortgage delinquencies in the back half of 2017 and the wake of last year’s powerful hurricane season. According to data from Black Knight, Inc., thousands of delinquent Florida mortgages could be attributed to the damages and impact of the storms that plowed into the state last year. Like many parts of the country, Florida is also in the midst of an affordable housing shortage, one that is currently being exacerbated by the arrival of thousands of evacuees from Puerto Rico. Servicers Navigate the Post-Pandemic World 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 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 Home / Daily Dose / Florida Ends Housing Aid Program With $88 Million Unspent Florida Ends Housing Aid Program With $88 Million Unspent Subscribe  Print This Post Sign up for DS News Daily Share Savelast_img read more

10 States That Spent Most on Home Improvement

first_img in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fixr home improvement Homeowners HOUSING renovations Home / Daily Dose / 10 States That Spent Most on Home Improvement Related Articles  Print This Post Spending on home improvement is likely to be the highest it’s been in a decade according to a study by Harvard University’s Joint Center for Housing Studies. And California is leading the list of states that are spending a tidy sum on home improvements according to an analysis by real estate blog Fixr, which broke down home improvement spending by state in 2018 based on National Association of Home Builders estimates.For the rankings, the blog looked at owner-occupied homes’ estimated improvements in 2018 and broke down the expenditure into five sectors of total home improvement ranging from below $1 billion to more than $20 billion. “The greatest number of states fall into the $1-5 billion spending bracket with a 50.9 percent share,” Fixr found. “The below $1 billion spending bracket represents 23.5 percent of states, the $5-10 billion bracket accounts for 17.6 percent of states.”With a home improvement spending of $20.3 billion, California topped the list followed by Texas which showed a spending of $13.9 billion. New York, which came third on this list spent $11.6 billion on renovations while at fourth place Florida spent $11.4 billion. Pennsylvania, with a home renovation spending of $8.7 billion rounded off the top five states.The breakdown also found that while the amount spent by each state varied significantly, the percentage of homeowners choosing to make improvements ranged between 28 percent and 31 percent of all homeowners. “This implies that states with higher populations and therefore higher numbers of homeowners still provide the most lucrative market segments to target,” the analysis indicated.It also found that income levels were most likely to impact spending on renovations with states where income levels were rising being areas for future focus for home improvement and construction. In this category, Oregon and Massachusetts showed the most growth and a potential for earnings, the analysis found.Other states that were among the top 10 were Illinois, Ohio, Michigan, New Jersey, and North Carolina. The Best Markets For Residential Property Investors 2 days ago Previous: The State of Re-Performing Loans Next: Rents Accelerate in Major Metro Areas Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Savecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fixr home improvement Homeowners HOUSING renovations 2018-07-02 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago 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. 10 States That Spent Most on Home Improvement The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 2, 2018 6,573 Views Subscribelast_img read more

NY Housing Market Hitting High Notes

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago NY Housing Market Hitting High Notes Heavy demand for homes in the Empire State is stoking its real estate sector, according to the New York State Association of Realtors (NYSAR) housing market report. The state’s housing market recorded a robust first half of 2018, with 60,043 closed sales. That figure lags just 3.8 percent behind last year’s record-setting sales pace, the report says. Statewide median sales prices also continued their upward motion through the first six months of 2018, rising 8.9 percent from the first half of 2017 to hit $262,500, it notes.“The storyline at the midpoint of this year is sellers doing well in a tight inventory market that also has eager buyers ready to close,” said Duncan R. MacKenzie, CEO of NYSAR. “With the ongoing growth in selling prices, it is a great time for wavering sellers to come off the sidelines. If we see an uptick in seller activity and any meaningful growth in new residential construction, the housing market could make a run at last year’s sales record.”Sales posted in this year’s second-quarter slumped by 5.5 percent compared with Q2 2017 to wrap up at 31,952. This June’s closed sales total of 12,234 is a 10 percent drop from June 2017, says the NYSAR report, which looks at data compiled from that state’s MLS and includes townhomes, condominiums, and existing single-family homes.In terms of median sales price, the $266,500 figure reported for Q2 is an 11 percent leap from the second-quarter 2017 median of $240,100. The June 2018 median price of $280,000 represents a 9.8 percent increase compared with the same month last year, the report continues.Pending sales slid 2 percent to 68,974 through the first six months of 2018 compared with the same period in 2017. Second-quarter 2018 pending sales stood at 39,894—1.5 percent below Q2 2017. In addition, this June’s pending sales (13,421) dipped 3.5 percent compared with June 2017.As for months’ supply of inventory, that fell off 6.1 percent at the close of Q2 to 6.2 months supply. That compares with 6.6 months at the end Q2 2017. (By the way, a six- to 6.5-month supply is thought to be a balanced market.) Finally, inventory stacked up to 70,038, a decrease of 5.3 percent compared with second-quarter 2017, NYSAR says.  Print This Post 2018-07-24 Kristina Brewer The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save About Author: Kristina Brewer 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. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / NY Housing Market Hitting High Notes Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Subscribe Previous: Where Big City Living is Best Next: Facing the Future of Housing Sign up for DS News Daily July 24, 2018 1,614 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Mark Calabria Confirmed as FHFA Director: Industry Reaction

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Mark Calabria Confirmed as FHFA Director: Industry Reaction in Daily Dose, Featured, Government, Journal, News April 4, 2019 3,283 Views Fannie Mae Federal Housing Finance Agency FHFA Freddie Mac Mark Calabria 2019-04-04 David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save 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] The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Veterans United Makes Fortune’s Best Workplaces List Next: Closepin Announces Digital Closing Tool Tagged with: Fannie Mae Federal Housing Finance Agency FHFA Freddie Mac Mark Calabria Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles On Thursday afternoon, the Senate voted to confirm Dr. Mark A. Calabria as Director of the Federal Housing Finance Agency. Calabria was confirmed by a vote of 52-44. Calabria was nominated for the post of Director of the FHFA by the Trump administration in December 2018. Prior to being nominated for this position, he was the Chief Economist to Vice President Mike Pence.Calabria steps into the role as head of FHFA at a time when housing finance reform has been a hot topic in both Washington, D.C., and beyond, including discussions about whether the conservatorship of the GSEs, Fannie Mae and Freddie Mac, should be ended. (To read more on the topic of GSE and housing finance reform, check out our April DS News cover story, available to read online in full.)“I congratulate Mark Calabria on his confirmation by the U.S. Senate to serve as Director of the Federal Housing Finance Agency,” said FHFA Acting Director Joseph Otting. “I am confident that Mark will do a great job leading the FHFA, as he recognizes the need to work toward a housing finance system that protects taxpayers and meets our nation’s housing needs.””A strong and stable FHFA is pivotal to the health of the housing market,” said Ed Delgado, President and CEO, Five Star Global. “We look forward to working with Dr. Calabria and his leadership team as they guide the agency into its next phase.”“We congratulate Dr. Calabria on his confirmation and commend the Senate on voting to confirm this immensely qualified nominee,” said National Rental Home Council (NRHC) Executive Director Diane Tomb. “Dr. Calabria’s decades of experience in housing policy and deep commitment to public service will serve him well as he leads the Federal Housing Finance Agency over the next five years. The National Rental Home Council looks forward to working with Dr. Calabria and his new colleagues at FHFA to expand access to quality rental homes nationwide and ensure that our housing system provides stability and liquidity for all Americans, whether they choose to rent or own their home.”Lindsey Johnson, President of U.S. Mortgage Insurers, issued a statement reading, “Director Calabria’s deep understanding of the mortgage finance system will be invaluable in promoting a more robust housing market that provides borrowers with access to affordable low down payment mortgage credit while simultaneously protecting taxpayers from undue mortgage credit risk. Director Calabria has long been an advocate for greater taxpayer protection against mortgage credit risk, including the use of private mortgage insurance (MI) to shield taxpayers and the federal government from financial risk on low down payment lending. We are confident that Director Calabria will continue to recognize the importance of private MI in the housing finance system.”National Association of Realtors (NAR) President John Smaby said, “Dr. Calabria has decades of experience in the housing industry, including time spent as an economist at NAR, and he understands the critical importance of the FHFA’s prudent management of America’s housing finance system. As he begins his tenure, we urge Director Calabria to work closely with Congress in the effort to responsibly reform the GSEs, particularly in search of policies that protect the 30-year fixed rate mortgage, secure a government guarantee and emphasize taxpayer and consumer protection.”“We look forward to working with Director Calabria and the FHFA to ensure that the secondary market of the future continues to make it possible for credit union members to have access to responsible and affordable mortgage credit and appreciate his recognition of the importance of the 30 year, fixed-rate mortgage,” said Credit Union National Association (CUNA) President/CEO Jim Nussle. “We welcome the opportunity to further build upon and strengthen the existing partnerships between credit unions, the government-sponsored enterprises, and Federal Home Loan Banks.”Recently, Calabria had told the Senate Banking Committee during a hearing that “FHFA is absolutely necessary. In fact, I want to raise the stature of FHFA. I remember how the employees at its predecessor felt and their inability to stand up and be able to do effective financial regulation. I’m committed to seeing turning FHFA into a world-class regulator.”During his nomination hearing, Calabria gave an outline of what his priorities would be if confirmed. Calabria said that a number of critical elements were needed in reform such as a “greater need for competition.” He said the current FHFA mandate was clearly where “the regulator cannot make such changes.” As a result, he said, “The very broad changes that have to happen in the mortgage finance system have to be done by Congress.”Calabria said that if he was confirmed as the FHFA Director his objective would be to ensure the GSEs were, “well capitalized, well managed, and well regulated.”Addressing his views on the affordable housing goals Calabria said that his past concerns with affordable housing goals were in the context of “two large institutions with zero capital.” However, he added, “I do believe we can get to a spot where we can have risk-taking via affordable housing goals if we can have an appropriate regulatory structure that has capital backing those goals. I’m very concerned about any large financial institution where we push it to take an additional risk without the appropriate regulatory structure in place.”Clarifying his comments on getting rid of the GSEs in the past, he said that they were essentially pointed towards getting rid of the model of privatizing gains and socialize losses. “I believe all large financial institutions need to be well capitalized more managed, more regulated, and I believe the GSEs were “none of the above” before the crisis. “I want these entities to be good corporate citizens, I want them to be the model of how other corporation should want to behave.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mark Calabria Confirmed as FHFA Director: Industry Reaction About Author: David Wharton  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

The Link Between Housing Affordability and Wage Growth

first_img HOUSING San Francisco 2019-05-10 Seth Welborn  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News May 10, 2019 971 Views The San Francisco Bay area is one of the priciest housing markets in the country. Despite a 39% increase in inventory and an ongoing increase in affordability within the San Francisco Bay area, many homeowners and potential homeowners are still finding the area unaffordable.In this Video Spotlight, Joe Lonsdale, Founding Partner of 8VC, talks with CNBC’s “Squawk Box” about what needs to be done to address the Bay area’s affordability crisis.“Generally, wealth creation is extremely positive, but it’s increasing the demand for homes, and we’re not increasing the supply,” Lonsdale said.Lonsdale notes that, currently, 40% of the Bay area is designated for grazing cattle, cutting down on potential room for housing. Lonsdale suggests that making use of this land, and thus bringing down housing costs in the San Francisco Bay area, could potentially increase wages across the U.S.“You’re starting to see 10,000 people per year leave because of the housing costs, and you’re starting to see all of our companies are not able to hire,” he said.“If we were able to bring down the average cost of housing in San Francisco to the national level, wages around the country would go up by $2,000 per person,” Lonsdale claims. He argues that, with housing costs lowered in San Francisco, talent would be pulled back into the Bay area and Silicon Valley, creating a ripple effect that would boost competition and wage growth elsewhere the country.See what he has to say below. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Tagged with: HOUSING San Francisco Previous: 5 Ways to Bridge a Racial Homeownership Gap Next: The Week Ahead: Discussing Financial Regulation and More 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. 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 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 The Link Between Housing Affordability and Wage Growth Home / Daily Dose / The Link Between Housing Affordability and Wage Growth The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

What’s Behind Bay Area’s Lingering Zombie Homes?

first_img Distressed San Francisco zombie homes 2019-10-08 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 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 Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Distressed San Francisco zombie homes Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Four States Breaking With National Delinquency Trends Next: Where First-Time Foreclosures Surged Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, REO Demand Propels Home Prices Upward 2 days agocenter_img Share Save Related Articles 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / What’s Behind Bay Area’s Lingering Zombie Homes? What’s Behind Bay Area’s Lingering Zombie Homes? Servicers Navigate the Post-Pandemic World 2 days ago Zombie homes in the Bay Area fell from around 3,000 to around 350 after 2015, Fox 13 reports, but San Francisco’s zombie homes are likely to never go away. Local real estate professionals note several problems standing in the way of fixing the problem, including prices not being lowered for vacant properties. Additionally, a home-building boom is drawing buyers to new construction. According to CoreLogic, the nine-county San Francisco Bay Area saw the purchase of 7,404 new and existing houses and condos in July 2019. “People coming into the market are saying, ‘To heck with buying a used home, I’d rather buy a new home and have everything brand new in it,'” Michael Madson, Lipply Real Estate, told Fox 13.Madson adds that homeowners have little defense against neighborhood zombies, the banks who own them, and local code enforcement.”You can call the county and report violations, but after a while the county stops talking to you about it,” said Madson.As new owners are moving to new construction, supply is dwindling. San Francisco had the lowest supply of homes in June at 1.7 months, according to CoreLogic.Affordability issues, trade tensions and diminishing foreign demand have capped price growth in San Francisco for now, and the city  is one of the most overvalued cities in the country, with an index level of 1.15. The UBS Chief Investment Office’s Global Real Estate Bubble Index 2019 notes that real prices increased by 85% between 2012 and 2018 in the city, fueled by booming technology companies and a large amount of IPO money making its way into real estate.“The weakness in the Bay Area’s housing market is exacerbated by diminishing foreign demand and the historic low affordability for the working middle class,” UBS states. “With the highest number of housing permits since the late 1980s, the supply shortage may start to ease and potentially accelerate the price correction.” October 8, 2019 2,314 Views  Print This Post About Author: Seth Welbornlast_img read more

CFPB Issues Relief Resources for Homeowners

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News  Print This Post Demand Propels Home Prices Upward 2 days ago April 1, 2020 2,542 Views Share 2Save Previous: Cities at Risk of a Housing Recession Next: Housing: Braced for Recession? For borrowers who may be facing foreclosure, the Consumer Financial Protection Bureau has released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including a reminder to consumers to contact their lenders if they cannot make their payments. Many lenders are now providing forbearance loan extensions, a reduction in interest rates, and/or other flexibilities for repayment. The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to enter into additional dollar-roll transactions—provide mortgage-back securities investors with short-term financing.Those with loans backed by Fannie Mae or Freddie Mac may be granted a foreclosure moratorium and forbearance, and several private institutions including Wells Fargo are following suit by suspending residential property foreclosure sales and evictions.Fannie Mae and Freddie Mac also announced mortgage deferment programs. Effective January 1, 2021, Freddie Mac will launch a loss mitigation solution for borrowers who became delinquent due to a short-term hardship that has since been resolved.Additionally, suspension of foreclosures and evictions for mortgages backed by the U.S. Department of Housing and Urban Development (HUD) and FHFA will extend at least 60 days.There were a total of 48,004 U.S. properties with foreclosure filings in February 2020, according to the latest U.S. Foreclosure Market Report from ATTOM Data Solutions. This is the lowest number of total foreclosure filings recorded since ATTOM began tracking in April 2005, but according to Todd Teta, ATTOM’s Chief Product Officer, as lenders suspend foreclosure filings due to COVID-19, this number is likely to continue to drop until after moratoriums are lifted.“Foreclosure activity across the United States hit new lows in February, yet another marker of the nation’s long housing boom,” said Teta. “However, as with just about anything connected to the housing market right now, the foreclosure situation is now totally in flux because of the ever-evolving coronavirus pandemic. Many lenders have suspended foreclosure proceedings, so the numbers will most likely continue to drop in the coming months. But after that, we may see an uptick in foreclosures as a result of dramatic economic impacts, such as more homeowners losing their jobs and falling behind on mortgage payments.”Nationwide, one in every 2,841 housing units had a foreclosure filing in February 2020. States with the highest foreclosure rates were New Jersey (one in every 1,457 housing units with a foreclosure filing); Illinois (one in every 1,507 housing units); Delaware (one in every 1,628 housing units); South Carolina (one in every 1,688 housing units); and Maryland (one in every 1,713 housing units).Lenders started the foreclosure process on 27,058 U.S. properties in February 2020, up 3% from last month but down 9% from a year ago — the thirteenth consecutive month showing an annual decline.States that saw double digit increases in foreclosure starts from last month included: Nevada (up 63%); Oregon (up 49%); Washington (up 47%); Texas (up 28%); and Michigan (up 20%). Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. CFPB Issues Relief Resources for Homeowners Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Coronavirus Foreclosure Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 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 Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus Foreclosure 2020-04-01 Seth Welborn Home / Daily Dose / CFPB Issues Relief Resources for Homeowners Subscribelast_img read more