LRES Instates New VP of Technology

first_img Servicers Navigate the Post-Pandemic World 2 days ago February 22, 2017 1,391 Views Share Save in Featured, Media, News Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Featured / LRES Instates New VP of Technology Previous: Leading Real Estate Finance and Credit Industry Law Firm Expands with New Associate Attorney Next: Qualia-Stewart Partnership Streamlines Title Agent Tasks Tagged with: Clyde Prestowitz DS News LRES Paul Bush Technology LRES Instates New VP of Technology The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Clyde Prestowitz DS News LRES Paul Bush Technology 2017-02-22 Haley Owens Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago About Author: Haley Owens  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Paul BushNational residential and commercial real estate services company LRES announced Wednesday that it promoted Paul Bush, a veteran software development manager, to the role of VP of Technology.Bush brings 15-plus years’ experience to his new position, where he will steer the development of LRES’ proprietary technology while implementing and maintaining its current systems. As VP of Technology, Bush is also tasked with continuing the company’s track record of more than 15 years of growth via secure applications and services as well as peak uptime and scalability in LRES networks, according to the company.Bush has extensive experience in management, software development, IT, and .NET application development. Prior to serving as a software development manager at LRES, he worked for an online marketing platform. As Director of Engineering, he implemented continuous integration software development methodology and automated the build and deployment cycle using version-control APIs and other management tools.“We are confident Paul is the right fit for this role, as he brings with him a proven track record of implementing standardized processes and improving overall business functionality and success,” said Clyde Prestowitz, CTO of LRES, which offers managed business processes for the origination and default markets. The company offers its clients valuations, REO asset management, HOA, and technology solutions. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

Starter Home Values Rising at the Fastest Rate on the Market

first_imgHome / Daily Dose / Starter Home Values Rising at the Fastest Rate on the Market  Print This Post Appreciation Home Values HOUSING mortgage Zillow 2018-02-16 Nicole Casperson Starter homes across the U.S. are gaining equity faster than any other type of home on the market, according to a recent report by Zillow. In fact, over the past year, the report notes that homes in the most affordable segment of the market—typically desired by first-time buyers— gained 8.5 percent in value, compared to a 3.6 percent gain for the most expensive homes.To determine this, Zillow divided the U.S. housing stock into equal thirds based on value and determined the median value of the most and least valuable homes. Looking back at the past five years provides an even more significant difference, as people who own starter homes have experienced an increase in equity by 44.4 percent, meanwhile owners of top-tier homes fall behind only gaining 26.6 percent.”When the housing market crashed, owners of the least valuable homes were especially hard hit, and lost more home value than homeowners at the upper end of the market,” said Zillow Senior Economist Aaron Terrazas. “Since then, though, demand for less expensive, entry-level homes has built steadily, causing prices to grow rapidly. As a result, these homeowners have been able to build wealth at a faster pace than owners of more expensive homes.”While the home value appreciation among more affordable homes serves as a major benefit for the consumers who already own those homes, there is a struggle for buyers to enter the market as demand for entry-level homes continues to grow faster than supply. Zillow’s analysis discovered that the market is limited and competitive—as nearly 18 percent fewer entry-level homes are available on the market compared to a year ago.Regionally and among the largest U.S. housing markets, owners of the most affordable homes in Tampa, Florida are experiencing the greatest gains in home equity, with a 20.4 percent increase in value. Las Vegas homeowners come next with affordable homes appreciated 19.9 percent from last year.San Francisco, Seattle and San Jose, California are the only large markets where the most expensive homes are gaining value faster than starter homes, the report noted.To view the full report, click here. 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 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 Sign up for DS News Daily Tagged with: Appreciation Home Values HOUSING mortgage Zillow The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago February 16, 2018 1,711 Views 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] Starter Home Values Rising at the Fastest Rate on the Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: Nicole Casperson Previous: The Industry Pulse: Updates on Mr. Cooper, Black Knight, and More … Next: Domestic Spending to Spur Economic Growth Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Florida Foreclosure Ruling Impacts Recoup of Legal Fees

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: appeals court Bank of New York Mellon Foreclosures standing Sometimes when you win, you also lose. That’s the reality that may face some foreclosure defendants in the aftermath of a new ruling by a Florida state appellate court, which throws a wrench into a common foreclosure defense strategy.As reported by Law.com, borrowers Frederick and Jonelle Sabido had argued that Bank of New York Mellon did not have legal standing to foreclose on their property because the bank was not originally a signatory on their promissory note and mortgage. They had originated their mortgage with JPMorgan Chase Bank N.A., but it later passed to Bank of New York Mellon.The Sabidos successfully argued that the bank had “failed to show how the note and mortgage came into its possession.” However, that strategy came back to bite them when it was time to try and recoup their legal fees.As Law.com explains, Florida Statute Section 57.105(7) has typically allowed winners in foreclosure cases such as this one to then force the losing party to pay their legal fees. There’s just one problem: the Sabido’s whole argument hinged upon proving that Bank of New York Mellon didn’t have legal standing in the first place.As Fourth District Court of Appeal Judge Robert M. Gross wrote in his decision: “The borrowers’ motion for fees is denied because the Bank of New York Mellon was not a party to the note and mortgage, and because the borrowers successfully argued that the Bank of New York Mellon was not entitled to enforce the instrument containing the attorney fee provision.”“No one ever likes to see someone do good work and not get paid,” said Roy D. Oppenheim, the attorney representing the Sabidos. “It basically means that any bank can bring a foreclosure, whether they have standing or not, and not worry about there being consequences for such egregious conduct.” Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Related Articles Florida Foreclosure Ruling Impacts Recoup of Legal Fees Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton appeals court Bank of New York Mellon Foreclosures standing 2018-02-14 David Wharton February 14, 2018 3,033 Views Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Previous: Best Housing Rental Investment Markets for 2018 Next: Is the Sky Falling Over the Housing Market? Home / Daily Dose / Florida Foreclosure Ruling Impacts Recoup of Legal Fees 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 agolast_img read more

Savings Clauses in Foreclosure

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Van Ness Attorneys in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Savings Clauses in Foreclosure Previous: The Fundamentals of Freddie Mac Next: Industry Impact: President Trump’s Call to End GSE Conservatorship The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Savings Clauses in Foreclosure Tagged with: loans Mortgages Savings van nesscenter_img An overlooked topic in foreclosure law is the effect of savings clauses in loan documents. Notes, mortgages, modifications, and just about any other document affecting the validity or viability of a loan may have a savings clause. Review of loan document templates is necessary because savings clauses may be helpful, but also may not completely solve the issues they were meant to address.Simply stated, a savings clause is a clause in a contract that provides that the contract will remain intact and enforceable to the extent allowable by law, even if certain portions of the contract are deemed invalid or unenforceable. These clauses can both be general and apply to the contract as a whole or specific and apply to key provisions or subject areas of the contract.A general savings clause is frequently styled as a “severability” clause because the contract explains that the parties intend for the court to sever any portion of the contract that is legally invalid or unenforceable while maintaining the remainder of the agreement. These clauses are helpful to clarify issues that may be severed. See generally Gessa v. Manor Care of Fla., Inc., 86 So. 3d 484, at passim (Fla. 2011). However, courts may find certain portions of the clause ineffective. For instance, a limitations of remedies provision is not severable, regardless of whether the contract contains a severability clause. Id.at 490‐491 & n. 5. Thus, a severability clause may be an attractive addition to a loan document, but it must be understood that there are circumstances under which the provision will, itself, not be enforced.In the case of mortgage promissory notes, a specific savings clause will usually be focused on interest and the calculation of payments. These clauses may clarify that interest shall not accrue or be charged at any unlawful rate. This type of savings clause can have multiple purposes. First, it can act to attempt to sever any provision that would allow for unlawful interest. Secondly, it can function as evidence of intent.This second function is helpful in the face of a claim or defense that the loan at issue is usurious. Usury occurs when a loan is intentionally given with an interest rate that exceeds the maximum amount allowable by law. A usurious loan is subject to a setoff against recovery and, in some cases, cancellation of the debt or damages.Florida law used to provide that a savings clause that expressed a desire for the loan to be nonusurious was sufficient to warrant dismissal of a charge of usury. However, that has changed. InLevine v. United Cos. Life Ins. Co., 638 So. 2d 183, 184 (Fla. 3d DCA 1994), the court examined a mortgage note that “expressly stated that interest was to be charged only at a lawful percentage.” The court held that the “inclusion of this language in loan documents has been held to warrant dismissal of a usury claim.” Id. (citing Forest Creek Dev. Co. v. Liberty Property Sav. & Loan Ass’n, 531 So. 2d 356, 357 (Fla. 5th DCA 1988)). The opinion in Levine, 638 So. 2d at 184 was later disapproved by the Florida Supreme Court to the extent that it explained, “a savings clause is one factor to be considered in the overall determination of whether the lender intended to exact a usurious interest rate.” Levine v. United Cos. Life Ins. Co., 659 So. 2d 265, 267 (Fla. 1995). (Internal quotations omitted.) In other words, the savings clause now presents an issue of fact that is to be weighed in making a determination whether a usurious loan was given.Savings clauses should be used wisely. They may be helpful in a defensive posture once litigation ensues, both in terms of rescuing the enforceability of an agreement and in expressing the intent of the parties at the time of the agreement. However, it should not be taken as a given that either of these strategies will work in any particular case. Servicers Navigate the Post-Pandemic World 2 days ago March 26, 2019 1,690 Views  Print This Post Share Save loans Mortgages Savings van ness 2019-03-26 Seth Welborn Related Articles Van Ness Attorneys aka Van Ness Law Firm is a South Florida law firm located in Deerfield Beach and Miami with its roots representing the loan servicing industry handling Foreclosures, creditor-side bankruptcy, eviction and litigation. Anthony Van Ness Van Ness sits on the Legal League 100 Advisory Board and the law firm is also a certified minority owned business. Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Fannie Mae Survey Reports Near-Record High in Purchase Sentiment

first_img in Daily Dose, Featured, News  Print This Post Fannie Mae Survey Reports Near-Record High in Purchase Sentiment 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. June 7, 2019 2,152 Views Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Consumer Actions Fannie Mae Home Prices Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae reported Friday that its Home Purchase Sentiment Index (HPSI) increased 3.7 points to 92 in May, just missing the survey high set in May 2018. The biggest reported increase was 13% in the “Good Time to Buy” component, as 27% of those surveyed felt it is a good time to buy a home. Fannie Mae states that most responders expecting home prices to go up and mortgage rates to continue falling over the next year year grew by 5% and 3%, respectively. Freddie Mac announced that the average rate for a 30-year fixed rate mortgage fell to 3.82% on June 6—its lowest level in nearly two years. “While consumers’ more favorable mortgage rate outlook suggests continued support for housing affordability, potential homebuyers still face supply constraints. Additionally, while the survey recently resumed its upward trend, consumers’ sense of income growth and job security have moved lower from the highs established earlier in the year, which, if sustained, could weigh on the housing market in the second half of the year,” said Doug Duncan, SCP and Chief Economist at Fannie Mae.Overall, the HPSI is down 0.3 points year-over-year. The survey concluded that 43% of respondents feel it is a good time to sell a home, which is a 3% decrease from this time last year.Responders who said home prices will go up over the next year increased 5% to 41%, and is down 8% year-over-year.  CoreLogic latest Home Price Index (HPI) reported that national home prices rose 3.6% in April 2019 and are expected to increase 4.7% over the next year. CoreLogic states that April’s HPI increase was down from the April 2018 gain of 6.6%, but a slight increase from March’s increase of 3.5%, indicating home price increases have flattened out. Home prices in March also saw an increase of 3.7% year-over-year, according to CoreLogic’s Case-Shiller home price index . Las Vegas, Phoenix, and Tampa reported the highest year-over-year gains among the 20 cities. In March, Las Vegas led the way with an 8.2% year-over-year price increase, followed by Phoenix with a 6.1% increase, and Tampa with a 5.3% increase. Home / Daily Dose / Fannie Mae Survey Reports Near-Record High in Purchase Sentiment The Best Markets For Residential Property Investors 2 days ago Share Savecenter_img Consumer Actions Fannie Mae Home Prices 2019-06-07 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Evolving Foreclosure Litigation Strategy Next: Another Housing Bubble Ahead? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Technological Insights Into Natural Disasters

first_img Related Articles 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Natural Disasters Tech Demand Propels Home Prices Upward 2 days ago August 9, 2019 1,426 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Natural Disasters Tech 2019-08-09 Mike Albanese Technological Insights Into Natural Disasters Previous: Eileen Fitzgerald to Lead Wells Fargo’s Housing Affordability Philanthropy Next: Mortgage Cadence Adds New Capabilities About Author: Mike Albanesecenter_img A CNBC report follows a new brand of tech companies using advancements in technology to track how climate change could impact real estate in the not-so-distant future. The report states that a joint study from Heitman and the Urban Land Institute title, “Climate Risk and Real Estate Investment Decision-Making,” revealed real estate markets “are far from understanding climate risks enough to price them in today.” Additionally, companies are turning to high-tech data analysts who can go well beyond current flood maps to forecast climate risks for real estate. Rick Sorkin, CEO of Jupiter Intelligence, was asked in the report what he thought of the water surrounding the island of Manhattan, his response: “It’s beautiful, and it’s incredibly dangerous.” Jupiter, whose clients include the cities of New York and Miami, Florida, is a startup tech company backed by $40 million in venture capital. “We’re seeing a dramatic expansion of large corporations coming to us and saying, ‘we need to understand the risks in this office complex, the risks in this hotel, or the risks in this neighborhood, where we have hundreds of millions of dollars of mortgages out,” Sorkin said. Jupiter analyzes properties, using predictive data points and then gives clients a risk score, forecasting up to 50 years into the future. Analyzing data to prepare for a disaster is key, and it was among the topics discussed at the Five Star Institute’s Disaster Preparedness Symposium, held on July 31 in New Orleans, Louisiana. Jody Gunderson, EVP of National General Lender Services, who also moderated a panel on disaster data during the event, said both insurance and mortgage industries “have more information than event” to identify the impact of natural disasters. “Meteorological forecasts have become more accurate and are able to discern potential events, especially hurricanes, further in advance,” Gunderson said. “We also have better information about potential flooding and wildfire events. This enhanced data and more precise modeling translates into better analytics and thus a better borrower experience.”She added that data can also teach lessons, saying that insurance industry loss data currently specifies many properties that are underinsured and lacking coverage to rebuild in the event of a natural disaster. The race is on to predict climate risk, and these tech start-ups are in the lead from CNBC. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / Technological Insights Into Natural Disasters in Daily Dose, Featured, Loss Mitigation, News, Technology Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago 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. last_img read more

The Week Ahead: Webinar Focuses on Wildfire Risks

first_imgHere’s what else is happening in The Week Ahead: Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: These SFR Properties are Heating Up Next: Cloudvirga Promotes Daniel Sogorka to CEO NAR Existing Home sales (Aug 21)Federal Open Market Committee minutes (Aug. 21)Census Bureau New Residential Sales Survey (Aug. 23) 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. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Week Ahead: Webinar Focuses on Wildfire Risks Governmental Measures Target Expanded Access to Affordable Housing 2 days ago It has been a record-breaking past few years for wildfires across the nation. CoreLogic reports that in 2018 nearly 9 million acres were burned, and nine of the last 14 years have had the highest annual totals of burned acreage in record history. Learn from the past lessons during a webinar hosted by CoreLogic on August 22 on how to deal with the risk. The webinar will begin at 11:30 am. CDT on August 22. Topics to be covered include, how wildfire risk analysis help understand what’s at stake, the impact of demand surge and reconstruction on lost properties, and the risk compares as actuarial analysis. One of the worst fires in recent memories was last year’s Camp Fire in Northern California, which burned more than 150,000 acres and killed 85 people, has been identified as electrical transmission lines owned and operated by utility giant Pacific Gas and Electric (PG&E). The fire in Northern California’s Butte County burned more than 150,000 acres and killed 85 people.”After a very meticulous and thorough investigation, CAL FIRE has determined that the Camp Fire was caused by electrical transmission lines owned and operated by Pacific Gas and Electricity (PG&E) located in the Pulga area” of Butte County, California fire officials said in a statement.According to analysis by CoreLogic, the Camp and Woolsey fires left behind a trail of losses between $15 billion and $19 billion after being contained in late November 2018. The report contains the updated residential and commercial loss estimates from the wildfires based on the latest post-containment perimeter of both the Camp and Woolsey Fires.The analysis recorded a total loss in the range of $11 billion and $13 billion from the Camp Fire, the most destructive wildfire in the state’s history. Additionally, estimated losses from Woolsey Fire in Southern California are estimated to be between $4 billion to $6 billion. Residential and commercial properties account for building, content, and additional living expenses. The estimated losses include damage caused by fire, smoke, demand surge and debris removal.The residential loss from the Camp fire alone is between $8 billion to $9 billion. Woolsey fires ravaged infrastructure worth $3.5 to $5.5 billion in the residential space and $0.5 billion in commercial losses. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Natural Disasters wildfire 2019-08-16 Mike Albanese  Print This Post August 16, 2019 855 Views The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Webinar Focuses on Wildfire Risks The Best Markets For Residential Property Investors 2 days ago Tagged with: Natural Disasters wildfire About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

Economic Growth Exceeds Expectations in January

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The U.S. economy grew by 225,000 jobs in January, according to the Bureau of Labor and Statistics, with the most notable gains coming in construction, health care, and transportation and warehousing. The unemployment rate was unchanged at 3.6%. Additionally, the Bureau revised both the November and December reports. November’s report was revised up by 5,000 from 256,000 to 261,000 and December’s grew to 147,000 to 145,000. Average hourly earnings rose for all non-farm payrolls for the month by 7 cents to $28.44. Earnings have increased over the past year by 3.1%. The economy was projected to gain just 165,000 jobs in December, according to the consensus from Bloomberg. Bloomberg, however, noted revisions to past data caused some of the economic gains under the Trump administration to falter. Revisions dropped the 2018 job gain to 2.31 million from 2.68 million and both the 2017 and 2019 job gains were about 2.1 million. Both are lower than the 2.35 million average increase during the final year of the Obama administration. The report is welcome news to the housing industry, as First American’s Deputy Chief Economist Odeta Kushi called the 1.9% annual gain in residential construction labor a “bright spot.” “This is a tailwind for the housing market, as finding ways to increase the productivity of construction workers is critically important to alleviating the labor shortage challenge and the gap between household formation and home building,” Kushi said.  The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Bureau of Labor Statistics Housing Market Jobs Report 2020-02-07 Mike Albanese Tagged with: Bureau of Labor Statistics Housing Market Jobs Report Slow and steady wins the race, and this economic expansion is proving that. Continued strength in the labor market will continue to buoy the consumer, and thereby, the housing market.— Odeta Kushi (@odetakushi) February 7, 2020Kushi continued by saying, “Build it and they will buy it. The housing market is being buoyed by lower mortgage rates, favorable demographics, and the continued yearly growth in wages, which contributes to higher household income and stronger purchasing power.”Realtor.com’s Chief Economist Danielle Hale said within the muck of bad news in the headlines, “it’s reassuring that the U.S. jobs market continues to perform.”“Whether this confidence will translate into home purchases this spring buying season is a key question,” Hale said. “Low mortgage rates have improved the affordability of homes compared to one year ago, especially when compared with renting, but inventory challenges remain and could worsen as the large homebuilding shortfall persists, making this spring market more affordable than those on the horizon.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Servicers Navigate the Post-Pandemic World 2 days ago Share Save  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Previous: Finding Your Voice in the Servicing Industry Next: PennyMac Reports Mortgage Finance Performance Home / Daily Dose / Economic Growth Exceeds Expectations in January February 7, 2020 1,034 Views Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Economic Growth Exceeds Expectations in Januarylast_img read more

The Impact on At-Risk Homeowners

first_imgHome / Daily Dose / The Impact on At-Risk Homeowners The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Millions of homeowners are now financially vulnerable as a result of COVID-19, and in a Harvard Joint Center for Housing Studies report, Sharon Cornelissen and Alexander Hermann cover COVID-19’s potential. The researchers interviewed homeowners and housing stakeholders in Brockton, Massachusetts and analyzed national data on homeowners who rely on income from at-risk industries.”The effects are already being felt in Brockton, a post-industrial city located 25 miles south of Boston that has seen a resurgent housing market and renewed activity in its struggling downtown over the last decade,” JCHS said.National data indicate that many people in other locales face similar challenges. Indeed, the jobs most at-risk to the current economic disruption are prevalent across the country. Collectively, these at-risk full-time workers lived in 24.9 million US households.More than half of these households—59%, or 14.7 million in total—were homeowners, including 16% (4.1 million) with a mortgage. Overall, nearly one in five American homeowners (19 percent) were reliant on at least one household member employed in an industry now at risk due to COVID-19, including 22% of all homeowners with a mortgage.Many of these households were already more vulnerable to economic shocks. For example, homeowners who exclusively relied on wages earned in at-risk industries had higher housing cost burden rates and lower household incomes on average compared to homeowners in less vulnerable industries.Not all these households risk becoming cost-burdened or facing foreclosure. Even many workers in at-risk industries will keep their jobs. as JCHS notes, some who lose their jobs will be able to find other sources of income. With a quick recovery, most will be able to return to work or regain their hours.While the financial impacts of COVID-19 on homeowners will become clearer over time, the severity of the problem requires an immediate and comprehensive response. “Solutions have to be big and bold,” said om Callahan Massachusetts Affordable Housing Alliance Director, “and probably have to be sustained over a multi-year period, so that we really do recover from this, and help people who were impacted.” About Author: Seth Welborn Sign up for DS News Daily Previous: The Week Ahead: Insight from FHFA Director on Forbearance Next: Jamie Dimon: We’re Getting a ‘Bad Recession’ Coronavirus HOUSING 2020-04-04 Seth Welborn in Daily Dose, Featured, Market Studies, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe  Print This Postcenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Coronavirus HOUSING The Week Ahead: Nearing the Forbearance Exit 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago April 4, 2020 1,578 Views The Impact on At-Risk Homeowners Share Save Demand Propels Home Prices Upward 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. last_img read more

3.1M More Americans File for Unemployment

first_imgHome / Daily Dose / 3.1M More Americans File for Unemployment Tagged with: Employment Fannie Mae Unemployment 3.1M More Americans File for Unemployment The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago May 7, 2020 1,399 Views Previous: 3.6M Homes Seriously Underwater Next: House Committee Proposes Debt Collection Prevention Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Employment Fannie Mae Unemployment 2020-05-07 Seth Welborncenter_img Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days ago In the week ending May 2, the advance figure from the Department of Labor for seasonally adjusted initial unemployment claims was 3,169,000, a decrease of 677,000 from the previous week’s revised level. The previous week’s level was revised up by 7,000 from 3,839,000 to 3,846,000. The 4-week moving average was 4,173,500, a decrease of 861,500 from the previous week’s revised average. The previous week’s average was revised up by 1,750 from 5,033,250 to 5,035,000.According to WalletHub, the states most affected by unemployment included Florida, Louisiana, Georgia, Oklahoma, and Kentucky, many of which are currently experiencing high rates of underwater homes. Some of the least affected states were Vermont, Iowa, Illinois, Arkansas, Wisconsin, and Maryland.”While state-level data for the week ending May 2 should be considered preliminary estimates due to the way these data are collected, Maryland showed the highest increase, rising 27,000 from the previous week,” said Doug Duncan, Chief Economist at Fannie Mae. “Elsewhere, Florida showed a significant decline, falling 260,000 from the prior week, though still remained at extremely high levels.””As with the prior weeks, a few caveats make this week’s data difficult to interpret precisely,” Duncan adds. “On one hand, unemployment insurance eligibility rules have been relaxed recently, increasing the number of people who are able to apply. This makes it difficult to estimate the uninsured unemployed share of the workforce. On the other hand, many states reported a significant backlog of unemployment insurance applications due to a lack of processing capacity, indicating that this week’s release may understate the true extent of insured layoffs. Furthermore, while the layoffs associated with this week’s claims release most likely occurred after the collection period for tomorrow’s April Employment Situation report, we still expect tomorrow’s report to show an extreme degree of labor market disruption, with an unemployment rate for April likely rising well above 10%.”With these dramatic increases in unemployment, delinquencies and defaults can be expected to increase for the foreseeable future, even during forbearance, Black Knight notes. According to research from the Terner Center for Housing Innovation, UC Berkeley, nearly 16.5 million renter households have at least one worker in an industry likely to be immediately affected by efforts to flatten the curve in the COVID-19 pandemic. Researchers state that the best solution to keep these renters in their home is federally-supported emergency rental assistance.According to Terner Center researchers, despite significant attempts by policymakers at all levels of government to address the COVID-19 pandemic and its economic consequences, expanded unemployment insurance through the federal CARES Act will be helpful to a degree, but will not be sufficient to address the assistance needed by many of the hardest-hit households. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn 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.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more