HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership

first_img Previous: United Wholesale Mortgage Announces Launch of Investor Edge program Next: DS News Webcast: Thursday 12/4/2014 The Best Markets For Residential Property Investors 2 days ago December 3, 2014 1,068 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Homeownership HUD Sweat Equity Grants 2014-12-03 Brian Honea Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. center_img The U.S. Department of Housing and Urban Development (HUD) announced Wednesday that it is awarding $10 million in grants to four non-profit organizations that will create homes for hundreds of families.The grants, known as “sweat equity” grants, combined with the efforts and labor of many volunteers and the homebuyers themselves, will create affordable housing for at least 540 low-income, hard-working families and individuals, according to HUD.”These grants will make owning a home a reality for hundreds of working families,” HUD Secretary Julián Castro said. “These families will become homeowners not only because of our public investments, but because of their own contributions. Our job is to support sustainable homeownership and these self-help programs do exactly that.”The grants, which are funded through HUD’s Self-Help Homeownership Opportunity Program (SHOP), will be awarded to the following non-profit organizations: Community Frameworks ($540,000), Habitat for Humanity International ($6.21 million), Housing Assistance Council ($1.56 million), and Tierra del Sol (Western States Housing Consortium, $1.68 million).SHOP funds are awarded via grants on a competitive basis to regional and national non-profits and consortia that are experienced with self-help homeownership housing programs. The SHOP program has provided more than $396 million that, along with leveraged funds and numerous volunteer labor hours, has resulted in more than 28,500 units of affordable housing since 1996 when Congress first appropriated SHOP funds. SHOP funds are used to purchase land and make infrastructural improvements, not to exceed the average SHOP investment of $15,000 per unit; for construction and rehabilitation of the dwellings, leveraged funds must be used, according to HUD. Many SHOP homebuyers are first-time buyers that come from underserved groups.Homebuyers are required to contribute a minimum number of “sweat equity” hours toward the building and development of their own homes or others that are participating in self-help homeownership programs, according to HUD. The minimum sweat equity requirement is 100 hours for a household consisting of two or more persons and 50 hours for a household consisting of one person. Community volunteer labor participation is also required. Sweat equity and volunteer labor may include any number of activities related to the construction of a home, including but not limited to painting, carpentry, foundation work, drywall, trim work, roofing, or siding, according to HUD.Grant recipients may choose to carry out activities directly or distribute the SHOP funds to local non-profit affiliates that will assist with the development of SHOP dwellings, select the homebuyers, coordinate the homebuyer sweat equity efforts with those of volunteers, and help arrange for financing to ensure the homebuyers can afford their homes both for the present and long term. Home / Daily Dose / HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership Tagged with: Homeownership HUD Sweat Equity Grants in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Reform Consumer Financial Protection Bureau Republicans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Republicans’ effort to reform the Consumer Financial Protection Bureau (CFPB) continued on Friday with the introduction of a comprehensive reform package by U.S. Representative Sean Duffy (R-Wisconsin).Part of the package of CFPB reform proposals that Duffy has either sponsored or co-sponsored includes the bill introduced on Wednesday by Representative Randy Neugebauer (R-Texas) that would replace the CFPB director with a bipartisan five-member committee.The flurry of legislation to reform the CFPB has come swiftly following the testimony of the Bureau’s director, Richard Cordray, before the House Committee on Financial Services on March 3.”After hearing testimony from Director Richard Cordray this week, I am convinced now more than ever that the CFPB is in dire need of structural reform,” Duffy said. “He continues to stonewall Congress, he won’t respond to Congressional inquiries, and why would he? We have no tools in the toolbox to hold the fortress that is the CFPB accountable.”Other measures to reform the CFPB that Duffy introduced this week include: The Bureau of Consumer Financial Protection Act, which makes the CFPB subject to the regular appropriations process; the Consumer Right to Financial Privacy Act, which requires the Bureau to obtain consumers’ permission before collecting data on them; the Consumer Financial Protection Safety and Soundness Improvement Act, which reduces the number of members of the Financial Stability Oversight Council that may overturn a CFPB ruling from two-thirds to a simple majority; and the CFPB Pay Fairness Act, which puts CFPB employees on the regular government pay scale (they currently set their own pay rate).”Protecting consumers is important to everyone,” Duffy said. “However, this is an agency that is led by one man. It’s an agency that makes rules and regulations that restrict access to credit for everyone while they collect data on consumers without their permission, and Congress can do nothing about it. It’s time to bring some common-sense reforms to this agency; these bills will begin to do that.”Republicans who view the CFPB as overreaching and unaccountable have tried to increase Congressional oversight for the CFPB ever since the Bureau was formed in 2011 out of the Dodd-Frank Act. They have especially made a push for CFPB reform since they gained a majority in both the House and the Senate in November. Democrats have criticized Republicans’ efforts at reforming the CFPB and have repeatedly vowed to fight any legislative attempts at such reform.”I cannot imagine staff time and resources that the Bureau has spent responding to your frivolous requests – at the expense of helping our nation’s consumers,” Representative Maxine Waters (D-California) said during the hearing in which Cordray testified earlier this week. “But that’s precisely the Republican playbook. They want the CFPB to be wasting resources digging out from under a deluge of requests – so that the payday lenders, debt collectors, and other predators can continue victimizing the American people unabated.”In February, Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) revived a bipartisan bill that would create an independent Inspector General for the CFPB that is appointed by the president and approved by the Senate. The Bureau currently shares an IG with the Federal Reserve, a position that is appointed by the Fed chair and not subject to Senate approval. Share Save About Author: Brian Honea Previous: Economist: Job Gains Solid, But Muted Wage Gains Hindering Housing Next: Small CLO Managers May Have Trouble Complying With Risk Retention Rule The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. March 6, 2015 1,266 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals Home / Daily Dose / Wisconsin Representative Continues CFPB Reform Efforts With Series of Proposals 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 CFPB Reform Consumer Financial Protection Bureau Republicans 2015-03-06 Brian Honea Subscribelast_img read more

Fitch Examines Wells Fargo’s Servicing Improvements

first_img The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Fitch Examines Wells Fargo’s Servicing Improvements Wells Fargo Home Mortgage (WFHM) has received an overall stable outlook from Fitch Ratings. Fitch affirmed WFHM residential primary servicer rating for Prime, Alt-A, and Subprime products at ‘RPS1-‘; Outlook Stable.According to Fitch, the ratings and Outlooks reflect the WFHM’s ongoing continuous platform and enterprise risk management improvements, technology enhancements, and its experienced senior management team and staff.Fitch states that as of December 31, 2018, WFHM serviced approximately 7.8 million loans totaling $1.46 trillion. This includes approximately 6.9 million agency loans totaling $1.15 trillion, approximately 748,000 owned portfolio totaling $276 billion, approximately 127,000 non-agency RMBS loans totaling $23.2 billion and approximately 38,000 third-party serviced loans totaling $6.27 billion. Fitch also notes that WFHM’s overall delinquency rate fell to 4.86 percent from 6.36 percent year over year with a corresponding staff reduction of approximately 13 percent.Recently, Wells Fargo CEO Tim Sloan announced his retirement, less than three years into his tenure running the bank. Sloan will step down at the end of June.Allen Parker, Wells Fargo’s General Counsel, will serve as interim CEO and President while the bank searches for a long-term replacement.“In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future,” Sloan said in a statement. “We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo.” He added that his resignation came in part because “our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition.”“Tim Sloan has served this company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” said Wells Fargo Board Chair Betsy Duke in a statement. “He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo.”  Print This Post Tagged with: Servicing Wells Fargo Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicing Wells Fargo 2019-04-10 Seth Welborn Home / Daily Dose / Fitch Examines Wells Fargo’s Servicing Improvements The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: The Profitability of House Flipping Next: Affordability Challenges and Optimism: The Housing Market’s Road Ahead Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News, Secondary Market Subscribe April 10, 2019 1,482 Views Share Save Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Mortgage Rates Influencing Homebuyers

first_img The Best Markets For Residential Property Investors 2 days ago Previous: A Question of Housing Affordability Next: The Industry Pulse: Updates on First American, Cloudvirga, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The 30-year fixed mortgage rate averaged 3.55% as of August 22, according to the latest Freddie Mac Primary Mortgage Market Survey. This is the lowest rate Freddie Mac has recorded since November 2016. The 30-year FRM declined by 0.5 percentage points from the previous week’s rate of 3.60%. The 15-year FRM and 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) declined as well, down to 3.03% and 3.35%, respectively.“The drop in mortgage rates continues to stimulate the real estate market and the economy,” said Sam Khater, Freddie Mac’s Chief Economist. “Home purchase demand is up 5% from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.”“The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity,” he continued.While lower mortgage rates may influence some potential buyers to move ahead, inventory continues to stifle the market. Data from Fannie Mae’s Economic and Strategic Research Group found that limited inventory, especially for affordable housing, continued to remain a challenge for homebuyers. This, despite Fannie Mae’s latest Home Purchase Sentiment Index suggesting strong homebuyer interest after recording a new survey high in July.The report also suggested an uptick in refinance activity as mortgage rates nearing new lows. The report indicated that the share of refinancing activity had risen from 29% in 2018 to 35% in 2019.“Mortgage rates are approaching the lowest level in recent decades, and as they have moved lower more and more homeowners are finding incentive to refinance,” Duncan said. “We estimate that 35% of outstanding mortgages are now ‘in the money,’ meaning borrowers may realize significant cost savings by refinancing; as such, we expect the share of refinance originations to grow through the remainder of the year.” Homebuyers Inventory Mortgage Rates Sales 2019-08-22 Seth Welborn Share Save The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Homebuyers Inventory Mortgage Rates Sales Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Rates Influencing Homebuyers August 22, 2019 1,028 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home / Daily Dose / Mortgage Rates Influencing Homebuyers Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days agolast_img read more

Banking Committee Approves HUD’s Nomination of Brian Montgomery

first_imgHome / Daily Dose / Banking Committee Approves HUD’s Nomination of Brian Montgomery Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese December 10, 2019 2,409 Views The Best Markets For Residential Property Investors 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. Tagged with: Brian Montgomery HUD Related Articles The Best Markets For Residential Property Investors 2 days ago Brian Montgomery HUD 2019-12-10 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Previous: Redefining Property Preservation Contract Work Next: NFIP’s ‘Head-Scratching’ Short-Term Extensioncenter_img in Daily Dose, Featured, Government, News Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Banking Committee Approves HUD’s Nomination of Brian Montgomery Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Hon. Brian MontgomeryThe U.S. Senate Committee on Banking approved the nomination of Brian Montgomery as the new Deputy Secretary of the Department of Housing and Urban Development. Montgomery was approved by a final vote of 20-5.  His nomination will now move on to the Senate for approval.“Brian Montgomery’s record of service makes him ideally suited to serve as HUD’s new Deputy Secretary,” said Ed Delgado, President and CEO of Five Star Global. “In his role at FHA, Montgomery has implemented improvements to infrastructure in addition to important initiatives such as changes to False Claims Act oversight. I extend my heartfelt congratulations and look forward to HUD’s continued efforts to build a stronger and more sustainable system of American homeownership.”Montgomery was nominated for the position by HUD in October. He has served as HUD’s Assistant Secretary and managed the day-to-day operations of the agency and assist the Secretary in leading the department’s nearly 8,000 employees. He is also the Commissioner of the Federal Housing Agency. Montgomery said during the nomination hearing in October that he would continue to run the Federal Housing Agency until a replacement is named. He served as FHA Commissioner from 2005 to January 2009 and stepped back into the role in May 2018. This story will be updated.   Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Renters’ Homeownership Hopes Delayed

first_img Coronavirus housing market 2020 Renters 2020-07-09 Mike Albanese About Author: Chuck Green July 9, 2020 942 Views Demand Propels Home Prices Upward 1 day ago Sign up for DS News Daily Renters’ Homeownership Hopes Delayed Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: New CFO Named for Private Money Lender Next: Unemployment Claims Rise to 3.2M in Daily Dose, Featured, News  Print This Post Subscribe Related Articlescenter_img Tagged with: Coronavirus housing market 2020 Renters Data Provider Black Knight to Acquire Top of Mind 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 1 day ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago COVID-19 is quashing the hopes of many renters eager to invest in a home of their own.According to a recent survey conducted on RENTCafe.com, at the beginning of the year, 11% of renters indicated they’d been intent on buying a house this year. Among Gen X renters, 15% had the purchase of a house squarely on their radar in 2020, as had 14% of older millennials.The survey, which ran at the end of May 2020, asked 7,000 renters about their housing plans prior to and following the pandemic’s touch down.While plans are made to be broken, it is now being reported that 43% of renters that were on the precipice of plucking down the cash for a residence have been deterred by the pandemic—not to mention skyrocketing home prices.Among renters compelled to stay the course; fueled by Gen Z-ers and Baby Boomers, the largest share was going to shift gears and settle into a smaller unit. Millennials and Gen Xers?In addition to economic uncertainty, 43% of prospective homebuyers were prompted by lost income, changed their plans, stated the report. The handful of renters set on buying a home this year hit the brakes as well. Among older millennials, as many as 50%—the demographic most likely to buy—were forced to take a pass.Relatively speaking, baby boomers essentially were undaunted, determined not to allow the pandemic to derail their plans. Just 37% rethought buying a home purchase, while nearly one-quarter of renters now believe buying a home is perpetually out of reach.All that said, however, in the eye of the pandemic, even renting is no sure thing. In April, numerous states and cities implemented eviction moratoriums to abet the effort of renters to keep their homes, reported by DS News.The catch: it’s apparent that this action is no more than a temporary respite in light of a daunting issue. Meaning, while renters might be able to remain in their home for now, it doesn’t preclude an avalanche of evictions upon the lifting of the moratorium.While these measures may keep renters in their homes today, they may easily lead to a flood of evictions the moment the moratoriums are lifted.With close to half of all renters considered rent-burdened; meaning they spend more than 30% of their income on their monthly rent, renters are particularly vulnerable in this current economic crisis.In a March article, according to two researchers from the Urban Institute, “eviction moratoria on their own, as many governments are proposing or enacting, would only address a small part of the crisis.” Without additional rent relief or flexible cash assistance, they added, moratoria could reduce COVID-19 transmission risks today but create an eviction tsunami later. Home / Daily Dose / Renters’ Homeownership Hopes Delayed The Best Markets For Residential Property Investors 2 days agolast_img read more

COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market

first_imgBoth the government and the mortgage industry have faced an uphill battle when adapting to the practical and economic realities of the COVID-19 pandemic. With so many X factors, it’s the unexpected is almost all that can be expected A new report from Bloomberg delves into a new change related to coronavirus relief that could benefit banks but negatively impact investors in mortgage-backed securities.The COVID-19 health crisis has put millions of impacted homeowners at risk of delinquency and foreclosure, fueling an “upheaval” in the mortgage market. Now, Bloomberg reports, banks and other lenders are beginning to act on the understanding that this allows them to buy home loans at below-market prices. According to Bloomberg, “The earnings would come from an unanticipated side-effect of Congress’ decision in March to allow homeowners affected by the pandemic to delay loan payments for as long as a year, combined with arcane regulations governing mortgage-backed securities.”Banks such as Wells Fargo & Co. and U.S. Bancorp are already buying, Bloomberg reports, frustrating bond holders who say the purchases are causing them losses.This so-called ‘loophole’ is possible, in part, due to Ginnie Mae regulations, Bloomberg reports. Ginnie rules allow banks and other lenders to buy loans out of mortgage securities at their par value when a borrower hasn’t made payments for 90 days, Bloomberg explained.  Investors value most of those loans at 5% to 10% above par, reportedly, “meaning the purchases result in an immediate writedown for the bond holders and a potential profit for the lender when they’re able to resell the loan.” Former Ginnie Mae President Ted Tozer, now a senior fellow at the Milken Institute, told Bloomberg, “The banks are setting themselves up for a huge windfall. It’s almost pure profit.”According to Bloomberg, sources from the lending and banking industry argue that the process is often risky and that it “has more to do with accounting issues than trying to score a quick profit.” Bank of America mortgage security strategist Michael Khankin, for one, expounded on the “risk” idea, noting that lenders that engage in extensive buyouts do face a potential downside. “This is not a riskless transaction,” said Khankin, who noted borrowers might default while a lender holds the loan or government agencies could change the rules again for when mortgages can be re-securitized. How accounting factors in: Rules force lenders to put loans on their balance sheets if they have an option to buy the mortgages “in the money,” meaning that exercising it would turn a profit, explained Bloomberg. On Wells Fargo’s Q2 earnings call last month, CFO John Shrewsberry said that accounting requirements influenced its loan purchases. Wells Fargo spokesman Tom Goyda said the bank regularly buys delinquent loans out of Ginnie pools to manage balance sheet impacts and to reduce expenses. Why the pandemic-prompted buyouts are different than in other situations: Loan buyouts aren’t new but now it’s about the uniquely large number of homeowners who’ve opted to delay their monthly payments because lawmakers have protected them from foreclosures. In general, those borrowers are expected to start paying their mortgages again. That means that, unlike during the 2008 financial crisis, lenders that buy delinquent loans might be able to easily resell them at premium prices as the mortgages become current. The outlet goes on to report that “Wells Fargo in July and August bought $19 billion of loans out of Ginnie securities for $1.5 billion less than the loans’ market price, according to Dhivya Krishna, head of research for hedge fund Metacapital Management LP, which invests in Ginnie mortgage bonds.” As for U.S. Bancorp, it bought $5 billion of such loans for $380 million less.  Other lenders have made smaller purchases, but some bond investors say that increasingly high delinquencies and nonpayments due to COVID-19 will cause these buying opportunities to blossom in coming months.  Now, if the economy rapidly improves in coming months, and homeowners, in large numbers, exit forbearance, said opportunities will dwindle. Home / Daily Dose / COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: ‘Online Buyers’ Contribute to Growing Home Sales Next: The Changing Face of Distressed Property Auctions COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago 2020-08-20 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babb August 20, 2020 1,779 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribelast_img read more

Single Women’s Increasing Impact on the Housing Market

first_img Although a study last fall showed the coronavirus pandemic hitting working women harder than their male counterparts—a “she-cession,” the phenomenon has been called—a newer report by Redfin shows single women purchased 9% more homes in the fourth quarter than a year ago, compared with a 4.5% increase for single men.Redfin’s researchers had previously reported that the pandemic-driven recession forced women out of the workforce at a greater rate than men,  especially women of color.“This is another illustration of America’s uneven financial recovery,” said Redfin Chief Economist Daryl Fairweather. “While millions of women have lost their jobs during this recession, the impact has largely been on lower-income women. Meanwhile, most women who were able to afford homes before the pandemic are likely still able to afford homes, and low mortgage rates—especially at the end of 2020—have been incentivizing them to buy.”Women tend to buy less expensive homes than men. The typical home purchased by single women in Q4 sold for $294,000, up 15% year over year. Single men averaged $310,000, a 17% year over year increase. Couples paid an average of $430,000, which is a 15% uptick.For single women, the median monthly mortgage payment was $1,052 in the fourth quarter, compared with $1,125 for single men and $1,535 for couples.Boston tops the list of U.S. metropolitan areas in which home purchases by women are growing, reports Redfin’s Dana Anderson.In Boston, single women made up 25.4% of home purchases in the fourth quarter, compared with 23.3% for single men.A new homeowner in Los Angeles spoke with Redfin about her experience:“I was originally saving for a down payment with a goal of buying my own home in 2021, but interest rates dropped so much with the pandemic that I was able to buy a condo over the summer,” said Sarah Stecker, who bought a two-bedroom condo in Los Angeles in July. “The down payment was the biggest hurdle, but now my monthly mortgage, including HOA fees and property taxes, is just slightly more than I was paying in rent on an apartment in the same neighborhood, and my condo is twice the size. Now, instead of paying my landlord’s mortgage, I’m building equity for my own bank account. I hope to eventually use some of the equity to buy a bigger home for myself and hold onto the condo as a rental property.”The entire report, along with the methodology and a breakdown by metro area is available at Redfin.com. Single Women’s Increasing Impact on the Housing Market Share Save Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago 2021-03-03 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home / Daily Dose / Single Women’s Increasing Impact on the Housing Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: Forbearance Activity Up for the First Time in Weeks Next: Metros With the Highest Credit Scores Sign up for DS News Daily March 3, 2021 10,812 Views last_img read more

SIPTU urge members to accept proposed Croke Park II cuts

first_img Help sought in search for missing 27 year old in Letterkenny SIPTU urge members to accept proposed Croke Park II cuts Twitter Facebook RELATED ARTICLESMORE FROM AUTHOR Pinterest WhatsApp Previous articlePSNI to investigate sinking of boat which killed Glengad brothersNext articleHorse slaughter house operations suspended in Co Offaly News Highland Twitter NPHET ‘positive’ on easing restrictions – Donnelly By News Highland – March 14, 2013 448 new cases of Covid 19 reported today center_img Facebook Google+ Three factors driving Donegal housing market – Robinson Guidelines for reopening of hospitality sector published News The country’s biggest trade union SIPTU is to recommend that its members accept the revised Croke Park Agreement.SIPTU’s National Executive met in Dublin this afternoon to decide whether to support or reject the deal.The government says it will achieve savings of €1bn from the public sector pay bill, but several smaller unions want their members to vote no.General president of SIPTU Jack O’Connor says the deal isn’t perfect, but his members are better off with the protection of the agreement than being on the outside of the deal.Meanwhile, frontline workers say the new Croke Park deal could see them lose as much as 11.5% from their pay packets.Nurses are the ones who will be hit most by the proposals according to the report from the 24/7 Frontline Alliance. WhatsApp Google+ Calls for maternity restrictions to be lifted at LUH Pinterestlast_img read more

Government says ‘staffing crisis’ at Letterkenny General Hospital is not its responsibility

first_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Government says ‘staffing crisis’ at Letterkenny General Hospital is not its responsibility Pinterest Pinterest WhatsApp News Padraig MacLochlainnThe Government has said the staffing crisis atLetterkenny General Hospital is a matter for the hospital management and the HSE.The issue was raised in the Dail today by Deputy Padraig MacLochlainn.He quoted the INMO which said yesterday that overcrowding at Letterkenny General Hospital had worsened, with patients being treated on trolleys in corridors this week for the first time since 1998.The overcrowding problem is being blamed by the union to staff shortages.Deputy MacLochlainn implored the Tainaiste Eamon Gilmore for the Government to make a special case for Letterkenny General and lift the recruitment moratorium:[podcast]http://www.highlandradio.com/wp-content/uploads/2014/01/dailWEB1.mp3[/podcast]Responding Tanaiste Eamon Gilmore said it is not the government’s job to address the hospital’s staffing problems.He says there is provision within the Haddington Road agreement to deal with such issues:[podcast]http://www.highlandradio.com/wp-content/uploads/2014/01/dailWEB2.mp3[/podcast] Google+center_img Google+ Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR Twitter Twitter By News Highland – January 16, 2014 Three factors driving Donegal housing market – Robinson LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleTragic death of Donegal man leads MP to call for UK ban on legal highsNext articleRobbery accussed refuses to acknowledge charges at Derry Magistrates Court News Highland last_img read more