Unemployment Rate Low, But Number of Americans ‘Not in Labor Force’ Near All-Time High

first_img November 17, 2014 988 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Unemployment Rate Low, But Number of Americans ‘Not in Labor Force’ Near All-Time High Share Save in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Unemployment Rate Low, But Number of Americans ‘Not in Labor Force’ Near All-Time High Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bureau of Labor Statistics Employment Jobs Pew Research Center Unemployment The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The October 2014 Employment Situation Summary released by the U.S. Bureau of Labor Statistics (BLS) on November 7 reported a nationwide unemployment rate of 5.8 percent, the lowest level in more than six years.That unemployment rate might be somewhat misleading, however. A report released recently by the Pew Research Center indicates that while the U.S. unemployment rate is low, the number of people who are “not in the labor force,” meaning they are not counted among the unemployed in the BLS survey, is near an all-time high.BLS reported that about 37 percent of America’s civilian population, or about 92 million people, currently belong in the “not in the labor force” category because they are not employed and have not searched for work recently, therefore they are not considered unemployed by the BLS even though they don’t have a job. About 93 percent of those not in the labor force, or 85.9 million, were not in the labor force simply because they did not want a job, the BLS reported.While some have speculated that large numbers of retiring Baby Boomers are responsible for the spike among individuals not in the labor force, the BLS found that an increase in the percentage of young adults between the ages of 16 and 24 who don’t want a job is largely responsible for the increasing numbers of those not in the labor force. The percentage of individuals in that category has risen to 39.4 percent for the first 10 months of 2014, whereas it was 29.5 percent as recently as 2000. The BLS reported a much smaller increase in that category among adults ages 25 to 54 (16.9 percent) and a decline in that category for adults ages 55 and older (58.2 percent).BLS disclosed in the October 2014 employment report that the number of people “marginally attached” to the labor force had slightly declined from September down to 2.2 million. Someone who is marginally attached to the labor force is currently not employed but available for work and has searched for a job in the previous year, but not in the previous four weeks, according to the BLS. Marginally attached workers are not considered unemployed by the BLS.While some may believe that feelings of discouragement about job prospects account for a large number of those marginally attached to the labor force, the BLS found that only 35 percent of the 2.2 million (about 770,000) had not recently searched for a job because they were discouraged. The biggest reason was the “other reasons” category that included child care issues, transportation problems, and other difficulties, with 37.1 percent (about 816,000). Other reasons for being marginally attached to the labor force included family responsibilities (11.3 percent) school or training (10.4 percent), and ill health or disability (6.0 percent).center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Bureau of Labor Statistics Employment Jobs Pew Research Center Unemployment 2014-11-17 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Poll: Majority of Lenders Reluctant to Lower Standards to Expand Credit Access Next: Survey: Most Industry Professionals Expect Business to Change Little in Next Six Monthslast_img read more

Million Dollar ZIPs

first_img August 21, 2017 1,588 Views Increasing home prices aren’t a trend that just the middle and lower classes are experiencing—those in the million-dollar range are noticing, too. In fact, some of those that used to not have million-dollar price tags now do, according to research by Zillow.Zillow examined the distribution of single-family home and condominium Zestimates across 29,991 different ZIP codes starting in 2007, considering areas with more than 10 percent of properties valued at 1 million or more to be a million-dollar area for the year. Compared to the national Zillow Home Value Index, which rests at $200,000, the average million-dollar ZIP had a Zillow Home Value Index of $900,584.In 2007, there were 1,108 ZIP codes (3.77 percent of all examined) that were considered “million-dollar ZIPs”. Though in 2014 that figure had decreased to 958 (3.26 percent), that number has now increased to 1,280 (4.35 percent) as of May of this year. .Property values are a big factor in million-dollar ZIP codes, with many concentrated in coastal markets. According to Zillow, of the 346 ZIP codes that were considered million-dollar ZIPs, 114 (32.9 percent) are on the West Coast in Seattle, Washington; Portland, Oregon; San Francisco, California; San Jose, California; Los Angeles, California; and San Diego, California. On the East Coast, New York, New York; Boston, Massachusetts; Miami, Florida; and Washington, D.C. made up another 92 new million-dollar ZIPS (26.6 percent).However, Zillow explained that this growth is furthering the divergence in affordability between costal and interior cities. “Tech hubs” are largely considered million-dollar ZIPs with San Francisco (74 percent) and San Jose (77 percent) leading the way leaving other coastal ZIP codes to catch up. Seattle, for an example of a tech hub, has almost doubled it’s million-dollar ZIP codes from 2007’s 19 ZIP codes to now 38, which is 24 percent of the areas total ZIP codes.To see the full article and take a look at your specific metro, click here. Tagged with: Home Prices Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] About Author: Brianna Gilpin The Best Markets For Residential Property Investors 2 days ago Related Articles Share Save in Daily Dose, Featured, Market Studies, News Previous: Freddie Mac is ACE Next: 2017’s Hottest Neighborhoods for Homebuyers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days agocenter_img Million Dollar ZIPs 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 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 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 Home / Daily Dose / Million Dollar ZIPs Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Home Prices 2017-08-21 Brianna Gilpinlast_img read more

Secretary Carson: HUD Aiding South Floridians

first_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: Mortgage Veteran Robert Caruso Announces Retirement From ServiceLink Next: Survey: Top Skills Among Real Estate Agents HOUSING HUD mortgage 2017-10-18 Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Related Articles  Print This Post Tagged with: HOUSING HUD mortgage Demand Propels Home Prices Upward 2 days ago in Featured, Government, Headlines, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Secretary Carson: HUD Aiding South Floridians 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 Demand Propels Home Prices Upward 2 days ago October 18, 2017 1,202 Views Subscribe Home / Featured / Secretary Carson: HUD Aiding South Floridians The Week Ahead: Nearing the Forbearance Exit 2 days ago On October 7, the Miami Herald published an op-ed by Department of Housing and Urban Development (HUD) Secretary Ben Carson, highlighting the work HUD has done to help families recover from Hurricane Irma.According to HUD, hundreds of men and women are working to ensure safe, affordable housing for those affected by the disaster.Prior to Irma’s impact, many HUD employees volunteered to go to Florida to serve immediately as a partner to the Federal Emergency Management Agency (FEMA), and assist individuals and families in need of resources, according to the article.Secretary Carson said he visited Florida to monitor HUD’s progress, talk with residents, and ensure HUD provides everything it can to support the rebuilding effort.As part of the response, recovery, and rebuilding efforts, HUD’s primary job is to “use the best data available to ensure disaster recovery funding is targeted to the hardest hit areas.”“We will put our knowledge, experience, and expertise to work in coordination with state and local authorities,” Secretary Carson said. “In the months and years ahead, HUD will play a central role in Florida’s integrated efforts to rebuild lives and communities.”In addition, Secretary Carson said he is in touch with Gov. Rick Scott and his staff, as HUD is helping to locate vacancies to move vulnerable residents into safer housing.“We are working closely with FEMA and shelters around the state to ensure they have the resources they need to serve displaced Floridians, and ultimately help these families find longer-term housing,” Secretary Carson said.Secretary Carson continued to explain that HUD is also providing special mortgage relief through the Federal Housing Administration (FHA). HUD has already granted a 90-day moratorium on foreclosures for FHA-insured properties in disaster-affected areas.“We offer loan forbearance and loan modifications for borrowers struggling to make payments in disaster-affected areas,” he added.Specific mortgage products for those impacted by disasters—as some homeowners whose properties were destroyed or damaged may be eligible for 100 percent financing through HUD’s Section 203(h) program.According to Secretary Carson, this will enable them to rebuild or buy another home. In addition, homeowners can use Section 203(k) FHA insurance to refinance an existing mortgage into a new mortgage that covers the cost of repairs. About Author: Nicole Caspersonlast_img read more

Where Big City Living is Best

first_imgSubscribe Sign up for DS News Daily Where Big City Living is Best Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Housing 80 percent of the population, despite only taking up 3 percent of the nation’s landmass, urban areas are the most popular places to live in the U.S. However, some cities may be better for homebuyers than others, according to a study from WalletHub. Analyzing five key categories which included affordability, economic health, quality of life, health and education, and safety, WalletHub compiled a ranking list of the 62 best big cities to live in the country.Taking the top spot is Seattle. Though Seattle ranks 50th in affordability, which may drive some lower-income buyers away, the city ranks first in both “economy” and “education and health.” A high standard of living may be due in part to Seattle also holding the highest number of residents aged 25 and older with a high school diploma or higher.At the bottom of WalletHub’s ranking is Albuquerque, New Mexico. Though Albuquerque ranks high in affordability, sitting at number eight, poor scores in the economy category, education and health, and safety bring the city down.Virginia Beach, Virginia takes second place, due in part to its affordable housing. Virginia Beach ranks third in affordability, while still holding high rankings in education and health, as well as safety. Additionally, Virginia Beach has the highest homeownership rate of all 62 cities WalletHub surveyed, tied with the lowest percentage of the population living below the poverty line.While many who plan to move to these cities place cost of living high on their list of concerns, these other factors WalletHub examines can make or break their decisions. For example, can the employment opportunities available support the cost of living in the city?“The biggest mistake people make when planning a move to a new place is mis-estimating the relationship between sources of income that are going to be available in the new setting and the cost of living,” said Clara E. Irazábal-Zurita, Professor of Urban Planning, Department of Architecture, Urban Planning + Design, University of Missouri – Kansas City. “If income is insufficient, people can incur in debt and the situation will eventually become unsustainable.”For more, find the full report and findings here. Previous: Litigation and Legislation Impacting Housing Next: NY Housing Market Hitting High Notes Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn 2018-07-24 Seth Welborn 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 Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Home / Daily Dose / Where Big City Living is Best July 24, 2018 22,578 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 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. Share 1Save  Print This Postlast_img read more

The Power to Make a Difference

first_img Tagged with: Bank of America Brian Moynihan HOUSING Servicers Navigate the Post-Pandemic World 2 days ago November 21, 2018 2,184 Views Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles <span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> Bank of America Brian Moynihan HOUSING 2018-11-21 Donna Joseph  Print This Post The Power to Make a Difference Demand Propels Home Prices Upward 2 days ago About Author: Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The Power to Make a Difference Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Reinforcing what they stand for, Bank of America unveiled its campaign focused on the question “What would you like the power to do?” with a refreshed logo. The question captures the bank’s role as a partner invested in the success of its customers helping clients and communities have the power to achieve their goals. The theme also highlights the stories of the company’s long-standing partners and the impact they are making in addressing critical environmental and social issues.The campaign assumes great significance to the real estate market as well, given Bank of America’s large mortgage lending portfolio and its collaboration with partners in the real estate market. Watch Brian Moynihan, CEO of Bank of America talk more about the significance of this question to the way the bank does business.Read more about the campaign here. in Daily Dose, Featured, Media, News Share Save 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 Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Padgett Law Group Celebrates 25 Years Next: What Stops Some Millennials From Owning The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Extending the National Flood Insurance Program

first_img flood NAHB NAR nfip 2019-06-10 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Financial Services Committee Chair Maxine Waters and Ranking Member Patrick McHenry have reached an agreement on a five-year reauthorization of the National Flood Insurance Program (NFIP) through Sept. 30, 2024.The National Association of Homebuilders (NAHB) and the National Association of Realtors (NAR) have both expressed their satisfaction with the deal.“The National Association of Realtors applauds Chairwoman Waters and Ranking Member McHenry for working towards a bipartisan, long-term solution for the National Flood Insurance Program,” said NAR President John Smaby. “This legislation addresses many critical NAR priorities, including long-term reauthorization, strengthening mapping and mitigation, and facilitating a more robust private insurance market. While we continue reviewing this bill, NAR thanks the Chairwoman and Ranking Member for their genuine efforts to move comprehensive reauthorization legislation forward.”“The NFIP has played a critical role in determining the use and development of flood-prone areas and managing the risk of flooding for residential properties,” said the NAHB in a statement. “A strong NFIP helps ensure that the housing industry can provide safe, decent and affordable housing to consumers under the direction of local jurisdictions.According to the NAHB, Waters and McHenry’s agreement would:Increase funding for flood risk mapping and mitigation.Provide premium credits for not currently recognized mitigation activity.Create a new zone to account for levee-protected areas.Establish umbrella coverage options for multifamily development.At a recent National Flood Conference, Waters discussed the benefits of the NFIP, stating the the program was “at risk.””The NFIP makes flood insurance available to millions of homeowners, renters, and business owners and also helps those policyholders to reduce their risk by providing flood mapping, floodplain management, and mitigation services,” she said. “These activities help local communities and individuals prepare for the financial impact of flooding, whether it is caused by heavy rainfall that affects families living in the Midwest or life-threatening storms that pummel the millions of homes and businesses along the coasts.”The Five Star Institute will host its Disaster Preparedness Symposium on July 31 in New Orleans, Louisiana. Natural disasters impact investors, service providers, mortgage servicers, government agencies, legal professionals, lenders, property preservation companies, and—most importantly—homeowners. The 2019 Five Star Disaster Preparedness Symposium will include critical conversations on the response, reaction, and assistance, to ensure the industry is ready to lend the proper support the next time a natural disaster strikes.  Print This Post Extending the National Flood Insurance Program June 10, 2019 2,487 Views Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Extending the National Flood Insurance Program Related Articles in Daily Dose, Featured, Loss Mitigation, Market Studies, News About Author: Seth Welborn Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 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 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. Tagged with: flood NAHB NAR nfip Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: The Impact of Rent Demand Next: Foreclosure Sales: The Investor Outlooklast_img read more

Preventing Real Estate Wire Fraud

first_img The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Tagged with: Fraud real estate Wire Fraud Related Articles Home / Daily Dose / Preventing Real Estate Wire Fraud Preventing Real Estate Wire Fraud Fraud real estate Wire Fraud 2019-06-28 Seth Welborn Share Save Demand Propels Home Prices Upward 2 days ago On Friday, the Coalition to Stop Real Estate Wire Fraud marked its launch with a press call, during which U.S. Senator Doug Jones alongside industry experts, including an affected victim of wire transfer, discussed the real estate wire fraud epidemic. Speakers included Jones, Cynthia Blair, Attorney and President of the American Land Title Association (ALTA), Rich Hopen, real estate professional and victim of real estate wire fraud, and Tom Linehan, EVP at BankUnited. According to the Coalition, real estate wire fraud is a sophisticated scam targeting individuals making wire transfer payments during the home buying process. FBI data reveals that 11,300 victims lost a combined $149 million due to real estate wire fraud in 2018 alone, representing a 166% increase in the total money lost compared to 2017.“One of my constituents in Alabama lost $250,000 to this scam,” Jones stated. “Another ost $12,000. Each and every dollar lost is so important to these homebuyers.”According to the FBI, only an estimated 12-15% of all fraud is reported, and the Coalition notes that the best way to combat these statistics is through educating the homebuyer. Homebuyers, particularly first-time buyers, are the ones who are the most at risk of wire transfer fraud.“While its important to educate all consumers about the threat of wire transfer fraud, first-time homebuyers are especially vulnerable to this crime,” said Blair.Rich Hopen, a real estate professional, was a victim of real estate wire fraud. “Our $239,000 mortgage payoff was wired into a criminal’s account,” Hopen said. According to Hopen, education isn’t only necessary on the consumer side, but on the real estate professional side as well.“Most real estate professionals know of the problem, but they don’t understand how it occurs and what to do to prevent it,” Hopen stated. “Buyers and sellers are unaware of real estate wire fraud.”Learn more about the Coalition to Stop Real Estate Wire Fraud and what exactly real estate wire fraud is here.  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Industry Reacts to White House Affordable Housing Council Next: The Week Ahead: Eye on Home Values Servicers Navigate the Post-Pandemic World 2 days ago June 28, 2019 5,103 Views Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

The Value of Rent Payment Reporting

first_img Servicers Navigate the Post-Pandemic World 2 days ago Rent reporting to credit bureaus can more renters to make payments on time according to a survey by TransUnion.The survey, which includes responses from 1,330 current renters in the U.S. found that 73% of renters would be more likely to make on-time payments if property managers reported rent payments to a credit bureau. When given a choice between two similar properties, the survey found that 67% of renters in the survey said they would choose the rental unit with reporting already in place.Underlining the importance of on-time payments for both property owners and renters, the survey revealed that nearly 82% of management companies would report rent payment if that would incentivize consumers to pay timely.”Property managers that offer rent payment reporting are incentivizing residents to pay on-time because there is a tangible benefit,” said Maitri Johnson, VP of Multifamily at TransUnion. “Consumers that pay their rent on time – especially those who are younger and new to credit – can see this alternative data source help them to build their credit history towards a more secure financial future.”In fact, the survey revealed that rent reporting could also benefit subprime consumers. It found that consumers falling in this category were likely to see their credit scores increasing by “as much as 26 basis points,” following a year of rent payment reporting. Additionally, rent reporting helped 100% of consumers whose credit scores were unscorable at the time of application to “become scorable.””We are bringing more awareness to the prospect of rent payment reporting because both renters and property managers can reap the benefits of this practice,” Johnson said.When asked if they would report rent to avoid evictions, 82% of the respondents said that they would report payments if it would lower the risk of evictions or renters who skip payments. Furthermore, over 84% of property owners said that they would report the resident’s rent payments to the credit bureau if it attracted more renters who paid on time. 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. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home HOUSING Property Rent Renters TransUnion Sign up for DS News Daily Previous: The Industry Pulse: Updates on Black Knight, Flagstar, and More Next: Racial Disparities in Lending and Foreclosure Trends About Author: Radhika Ojha The Value of Rent Payment Reporting Home / Daily Dose / The Value of Rent Payment Reporting The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 4, 2019 1,342 Views Home HOUSING Property Rent Renters TransUnion 2019-07-04 Radhika Ojha Related Articles in Daily Dose, Featured, Market Studies, News Subscribelast_img read more

FEMA Sending Additional $38M to Puerto Rico

first_img Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Share Save in Daily Dose, Featured, Loss Mitigation, News The Federal Emergency Management Agency (FEMA) and the Central Office for Recovery, Reconstruction and Resilience (COR3) have obligated an additional $37.8 million in funds for 116 projects related to the recovery and reconstruction of Puerto Rico. To date, over $6.4 billion has been approved for Puerto Rico under FEMA’s Public Assistance program.“Many projects during this phase of the recovery are for architectural and engineering design, which may open the door to funding opportunities for larger projects in the future,” FEMA said in a statement. “These funds help to reduce the ‘damage-rebuild-damage’ cycle that comes with restoring structures to pre-disaster conditions. They assure quality by meticulously detailing scopes of work to ensure a repaired and rebuilt Puerto Rico is better positioned to withstand another storm.”These latest obligations include over $1.2 million to the Ponce Port Authority for repairs to the crane systems at Puerto de Las Américas, as well as $3.8 million to the municipality of Barceloneta to repair hurricane-related damage to the Sixto Escobar gym auditorium. To date, more than $6.5 million has been approved for the Ponce Port Authority for emergency protective measures, architectural and engineering design costs and other permanent work to its facilities.“I appreciate FEMA’s hard work. This is excellent news since with this award, we can move business at the port forward and begin to repair and provide maintenance for the cranes,” said mayor of Ponce, María Meléndez.Earlier this year, FEMA and COR3 $63 million in aid will be sent to Puerto Rico.Funds will be used for 56 projects related to the recovery and reconstruction of the island as it works to rebuild following January’s earthquakes and Hurricane Maria.More than $6.2 billion has been approved for Puerto Rico under FEMA’s Public Assistance Program.“FEMA and [Central Office for Recovery and Reconstruction] remain focused on prioritizing obligations of funds to municipalities for eligible expenses related to hurricanes Irma and Maria to help communities recover,” FEMA stated in a release. Tagged with: FEMA Puerto Rico Data Provider Black Knight to Acquire Top of Mind 2 days ago March 11, 2020 978 Views About Author: Seth Welborn Previous: Industry Responds as Coronavirus Declared a Pandemic Next: Fannie Mae Transfers $12B in Unpaid Principal Balance 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. Related Articles Sign up for DS News Daily center_img FEMA Puerto Rico 2020-03-11 Seth Welborn Home / Daily Dose / FEMA Sending Additional $38M to Puerto Rico Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago FEMA Sending Additional $38M to Puerto Rico The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Freddie Mac Update: A Look at Non-Performing Loans

first_imgHome / Daily Dose / Freddie Mac Update: A Look at Non-Performing Loans About Author: Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily October 6, 2020 1,602 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Update: A Look at Non-Performing Loans Related Articles Demand Propels Home Prices Upward 2 days ago Reaching into its mortgage-related investments portfolio, it announced the auctioning of 2,806 non-performing residential first lien loans (NPLs), according to Freddie Mac.Specialized Loan Servicing LLC currently services the loans, with a balance of $464 million. The anticipated settlement date of the transaction is in December. Through its advisors, Freddie Mac initiated the marketing of the transaction to potential bidders—including, among others, non-profits and Minority, Women, Disabled and LGBT–on September 8. Oct. 15 is the deadline for qualified bids for the impending Extended Timeline Pool Offering, made up of a reduced pool of loans.The loans were offered as four separate pools of mortgage loans for the SPO offerings.Among the triumphant in the SPO pools and winning bids were Unpaid Principal Balance Loan Count and Average Months Delinquent.Wells Fargo Securities, LLC and First Financial Network, Inc., a woman-owned business, served as advisors on the transactions.Freddie Mac’s sold $8.4 billion of NPLs and securitized more than $66.5 billion of RPLs. They’re comprised of $29.0 billion via fully guaranteed PCs, $28.3 billion via Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and $9.3 billion via Seasoned Loans Structured Transaction (SLST) offerings.In June, the Federal Housing Finance Agency (FHFA) released a report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac.  The (GSE) Non-Performing Loan Sales Report includes information about NPLs sold through December 31, 2019 and reflects borrower outcomes on NPLs sold through June 30, 2019 and reported through December 31, 2019, DSNews reported at the time.The sale of NPLs reduces the number of delinquent loans GSE portfolios and transfers credit risk to the private sector.  FHFA and the Enterprises impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.This report showed that, through December 31, 2019, the Enterprises sold 126,757 NPLs with a total unpaid principal balance (UPB) of $23.8 billion.NPLs sold had an average delinquency of 2.9 years and an average loan-to-value ratio of 91%. The average delinquency for pools sold ranged from 1.4 years to 6.2 years.NPLs in New Jersey, New York and Florida represented nearly half (44%) of the NPLs sold. These three states accounted for 47% of the Enterprises’ loans that were one year or more delinquent as of December 31, 2014, prior to the start of NPL program sales in 2015. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tagged with: NPLs NPLs 2020-10-06 Christina Hughes Babb Previous: Golden State Minority Homeowners, Renters Feeling Extra Financial Strain Next: DS5: Preparing Homeowners for the End of Forbearance Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more