Increases in Existing Sales and Prices Suggest Housing is Gaining Momentum in Spring

first_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Auction.com Nowcast Collingwood Group Existing Home Prices Existing Home Sales National Association of Realtors The Best Markets For Residential Property Investors 2 days ago 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 Existing home sales are projected to fall between seasonally adjusted annual rates of 5.15 and 5.47 million annually with a target of 5.31 million during April, according to Auction.com’s April 2015 Real Estate Nowcast released Wednesday.April’s target annual sales rate for existing homes of 5.31 million is an increase of 2.3 percent from March and 11.8 percent from April 2014, according to Auction.com.”Among the factors contributing to the jump in March’s existing home sales, pent-up demand from weak sales in January and February probably played a significant role,” Auction.com EVP Rick Sharga said. “Consumer psychology is likely also at play here: with talk of the Fed hiking interest rates as early as June, buyers who’ve been sitting on the sidelines may have decided to buy now and lock in today’s historically low interest rates.”Sharga also noted that while the 5.31 million target number for April is up both month-over-month and year-over-year, a truly healthy housing market would be on a pace for about six million in existing home sales annually. He said the annual rate of existing home sales will probably continue at about the five million range for the next year.Regarding the housing market this spring, Tim Rood, Chairman of the Washington, D.C.-based Collingwood Group and former Fannie Mae executive, told Dirk Van on Westwood One’s “Radio Light” program that the market “seems to be moving in the right direction. We were concerned coming in to this spring buying season that we were at a bit of an inflection point or tipping point. As we saw things continue to kind of lament and slow down than there was a great risk that we would fall back and have kind of an echo housing drop but it looks like we are still moving forward.” Click here to hear Van’s interview with Rood.April’s Auction.com Nowcast indicates that existing home prices will fall in the range of $201,052 to $222,215 for the month. The targeted price of $211,633 is up by 5 percent from April 2014. The release from Auction.com noted that the existing home sales data for March released Wednesday by the National Association of Realtors (NAR) found that both the annual rate of existing home sales for March (5.19 million) and the existing home price for March ($212,100) were within the ranges for March that Auction.com predicted a month ago in the Nowcast. The existing home price of $212,100 represented an increase of 7.8 percent from the previous March.”After a quiet start to the year, sales activity picked up greatly throughout the country in March,” NAR Chief Economist Lawrence Yun said. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”Recent improvements in the labor market could provide a solid foundation for further growth of the housing market, according to Auction.com Chief Economist Peter Muoio.”Despite some wobbles in recent macroeconomic indicators, we’ve seen indications of an improved U.S. labor market, suggesting a firmer foundation for growth,” Muoio said. “These indicators include not only headline employment growth and unemployment rates, but also the pace of voluntary quits, the stabilization of labor force participation and even some nascent signs of stirring wage growth. The improved labor market is an essential underlying footing for healthy home sales, and March’s results – and more broadly the green shoots of housing sales and price strength – appear to bear this out.”Auction.com’s Nowcast model uses industry data, proprietary company transactional data and Google search activity data to predict market trends as they are occurring, weeks in advance of the release of other benchmark studies. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Auction.com Nowcast Collingwood Group Existing Home Prices Existing Home Sales National Association of Realtors 2015-04-22 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img 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. Share Save Home / Daily Dose / Increases in Existing Sales and Prices Suggest Housing is Gaining Momentum in Spring Subscribe Previous: Treasury: Taxpayer Bailout of Fannie Mae and Freddie Mac Was Not an ‘Ordinary’ Loan Next: DS News Webcast: Thursday 04/23/2015 April 22, 2015 1,247 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Increases in Existing Sales and Prices Suggest Housing is Gaining Momentum in Spring Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

The Effect of Compliance Costs on Households

first_img The Effect of Compliance Costs on Households Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Regulations in the housing market are not only an added responsibility for mortgage companies, but it seems that compliance costs are spilling over into American households.A recent study titled, “Government Regulation in the Price of a New Home” by Paul Emrath, Ph.D., VP of Survey and Housing Policy Research for the National Association of Home Builders (NAHB), estimates that 14 million households are “priced out” of the market due to regulation.The report showed that government regulations increase the new home price by an average of 24.3 percent, or and additional $84,561. This number is up significantly from 2011 when regulatory costs were $65,224. This phenomenon prices out households so they no longer qualify for a new home mortgage because of higher prices.Emrath wrote, “Regulations come in many forms and can be imposed by different levels of government. At the local level, jurisdictions may charge permit, hook-up, and impact fees and establish development and construction standards that either directly increase costs to builders and developers, or cause delays that translate to higher costs. State governments may be involved in this process directly or indirectly. Several states, for example, have adopted state- wide building codes. And although impact fees are imposed by local governments, such fees typically cannot be imposed without enabling legislation at the state level. The federal government can also impact the price of a home—for example, by requiring permits for stormwater discharge on construction sites, which may lead to delays in addition to the hard cost of filing for a permit.”According to the NAHB Priced Out Model, approximately 48.4 million U.S. households can qualify for a new home mortgage in the absence of government regulation.But after regulatory costs are factored in, only 34.4 million households will still be able to qualify for a mortgage. This leaves 14 million locked out the housing market thanks to rising home prices due to regulation.The report suggest two possibilities may be occurring in the market that is causing regulatory requirements to price out households:The costs embodied in a new home are understated because some types of regulation impact costs in a way that is difficult for builders to see.The pace of regulatory cost increases is accelerating due to the number of regulations in the pipeline.Emrath noted, “builders and developers have probably not yet felt all the impacts of regulations looming on the horizon. A substantial number of regulations have been implemented recently, are in the process of being implemented, or are under active consideration by key policymakers.”He continued, “Based on this it would be reasonable to argue that the rate of increase in regulatory costs embodied in the price of a new home is accelerating.” About Author: Xhevrije West Tagged with: Compliance Homeownership Regulation Demand Propels Home Prices Upward 2 days ago  Print This Post Previous: What Does the Future Hold for Existing-Home Sales? Next: Center-Right Coalition Urges GSE Reform Compliance Homeownership Regulation 2016-05-12 Brian Honea in Daily Dose, Featured, Market Studies, News Home / Daily Dose / The Effect of Compliance Costs on Householdscenter_img Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. 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 Servicers Navigate the Post-Pandemic World 2 days ago May 12, 2016 1,491 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Property Taxes a Struggle for Northeast Homeowners

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Previous: Housing Confidence High as 2017 Winds Down Next: Fannie Offers $10M for Affordable Housing Solutions Data Provider Black Knight to Acquire Top of Mind 2 days ago Which region in the U.S. lags behind in paying taxes on its residential and commercial property? According to the annual property tax payment analysis by LERETA, a leading national real estate tax and flood service provider, the data points to the Northeast, which leads the country with an 8.9 percent delinquency rate in residential and commercial property taxes. LERETA analyzed delinquency data on 58.2 million records across the U.S. and found a nationwide delinquency rate of 8.4 percent. Approximately 2,474 jurisdictions across the country were included in this year-end review. The Northeastern region scored higher than the national data, indicating a delinquency rate of 8.9 percent in this region. A little more than 800,000 of the more than 9 million parcels reviewed in the Northeastern region indicate property tax delinquency.The southern region also showed a high delinquency rate at 8.8 percent, or around 3.3 million of the 38.4 million records analyzed in this region. That again shows an average that’s well above the national delinquency rate.“We are in a unique position to analyze the effect of current assessor, tax amounts and delinquent data on a portfolio because of the sheer volume of data available to us,” John Walsh, CEO of LERETA, said. The Midwest region of the country scored lowest with a delinquency rate that was below the national average at 6.4 percent, or around 400,000 of the 6.4 million records analyzed in the region. The Western part of the U.S scored closer to the national average with a delinquency rate of 6.9 percent, or around 300,000 of the 4.3 million records analyzed by LERETA.This annual year-end analysis is designed to identify jurisdictions where property tax payments were not made by the economic loss date for the collecting agency. According to the report, an account becomes delinquent when the due date for a tax return or other established liability has passed and the amount due remains unpaid. Penalties and interest begin to accrue on the unpaid tax until the entire balance is paid in full. The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Homeowners LARETA Northeast property tax records region U.S. 2017-12-19 Staff Writer Property Taxes a Struggle for Northeast Homeowners Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Property Taxes a Struggle for Northeast Homeowners Sign up for DS News Daily Subscribe Servicers Navigate the Post-Pandemic World 2 days ago December 19, 2017 1,610 Views  Print This Post Tagged with: Delinquency Homeowners LARETA Northeast property tax records region U.S. Demand Propels Home Prices Upward 2 days agolast_img read more

The Unforeseen Consequences of Dodd-Frank

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The Unforeseen Consequences of Dodd-Frank Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Appraisals Dodd-Frank Homes HOUSING 2018-10-12 Radhika Ojha Previous: Radian Unveils New Brand Next: Bendett & McHugh Contributes to Connecticut Children’s Hospital Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Appraisals Dodd-Frank Homes HOUSING in Daily Dose, Featured, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Jeff Dickstein, Chief Compliance Officer for Pro Teck Valuation Services, is responsible for Pro Teck’s compliance with all state and federal regulations that impact the real estate industry. Dickstein sits on a number of industry boards and is currently President of the Real Estate Valuation Advocacy Association, a member of the Board of Trustees of The Appraisal Foundation, and on the Government Affairs Committee of the National Association of Real Estate Appraisers. He is also a Certified Residential Appraiser in 17 states. October 12, 2018 3,512 Views Editor’s Note: This feature originally appeared in the October issue of DS News, out now.Following the financial crisis of 2008, the United States government sought to enact legislation to protect American consumers and prevent such a crisis from happening again. The result: the Dodd-Frank Wall Street Reform and Consumer Protection Act, more commonly known simply as DoddFrank—2,300 pages of legislation that significantly impacted the financial system. A decade after it was signed into law by President Barack Obama, how is Dodd-Frank affecting the appraisal industry, and how must the industry evolve in response?What is Dodd-Frank?Dodd-Frank is the most comprehensive piece of financial reform since the Great Depression. At its core, it is designed to do three things: 1) to provide stronger consumer protections; 2) to regulate derivatives and their underlying assets such as bonds, commodities, currencies, interest rates, and market indexes; and 3) to reduce taxpayer risk and requirements to finance bailouts of massive corporate financial institutions.Dodd-Frank was written to deploy over time, with some regulations just going into effect this year. Amid ongoing battles over the law, there are currently 16 components to which banks and other financial institutions must adhere.Consumers have likely encountered aspects of Dodd-Frank in dealing with their banks, financial advisors, or credit card companies. Mortgage paperwork and terms had to be rewritten to be more comprehensible. Banks stopped awarding higher commissions for loans with higher fees. The whistleblower program on Wall Street has received over 4,500 tips hoping to curb financial wrongdoings. Finally, all public companies must disclose the ratio of CEO salaries compared to that of the average employee.As many point to the housing market collapse as the primary cause of the financial crisis, several of the law’s requirements impact the mortgage industry. Title XIV, the “Mortgage Reform, and Anti-Predatory Lending Act,” was written to hold mortgage lenders to a standard of only lending to borrowers who can pay their loans and streamline data collection for underwriters. Subtitle F of Title XIV was designed to regulate appraisal management companies (AMCs) and appraisal activities within the housing industry. However, it has presented some unforeseen consequences.What Does Dodd-Frank Require of AMCS?To curtail predatory lending practices and better regulate the mortgage system, stricter regulations were put in place for lenders, appraisers, and AMCs, including appraiser independence regulations and higher-risk loan requirements (such as requiring a physical property visit).There is one particular section of Subtitle F, however, that has resulted in ramifications beyond what any lawmaker had predicted. The “Collection and Transmission of Annual Appraisal Management Company Registry Fees” requires participating states to create a National AMC Registry and to meet two standards:AMCs in business for more than a year will pay $25 for each appraiser who performed an appraisal for the AMC on a covered transaction in the state during the previous year.AMCs in business less than a year will pay $25 for each appraiser who performed an appraisal for the AMC on a covered transaction in the state since the AMC commenced doing business.The $25 registry fee is collected in every state where they performed an appraisal in the last year, and the AMC is responsible for all fees. This means that appraisers who are licensed, practice in multiple states, and work with multiple AMCs will have a fee assessed multiple times, in multiple states.For example, “Joe” is an appraiser licensed in three states and he works with five different AMCs. Instead of $75 ($25 per state), a total of $1,125 will be paid by AMCs on Joe’s behalf. This fee would be collected annually.While participating in this fee-collection program is voluntary for each state, choosing not to participate results in consequences for AMCs in those states. If a state opts out, AMCs in that state cannot perform service for a federally related transaction (FRT) unless the FRT engages directly with an appraiser, uses an appraisal firm, or if the AMC fits under the 25/15 threshold.Oversight of this newly created National AMC Registry is bestowed upon the Appraisal Subcommittee (ASC), a government agency created with the passing of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, better known as FIRREA.Dodd-Frank, specifically the section about appraisals, amended some of the requirements of FIRREA, resulting in some of the confusion and issues present today.What Are The Consequences Next Day for Appraisers?Estimates suggest it will cost $150,000 annually to operate the registry. However, the Real Estate Valuation Advocacy Association, the national advocacy group for the valuation industry, estimates that a total of $8–10 million in fees will be collected. That’s millions of dollars in excess, and there’s no plan as to what to do with it.More money is being collected than is needed to operate an AMC registry. Dodd-Frank required the creation of the National AMC Registry, along with the assessment and collection of this fee, without providing explicit purposes for its use beyond the operation of the registry. Part of Dodd-Frank indicates the ASC can grant funds back to the states but there’s been little detail on what that could be or how it would be administered.The Appraisal Subcommittee doesn’t have the option to create a national AMC registry based on the actual cost due to the statutory language set out within Dodd-Frank. As a result, the ASC will collect millions more than needed that will then be granted back to states with the intention to subsidize their appraisal management programs and other appraisal related initiatives. However, as with many such funds, much of this excess will not be used to monitor AMCs but will most likely be swept into the states’ general funds.The consequences of such a surplus are complex and far-reaching. First, the true cost of these fees will likely trickle down to the consumer. Secondly, these additional funds will create an administrative burden for both the ASC and the states. The ASC will have to create a program to decide which states will receive grants from the excess funding. States will have to set up programs and oversee those programs for the additional grant money. It is unclear if the ASC or the states have the infrastructure and resources to support this effort.Here is where it gets even more complicated. The passage of FIRREA in 1989 gave states oversight on appraisers and licensing. While Dodd-Frank is a federal statute, the regulations created by FIRREA trump the new law. As such, many states don’t have the statutory authority to collect and manage these fees, meaning laws at the state level must be revisited to comply with Dodd-Frank’s requirements.While Dodd-Frank was passed in 2010, the collection of fees and the creation of the National AMC Registry didn’t go into effect until August 10, 2018. In those eight years, lawmakers at the state and federal levels haven’t been able to amend state laws to collect the fees, and the federal government hasn’t revisited what to do with the surplus. As a result, 26 states have applied for and been granted a one-year extension to comply with the program.What Happens Now?Unfortunately, this is still an uncertain time for AMCs and those concerned with the National AMC Registry. Because Dodd-Frank is federal law and the FIRREA mandates rules on the state level, this issue could only be corrected through federal action.This fight over Dodd-Frank is starting to build again. On May 24, 2018, President Donald Trump signed the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” the largest rollback of Dodd-Frank regulations since its passing. The new law raises the threshold from $50 billion to $250 billion for banks to be deemed “too big to fail.”While this doesn’t directly impact the National AMC Registry, some speculate that this could be the first domino in a series of rollbacks of Dodd-Frank. As we head into November and the mid-term elections, it will be interesting to see what role this law plays in the national debate. Those in the AMC community are eager to see what happens next. The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Jeff Dickstein Sign up for DS News Daily The Unforeseen Consequences of Dodd-Frank Subscribelast_img read more

Update on Residential Mortgage-Backed Securities

first_imgHome / Daily Dose / Update on Residential Mortgage-Backed Securities RMBS Securities 2019-05-14 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Credit performance of residential mortgage-backed securities (RMBS) backed by nonqualified mortgage loans remained strong in Q1 2019, according to the latest report from Morningstar Credit Ratings. According to Morningstar’s research, while high prepayment levels may typically indicate poor loan quality, the trend of recent relatively high prepayments hasn’t impacted credit quality. The report states that prepaid loans and the remaining loans have a similar credit quality, noting that many deals have seen prepayment rates above 20%.Non-QM RMBS issuance also climbed in the first quarter, as several first-time issuers launched transactions. Morningstar rated seven new transactions that quarter, which brought the total number of non-QM RMBS deals we rated through the end of March 2019 to 23. The weighted average Morningstar loan-to-value ratio, or LTV, was 68.5% and the weighted average FICO score was 693, though the average loan size of $395,662 is below that of most other deals, while the weighted average coupon rate of 7.1% was the highest amongst the deals Morningstar rated. “As noted in our RMBS outlook for 2019, we expect non-QM RMBS issuance to continue to increase in 2019, with the credit quality of the collateral weakening somewhat but remaining overall consistent with the prior year,” said Morningstar in a release. “Also, we expect the non-QM RMBS transaction structures to evolve as issuers explore ways to optimize funding costs and maximize proceeds from securitization.”Government-back loans as a whole have seen a resurgence. Kroll Bond Ratings Agency reported 63 percent increase in residential mortgage-backed securities (RMBS) issued in 2018 over 2017. The report indicated that if the U.S. GDP was to grow at the steady pace it has this year, until July 2019, the year could see “another robust issuance year in 2019.” However, factors such as higher interest rates, home price moderation, and widening spreads that have been experienced by the market in the last few weeks are likely headwinds that might pull down the performance of RMBS next year, the report revealed.”Given the potential downside risks, we aren’t forecasting issuance growth in 2019, but believe issuance will be comparable to 2018 levels,” KBRA stated in the outlook. in Daily Dose, Featured, News, REO, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: RMBS Securities Previous: The GSEs’ Homeowner Assistance Efforts Next: The Renter/Investor Relationship  Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save Update on Residential Mortgage-Backed Securitiescenter_img May 14, 2019 2,792 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. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Home Values’ Multi-Trillion-Dollar Post-Recession Rise

first_img Demand Propels Home Prices Upward 2 days ago Tagged with: GDP Great Recession home value January 17, 2020 1,777 Views in Daily Dose, Featured, Market Studies, News Share Save Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 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  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Home Values’ Multi-Trillion-Dollar Post-Recession Rise The Week Ahead: Nearing the Forbearance Exit 2 days ago GDP Great Recession home value 2020-01-17 Mike Albanesecenter_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese Related Articles Governmental Measures Target Expanded Access to Affordable Housing 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. Demand Propels Home Prices Upward 2 days ago Zillow reports that the total value of homes in the U.S. is $33.6 trillion—an increase of $11.3 trillion since 2010 and nearly as much as the GDP of the U.S. ($20.5 trillion) and China ($13.6 trillion). The housing market was in the midst of the Great Recession in 2010, and of the $11.3 trillion increase during that span, 14% was from new stock entering the market. California makes up the highest share of the nation’s housing value at 21.2% and 12% of its population. Texas is the next most populated state at 8.8% but accounts for just 5.9% of housing value. The home values of New York ($2.7 trillion); Florida ($2 trillion); Texas ($2 trillion); and Washington ($1 trillion) combined to exceed California’s $7.1 trillion in home value. North Dakota and Wyoming have the smallest share of the nation’s housing market at $66 billion each.Locally, three metros reached the trillion-dollar mark—New York ($3.2 trillion); Los Angeles ($2.5 trillion); and San Francisco ($1.6 trillion). Los Angeles was the only market to add more than a trillion dollars of housing during the decade, gaining $1.1 trillion. California was home to three of the five metros that gained the most value: San Francisco ($827 billion); New York ($657 billion); San Jose, California ($360 billion); and Seattle, Washington ($356 billion). Housing values in the Golden State took a negative turn at the end of the decade, with annual appreciation slowing to less than 2% compared to the more than 20% at the beginning of the decade. The debate about whether the U.S. economy is heading for another recession continued at the end of 2019. Analysis from Quartz said the answer to that is, “of course.” Quartz’s analysis said knowing when a pending recession could occur is nearly impossible. The good news is that no telltale signs of an upcoming economic apocalypse are currently rearing their ugly heads, but the bad news is that it doesn’t necessarily mean that one won’t emerge to shake us to the core once more. For this reason, the best thing we can do is simply try the best to prepare ourselves by being aware of what causes a recession and being ready as we can be once those signs begin to appear. Previous: How Fannie Mae’s Connecticut Avenue Offerings Cut Credit Risk Next: The Growing Power of Built-For-Rent The Best Markets For Residential Property Investors 2 days ago Home Values’ Multi-Trillion-Dollar Post-Recession Rise The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Updates on Statewide Foreclosure and Eviction Moratoria

first_imgHome / Daily Dose / Updates on Statewide Foreclosure and Eviction Moratoria Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily October 28, 2020 2,406 Views The COVID-19 pandemic has been the impetus for federal foreclosure prevention measures. Many states also have taken their own measures. The legal-news site JDSupra has provided a summary of the most-recent statewide foreclosure and eviction moratoria updates.Its updates specifically examine extensions or expirations of relating to properties in California, Florida, Massachusetts, New York, and Texas:California: The  California legislature enacted the Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020 (AB 3088) on August 31, 2020. Among other provisions, the Act protects tenants who have suffered a COVID-related hardship from eviction until February 1, 2021. If the hardship arose between March 4 and August 31, 2020, the tenant needs to provide a declaration of hardship under penalty of perjury, and tenants earning more than $100,000 a year must provide documentation to support their declaration upon a landlord’s request. Florida: On October 1, 2020 at 12:01 a.m., Florida’s eviction and foreclosure moratorium established by Executive Order 20-180 expired. Governor Desantis cited the CDC’s eviction order to explain this decision, stating that Executive Order 20-180 “was permitted to expire to avoid any confusion over whether the CDC’s evictions order should apply in a particular circumstance.” … Thus, subject to other restrictions, foreclosures in Florida can now proceed to judgment and sale.Massachusetts: The Massachusetts moratorium on foreclosures and evictions expired on October 17, 2020. On October 5, 2020, the Massachusetts Trial Court issued Standing Order 6-20, which modifies the eviction process in Massachusetts for pending matters and the filing of new matters. In pending matters, the Order creates a two-tier process: (1) an initial Case Status via videoconference or telephone to determine the applicability of the CDC’s Order and to discuss mediation; (2) for cases that do not resolve, a trial date will be issued … There are thousands of eviction cases which are backlogged in Massachusetts. Given the CDC Order in effect through December 31, 2020, and the restrictions set forth in the Standing Order, the backlog will continue through the end of the year.New York: On October 4, 2020, by Executive Order 202.67, Governor Cuomo continued the temporary suspension of “any specific time limit for the commencement, filing, or service of any legal action, notice, motion, or other process or proceeding, as described by the procedural laws of the state,” as set forth in previous Executive Orders (specifically 202.8, 202.14, 202.28, 202.38, 202.48, 202.55, 202.60, and 202.67) for actions in the New York State Courts until November 3, 2020. For any civil case, the suspension is effective until November 3, 2020, after which any time limit to bring an action will no longer be tolled without a further order. As a result, no defaults in civil practice are currently permitted.Texas: To date, Texas has not instituted a state-wide order banning foreclosures, although some counties and cities have done so. With regard to evictions, on September 17, 2020, the Texas Supreme Court entered Emergency Order 25, which strengthens the CDC protections against evictions for 60 days by requiring citations to include language informing tenants of their ability to stay eviction for 60 days by executing and filing a declaration regarding their efforts to mitigate.For more detail on each of these states’ provisions, visit the full article at JDSupra. The Week Ahead: Nearing the Forbearance Exit 2 days ago 2020-10-28 Christina Hughes Babb Previous: Mortgage Industry Professionals Discuss 2021’s Anticipated Challenges Next: Driving Innovation in Valuations & Vendor Management About Author: Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img  Print This Post in Daily Dose, Featured, Foreclosure, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Updates on Statewide Foreclosure and Eviction Moratoria Related Articles 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. last_img read more

Claim:Can’t Pay Won’t Pay signs damaging Donegal’s Tidy Towns ambitions

first_imgNews Guidelines for reopening of hospitality sector published Twitter Claim:Can’t Pay Won’t Pay signs damaging Donegal’s Tidy Towns ambitions Twitter Three factors driving Donegal housing market – Robinson Facebook Pinterest 448 new cases of Covid 19 reported today WhatsApp He is calling on the council to crack down on illegal signs if they are not removed from the roadsides voluntarily: [podcast]http://www.highlandradio.com/wp-content/uploads/2013/05/PaulCanning.mp3[/podcast] Calls for maternity restrictions to be lifted at LUH WhatsApp Google+ Google+ The Can’t Pay Won’t Pay group is being urged to take down its protest signs to give Tidy Town’s committees across the county the best chance of success in this years competition. NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR Previous articleCouncilors united against closure of Letterkenny SEN preschoolNext articleCouncillor Ian McGarvey set to be Donegal’s next Mayor News Highland Help sought in search for missing 27 year old in Letterkenny Facebook By News Highland – May 27, 2013 Pinterest Councillor Paul Canning has made the appeal highlighting estate agents signs as another area of concern.last_img read more

Former minister says location of LGH Emergency Department shouldn’t have been cleared

first_img WhatsApp A former Junior Minister for Planning has said that the Emergency Department of Letterkenny General Hospital should not have been allowed to be located where it is.The carpark of the A & E Department was flooded on Tuesday night after 40 centimetres of rain fell in 40 minutes.It was the second time the hospital flooded in thirteen months, although considerably less damage was done during this weeks flood.Dublin Cllr Ciaran Cuffe says the granting of planning permission for the new unit was conditional on a flood report, which he says was never submitted:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/08/cuffeflood.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. News RELATED ARTICLESMORE FROM AUTHOR Former minister says location of LGH Emergency Department shouldn’t have been cleared Google+ Facebook Previous articleUpdate – Foyle MP says Derry tax office redundancy offer reflects a “Closure Strategy”Next articleCeltic crash out of Champions League in Poland News Highland Help sought in search for missing 27 year old in Letterkenny Facebook Twitter Pinterestcenter_img Guidelines for reopening of hospitality sector published Google+ By News Highland – August 7, 2014 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Twitter Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH WhatsApplast_img read more

County Council to hold special meeting on proposed Septic Tank Legislation

first_img Calls for maternity restrictions to be lifted at LUH Google+ Pinterest Facebook Twitter By News Highland – November 19, 2011 WhatsApp Three factors driving Donegal housing market – Robinson Facebook Twitter Google+ Help sought in search for missing 27 year old in Letterkenny center_img Pinterest RELATED ARTICLESMORE FROM AUTHOR Previous articleMoville publican suing insurance company over bar fire cannot use CCTVNext articleDonegal to commemorate road traffic victims News Highland Donegal County Council is being called on to hold a special emergency meeting to fully discuss and seek clarification on a number of issues regarding the proposed Septic Tank Legislation.The meeting is being sought by Councillor Seamus O’Domhnail.There is great concerns at the impact the new legislation will have on thousands of homes in rural Donegal who have septic tanks.Experts say most will fail the new legislation and some may incur costs of up to 12,000 euro.Councillor O’Domhnaill says the public needs the situation to be made clear and that at the very least; grants must be made available to upgrade tanks:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/seat10.mp3[/podcast] WhatsApp 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published County Council to hold special meeting on proposed Septic Tank Legislation Newslast_img read more