Real Estate Developer Pays $3.1 Million for Blighted Property Bundle In Detroit

first_img Real Estate Developer Pays $3.1 Million for Blighted Property Bundle In Detroit  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Real Estate Developer Pays $3.1 Million for Blighted Property Bundle In Detroit Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago October 31, 2014 1,113 Views Tagged with: Blight Foreclosure Auction Michigan Share Save About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Blight Foreclosure Auction Michigan 2014-10-31 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 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. Previous: Despite Q3 Decline, Zombie Foreclosure Problem Lingers In Many Areas Next: Survey: Americans Say Student Loan Debt Burden Delays Homeownership The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Wayne County, Michigan, sold a bundle of more than 6,000, distressed and blighted properties to a single bidder for more than $3 million in the county’s tax foreclosure auction earlier this week, according to Wayne County Chief Deputy Treasurer David Szymanski.Eco Solutions, the party that made the winning bid, was represented by Detroit-area casino developer Herb Strather. For the sum of slightly more than $3.1 million, Eco purchased a package of 6,365 parcels from Wayne County in the auction, an average of close to $500 per parcel.Strather, who was born and raised in Detroit, has been a well-known real estate developer around the city for more than 40 years. He is the founder and CEO of Strather Academy, which trains urban real estate developers. The academy’s mission, according to its web site, is “To train the next generation of Detroit real estate entrepreneurs who will rebuild and re-establish Detroit as a world class metropolis.”According to Szymanski, Eco provided an additional down payment of $315,850 (about 10 percent of the winning bid) in addition to their original deposit of $25,000. In the week before the auction, Strather surprised county officials by bidding on the bundle of blighted properties. He placed the bid anonymously.The bundle includes vacant lots, residential units, and commercial property. Some of the properties can be renovated, but many of the blighted homes will need to be demolished. Strather has announced to the media that he has a five-year, $2 billion plan for developing some of the properties while razing others. The county has set a deadline of two weeks to work out a development plan with Strather for the bundle of properties.”We have commenced discussion regarding an acceptable development agreement,” Szymanski said.The auction was part of an aggressive foreclosure campaign in Wayne County, where Detroit is the county seat, that includes about 75,000 properties. The number of foreclosure starts in Wayne County has been steadily increasing over the last three years. The county has the authority to initiate foreclosure when a homeowner is three years or more behind on paying property taxes.Szymanski said that foreclosure is not necessarily the county’s goal, however; the goal is to clean up the town by removing blight and at the same time provide assistance or resources to help homeowners keep their homes. Szymanski said of the 56,000 homes Wayne County began foreclosure proceedings on last year, the process was completed on only about 20,000 of them, meaning the county helped more than half of those 56,000 homeowners stay in their homes and avoid foreclosure. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days agolast_img

New York Appeals Court Revives CDO Fraud Suit Against Goldman Sachs

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FHFA Announces Extension of HARP and HAMP Until the End of 2016 Next: DS News Webcast: Monday 5/11/2015 New York Appeals Court Revives CDO Fraud Suit Against Goldman Sachs The Best Markets For Residential Property Investors 2 days ago May 8, 2015 1,302 Views Share Save The New York State Court of Appeals revived a lawsuit accusing Goldman Sachs Group of fraud regarding the selling of subprime mortgage-backed securities prior to the crisis, according to multiple media reports.The 5-2 vote from the highest court in New York reinstated a $120 million fraud claim first brought against Goldman Sachs by ACA Financial Guaranty Corp. in early 2013.ACA Financial alleged in the suit that Goldman induced the bond insurer to back a pool of subprime mortgages known as Abacus 2007-ACI, a collateralized-debt obligation (CDO) deal, when Goldman knew that hedge fund Paulson & Co. was a long investor and was betting on the mortgages in the CDO to fail. Reports said that ACA Financial claims it lost about $900 million in the subsequent collapse of the mortgage market as a result of the deal while Paulson made substantial profits.According to reports, a fraud case can only continue under state law if the plaintiff can show that it “justifiably relied” on the defendant’s representations. The suit was dismissed by the Appellate Division of the New York Supreme Court in May 2013 on the grounds that ACA Financial, as a “highly sophisticated commercial entity” should have done its research on the securities before purchasing, including asking Paulson about the role it played in investing in Abacus CDO, according to reports. An amendment to the lawsuit in 2013 named Paulson as a co-defendant.Goldman Sachs spokesman Michal DuVally called ACA’s claims “contrived” and said he was “confident” they would fail, while Steven Berkowitz, CEO of ACA Financial, said he was pleased with the decision, according to reports.Goldman agreed to a settlement worth $550 million in 2010 with the U.S. Securities and Exchange Commission over claims of defrauding Abacus investors. As part of the settlement, Goldman did not admit any wrongdoing. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Collateralized Debt Obligations Goldman Sachs Mortgage-Backed Securities Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / New York Appeals Court Revives CDO Fraud Suit Against Goldman Sachs Collateralized Debt Obligations Goldman Sachs Mortgage-Backed Securities 2015-05-08 Brian Honea Related Articles About Author: Brian Honea Sign up for DS News Daily  Print This Post The Week Ahead: Nearing the Forbearance Exit 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. Subscribelast_img

Appellate Court Dismisses Company’s Constitutional Challenge to CFPB’s Authority

first_img About Author: Brian Honea in Daily Dose, Featured, Government, News Appellate Court Dismisses Company’s Constitutional Challenge to CFPB’s Authority Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago May 4, 2015 1,207 Views Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CFPB Consumer Financial Protection Bureau Lawsuits Morgan Drexen The U.S. Court of Appeals for the District of Columbia Circuit has dismissed a constitutional challenge to the Consumer Financial Protection Bureau (CFPB) brought about by Costa Mesa, California-based support services company Morgan Drexen Integrated Systems, according to multiple media reports.A three-judge panel rejected the claims of Morgan Drexen and Connecticut-based attorney Kimberly Pisinski, who contracts with the company, by a vote of 2-1. The judges who rejected Morgan Drexen’s and Pisinski’s claims ruled that the company had no legal grounds to litigate. The court also rejected claims from Pisinksi and the company that the CFPB was in violation of the U.S. Constitution’s separation of powers because it is not subject to Congressional oversight.In an enforcement action against Morgan Drexen in 2013, the CFPB claimed that the company was misleading consumers and illegally charging advance fees for services relating debt relief.Morgan Drexen sued the CFPB in 2013 after the Bureau asked the company to turn over thousands of sensitive documents relating to Pisinski’s clients who had filed for bankruptcy. The company and Piskinski said the documents are protected by attorney-client privilege and that it is improper for the CFPB to “data mine” the confidential financial information of distressed consumers. View a copy of Morgan Drexen’s complaint by clicking here.Representatives from Morgan Drexen could not immediately be reached for comment. A spokesman for the CFPB referred DS News to the court’s opinion when asked for comment.The federal district court in Washington, D.C., dismissed Morgan Drexen’s lawsuit in October 2013, and Piskinski subsequently appealed the district court’s dismissal. Click here to view a website dedicated to providing information on Morgan Drexen’s lawsuit against the CFPB.Testimony by CFPB Director Richard Cordray before the House Committee on Financial Services in early March prompted a flurry of proposals to reform the Bureau. U.S. Representative Sean Duffy (R-Wisconsin) introduced several such proposals just days after Cordray’s testimony, and 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. 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.  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img 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 The Best Markets For Residential Property Investors 2 days ago CFPB Consumer Financial Protection Bureau Lawsuits Morgan Drexen 2015-05-04 Brian Honea Home / Daily Dose / Appellate Court Dismisses Company’s Constitutional Challenge to CFPB’s Authority Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Previous: Training Tips: How (and Why) to Evaluate a New Vendor’s Internal Training Program Next: Ratings Company Says Conservatorship Will Continue With No ‘Clear Exit Path’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img

Steady Outflow is Driving Continuous Decline in Foreclosure Inventory

first_imgHome / Daily Dose / Steady Outflow is Driving Continuous Decline in Foreclosure Inventory Tagged with: Black Knight Financial Services CoreLogic Foreclosure Inventory Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Black Knight Financial Services CoreLogic Foreclosure Inventory 2015-08-27 Brian Honea  Print This Post Previous: Watchdog Audit Finds HUD’s Policies Did Not Ensure HECM Borrower Compliance Next: DS News Webcast: Friday 8/28/2015 About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure inventory is back down to pre-recession levels, according to reports this month from CoreLogic and Black Knight Financial Services, and a major driver of the steady decline of residential homes in foreclosure is the steady foreclosure outflow.Black Knight found 739,000 homes in pre-sale foreclosure inventory for June (about 1.46 percent of mortgages), while fore CoreLogic the numbers were lower (472,000 homes, about 1.2 percent of mortgages). But both have been steadily on the decline – for CoreLogic, the 1.2 percent foreclosure inventory rate (a decline of 29 percent from the previous June) is the lowest level since January 2008.The estimated total of 1.46 percent foreclosure inventory by Black Knight in June was a 22.6 percent decline year-over-year; while this was the lowest year-over-year decline in foreclosure inventory reported for one month since early 2013, the number of loans in foreclosure still declined by 210,000 since June 2014, according to Black Knight.The foreclosure outflow was steady even with the lower year-over-year decline in foreclosure inventory; Black Knight found that 23 percent of all active foreclosures entering 2015 either were liquidated or went to sale during the six-month period ending June 30, 2015. An additional 7 percent of loans that entered 2015 in active foreclosure are now current and performing, according to Black Knight.The 30 percent aggregate of loans that have either been liquidated or returned to current status is close to a post-crisis high, according to Black Knight. The aged foreclosure inventory has also seen substantial outflow; 22 percent of severely delinquent loans (defined as two years or more past due) that entered 2015 in active foreclosure were either liquidated or went to sale in the previous six months for the period ending June 30, 2015. It was the highest percentage of outflow for aged inventory since 2009, according to Black Knight. The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Steady Outflow is Driving Continuous Decline in Foreclosure Inventory August 27, 2015 874 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days ago Subscribelast_img

Consumers Positive Despite Weak Employment Data

first_imgSign up for DS News Daily Share Save Consumers Positive Despite Weak Employment Data About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles While fewer consumers expect to lose their job involuntarily or leave their job voluntarily in the next year, more consumers said they expected to be able to find a job in the next three months if they were to lose their job. That number leaped from 52.9 percent up to 55.4 percent and was pronounced among younger, lower-educated, and lower-income respondents, according to the New York Fed.The number of survey respondents who said they think the U.S. unemployment rate will be higher a year from now dropped from 39.3 percent in April to 39.1 percent in May. The unemployment rate was the one bright spot in the May BLS report, falling from 5.0 percent down to 4.7 percent. The labor force participation rate, however, was reported to be a mere 62.6 percent, offsetting first-quarter gains.While respondents may have been more certain about keeping a job or finding a job if one were lost, they were less certain about their income. The media one-year ahead expected earnings growth declined from April to May from 2.4 percent down to 2.2 percent, driven by mostly younger and lower-educated respondents, according to the New York Fed. Also, there was a noticeable increase in the uncertainty surrounding earnings growth for the coming year. 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. in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Consumers Positive Despite Weak Employment Data The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Consumer Confidence Employment Jobs New York Fed 2016-06-13 Brian Honea  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago June 13, 2016 1,260 Views Previous: First-Time Foreclosure Starts are Stalling Next: Foreclosure Rate Falls to New Post-Crisis Low Demand Propels Home Prices Upward 2 days ago The BLS employment situation for May did not bring good news—only 38,000 jobs were added, which was the lowest total for one month in almost six years.But one would never know that May’s jobs report was so weak by looking at a survey of consumer expectations from the Federal Reserve Bank of New York released on Monday. According to the May 2016 Survey of Consumer Expectations from the New York Fed, more consumers expect to find jobs and fewer consumers expect to be leaving jobs anytime soon.Consumers’ expectations for the labor market rebounded in May after declining in April. According to the New York Fed’s poll of 1,200 household heads via the Internet, the mean probability of losing one’s job in the next 12 months dropped from April to May by nearly a full percentage point (from 15.8 percent down to 14.9) after a significant jump from March to April. The number of respondents who said they expect to leave their job voluntarily in the next 12 months also dropped from April to May, from 23.1 percent down to 21.8 percent. Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Consumer Confidence Employment Jobs New York Fed Subscribelast_img

5 Cities with Great Rental Investment Opportunities

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / 5 Cities with Great Rental Investment Opportunities Share Save in Daily Dose, Events, Featured It seems with all the talk about how millennials are shaping the housing market, there is little talk about how millennials are shaping the market for rental investment properties. And with a national average of two years to break even on your first home purchase as opposed to renting, coupled with low inventory across the country and rising home prices throughout, many millennials are renting for longer. These five cities have the longest break even horizon in the country, according to Zillow. California secured the top 3 spots. Number one: San Jose, California. Located in the center of Silicon Valley in a metro with the highest Home Price Index in the country, you’d have to live in your new home 5.1 years to break even on your investment. Median rent is about $3,460 per month and the median home price tops $997,000. San Fransisco came in at a close second with a break even horizon of 4.9 years and a median rent of $3,354 per month, and the median home price is $848,400. Given the standard 20 percent downpayment, each of these metros can easily cost homeowners upwards of $150,000Los Angeles was trailed the other two California metros with a break even horizon of 4.7 years. San Diego tied with Washington D.C. at 4.5 years for the number four spot. As a point of reference, other major metros break even horizons are as follows: New York City, 2.5 years; Seattle, 2.3 years; Houston, 2.4 years; Chicago, 2.2 years; and Dallas-Fort Worth, 1.6 years. Most cities in the midwest had an average break even horizon falling between 1-2 years, and in the Pacific Northwest, most cities fell in the 2-3 year window. The state of Florida averaged 1-2 years, with the exception of Miami, that averaged nearly 3 years. Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Fannie Mae Reduces Risk Pool Next: Do Rising Prices Indicate Another Crash? Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 5 Cities with Great Rental Investment Opportunities Sign up for DS News Daily 2017-06-26 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago June 26, 2017 2,472 Views Subscribelast_img

RMBS Issuance Dips, But Still Outpaces 2016

first_img Tagged with: Moody’s Investor Service RMBS sector update Q3 2017 Share Save Moody’s Investors Service has released a Sector Update for Q3 2017, revealing a slight decrease in residential mortgage-backed securities (RMBS) issuance over Q2 2017. However, compared to Q3 2016, issuance is up by approximately 51 percent.New issuance in Q3 consisted mainly of “prime jumbo, government-sponsored entities (GSEs), credit-risk transfer (CRT), seasoned performing and re-performing transactions.” Q3 2017 saw 26 RMBS transactions issued, down from 28 in Q2 2017. A total of 74 private-label RMBS “backed by varying types of collateral and CRT deals” have been issued since the beginning of the year. Twenty-nine were CRT or Prime Jumbo deals. Seasoned performing and re-performing and non-prime deals have also seen an increase in issuance compared to a year ago.According to Moody’s Sector Update:Prime issuance was up compared to the same period in 2016. Nine prime jumbo transactions were issued in the first half of 2017. In Q3 2017, that number was six.The single-family vacancy rate remains stable and the tenant delinquency rate is low.Five CRT transactions were issued during Q2 2017.Two non-prime transactions were issued during Q3 2017.Non-traditional issuance was active in Q3 2017.Moody’s Sector Update for Q3 2017 also addressed the potential impact of hurricane season. While Hurricanes Harvey and Matthew were expected to have little impact on the RMBS transactions rated by Moody’s, the Update states, “Hurricane Irma may raise risk for RMBS transactions we rate through moderate to large exposure to Florida. Because many of these deals … are already performing poorly, temporary increases in delinquencies and increases in liquidation timelines would have just a marginal impact.”You can learn more about Moody’s research here. RMBS Issuance Dips, But Still Outpaces 2016 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Subscribe November 30, 2017 1,252 Views center_img 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 in Daily Dose, Featured, Journal, Market Studies, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / RMBS Issuance Dips, But Still Outpaces 2016 Data Provider Black Knight to Acquire Top of Mind 2 days ago Moody’s Investor Service RMBS sector update Q3 2017 2017-11-30 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Previous: Title Insurers Look Forward to Strong 2018 Next: How Real Estate Pros Can Fight Fraudlast_img

How Could Import Tariffs Affect Housing?

first_img President Trump caught many by surprise last week by announcing planned tariffs on steel and aluminum, jostling the markets and prompting analysts to weigh in on the prospects of a trade war. But how would the proposed tariffs affect the housing industry?The National Association of Homebuilders announced their opposition to the proposed tariffs on Thursday of last week, warning that the increased steel costs would, in turn, raise construction costs, which would then further drive up already inflated home prices. The planned tariffs could add 25 percent to steel prices and 10 percent for aluminum from foreign suppliers. This would come atop tariffs the President imposed on Canadian lumber companies in April 2017, which also affected the home construction industry here in the States. According to Bloomberg data, lumber prices have increased by 31 percent since those tariffs were imposed.Commerce Secretary Wilbur Ross has publically downplayed the potential negative impact on American industries. Ross appeared on CNBC last week, where he used a can of Campbell Soup as an example of a product that would theoretically see a price increase of less than a cent, asking, “Who in the world is going to be bothered” by that small change.Announcing that no countries would be immune from the import tariffs, White House trade adviser Peter Navarro called President Trump’s decision to impose the tariffs a “courageous and tough decision.”Others have voiced concerns, however, including representatives of the housing industry. Randy Noel, Chairman of the NAHB, said in a statement that “Given that home builders are already grappling with 20 percent tariffs on Canadian softwood lumber and that the price of lumber and other key building materials are near record highs, this announcement by the president could not have come at a worse time.”Lawrence Yun, Chief Economist of the National Association of Realtors, said in a statement, “Tariffs could measurably raise the cost of building materials and hinder home construction of affordable homes.”Rick Schumacher, Editor and Publisher of the LBM Journal, which covers the lumber and building materials industry, told Realtor.com, “It hurts homebuyers. It creates uncertainty … and any uncertainty is bad.”According to a survey of economists by the University of Chicago Booth School of Business, 93 percent of those surveyed either “Disagreed” or “Strongly Disagreed” with the statement, “Adding new or higher import duties on products such as air conditioners, cars, and cookies—to encourage producers to make them in the U.S.—would be a good idea.”  Print This Post March 4, 2018 3,453 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton Related Articles Tagged with: Affordable Housing Home Construction Home Prices homebuilding housing shortages President Trump tariffs Share Save Subscribe 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 Home / Daily Dose / How Could Import Tariffs Affect Housing? Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Headlines, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 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 Previous: California Bill Would Allow More Housing Near Transit Stops Next: The Week Ahead: Federal Reserve Releases New Beige Book Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordable Housing Home Construction Home Prices homebuilding housing shortages President Trump tariffs 2018-03-04 David Wharton Sign up for DS News Daily How Could Import Tariffs Affect Housing?last_img

New Bill Addresses Reverse Mortgage Foreclosures

first_img in Daily Dose, Featured, Foreclosure, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / New Bill Addresses Reverse Mortgage Foreclosures Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Related Articles New Bill Addresses Reverse Mortgage Foreclosures Previous: Could Fannie and Freddie Be Eliminated Without Legislation? Next: Hispanic Homeownership Increased in 2017 Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Tagged with: borrower FHA-Reverse Mortgages Foreclosure homeowner Massachusetts Mortgage Volumes Philadelphia Reverse Mortgage The Best Markets For Residential Property Investors 2 days ago borrower FHA-Reverse Mortgages Foreclosure homeowner Massachusetts Mortgage Volumes Philadelphia Reverse Mortgage 2018-02-27 Radhika Ojha February 27, 2018 3,763 Views Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Sign up for DS News Daily The Philadelphia City Council recently introduced a bill to help prevent reverse mortgage foreclosures when a homeowner is in a payment agreement for real estate taxes on their homes. As a requirement for a reverse mortgage, borrowers must remain current on their real estate taxes. The amendment to the Philadelphia code now provides further clarification to lenders on a homeowner’s payment status. The legislation, which was introduced by Councilwoman Cherelle Parker of the 9th District, states that a homeowner who is in a payment agreement for real estate taxes on their home shall be deemed not delinquent on his or her real estate taxes. “I know all too well the scourge that reverse mortgages have been on certain neighborhoods in the city. Unfortunately, it has been quite common for reverse mortgage lenders to swoop in and pay off any remaining real estate tax balance of homeowners even if they are in a payment plan and not delinquent, and then use this as an impetus to foreclose on these homeowners,” Parker said in a statement.This amendment comes at a time when reverse mortgage volumes have been on the rise across the country. Federal Housing Administration-approved reverse mortgage lenders logged in 6,313 endorsements in January 2018 according to recent data from Reverse Market Insight (RMI), Inc. For comparison’s sake, RMI reported 4,765 reverse mortgage endorsements in December 2017; 4,837 in June 2017; and 4,426 in February 2017.A recent opinion in the Massachusetts Supreme Judicial Court also clarified a sticking point regarding a mortgagee’s right to foreclose, in spite of some unclear wording in the original mortgage paperwork. The case was brought against James B. Nutter Company by three reverse mortgage borrowers, all of whom had secured home equity conversion mortgages (reverse mortgages) in 2007 and 2008. Julie Moran, Esq., Senior Executive Counsel for the law firm Orlans PC, a Legal League 100 member, handled the case for the plaintiff. Moran told DS News, “The Supreme Judicial Court reminded the parties that contractual language is deemed ambiguous and therefore construed against the drafter if it is susceptible of multiple meanings and the circumstances surrounding it don’t indicate its intended meaning. However, here the Court concluded that under Massachusetts foreclosure law there is no power of sale except the statutory power and no reasonable borrower would have expected a lender to enter into a reverse mortgage without retaining this right. We are very pleased with this outcome, which we believe will have applicability to other types of mortgages containing similar language.”last_img

The Lingering Impact of Hurricane Maria on Puerto Rico

first_imgHome / Daily Dose / The Lingering Impact of Hurricane Maria on Puerto Rico Demand Propels Home Prices Upward 2 days ago Share Save Home Prices Hurricane Maria Puerto Rico 2018-07-04 Krista Franks Brock Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. The Lingering Impact of Hurricane Maria on Puerto Rico Sign up for DS News Daily Hurricane Maria crippled the island of Puerto Rico and left a lasting impact on many facets of life for its citizens. Additionally, the hurricane sent already slumped home prices spiraling further downward. However, Puerto Rico’s real estate professionals are resilient, maintaining a decidedly positive outlook on the future of Puerto Rico’s housing market and economy. Home prices today are about half what they were eight years ago, according to Point2 Homes, a real estate website for Americans and Canadians seeking properties in on the island. Point2 Homes looked into traffic on its own website, as well as on Google, to determine home price trends in Puerto Rico. The company also surveyed real estate professionals on the island and visitors to its website and released its findings this week.  Home prices have been declining on the island ever since the housing crisis of 2008. After Hurricane Maria, prices spiraled down another 15 percent, according to Point2 Homes’ analysis of homes listed on its website. The median price of a home listed on Point2 Homes today is $116,750, down from $136,500 just before Hurricane Maria and down from $224,000 in 2010. The Humacao and Aguadilla markets have experienced a 74 percent decline in home values over the past eight years. On the other hand, Rincon and Guaynabo fared better, albeit with still significant price drops of 13 percent and 14 percent, respectively. Point2 Homes noted that these are two of the most expensive housing markets in Puerto Rico. More than three-quarters of real estate professionals in Puerto Rico reported feeling “optimistic” or “very optimistic” about “the recovery of the real estate business in Puerto Rico” in Point2 Homes’ survey. About 12 percent said they were “pessimistic” or “very pessimistic.” Tourism remains strong for the island with 80 percent of Puerto Rico’s hotels already back in business and an anticipated 1.7 million future visitors having already booked a stay during the upcoming cruise season. This should translate to about $250 million in revenue for the island, according to Point2 Homes. “Puerto Rico is setting its hopes on tourism as a way to speed recovery, while voluntourism is also promoted and highly appreciated,” Point2 stated. Interest in the housing market also remains strong. In an April study ranking the top destinations for U.S. residents purchasing a home in the Americas, Puerto Rico ranked third, according to Point2 Homes. About 60 percent of visitors to Point2 Homes’ website say they were interested in purchasing a home in Puerto Rico, and more than half said they would purchase on within one year. Thirty-nine percent said they would spend less than $100,000 on a property in Puerto Rico, while another 34 percent said they would spend up to $200,000. Just 2 percent said they would spend between $501,000 and $1 million. About 60 percent of respondents prefer to purchase a house rather than a condo or land. Tagged with: Home Prices Hurricane Maria Puerto Rico Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post 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 Previous: As Summer Heat Rises, So Do REO Sales Next: The Resurgence of Urban Housing Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago July 4, 2018 3,470 Views Related Articleslast_img