DSNews Webcast: Friday 6/21/2013

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post June 21, 2013 467 Views Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago About Author: DSNews Share Save DSNews Webcast: Friday 6/21/2013 in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago Home / Featured / DSNews Webcast: Friday 6/21/2013 Servicers Navigate the Post-Pandemic World 2 days ago Previous: Zillow: Home Prices Continue Rising, But Pace Will Slow Next: Survey: 60% of Homeowners Planning Summer Improvement Project Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago 2013-06-21 DSNews Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Former HUD Employee Receives Prison Sentence for Defrauding Government of $843K

first_img A former loan guarantee specialist for the U.S. Department of Housing and Urban Development (HUD) was sentenced to 26 months in a federal prison for defrauding the federal government of $843,000, according to an announcement from the U.S. Department of Justice.The announcement was made by U.S. Attorney General for the District of Columbia Ronald Machen, Inspector in Charge Gary Barksdale of the Washington Division of the U.S. Postal Inspection Service, and Special Agent in Charge Cary Rubenstein of the Mid-Atlantic Region of the Office of the Inspector General of the U.S. Department of Housing and Urban Development (HUD-OIG).Brian Thompson, 54, of Washington, D.C., pleaded guilty to one count of wire fraud in October 2014 in the U.S. District Court for the District of Columbia. Thompson perpetrated his scheme from May 2013 to March 2014 while he worked for HUD’s Office of Loan Guarantee for Native American Programs, according to a statement of offense signed by the government and the defendant. According to multiple media reports, Thompson was able to gain employment with HUD as a loan guarantee specialist despite having a prior criminal record that spanned more than two decades. According to reports, HUD officials are examining their background check process to find where the breakdown occurred to allow Thompson to gain employment with the agency.As a loan guarantee specialist for HUD, Thompson’s duties included selling HUD REO properties for the best possible price in order to regain the money the government paid to the lender for the insured loan. During a nine-month period from June 2013 to March 2014, Thompson sold five parcels on behalf of HUD for a combined total of $843,000 and diverted the money to his own personal bank accounts. He then submitted fraudulent settlement statements in order to conceal his personal increase from the transactions.”Brian Thompson will be a federal inmate because of his crooked dealings,” Machen said.  “He ripped off the taxpayer and harmed the integrity of program designed to help underprivileged Native American homeowners.  Public service is a calling, not a get-rich-quick opportunity.  I want to thank the other public servants at the Office of Native American Programs who came forward and raised concerns about Thompson’s conduct.”In addition to serving the prison time, Thompson was ordered to pay the federal government $843,000 in restitution, and he will be placed on three years of supervised release after completing his prison term. He is also subject to a forfeiture money judgment of $645,700 in addition to the more than $150,000 that has already been sized from his financial accounts.”As today’s sentence demonstrates, those who attempt to defraud the U.S. government will be held accountable,” Barskdale said. “Postal Inspectors applaud the efforts of its law enforcement partners at HUD-OIG.  Our combined efforts brought the individual responsible for this crime, which involved the U.S. mail system, to justice.”  Print This Post in Featured, Government, News Share Save The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fraud HUD REO properties 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. About Author: Brian Honea Home / Featured / Former HUD Employee Receives Prison Sentence for Defrauding Government of $843K Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Former HUD Employee Receives Prison Sentence for Defrauding Government of $843K Previous: Survey: Americans’ Attitude Mixed Toward Housing, Economy Next: Obama Nominee Withdraws Himself From Consideration for Treasury Undersecretary 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 Fraud HUD REO properties 2015-01-12 Brian Honea Sign up for DS News Daily January 12, 2015 1,102 Views last_img read more

Unemployment Rate Falls in 42 States Monthly in December

first_img in Daily Dose, Featured, Market Studies, News Previous: CFPB Bulletin Reminds Financial Institutions of Supervisory Information Confidentiality Next: DS News Webcast: Wednesday 1/28/2015 The Best Markets For Residential Property Investors 2 days ago Unemployment Rate Falls in 42 States Monthly in December  Print This Post Bureau of Labor Statistics Employment Rate Jobs Unemployment Rate 2015-01-27 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Unemployment Rate Falls in 42 States Monthly in December Related Articles Tagged with: Bureau of Labor Statistics Employment Rate Jobs Unemployment Rate The latest improvements in regional and state employment statistics across the United States are keeping in line with the latest drop in the nation’s unemployment rate (down to 5.6 percent in December) – and in line with analysts’ assessments of consistently improving economic and labor conditions.The unemployment rate declined in 42 states and the District of Columbia month-over-month in December, staying in line with the falling U.S. unemployment rate, according to the U.S. Bureau of Labor Statistics (BLS) Regional and State Employment and Unemployment report for December 2014 released Tuesday. The unemployment rate increased in only four states from November to December, while four states experienced no change in unemployment rate month-over-month.Mississippi had the highest unemployment rate among states in December, with 7.2 percent (the District of Columbia had an unemployment rate of 7.3 percent for the month). The lowest unemployment rate among states for the month was in North Dakota, at 2.8 percent; 19 states had a “significantly lower” unemployment rate than the nationwide average for the month of 5.6 percent. Ten states plus the District Columbia had a significantly higher rate than the national average, while 21 states reported an unemployment rate “not appreciably different” from the U.S. rate.Nineteen states experienced significant month-over-month declines in unemployment in December), led by Delaware (0.6 percent) and Michigan and North Carolina (0.4 percent each). Thirty states experienced significant unemployment rate declines year-over-year, led by Illinois (2.7 percentage points), and Rhode Island (2.5 percentage points), with the only significant increase occurring in Louisiana (1.3 percentage points).Idaho and Vermont, at 0.4 percent each, experienced the largest month-over-month declines in employment in December.Meanwhile, payrolls increased from November to December in 41 states and declined in only nine, plus the District of Columbia. Texas had the largest month-over-month job gain with 45,700, followed by New York (30,400) and Illinois (17,100). Minnesota experienced the largest month-over-month decline in jobs with 5,200.Year-over-year, payrolls increased in all 50 states and the District of Columbia in December. The largest increases occurred in North Dakota (5.4 percent), Texas (4.0), and Utah (3.9 percent). January 27, 2015 993 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuits

first_img 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  Print This Post April 24, 2015 2,251 Views About Author: Aly J. Yale Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save New Jersey federal court documents filed earlier this week revealed that Prudential Insurance Co. has moved to settle its ongoing lawsuits with Bank of America NA, Merrill Lynch & Co. Inc., First Franklin Financial Group, and a number of lenders in the mortgage industry.According to Law360, the suits, which were first filed in March 2013, alleged Bank of America and others knowingly sold Prudential $2.1 billion in low-quality mortgage-backed securities—and made false statements about them. Prudential claimed this left the company with more than 10,000 defective home loans, many that eventually went into default or foreclosure.The suits also claimed there were deficiencies in loan-to-value ratios, owner-occupation levels and more, and that the credit ratings touted by the defendants were “garbage,” according to federal court documents.Many of the claims made by Prudential were dismissed earlier this year, according to Reuters, when District Judge Stanley R. Chesler heard the case in February. Chesler determined that Prudential did not effectively prove that BofA or Merrill Lynch had lied to rating agencies about the quality of their loans, and he dismissed Prudential’s negligent misrepresentation claim.Additionally, Chesler also said Prudential’s “after-the-fact” computer analysis of securities—a key piece of evidence for the plaintiff—was unreliable.In the end, Chesler determined Prudential could move forward with only one count of equitable fraud—an allegation that the defendants acted as underwriters, not sponsors or issuers, on 21 securities.The claim was finally settled Wednesday, when both parties filed a stipulation of dismissal with prejudice. Though terms of the settlement were not stipulated in the court documents, they did say each party would be responsible for its own expenses stemming from the lawsuit.This isn’t the first time Bank of America has been involved in a lawsuit of this nature. In August 2014, it reached a $16.65 billion settlement with federal and state authorities regarding similar liabilities. It was also dealt a $1.27 billion civil penalty in July 2014 when the U.S. government claimed its Countrywide unit defrauded Fannie Mae and Freddie Mac into buying low-quality loans.At the time of publication, representatives at Prudential could not be reached. Bank of America spokesman Lawrence Grayson told DS News that the company had no comment on the recent settlement. Previous: Counsel’s Corner: The Fight Over Legality of Super-Priority Liens Is Far From Over Next: Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Home / Daily Dose / Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuitscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuits The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Bank of America Merrill Lynch Mortgage-Backed Securities Prudential Insurance Settlements 2015-04-24 Brian Honea Tagged with: Bank of America Merrill Lynch Mortgage-Backed Securities Prudential Insurance Settlements Demand Propels Home Prices Upward 2 days agolast_img read more

How is Low Inventory Affecting the Housing Market?

first_img The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / How is Low Inventory Affecting the Housing Market? in Daily Dose, Featured, Market Studies, News About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles  Print This Post February 3, 2016 5,299 Views How is Low Inventory Affecting the Housing Market? Sign up for DS News Daily 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 agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Low inventory has been cited by many analysts as a concern for the housing market in 2016 as the market continues to heal from the foreclosure crisis which began nearly eight years ago.What effect will that lack of inventory have on housing? While the inventory has been declining, demand for housing has not; the combination of thin inventory and strong demand has pushed prices upward. In many markets, the percentage of homes selling at list price or higher is has risen back to pre-crisis levels, according to Shu Chen, Economist with CoreLogic.“The number of homes selling at or above list price has recovered to early 2006 levels,” Chen wrote on CoreLogic’s blog. “That number was 3.5 times the trough in January 2008 and represented more than one-quarter of total sales in October 2015. Compared with homes selling for their list price or more, the number of homes selling for less than list price has been relatively stable over the past 15 years. Regardless of market conditions, there are always highly motivated sellers willing to drop their price.”Stewart Guaranty Chief Economist Ted Jones told DS News in January that limited housing inventory was creating an urgency to buy.“We always think that six-month inventory is normal for existing homes,” Jones said. “We’re in that mid-four-month inventory range. We know that rents are going to continue to rise. You have the option of either renting or owning. Rents have actually been going up while interest rates have stayed the same or even going lower.”While existing-home sales in 2015 experienced their best year since 2006, a repeat in 2016 is unlikely if inventory remains at its current levels.“Although some growth is expected, the housing market will struggle in 2016 to replicate last year’s 7 percent increase in sales,” NAR Chief Economist Lawrence Yun said. “In addition to insufficient supply levels, the overall pace of sales this year will be constricted by tepid economic expansion, rising mortgage rates and decreasing demand for buying in oil-producing metro areas.”According to Fannie Mae Chief Economist Doug Duncan, single-family starts should accelerate to 17 percent this year. But only, he said, “if easing housing supply shortages and a continued strong pace of household formation pan out.” Tagged with: Housing Inventory Housing Market Previous: Fewer Serious Delinquencies Indicate Market Stability Next: DS News Webcast: Thursday 2/4/2016 Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Subscribe The Best Markets For Residential Property Investors 2 days ago Share Save Housing Inventory Housing Market 2016-02-03 Brian Honealast_img read more

Loan Modifications Increase as Foreclosure Sales Decrease

first_img HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, has released its July 2016 loan modification data which stated for the month of July, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 112,000. This compares to approximately 25,000 completed foreclosure sales for the month. The report states that this is a ratio of more than four mortgage solutions for every foreclosure sale.“As we turn to the second half of 2016, we remain pleased with the commitment of mortgage servicers to assist homeowners who are facing mortgage issues,” Eric Selk, Executive Director of HOPE NOW. “Our latest data report indicates that while delinquency continues to decline to pre-crises norms, there still remains a population of homeowners who need assistance. While our July 2016 data declined in many solution fields compared to the previous month, we are encouraged by the decline of actual foreclosures.”The report states that included in that total solutions figure were an estimated 35,000 permanent loan modifications. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Of the permanent loan modifications completed in the month of July, the report shows that an estimated 23,000 were through proprietary programs and 12,081 were completed via HAMP. Additionally, of the 23,000 proprietary modifications completed in July, 46 percent, or 10,437, reduced the monthly principal and interest payment by 10 percent or more. Since HOPE NOW began reporting data in 2007, the total number of non-foreclosure solutions is over 25 million and the number of permanent loan modifications is 7.9 million.“When looking at our July 2016 data compared to a year ago, completed modifications actually increased, so despite various conditions, the situation of thousands of homeowners improved,” says Selk. “The 112,000 foreclosure alternative solutions in July 2016 brings the life to date total since 2007 to approximately 25.5 million solutions. This is nearly four times the number of completed foreclosure sales (6.5 million) in the same time frame.”Approximately 35,000 loan modifications were reported to be completed in July in contrast with 42,000 in June of 2016. This is a decrease of approximately 17 percent. Likewise, approximately 35,000 loan modifications were completed in July 2016 compared to 34,000 in July 2015. This was a reported increase of approximately 3 percent.The report also states that approximately 5,700 short sales were completed in July 2016 compared to 6,300 in the month prior. This represents a decrease of approximately 10 percent. Short sales were reported to have approximately 5,700 completed in July 2016 in contrast to 7,700 in July 2015, a decrease of 26 percent.Approximately 1,400 deeds in-lieu were completed in July. This is a 16 percent decrease from the 1,700 completed in June. Approximately 1,400 deeds in-lieu were completed in July 2016. This is a decrease of 6 percent from 1,500 in July 2015.Foreclosure starts reduced 5 percent month over month to approximately 51,000 in July from 54,000 in June. Foreclosure starts were approximately 51,000 in July 2016 compared to 51,000 in July 2015. This number was reported to be virtually unchanged.Additionally, foreclosure sales were reportedly about 25,000 in July from 29,000 in June. This was a decrease of 12 percent month over month. Likewise, foreclosure sales were approximately 25,000 in July 2016. This is compared to 28,000 in July 2015 which was a decrease of 9 percent.“While the data trends certainly suggest that the market is recovering, there remains areas where assistance is still needed,” says Selk. “HOPE NOW continues to focus our efforts in several of these regions including Florida, Georgia, New Jersey and California. in Daily Dose, Featured, News Loan Modifications Increase as Foreclosure Sales Decrease About Author: Kendall Baer Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Foreclosures HOPE NOW Loan Modification Foreclosures HOPE NOW Loan Modification 2016-09-15 Kendall Baer Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Loan Modifications Increase as Foreclosure Sales Decrease The Best Markets For Residential Property Investors 2 days ago Previous: Completed Home Flipping at a Six-Year High Next: Freddie Mac Intends to Sell Seventh STACR Offering Demand Propels Home Prices Upward 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 ago  Print This Post September 15, 2016 1,970 Views Subscribelast_img read more

Exclusive Content: What’s New in DS News Magazine?

first_imgHome / Daily Dose / Exclusive Content: What’s New in DS News Magazine? The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe 2018-03-01 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The latest issue of DS News magazine is now available in print and online, taking you deeper into the topics and challenges facing the housing and default servicing industries. The spectacular rise (and recent fall) of Bitcoin prices have helped propel cryptocurrencies into the national conversation. Speculation about the future of this type of financial transaction has even landed on the evening news and the front pages of America’s newspapers. The question that remains is how housing and mortgage professionals can utilize new forms of fintech to streamline their business. DS News is on top of the latest, bringing you the thoughts and insights of industry experts from a variety of backgrounds and fields of focus.Here’s what you’ll find inside the latest issue of DS News:CHAINS OF KNOWLEDGE—Fintech such as blockchain, artificial intelligence, and machine learning are rife with potential—but realizing that potential in mortgage and servicing will require making the right connections and knowing which problems you’re trying to solve. By David Wharton, Online Editor of DS NewsBETTERING MORTGAGE LINK BY LINK—Unearthing the potential of blockchain technology to revolutionize the mortgage industry. By Katie Jo Keeling, Managing Partner at McCarthy & Holthus, LLPLOOKING FOR A UNIVERSAL SOLUTION—Law firm audits cost servicers millions of dollars annually, but hope is on the horizon as we narrow in on uniform audit guidelines. By Randall S. Miller, President, Randall S. Miller & AssociatesRIPPLE EFFECT—With a new tax code in place, the impact is already being felt in the housing market. By Ralph DeFranco, Global Chief Economist, Mortgage Group, Arch Capital ServicesASK THE ECONOMIST—Paul Bishop VP of Research, National Association of RealtorsCOUNSEL’S CORNER—Roy A. Diaz Managing Shareholder, SHD Legal Group, P.A.All of this and more is waiting for you inside the latest edition of DS News magazine. Click here to access the digital archives, or click on the image below. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles Demand Propels Home Prices Upward 2 days ago Previous: Pending Home Sales on Slippery Slope Next: The Industry Pulse: Updates on Black Knight, Old Republic, and More …center_img The Best Markets For Residential Property Investors 2 days ago Exclusive Content: What’s New in DS News Magazine? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily  Print This Post in Daily Dose, Featured, Headlines, Journal, Magazine, News, Print Features Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton March 1, 2018 2,265 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Wildfires Leave Behind Billion-Dollar Losses

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Tagged with: California Wildfires Camp Fires CoreLogic Fannie Mae FEMA Freddie Mac Tom Larsen Woolsey Fires Previous: Kevin Cooke Jr. Joins Auction.com Next: Dualities of the Housing Market Sign up for DS News Daily The deadly blaze that tore into many parts of California has finally been contained, officials announced on Sunday. However, it has left behind a trail of losses between $15 billion and $19 billion, according to an analysis by CoreLogic.The report contains the updated residential and commercial loss estimates from the wildfires based on the latest post-containment perimeter of both the Camp and Woolsey Fires. The analysis recorded a total loss in the range of $11 billion and $13 billion from the Camp Fire, the most destructive wildfire in the state’s history. Additionally, estimated losses from Woolsey Fire in Southern California are estimated to be between $4 billion to $6 billion. Residential and commercial properties account for building, content, and additional living expenses. The estimated losses include damage caused by fire, smoke, demand surge and debris removal. The residential loss from Campfire alone is between $8 billion to $9 billion. Woolsey fires ravaged infrastructure worth $3.5 to $5.5 billion in the residential space and $0.5 billion in commercial losses. Since fire is covered under a standard homeowners’ policy, the majority of homeowners are likely to have some protection from the financial challenges surrounding recovery, the analysis indicated. As part of FEMA’s federal aid program to help those affected by the fire, a loan of up to $2 million was made available for business property losses not fully compensated by insurance.Fannie Mae and Freddie Mac have authorized servicers to suspend or reduce homeowner’s mortgage payments immediately for up to 90 days if they have been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances. Foreclosures and other legal proceedings were also suspended.“These wildfires have been a personal and financial tragedy for many families,” Tom Larsen, principal, Industry Solutions at CoreLogic said.“The proper estimation of the value of a home is critical because often in situations of wildfire, the home is completely lost. A deficient valuation can lead to a situation where homeowners have inadequate funding to replace their home.” Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Loss Mitigation, News, Servicing California Wildfires Camp Fires CoreLogic Fannie Mae FEMA Freddie Mac Tom Larsen Woolsey Fires 2018-11-27 Donna Joseph Demand Propels Home Prices Upward 2 days ago About Author: Donna Joseph Home / Daily Dose / Wildfires Leave Behind Billion-Dollar Losses Data Provider Black Knight to Acquire Top of Mind 2 days ago Wildfires Leave Behind Billion-Dollar Lossescenter_img Related Articles 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 27, 2018 3,334 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] The Best Markets For Residential Property Investors 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

When Housing Coincides With Transit in La-La Land

first_img April 15, 2019 880 Views  Print This Post Home Sellers Listings Los Angeles public transit transportation Trulia 2019-04-15 Radhika Ojha in Daily Dose, Featured, Market Studies, News About Author: Radhika Ojha Previous: The Week Ahead: Focus on Q1 Earnings Next: Checking the Books With Goldman Sachs and CitiGroup 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. Share Save 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 Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: Home Sellers Listings Los Angeles public transit transportation Truliacenter_img The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / When Housing Coincides With Transit in La-La Land 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 ago Demand Propels Home Prices Upward 2 days ago Searches for listed homes that are more accessible to public transit are gaining ground in Los Angeles (L.A.), a city that has so far been known for its sprawl and car culture.According to a report by Trulia, the share of listings in L.A. that include public transit keywords such as “metro” or “subway” have doubled since 2013. In fact, when home sellers include transit keywords, the lowest priced three-quarters of listings sell for an average premium of 4.2%  more than similar listings without transit keywords. In contrast, the top quarter sees an average price penalty of 10.5%.The report indicated that the share of L.A. County listings that mentioned transit-related keywords rose from 2.3% in 2013 to 4.5% in 2018. And while that is still a small fraction of the keywords used for home searches, the report said that the rise coincides with “ongoing improvements in the city’s transit network.”Los Angeles has been actively promoting alternatives to private automobiles, and mobility in and around the city in recent years with L.A. taxpayers pledging $120 billion toward expanding public transit.Breaking down the type of keywords that mention public transport, the report said that rail represented a disproportionate and growing share of transit keywords. In fact, rail keywords appeared in 1.5% of all listings in 2013 and 3.7% in 2018, while bus mentions have remained stable (0.8% of listings in both 2013 and 2018).The highest densities of listings mentioning transit also track closely with the routes of L.A.s Metro lines. One of the possible reasons for this surge in listings close to metro lines, according to the report could because the city’s “Gold and Expo Lines’ recent expansions have made these routes, and the system at large, more useful.”The report noted that as a share of total listings, references to the Gold Line far outstripped all others from 2013 to 2018. Over the same period, the Expo Line’s share of total listings has grown fastest. Metro’s upcoming Regional Connecter project aims to further integrate the existing transit lines.Click here to read the full report. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago When Housing Coincides With Transit in La-La Land Sign up for DS News Daily Subscribelast_img read more

Mortgage Delinquency: “Signs of Emerging Stress in Some States”

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Mortgage Delinquency: “Signs of Emerging Stress in Some States” Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago CoreLogic found that as of June 2019, the foreclosure inventory rate fell 0.1 percentage points from June 2018 to 0.4%—tied with the past seven months as the lowest for any month since January 1999.Overall, the national share of mortgages that were in some stage of delinquency was 4% in June 2019—a 0.3 percentage point decline, compared to last year’s 4.3%. The share of mortgages that are delinquent more than 90 days fell from 1.2% to 0.9%, and the percentage of mortgages that were more than 120 days delinquent dropped to 1% from 1.4% in June 2018. “A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, Chief Economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”1Mortgages delinquent between 30 and 59 days rose marginally from 2% last year to 2.1% in 2019. Of the metros studied, the New York-Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. The metro also had the highest overall foreclosure rate at 1.3%.The next highest was Miami-Fort Lauderdale-West Palm Beach, Florida, at 2%. Denver-Aurora-Lakewood, Colorado, and San Francisco-Oakland-Hayward, California, had the lowest serious delinquency rate at 0.4%. According to PropertyShark, Manhattan foreclosure cases were up 118% year-over-year during Q3 2019, while Staten Island Island cases increased by 183%. Despite the large spike in Manhattan, the number of properties foreclosed only risen from 22 to 48 compared to the same period year. Meanwhile, foreclosure activity in the Bronx dropped by 51%, while Queens saw a 10% dip in unique cases year-over-year.Of the 48 cases this quarter in Manhattan, 25 of foreclosures were mortgage foreclosures. Only once in the past cycle has Manhattan had more foreclosures than in Q3 2019, and that was in Q4 2016. Additionally, pre-foreclosures increased 13% year-over-year in the borough.CoreLogic revealed the following states to seen an increase in delinquent activity: Vermont (0.7%); New Hampshire (0.3%); Nebraska (0.2%); and Minnesota (0.2%). Michigan, Iowa, Wisconsin, and Connecticut all posted marginal gains of 0.1%.  November 12, 2019 4,052 Views 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. The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese in Daily Dose, Featured, Foreclosure, News Home / Daily Dose / Mortgage Delinquency: “Signs of Emerging Stress in Some States” Share Savecenter_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Foreclosure Housing Market 2019 Serious Delinquent Mortgages The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles Foreclosure Housing Market 2019 Serious Delinquent Mortgages 2019-11-12 Mike Albanese Previous: Freddie Mac VP Discusses Communication in Servicing Next: Fannie Mae Closes 14th Reperforming Loan Sale Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more