Rising Demand, Shrinking Inventory Fuel Median Price Growth

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 25, 2017 1,192 Views A new report from the New York State Association of Realtors, or NYSAR, shows that housing trends in the Empire State are a microcosm of the U.S. market. NYSAR’s April housing market numbers show strong buyer demand and an ongoing decline in the number of homes for sale.This dynamic was fueled a 7.8 percent increase in the April statewide median sales price (to $235,000) and an 11.2 percent drop in new listings compared to a year ago, according to the report. In real numbers, that’s a drop from just over 22,000 new listings to just above 19,600.There were 18 percent fewer homes for sale in New York compared to last April (about 65,000 compared to about 80,000 in 2016). Inventory constraints also led to a 5 percent decline in home sales for the month compared to last year.“As anticipated, the continued decline in the number of homes currently on the market has slowed the sales pace as many buyers are challenged to find an available home that meets their needs,” said Duncan MacKenzie, CEO of NYSAR. “Realtors are reporting that buyer demand remains strong and newly listed homes are selling quickly. Basic economics are at play with high demand and low inventory driving selling prices higher.”In other words, New York State in April was as much a sellers market as anywhere. MacKenzie said that as the market heads into what looks to be typically busy summer months, the housing market “holds great opportunity for sellers. Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017.”Like the national market, New York’s April market had its pockets of hot and cold activity. While statewide new listings declined year-over-year by 11 percent (as did affordability), new listings dropped by more than 30 percent in Greene, Cortland, and Clinton counties. On the other hand, new listings rose in seven counties. Lewis County saw an 18.4 percent rise in new listings last month; Kings and Tompkins counties each saw a 17 percent rise.The April sales total of 8,495 represents a decrease of 5 percent from the April 2016 total of 8,944‒‒which actually was a record.April’s pending sales declined 4 percent from a year ago to reach 12,760. Meanwhile, the months supply of homes for sale dropped 21.6 percent at the end of April to 5.8 months supply, just shy of what is considered a normal, healthy supply. Inventory was at 7.4 months at the end of April 2016. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rising Demand, Shrinking Inventory Fuel Median Price Growth  Print This Post About Author: Scott Morgan The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Rising Demand, Shrinking Inventory Fuel Median Price Growth Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily center_img Servicers Navigate the Post-Pandemic World 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 Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: NYSAR report NYSAR report 2017-05-25 Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Related Articles Previous: Southern Cities on the Rise Next: BofA Capital Buffer Lags Behind Subscribelast_img read more

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Mortgage Debt Through the Years

first_img About Author: Seth Welborn  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago August 30, 2019 1,325 Views 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 Share Save Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Mortgage Debt Through the Years Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily center_img Previous: Redfin to Make Homebuying More Transparent Next: EAST COAST BRACES FOR DORIAN Home Sales Mortgage Debt Mortgages 2019-08-30 Seth Welborn Mortgage debt is at an all time high as home prices rise to record levels, according to a report from HowMuch.net. According to the U.S. Census Bureau, the median home value in the U.S. was $30,600 in 1940 (adjusted for inflation). By 2017, that number was $193,500. With home prices so high, outstanding mortgage debt is 284 times greater in 2018 than it was in 1949.Total mortgage debt first exceeded $1 trillion in 1977, but the largest increase in mortgage debt year-over-year occurred from 1949 to 1950, when mortgage debt increased by more than 50%. Additionally, from 2008 to 2012, during the height of the Great Recession, total mortgage debt in the U.S. actually decreased every year, dropping from $14.69 trillion in 2008 to $13.34 trillion in 2013.Mortgage debt and delinquencies make up a large portion of household debt. According to the Federal Reserve Bank of New York, severely derogatory balances are now half of all delinquencies.“Although the housing crisis produced a huge increase in severely derogatory mortgages, that effect has dissipated as the foreclosure pipeline has cleared out in even the slowest states,” the Fed states. “Today, auto and especially student loan balances are the interesting components: in the second quarter of this year, the outstanding severely derogatory balance is comprised of 35 percent defaulted student loans, which have grown stunningly since 2012.”According to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York, total household debt increased by $192 billion (1.4%) to $13.86 trillion in the second quarter of 2019. This is the 20th consecutive quarter with an increase the Fed’s Center for Microeconomic Data notes.HowMuch.net notes that even though the mortgage debt is the highest in history, long-term interest rates are close to historical lows. Mortgage demand, despite record-low rates, seems unable to grow since home prices are still out of reach for many Americans. Tagged with: Home Sales Mortgage Debt Mortgages The Best Markets For Residential Property Investors 2 days ago Subscribe Mortgage Debt Through the Years Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Hurricane Season Hitting its Peak

first_img The Best Markets For Residential Property Investors 2 days ago Tagged with: hurricane season September 10, 2019 1,201 Views Previous: Economists: More Rate Cuts on the Way Next: Financial Services Bills Address Rural Housing and Appraisals Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Hurricane Season Hitting its Peak  Print This Post About Author: Mike Albanese 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img 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 Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily While Hurricane Dorian dissipated into the Atlantic Ocean, more storms are brewing in the Atlantic as the peak season for hurricanes kicked off September 10. Dorian tore a path from the Bahamas, to the Carolinas, and up to the east coast to Nova Scotia. The storm hit the Bahamas as a Category 5 and caused widespread destruction.According to CNN, hurricane season began on June 1 and is not officially over until November 30. CNN reports that forecasts are watching the Atlantic and the formation of several storms. The report states there is a disturbance between Africa and the lesser Antilles that has a 20% chance of turning into a hurricane over the next 48 hours. Those chances increase to 30% over the next five days, according to the National Oceanic and Atmospheric Administration (NOAA).  A second disturbance, located north of Hispaniola, while relatively calm now, has a 20% chance of turning into a hurricane as it approaches the northern Bahamas and Florida later this week. Additionally, the NOAA stated that storm development in the Atlantic will ramp up in the coming weeks. Forecasters predict there is a 45% chance hurricane activity is above normal for the rest of the season. On average, NOAA states an average of 12 named storms come out an Atlantic hurricane season. A storm gets a name with sustained winds of at least 39 mph. NOAA predicts there would be 10-17 named storms this season, and five to nine of them would be hurricanes. Meanwhile, many Fannie Mae servicers have taken steps to improve their engagement and communication with borrowers who may be caught in the path of storms this hurricane season, according to Mike Hernandez, VP of Housing Access and Disaster Response and Rebuild at Fannie Mae.Hernandez says most servicers will send notifications to remind borrowers who their servicers even before a natural disaster has impacted a certain community.“That’s tremendously helpful because you may not know if your servicer has changed. Just doing that in advance is tremendously helpful,” Hernandez said.One of Fannie Mae’s innovative solutions to help borrowers is its Disaster Relief Extend Modification, which Hernandez characterized as one of its “most effective tools” for helping homeowners hurt by a natural disaster. This loan modification was first introduced in late 2017 and reissued in February 2019. The program offers a temporary, up to 12-month post-disaster forbearance for borrowers.“It’s been a win-win for servicers. It’s certainly been a win-win for our borrowers,” he said, noting that the cure rate for these loans is very high. Hernandez adds that being prepared is crucial as storms are getting larger in size. And, he said his team takes a longer view when it comes to working with communities as the rebuild efforts in the wake of some of these larger storms can be prolonged.Meanwhile, communities impacted by a natural disaster are often neighborhoods with a shortage of housing. So, a storm can impact the supply of affordable housing for renters and low income homeowners. As a result, supporting these neighborhoods in a time of need becomes even more of a priority for Fannie Mae, says Hernandez, noting that for him and his team the question always is: “How do we help that portion of the community come back as quickly as possible?”   Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Hurricane Season Hitting its Peak Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago hurricane season 2019-09-10 Mike Albanese in Daily Dose, Featured, Loss Mitigation, News Related Articleslast_img read more

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Mortgage Delinquencies Rise 20% in May

first_img Demand Propels Home Prices Upward 2 days ago About Author: Krista F. Brock July 6, 2020 2,484 Views in Daily Dose, Featured, Foreclosure, News Sign up for DS News Daily About half of COVID-19-related forbearance plans expired last month, and one-fourth are set to expire this month, leaving mortgage loan servicers with the task of reviewing more than a couple of million loans for forbearance extensions or payment eligibility.With 4.1 million homeowners past due on their mortgage loans, the national delinquency rate is now 7.76%, according to the latest Mortgage Monitor from Black Knight.Delinquencies jumped 20% and 1.3 percentage points higher in May, which Black Knight noted, “would have been the worst single month ever recorded if it weren’t for the 3.1 percentage point increase the month prior.”Today’s delinquency rate is up 4.5 percentage points from the 3.2% record low recorded back in January.While servicers have a major task now in assessing loans in forbearance, Black Knight said, “this will also provide an early look at roll rates of loans in active forbearance,” and the insight from this summer “can be used for downstream modeling on performance and the residual volume of loans in active forbearance in coming months.”The total number of loans that are either past due or in foreclosure is 4.3 million, up from 2.3 million at the end of March, according to Black Knight. However, the foreclosure rate is down by 5.8%.Of those 4.3 million homeowners, 3 million have become delinquent over the past three months, while just 1.3 million were delinquent in February, prior to the COVID-19 pandemic hitting the nation.About 90% of mortgages that have become past due since the start of the pandemic in the United States are in forbearance with their servicer. About 40% of loans that were delinquent before the pandemic have also entered a forbearance agreement.The share of mortgage payments received through late-June is similar or a little higher than the rate from May, according to Black Knight’s McDash Flash Payment Tracker.“This suggests we could see a leveling off, or even improvement in mortgage delinquencies when June’s month-end mortgage performance numbers are reported in mid-July,” Black Knight stated in its Mortgage Monitor.However, with COVID-19 cases on the rise in some areas, there is still uncertainty regarding delinquencies.Black Knight detected some seemingly good news regarding home purchase loans. In-person property showings were down 63% over the year as of mid-April, but they have picked up since. At the start of this month, showings were 15.7% higher than they were a year ago, perhaps signaling that some missed sales opportunities from spring will be made up this summer.Black Knight also detected purchase lock rate activity at its highest level all year in the third week of June. Purchase lock activity for the first three weeks of June was 60% higher than the previous month and 21% higher than a year ago.Also notable, the record low mortgage rates of late put a significant number of homeowners in a position to potentially benefit from a refinance. According to the Mortgage Monitor, 13.6 million homeowners could save an average of $238 per month with a refinance based on May’s average rates. 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 Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Supreme Court Rules on TCPA, Robocalls Next: Emergency Notarization Order Crafted  Print This Post Mortgage Delinquencies Rise 20% in May Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Coronavirus Delinquency forbearance plans The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus Delinquency forbearance plans 2020-07-06 Mike Albanese Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Delinquencies Rise 20% in May Subscribelast_img read more

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Two charged in connection with Derry attack

first_imgNews Two charged in connection with Derry attack Twitter Facebook Google+ By News Highland – July 15, 2012 Facebook NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp RELATED ARTICLESMORE FROM AUTHOR Pinterest Google+center_img Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Calls for maternity restrictions to be lifted at LUH Previous articleOutrage as Mauritian paper publishes “deeply insensitive” picturesNext articleBoy who died after Kerrykeel farm accident named News Highland Two men aged 25 and 34 have been charged with robbery and grevious bodily harm with intent following an incident in Derry yesterday morning.The two are expected to appear before a sitting of Derry Magistrates Court tomorrow, after the charges are reviewed by the Public Prosecution Service.It’s believed the charges are in connection with a serious assault in the Argyle Street area yesterday morning, in which a 48 year old man was attacked. Three factors driving Donegal housing market – Robinson Pinterest Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApplast_img read more

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Donegal Deputy again calls on government to publish small schools report

first_img Previous articleHighland Honda Challenge with John BreslinNext articleAppeal for information following Glen house robbery News Highland Google+ Calls for maternity restrictions to be lifted at LUH Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published Donegal Deputy again calls on government to publish small schools report WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Facebook Facebook Three factors driving Donegal housing market – Robinson center_img Twitter By News Highland – July 8, 2014 A Donegal Deputy has questioned why the government continues to sit on a report examining the future of small schools while seemingly enforcing recommendations contained within it.Fianna Fail Education Spokesperson Deputy Charlie McConologue says it is unacceptable the report, which was concluded for over a year and a half ago has not yet been released for debate.He says the government should be upfront and honest and publish the report – Minister Sean Sherlock responded on behalf of the government, he said it was not something that should be rushed:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/07/skools1.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ WhatsApp RELATED ARTICLESMORE FROM AUTHOR Twitter News Pinterestlast_img read more

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Man pleads guilty to Donegal child rape and abuse charges

first_img Facebook WhatsApp Pinterest By News Highland – February 14, 2012 Twitter Previous articleCouncil backed groups will have to account for funding expenditureNext articleJury in Arranmore murder trial to to start deliberations today News Highland A man has been sentenced to 15 years by Mr Justice Paul Carney for raping and sexually assaulting the daughters of a woman he met through the internet.The 53-year-old former paramilitary, who cannot be named by law, committed the abuse in Donegal and Northern Ireland and in another European country.He began abusing one of the children a few weeks after meeting her mother.The now 11-year-old said she still worries he will return and take her and her sister away.She said she hopes he will be hurt in jail.The man pleaded guilty at the Central Criminal Court to 16 counts of oral rape and sex assault against the two girls between November 2008 and May 2009. Twitter Pinterest RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH center_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Newsx Adverts Google+ Man pleads guilty to Donegal child rape and abuse charges WhatsApp LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Three factors driving Donegal housing market – Robinson last_img read more

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Health Minister tells Macgill Summer School hospital managers to blame for waiting lists

first_img Twitter Pinterest WhatsApp Health Minister tells Macgill Summer School hospital managers to blame for waiting lists RELATED ARTICLESMORE FROM AUTHOR The Health Minister is blaming hospital managers for the surge in patients on A and E trollies during the winter months.James Reilly says the surge is not down to increased sickness -but rather to badly organised staffing arrangements over the holiday period.Speaking at the MacGill Summer School in Glenties – Minister Reilly also announced plans to cut the budgets of hospitals which fail to clear waiting lists for patients in need of treatment longer than 12 months.The Minister says these hospitals will have their patients transferred elsewhere – and their budgets cut:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/07/08reil1.mp3[/podcast]But, Senator John Crown who is a consultant oncologist, says there are simple reasons for the long waiting lists at Irish hospitals:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/07/08crow1.mp3[/podcast] Previous articleGardai seek information about attempted robbery in BallyheerinNext article23-year-old woman released in Kerr murder investigation News Highland Google+ Facebook Google+ Minister McConalogue says he is working to improve fishing quota Newscenter_img Facebook By News Highland – July 29, 2011 Pinterest Dail to vote later on extending emergency Covid powers Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Dail hears questions over design, funding and operation of Mica redress scheme WhatsApp Man arrested in Derry on suspicion of drugs and criminal property offences released last_img read more

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KFO warns of job losses in Donegal if fishing quotas not considered

first_imgThe Killybegs Fishermen’s Organisation is warning of up to 400 job losses, many of those in Donegal ,if proposed cuts to some quotas go ahead next year.The Council of Fisheries Ministers meet next Monday and Tuesday in Brussels to decide on the TACs and Quotas for 2017.The KFO is calling on the Minister for the Marine Michael Creed to ensure that the Commission’s proposed cuts for certain key stocks are reversed or phased in over a longer periodThe head of the KFO Sean O’Donoghue says the cuts as proposed would have a devastating impact in the Northwest:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/12/sean.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Google+ By admin – December 9, 2016 Facebook HSE warns of ‘widespread cancellations’ of appointments next week Previous article€23 million announced for three new cross-border greenway projectsNext articleHealth Minister urged to tackle on-going crisis at LUH ahead of visit admin Homepage BannerNews Twitter Man arrested on suspicion of drugs and criminal property offences in Derry WhatsApp Pinterest Google+center_img RELATED ARTICLESMORE FROM AUTHOR KFO warns of job losses in Donegal if fishing quotas not considered Pinterest Dail to vote later on extending emergency Covid powers PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Man arrested in Derry on suspicion of drugs and criminal property offences released Dail hears questions over design, funding and operation of Mica redress scheme Twitter WhatsApp Facebooklast_img read more

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Raytheon 14 trial to be moved to Belfast

first_img Further drop in people receiving PUP in Donegal Raytheon 14 trial to be moved to Belfast Facebook WhatsApp Google+ Twitter RELATED ARTICLESMORE FROM AUTHOR Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th 75 positive cases of Covid confirmed in North Facebook 365 additional cases of Covid-19 in Republic center_img Pinterest WhatsApp Previous articleCouncillor says it is time to move on from budget rowNext articleDonegal County Council water supply update News Highland By News Highland – January 18, 2010 Man arrested on suspicion of drugs and criminal property offences in Derry Gardai continue to investigate Kilmacrennan fire The trial of 14 people charged with various offences in relation to a protest at the arm manufacturer Raytheon in Derry will be heard in Belfast.At today’ sitting of Derry Crown Court the Recorder, Judge Des Marrinan said that for logistical reasons he felt it was necessary to move the venue of the trial.He said that the accommodation in the Derry Courthouse was simply ‘inadequate’ for 14 defendants and 28 defence counsel.He added that he was making the decision with ‘great regret’.The case will be mentioned on January 26 at Belfast Crown Court so that a date can be set for the trial.The 14 face a series of charges including criminal damage, obstruction, burglary and impersonating a police officer that relate to a protest at the Raytheon plant last January 12. All have pleased not guilty. Twitter News Google+last_img read more

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