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May 2021

Chase CEO: ‘Big, Dumb Banks’ Should Be Allowed to Fail

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post November 5, 2015 1,289 Views 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. Tagged with: Bailouts Banks Jaime Dimon JPMorgan Chase Too Big to Fail Should banks actually be allowed to fail? Well, the “big, dumb” ones should, according to JPMorgan Chase chairman and CEO Jamie Dimon, who on Wednesday blasted the institutionalized belief that mega-dollar bailouts for badly run banks is good for the economy.Dimon’s comments that banks should be allowed to fail is the latest in a growing movement among top-tier banking execs who believe that financial institutions earn their own success or failure. In June, Wells Fargo’s former CEO, Dick Kovacevich, called the Troubled Asset Relief Program, or TARP, “an unmitigated disaster” for several reasons, including institutionalizing the concept that there are some banks that can’t be allowed to go under. For Dimon, if a bank can’t keep its house in order, it does not deserve help getting out of the trouble it caused itself.The call to end bailouts has even become a political campaign issue. In October,presidential candidate Hillary Clinton stressed to TV host Stephen Colbert the importance of investors knowing that their banks could fail, and that the price of mismanagement should be suitably harsh.Dimon’s comments also coincide with a series of bills passed Wednesday by the House Financial Services Committee that aim to boost economic growth by increasing the accountability of financial regulators. At the sessions, Committee Chairman Jeb Hensarling (R-Texas) said that the Dodd-Frank Act of 2010, rather than eliminating the “too big to fail” concept, has simply made more bureaucrats more untouchable and left more taxpayers to pick up an increasingly hefty bill for the economy in the wake of TARP assistance.”Banks should be allowed to fail,” said Dimon, speaking to 300 CEOs and senior executives at the Fortune Global Forum in San Francisco. “For the American public, [bailouts] should be called ‘bankruptcy for big, dumb banks.'”Noteworthy is that JPMorgan Chase accepted $25 billion in TARP assistance in 2008, which Dimon at the time said the bank accepted “because we were asked to.” The bank has since paid the money back, plus more than $1 billion in fines related to the company’s acquisitions of Bear Stearns and Washington Mutual. About Author: Scott Morgan Chase CEO: ‘Big, Dumb Banks’ Should Be Allowed to Fail Servicers Navigate the Post-Pandemic World 2 days ago Previous: House Passes Amendment to Transportation Bill, Eliminating Delay to GSE G-Fee Cuts Next: Wells Fargo Promotes New Head of Home Lending Servicingcenter_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Share Save Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Chase CEO: ‘Big, Dumb Banks’ Should Be Allowed to Fail Bailouts Banks Jaime Dimon JPMorgan Chase Too Big to Fail 2015-11-05 Scott Morgan in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Finally, a Bank that Increased Profits in Q1

first_imgHome / Daily Dose / Finally, a Bank that Increased Profits in Q1  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 22, 2016 1,081 Views Related Articles Earnings Mortgage Servicing Income Profits SunTrust Bank 2016-04-22 Brian Honea Demand Propels Home Prices Upward 2 days ago Share Save Previous: GSEs Further Lighten the Load for Taxpayers Next: Advocates Defend Castro, But. . . in Daily Dose, Featured, News Subscribe Tagged with: Earnings Mortgage Servicing Income Profits SunTrust Bank Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Finally, a Bank that Increased Profits in Q1 While most of the nation’s largest banks and investment banking firms reported year-over-year declines in net income during the first quarter, some of them substantial, one bank finally reported an increase in earnings for Q1 on Friday.SunTrust Banks, Inc., reported a net income available to shareholders of $430 million for Q1, or $0.84 per average common diluted share (EPS), which was an increase from Q1 2015’s net income of $411 million (EPS of $0.78). Total revenue was up by 5 percent over-the-year in Q1 from $1.99 billion up to $2.1 billion driven largely by higher net interest income (as a result of loan growth) and net interest margin expansion. Higher mortgage-related and capital markets revenue were also drivers of the bank’s overall increase in revenue, according to SunTrust.“We delivered solid revenue growth this quarter as we continued to meet more client needs across each of our businesses, benefiting from our diverse business model and consistent strategies,” said William H. Rogers, Jr., chairman and CEO of SunTrust Banks, Inc. “This revenue performance, combined with continued expense discipline, resulted in a good start to the year with 8 percent earnings growth. We remain highly focused on improving the financial well-being of our clients and communities and delivering increased value to our shareholders.”SunTrust’s mortgage production income for Q1 was reported at $60 million, up by $7 billion over-the-quarter but down by $23 million over-the-year. The over-the-quarter increase was due to higher refinance activity and slightly higher gain-on-sale margins, while the over-the-year decline was due to reduced refinance activity and a drop in gain-on-sale margins.The bank’s mortgage servicing income, however, spiked both over-the-quarter and over-the-year in Q1. The $62 million servicing income for the first quarter represented an increase from $56 million in Q4 and from $43 million in Q1 2015. The-over-the-year income totaled 44 percent, due to improved net hedge performance and a decline in the servicing asset decay. Other drivers of the growth were higher servicing fees, which were the result of a larger portfolio ($149 billion at the end of Q1 compared to $142 billion at the end of Q1 2015). Drivers of the $6 billion over-the-quarter increase were the combination of improved net hedge performance and a decline in the servicing asset decay—offset by a seasonal reduction in servicing fees, according to SunTrust.Click here to view the complete Q1 earnings report for SunTrust. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea 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. last_img read more

Federal Reserve Announces Rate Hike, as Predicted

first_img in Daily Dose, Featured, Government, News Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Federal Reserve Announces Rate Hike, as Predicted Not all of those on the Fed’s rate-setting committee voted to raise the rates. Wall Street Journal reports that Minneapolis Reserve President Neel Kashkari voted against the action, saying he preferred to hold rate steady for now.Experts had weighed in on the effects this hike may have on mortgages, particularly adjustable-rate mortgages.“On the adjustable rate mortgages, the nuance here is that people facing a reset on their adjustable rate loans are the most susceptible to these rate hikes, and the cumulative effects of these rate hikes,” said BankRate VP and CFA Greg McBride.The Fed had already signaled three rate hikes this year, though McBride stated, “I only had them raising rates twice this year, which would put the fed funds rate at between one and one and a quarter percent.”According to Fannie Mae, the rate increases are not expected to impact housing in any major way. “Today’s FOMC decision to increase the target rate and the updated Fed officials’ economic projections that continued to show a median of three hikes this year are in line with our expectations in the March forecast released earlier today,” said Doug Duncan, Chief Economist at Fannie Mae. “We believe the Fed could stay on course to achieve its dual mandate with a gradual monetary normalization, which would allow housing to continue to expand. Given continued solid job growth and recent income gains, we believe this pace of rate increase will not derail the ongoing housing recovery.””As anticipated, the FOMC went forward with the first rate hike of 2017,” said National Association of Federally-Insured Credit Unions Chief Economist Curt Long. “Given that inflation is rising and approaching the Fed’s 2 percent target, Fed officials had little choice but to raise rates.The rising mortgage rate isn’t expected to affect housing demand in spring, according to First American Chief Economist Mark Fleming.“Reports have suggested, or surely will, that this rise in mortgage rates will be the demise of the housing market. That’s just not so,” sid Fleming. “Yes, many existing homeowners will have a financial disincentive to sell because they would lose their lower than prevailing mortgage rates in doing so, the so-called rate lock-in effect. I have suggested that this is one of the reasons we see low inventories in most markets today, but it’s not as simple as that. We don’t act rationally. Even economists who, of all people, should know better.”The FOMC had previously raised the federal funds target rate to a range of 0.5 to 0.75 percent last December. March 15, 2017 1,640 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Fed Rates 2017-03-15 Staff Writer The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Federal Reserve announced a rate hike at a Federal Open Market Committee (FOMC) meeting and press conference, which experts had expected for some time now. The Fed had voted to raise the benchmark fed-funds rate by a quarter percentage point, to a range of 0.75% to 1%. Federal Reserve head Janet Yellen had previously hinted at a rate hike.center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Federal Reserve Announces Rate Hike, as Predicted Demand Propels Home Prices Upward 2 days ago About Author: Staff Writer The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Fed Rates Previous: Equifax’s Data and Analytic Services Receive Upgrade Next: CFPB Orders Penalty Against Nationstar Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

GSEs: Where Should the Money Go?

first_img Previous: Gen X Anxious and Fearful for Financial Future Next: Patenaude Has Nomination Hearing, Rumors of Otting’s Nomination Confirmed Data Provider Black Knight to Acquire Top of Mind 2 days ago GSEs: Where Should the Money Go? Back in February, the D.C. Circuit panel gave the U.S. Department of the Treasury and Federal Housing Finance Agency a win over the allocation of profits from Freddie Mac and Fannie Mae to the Treasury. This affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, however Fannie and Freddie shareholders sued the two for agreeing to the deal. They believe the profit sweep violates the reasonable expectations that they had when they originally purchased stock in the GSEs. Though a federal judge threw out most of the investors’ claims, another group of plaintiffs requested the full D.C. Circuit rehear the decision. Friday, the FHFA and Treasury urged the D.C. Circuit to not modify its ruling.The FHFA said the investors’ argument suggests that stock is a fixed contract pegged to the moment of its issuance, which conflicts with what the FHFA considered “well-established” principles of law viewing stock as an evolving contract that renews itself every time it’s traded.“When an investor buys stock in the secondary market, it acquires the contractual rights and obligations as they exist at the time of purchase,” Law360 reported the FHFA said in a response filed on behalf of itself and Fannie and Freddie, which it oversees as conservator.Using an example of a 2017 investor who purchased stock that was issued in 2000, the FHFA said the investors’ shareholder rights “are of course determined” by the law, corporate bylaws and charter that are in effect in 2017, not what may have been in place in 2000. According to Law360, having it this way is necessary to prevent investors from being able to “buy” lawsuits by purchasing stock and suing the issuer retroactively for alleged harms they were already aware of.The treasury agreed that the investors’ expectations at the time of purchase were what mattered. If there was a possibility at the time of purchase that the government might take actions that would impair their investments, they should not be able to recover damages for “regulatory takings.”“It is common sense that one who buys with knowledge of a restraint assumes the risk of economic loss,” Law360 reported the Treasury said, citing Federal Circuit precedent. “In such a case, the owner presumably paid a discounted price for the property. Compensating him for a ‘taking’ would confer a windfall.”According to Law360, the panel’s order could cut out of the proposed class those investors who bought their shares after Congress passed the Housing and Economic Recovery Act of 2008, which the investors have argued it should not have done. That law allowed the federal government to bail Fannie and Freddie out; the value of the investors’ public stock dropped to near zero in the aftermath, and shares were swept up by hedge funds and other investors who took the bet that their value would be restored. Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected]  Print This Post Related Articles Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / GSEs: Where Should the Money Go? The Week Ahead: Nearing the Forbearance Exit 2 days ago June 6, 2017 1,499 Views D.C. Circuit Fannie Mae FHFA Freddie Mac GSEs Treasury 2017-06-06 Brianna Gilpin Subscribe About Author: Brianna Gilpin Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Events, Featured, Government, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: D.C. Circuit Fannie Mae FHFA Freddie Mac GSEs Treasury Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

The Benefits of Perfecting Loan Collateral

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Servicing Audit Collateral Documents Loan Loan Disposition NTC portfolio Servicers 2018-08-14 Radhika Ojha Share Save Tagged with: Audit Collateral Documents Loan Loan Disposition NTC portfolio Servicers Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha As the lending and servicing environment gets increasingly competitive, loan servicers are looking at ways to decrease their servicing costs and maximize their gain on loan transfers. At a webinar on how perfecting loan collateral can increase the portfolio value of servicers, Danny Byrnes, VP of Sales and Marketing at Nationwide Title Clearing, Inc (NTC) and Jeremy Pomerantz, VP of Business Development at NTC, gave insights into the challenges and best practices associated with perfected or complete collateral. Explaining the considerations and challenges in loan sources, life of loans documentation, and variable storage considerations, Byrnes and Pomerantz said that loan source documentation was important across almost all categories, whether it was branch/wholesale and retail, broker correspondent loans, flow or bulk acquisitions, or sub-servicing.However, lack of proactive data capture, image conversion issues, dual tracking, inconsistent tracking reports, and reconciliation discrepancies were just some of the challenges that servicers faced while compiling and auditing loan source documentation.Looking at the life of a loan, it was important to consider documentation related to origination, servicing transfer or subservicing agreements, loss mitigation, bankruptcy or foreclosure, and paid in full or maturity of a loan. However, challenges such as missed deadlines associated with servicing transfers, foreclosures, and paid in full loans, as well as reactive collateral remediation led to increased costs for servicers.Today, though servicers could solve these documentation issues through an all-inclusive final documentation program that combines critical document audits, document level tracking, and effective document chasing to give a complete collateral.According to Byrnes and Pomerantz, each component of complete collateral helped servicers stay one step ahead by creating a virtual collateral file that retains almost all information related to a loan including document level shipment, established audit criteria, critical findings, and invalidated false exceptions that were reported early.A complete collateral also helped in effective exception management and consistent custodial reconciliations. The speakers concluded the webinar by looking at the downstream benefits for servicers, saying that buying and selling of loans, portfolio values, and loan disposition, all benefited with a complete collateral.Click here to view the full webinar. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The Benefits of Perfecting Loan Collateral The Benefits of Perfecting Loan Collateral Previous: Natural Disasters Impacting Delinquency Rates Next: Ginnie Mae’s Outstanding MBS Balance Approaches $2T The Best Markets For Residential Property Investors 2 days ago August 14, 2018 1,356 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 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. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

How New York’s Foreclosure Rates Compare by Borough

first_imgSign up for DS News Daily in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles How New York’s Foreclosure Rates Compare by Borough Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Foreclosure Homes New York propertyshark Previous: The State of the Economy and Housing Next: Is the Housing Market Prepared for the Next Crisis? About Author: Staff Writer Since 2018 began, first-time foreclosures in New York City have consistently declined, and the third quarter has only seen this trend extend, according to a report by PropertyShark. Foreclosures in the city’s five boroughs are down overall 17 percent year-over-year, or 19 percent if one calculates from one quarter to the next. This is a noticeable drop, with 716 unique cases reported this quarter—the first-time foreclosures in the city have fallen below 800 for the first time since the first quarter of 2017. Citywide, pre-foreclosures dropped 36 percent year-over-year, or 15 percent if one calculates quarter-over-quarter.The report reveals that certain parts of the city witnessed the number of foreclosures drop significantly more than others, and a couple of major neighborhoods even saw their foreclosure rates stagnate. Of all the New York boroughs, Queens was the only one that saw an increase in foreclosures year-over-year. But this increase is slight—at just 5 percent— and can be interpreted as leveling off since, quarter-over-quarter, the neighborhood still saw a 15 percent contraction, the report said. Brooklyn meanwhile saw its number of first-time foreclosures barely budge, dropping just 1 percent year-over-year but still falling a full 10 percent since Q2.The other three boroughs, however, saw their number of foreclosures drop dramatically this quarter, the report indicated. The largest dip was seen in Manhattan, where just 22 properties foreclosed on marks an impressive 44 percent decrease. This breaks a record for lowest number of foreclosures in Manhattan since the first quarter of 2014.  The Bronx saw the second largest decline in foreclosures at 43 percent year-over-year, though there was an increase of 10 percent since last quarter. Staten Island also saw a very sharp decline in foreclosures, a total 40 percent year-over-year or—even more striking—67 percent if one calculates quarter-over-quarter. The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / How New York’s Foreclosure Rates Compare by Borough The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure Homes New York propertyshark 2018-10-08 Radhika Ojha Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 8, 2018 1,979 Views Subscribelast_img read more

Homeownership: Through the Eyes of Black America

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Homeownership: Through the Eyes of Black America The Week Ahead: Nearing the Forbearance Exit 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 Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles On Friday, the American Mortgage Diversity Council (AMDC) presented a webinar titled “The State of Housing in Black America,” that addressed the struggles faced by the African-American community in areas of homeownership.It also explored the level of progress made as well as the steps to ensure equal housing opportunity for all. Providing historical context and how it connects to the current issues at hand, Charmaine Brown, Director, External Outreach and Engagement, Office of Minority and Women Inclusion at Fannie Mae, recalled the first 250 Years in America, wherein African-Americans had no property rights, and were locked out of the American Dream of homeownership, until the Fair Housing Act came in to being in April 1968. In her presentation, she also elucidated on what the data says about African-American homeownership.”As we kick off our celebration of 400 years of African American history, I can think of no better topic to begin than to discuss the current state of homeownership and potential solutions for improvement. I’d like to thank Charmaine Brown for her thought-provoking presentation,” said Derek Templeton, Executive Director & Associate General Counsel at Five Star Institute.Brown pointed out that “African-American homeownership rates are the same as it used to be in 1968, whereas the number of incarcerations in the community as well as the wealth gap between black and white families tripled between 1968-2016.” Currently, the homeownership rate among African-Americans is the lowest of all racial groups at 41.8 percent, lagging consistently behind white homeownership rate.African-Americans have been the slowest to recover from the housing crisis; with their homeownership rate at nearly 6 percentage points lower than in 2010. “While Hispanics and other ethnic groups experienced an increase in homeownership, African-American homeownership rate dropped by 4.8 percentage points between 2000-2017. So, while others are moving forward, African-Americans are moving in the other direction,” Brown said.Interestingly, the younger demographic have seen a greater decline in homeownership in the community. Moreover, the net worth of African-Americans significantly lags the net worth of other groups. Homeownership is seen as one of the primary means of wealth creation, however, African-American homeownership has not recovered from the aftermath of the 2007 financial crisis.Pointing out to generational implications, Brown addressed wealth and homeownership transfers from parents. She also touched on the effects of predatory lending during the housing boom, wherein African-American and Hispanic communities were primary targets of highly exploitative practices, which further exacerbated the situation. African-Americans were more likely to be given subprime products during this period, which led to a significantly higher foreclosure rate between 2007-2009.The webinar also explored ways to diversify the appraisal industry through homebuyer education, community partnerships, strategic alliances, and financial literacy.Click here to view the webinar. Previous: What Led Microsoft to Invest $500M in Seattle Housing? Next: Maxine Waters Sets the Agenda 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] center_img About Author: Donna Joseph in Daily Dose, Featured, News, Servicing AMDC Charmaine Brown Derek Templeton Diversity and Inclusion Homeownership 2019-01-18 Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Homeownership: Through the Eyes of Black America Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post January 18, 2019 1,723 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: AMDC Charmaine Brown Derek Templeton Diversity and Inclusion Homeownership Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Gap Widens Between Demand and Inventory

first_imgSign up for DS News Daily While the COVID-19 pandemic gripped the nation and brought everyday life to a near halt, the housing market remained as robust as ever this past year, with home prices rising 14.3%, new listings coming in at 27% lower, with 50% fewer homes on the market, while homes are selling nearly a week faster than last year.Realtor.com’s Housing Market Recovery Index, a measure of the pandemic’s impact on the housing market through an analysis of new listings, buyer demand, time spent on the market and home prices, stood at 101.6 for the week ending March 6, 0.5 points higher than the previous week, and 1.6 points above pre-pandemic levels.After stalling at the onset of the pandemic, listing prices posted double-digit price growth for the past 30 weeks. The gap between supply and demand was notable before the pandemic. However, one calendar year after the World Health Organization (WHO) declared the coronavirus a global pandemic, stay-in-place orders forced many out into the suburbs, seeking homes with greater square footage and areas to accommodate remote work situations. These events only worsened the market’s existing supply to demand imbalance.”The housing market’s lopsided momentum could ease in the coming months,” said realtor.com Chief Economist Danielle Hale. “We expect the vaccine’s rollout to alleviate some sellers’ anxieties, which could help the supply crunch. At the same time, although interest rates remain low, they’ve begun to increase, which could test buyer demand in the coming months.”New listings were 27% lower than they were during the week that ended March 7, 2020. Following an uptick at the end of 2020, the first few months of 2021 have been marked by large and consistent declines in new listings. New listings traditionally increase in March and April, and the expectation is they will grow again this year, especially compared to last year when the disruptions to seller activity were largest. The lack of listings in January and February 2021, due to severe winter storms across the nation, created a gap of approximately 200,000 homes in new listings, making it necessary for new listings to come on to the market for healthy sales activity this spring.Total active inventory continues to decline, dropping 51% year-over-year in the week ended March 6. With buyers active in the market despite, or perhaps because of, the uptick in mortgage rates, homes are selling quickly—six days faster on average than a year earlier—and the total number actively available for sale at any point in time continues to decline.Bottom line, buyers need to act fast or simply be shut out. And for those who do act fast, they must be prepared to engage in bidding wars as this short supply of homes is at a premium. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News  Print This Post Subscribe Gap Widens Between Demand and Inventory Demand Propels Home Prices Upward 2 days ago March 12, 2021 1,028 Views Previous: Most Valuable Company Profile: Mortgage Contracting Services, LLC Next: Forbearance Activity Rate Dips Under 5% About Author: Eric C. Peck The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: bidding wars Danielle Hale Inventory pandemic Realtor.com Data Provider Black Knight to Acquire Top of Mind 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 bidding wars Danielle Hale Inventory pandemic Realtor.com 2021-03-12 Eric C. Peck The Week Ahead: Nearing the Forbearance Exit 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Home / Daily Dose / Gap Widens Between Demand and Inventory 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 agolast_img read more

Man extradited from Donegal on sex charges appears at Derry Court

first_imgNews Facebook RELATED ARTICLESMORE FROM AUTHOR A 66-year-old man who was extradited from Donegal has been  ordered to sign the Sex Offenders Register after he pleaded guilt to 25 charges of indecent assault and gross indecency against his daughter and his niece when he appeared at Derry Crown Court.The man who cannot be named or legal reasons was extradited last December and today was arraigned on a total of 27 charges including two assault charges against his wife.The man, who had to be assisted into the dock, pleaded guilty and a pre-sentence report was ordered. The charges date back from 1970 until 1981.Judge Des Marrinan said that this was a ‘sad case’ but added that they were ‘terrible crimes’. He ordered the man to sign the Sex Offenders Register and adjourned the case for reports until May 21.The defendant was remanded in custody until then. Previous articleCommunity Allotments to be provided in Letterkenny from next yearNext articleOireachtas Committee reverses decision not to meet Donegal families News Highland Google+ Google+ Twitter Man extradited from Donegal on sex charges appears at Derry Court NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Help sought in search for missing 27 year old in Letterkenny center_img WhatsApp Facebook By News Highland – April 13, 2010 WhatsApp 448 new cases of Covid 19 reported today Pinterest Twitter Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector publishedlast_img read more

Doherty and Mac Lochlainn both support a three candidate strategy

first_img WhatsApp Google+ Facebook WhatsApp Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Doherty and Mac Lochlainn both support a three candidate strategy Sinn Féin sitting TDs in Donegal have backed the bid by Cllr Gary Doherty to be approved as a general election candidate.Deputies Pearse Doherty and Padraig Mac Lochlainn have issued a joint statement saying they would welcome Gary Doherty’s inclusion as a third Sinn Féin candidate.They say while it would present a significant challenge, the party’s members across Donegal are energised and up for the challenge of getting three Sinn Féin TDs in the newly formed single Donegal constituency. Twitter Previous articleBody found near Manorcunningham during search for missing manNext articleSocial finance seminar this evening for community groups and clubs in Donegal admin Google+center_img RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published By admin – October 14, 2015 Need for issues with Mica redress scheme to be addressed raised in Seanad also Homepage BannerNews Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Minister McConalogue says he is working to improve fishing quota LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Pinterestlast_img read more