Mortgage Default Risk is on the Rise

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post About Author: Rachel Williams in Daily Dose, Featured, Market Studies Demand Propels Home Prices Upward 2 days ago On Thursday, VantageScore Solutions, LLC and TransUnion released the VantageScore Default Risk Index (DRI) for Q4 2016. According to the DRI, when it comes to default risk, mortgages pose a lower threat than auto loans, student loans, and bankcards with the DRI for these four categories came in at 85.4 (mortgage) , 89.3 (auto), 90.0 (student loans), and 96.8 (bankcards) respectively. Despite the lower default risk compared to other debt categories, mortgage risk is up quarter-over-quarter.The DRI uses credit file data to measure the relative changes in risk level assumed by lenders, benchmarked against Q3 2013 (when the index was first created). The DRI also measures quarter over quarter change and year-over-year change.Quarter over quarter, mortgages saw a rise in default risk of 3.6 percent.“New card and auto loans showed marginally more conservative risk profiles than the previous quarter, while mortgage loans showed the opposite trend. Student loans were once again the outlier, where the seasonal pattern continued to bring low volumes and higher risk loans in the fourth quarter when compared to the fourth quarters of years past,” the companies stated.The risk of default in student loans, and the burden this type of debt has on Americans, impacts the housing market in a variety of ways. Recognizing that student loan debt is one of the top barriers to homeownership, Fannie Mae recently released series of policies. to help borrowers with student loan debt buy a home, regardless of what their loan balance is.“We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution. These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers,” said Jonathan Lawless, VP of Customer Solutions at Fannie Mae. default mortgage Risk Student Loans TransUnion VantageScore 2017-05-04 Rachel Williams Tagged with: default mortgage Risk Student Loans TransUnion VantageScore Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe May 4, 2017 1,623 Views Sign up for DS News Daily center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage Default Risk is on the Rise The Best Markets For Residential Property Investors 2 days ago Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Mortgage Default Risk is on the Rise Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senior Housing Market Remains Strong After Post-Election Surge Next: Industry Veteran Dave Hurt Joins Black Knight Data & Analytics Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Tackling Today’s Top Legal and Servicing Challenges

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Caren Castle The Wolf Firm Video Spotlight 2017-11-29 David Wharton Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tackling Today’s Top Legal and Servicing Challenges The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Tackling Today’s Top Legal and Servicing Challenges  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Caren Castle The Wolf Firm Video Spotlight Related Articles Subscribecenter_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Sign up for DS News Daily in Daily Dose, Featured, News, Secondary Market David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Caren Castle, Senior Mortgage Servicing Attorney, The Wolf Firm talks about lessons from 2017 and for the future. From emergent digital solutions to responding to natural disasters, Castle emphasizes the importance of preparation and communication. The Best Markets For Residential Property Investors 2 days ago Previous: Ginnie Mae’s Bright Future Next: After Long Night, Senate Passes Tax Reform November 29, 2017 4,880 Views Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Is a Strong Economy Translating Into More New Homes?

first_imgHome / Daily Dose / Is a Strong Economy Translating Into More New Homes? Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 27, 2018 1,591 Views Is a Strong Economy Translating Into More New Homes? The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily Previous: Offsetting Housing and Environmental Stresses as Cities Expand Next: Clarifying Contested Foreclosures After Bankruptcy in Daily Dose, Featured, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Share Save  Print This Post Subscribe The national economy took an upturn in February, according to the Chicago Fed’s latest National Activity Index. Released Monday, the CFNAI—which measures 85 economic markers—for February landed at 0.88. That’s 0.02 above January numbers. The news, however, wasn’t as good when it came to the housing sector.That 0.02 difference is actually a bigger difference than it might seem. The CFNAI is weighted so that 0 represents average growth. Anything above 0 represents above-average growth. Also, at 0.88, the February CFNAI is the second-highest it’s been over the past 11 years. Only last October’s 0.90 index was higher. The index’s six-month average was 0.435, the highest number in 12 years, and indicative of more overall economic stability, according to the Chicago Fed.All four broad categories of indicators that make up the index increased from January, and three of the four categories made positive contributions to the index in February. Sixty-one indicators improved from January to February, while 23 indicators deteriorated, and one was unchanged. Consumption indicators improved, on balance, pushing up the category’s overall contribution.Of the indicators that improved, nine made negative contributions. Housing was one of them. According to the Chicago Fed, housing starts decreased from 1.3 million annualized units in January to 1.2 million in February.The latest S&P CoreLogic Case-Shiller Home Price Index released Tuesday showed a 6.4 percent year-over-year growth in home prices among the Index’s 20-City Composite. Those increasing prices are being spurred on by inventory shortages and low vacancy rates among owner-occupied houses. “First-time home buyers will continue to struggle to find homes within their price range as prices climb higher amid low inventory,” said Cheryl Young, Senior Economist at Trulia. The Chicago Fed’s data showing housing starts continuing to decline likely won’t help with the inventory or affordability problems.The February CFNAI shows that, over the past six months, the national trend has been a steadily improving economy. Generally, the economy has been improving or at least holding strong since March 2016. The index’s three-month moving average, CFNAI-MA3, increased to 0.37 in February from 0.16 in January.February’s numbers were led by improvements in production-related indicators, the Chicago Fed reported. Production-related indicators contributed 0.50 to the CFNAI in February, up from -0.15 in January. The CFNAI Diffusion Index, which is also a three-month moving average, moved up to 0.28 in February from 0.16 in January. Overall, according to the index, 63 of the 85 markers showed improvement over January.Though still in the red, the contribution of the personal consumption and housing category moved up to –0.02 in February from –0.10 in January.Employment-related indicators contributed +0.31 to the CFNAI in February, up from 0.24 in January. Nonfarm payrolls increased by 313,000 in February, after increasing by 239,000 in January.Total industrial production increased 1.1 percent in February after decreasing 0.3 percent in January. The sales, orders, and inventories category contributed 0.09 to the CFNAI in February, up from 0.03 in January. The Institute for Supply Management’s Manufacturing Inventories Index increased to 56.7 in February from 52.3 in the previous month. Tagged with: Chicago Fed National Activity Index Federal Reserve Bank of Chicago homebuilding Housing Starts New Homes Demand Propels Home Prices Upward 2 days ago Chicago Fed National Activity Index Federal Reserve Bank of Chicago homebuilding Housing Starts New Homes 2018-03-27 Scott Morgan Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Foreclosure Avoidance Options for Distressed Homeowners

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Foreclosure Avoidance Options for Distressed Homeowners The Best Markets For Residential Property Investors 2 days ago  Print This Post ACLU Foreclosure Foreclosure Alternatives Homeowners Property Tax Assistance Program Property Taxes tax foreclosure United Community Housing Coalition 2018-07-07 David Wharton Previous: The Rise and Stall of Zero Net Energy Homes Next: The Week Ahead: American Consumers and Debt About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago Tagged with: ACLU Foreclosure Foreclosure Alternatives Homeowners Property Tax Assistance Program Property Taxes tax foreclosure United Community Housing Coalition Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Foreclosure Avoidance Options for Distressed Homeowners Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] in Daily Dose, Featured, Foreclosure, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Subscribe July 7, 2018 3,637 Views Sign up for DS News Daily Thanks to a July 3 settlement in a two-year-old class-action suit, Michigan homeowners now have new options when faced with foreclosures due to unpaid property taxes. The terms of the settlement will allow distressed homeowners to avoid foreclosure by paying $1,000, or by working with the United Community Housing Coalition to work out a zero-interest payment plan. The settlement also makes it easier for homeowners to apply for the Homeowners Property Tax Assistance Program, a poverty tax exemption program.The case was originally brought by the ACLU, accusing Detroit and Wayne County of using inflated property tax values to calculate nonpayment of taxes. According to the ACLU, this led to tens of thousands of improper property tax foreclosures, with black communities bearing much of the brunt.“This agreement will hopefully mark the beginning of the end of the worst tax foreclosure crises since the Great Depression,” said Michael Steinberg, legal director of the ACLU of Michigan. Steinberg also suggested that the changes would also help make a dent in Detroit’s large accumulation of abandoned zombie properties by keeping more homeowners in their homes in the first place.Eli Savit, aide to Detroit Mayor Mike Duggan, told Courthouse News, “I think it’s just a big win for everybody. It really moves the ball and allows us to work together to keep people in their homes. We’re just really happy with the outcome and we’re looking forward to moving forward together.”Detroit will also be required to notify all homeowners whose homes are worth $95,000 that they might be eligible for relief. Homeowners already facing foreclosure will have until a July 13 deadline to see if they meet the requirements to apply for the program. The city will also have first right of refusal to purchase the homes of homeowners in foreclosure before they end up going to auction.A recent report by the Coalition to End Unconstitutional Tax Foreclosures found that, between the years of 2009-2015, “anywhere between 55 percent to 85 percent of properties were being assessed in violation of the Michigan Constitution.” Detroit News reported that “the Wayne County treasurer foreclosed on about 100,000 Detroit properties for unpaid property taxes from 2011 through 2015.”last_img read more

Maxine Waters: “This Hearing Was Long Overdue”

first_img Maxine Waters: “This Hearing Was Long Overdue” Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Home / Daily Dose / Maxine Waters: “This Hearing Was Long Overdue” Demand Propels Home Prices Upward 2 days ago Subscribe consumers credit Credit Bureaus Equifax Experian Financial Services Committee loans mortgage TransUnion 2019-02-26 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: consumers credit Credit Bureaus Equifax Experian Financial Services Committee loans mortgage TransUnion in Daily Dose, Featured, Government, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago On Tuesday, the House Financial Services Committee held a hearing titled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.” The hearing is especially important in light of the data breach of mortgage information that was reported recently.The hearing which was held in two parts saw the committee discussing the current credit bureau reporting system and how that was impacting consumer credit scores in the first part. The second part of the hearing focused on regulation that could make the credit reporting system more secure and consumer-friendly.”This hearing with the testimonies of the CEOs of the three major credit bureaus is long overdue,” said Rep. Maxine Waters, Chairwoman of the House Financial Services Committee in her opening statement. “Waters pointed out that in 2017, Equifax experienced a data breach of personally identifiable data of approximately 148 million individuals, “around half of all Americans.” She said that in 2015, Experian discovered a breach that affected 15 million consumers “who applied for T Mobile service, and in 2013, all the three credit bureaus being represented at the hearing—Equifax, TransUnion, and Experian—had identified unauthorized access to sensitive data relating to high profile individuals.””These data breaches are deeply troubling because credit bureaus collect reams of information on millions of Americans,” Waters said. “The more information they collect, the more people are at risk when that information is not properly protected. Even worse than credit bureaus’ vacuuming up of consumer data is the lack of control that consumers have over this data.”Additionally, Waters said that they would also discuss two key legislation, one that is intended to “repair the existing system by shifting the burden of removing mistakes from credit reports onto to credit bureaus and another to protect consumers who get affected by a Federal government shutdown from having their credit damaged.”While these are all critical reforms to the existing system, I believe that we need to ask whether the system is so beyond repair that we need to completely rebuild the entire consumer credit reporting sector to truly put consumers first,” she said.Ranking member Rep. Patrick McHenry agreed with Waters in his opening remarks saying that this hearing was a long time in coming and was necessary. “The system is broken,” he said adding that the credit reporting system was “in need of major repair.” He said that the current statute governing credit reporting was written for the pre-internet era. “Our credit bureau system should be well-served by increased competition,” McHenry said.During his testimony in the first panel that looked at fixing the current credit reporting system by holding credit bureaus more accountable, Mark Begor, CEO, Equifax said that his company also shared “that sense of obligation.””I am committed to making improvements to our processes so that consumers have a seamless and positive experience when they are facing some of life’s pivotal moments—such as applying for a mortgage, financing an education or buying a car. Under the Fair Credit Reporting Act (FCRA) and recently enacted S.2155, we are well positioned to meet and exceed consumer needs when they are standing at these critical junctures,” Begor said in his written testimony.”Last year in the U.S. Equifax delivered 2.3 billion consumer credit files–more than six million per day–to lenders,” Begor said. “In 2018, mortgage lenders relied on our insights to help more than 11 million homebuyers secure a home mortgage or home equity loan. During that same period, our information helped more than nine million people finance their education. These examples are just a few of the ways that we, and our industry peers, play a critical role in the U.S. financial ecosystem.”Sharing his views on how TransUnion’s credit reporting system works and how regulation can strengthen it, James M. Peck, President, and CEO, TransUnion said in his written testimony that TransUnion was proud of the innovations that TransUnion continued to bring to the marketplace. “We know that we can continue to improve by working with this Committee, with regulators, and with the broader industry to make our credit reporting stronger, fairer, and more accurate for everyone,” Peck said.”The number one priority of Experian is the safety of consumer data,” said Craig Boundy, CEO, Experian North America in his testimony. “We are equally focused on data accuracy. Our goal is to reach as close to 100 percent accuracy as is possible. We have invested heavily to move closer to achieving that goal.”The second panel which looked at solutions to making the credit reporting system more secure, Lisa Price, President and CEO, National Fair Housing Alliance (NFHA) said that the credit reporting system “must be revamped to merit consumers and creditors equally.” Additionally, she said that discrimination, fraud, abuse, and other harmful acts should be mitigated in consumer credit data and that rental housing payments should be reflected in the credit repository system.Giving her views on the need for reform for today’s consumer credit reporting, Chi Chi Wu, Staff Attorney, National Consumer Law Center said that to give consumers a better credit reporting system regulators should pass an updated version of the Comprehensive Consumer Credit Reporting Act that included stricter matching criteria as well as giving consumers the right of appeal for credit reporting disputes among other amendments.Click here to watch the complete proceedings of this hearing.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 26, 2019 2,322 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save 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. Related Articles Previous: Calabria Nom Clears Senate Committee, What’s Next? Next: HUD Reaffirms Its Commitment to Hurricane Harvey Recovery Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

GSE Reform: ‘Lots of Work Remains’

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Krista F. Brock Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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. in Daily Dose, Featured, Government, News Previous: Cybersecurity an Escalated Priority for Mortgage Industry Next: Motor City’s Foreclosure Payment Purgatory Demand Propels Home Prices Upward 2 days ago GSE Reform: ‘Lots of Work Remains’ Fannie Mae and Freddie Mac are taking steps toward reform, but “lots of work remains,” according to the latest American Enterprise Institute (AEI) Housing Market Indicators report. The GSEs should make changes to their activity in the high debt-to-income loan sector, the high combined loan-to-value ratio sector, and the refinance market, according to AEI.After loosening through March, credit tightened for three consecutive months, as of August, according to AEI, which reported a 0.3-percentage point year-over-year decline in the national mortgage risk index. The trend was present not only at Fannie Mae and Freddie Mac, but also at the FHA.The report focused on the GSEs’ progress toward housing finance reform and their alignment with their stated mission. “Bottom line: the GSEs have taken some steps in the right direction, but lots of work remains,” AEI stated.Simply put, “The GSEs core mission should be to assist low and moderate income homebuyers in acquiring a primary residence,” AEI stated.Overall, about 21% of GSE loans have a mortgage risk index of at least 12%. The biggest risk factors are refinances, loans with debt-to-income (DTI) ratios greater than 43%, and loans with combined loan-to-value (CLTV) ratios higher than 95%. AEI calls for eliminating these loans at the GSEs.AEI pointed out that there has been a notable decline in the share of GSE loans with DTI ratios greater than 43%. A decline in higher DTI loans is typical around January each year, but this year’s decline “has been more pronounced,” according to AEI, which noted that Fannie Mae and FHA have stated they plan to step back from high-DTI loans and risk layering. “Time will tell whether this trend is a sustainable one,” AEI stated in its report.AEI criticized the GSEs’ participation in the high-cost loan market. In 2017 the GSEs’ held about 5% of the non-conforming loan market. Today, they hold between 3 and 4%, but AEI pointed out that this drop in share is partially due to rising conforming loan limits. AEI advocates for the GSEs exiting the high-cost loan market altogether.Another area of the market the GSEs should exit, according to AEI, is the cash-out refinance sector. Cash-out refis “do not help in the acquisition of a primary residence and are risky acquisitions with an NMRI of 10.5%,” AEI stated.Currently, the GSEs account for 65% of the cash-out refi market, according to AEI.Another change AEI called for in the report is to limit the GSEs to a maximum CLTV ratio of 95%. Doing so would eliminate competition between the GSEs and the FHA while also decreasing GSE risk.Second home and investor home loans make up more than 10% of purchase loans at the GSEs as of September. These loans fall outside the scope of the GSEs’ mission, and the GSEs should also exit this space, according to AEI.First-time homebuyer share declined 1.1 percentage points to 56.8% of purchase loans at the GSEs.Meanwhile, home prices continue to appreciate but with greater speed at the lower end of the market. December 5, 2019 1,948 Views Fannie Mea Freddie Mac GSE 2019-12-05 Seth Welborncenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fannie Mea Freddie Mac GSE Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Home / Daily Dose / GSE Reform: ‘Lots of Work Remains’last_img read more

Why Nonwhite Neighborhoods Could Face Increased Flood Risk

first_imgHome / D&I / Why Nonwhite Neighborhoods Could Face Increased Flood Risk About Author: Christina Hughes Babb Previous: Forbearance Activity Rate Dips Under 5% Next: Frontline Workers Struggling to Attain Housing flood Redfin 2021-03-15 Christina Hughes Babb March 15, 2021 737 Views Demand Propels Home Prices Upward 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Share Save Related Articles Servicers Navigate the Post-Pandemic World 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 The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago In dozens of cities across the country, maps of flood danger zones bear a striking resemblance to corresponding redlining maps of yesteryear, a study revealed. That Redfin study showed formerly redlined areas have $107 billion worth of homes facing high flood risk, which puts those neighborhoods at a 25% higher risk than other neighborhoods in the same cities, which average $85 billion worth of homes in flood zones.Illegal today, redlining was the discriminatory practice, initiated in the 1930s, wherein banks and/or lenders refused services to residents based on where they live. The residents of these redlined, “undesirable,” or “hazardous” neighborhoods inevitably were people of color, research has proved. This is no accident, according to researchers at Urban Displacement, who added that Americans, especially minorities, still feel the effects of redlining. (Today, 58.1% of households in neighborhoods that were once designated undesirable for mortgage lending reportedly are nonwhite, compared with 40.4% of households in neighborhoods that were labeled desirable for lending).According to Redfin data journalist Lily Katz, those negative and lingering effects for homeowners include a higher possibility of water damage to property and other climate-related challenges.”In dozens of American cities including Sacramento and Chicago, formerly redlined neighborhoods have a larger share of homes endangered by flooding than neighborhoods that weren’t targeted by the racist 1930s housing policy,” Katz noted. “Many of these at-risk neighborhoods remain predominantly nonwhite.”Katz cites reports from the New York Times regarding rising sea levels and increased frequency of major storms, which, the reporter says, means “families in flood-prone areas will grapple with intensifying financial and safety concerns in the years to come.”A Redfin economist annotates the issue—”Decades of segregation and economic inequality shoehorned many people of color—especially Black Americans—into living in neighborhoods that are more vulnerable to climate change,” said Redfin Senior Economist Sheharyar Bokhari. “Redlining kept home values in Black neighborhoods depressed, which in turn meant there was less money invested and reinvested in those neighborhoods for decades to come.”“The cycle continues today,” Bokhari said. “As climate change fuels rising sea levels and powerful storms, many of these neighborhoods lack the funding for the infrastructure upgrades necessary to combat flooding.”Evidence and signs support the idea that when storms hit, communities of color often suffer the most, Redfin noted:For example, four of the seven zip codes that faced the costliest flood damage from Hurricane Katrina in 2005 were at least 75% Black.After Hurricane Harvey hit Texas in 2017, Black and Hispanic Americans were about twice as likely as white Americans to say that they had fallen behind on their mortgage payments in the wake of the storm.Formerly redlined areas are also an average of 5 degrees hotter in the summer, in part because they have more pavement and fewer trees to cool the air—and soak up water when flooding occurs.The full study is available at redfin.com/news. Sign up for DS News Daily Tagged with: flood Redfin in D&I, Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Why Nonwhite Neighborhoods Could Face Increased Flood Risk Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Shrinking the Racial Wealth Gap Depends on Housing Factors

first_img-0.3pp 3.1pp Shrinking the Racial Wealth Gap Depends on Housing Factors -41.7% -29.4pp -32.3pp $325,144 -36.3pp 48.8% Black Home-ownershipRate Gap,Relative toWhiteHouseholds 34.8% -16.4% -25.4pp United States 42.0% Detroit, MI $450,661 -14.4% -31.4pp 1.1pp 32.4% -1.7pp $275,607 Pittsburgh, PA Servicers Navigate the Post-Pandemic World 2 days ago $575,152 $281,640 The Best Markets For Residential Property Investors 2 days ago Virginia Beach, VA Birmingham, AL -37.1pp -0.5pp $149,249 -10.1% -25.9pp Washington, DC 34.9% Dallas, TX San Diego, CA $460,855 0.3pp 29.0% 36.0% Los Angeles, CA -27.1pp 43.9% -12.6% -1.7pp Riverside, CA $112,383 $144,763 $228,125 2.7pp Oklahoma City, OK 1.3pp Miami, FL -0.5pp 46.2% $203,186 $309,412 0.8pp Governmental Measures Target Expanded Access to Affordable Housing 2 days ago $119,877 $193,425 0.0pp $109,471 -48.4% -25.0% -34.3pp 43.4% -0.6pp Phoenix, AZ -18.0% $453,275 -0.7pp Atlanta, GA New Orleans, LA $457,693 43.4% 0.5pp $187,204 -16.9% 1.0pp 1.7pp -16.0% -32.4pp Cleveland, OH Demand Propels Home Prices Upward 2 days ago -1.3pp Data Provider Black Knight to Acquire Top of Mind 2 days ago -18.4% Minneapolis, MN -40.5% 2.9pp 50.6% $946,828 $132,732 Sacramento, CA 29.2% -35.7pp -33.1pp -44.6% 46.8% -4.5pp $1,249,840 -19.2% -38.5pp 33.3% Servicers Navigate the Post-Pandemic World 2 days ago TypicalBlack-ownedHome Value -34.7pp 25.6%  Print This Post -3.5% -16.1% Tampa, FL 44.0% 2.3pp 5.7pp -31.7pp -13.4% Saint Louis, MO -12.0% $177,240 -7.8% $169,079 $229,182 2.6pp 0.4pp -14.1% 39.0% $434,097 35.3% -31.5pp -2.0% -32.8pp -25.9pp -32.8pp -24.4% $452,920 -4.2pp Seattle, WA -0.3pp -30.2pp $210,964 $137,797 -34.8pp Change inBlack Home-ownershipRate 2018to 2019 -22.7% $138,280 Jacksonville, FL $273,822 $186,774 -30.9pp -43.4pp 44.5% -19.1% New York, NY Las Vegas, NV 8.6pp $250,373 42.2% $436,440 -34.3pp 2.9pp Share Save 36.9%center_img -6.4% 0.2pp -31.6pp -22.9pp The Week Ahead: Nearing the Forbearance Exit 2 days ago -4.6pp -24.5% -30.2pp -20.8% -40.1pp 44.7% 38.6% -0.4pp -9.2% $111,050 April 26, 2021 573 Views 0.6pp $325,660 Hartford, CT -13.1% Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: HUD, City Leaders Discuss $5B to Further Housing Security Next: What is Preventing Homeowners from Selling? -33.3pp 1.3pp -17.1% $284,090 -26.1% 45.0% Charlotte, NC -33.8pp MetropolitanArea (Top 50) Philadelphia, PA -25.4% 0.0pp -26.5pp -12.8% 2.0pp San Jose, CA 36.8% 29.7% -39.1pp -4.3pp -1.6pp $229,187 $299,816 39.4% -24.8pp -37.9pp $618,485 -21.9pp -35.6pp Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The gap between Black and White wealth historically has been significant, due in large part to housing and lingering effects of past housing policies and systemic injustices, such as redlining. During 2020, in the midst of a global pandemic, those gaps—both homeownership and related wealth—have been shrinking, and the researchers at Zillow say, with certain housing factors falling into place, the racial wealth gap could continue to shrink.”Incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade,” according to a new Zillow analysis.2021’s average Black household has only about 23% of the wealth of a typical white household, down from 34.6% before the Great Recession. Housing factors—including lower home values and rates of homeownership—directly account for nearly 40% of that gap, with assets such as investments in stocks and bonds and retirement accounts making up the rest. -25.2pp About Author: Christina Hughes Babb -24.8pp -31.9pp 41.3% in Daily Dose, Featured, Market Studies, News -25.9% 0.6pp 37.2% -21.8pp 27.5% -40.9% San Antonio, TX Baltimore, MD Orlando, FL -23.2% -37.0pp -35.8pp 34.6% Richmond, VA -27.3pp Milwaukee, WI Chicago, IL $183,115 0.8pp Demand Propels Home Prices Upward 2 days ago Black-OwnedHome ValueGap, Relative toWhiteHouseholds Providence, RI Houston, TX Subscribe 0.1pp 40.1% 0.9pp -48.3% Kansas City, MO -34.0pp 26.7% -28.4pp -24.1% 2.2pp -13.0% Related Articles San Francisco, CA 2.3pp 48.7% Louisville, KY 37.0% 5.6pp -31.4% -33.6pp -27.3% Raleigh, NC -1.6pp $230,037 Denver, CO $267,719 -12.4% -8.7% Indianapolis, IN 36.3% 47.9% 34.3% $218,434 31.4% -11.4% -26.2pp $230,564 $244,099 Columbus, OH -24.1% Cincinnati, OH -41.7pp 43.1% 48.5% Portland, OR Buffalo, NY 36.0% $112,217 -1.0pp 49.6% -41.9% -34.1% 43.1% 28.4% Austin, TX “Housing will be a prominent factor determining the course of the racial wealth gap over the next decade,” says Zillow economist Treh Manhertz. “The issues caused by historic discrimination won’t be solved quickly, but addressing things like increasing access to credit, more equitable lending standards and reducing exclusionary zoning could make buying more accessible and bring significant strides toward closing the wealth gap. In the most optimistic scenario, Black millennials could see housing equality in their retirement, and finally pass on some real wealth to the next generation.”Unlike the disproportionate hit taken during the Great Recession, Black households saw modest progress in narrowing the wealth gap during and leading up to the pandemic. Black-owned home values have also grown just over one percentage point faster than white-owned home values each year for the last three years.Still, even today, lenders deny mortgages for Black applicants at a rate 80% higher than that of white applicants. The relationship between housing factors and the racial wealth gap underscores the urgency of efforts like expanding access to credit and other initiatives that break down color barriers to homeownership.”It’s abundantly clear that this issue won’t solve itself naturally or quickly. The problems run deep and perpetuate inequality,” said Manhertz. “Intentional, targeted and dedicated policy is necessary to repair this broken system.”Zillow broke it down by state (you can view the entire report at Zillow.com). 0.6pp $504,819 47.3% Boston, MA $175,428 0.1pp -22.0% 2021-04-26 Christina Hughes Babb BlackHome-ownershipRate 39.8% Memphis, TN -18.3% 0.3pp $218,837 -30.9pp Home / Daily Dose / Shrinking the Racial Wealth Gap Depends on Housing Factors The Best Markets For Residential Property Investors 2 days ago -50.8pp $251,718 37.4% -26.1% -0.8pp Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Nashville, TN Sign up for DS News Daily 45.5%last_img read more

Security alert ends in Derry

first_img Help sought in search for missing 27 year old in Letterkenny Twitter Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Pinterest Pinterest WhatsApp A security alert ended in Derry last night after a suspicious object was declared a hoax.Madamsbank Road was closed for a time as a result of the alert. Up to 80 youths gathered in the area, attacked police and set fire to traffic cones.The road has since reopened. Facebook WhatsApp Facebookcenter_img By News Highland – March 12, 2012 Twitter Previous articleSeptic tanks in Donegal to be among the first wave of inspectionsNext articleEducate Together, Letterkenny to get new school building News Highland Calls for maternity restrictions to be lifted at LUH NPHET ‘positive’ on easing restrictions – Donnelly Security alert ends in Derry Google+ Three factors driving Donegal housing market – Robinson Google+ 448 new cases of Covid 19 reported today last_img read more

Hunt begins for college accommodation as CAO offers released

first_img Google+ 448 new cases of Covid 19 reported today News, Sport and Obituaries on Wednesday May 26th Facebook Twitter Previous articleCastlederg Councillor slams removal of flagsNext articleExcitement building for Shamrock Rovers visit News Highland NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Twitter Three factors driving Donegal housing market – Robinson By News Highland – August 22, 2016 Help sought in search for missing 27 year old in Letterkenny center_img The hunt for college accommodation will begin in earnest for tens of thousands of students who got first round CAO offers this morning.Over 52 thousand applicants were offered level 8 and level 7 or 6 courses, with many opting to study away from home.The Rental Tenancies Board says renting in Dublin or Kildare could cost up to 1500 euro a month, while Tralee, Athlone, Limerick, Cork and Galway are significantly cheaper.CAO points have risen in Science, Technology and Construction-related courses, but they’ve fallin in Arts.It’s an exciting time for many, whose years of hard work has paid off – like Fionn McNeill from Dublin:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/08/17mcneil-cao-alt-clip-jg.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. WhatsApp Homepage BannerNews Google+ RELATED ARTICLESMORE FROM AUTHOR Facebook Hunt begins for college accommodation as CAO offers released Pinterest Pinterest Nine Til Noon Show – Listen back to Wednesday’s Programmelast_img read more