Top 10 States for Foreclosures in Q2

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Top 10 States for Foreclosures in Q2 Sign up for DS News Daily center_img Previous: No Ripples for Underwater Rates in Q2 Next: First Mortgages Spike Credit Unions to Record High August 11, 2016 1,533 Views Home / Daily Dose / Top 10 States for Foreclosures in Q2 Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago CoreLogic credit.com foreclosure rate Realty Trac top 10 top 10 states 2016-08-11 Kendall Baer Tagged with: CoreLogic credit.com foreclosure rate Realty Trac top 10 top 10 states Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago After the release of CoreLogic’s Foreclosure Report and RealtyTrac’s Q2 2016 U.S. Home Equity and Underwater Report, the new data between the two showed that 11.9 percent of all U.S. properties that had a mortgage at the end of the second quarter of this year were determined to be in foreclosure, a percentage decrease from the 12 percent reported last quarter as well as the decrease from the 13.3 percent from Q2 in the year prior.“Rising home prices are lifting all home equity boats: bailing out seriously underwater homeowners and enriching homeowners who already have positive equity,” Darin Blomquist, senior vice president at ATTOM Data Solutions said in a press release. “While that national trend is consistent in most markets across the country, there are still some local markets and sub-markets that have been largely left behind by the housing recovery and which still have a high percentage of underwater homeowners.”Of these foreclosures, the ten states shown to have the most foreclosures consisted of Massachusetts, Ohio, Connecticut, South Carolina, Illinois, Florida, Nevada, Maryland, New Jersey, and Delaware. Here is a break-down of what the foreclosure rates look like in these states for Q2 according to a report from Credit.com.Massachusetts:Massachusetts sits in the number ten spot with a foreclosure rate of 1 in every 1,332 housing units. This is an increase from June 2016 of 20.11 percent and an increase from July 2015 of 21.42 percent.Ohio:Ohio ranks number nine on the list with a foreclosure rate of 1 in every 1,269 housing units. This is a decrease from June 2016 of 22.05 percent and a decrease from July 2015 of 26.39 percent.Connecticut:Connecticut ranks number eight on the list with a foreclosure rate of 1 in every 1,213 housing units. This is an increase from June 2016 of 11.32 percent as well as a similar increase from July 2015 of 11.83 percent.South Carolina:South Carolina sits in the number seven spot with a foreclosure rate of 1 in every 1,162 housing units. This is a decrease from June 2016 of 6.86 percent as well as decrease from July 2015 of 19.97 percent.Illinois:The number six spot on the list falls with Illinois holding a foreclosure rate of 1 in every 1,125 housing units. Illinois saw a decrease from June 2016 of 21.51 percent and a decrease from July 2015 of 35.05 percent.Florida:Florida finds its spot on the list in the middle with number five because of a foreclosure rate of 1 in every 808 housing units. Florida shows a decrease from June 2016 of 4.92 percent and an even larger decrease from July 2015 of 49.26 percent.Nevada:The number four spot goes to Nevada with a foreclosure rate rate of 1 in every 805 housing units. This state shows an increase from June 2016 of 15.35 percent despite a decrease from July 2015 of 26.57 percent.Maryland:For Maryland, the number three spot seems appropriate with a foreclosure rate of 1 in every 772 housing units. This state sees a decrease though from June 2016 of 16.11 percent as well as a decrease from July 2015 of 33.25 percent.New Jersey:This state ranks number two on the list with a foreclosure rate of 1 in every 610 housing units. This is a decrease from June 2016 of 16.3 percent and a decrease from July 2015 of 14.54 percent.Delaware:The number one spot is taken by Delaware with a foreclosure rate of 1 in every 570 housing units. This is an increase from June 2016 of 41.37 percent and an increase from July 2015 of 101.78 percent.last_img read more

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Powell’s Appointment to Fed Chair Bodes Well for Housing Market

first_img Share Save November 6, 2017 1,347 Views in Daily Dose, Featured, Government, Headlines, Journal, News About Author: David Wharton Sign up for DS News Daily Following a meeting of the Federal Open Market Committee (FOMC) last week, the short-term Federal Funds rate will remain unchanged. This should prove a boon for shorter-term debt such as car loans and or adjustable-rate mortgages (ARMs). But with more than half of U.S. households having 30-year fixed-rate mortgages, what does this mean for first-time home buyers?First American’s chief economist, Mark Fleming, suggests that the future looks bright for first-time home buyers. Since short-term rate changes by nature don’t impact long-term fixed-rate mortgages, Fleming argues in a new blog post that the most important question to consider is what mortgage principal and interest payment most renters could feasibly borrow in order to secure their first home, and how this is affected by mortgage rates.While some experts use the median household income of all households to approach that question, Fleming points out that most homeowner households have a considerably higher income than the average renter household, which skews the median. In fact, based on 2016 Census data, the income gap between homeowner households ($70,000) and renter households ($37,000) is $33,000. As such, using the median household income for all households presents an inaccurate view of the actual borrowing power of a typical renter household. Assuming a renter can spend one-third of their income on a mortgage, that works out to $12,333 for an annual income of $37,000. With the current mortgage rate of approximately 4 percent, that hypothetical renter should be able to borrow around $213,000. During 2012’s 30-year rate lows, that same renter could have borrowed around $242,000.While President Trump recently nominated Jerome Powell to succeed current Fed Chair Janet Yellen, Fleming points out that Powell is “widely believed to hold a similar stance on monetary policy as [Yellen].” With most economists forecasting a rate hike to 5 percent for 30-year fixed-rate mortgages in 2018, a renter earning $37,000 a year could still feasibly borrow $190,000 for their first home.“While borrowing power for the potential home buyer has fallen relative to the low point of 2012, it remains high today and will remain high next year, relative to the long run average,” said Fleming. “If you don’t want to rent anymore and are considering becoming a homeowner, even if mortgage rates rise next year, your borrowing power will remain strong by historic standards.” 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 Previous: Barclays RMBS Suit: Three Strikes and the Order is Out Next: Soaring House Prices Could Mean Mini-Bubbles for Some Markets Powell’s Appointment to Fed Chair Bodes Well for Housing Market Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Federal Funds Rate Federal Open Market Commitee First-Time Homebuyers Fixed-Rate Mortgages Jerome Powell 2017-11-06 David Whartoncenter_img Tagged with: Federal Funds Rate Federal Open Market Commitee First-Time Homebuyers Fixed-Rate Mortgages Jerome Powell Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago 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] The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Powell’s Appointment to Fed Chair Bodes Well for Housing Market Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Helping Borrowers Understand Foreclosure Prevention Options

first_imgHome / Daily Dose / Helping Borrowers Understand Foreclosure Prevention Options Servicers Navigate the Post-Pandemic World 2 days ago The U.S. Department of Housing and Urban Development (HUD) released the Homeowners Guide to Success on Wednesday to provide homeowners with information on the critical first steps to take if they are at risk of missing a mortgage payment or facing foreclosure. These steps include asking homeowners to speak to their servicers to explore mortgage assistance options.“This guide arms consumers with easy to understand, reliable information about the assistance available to help them keep their homes. Valuable information like this can make a tremendous difference in the lives of homeowners who may be faced with foreclosure,” HUD Secretary Ben Carson said.The guide addresses issues like what happens if a payment is late and also touches upon some mortgage assistance solutions provided by servicers to help homeowners avoid foreclosures. It provides homeowners with details on how plans like repayment, modification, short sale and deed in lieu of foreclosure work when they partner with a servicer and which plan could be most suitable for them.This guide ensures homeowners have resources at their fingertips and are ready and responsible for the next steps. It also covers the value of HUD-approved housing counseling agencies that offer free assistance to help homeowners find housing counselors to avoid foreclosure.Families recovering from the recent hurricanes maybe more likely to be targeted by scams and the guide can prove to be a handy resource for such homeowners to reach out to servicers or HUD-approved housing counselor who can assist them through the process of purchasing or keeping a home. “Steering consumers away from fraudulent schemes is especially important when they are already facing the difficult situation of not being able to make their mortgage payment,” Sarah Gerecke, Deputy Assistant Secretary for the Office of Housing Counseling at HUD said.This guide was released as part of a public-private partnership between HUD, Department of Veterans Affairs, Department of Agriculture, the Treasury Department, the Consumer Financial Protection Bureau, Federal Housing Finance Agency, MBA, and housing counseling agencies. The guide will be available on federal agency and industry partner websites.To view the guide click here. in Daily Dose, Featured, Foreclosure, News December 20, 2017 2,239 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Helping Borrowers Understand Foreclosure Prevention Options The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Previous: Unloading Inventory Next: Ask the Economist: Tendayi Kapfidze Discusses Tax Reform’s Housing Impact Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Borrowers Foreclosure Homeowners HUD mortgage repayment Servicers 2017-12-20 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Borrowers Foreclosure Homeowners HUD mortgage repayment Servicers Share Save Related Articleslast_img read more

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Are Housing Databases Overshadowing Agents?

first_img Previous: Inventory Shortages & Affordability Leading Some Homeowners to Renovate Next: Navigating Safe Harbors and HOAs  Print This Post Are Housing Databases Overshadowing Agents? The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily January 15, 2018 1,855 Views Share Save Home / Daily Dose / Are Housing Databases Overshadowing Agents? in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Nicole Casperson databases HOUSING mortgage 2018-01-15 Nicole Casperson Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: databases HOUSING mortgage Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago At a California Association of Realtors (CAR) recent panel discussion, real estate agents, brokers, and multiple listing service (MLS) operators expressed their concerns that housing databases are causing agent-run property listing services to become unnecessary.Real estate agents utilize MLS’s to serve as the source of information about homes for sale, property details, and insider information to consumers. However, according to a recent article by Mercury News, commercial websites such as Zillow, Redfin, and realtor.com are changing the game. “The world of big data doesn’t seem to have come to the MLS in any meaningful way,” David Silver-Westrick, a Partner at San Clemente-based Keller Williams OC Coastal Realty told Mercury News. “We’re missing the boat on lots of big data opportunities. To the extent that consumers have better tools than we do, we just become irrelevant.”Therefore, CAR is making an effort to create a future for real estate agent run MLS sites, which will help the association meet its 12-year-old goal of forming a single, statewide database in California—the state currently has over 40 MLS’s.Creating a single database for an entire state comes with its concerns, the article notes that during CAR’s panel discussion, two challenges were brought up. The first is the question: Where’s the data coming from? Without a clear direction of where the information is coming from, MLS problems can include inaccurate and outdated data.“As someone who lists and sells real estate, I need it to be more efficient,” said Jeanne Radsick, a real estate agent with Century 21 Tobias Real Estate in Bakersfield. “I need to not have to go to multiple sources to find what I’m looking for.”Another issue, which is attributed in the article as the main issue, is politics. The challenge is figuring out who controls the information—the broker or the MLS? Also, a lot of jobs are at stake under a single MLS system.“These changes in the environment, particularly on the consumer side, have given the consumer … the ability to have information that is equivalent, if not superior, to what the agents have,” said Joel Singer, CEO of the State Realtor Association. “The question is can this current structure survive? Or perhaps the question is should this current structure survive if it doesn’t alter.”The statewide MLS effort has so far led to the creation of the Diamond Bar-based California Regional Multiple Listing Service, which currently represents most of Southern California and the Bay Area.To view the full article, click here. Related Articles Subscribelast_img read more

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HUD Greenlights $5 Billion Texas Disaster Recovery Plan

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HUD Greenlights $5 Billion Texas Disaster Recovery Plan Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Why Foreclosed Properties Might Go Green Next: The Future of Credit Risk Transfers On Monday, Department of Housing and Urban Development Secretary Dr. Ben Carson announced his approval of a $5 billion disaster recovery plan designed to help Texas continue its recovery operations after the impact of last year’s Hurricane Harvey. HUD Deputy Secretary Pamela Hughes Patenaude initially announced a $5 billion allocation of HUD fees to Texas in November 2017, funded through HUD’s Community Development Block Grant—Disaster Recovery (CDBG-DR) Program.“The Trump Administration is committed to helping Texans impacted by Harvey to rebuild their homes and their lives,” Secretary Carson said. “As the State now turns to the long-term recovery of its communities, Texans can be sure that HUD will be there to help in any way we can to make the state whole again.”The November allocation of funds required Texas to “develop a thoughtful recovery program informed by local residents,” according to today’s HUD press release. Per HUD’s statement, the approved disaster recovery plan includes numerous programs, including:Single-Family Homeowner Assistance Program ($1.1 billion): Provides assistance to help homeowners with rehabilitation and reconstruction after Hurricane Harvey.Buyouts and Acquisitions ($275 million): To allow certain eligible homeowners to sell their damaged home to a local government.Affordable Rental ($250 million): Provides funding for rehabilitation, reconstruction and new construction of affordable multi-family rent properties.Homeowner Reimbursement ($100 million): Homeowners may be reimbursed up to $50,000 for certain out-of-pocket expenses incurred for home repairs, including reconstruction, rehabilitation or mitigation.Partial Repair and Essential Power for Sheltering ($73 million): Provides immediate, temporary repairs to homes that sustained less than $17,000 in FEMA-verified loss. CDBG-DR will be used as matching funds to FEMA expenditures.Local Infrastructure ($413 million):  Supports infrastructure repairs and enhancements for local communities as part of a comprehensive long-term recovery program along with FEMA funding.Economic Revitalization ($100 million): Offers interim assistance up to $250,000 to small businesses in exchange for job creation or retention.Local, Regional, and State Planning ($137 million): The State will fund planning studies on disaster mitigation in the impacted areas to promote sound long-term recovery.Allocations to City of Houston and Harris County ($2.2 billion): The State of Texas will provide $1.1 billion each to the City of Houston and Harris County, allowing these jurisdictions to address their unmet recovery needs.  Plans for use of these funds will be submitted by the city and county to the State for approval. State Administration ($251 million): Funding set aside for the State’s program costs, including contract administration, compliance monitoring, the provision of technical assistance to applicants and subrecipients, etc.To read more of DS News’ coverage of the impact and aftermath of Hurricane Harvey, click here. Disaster Relief HUD hurricane harvey hurricanes Natural Disasters 2018-06-25 David Wharton Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articles June 25, 2018 3,262 Views center_img About Author: David Wharton 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post in Daily Dose, Featured, Government, Journal, Market Studies, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / HUD Greenlights $5 Billion Texas Disaster Recovery Plan Tagged with: Disaster Relief HUD hurricane harvey hurricanes Natural Disasters Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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The Three Cities Where Delinquencies Rose

first_imgHome / Daily Dose / The Three Cities Where Delinquencies Rose The Three Cities Where Delinquencies Rose  Print This Post The Best Markets For Residential Property Investors 2 days ago February 21, 2019 2,091 Views The Best Markets For Residential Property Investors 2 days ago Delinquencies Serious Delinquencies TransUnion 2019-02-21 Donna Joseph Related Articles Previous: New Hampshire One Step Closer to Judicial Foreclosure Law Next: MCT Scores Top Marks in Product Satisfaction Data Provider Black Knight to Acquire Top of Mind 2 days ago Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Online loan applications are rising with 38 percent of all unsecured personal loan balances being driven by fintech loans, according to the latest TransUnion Q4 2018 Industry Insights Report released on Thursday. Despite this overall rise in lending led by fintech, the report revealed that the mortgage market continued to soften as delinquencies declined.  Despite the rise in overall consumer borrowing and the increased use of fintech, home mortgages have cooled slightly, the report noted. Data revealed that of the top 20 metropolitan statistical areas (MSAs), those with an average new account balance of over $300,000 saw a decline of 10 percent in year-over-year originations. On the other hand, those with an average new account balance of less than $300,000 saw growth of 2 percent in year-over-year originations.Average new mortgage account balances dropped to $227,376, from $228,563 in Q4 2017. “The decrease we’re seeing in new account balances could be due to a number of factors, the largest of which may be a change in the mix of mortgage originations from high priced MSAs to low priced MSAs. Of the top 20 MSAs, those with an average new account balance of over $270,000 had a decline of 17 percent in year-over-year originations, while those with an average new account balance of less than $270,000 saw only a 5 percent decline in year-over-year originations,” said Joe Mellman, SVP and mortgage business leader at TransUnion.   Though mortgage originations continue to remain low relative to past years, the report indicated a slight increase in lending activity to subprime borrowers. An increase of 2 percent was recorded in originations to subprime borrowers on a year-over-year basis—a growth trend now observed since Q1 2018. The average debt per borrower was $206,922. However, Mellman pointed out that as the mortgage market tightens, “lenders are expressing only slight interest in subprime lending—originations to subprime consumers still represent less than 4 percent of total originations.”The report indicated that serious mortgage delinquencies continued to decline. The serious delinquency rate for Q4 2018 was 1.66 percent down from 1.86 percent during the same time last year. Additionally, 15 of the 20 largest MSAs experienced double-digit year-over-year percentage declines. “Only three MSAs, Houston, Miami, and Tampa, experienced an uptick in year-over-year delinquencies. This was expected, as the comparison point is Q4 2017, a quarter when those MSAs experienced an artificially low delinquency rate due to natural disaster forbearance programs,” Mellman said. Per the Q4 2018 IIR Mortgage Loan Summary, serious mortgage delinquency rates have continued to remain low. The serious delinquency rate for Q4 2018 was 1.66 percent, down from 1.86 percent at the same time last year. In addition, 15 of the 20 largest MSAs experienced double-digit year-over-year percentage declines. in Daily Dose, Featured, News, Servicing Subscribe Share Save About Author: Stephanie Bacot Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Delinquencies Serious Delinquencies TransUnion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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NYC’s Continuing Fight Against Zombie Properties

first_img 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 Home / Daily Dose / NYC’s Continuing Fight Against Zombie Properties in Daily Dose, Featured, Loss Mitigation, News Subscribe New York City received $500,000 in funding for a new team that will focus on cracking down on zombie properties that have been abandoned and are in foreclosure, according to PIX11. New York City Neighborhoods CEO Christie Peale said zombie homes not only bring down property, but frustrate neighboring homeowners. “I want this to be affordable home ownership,” said Peale.Lelia Bozorg, deputy commissioner of housing preservation and development, said zombie homes are in “every neighborhood,” especially ones hit hard by the foreclosure crisis. She estimates the city has as many as 4,000 zombie properties. “What we are able to do is hold the banks accountable, maintaining these properties while they are in limbo during the foreclosure process,” said Bozorg.New York in 2016 was empowered by a zombie property law that requires financial institutions to inspect properties delinquent on foreclosures. The city’s first zombie team was created in 2017.Despite this new-found funding, Republican lawmakers from New York question the impact of a recent bill passed by the state’s senate and assembly. The Post-Journal reported the bill, which was sponsored by Assemblyman William Magnarelli, D-Syracuse, stipulates that if a property has been deemed vacant, a municipality can begin a legal proceeding to compel banks to begin foreclosure within three months and meet all deadlines to make sure the case is resolved within a year.The bill adds that if a foreclosure case on the abandoned property has begun, the bank must file the necessary motions and within three months file paperwork to move the case to judicial foreclosure or issue a certificate of discharge within three months and file a satisfaction of the mortgage with the appropriate local offices.Republicans also raised issues related to the Community Reinvestment Act and the state’s Mortgage Foreclosure Prevention Act that would be impacted by the passage of this bill, according to The Post-Journal. The report quoted Assemblyman Andrew Raia, R-Northport asking if banks would be able to meet the timelines laid out for them in the Zombie Property Remediation Act while living up to the Mortgage Foreclosure Prevention Act, especially given that New York has the longest foreclosure process in the country. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese August 12, 2019 1,561 Views Sign up for DS News Daily center_img The Best Markets For Residential Property Investors 2 days ago NYC’s Continuing Fight Against Zombie Properties Share Save Previous: HUD Invests in Small Distressed Communities Next: Why are Homeownership Rates Falling? The Week Ahead: Nearing the Forbearance Exit 2 days ago Zombie Foreclosures Zombie Properties 2019-08-12 Mike Albanese Demand Propels Home Prices Upward 2 days ago 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  Print This Post Tagged with: Zombie Foreclosures Zombie Propertieslast_img read more

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Fed Chair: Developments Point to Improved Economic Outlook

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 24, 2021 749 Views in Daily Dose, Featured, Government, News 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: California’s Last Legislative Session Left Housing Advocates Disappointed Next: Where Property Taxes Are Lowest 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 ago Demand Propels Home Prices Upward 2 days ago Federal Reserve Chairman Jerome Powell—in his testimony Wednesday before Congress—indicated that the central bank would proceed with vigorous actions aimed at aiding the country’s recovery from the pandemic-related economic recession.”While we should not underestimate the challenges we currently face, developments point to an improved outlook for later this year,” Powell said in his prepared remarks delivered to the committee. “Economic recovery remains uneven and far from complete, and the path ahead is highly uncertain.”Powell fielded numerous questions from Republican senators hesitant to support President Biden’s $1.9 trillion relief package. Some cited concerns about overspending, which could lead to inflation that could too-significantly raise the prices on everything from groceries to mortgages.Powell brushed off some of those concerns, saying he does “not expect we’ll be in a situation where inflation rises to troublesome levels” at this time.He refused to take a position on Biden’s proposal, saying that it was up to Congress and the administration to decide.He indicated the Fed will continue buying $120 billion per month in securities and mortgage-backed debt and will keep interest rates near zero.As he said before the Senate Banking Committee on Tuesday, holding down interest rates and leveraging the central bank’s balance sheet to encourage asset purchases is the best way to ease labor-market and broader economic challenges, Powell told Congress.It could take more than three years to reach the Federal Reserve’s inflation goals (the Fed has said it will not raise interest rates until inflation has exceeded 2%).”The economy is a long way from our employment and inflation goals,” Powell said, “and it is likely to take some time for substantial further progress to be achieved. We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases.”Housing remains a bright spot in the economy, Powell acknowledged in his prepared remarks, adding that government action has aided all sectors.”The housing sector has more than fully recovered from the downturn, while business investment and manufacturing production have also picked up. The overall recovery in economic activity since last spring is due in part to unprecedented fiscal and monetary actions, which have provided essential support to many households, businesses, and communities.”When asked if the Fed played a role in increasing the amount of affordable housing, Powell replied, “I don’t think we do.” The Chairman added that the Bank can help combat lending discrimination.A recording of the full hearing, which was held remotely, is available at banking.senate.gov/hearings. The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Christina Hughes Babb Fed Chair: Developments Point to Improved Economic Outlook 2021-02-24 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fed Chair: Developments Point to Improved Economic Outlook Sign up for DS News Daily Subscribelast_img read more

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Cllr. Mc Brearty calls for independent investigation into allegations made against Cllr. O’Donnell

first_img Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR WhatsApp WhatsApp Google+ GAA decision not sitting well with Donegal – Mick McGrath Homepage BannerNews LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Twitter Twittercenter_img Pinterest Facebook Calls for maternity restrictions to be lifted at LUH Nine Til Noon Show – Listen back to Wednesday’s Programme Google+ Pinterest By admin – February 24, 2016 Previous articleA6 upgrade and Dungiven bypass to proceedNext articleMan charged with public order offense at McGill Summer School wants Taoiseach as defense witness admin Cllr. Mc Brearty calls for independent investigation into allegations made against Cllr. O’Donnell Donegal Cllr Frank Mc Brearty is calling on the Justice and Environment Ministers to call an independent investigation into allegations made against Cllr John O’Donnell in an RTE programme last December.At present, Donegal County Council’s Ethics Registrar is looking at the case, but Cllr Mc Brearty says he believes there may be a conflict of interest.Cllr Mc Brearty says on Thursday of last week, Cllr John O’Donnell chaired a meeting of the Environment Strategic Policy Committee without any objection from his fellow council members. Cllr McBrearty says had he been at the meeting, he would have voiced his outrage at the situation.Cllr O’Donnell has denied the allegations made in the programme, saying his sole objective was to secure investment and employment for Donegal.Cllr. Mcbrearty says Cllr. O Donnell should step aside until all investigations have concluded:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/02/frank1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.last_img read more

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Three men arrested in connection with Derry hijackings and burglaries

first_img WhatsApp Facebook Need for issues with Mica redress scheme to be addressed raised in Seanad also Calls for maternity restrictions to be lifted at LUH By News Highland – November 19, 2014 Guidelines for reopening of hospitality sector published Previous articleGiven helps Ireland to comfortable win over USANext articleVideo: Castlefin woman says she’s not paying for her poor quality water News Highland Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Three men aged 18, 22 and 23 have been arrested following reports of a number of attempted hijackings, burglaries and other related offences in the Rossnagaliagh area of Derry yesterday.One male was described as having a firearm whilst attempting to hijack vehicles.Two vehicles were stolen, one of which collided with a police vehicle in the Carnhill area of the City.There are no reports of any shots having been fired during the incidents.Area Commander Chief Inspector Tony Callaghan appealed for anyone who witnessed any of the incidents or anyone with any information to contact CID in Strand Road Police Station. Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey center_img Google+ WhatsApp News Twitter Pinterest Three men arrested in connection with Derry hijackings and burglaries Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHOR Google+last_img read more

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