San Francisco Fed Examines Regulatory Changes Aimed at Making Banks More Resilient

first_img Tagged with: Big Banks Dodd-Frank Act Federal Reserve Bank of San Francisco Stress Tests U.S. Federal Reserve Board of Governors Data Provider Black Knight to Acquire Top of Mind 2 days ago San Francisco Fed Examines Regulatory Changes Aimed at Making Banks More Resilient in Daily Dose, Featured, Government, News 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. The Best Markets For Residential Property Investors 2 days ago Big Banks Dodd-Frank Act Federal Reserve Bank of San Francisco Stress Tests U.S. Federal Reserve Board of Governors 2015-05-26 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 Subscribe Servicers Navigate the Post-Pandemic World 2 days ago  Print This Postcenter_img Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / San Francisco Fed Examines Regulatory Changes Aimed at Making Banks More Resilient Servicers Navigate the Post-Pandemic World 2 days ago Previous: Agency First-Time Buyer Index Shows Mortgage Loans Are Becoming Riskier Next: Leading Economic Index Spikes In April Driven By Housing Improvements Share Save May 26, 2015 797 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago In a recent article titled How Is Banking Safer Following the Financial Crisis?, the Federal Reserve Bank of San Francisco examines 10 key initiatives the U.S. Federal Reserve Board of Governors have undertaken in response to widespread banking failures following the 2008 financial crisis.While some of the efforts on the part of the Fed and other regulat0rs have been mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, some of the efforts have complemented Dodd-Frank.Many of the regulators’ efforts deal with what is probably the most significant component of strengthening the banking system in the United States, which is ensuring that banks have the resources to withstand even the most catastrophic economic downturns. The regulators have introduced macroeconomic supervisory stress tests for banks with total consolidated assets of more than $50 billion to ensure banks have adequate capital to continue operations in such an event; one of those, the Comprehensive Capital Analysis and Review (CCAR) is administered annually by the Fed. Banks with more than $50 billion in total consolidated assets are required to submit resolution plans to the Fed and the FDIC.Another key effort is the Fed’s launch of the Comprehensive Liquidity Assessment and Review (CLAR) in 2012 as an annual assessment to give supervisors of financial firms a regular opportunity to respond to evolving liquidity risks. The Fed also enhanced the rules creating enhanced risk management standards for larger U.S. banks in addition to the rules in place for capital planning, liquidity risk management, and stress testing.Regulators implemented stronger capital requirements for financial institutions of all sizes to strengthen the safety and soundness of the institutions, ensuring they will be able to absorb the shock of an economic downturn. The sixth initiative undertaken by regulators to strengthen the banking system is enhancing large bank supervisory processes through the Large Institution Supervision Coordinating Committee, which is comprised of representatives from the Federal Reserve banks and the central bank. The Committee sets supervisory policies for the 16 largest, most systemically important financial institutions in the country.The seventh initiative taken by the Fed is the supervision of systemically important nonbanks designated as such by the Financial Stability Oversight Council, as required by Section 113 of the Dodd-Frank Act. The Council has determined that financial stress at four institutions – American International Group, General Electric Capital Corporation, Prudential Financial, and MetLife – would pose a threat to U.S. financial stability and therefore require Fed supervision.For the eighth initiative as part of the effort to strengthen the banking system, the Fed is increasing its reliance on forward-looking supervision and data analytics. The ninth effort is the Volcker Rule, which was approved by the Fed and four other federal agencies in December 2013 as a common final rule to implement Section 619 of Dodd-Frank. The Volcker Rule, named for former Fed chair Paul Volcker, was intended to help firms and regulators monitor and identify proprietary trading and high-risk trading strategies that are prohibited.The 10th effort the Fed has taken to strengthen the banking system is distinguishing between risks posts by large, systemically important financial firms and risks posed by community banks.”Of course, the Federal Reserve distinguishes big banks whose weakness can shake the entire economy from small banks,” the San Francisco Fed said on its webpage. “Community banks, for example, would face an undue burden by having to meet many of the same regulatory requirements as large banks. So, regulators fashion more basic supervisory expectations for smaller, less complex banks, identifying which provisions of new regulations are relevant.”To view the entire list of 10 regulatory efforts to instill more resiliency in the nation’s banks, read the full article How Is Banking Safer Following the Financial Crisis? To see how the Fed has stepped up supervision of the entire financial system, read What is the Federal Reserve doing to help decrease the likelihood of another financial crisis?last_img read more

Analysts Estimate Monetary and Paperwork Costs Imposed by Dodd-Frank

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago With the fifth anniversary of the passage of the Dodd-Frank Consumer Protection and Wall Street Reform Act coming up on July 21, many lawmakers and industry stakeholders are analyzing its effects on the financial industry and on American consumers.One such analysis, titled Dodd-Frank at 5: Higher Costs, Uncertain Benefits and conducted by analysts Ben Gitis, Andy Winkler, and Sam Batkins of the Washington, D.C.-based non-profit think tank American Action Forum (AAF), was released this week. The authors estimate that Dodd-Frank has imposed more than $24 billion in final rule costs and 61 million hours in paperwork in the last five years.”From a housing market still experiencing mediocre growth, to an uneven labor picture, it’s clear the law has fundamentally altered capital markets and added layers of complexity for consumers and financial institutions,” the authors wrote.Those costs are likely to increase, since only about 60 percent of the law has been finalized. The largest rules of Dodd-Frank still in proposed form are estimated to cost another $7.8 billion and 1.7 million paperwork hours, according to the authors.”As time passes, the law becomes more expensive as regulatory agencies like CFPB and FHFA grow with the mission to implement burdensome rules,” the authors wrote. “Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With about 21 percent of the law still left to implement, one can only expect the costs to continue to rise.”The Home Mortgage Disclosure Rule is one of the rules that is still pending; AAF estimates it will impose another $2.1 billion in final rule costs to go with 90,000 paperwork hours. The rule was originally scheduled to go into effect on August 1, but the Consumer Financial Protection Bureau (CFPB) announced this date would be pushed back due to an “administrative error”; the new proposed effective date is October 3.The authors’ research found that smaller firms have absorbed most of the costs imposed by Dodd-Frank. While the number of financial firms grew only 2 percent from 2010 (the year Dodd-Frank was passed) to 2014, the number of firms with between 10 and 19 employees declined by 0.3 percent and the number of firms with between 20 and 49 employees shrank by 1 percent during that same period. The authors found that even regional financial firms struggled, since the number of firms with between 500 and 999 employees declined by 0.5 percent since 2010. Large companies (those with more than 1,000 employees) increased by 11.9 percent during that period.Employment in the financial industry has increased by only 3.7 percent since 2010 while jobs at federal financial regulatory agencies jumped by 19.2 percent during that same time frame. The number of employees at the Federal Housing Finance Agency skyrocketed by 37.1 percent while the number of employees in the Federal Reserve System (all Fed banks and the Board of governors) skyrocketed by 32.2 percent, according to the authors. The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Government, News Share Save Demand Propels Home Prices Upward 2 days ago Tagged with: American Action Forum Dodd-Frank Act Regulatory Burdens About Author: Brian Honea 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. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Previous: Fannie Mae Reaches Milestone With Latest Credit Risk Sharing Transaction Next: Congressmen Agree White House Has Not Made GSE Reform a Priority Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Analysts Estimate Monetary and Paperwork Costs Imposed by Dodd-Frank American Action Forum Dodd-Frank Act Regulatory Burdens 2015-07-17 Brian Honea July 17, 2015 1,073 Views Analysts Estimate Monetary and Paperwork Costs Imposed by Dodd-Frank Sign up for DS News Daily Subscribelast_img read more

Hensarling Discusses How to Bring Accountability to the CFPB

first_img Previous: GSEs Complete 15K in Foreclosure Prevention Actions Next: ClosingCorp Chosen as Best Service Provider Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Hensarling Discusses How to Bring Accountability to the CFPB Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago CFPB Constitution 2017-04-12 Seth Welborn Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articles Hensarling Discusses How to Bring Accountability to the CFPBcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago “The most powerful and least accountable Washington bureaucracy in history” is what Financial Services Committee Chairman Jeb Hensarling called the Consumer Financial Protection Bureau (CFPB) in a blog post on Tuesday. In the post, Hensarling acknowledges the bureau’s important mission, but notes the shortcomings that it has faced.“While the agency has an important mission, it was purposefully designed by Democrats to evade checks and balances that apply to other regulatory agencies, including those responsible for consumer and investor protection,” Hensarling states.For several months, the Financial Services Committee has been calling the CFPB’s constitutionality into question. Most recently, the committee, led by Chairman Hensarling, conducted a hearing attended by CFPB Director Richard Cordray as a witness.During the hearing, Hensarling specifically noted a lack of accountability, and a lack of success, wihin the CFPB. However, Cordray had a chance to defend himself and the Bureau.“Years of uneven federal oversight on behalf of consumers allowed a lot of bad behavior to go unchecked,” Cordray stated in his prepared hearing remarks. “As the independent consumer watchdog, we are solely focused on the job Congress gave us of assuring that these markets are fair, transparent, and competitive and consumers have access to sound financial products and services.”In his blog post, Hensarling still finds fault in the CFPB’s structure, and in Cordray’s leadership. According to Hensarling, Cordray “recklessly ignores the due process protections that have been deeply rooted in our American legal system for centuries.”Hensarling further states that Cordray’s power is too far-reaching, essentially giving him the power to alter the law at will. Rather than just a “cop on the beat,” Hensarling states that the Bureau has become “judge, jury and Congress all rolled into one.”Through the Financial CHOICE act, Hensarling hopes the CFPB will become the “cop on the beat” its supporters desire.“It would be far easier to secure criminal convictions if the Constitution didn’t require probable cause for warrants or protect Americans against unreasonable search and seizure, but few would argue that justice would be served,” Hensarling said. “In the same way, the success of the CFPB must be judged both on how it protects consumers and on whether it follows the Constitution.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save April 12, 2017 1,509 Views in Daily Dose, Featured, Government, News Tagged with: CFPB Constitution Subscribelast_img read more

SFR Powerhouse

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Events, Featured, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago SFR Video Spotlight 2017-08-14 Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / SFR Powerhouse About Author: Joey Pizzolato August 14, 2017 1,288 Views SFR Powerhouse Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img Previous: What a Reduced Balance Sheet Could Mean . . . Next: Further Simplifying Foreclosures The Week Ahead: Nearing the Forbearance Exit 2 days ago Starwood Capital Group CEO talks about his reasoning for merging with Blackstone’s Invitation Homes in this Video Spotlight.Find out more on SFR at the Five Star Conference and Expo at the SFR Roundtable, held on September 18 at the Hyatt Recency Hotel in Dallas, Texas.Source: Invitation Homes to be largest US landlord on Starwood-Blackstone deal from CNBC. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: SFR Video Spotlight The Best Markets For Residential Property Investors 2 days ago Share Save Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Existing Home Sales vs. Housing Supply

first_img Demand Propels Home Prices Upward 2 days ago May 24, 2018 2,112 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save in Daily Dose, Featured, Market Studies, News Previous: Untapped Urban Development Potential Next: Dodd-Frank Reform and Tenant Protections in Foreclosure Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Related Articles Home / Daily Dose / Existing Home Sales vs. Housing Supplycenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 The sale of existing homes declined 2.5 percent in April after seeing a brief upward movement in the previous two months according to the latest existing-home sales data released by the National Association of Realtors (NAR) on Thursday. Total existing-home sales, which are completed transactions for single-family homes, townhomes, condominiums, and co-ops, decreased to a seasonally adjusted annual rate of 5.46 million in April, down from 5.6 million in March, the report indicated. On a year-over-year basis, home sales fell for two straight months and were 1.4 percent below a year ago in April according to NAR. Additionally, this slump in sales was felt across all the four U.S. regions covered by NAR, thanks to the “staggeringly low inventory levels,” according to Lawrence Yun, Chief Economist, NAR.“The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” he said.The report noted that though total housing inventory at the end of April increased 9.8 percent to 1.80 million homes available for sale, it was still 6.3 percent lower than the level of 1.92 million recorded a year ago and had fallen for 35 consecutive months. Unsold inventory was at a four-month supply at the current pace of sales, compared to 4.2 months a year ago during the same period.“What is available for sale is going under contract at a rapid pace,” Yun said. “Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high.”While the median price for existing homes this April rose 5.3 percent to $257,900 from $245,000 in April 2017, the report indicated that properties stayed on the market for an average of 26 days in April. This was lower than 30 days recorded in February this year and 29 days during the same period a year ago. The report said that 57 percent of homes sold in April were on the market for less than a month.“With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration,” Yun said. “The current pace of price appreciation far above incomes is not sustainable in the long run.” Demand Propels Home Prices Upward 2 days ago Tagged with: Days on Market Existing Home Sales Home Sales Homes HOUSING Housing Inventory Inventory Median Price NAR Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Existing Home Sales vs. Housing Supply The Best Markets For Residential Property Investors 2 days ago Subscribe Days on Market Existing Home Sales Home Sales Homes HOUSING Housing Inventory Inventory Median Price NAR 2018-05-24 Radhika Ojhalast_img read more

Paul Volcker, Namesake of ‘Volcker Rule,’ Dies at 92

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Paul Volcker, Namesake of ‘Volcker Rule,’ Dies at 92 Subscribe 2019-12-09 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago December 9, 2019 905 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. center_img Previous: Update on Delinquency and Prepayments Next: The (Empire) State of Mortgage-Backed Securities 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 About Author: Mike Albanese Photo courtesy Getty Images/New York TimesPaul Volcker, the former Chairman of the Federal Reserve who helped subdue inflation in the late 1970s and 1980s died Sunday in New York. He was 92.The New York Times reported Monday his death was confirmed by his daughter, Janice Zima. Paul Volcker was diagnosed with prostate cancer in 2018.He served as a senior Fed official from 1975 to 1987 and sought to limit the easing of financial regulation and warned the growth of federal debt threatens the nation’s economic health.  “Paul was as stubborn as he was tall,” said President Jimmy Carter said in a statement on Monday morning, “and although some of his policies as Fed chairman were politically costly, they were the right thing to do. His strong and intelligent guidance helped to curb petroleum-driven inflation, easing a strain on all Americans’ budgets.”Volcker’s last official post was a chairman of President Barack Obama’s Economic Recovery Advisory Board, which was formed in response to the 2008 financial crisis. He persuaded lawmakers to impose new restrictions on big banks—known as the “Volcker Rule.” “He came to represent independence,” said former Fed Chairman Ben Bernanke in an interview with The New York Times. “He personified the idea of doing something politically unpopular but economically necessary.”The Securities and Exchange Commission finalized revisions in October to finalize revisions to simplify compliance requirements relating to the “Volcker rule.”  The Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.The revised rule states that firms that do not have significant trading activities will have simplified and streamlined compliance requirements, while firms with significant trading activity will have more stringent compliance requirements.  The changes were developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Home / Daily Dose / Paul Volcker, Namesake of ‘Volcker Rule,’ Dies at 92 Demand Propels Home Prices Upward 2 days ago Share Save in Daily Dose, Featured, News Related Articles The Best Markets For Residential Property Investors 2 days agolast_img read more

GSEs Report 4.42M Preventive Actions Since Conservatorship

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Government, News Sign up for DS News Daily  Print This Post Subscribe The Federal Housing Financing Agency (FHFA) released its Foreclosure Prevention Refinance and FPM Report covering January 2020 and found that the GSEs posted 9,108 foreclosure preventions for the month. The GSEs have prevented 4.42 million foreclosure actions since entering conservatorship in September 2008. Regarding these actions, 50% were permanent loan modifications. Specifically, the report noted a total of 5,827 permanent loan modifications during the month of January, causing the total tally to wind up at 2,4 million.The FHFA report also revealed that January posted numerous modifications with principal forbearance—25% of all modifications. As for extend-term only modifications, these accounted for 64% of all loan modifications in January 2020. Short sales and deeds-in-lieu of foreclosure experienced a slight uptick in January, rising 30% from the previous month (December 2019) to peak at a total of 442 on record.The GSE’s January 2020 mortgage performance was also showcased in the report, with FHFA revealing a small drop in the serious delinquency rate, lowering from December 2019’s 0.65% to 0.64%. Regarding the GSE’s foreclosures, January 2020 saw a 27% rise in third-party and foreclosure sales, from 2,537 in December to 3,225. Also experiencing an uptick were foreclosure starts, which started at 10,670 in December 2019 and rose to 11,624 in January.The report also highlighted refinancing, revealing that the total refinance volume for January dropped. January saw a decline in mortgage rates, with the average interest rate on a 30-year fixed-rate mortgage lowering to 3.62%, down from December 2019’s rate of 3.72%.FHFA also shared that a total of four refinances went through during this period via the High LTV Refinance Option program. After including these recent additions, the report revealed that total refinances made possible thanks to this High LTV Refinance Option brought the current tally to 15 altogether since the program first began. As for the cash-out refinances of January 2020, the percentage stayed steady at 42%, a mark that is lower than the peak that was seen in the latter part of 2018. Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. Tagged with: FHFA Foreclosure Prevention Previous: Delinquencies Could ‘Jump Significantly’ with Rising Unemployment Next: One-Third of Americans Burdened by Housing Costs Home / Daily Dose / GSEs Report 4.42M Preventive Actions Since Conservatorship The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save FHFA Foreclosure Prevention 2020-04-14 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 14, 2020 1,241 Views About Author: Andy Beth Miller Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago GSEs Report 4.42M Preventive Actions Since Conservatorshiplast_img read more

Even With Record-Low Rates, Most Metros Aren’t Affordable

first_img in Daily Dose, Featured, Market Studies, News Even With Record-Low Rates, Most Metros Aren’t Affordable Share Save Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Even With Record-Low Rates, Most Metros Aren’t Affordable 2021-02-12 Christina Hughes Babb  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago February 12, 2021 882 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Veronica Bradley has covered the consumer packaged goods industry, the tech industry, the healthcare industry, and a few other industries that impact people’s daily lives. When she isn’t researching and writing, she moonlights as an amateur accountant and bookkeeper for a small family brewpub, because unlike most writers, she isn’t afraid of numbers. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Veronica Bradley Previous: The Week Ahead: Mortgage Servicing in Coming Months Next: 4 Hallmarks of an Exceptions SFR Services Provider Interest rates on 30-year mortgages are at historic lows, but that hasn’t helped make homes any more affordable for the average American, according to the Federal Reserve Bank of Atlanta’s Home Ownership Affordability Monitor (HOAM) index.Household incomes have dipped, and home prices have risen all over the country. In fact, the median household income at the end of November was down 5.4% from the same time the year before. And in contrast, the national median home price went up 14.1% in the same amount of time.Yes, rates on fixed 30-year mortgages may have dropped to 2.8% by November’s end, but the financial strain on the average household income and the rise in home prices have erased any positive effects from lower rates, according to the index.In other words, the median-priced home is simply unaffordable to the median-income buyer.However, these are national averages. There are pockets of the country where homes are still affordable, even in populous metro areas.Rochester, New York; Washington’s Spokane-Spokane Valley; and St. Louis, Missouri, all have populations over 500,000 and saw improvements in affordability (7.08 percent, 7.02 percent, and 6.63 percent, respectively). This is due to the lower interest rate and declining home prices.Washington, DC and San Francisco, California, also saw small increases in affordability, because home prices remained stable.To counter those cities, Milwaukee, Wisconsin; the New York metro area; and Cape Coral, Florida, all experienced the biggest drop in affordability (4.15 percent, 2.03 percent, and 1.85 percent, respectively). Home price growth in these areas outpaced any financial perks of lower interest rates. In fact, the median home price in Milwaukee climbed 19.9% over a year’s time, New York’s median price increased 11.9%, and Cape Coral’s price went up 15.9%.So, why have homes priced themselves out of affordability across the country? Supply and demand. There simply aren’t enough homes available for eager buyers, and bidding wars ensued. Those with deeper pockets won, and that drove up the cost of homes around them.December of 2020 saw a 23% drop in inventory, for example, and the supply shortage won’t be fixed in the near future, which means affordability will continue to be a problem for some time. Sign up for DS News Daily Subscribelast_img read more

Cleary Centre to complete move to another facility by the end of the month

first_img Facebook Cleary Centre to complete move to another facility by the end of the month WhatsApp Twitter Google+ Calls for maternity restrictions to be lifted at LUH Twitter By admin – June 14, 2016 Pinterest Homepage BannerNews Three factors driving Donegal housing market – Robinson Previous articleTwo men go on trial charged with Letterkenny murderNext articleLetterkenny murder trial hears Polish man was stabbed numerous times admin center_img It has been confirmed that the Cleary Centre in Donegal Town will complete its move to a newly refurbished premises by the end of the month.The centre, which has provided services for people with intellectual disabilities in south Donegal for more than twenty years, will now accommodate all existing service users at the new facility.The HSE approved of the move following concerns last year that the facility was facing closure, with clients being moved to a number of locations.Cllr Noel Jordon says there remains a hope that a new centre can be built on the current site:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/06/noel530.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Pinterest GAA decision not sitting well with Donegal – Mick McGrath Nine Til Noon Show – Listen back to Wednesday’s Programme Google+ Guidelines for reopening of hospitality sector published Facebooklast_img read more

Budget discussions underway at County House

first_img Budget discussions underway at County House Pinterest County Manager Seamus Neely has told Donegal County Council that an ‘exceptional’ approach is needed for what is a hugely challenging budget.A small number of protestors stood outside County House in Lifford as members arrived to begin their discussions of Budget 2013.Following a comprehensive briefing this morning, the political discussion will get under way after lunch.Greg Hughes is at County House……[podcast]http://www.highlandradio.com/wp-content/uploads/2012/12/greg1pm.mp3[/podcast] Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter Previous articleStrabane Cllr says flashing signage needed to make people aware of new Melmount Road layoutNext articleLynch calls for new guidelines on suicide reporting News Highland News Guidelines for reopening of hospitality sector published WhatsApp Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – December 19, 2012 center_img Pinterest WhatsApp Facebook Google+ Google+ Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Almost 10,000 appointments cancelled in Saolta Hospital Group this week Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton last_img read more