Investors Prefer Flipping Over Hold-to-Rent Strategy for Third Straight Quarter

first_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Investors Prefer Flipping Over Hold-to-Rent Strategy for Third Straight Quarter About Author: Xhevrije West Demand Propels Home Prices Upward 2 days ago  Print This Post Investors bidding on properties online and at live events nationwide appear to prefer flipping these purchased properties more than renting them. Auction.com, LLC, recently revealed the findings from its second quarter 2015 Real Estate Investor Activity Report, a nationwide survey of real estate investors. The data collected determined that flipping is still going strong, edging out the hold-to-rent strategy for the third consecutive quarter, a trend that has been consistent since Auction.com began tracking investor intent.“Rounding out the first half of 2015, most of the country and most investor segments performed in a manner very consistent with what we’ve been seeing for about a year,” said Rick Sharga, Auction.com EVP. “We’re seeing two major trends that are driving these numbers. First, we’re seeing a return of the ‘mom and pop’ investor in the single family rental space–smaller investors with an intimate knowledge of their local markets, who are willing to buy properties that deliver long-term returns based on monthly cashflow. Second, investors focusing more and more on flipping properties in regions where prices have rebounded from the 2008 crash and inventory of homes for sale remains scarce–an almost perfect scenario for investors looking for a short-term profit.”The Auction.com investor research provides insight into real estate investment trends on a national and regional level. Factors such as price appreciation and inventory constraints continue to dictate investor strategy.”Although Auction.com’s findings for the second quarter reveal a propensity toward flipping among investors overall, investor intent varies considerably by the type of auction (live event versus online auction) and investor profile,” the report said. “Survey respondents who indicated that they were making a one-time purchase clearly preferred a hold-to-rent strategy, while respondents identifying themselves as full-time ‘real estate investors’ and those indicating that they were working on behalf of another investor favored flipping.”According to the report, investors bidding at live events are more likely to flip the properties they purchase based on survey responses collected in the second quarter of 2015. Respondents noted a preference toward flipping over holding to rent in every state where Auction.com conducted live events. The Southwest and Midwest had the widest margins of all states represented in the survey.On the other hand, Auction.com found that survey participants in online auctions generally intend to hold the properties they purchase. This was true in every region except the Northeast, where investor are more attracted to flipping. This is likely due to the region’s inventory constraints and higher purchase prices negatively impacting rental property returns.Less active investors or those indicating that they purchase one or fewer properties per year demonstrated a strong preference for renting properties, the report said. Meanwhile, flipping was prevalent among investors who purchase multiple properties per year, a preference appears to be growing among investors purchasing more than 50 properties per year. Almost 62 percent of respondents in this group favored flipping in the second quarter, an increase from 56.3 percent in Q4 2014 and 53.6 percent in Q1 2015.Click here to view Auction.com’s second quarter 2015 Real Estate Investor Activity Report. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Share Savecenter_img Tagged with: Auction.com Hold-to-Rent House Flipping Investor Strategies Investors Related Articles The Best Markets For Residential Property Investors 2 days ago July 14, 2015 1,435 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: LenderLive Network Adds New VP of Business Development for Due Diligence Next: Foreclosure Metrics Experience More Double-Digit Declines Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Auction.com Hold-to-Rent House Flipping Investor Strategies Investors 2015-07-14 Brian Honea Investors Prefer Flipping Over Hold-to-Rent Strategy for Third Straight Quarter Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Pending Home Sales Still Healthy Despite Modest Decline

first_imgHome / Daily Dose / Pending Home Sales Still Healthy Despite Modest Decline The Best Markets For Residential Property Investors 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 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. Related Articles The Best Markets For Residential Property Investors 2 days ago Pending Home Sales Still Healthy Despite Modest Decline Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Previous: Auction.com Hires Technology Finance Veteran as New CFO Next: Policymakers Should Consider SFR as Part of an Affordable Housing Strategy Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The National Association of Realtors (NAR) found that pending home sales fell in August as contract signings modestly declined, but they still project healthy supply and demand and price growth.Year-over-year for 12 consecutive months, pending home sales have increased.According to the NAR’s Pending Home Sales Index (PHSI), contract signings decreased 1.4 percent to 109.4 in August, down from 110.9 in July. However, the index is still 6.1 percent higher that 103.1 recorded in August 2014.”Pending sales have leveled off since mid–summer, with buyers being bounded by rising prices and few available and affordable properties within their budget,” said Lawrence Yun, NAR chief economist. “Even with existing–housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago.”NAR also forecasts the national median existing–home price is expected to increase 5.8 percent to $220,300 in 2015. Meanwhile, Yun forecasts total existing–home sales this year to increase 7.0 percent to around 5.28 million.The PHSI in the Northeast fell 5.6 percent to 93.3 in August, but is still 8.9 percent above a year ago, while in the Midwest, the index inched down 0.4 percent to 107.4 in August, and is now 6.5 percent above last year.The South’s pending home sales dropped 2.2 percent to 121.5 in August, but are still 4.1 percent higher than last August. Pending home sales in the West increased 1.8 percent in August to 104.9, and is now 7.6 percent above a year ago.Yun noted that sales should be able to maintain their current pace, but he cautions of likely barriers that could impact housing.”The possibility of a government shutdown and any ongoing instability in the equity markets could cause some households to put off buying for the time being,”  Yun said. “Furthermore, adapting to the changes being implemented next month in the mortgage closing process could delay some sales.”Click here to view the full report. About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Housing Market NAR National Association of Realtors Pending Home Sales 2015-09-28 Brian Honea  Print This Post September 28, 2015 997 Views Tagged with: Housing Market NAR National Association of Realtors Pending Home Sales Subscribelast_img read more

Top 5 Cities for the SFR Market

first_img  Print This Post in Daily Dose, Featured, Headlines Top 5 Cities for the SFR Market data HOUSING mortgage Single Family Rental 2017-10-19 Dean Terrell October 19, 2017 1,211 Views Subscribe Servicers Navigate the Post-Pandemic World 2 days ago HouseCanary’s HCRI measures the Effective Gross Yield (EGY) of the single-family rental (SFR) industry as a whole to give investors, lenders and renters a health benchmark of the for-lease market by state, ZIP code and block.”Of the top 50 metros, only 3 metros have shown positive growth in yields over the last quarter,” said Alex Villacorta, HouseCanary’s EVP of Analytics. “Though the most abundant double-digit opportunities reside in the Southern region of the country, there are still several localized pockets of high-yield opportunities in most markets throughout the country.” The nationwide EGY is holding at 8.0 percent, despite the continued rise in housing prices.The top five highest MSAs by EGY as listed by HouseCanary in Q3 were Rochester, Memphis, Buffalo, Birmingham, and Cleveland. The EGY of three of the top MSAs’ decreased compared to last quarter, including Rochester at 13.9 percent which had the largest decrease of 3.3 percent. HouseCanary indicates this drop as a sign that the top MSA market may be beginning to soften. It’s also worth noting no other MSA decreased more than 0.7 percent compared to Q2.The MSAs of Memphis,TN-MS-AR, Buffalo-Cheektowaga, Birmingham-Hoover, and Cleveland-Elyria landed at 13.7, 13.3, 13.1, and 13.0 percent respectively.  The HCRI analyzes 40 years of residential property data spanning over 1 billion transactions, 100 million macroeconomic and local data points, and 3 million census blocks across the country. Lenders and investors have only been able to calculate gross yields for individual properties or their own portfolio of properties in the past, but this data provides the industry with a uniform and centralized index of rental yields.The methodology and data can be viewed here. Tagged with: data HOUSING mortgage Single Family Rental About Author: Dean Terrell Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Top 5 Cities for the SFR Marketcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Previous Post Next: Forecasting vs. Reality—Where do Home Prices Stand? The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

November Was Hot for Housing Prices

first_img Previous: Maryland Case Puts the Brakes on Foreclosures Next: Reviewing the Biggest Legal Landmarks of 2017 Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago The housing market continued to grow, with house prices leading the way through most of 2017. According to the latest Housing Price Index data released by the Federal Housing Finance Agency (FHFA), home prices across the U.S. rose 0.4 percent in November 2017. The previously reported 0.5 percent increase in October was revised upward to 0.6 percent, the report said.The monthly data is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. The report indicated that house prices increased slightly to 6.5 percent between November 2016 to November 2017 compared to the same period in the previous year that recorded an increase of 6.4 percent.In terms of 12-month changes for regions, the Mountain region, consisting of states like Montana, Idaho, Wyoming, Nevada, Utah, Arizona, and New Mexico recorded the maximum price change registering a growth of 8.9 percent compared to 7.2 percent in the previous year. Hawaii, Alaska, Washington, Oregon, and California that make up the Pacific coast states also registered  growth along similar lines with home prices rising 8.6 percent, compared to 7.7 percent in the previous year. The Middle Atlantic region consisting of New York, New Jersey, and Pennsylvania registered the least growth of all regions at 4.2 percent showing a downward trend from its growth of 5.4 percent in the year-ago period.The  seasonally adjusted monthly price changes from October 2017 to November 2017 ranged from -1.1 percent in the East South Central region to +0.9 percent in the West North Central region according to the report. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FHFA Home Prices HOUSING Housing Price Index 2018-01-24 Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago November Was Hot for Housing Prices Tagged with: FHFA Home Prices HOUSING Housing Price Index Home / Daily Dose / November Was Hot for Housing Prices  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles January 24, 2018 1,472 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Newslast_img read more

New Cryptocurrency Offering Backed by Real Estate

first_img Tagged with: bitcoin blockchain cryptocurrency Property Coin Real Estate Investment Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Journal, News, Technology Previous: Single-Family Housing Starts Spike in Northeast Next: Lawmaker Proposes Zero-Interest Mortgages to Fight Student Debt The cryptocurrency landscape is something of a wild frontier at the moment, with new cryptocurrencies being introduced all the time. Bitcoin is by far the best known of them, but even Bitcoin’s long-term legacy remains unwritten, to say nothing of how blockchain and cryptocurrencies as a whole will change various financial institutions and industries. But now a new crypto is trying something interesting: Property Coin is backed by real estate.Property Coin is the creation of Los Angeles-based Aperture Real Estate Ventures, and is set to launch at the end of February with an initial coin offering that will allow real estate investors the chance to “own a professionally managed portfolio of real estate assets via the blockchain.”Property Coin uses the Ethereum blockchain as its foundation, which is itself the second leading cryptocurrency after Bitcoin. Property Coin will cost investors $50 per coin, with a required minimum purchase of $1,000.Aperture says that Property Coin is a strong alternative to Bitcoin, which is increasingly popular but also prone to wild swings in value on any given day. Money raised by the ICO will be used “to fuel the growth of Aperture’s existing technology and real estate investment business, which uses a combination of proprietary technologies and human expertise to spot otherwise hidden opportunities to invest in undervalued properties in metropolitan areas throughout the United States,” according to a statement by the company.“Unlike many cryptocurrency offerings, Property Coin’s proposition is straightforward,” said Andrew Jewett, Co-CEO of Aperture. “One hundred percent of the net proceeds from sales of Property Coins will be used to invest in properties and loans identified by our proprietary software and our experienced team. Accordingly, Property Coin is designed to be 100 percent backed by real estate assets, giving each coin holder a fractional economic interest in the investments made by Aperture or its affiliates with the net proceeds realized from the sale of Property Coins.”Property Coin is just the latest in several interesting ventures seeking to unite the housing market with the new frontier of cryptocurrencies. The City of Berkeley, California, recently announced it was teaming with UC Berkeley’s Blockchain Lab and finance startup Neighborly to look into creating a new cryptocurrency that would be backed by municipal bonds. Funds raised by that cryptocurrency’s ICO would then be funneled toward affordable housing initiatives within the city.Cryptocurrencies, blockchain, and other potential technological game-changers will be just some of the topics covered at the inaugural Five Star Fintech Summit, happening March 21-22 at the Renaissance Nashville Hotel in Nashville, Tennessee. You can learn more by clicking here. Home / Daily Dose / New Cryptocurrency Offering Backed by Real Estate Servicers Navigate the Post-Pandemic World 2 days ago Share Save Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago bitcoin blockchain cryptocurrency Property Coin Real Estate Investment 2018-02-26 David Wharton Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton February 26, 2018 4,177 Views Demand Propels Home Prices Upward 2 days ago New Cryptocurrency Offering Backed by Real Estate The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

As Hurricane Season Approaches, 2017’s Disaster Impact Lingers

first_img 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] Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CoreLogic Delinquencies hurricanes Loan Performance Insights Report Natural Disasters Serious Delinquencies CoreLogic Delinquencies hurricanes Loan Performance Insights Report Natural Disasters Serious Delinquencies 2018-05-08 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Journal, Market Studies, News, Servicing Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago As Hurricane Season Approaches, 2017’s Disaster Impact Lingers The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Home / Daily Dose / As Hurricane Season Approaches, 2017’s Disaster Impact Lingers May 8, 2018 1,758 Views  Print This Post Previous: Balancing Business Concerns and Home Affordability Next: Interesting Trends in Forbearance According to CoreLogic’s latest Loan Performance Insights Report, nationwide delinquencies continued to slowly decline, with exceptions in areas still feeling the aftereffects of last year’s brutal hurricane season.As reported by CoreLogic, the 30+ day delinquency rate for February 2018 was 4.8 percent, down 0.2 percentage points below February 2017’s 5.0 percent. Delinquencies between 30-59 days overdue held steady year-over-year at 2.1 percent, as did 60-89-day delinquencies at 0.7 percent. Delinquencies between 90-119 days overdue inched up slightly from 0.3 percent in February 2017 to 0.4 percent in February 2018. Finally, delinquencies 120 or more days overdue decreased slightly, dropping from 1.9 percent to 1.7 percent year-over-year.As of February 2018, the foreclosure inventory rate was 0.6 percent.“Overall delinquency rates fell in the U.S. over the past year, driven by a long run of stringent underwriting, higher employment, and wages. At the same time, our CoreLogic U.S. Home Price Index (HPI) showed a 6.4 percent increase in home-price appreciation for the 12 months, which ended in February 2018. Those factors bode well for the fortunes of both homeowners and mortgage servicers.”The percentage of delinquencies transitioning from current to 30 days overdue dropped slightly year-over-year, sliding from 1.0 percent to 0.9 percent. Delinquencies transitioning from 30 to 60 days overdue also decreased, dropping from 15.4 percent to 15.2 percent. For delinquencies transitioning from 60 to 90 days, the percentages fell from 24.9 percent to 24.7 percent year-over-year.Most states saw serious delinquencies decline, although North Dakota’s serious delinquencies remained flat year-over-year at 0.9 percent. Alaska, Florida, and Texas, however, saw their serious delinquency rate increase. Alaska increased by 0.1 percent, Florida by 2.0 percent, and Texas by 0.7 percent, respectively.“Last year’s hurricanes continue to have an affect on loan performance in affected markets,” Nothaft said. “Serious delinquency rates in February were 50 percent higher than in August 2017 in Texas, and nearly double in Florida, even though the wind and flood damage was primarily in coastal markets. In Puerto Rico, the damage was widespread. Serious delinquency rates were up five-fold over the August-to-February period, with a significant increase in all metropolitan areas there.”Serious delinquency increased in 32 of the core-based statistical areas (CBSAs) tracked by CoreLogic, remained flat in 9, and decreased in all others. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Why the Older Generation Prefers Shared Housing

first_img 2018-09-05 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Why the Older Generation Prefers Shared Housing Servicers Navigate the Post-Pandemic World 2 days ago Previous: 10 Cities That Provide Value for Money on Homes Next: Freddie Mac Begins Search for Layton’s Successor Sign up for DS News Daily Shared housing is on the rise especially for adults aged 50 and more, according to AARP’s 2018 Home and Community Preferences Survey. The survey found that the share of adults who prefer sharing their home with others has risen from 2 percent in 2014 to 16 percent in 2018.This, despite the survey finding that three out of four adults in this age group would like to stay in their homes and communities as they age. Seventy-six percent of Americans 50 years and older said that they would prefer to remain in their current residence, while 77 percent would like to live in their community for as long as possible, the survey revealed. However, only 59 percent anticipated that they would be able to stay on in their community, with 46 percent being sure about staying in their current home and 13 percent within the same community but in a different home.The AARP survey was conducted online and by telephone in March and April of 2018. With a total sample of 2,287 adults, the respondents included a nationally representative sample of adults age 18+, with multicultural oversamples in terms of race, gender, ethnicity, and sexual orientation. AARP said that a portion of the multicultural samples came from the national survey sample.The survey said that shared housing was a common factor for both younger and older adults. Half of all adults aged 18 and older said they would not consider home sharing or were unsure about it. However, the other half in this age group (58 percent) were open to considering the option if they needed help with everyday activities like household chores or transportation. This was a common refrain among both, the younger and the older age groups.Most adults surveyed by AARP were homeowners, but one-third of these respondents expected major modifications in their homes to accommodate aging needs. Around 24 percent of the people surveyed said they would rather move to a new area than update their old home to accommodate these needs, the survey indicated.In terms of what made them choose the communities they live in, AARP found that 60 percent of the adults surveyed said that affordable housing, transportation for people with special needs and fair policies that provided equal opportunties were very important for them while making a decision on where to live. in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Related Articles Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago September 5, 2018 1,030 Views Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Why the Older Generation Prefers Shared Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Lawmakers Spar Over Zombie Properties Legislation

first_img July 8, 2019 1,619 Views Sign up for DS News Daily  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Foreclosure Legislation New York Zombie Properties 2019-07-08 Radhika Ojha Share Save Tagged with: Foreclosure Legislation New York Zombie Properties in Daily Dose, Featured, News, REO The Best Markets For Residential Property Investors 2 days ago Previous: Pre-Foreclosures Spiking in the Big Apple Next: Federal Reserve: Consumer Optimism Rises Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Lawmakers Spar Over Zombie Properties Legislation Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Lawmakers Spar Over Zombie Properties Legislation Republican lawmakers are questioning the impact of a recent bill related to Zombie properties that was passed by the New York State Senate and Assembly. Specifically, they want to know more about its effect on the state’s current foreclosure process.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.Additionally, it said 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.State Assemblyman Andrew Goodell, R-Jamestown also questioned the ability of the municipality to bring an action before the bank has even begun the foreclosure process “or if the property is abandoned but not in default because the mortgage is still being paid.” He also said it is “time for the state Legislature to rewrite the state’s foreclosure laws so that the system works for someone other than real estate attorneys.”The New York State Senate and Assembly recently passed legislation aimed at solving the state’s zombie homes problem. According to The Post-Journal, the bill titled “Zombie Property Remediation Act of 2019” was approved 122-24 on the floor of the state Assembly and 48-14 by the state Senate in June. It is now awaiting Gov. Andrew Cuomo’s approval before it becomes a law. Subscribe Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Building Trust in Servicing

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Customers Servicing 2019-08-02 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles 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: Customers Servicing in Daily Dose, Featured, Market Studies, Newscenter_img August 2, 2019 848 Views Due to their nature, most mortgage servicers are not selected by their customers, and as a result, some of the lowest customer satisfaction and Net Promoter Scores (NPS) of any industry group studied by J.D. Power. According to J.D. Power, the industry average for overall satisfaction with mortgage servicers is 777 as of 2019, just below life insurance (779) and just above health plans (712) at the bottom of the industries studied by J.D. Power.”Mortgage servicers are really missing an opportunity to build the kind of goodwill with their customers that has proven to translate directly to increased advocacy and repeat business,” said John Cabell, Director of Wealth and Lending Intelligence at J.D. Power. “The industry’s laser focus on lowering costs, managing regulatory compliance and minimizing delinquencies has come at the expense of customer experience. It is negatively affecting customer trust in their brands.”The average NPS for primary mortgage servicers is 16, one of the lowest of any industry studied by J.D. Power. J.D. Power’s study found that around 70% of customers do not have complete trust in their primary mortgage servicer, leading to the lowest customer satisfaction and NPS scores. However, the study notes that for the 30% of customers who “completely trust” their mortgage servicer, customer satisfaction scores average 256 points higher, NPS is 69 points higher and customers are three times more likely to reuse the company for the purchase of a new home.Customers who were transferred reported the lowest satisfaction, J.D. Power reports. Around 54% of first-time home buyers say they are confused, angry or irritated when transferred.“This phenomenon spotlights the unique communications and customer experience challenges mortgage servicers still need to address with transferred customers,” J.D. Power notes.The survey names Quicken Loans as the highest-ranked mortgage servicer for the sixth consecutive year, with a score of 878. Regions Mortgage (848) ranks second and Guild Mortgage (828) ranks third. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Previous: What Does the Jobs Report Mean for Housing? Next: Repositioning Skills in a Changing REO Environment Sign up for DS News Daily Home / Daily Dose / Building Trust in Servicing Building Trust in Servicing Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

What are the Presidential Candidates’ Views on Housing?

first_imgSubscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Affordable Housing Bernie Sanders Housing Market 2019 presidential candidates Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / What are the Presidential Candidates’ Views on Housing? Affordable Housing Bernie Sanders Housing Market 2019 presidential candidates 2019-09-16 Mike Albanese Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles What are the Presidential Candidates’ Views on Housing?center_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Ten Democratic Presidential hopefuls took the stage at the last Democratic Debate last week, and none mentioned one of the biggest issues facing the nation—the shortage of affordable homes. In a commentary in City Lab, Diane Yentel, President of the National Low Income Housing Coalition, said there is a shortage of 7 million homes affordable and available to the lowest-income renters. She added that rents have grown faster than renters’ incomes over the past two two decades, and more people are renting than ever. Yentel added that the topic’s absence from the debate is alarming due to a recent survey that found 60% of people say housing affordability is a “serious problem” where they live, which up 21 points from 2016. Additionally, more than 60% have made at least one sacrifice in the past three years—cutting back on food, healthcare, or activities for their children—to pay rent. “Eighty-five percent of people in America believe ensuring everyone has a safe, accessible and affordable home should be a top national priority, and 8 in 10 voters want major action from Congress and the White House,” Yentel said in her piece. She added that while 11 candidates have released a plan to address affordable housing, voters want to hear candidates discuss their plans. Of those candidates, Sen. Bernie Sanders (D-Vermont), debuted his $2.5 trillion housing policy over the weekend in Las Vegas, Nevada, according to The New York Times. The Times reports that Sanders’ plan would end homelessness and limiting rent increases across the country by imposing a national rent control standard.Sanders, according to the report, said that over the next decade his plan would extend public policy, increase the availability of affordable housing, and cap annual rent increases at more than one-and-a-half times the rate of inflation or 3%. “We have an affordable housing crisis in Nevada, in Vermont and all over this country that must be addressed,” Sanders told the audience in Las Vegas. “For too long, this is one of those issues that we just don’t talk about.” Sign up for DS News Daily September 16, 2019 921 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post About Author: Mike Albanese Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, News, Secondary Market Previous: These Are the Areas Defying National Foreclosure Trends Next: Equipping Homeowners for Floodslast_img read more