Rents have been rising nationwide, squeezing Americans hoping to save for a down payment or to reduce debt. But a new analysis from the Bank of America Institute found that renters in the Sun Belt have felt the worst of it.
Median rent payment growth in Sun Belt cities like Phoenix and Tampa outpaced Western and Northeastern cities by more than 20 percentage points in February, leaders at the Institute said.
Overall, Bank of America customers saw their rents increase by 8% YOY in February.
Growth changed dramatically by geography. Phoenix and Tampa both saw rent costs increase by 26% and 23% YoY respectively in February. These are both record highs.
Cities like Chicago, Washington, D.C., and Boston saw smaller…
By KIMBERLEY HAAS Leaders in the industry are committed to giving back during the holiday season and throughout the year. It was announced earlier this month that Down Payment Resource in Atlanta, Ga., will help a family in Memphis, Tenn., attain their homeownership dreams by donating $10,000 to the Homeownership Council of America’s Equity Down Payment Assistance program. They provide down payment and closing cost assistance for low-to-moderate income and minority first-time homebuyers. Leaders at Down Payment Resource say that is “a mission that aligns with our company’s founding goal of expanding affordable homeownership program awareness, understanding, and participation.” Rob Chrane, founder and CEO of Down Payment Resource, said in a statement for The Mortgage Note that they are supporting the program because…
By CHUCK GREEN Despite a plethora of obstacles, there are prospective buyers chomping at the bit to purchase a home, according to experts. On Wednesday, Zillow Home Loans Senior Economist Matthew Speakman released a statement on mortgage rates dropping after a report on inflation showed that price pressures may finally be easing. “The arrival of weaker-than-expected October Consumer Price Index data was just the sign investors had been waiting for, and markets viewed it as a signal that the Federal Reserve may finally take its foot off the brakes as it determines the path forward for monetary policy,” Speakman said. “Bond yields tumbled as a result and mortgage rates – which had spent the last few weeks oscillating at or…
By CHUCK GREEN Bank of America is launching the Community Affordable Loan Solution, a zero-down payment, zero-closing cost mortgage designed to expand sustainable homeownership opportunities in Black and Hispanic communities. The Community Affordable Loan Solution is a Special Purpose Credit Program that uses credit guidelines based on factors such rent payments, utility bills, phone, and auto insurance payments. It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location, according to a press release. This adds to the company’s existing $15 billion Community Homeownership Commitment. Through this commitment, Bank of America has helped more than 36,000 people and families become homeowners, providing more than $9.5 billion in low down payment loans, and over $350 million…
CrossCountry Mortgage is investing in the future of Hispanic homeownership through a new Spanish mortgage application and a focused Hispanic website. Leaders at the company announced their intentions on Tuesday. CCM is one of America’s largest retail mortgage lenders and has been included nine times on the Inc. 5000 list of America’s fastest-growing private businesses. The company is also a partner of the National Association of Hispanic Real Estate Professionals, a trade association that works towards economic mobility for Hispanics, including homeownership. “Our support for the Hispanic community extends well past translated materials. This is personal,” says CCM Chief Brand Officer Laura Soave. “We have hundreds of Spanish-speaking loan officers with deep roots in the community. We’re partnering with organizations…
Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers geared towards underserved communities. The Community Affordable Loan Solution will roll out in designated markets, including certain Black and Hispanic/Latino neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. It is a Special Purpose Credit Program that operates off of factors like timely rent, utility bill, phone, and car payments. It does not require mortgage insurance and a minimum credit score. Eligibility is based on income and home location. Prospective buyers have to complete a homebuyer certification course from approved counseling partners prior to application. The program is in addition to BoA’s existing Community Homeownership Commitment program, which aims to help 60,000 individuals and…
By ISAIAS PACHECO Leaders at Bank of America announced this week that they have partnered with Liberty Science Center’s SciTech Scity to launch a pilot program that promises to improve the future of high school education. Two New Jersey high schools, James J. Ferris High School in Jersey City and Memorial High School in West New York, have been chosen for the program. It is focused on providing students with the skills and training needed to prepare them for what has been termed the “new collar” jobs in emerging technology fields. In the past two years, a series of massive cyberattacks has exposed the sensitive personal data of millions of Americans. It has cost the federal government, Fortune 500 corporations,…
By KIMBERLEY HAAS Bank of America has granted the Children’s Hospital of Philadelphia’s Center for Health Equity $1 million to launch a program that promises to improve children’s overall health in West Philadelphia. Tyra Bryant-Stephens, MD, Chief Health Equity Officer of the Center for Health Equity and Medical Director of the Community Asthma Prevention Program at Children’s Hospital of Philadelphia, talked in an interview with The Mortgage Note about how residential segregation and economic inequality have left some neighborhoods so run down they are unhealthy for children to grow up in. In West and Southwest Philadelphia, more than one-third of children live below the poverty line, according to a press release. “Because of systematic practices there have been homes that…
By KIMBERLEY HAAS At least four industry leaders will cover the travel expenses for employee abortions after the U.S. Supreme Court overturned Roe v. Wade on Friday. The New York Times named Bank of America, JPMorgan Chase, Wells Fargo, and Zillow in a Tweet on Monday. There were 4,307 Retweets, 705 Quote Tweets, and over 17,300 Likes as of Tuesday morning. The media relations departments at Bank of America and JPMorgan put out press releases about their stress test results on Monday. Bank of America announced plans to increase its quarterly common stock dividend beginning in the third quarter of 2022. “Our responsible growth strategy over the last decade has put us in a strong position to support our clients…
By KIMBERLEY HAAS The CEO of Comey & Shepherd in Cincinnati says there is something to be said for working with realtors and mortgage lenders in person at a time when it seems like more and more of the home buying process can be done from a cell phone. Scott Nelson collects data about what is happening in their market, where the median buyer is 47 years old with a $98,750 annual income. His realtors have been helping people navigate the process of looking for a home through the market’s changes in Ohio, where potential buyers who would use a traditional mortgage are losing out due to a high percentage of cash offers. Nelson estimates that 30% of home purchases…
