By ERIN FLYNN JAY The cost and availability of home insurance is an issue across the country, and things are likely to get worse as the number and severity of extreme weather events continue to increase. Rick Sharga, president and CEO of CJ Patrick Company, said the challenge of finding affordable insurance – or any insurance…
By ERIN FLYNN JAY Further rate cuts by the Federal Reserve could spur a resurgence in home equity withdrawals. The November ICE Mortgage Monitor Report shows that at the end of Q3 2024, U.S. mortgage holders held $17.2 trillion in equity, of which $11.2 trillion is ‘tappable.’ That means it can be borrowed against with…
By ERIN FLYNN JAY A growing percentage of American homeowners have no mortgage on their property. According to the U.S. Census Bureau, nearly 40% of homes in the country were mortgage-free last year. That means more than 34 million homeowners have fully paid off their mortgage, leaders at the National Association of Home Builders said…
By ERIN FLYNN JAY As mortgage rates rise heading into the holiday season, potential buyers are holding off on home purchases hoping for more favorable conditions in the new year. Officials at Freddie Mac reported Thursday that last week the 30-year fixed-rate mortgage averaged 6.72%, up from 6.54% the week prior. This is the fifth consecutive…
By ERIN FLYNN JAY In most states, homeowners and realtors don’t have to disclose information about a house’s history, including if someone died there, even if it was a murder. This means a house could have a bad reputation, meaning it is a stigmatized property, and it could be sold without the buyer ever knowing….
By ERIN FLYNN JAY There has been an uptick in foreclosure activity this year but industry professionals say the impact on the national housing market will be manageable moving into 2025. Marina Walsh, vice president of industry analysis at the Mortgage Bankers Association, recently told The Mortgage Note that delinquencies increased across all product types….
By ERIN FLYNN JAY The Philadelphia Navy Yard is shaping up to be one of the country’s most successful military base redevelopments. When completed, the Navy Yard will have seen $6 billion in investments to almost nine million square feet of new life science, commercial, residential, retail, and mixed-use development. Designed with residents, workers, and…
By ERIN FLYNN JAY The fallout from a data breach or ransomware attack is devastating for financial institutions. There’s monetary loss, operational disruptions that threaten business continuity, and reputational damage to companies that are victimized by hackers. At the end of June, California-based Patelco Credit Union detected a ransomware attack that involved unauthorized access to…
By ERIN FLYNN JAY As mortgage rates drop, some industry leaders are hopeful that home sales will pick up moving into the fourth quarter, but it looks like 2024 won’t meet expectations. Although applications are ticking up, refinances may be hitting their ceiling, and according to the August economic forecast from the Mortgage Bankers Association,…
By ERIN FLYNN JAY With buyers already taking a “wait-and-see” approach due to high interest rates, low inventory, and an upcoming Presidential election, economists say another factor – the unemployment rate – could affect the housing market moving forward. “Higher unemployment can make individuals and families feel less secure about their personal financial situations, which…
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