Delinquencies Rise But Loss Mitigation Efforts Prevent Foreclosure

By KIMBERLEY HAAS Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure. The Mortgage Bankers Association’s National Delinquency Survey was released last week and it showed that delinquencies increased in the third quarter to a rate of 3.62%, up 25 basis points from the second quarter and 17 basis points from a year ago. Marina Walsh, MBA’s vice president of industry analysis, said that despite the increase, later-stage delinquencies – those 90 days or more past due – declined to the lowest level since the first quarter of 2020. “The decline in later-stage delinquencies, along with a foreclosure starts rate of 0.14% – which is well below the historical quarterly average of 0.40% – suggest that distressed…

Guaranteed Rate Insurance Adds Flood Solution

Guaranteed Rate Insurance has developed a solution for homebuyers in high-flood risk areas, the company announced in a press release. Its new private flood insurance API connection allows agents to provide flood quotes in all zones from multiple providers, directly through its CRM platform. Agents need only confirm property details and coverages/deductibles, with the binding process taking just minutes, company leaders said. Flood quotes will be presented alongside homeowners quotes for properties in 48 states and Washington, D.C. “Any agent who does not provide a flood quote is doing a disservice to their customer. Our top priority is to equip our agents with the necessary tools to offer their customers a wide range of coverage options, empowering them to make…

Building For Families: These Cities Are Leading The Way

By ERIN FLYNN JAY As the housing crunch continues throughout the country, some cities are planning for growth when it comes to building homes for average families. Mark Buskuhl, owner of Ninebird Properties, a Texas-based investment firm, said Dallas is one of the fastest-growing cities in the nation and has been a top destination for families looking to relocate. “With its booming job market and affordable cost of living, it’s no surprise that Dallas is planning for growth when it comes to building housing for the average American family,” he said. Buskuhl said the city has implemented initiatives to increase housing options, such as the “GrowSouth” program which focuses on revitalizing and developing housing in southern Dallas. Additionally, the city…

School Of Hard Knocks: Single Teachers Can’t Afford To Live Close To Work

By KIMBERLEY HAAS It is being estimated that the average teacher can afford 12% of homes for sale within commuting distance of their school and just 27% of available rentals in the same area. These numbers come from a Redfin analysis which looked at 2022 median teacher salaries in the 50 most populous U.S. metro areas. Commuting distance was defined as 20 minutes or less during rush hour and affordability was defined as no more than 30% of the metro’s median teacher income. For house sales, a 10% down payment was assumed. In 2019, before the pandemic boom drove up prices, the average teacher could afford 30% of homes for sale within commuting distance of their school. A lack of…

Forecasting The Future: When Will People Start Moving Again?

By KIMBERLEY HAAS Although the market is slow now, there will eventually be a point when homeowners let go of their low interest rates and move. Selma Hepp, chief economist at CoreLogic, said it is just a matter of time. Hepp was speaking during an economic forecast panel at the National Association of Real Estate Editors conference in Las Vegas last week. During her presentation, she said although the housing market varies throughout the country, it has been a disappointing spring season. “Most all markets at this point are showing declines in home sales, but some markets are showing much larger declines in home sales than others,” Hepp said. She said part of the reason for that is homeowners feel…

Spring Is Here: What To Expect This Season

By CHUCK GREEN As the traditional spring homebuying season begins, a lack of inventory, high interest rates, and economic uncertainty due to banking troubles have dominated the news. So what can people expect? Rick Sharga, president and CEO of CJ Patrick Company in California, told The Mortgage Note that it’s “unlikely to be a banner period for home sales. Extremely low inventory of homes for sale coupled with poor affordability are likely to keep sales activity fairly weak, even though seasonal trends usually see sales and prices increase during the spring and summer months.” Although the second quarter is typically the peak season for home sales, that has been disrupted in recent years, noted Sharga. “This seasonal trend didn’t happen…

Sun Belt Success And Stress: One-On-One With Troy Williamson

By KIMBERLEY HAAS Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic. Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue. And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital. In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…

A New Green Space: Can Cannabis Save Retail?

By PATRICK LAVERY In a Hunterdon County, New Jersey, strip mall long characterized by higher-end retailers like Ulta Beauty and Talbots, one trio of newer storefronts may seem incongruous. Start at Axeiom, a women and LGBTQ+-focused axe throwing space, then walk a few steps to Aunt Mary’s, a cannabis dispensary opening first for medical cardholders and eventually for adult-use, and then buy a burrito at Pancheros Mexican Grill. Sounds like an amusing night, right? But this potential scenario may hinge on the future of an industry that has caught the imagination of those who rent retail space and investors interested in making a buck from marijuana. A 3% dropoff compared to the rest of 2022 in Q4 rents collected by…

Are We Moving Toward A Buyer’s Market? Maybe

By CHUCK GREEN As the average mortgage rates decline and markets slow in parts of the country that were red-hot during the pandemic, we at The Mortgage Note decided to ask who is currently in favor during negotiations – the buyer or the seller? It seems that the current consensus on the ground is that there are benefits to being either. Aaron Kozikowski is a loan officer at Ross Mortgage Corporation. The company is headquartered in Troy, Michigan, and serves customers in Michigan, Kentucky, Florida, and Virginia. Kozikowski said “in this market, we’ve been seeing homes sit on the market longer, which allows buyers to take their time instead of having to put in an offer immediately. Sellers are also…

New Planet Home Lending Team In Central FL

Planet Home Lending has a new team in Kissimmee, Florida, the company announced in a press release. Ricardo Maldonado, retail branch manager, will lead a group of ten mortgage loan officers. The team includes several bilingual English/Spanish speakers to better serve the community. Maldonado noted the burden of home prices on regular Floridians. The group will help potential buyers find down payment and closing cost opportunities from the Florida Housing Finance Commission that may help residents buy a home now, rather than saving for years to come. They also offer seller-paid interest rate buydowns that can benefit buyers and homeowners who want to move their property quickly. “Home listing prices had risen 15.6% at the end of 2022 and the…