You Can Get A Mortgage At Walmart

By KIMBERLEY HAAS Leaders at Lenders One Cooperative are planning to open branch locations at select Walmart stores in seven states. The company, established in 2000, is a national alliance of independent mortgage bankers, banks, and credit unions managed by a subsidiary of Altisource Portfolio Solutions. President Justin Demola said in a recent interview with The Mortgage Note that opening branches inside Walmart stores makes sense for their members and customers who will have access to lending services in the same place they shop. “Walmart is an interesting opportunity for us and our members,” Demola said. “The timing has lined up nicely. This project started almost two years ago when the mortgage market was buzzing. Interest rates were super low…

New Jersey, Illinois, And California Have Most Markets At Risk For Declines

As the housing cooldown continues, New Jersey, Illinois, and inland California have the highest concentration of at-risk markets, according to a new report from ATTOM. The Special Housing Risk Report spotlights county-level housing markets that are more or less vulnerable to declines, based on affordability, unemployment, and other measures from Q2 2022. The largest clusters of at-risk markets are around the NYC and Chicago metros, while Southern and midwestern starts have the least at-risk markets. The top 50 at-risk markets include nine in and around New York City, six in the Chicago metro area, and 13 throughout the entirety of California. The rest are spread throughout the country, with three around Philadelphia. These counties have elevated levels of unaffordable housing,…

Foreclosures In New Jersey: $10 Million Set Aside To Help

By KIMBERLEY HAAS State officials in New Jersey will use $10 million in federal funding to purchase mortgage notes of homes on the verge of foreclosure to stem the loss of single-family houses to rental property investment firms. When Governor Phil Murphy made the announcement, officials said his administration anticipates using the funding from the American Rescue Plan Act of 2021 to purchase non-performing mortgage notes from the FHA prior to foreclosure proceedings. If the homeowner still lives at the property, efforts will be made to assist them. If the property has been abandoned, steps will be taken to obtain the title. The property will be rehabilitated and put back on the market, according to a press release. New Jersey’s…

Rental Rates Up By More Than 15%, Adding To Inflation

By KIMBERLEY HAAS Monthly asking rates for rentals increased an estimated 15.2% year-over-year in January, and some economists say this is accounting for a significant portion of recent inflation. Redfin is reporting that last month the average asking rent was $1,891, which is the largest annual jump since at least February of 2020. The national median monthly mortgage payment for homebuyers climbed by 25% year-over-year to $1,595. That is also the biggest increase in Redfin’s records. Redfin Chief Economist Daryl Fairweather noted that rising mortgage rates are shrinking more Americans out of the for-sale market, which will likely put increasing pressure on rents this year. “Moving right now is expensive, whether you’re renting or buying,” Fairweather said. “One of the only…

New Jersey Homeowners Can Apply For Up To $35K In Mortgage Assistance

By KIMBERLEY HAAS Eligible homeowners in New Jersey can receive up to $35,000 to help protect themselves against foreclosures. Officials at the New Jersey Housing and Mortgage Finance Agency have opened an application portal for the Emergency Rescue Mortgage Assistance program. The money, which comes in the form of a three-year forgivable loan with no interest or payments due, can be used for the following: -Mortgage reinstatement -Escrow shortages -Delinquent property taxes -Municipal or property tax liens -Mortgage payments, including principal, interest, taxes, and homeowner’s insurance To qualify for assistance, a homeowner must: -Own and occupy an eligible one- to four-unit primary residence -Have been current on mortgage and property taxes as of January 2020 -Have experienced a COVID-19 related…

Foreclosures Activity Hits Record Low

ATTOM Data Solution’s Year-End 2021 U.S. Foreclosure Market Report found foreclosure filings dropped 29% from 2020 and were down 95% from a peak of nearly 2.9 million in 2010. It is the lowest level since ATTOM began tracking filings in 2005. Properties with foreclosure filings–default notices, scheduled auctions, and bank repossessions– made up 0.11% of all U.S. housing units, down from 0.16% in 2020. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company.  The report is heartening from a broad view of foreclosure filings in the US. However, it found that filings increased as protections expired, pushing rates closer to pre-pandemic levels. A total of…

Study: Americans Moving To Be Closer To Family

A new study from United Van Lines found Americans moved to lower-density areas to be closer to their families in 2021. The study, which uses data from the migration patterns of United Van Lines customers, found Vermont and South Dakota had the highest inbound migration, at 74% and 69%, respectively. South Carolina (63%), West Virginia (63%), and Florida (62%) also had high inbound migration rates. New Jersey had the highest number of people moving out of the state, at 71%, for the fourth year in a row. Illinois (67%), New York (63%), Connecticut (60%), and California (59%) also saw high outbound migration. Kentucky and Wyoming were among several “balanced” states that saw similar numbers of people moving in and out.…