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.…
The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA estimates 835,000 homeowners are currently in forbearance plans. Independent mortgage banks saw a 0.34% decline from 2.28% to 1.94%, while depositories saw a 0.5% drop from 2.02% to 1.52%. The share of forborne Fannie and Freddie loans fell to 0.76%, down by 16 basis points, while Ginnie Mae loans fell to 2.10%, down 42 basis points. PLS and portfolio loans in forbearance dropped by 106 basis points to 3.94%. “The share of loans in forbearance in November declined – albeit at a slower pace than October – as borrowers continued to…
By KIMBERLEY HAAS More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. Nick VinZant works for QuoteWizard by LendingTree. He co-authored an article that was published this month which shows that Florida had the highest percentage increase in the nation at 29%. The average rent for a one-bedroom apartment in Florida is about $1,425. Arizona, Georgia, Idaho, Massachusetts, Nevada, New Hampshire, New Mexico, New York, North Carolina, Rhode Island, Tennessee, Utah, and Washington all saw rents increase by more than 20% for one-bedroom apartments in 2021, according…
By Kimberley Haas Veterans throughout the country are being gifted homes or renovations to their existing houses as lenders and other business leaders come together to honor the service and sacrifices of the men and women who served in the U.S. military. On Wednesday, Veterans United Home Loans in Columbia, Mo., announced they are giving away 11 homes to 11 veterans to celebrate Veterans Day. Actor, comedian, and retired United States Marine Officer Rob Riggle has teamed up with Veterans United to be part of the project. “These veterans have continued to live the military value of ‘selfless service’ even after they’ve hung up their uniforms,” Riggle said in a statement. Veterans United is surprising 10 veterans with new houses…
New York Governor Kathy Hochul signed legislation expanding the Community Reinvestment Act (CRA) ‘s anti-redlining requirements to non-depository lenders. The New York Senate delivered the bill to Governor Hochul on Friday. Now that the bill is signed, it will become law in 90 days. The CRA is national legislation enacted in 1977 in response to the redlining of poor and minority communities by banks during the 1960s and 1970s. Several states, including Massachusetts, Illinois, and New York, have their own versions. New York’s largely mirrors the federal law. It mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- and moderate-income neighborhoods. The expansion diverges from federal law, however. A New York…
