RISMEDIA, Monday, March 06, 2017— The pervasive affordable housing shortage is having an especially damaging effect on the ability for low-income renters to secure homes.
According to a recently released report by the National Low Income Housing Coalition (NLIHC), there are only 35 "affordable and available" rental homes for every 100 "extremely low-income" renter households—a total shortage of 7.4 million. The NLIHC defines "extremely low-income" as at or below 30 percent
RISMEDIA, Monday, March 06, 2017— Ben Carson was sworn in as secretary of the Department of Housing and Urban Development (HUD) on Friday, assuming leadership of an agency with over 8,000 employees and a $47 billion budget. Carson was confirmed by the Senate in a party-line vote on Thursday.
"I am immensely grateful and deeply humbled to take on such an important role in service to the American people," said Secretary Carson, a retired neurosurgeon. "Working directly with
RISMEDIA, Monday, March 06, 2017— Consumer confidence bounced back in February after waning in January, posting a 114.8 reading in The Conference Board Consumer Confidence Index®. The Expectations reading of the Index rose to 102.4, while the Present Situation reading rose to 133.4. January's reading was 111.6.
"Consumer confidence increased in February and remains at a 15-year high," said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement
RISMEDIA, Monday, March 06, 2017— Millennials continue to stake the majority claim in housing, with the Ellie Mae Millennial Tracker™ for January showing millennials comprising 84 percent of closed loans, 35 percent of which were FHA loans.
"As the purchase market heats up, we will continue to watch the FHA purchase trend amongst millennials," says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae. "It is not surprising to see millennial borrowers l
RISMEDIA, Monday, March 06, 2017— Home prices in the U.S. hiked to their highest level in more than two years in December, posting a 5.8 percent annual gain, according to the recently released S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Their pace, though substantial, is not "not alarming," says David M. Blitzer, S&P Dow Jones Index Committee chairman and managing director.
"Home prices continue to advance, with the national average rising faster than at
RISMEDIA, Saturday, March 04, 2017— Homeowners seized the opportunity to refinance their mortgages at the end of 2016, locking in interest rates on the uncertainty whether they would rise higher in the new year.
According to ATTOM Data Solutions' Q4 2016 U.S. Residential Property Loan Origination Report, 883,836 refinances totaling $246 billion were originated in the fourth quarter of 2016, a 20 percent increase—and 27 percent increase in dollar volume—from the previous ye
RISMEDIA, Saturday, March 04, 2017— Every industry has increased their mobile efforts, with 71 percent of marketers declaring mobile marketing to be essential to their business. Real estate companies can make great use of mobile marketing to bring in new leads and to maintain customer loyalty.
Tools such as text messaging, mobile apps, social media, video, and online reviews are all accessed on buyers' mobile phones and can be used for real estate marketing strategies. Her
RISMEDIA, Saturday, March 04, 2017— Indicators from all sides affect the housing market. Increasing inflation, in fact, can drive up mortgage rates—but at what pace will it prove harmful?
A recent Outlook from Freddie Mac projects three outcomes for inflation—higher, lower, or stable—and each outcome's effect on housing.
A case of higher inflation would be detrimental to the housing market, according to the Outlook, with both home sales and mortgage originations negativ
RISMEDIA, Saturday, March 04, 2017— Twenty-six million Americans are "credit invisible," or lacking enough credit history to generate a credit score—a factor most lenders use to evaluate loan applications. The Consumer Financial Protection Bureau (CFPB) has begun exploring alternative routes to determine creditworthiness, including cell phone bill and rent payment history, seeking feedback from the public on these and other assessment methods.
"Alternative data from unconv
RISMEDIA, Friday, March 03, 2017— The U.S. Senate issued a final vote Thursday confirming Ben Carson as secretary of the Department of Housing and Urban Development (HUD), 58-41. The party-line approval assigns Carson leadership of the agency, which currently has a budget of $47 billion and more than 8,000 on staff.
The housing industry largely took a wait-and-see approach throughout the confirmation process, embracing the opportunity of a new leader.
"Dr. Carson should