While it may not be “the best of times and the worst of times” for America’s housing sector, there is definitely a mixed bag of news when it comes to US home foreclosures in the spring of 2017.
Since the end of the Great Recession, America’s lenders have confronted a vastly different financial landscape.
From a multitude of new regulations, greater government oversight, and shifting public attitudes towards both saving and spending, in recent years perhaps the only ‘constant’ for America’s lenders has been ongoing change.
For many Americans, their credit reports are not unlike their insurance policies—they don’t give them much thought, until the day arrives when the quality of their credit report directly affects them.
Still, whether or not it is given much thought, an individual’s credit history is often of enormous importance—and a significant determinant as to whether someone is granted a loan, or even considered to be ‘reliable’ as a potential employee.
Only a few years ago, during the peak of the Great Recession, the US housing sector was “down for the count”, and the sale of any home—new or existing—was a most welcome event for anyone involved in the housing industry.
However, with the housing sector in full recovery in a wide array of markets nationwide, these days an increasing amount of attention is being placed on what can be done to bridge the gap between the number of home re-sales versus the sales of newly built homes.
Continue reading “Obstacles and Opportunities To Increasing New Home Sales”
Almost a decade after the collapse of the American housing market—and the subsequent arrival of the Great Recession—there remains a good deal of ‘collateral damage’ that has yet to be fully repaired by the nation’s economic recovery.
With the arrival of a new Administration in Washington, and expectations running high about forthcoming deregulation of the financial services and lending industries, one of the remaining vestiges of the Great Recession—the absence of the largest banks from the mortgage business—may also soon come to an end.
In 2013, Dr. Ben Carson announced that he would be retiring after a very successful career as a renowned neurosurgeon.
Just over three years later, Carson agreed to put his retirement plans on hold, and enter the tumultuous world of American politics; after his surprise presidential victory, then President-elect Donald Trump—Carson’s former rival for the Republican Party presidential nomination– asked him to join his cabinet as Secretary of Housing & Urban Development (HUD).
In many classic Hollywood western films, one of the most common cliché phrases used to introduce new local lawmakers was frequently “there’s a new sheriff in town.”
With the recent confirmation of Steven Mnuchin as America’s new Secretary of Treasury, the nation’s financial community is scrambling to familiarize itself with its new ‘sheriff’, the man charged with helping shape America’s financial policies and direction for the next four years.
While both the calendar year—and the new Administration—is still in their respective nascent stage, early signs seem to indicate that mortgage credit is becoming more readily available this year.
The economic signposts seem to indicate that after a prolonged period of relatively tight credit, the mortgage credit market may be experiencing an easing.
There is an adage that says that “youth is wasted on the young”; however, recent studies regarding the massive debt incurred by the ‘Millennial Generation’ may make the prospect of being among today’s well-educated youth far less desirable than one might imagine.
During the fourth quarter of last year, US homeownership fell to 63.7 percent; in addition, with a 62.9 percent rate, 2016 also saw the lowest homeownership rate in 50 years during the second quarter of the year. The largest age group to be impacted was, by far, the Millennial homebuyer. Add to that reality the fact that since 2010, homeownership for the Under 35 age group has decreased by 10.8 percent.