Foreclosures | Mortgages | Financing
Moody’s Corp. agreed to pay nearly $864 million to settle claims for its role providing credit ratings for Residential Mortgage-Backed Securities and Collateralized Debt Obligations that contributed to the financial crisis. “Moody’s failed to adhere to its own credit rating standards and fell short on its pledge of transparency in the run-up to the Great Recession,” said Principal Deputy Associate Attorney General Bill Baer. …read more
From:: Real Estate Wire
Right as Washington is about to switch over to a Republican leader after eight years with Pres. Obama at the helm of the nation, the U.S. Treasury communicated its final parting thoughts on reforming the housing finance system. Here’s the final piece of a three-part series on what advice the U.S. Treasury would give on creating the future system. This time around it focuses on an equal playing field for lenders. …read more
From:: Real Estate Wire
Another city in Texas saw a record-setting year for 2016 with its rising home prices, low housing inventory and high demand. While not on national top 10 lists for booming markets, San Antonio could very soon follow in the footsteps of its neighboring cities as markets in Texas continue to heat up. …read more
From:: Real Estate Wire
The federal government has filed a lawsuit against a bank out of Minnesota alleging housing discrimination against minorities.
According to a notice from the Department of Justice’s Office of Public Affairs, a action was filed Friday against KleinBank.
KleinBank allegedly denied residents more in Minneapolis-St. Paul neighborhoods where a majority of residents were minorities.
From:: Financing
Markets in the Midwest and South will take top billing in 2017, setting the stage for a year of moderate home price growth, according to Clear Capital’s recently released Home Data Index (HDI) Market Report. Home prices on a national scale are projected to increase 2.4 percent in the year ahead, while in the South are projected to increase 3.5 percent and in the Midwest, 3.4 percent.
Starring markets in 2017 include Dallas-Fort Worth-Arlington, Texas, No. 1 with 11 percent projected growth; Denver-Aurora, Colo., at 7.3 percent; Nashville-Davidson-Murfreesboro, Tenn., at 7.2 percent; Milwaukee-Waukesha-West Allis, Wis., at 7.1 percent; and Jacksonville, Fla., at 6.6 percent.
The move-up of the Midwest and South will mark an end to the West’s major player-role; according to the report, home prices in the West are projected to increase 1 percent. Affordability, says Clear Capital Vice President of Research and Analytics Alex Villacorta, will also be an issue.
“Affordability will be the name of the game over the course of 2017, as the past few years of relatively impressive price growth have pushed home prices closer to the peak levels of 2006, with several markets reaching above and beyond to all-time highs,” Villacorta says. “The national housing market will continue to grow, albeit markedly slower than in past years, with national home prices moderately increasing to the tune of 2.4 percent; however, Western growth will be greatly limited due to a widespread lack of affordability in almost all of the major markets in the region—a key reason for its tempered growth over the course of 2016.
“Contrastingly, the traditionally lower-priced and more affordable regions of the South and Midwest will set the pace for growth over the next year, while the luxury markets of the Northeast will again struggle to make impressive gains,” says Villacorta. “In combination with affordability concerns already plaguing demand in some markets, the potential for additional interest rate increases over the coming year, as well as any potential market shake-ups due to the new presidential administration, could further jeopardize the housing market’s now moderating recovery. We’ll be on deck throughout the next year monitoring housing markets across the nation, but for now, our models are predicting softer growth for 2017.”
Source: Clear Capital
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The post Setting the Stage: Markets in Midwest, South Take Top Billing in 2017 appeared first on RISMedia.
From:: Finance and Economy
Markets in the Midwest and South will take top billing in 2017, setting the stage for a year of moderate home price growth, according to Clear Capital’s recently released Home Data Index (HDI) Market Report. Home prices on a national scale are projected to increase 2.4 percent in the year ahead, while in the South are projected to increase 3.5 percent and in the Midwest, 3.4 percent.
Starring markets in 2017 include Dallas-Fort Worth-Arlington, Texas, No. 1 with 11 percent projected growth; Denver-Aurora, Colo., at 7.3 percent; Nashville-Davidson-Murfreesboro, Tenn., at 7.2 percent; Milwaukee-Waukesha-West Allis, Wis., at 7.1 percent; and Jacksonville, Fla., at 6.6 percent.
The move-up of the Midwest and South will mark an end to the West’s major player-role; according to the report, home prices in the West are projected to increase 1 percent. Affordability, says Clear Capital Vice President of Research and Analytics Alex Villacorta, will also be an issue.
“Affordability will be the name of the game over the course of 2017, as the past few years of relatively impressive price growth have pushed home prices closer to the peak levels of 2006, with several markets reaching above and beyond to all-time highs,” Villacorta says. “The national housing market will continue to grow, albeit markedly slower than in past years, with national home prices moderately increasing to the tune of 2.4 percent; however, Western growth will be greatly limited due to a widespread lack of affordability in almost all of the major markets in the region—a key reason for its tempered growth over the course of 2016.
“Contrastingly, the traditionally lower-priced and more affordable regions of the South and Midwest will set the pace for growth over the next year, while the luxury markets of the Northeast will again struggle to make impressive gains,” says Villacorta. “In combination with affordability concerns already plaguing demand in some markets, the potential for additional interest rate increases over the coming year, as well as any potential market shake-ups due to the new presidential administration, could further jeopardize the housing market’s now moderating recovery. We’ll be on deck throughout the next year monitoring housing markets across the nation, but for now, our models are predicting softer growth for 2017.”
Source: Clear Capital
For the latest real estate news and trends, bookmark RISMedia.com.
The post Setting the Stage: Markets in Midwest, South Take Top Billing in 2017 appeared first on RISMedia.
From:: Real Estate News
Although Windermere Real Estate President OB Jacobi officially received his real estate license in 1989, he’s been working at the Seattle-based firm since he was a kid.
“My dad started the company in 1972 and he would have me and my sisters answer phones, sweep the sidewalks, clean the office, etc.,” says Jacobi. “After I became licensed, I worked every type of job, from sales to property manager, office manager, franchise owner, and now, executive leadership.”
As president of the company, Jacobi has found the real estate business to be both incredibly challenging, yet rewarding at the same time.
“You constantly have to evolve in order to stay ahead,” he says. “I love the entrepreneurial aspect and the opportunities it provides both our agents and our franchise owners, who treat this like the real profession that it is.”
Reflecting on 2016, Jacobi notes booming markets in cities up and down the West Coast where Windermere has offices, but these markets are also plagued by extremely low inventory levels.
“In Seattle, where we’re headquartered, we’ve increased migration to the area from other parts of the country due to our strong economy and employment opportunities, which have added pressure to our already highly competitive housing market,” says Jacobi. “So, while sales are very strong, inventory is limiting the housing market’s full potential in several of our markets. That being said, our agents are outperforming prior years.”
The average GCI for Windermere’s entire 6,000 agent-network is currently $142,000, an annual increase of 11 percent, and well above the national average.
Jacobi takes great pride in the Windermere culture, and believes its core values—relationships, professionalism, collaboration and community—are what separate the firm from others.
“Every decision we make as an organization is driven by those core values,” says Jacobi. “Something else we often hear from our agents and franchise owners is that we’re a bottom-up company, not top-down,” he adds. “In fact, many of Windermere’s best and most successful ideas for programs and services have come from our agents.”
One example is the firm’s new W Collection, an ultra-luxury program that was recently launched.
“The idea resulted from a group of Seattle-area agents who specialize in the upper-tier luxury market saying that we needed a marketing program for the ultra-high end,” Jacobi says. “We hired an outside consulting firm/agency and spent a year building the W Collection brand with input from our agents every step of the way.”
In terms of training, back in 2011, the firm adopted the Ninja Selling principals and established the Windermere Ninja Installation program. Since then, over 3,500 Windermere agents have completed the program, which teaches agents how to create a sustainable, thriving business in every kind of market, with every kind of client.
“We place a high priority on education, so our Windermere Professional Development division offers a variety of courses designed to educate our agents on every facet of the business and all types of client demographics,” says Jacobi. “We also provide our agents with cutting-edge technology, like our TouchCMA program, to meet the expectations of the growing number …read more
From:: Real Estate News
Although Windermere Real Estate President OB Jacobi officially received his real estate license in 1989, he’s been working at the Seattle-based firm since he was a kid.
“My dad started the company in 1972 and he would have me and my sisters answer phones, sweep the sidewalks, clean the office, etc.,” says Jacobi. “After I became licensed, I worked every type of job, from sales to property manager, office manager, franchise owner, and now, executive leadership.”
As president of the company, Jacobi has found the real estate business to be both incredibly challenging, yet rewarding at the same time.
“You constantly have to evolve in order to stay ahead,” he says. “I love the entrepreneurial aspect and the opportunities it provides both our agents and our franchise owners, who treat this like the real profession that it is.”
Reflecting on 2016, Jacobi notes booming markets in cities up and down the West Coast where Windermere has offices, but these markets are also plagued by extremely low inventory levels.
“In Seattle, where we’re headquartered, we’ve increased migration to the area from other parts of the country due to our strong economy and employment opportunities, which have added pressure to our already highly competitive housing market,” says Jacobi. “So, while sales are very strong, inventory is limiting the housing market’s full potential in several of our markets. That being said, our agents are outperforming prior years.”
The average GCI for Windermere’s entire 6,000 agent-network is currently $142,000, an annual increase of 11 percent, and well above the national average.
Jacobi takes great pride in the Windermere culture, and believes its core values—relationships, professionalism, collaboration and community—are what separate the firm from others.
“Every decision we make as an organization is driven by those core values,” says Jacobi. “Something else we often hear from our agents and franchise owners is that we’re a bottom-up company, not top-down,” he adds. “In fact, many of Windermere’s best and most successful ideas for programs and services have come from our agents.”
One example is the firm’s new W Collection, an ultra-luxury program that was recently launched.
“The idea resulted from a group of Seattle-area agents who specialize in the upper-tier luxury market saying that we needed a marketing program for the ultra-high end,” Jacobi says. “We hired an outside consulting firm/agency and spent a year building the W Collection brand with input from our agents every step of the way.”
In terms of training, back in 2011, the firm adopted the Ninja Selling principals and established the Windermere Ninja Installation program. Since then, over 3,500 Windermere agents have completed the program, which teaches agents how to create a sustainable, thriving business in every kind of market, with every kind of client.
“We place a high priority on education, so our Windermere Professional Development division offers a variety of courses designed to educate our agents on every facet of the business and all types of client demographics,” says Jacobi. “We also provide our agents with cutting-edge technology, like our TouchCMA program, to meet the expectations of the growing number …read more
From:: Real Estate News
Up until this year, the Federal Housing Administration has not reduced annual mortgage insurance premiums since January 2015. But even the 2015 reduction came in a series of increases and reductions that have taken effect since 2010. Before the increase in 2010, there was a long standstill in mortgage insurance premiums, which the Mortgage Bankers Association puts into context in its latest chart of the week. …read more
From:: Real Estate Wire
After a week of losses for Wells Fargo, it announced it will be closing down over 400 branches over the next two years. These cost-saving measures could save the company $2 billion, but this isn’t the first time the bank will close branches after the fake accounts scandal occurred. …read more
From:: Real Estate Wire