Understanding Today’s Connected Borrower

Sign up for this webinar to learn how to transform the borrower journey from transaction to relationship and gain a significant lift in production in today’s digital lending environment.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Should lenders look to non-QM when the refi boom slows?

Angel Oak shared with HW how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown.


People who live in unhappy cities get better housing

Build a better castle to keep the unhappy out?

People stuck in unhappy cities get compensated in the form of better housing, or so says a new study. Although considering that a large portion of New York housing is smaller than a typical Texas family room, it’s not clear what the compensation is for The Big, Unhappy Apple.

The paper — from Harvard professor Edward Glaeser, Vancouver School of Economics professor Joshua Gottlieb and Harvard doctoral student Oren Ziv — has not yet been peer reviewed, with all the caveats that includes. And measuring happiness, to put it mildly, isn’t an exact …

In the 1940s, residents of declining cities were receiving significantly higher incomes — a one standard deviation drop in population growth after 1950 was associated with $222 more in income, or $3,655 in current dollars — about 10% of average income. That, the authors point out, could be because industrial cities declined due to high labor costs.

Looking at the 2000 Census data, however, the authors find that’s no longer the case. Wages are basically uncorrelated — but house prices and rents are. “In 1940, the residents of unhappy, declining places seem to have been compensated with higher incomes. In 2000, the residents of those same cities seem to have been compensated with lower housing costs,” the authors say. An obvious example would be Detroit, which has one of the lowest salaries needed to afford a home.

 There’s also evidence that residents of happy cities pay higher rents — good news, then, to residents of Silicon Valley.


Most Popular Articles

Here it is: A bill to help first-time homebuyers

The newest iteration of a first-time homebuyer tax credit has several significant restrictions. And it’s not a tax credit.

Apr 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please