As foreclosures turn former homeowners into renters and new buyers stay on the sidelines, the apartment sector relishes its nascent recovery. Increased demand begat higher occupancy rates and rents, as well as new construction despite lingering headwinds from a sluggish economy.
Homeownership — long considered the quintessential American dream — is at a 13-year low, but apartment growth, which was also hurt with the economic downturn, is seeing a comeback of sorts.
Unlike homebuyers of older generations, Jennifer Oliver and Tyler Flynn never tapped a real estate agent or toured open houses. Instead, they relied on the Internet to find their first home — preferring the tech savvy methods favored by Generation Y.
Internet matching criteria linked them to 901 McCoy Drive in Irving, Texas. It was the one and only house they viewed before buying.
Three-quarters of mortgage assignments issued to and from JPMorgan Chase [stock JPM][/stock], Wells Fargo [stock WFC][/stock] and Bank of America [stock BAC][/stock] during 2010 in Massachusetts are allegedly invalid, according to a mortgage forensics firm that reviewed a sampling of assignments in the Southern Essex Registry of Deeds.
The Department of Housing and Urban Development issued a final rule Wednesday defining the role of a mortgage originator for the purpose of state compliance with federal licensing laws.
A mortgage originator is someone who "acts as a residential mortgage loan originator with respect to financing that is provided in a commercial context and with some degree of habitualness or repetition," according to the HUD rule.
The $8.5 billion Bank of America [stock BAC][/stock] settlement with investors of residential mortgage-backed securities issued by Countrywide Financial Corp., which the banking giant acquired in 2008, will have positive ramifications for both creditors and investors, according to analysts throughout the industry.
The ranks of apartment dwellers have grown as homebuyers lose homes to foreclosure, according to property managers.
TransUnion surveyed more than 1,100 property managers across the country in early June to identify trends in the rental space. The credit reporting agency polled about 1,000 small property managers with 200 units or less and 167 large property managers with more than 200 units.
Prospects in the housing market remain glum as the weaker then expected spring buying season pushes prices and transaction counts down.
In April, home prices deteriorated 5.1% compared the same month of 2010 when the first-time homebuyer tax credit was in place, according to RadarLogic's RPX Housing Market Report released Thursday. RadarLogic reported price declines in all 25 metropolitan statistical areas that it tracks, with Boston experiencing the largest drop of 21.8% compared to April 2010.
Recent data shows the percentage of strategic defaults is on the decline, but still account for nearly one-fifth of serious mortgage delinquencies. Furthermore, the share of strategic defaulters in the jumbo mortgage space is actually growing.
Demand for architectural design fell to a new yearly low in May. The Architecture Billings Index, which indicates construction volume, decreased slightly to 47.2 last month from 47.6 in April, according to American Institute of Architects data released Thursday.
Securities brokerage firm Morgan Keegan & Co. and investment manager Morgan Asset Management agreed to a $200 million settlement with the Securities and Exchange Commission Wednesday to settle fraud charges related to the valuation of subprime mortgage-backed securities.
Former employees James Kelsoe and Joseph Weller also agreed to settle with the regulator and pay additional fines of $500,000 and $50,000, respectively, for their actions in the fraud scheme.
HUD’s objectives are sometimes distributed by factors ranging from politics, socio-economic disparities and even natural disasters. When American homeowners fall victim to any of these elements, HUD is not only there to offer a helping hand, but often serves as the tool that leads to recovery.