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News Clips

NCSHA, Thursday, October 30, 2014
(RECAP: A report released earlier this week by Standard and Poor's Rating Services (S&P) finds that State HFA single-family whole loan delinquencies declined again in the second quarter of 2014 to their lowest level since the third quarter of 2009. The report, which examined 32 HFA single-family whole loan bond programs (and the program run by the California Department of Veterans Affairs), predicts that state HFA loan performance will continue to perform strongly enough so as to not risk a ratings downgrade for any HFAs.)
The Wall Street Journal , Thursday, October 30, 2014
(RECAP: A Wall Street Journal article in September described how Janet Yellen was establishing herself as a consensus building leader of the Federal Reserve, rather than the pushy dove always in favor of easy money policies that some expected. A quick examination of dissent patterns at Fed policy meetings underscores this point. Ms. Yellen is proving herself willing to displease both doves who want more easy money and hawks who want less.)
National Mortgage News , Thursday, October 30, 2014
(RECAP: The new product, known as Auction.com Real Estate Nowcast, based on Google Trends information and other data, predicts that existing homes will sell at an annual pace of 5.18 million in October, according to a statement today. That estimate is ready about four weeks before the National Association of Realtors reports its seasonally adjusted annual sales rate, which was 5.17 million last month and 5.13 million in October 2013. Real estate information companies such as Auction.com, Zillow Inc., CoreLogic Inc. and RealtyTrac are jockeying to harness technology to give individual and professional consumers a market edge.)
The Virginian-Pilot, Thursday, October 30, 2014
(RECAP: The pernicious effects of homelessness can be difficult to quantify, but the State of the Region report released this month by Old Dominion University offers a sobering estimate of public costs for one often-overlooked group: children without a place to call home. South Hampton Roads' five cities collectively spend an estimated $31 million each year due, in full or in part, to a lack of stable housing for the region's young and vulnerable.)
CNN, Wednesday, October 29, 2014
(RECAP: In cities across the United States, millions of people will be kicked out of their homes this year. Some can't afford their soaring rent, others are getting evicted over minor violations by landlords eager to get higher paying tenants in place. Rents have risen 7% in the past year, while incomes have inched just 1.8% higher -- making it that much harder for people to afford their housing payments. In fact, the average renter now spends 30% of their income on rent, up from a longtime average of about 25%.)
CNBC 25, Wednesday, October 29, 2014
(RECAP: After the Fed surprised Wall Street with a somewhat hawkish statement at the conclusion of its two-day meeting, pros were wondering just when Janet Yellen and company will move to raise rates. One of the most followed economists on the Street, Jan Hatzius of Goldman Sachs said Wednesday on CNBC's "Closing Bell" that despite the Fed's more aggressive wording, he's sticking with an earlier forecast calling for a September 2015 rate hike.)
USA Today , Wednesday, October 29, 2014
(RECAP: Despite stock market volatility and global economic troubles, the Federal Reserve on Wednesday agreed to end bond purchases that have supported U.S. economic growth since the 2008 financial crisis, marking a milestone in the five-year-old recovery. At the same time, the Fed pledged to keep its benchmark short-term interest rate near zero for a "considerable time" after the bond buying ends. The Fed did upgrade its view of the labor market but gave no clear signal that it planned to raise its benchmark rate earlier than the mid-2015 time frame previously indicated by Fed policymakers despite the solidly performing U.S. economy.)
Market Watch , Wednesday, October 29, 2014
(RECAP: Homeowners seeking relief through a 2008 bailout program face difficulty when their mortgage changes servicers, a report shows. The report, by the Special Inspector General for the Troubled Asset Relief Program, said homeowners trying to apply for relief under the Home Affordable Modification Program face problems including miscalculation of payments, lost applications, trial modifications not being honored or even foreclosure proceedings.)
The Atlantic , Tuesday, October 28, 2014
(RECAP: The U.S. homeownership rate has fallen to a 19-year low. Why? In 2012, it was observed that young people were turning away from homes and cars, the twin engines of the economy. Two years later, the homeownership rate is still declining for Americans under 35. But there's another cohort turning away from homes even faster—Gen-X. That's right, Americans between 35 and 44 have had the sharpest drop in homeownership since the recession struck, far outpacing the national rate.)
American Banker , Tuesday, October 28, 2014
(RECAP: Housing policy needs to be refocused on strengthening household balance sheets, especially by making borrowers more resilient to home price declines. The new Wealth Building Home Loan developed at the American Enterprise Institute does exactly that. It takes risk out of the financial system by giving borrowers — especially low- and middle-income households — a much safer path to homeownership and financial security than a 30-year mortgage that pays off very slowly, imposing a heavy debt burden for years to come.)
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