Linking ≠ endorsement. Enjoy and share:
- Video: Can the mortgage market crash again?
CNBC’s Diana Olick looks back at the collapse of the housing market five years ago and whether it could happen again.
Read the source article … https://www.cnbc.com/id/101036630
- Puerto Rico is living an impoverished debt nightmare reminiscent of southern Europe or Detroit – Quartz
Did you know?
Puerto Rico’s poverty rate hit 44.9%, according to new data released today [Sept. 19, 2013] by the US Census Bureau — that’s nearly double the poverty rate in Mississippi, the most impoverished of the fifty states. It’s the latest in a string of bad economic news for the self-governing US territory.
It’s worse than we thought.
Read the source article … https://qz.com/125654/puerto-rico-is-living-an-impoverished-debt-nightmare-reminiscent-of-southern-europe-or-detroit/
- The Buyer’s Market in Housing Is Over | The Exchange – Yahoo Finance
This is pre-taper delay, but it’s worth reading and considering.
The latest sign that the buyer’s market is ending is a convincing improvement in foreclosures. Sales of foreclosed homes now account for about 12% of home sales, according to research firm FNC. That’s down from 17% a year ago and 37% in 2009, the low point of the housing bust. At the current pace, foreclosures will fall back to typical pre-recession levels within a year or so, signaling something like a return to a normal housing market.
Read the source article … https://finance.yahoo.com/blogs/the-exchange/buyer-market-housing-over-195712426.html
… often the private and public sources of financing needed to piece together an affordable rental deal want to see the developer have equity or “skin in the game” before they make the loan or approve the government financing. That’s tough to do because even large nonprofit owners and developers of rental housing operate at very thin margins on existing projects that leave little room for the accumulation of excess capital to deploy to new projects.
Read the source article … https://blog.multihousingnews.com/guestblog/guest-blog-the-importance-of-flexible-early-funding-for-affordable-housing-development/
- Pending EU mortgage directive almost put a stop to buy-to-let [rent] | Mail Online
Early drafts of new mortgage rules currently being approved by the European Union would have banned buy-to-let [known in the US as buy-to-rent] loans completely and were only reversed after lobbying by UK landlords.
The National Landlords Association said the original draft of the EU mortgage directive, which aims to create a single regulatory framework to govern all mortgages within the EU, would have halted the current booming buy-to-let market.
It says that in constructing the directive, the EU Commission didn’t take into account the nuances of unusual mortgage products such as buy-to-let that only exist in Britain and Ireland.
Read the source article … https://www.dailymail.co.uk/money/mortgageshome/article-2424376/Pending-EU-mortgage-directive-stop-buy-let.html
Ordinarily, these developments help many more homebuyers take out mortgages, but only the richest Americans will likely benefit, says David Stevens, CEO of the Mortgage Bankers Association, which tracks trends in mortgage applications. Banks may be making it a bit easier for borrowers as the housing market recovers, lifting restrictions put in place after the worst housing market bust since the Great Depression, but that won’t necessarily spawn many more mortgages for home purchases.
Credit is loosening for wealthier borrowers who put substantial down payments on their homes. But the average borrower, particularly first-time buyers who generally have less to put down, will continue having a tough time taking out a mortgage.
Read the source article … https://finance.fortune.cnn.com/2013/09/13/lending-mortgages-banks/