Housing Permits Soar Highest Since September 2008

first_imgHousing Permits Soar Highest Since September 2008 in Data, Government, Origination Agents & Brokers Attorneys & Title Companies Census Bureau Department of Commerce Homebuilders Housing Affordability Housing Permits Housing Starts Investors Lenders & Servicers National Association of Home Builders Processing Residential Construction Service Providers 2012-06-19 Mark Lieberman Sharecenter_img Housing permits soared in May to their highest level since September 2008, surging 7.9 percent to 780,000, the “”Census Bureau””:http://www.census.gov/ and “”HUD””:http://portal.hud.gov/hudportal/HUD reported jointly Tuesday, but housing starts dropped 4.8 percent to 708,000, giving back all of April’s gains.[IMAGE]At the same time, permits for April were revised upward to 723,000 from the originally reported 715,000. April housing starts were also revised to 744,000, up from the originally reported 717,000.Economists surveyed by Bloomberg expected increases in both areas, with 736,000 permits and 720,000 starts.Total housing completions fell to 598,000, a 10.3 percent drop, the first decline in four months. April completions were revised up to 667,000 from the originally reported 651,000.Multifamily (five or more units) activity accounted for most of [COLUMN_BREAK]the increase in permits, 40,000 of the reported 57,000 increase in May. Multifamily starts fell 57,000, more than the total 36,000 decline as single family starts increased.Of the housing completions, builders completed 458,000 single-family homes in May, a 6.3 percent drop from the 489,000 completed in April (unchanged from the initial report), compared with the 343,000 new home sales reported for April. Even with the month-over-month drop, total starts in May were up 28.5 percent from May 2011 and permits were up 25.0 percent from the year’s earlier activity. Total completions were up 10.1 percent from last year.The census data covered the same month for which the “”National Association of Home Builders””:http://www.nahb.com/ reported builder confidence ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô measured by the Housing Market Index ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô rose to 28 (out of 100) from 24. Any HMI reading below 50 is considered to signal a contraction. Builder confidence for June as reported Monday by NAHB.Permits rose in three of the four Census regions, falling only in the Northeast, down to 81,000 from 88,000 in April. But permits soared to 399,000 in the South from 359,000 in April. In the West permits jumped to 179,000 in May from 162,000 in April while in the Midwest permits rose to 121,000 from 114,000 in April.Starts rose sharply in the West to 167,000 from 146,000 in April but fell in the three other Census regions, falling to 367,000 in May from 391,000 in April in the South, dropping to 111,000 in May from 128,000 in the Midwest and slipping to 63,000 in May from 79,000 in April in the Northeast. June 19, 2012 438 Views last_img read more

Trulia Goes Live With Public Offering

first_img Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Service Providers U.S. Securities & Exchange Commission 2012-08-17 Ryan Schuette August 17, 2012 422 Views in Data, Origination, Servicing “”Trulia””:http://www.trulia.com/ announced Friday that it filed an initial public offering, with major banks and financial institutions lining up behind the move.The real estate website opened up shares of common stock by filing registration papers with the “”Securities and Exchange Commission””:http://www.sec.gov/.According to a release, Deutsche Bank Securities and JPMorgan Securities will jointly serve as book-running managers for the offering, with Capital Markets, Needham & Company, and William Blair assuming roles as co-managers.[COLUMN_BREAK][IMAGE]center_img Trulia Goes Live With Public Offering Sharelast_img read more

Annual Home Value Appreciation Reaches 6 in July

first_img Share Agents & Brokers Attorneys & Title Companies Home Prices Home Values Investors Lenders & Servicers Processing Service Providers Zillow 2013-08-20 Tory Barringer in Data, Government, Origination, Secondary Market, Servicing Annual Home Value Appreciation Reaches 6% in Julycenter_img August 20, 2013 406 Views Annual home value appreciation hit the 6 percent mark for the first time in nearly seven years in July, according to “”Zillow’s””:http://www.zillow.com/ Real Estate Market Reports for the month.[IMAGE]The Zillow Home Value Index reached $161,600 in July, up 0.4 percent from June and an even 6.0 percent from July 2012. July marked the 14th straight month of annual home value gains.””After three straight months of annual home value appreciation above 5 percent, the U.S. housing market recovery has proven it is on very sound footing,”” said Zillow chief economist Dr. Stan Humphries. “”We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act.”” Despite these strides, however, Humphries noted that this is no time for policymakers and industry professionals to rest on their laurels.””It may be tempting to look at how the market is currently performing and think that tackling GSE reform and other large issues is no longer necessary. But while we can afford to turn away from the recent past, we cannot afford to forget it, and simply ignoring these problems only dooms us to repeat them,”” he said. “”How we handle these all-important policy debates will be critical in keeping the housing market on sound footing for years to come.””Of the 393 metros tracked in July, 289 (73.5 percent) reported month-over-month price appreciation, and 303 (77.1 percent) showed annual appreciation. All 30 of the largest metro areas registered both monthly and yearly appreciation, and all “”have hit their bottom and are expected to show appreciation in the next 12 months,”” Zillow said.Metros with the largest annual increases in July included Sacramento (33.1 percent), Las Vegas (30.8 percent), and San Francisco (27.8 percent).For the 12-month period ending July 2014, national home values are forecast to rise another 4.8 percent to approximately $169,308, according to the Zillow Home Value Forecast. Of the largest metro areas, Sacramento, Riverside, and San Francisco are expected to show the most appreciation over the next year.last_img read more

Hunoval Law Founder Appointed to NC State Banking Commission

first_imgHunoval Law Founder Appointed to NC State Banking Commission Matt Hunoval, founder of the Charlotte-based Hunoval Law firm, has been appointed by Governor Pat McCrory to serve as a member of North Carolina’s State Banking Commission. Together with the Office of the Commissioner of Banks, the two bodies regulate North Carolina’s state-chartered commercial banks, savings banks, savings and loan associations, and trust companies.”I’m humbled by the trust and confidence that Governor McCrory has expressed in my appointment to the North Carolina State Banking Commission,” Hunoval said. “I look forward to re-entering public service, serving the people of North Carolina and helping improve the regulatory environment related to an industry that employs many thousands of North Carolinians and contributes nearly $238 billion to the North Carolina economy.”The groups also regulates various financial institutions operating in North Carolina, including consumer finance companies and mortgage lenders and brokers.The commission consists of the State Treasurer and 14 appointed members.  Hunoval’s appointment is effective April 1, 2014. Share Hunoval Law Firm Movers & Shakers 2014-04-15 Colin Robinscenter_img April 15, 2014 481 Views in Government, Headlines, Newslast_img read more

Forecast Calls for Small Bump in January ExistingHome Sales

first_img Auction.com Demand Existing-Home Sales Forecast 2015-01-26 Tory Barringer Share in Daily Dose, Data, Featured, News An early forecast of existing-home sales projects a minor bump in transaction activity this month following December’s modest gain.Based on company transactional data and Google search activity, Auction.com predicted Monday that existing-home sales in January will come in at a seasonally adjusted annual rate of 5.06 million, just slightly above the National Association of Realtors’ (NAR) December estimate of 5.04 million. The company’s range of predictions includes a lower forecast of 4.90 million annual sales and an upper forecast of 5.21 million sales.”There’s nothing pointing towards a quantum leap in January home sales,” said Rick Sharga, EVP for Auction.com. “Demand continues to be tepid, reflected by the relatively weak search activity that we’re tracking in Google Trends data. And inventory levels of available homes continue to fall, which means that even if demand picks up, there might not be enough homes to meet it.”In its latest look at resale data, NAR reported that the stock of available existing homes for sale was around 1.85 million in December, putting the national supply at 4.4 months at the current sales rate.Also challenging the housing market right now are stringent credit conditions, stagnant wages, and “lingering wariness about homeownership benefits,” said Auction.com’s chief economist, Peter Muoio.Oil-producing states also have their own problems to contend with prices per barrel on the decline.”White-hot sales growth in Texas has well outpaced U.S. existing home sales growth over the past three years, pushing the Texas share of U.S. existing home sales up to a near-record 6.2 percent,” Muoio said. “Low oil will cool the Texas economy and likely with it home sales within the state, exerting a drag on U.S. sales in 2015.”center_img Forecast Calls for Small Bump in January Existing-Home Sales January 26, 2015 486 Views last_img read more

Congressman Calls for Regulatory Transparency from the CFPB

first_img U.S. Rep. French Hill (R-Arkansas) said Monday that the Consumer Financial Protection Bureau (CFPB) needs to do a lot more to ensure the industry understand the new TRID-compliant ‘Know Before You Owe’ rules before they take effect. Specifically, Hill wants to make sure that the Bureau clears up confusing language regarding insurance fees in the mortgage process.Hill, addressing more than 250 attendees during Monday’s Federal Conference & Lobby Day, urged CFPB to correct “the inaccurate disclosure of title insurance fees when policies are issued simultaneously.” Because of the regulation, Hill said, consumers in over half of the United States receive confusing information about their title insurance costs on the new mortgage disclosures.“Informal guidance is of no value,” he said. “The lack of formal direction from the CFPB has resulted in uncertainty on how to interpret the rules. We need transparency so we can ensure consumers receive the peace of mind they deserve when buying a home or refinancing a mortgage. The CFPB needs to make sure it provides the detail before going retail with Know Before You Owe.”October 3 marks the day when CFPB will require mortgage servicers to provide a five-page closing disclosure document to all borrowers, and to make sure that those borrowers know what they’re getting into before their mortgages formally close.The proactive news is that most mortgagees are already giving clients these kinds of documents, well ahead of schedule. In fact, a recent survey by the American Land Title Association (ALTA) found that 92 percent of borrowers are reviewing their closing documents ahead of time and are being counseled by servicers in the process.Still, more formal leadership from the feds is key, according to Hill. Last year, Hill, House Financial Services Committee leadership, and industry representatives cautioned CFPB that Know Before You Owe could have unintended negative consequences on homebuyers unless there is clearer guidance and language geared towards helping the general public.For its part, ALTA is delighted that Hill is taking such forward action on the matter. Michelle Korsmo, ALTA’s chief executive officer, said that her company’s primary goal for the Know Before You Owe rules come into formal play is “ensuring consumers receive clear information about their title insurance costs on mortgage disclosures.”She added that the current mortgage closing disclosure calculation is “inconsistent with the Bureau’s mission to inform consumers about the true costs of their real estate transaction.” We are thankful for Rep. Hill’s commitment to push the Bureau to provide more clarity on TRID to make sure the rule is transparent, practical, and accurate.” Congressman Calls for Regulatory Transparency from the CFPB May 17, 2016 501 Views in Daily Dose, Government, Headlines, Newscenter_img CFPB Congressman French Hill Regulation Title Insurance TRID 2016-05-17 Scott_Morgan Sharelast_img read more

Uncertainty Tempers Economic and Housing Forecast

first_img in Daily Dose, Data, Featured, News Uncertainty Tempers Economic and Housing Forecast January 20, 2017 642 Views The U.S. economy is projected to grow 2 percent in 2017, according to the January 2017 Economic and Housing Outlook from Fannie Mae, though that could change as the new administration’s policies become more clear.The Outlook, released by the Fannie Mae Economic & Strategic Research Group, noted that improved consumer spending in Q3 of 2016 drove the growth rate up slightly from previous forecasts. A friendlier labor market and increasing household wealth may also boost the rate as the year goes on.However, according to Fannie Mae, the lack of clarity on the new administration’s economic policies make the currently predicted growth rate subject to change.“Despite a strong year-end performance by the stock market and a post-election jump in confidence among consumers and businesses,” Fannie Mae’s release stated, “limited information on the new administration’s potential economic policies led to a conservative 2017 growth projects of 2 percent.”In addition to an improvement in the overall economy, Fannie Mae expects fixed business investments to increase, too—especially in the equipment sector. Government spending and inventory investment should also improve growth, the release stated.Mortgage rates have already begun to see change, jumping to an average of 4.3 percent in Q4 of 2016. They could continue to rise as 2017 goes on.“There is risk that rates could rise faster and higher than forecasted, but the impact on housing could be offset by strengthened income growth,” the release stated.Despite the rising rates, Fannie Mae still expects the housing market to continue its upward climb since the recession.“We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”Ultimately, the growth of the economy depends largely on the policies yet to be put in place by President Trump and his administration. Only time will tell what those are and how their impact will be felt.“Policy changes under the new administration—in its nature, sequencing, and magnitude—will determine the direction of economic growth in 2017,” said Fannie Mae Chief Economist Doug Duncan. “Incoming data suggest improving consumer spending, diminished labor market slack, and advancements in wages, but until we can more clearly read the political tea leaves, it’s difficult to say whether this late-cycle expansion will continue into its eighth year. Thus our theme for the year: ‘Will policy changes extend the expansion?’ If stimulus policy is enacted, it would likely add to growth but ‘could also be offset by potential tightened trade policy given the already historically strong dollar.”Click here to read the full Outlook report.center_img Economic and Housing Outlook Fannie Mae 2017-01-20 Seth Welborn Sharelast_img read more

Stern Eisenberg Expands Team

first_img Share in Daily Dose, Headlines, News, Servicing February 11, 2018 680 Views Stern & Eisenberg, a regional law firm servicing ten states and the District of Columbia with a team of over 50 attorneys and 200 staff announced the hiring of Elizabeth Potter in the role of Business Development Director and the promotion of Angela Wilson to the role of Client Relations Manager.Potter and Wilson will serve critical functions in the firm’s expanded Value Department, headed by Chief Value Officer Kathy Brady. Potter, who recently served as SVP of Business Development and Member Relations for the American Legal & Financial Network (ALFN), a national, legal-based trade association in the mortgage default industry, will spearhead the firm’s business development across all practices, business lines, and regions stretching from New York to Georgia.“We’re thrilled with the team we have in place,” said Brady. “Liz is an industry veteran and has seamlessly stepped into her role representing the firm and we’re excited about the business opportunities she will help us cultivate.”Brady continued, “Our existing clients are in great hands with Angela [Wilson]. She’s worked in several roles within the firm and is well versed in the issues and pain points of our clients and I know she’ll be able to swiftly and effectively manage the day-to-day needs of our clients in the hands-on and high-touch way they’ve come to expect from Stern & Eisenberg.”Wilson in her new role will lead and handle client relations issues and escalations, drive client strategies that continuously improve firm efficiencies, education and communication efforts for existing clients.center_img Stern & Eisenberg Expands Team HOUSING MCrowd mortgage stern & Eisenberg 2018-02-11 Nicole Caspersonlast_img read more

Argentina leads the way in organic pome fruit expo

first_img Argentina leads the way in organic pome fruit expo … Chile’s apple exporters have expressed concern that the heatwave experienced in the central valley over recent weeks could affect the fruit’s condition and post-harvest life.However, overall they are expecting a fairly similar season to last year with a slight increase in production and exportsSome of the hottest weather on record has scorched large areas of Chile recently and could lead to sunburn and shorter storage life, according to industry sources.Ricardo Gatti, manager of pome fruit and cherries at Unifrutti, said the company would start to harvest around weeks 7 or 8.“We’ll have to see what happens until then because we are seeing some very high temperatures and we might have issues with the condition of the fruit,” he said. The heatwave could lead to a lower proportion of fruit reaching export quality standards, he said.Raimundo Costa, general manager of San Clemente, said storage life may be an issue for Chilean apples in 2019.However, they both said that expectations were for around a 10% year-on-year increase in production this year and highlighted there would be larger volumes of newer varieties.Rodrigo Durán, commercial manager of David Del Curto, said his company was forecasting a rise in volumes of Ambrosia apples, which he said have been very successful in various markets.Gatti said that Unifrutti was also expecting larger volumes of newer varieties – as young orchards continue to mature – which he expected would drive a 10% overall rise in the company’s volumes. You might also be interested in Pink Lady apples “maintained good performance” in … center_img U.S.: Fire at Washington warehouse causes US$8M in … February 14 , 2019 Golden Bay Fruit creates “One of a Kind” show … last_img read more

The celebrations for APT Travel Groups 90 Years

first_imgThe celebrations for APT Travel Group’s ‘90 Years of Unforgettable’ continue, with the group hosting a ‘glittering event’ for VIP agents and industry.Representatives from APT Travel Group’s Diamond and Platinum VIP agencies, as well as industry and media partners, will be invited to the special gala at Melbourne’s Regent Plaza Ballroom in March. The event, which will include the presentation of awards to top performing agents for 2016, is an acknowledgment of the Group’s loyal partners and a way of saying thank you for their support. Executive general manager global marketing & sales Debra Fox said the event would recognise the important role that agents and industry partners have played in the group’s story.“Our gala event will acknowledge the agency and industry partners who support us by building valuable relationships with guests, and by believing in our ability to deliver on our promise to delight the customer.”Image: A previous APT event APT Travel Grouplast_img read more