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Home | News

Unemployment Rate Falls in Most States, But Changes Little Overall

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Forty-one states and the District of Columbia experienced month-over-month declines in their unemployment rate, while 43 states and the District of Columbia saw year-over-year decreases in unemployment for November, according to the Regional and State Employment and Unemployment November 2014 report released Friday by the U.S. Bureau of Labor Statistics.

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Survey: Most Investors Would Rather Rent Homes Than Flip Them

flipping-houses

The majority of investors who bought homes at auction last month intend to hold onto them as a source of rental income, according to a report from real estate marketplace Auction.com. Isolating online buyers, Auction.com found a preference in the group toward renting rather than flipping, though responses differed by region: Renting was easily was preferred choice for properties in the Midwest and South, barely edged out flipping in the West, and was less popular than flipping in the Northeast.

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OCC Report Shows Improvement in First-Lien Mortgages for Q3

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The OCC Mortgage Metrics Report, Third Quarter 2014, released Friday by the Office of the Comptroller of the Currency (OCC), showed improvement in the performance of first-lien mortgages serviced by seven national banks and one federal savings association. The report found that out of a portfolio totaling 23.6 million loans with a combined unpaid principal balance of about $4.0 billion (about 46 percent of residential mortgages in the U.S.), the percentage of current and performing mortgages increased both quarter-over-quarter (from 92.9 percent to 93.0 percent) and year-over-year (from 91.4 percent to 93.0 percent) in Q3.

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Foreclosure Deed Filings Continue to Drop in Rhode Island

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Foreclosure deed filings are down in Rhode Island for the third quarter of 2014, according to a report published by HousingWorks RI at Roger Williams University on Thursday. In all, 364 foreclosure deeds were filed in Rhode Island in Q3, down from the 382 filed in Q2 2014, a decline of 5 percent, according to HousingWorks RI. Year-to-date through the end of Q3 2014, however, residential foreclosure deed filings ticked up by 2 percent in the Ocean State from the same period in 2013 from 1,170 to 1,193.

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Fannie Mae Forecasts Economic Growth in 2015 Despite Ending Year On a Low Note

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Fannie Mae's Economic & Strategic Research Group predicts in its December 2014 Economic Outlook that the U.S. economy will strengthen heading into 2015 following an up-and-down 2014 that ended on an unspectacular note. The Group is forecasting full-year growth of 2.1 percent for 2014, a full point below 2013's rate of growth, due to the reverse in the final quarter of some unsustainable forces that boosted the economy in the third quarter. However, the Group is predicting economic growth of 2.7 percent for 2015 based on firming consumer income prospects, rising consumer and business confidence, a broadening housing recovery, and reduced fiscal headwinds.

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Underwater Borrower Rate Drops Below 17 Percent

underwater-five

The number of U.S. homeowners who owe more on their mortgage than their home is worth has fallen off by nearly half in the last two years, but third-quarter data shows millions are still close to slipping back under. By the end of Q3 2015, the company expects negative equity will drop further to a rate of 15.2 percent. While improving trends in home values and foreclosures have helped push more homeowners into positive equity positions, many are still barely afloat, possessing too little equity to realistically afford the cost of selling their home and buying a new one. Because they're essentially locked into their houses, those homeowners are unable to contribute to their local stock of for-sale homes and are stuck in the way of entry-level or move-up buyers.

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