It has been nearly four years since housing prices bottomed out nationwide. Since then, the fortunes of homeowners and renters alike have been mixed across a wide spectrum depending on where they live, according to a report by Trulia on Wednesday. Recovery in housing markets across the country has varied widely when other factors enter the equation, such as how much economic growth the area has seen, particularly in employment and wages, and how much housing prices have appreciated. Based on those factors, housing in some metros over the last four years has recovered more quickly while it has recovered more slowly in others.
While cities hit hardest by the recession such as Las Vegas, Detroit, and Sarasota, Florida, have not been favorable for either owners or renters since 2012, places like the San Francisco Bay Area, Denver, Seattle, and Houston have been great cities in which to buy a home in that time due to consistently strong labor market fundamentals. These cities have surprisingly become good places to rent relative to other cities despite rising rents since 2012 due to strong job and wage growth.
JPMorgan Chase has announced that Mike Weinbach has been named the new CEO of the bank’s Mortgage Banking Division. Weinbach has been with Chase for 12 years and has served in various positions such as sales, consumer banking, and large business roles. For the past two years, he has been the head of Chase’s Mortgage Servicing Division. He will be replacing Kevin Watters as CEO of the Mortgage Banking Division. Watters will be new CEO of Chase’s Card Services.