REI INK

WORD OF THE DAY: Myopic

  • by
  • Comment Off
  • 698 views

[mī-ˈō-pik] Part of speech: Adjective Definition: Without foresight or imagination; nearsighted Examples of Myopic in a sentence “She tends to take a myopic view of the future, losing sight of the big picture.” “His myopic eyesight left him unable to even read the street signs, let alone obey them.” About Myopic The difference between people who are myopic and farsighted has been known since the time of Aristotle. But it was Johannes Kepler in 1604 who first showed that near-sightedness resulted from light being focused in front of the retina rather than directly on it. Did you Know? As far as words go, myopic is fairly young. It’s only existed since the 1800s.

Read More

PRIVATE LENDING VETERANS LAUNCH MORTGAGE FUND

  • by
  • Comment Off
  • 603 views

Futures Financial (“Futures”), a nationwide real estate private money lender headquartered in Tustin, California, announced its launch led by industry veterans, Kendra Rommel and David Rosenberg, to focus on creating new lending products for real estate investors, brokers, and developers. Backed by a leading wealth management fund with over $650 million in Assets Under Management (“AUM”), Co-founders Rommel and Rosenberg head up the company to deliver concierge-based, quick-to-close solutions for Bridge, Ground-up Construction, and Long-Term mortgage loans for their existing and new relationships. “We recognize what an exciting moment in time this is for real estate borrowers to have a fast, modern-day lending partner designed from the ground up for today’s intricate real estate markets. Futures is born from the mission to inspire, impact, educate, & streamline the lending process.” said Kendra Rommel Co-Founder, Futures Financial. David added, “I couldn’t be more excited to partner with Kendra, and the rest of our quickly growing team at Futures, to bring a modern-day foundation built with integrity, transparency, innovation and personalized solutions to our clients. We have a history of long-standing relationships with our investors to produce solid, risk adjusted returns.” With more than three decades’ combined experience, Rommel and Rosenberg, along with their team, bring deep expertise in asset management, real estate operations and capital markets to the private lending sector. Both Rommel and Rosenberg are well recognized in the industry having led origination teams at Civic Financial Services and Macoy Capital, respectively. For more information, please visit Futures at www.FuturesFinancial.com or investor relations at 424-453-1380 or email Invest@FuturesFinancial.com                 SOURCE Futures Financial

Read More

WORD OF THE DAY: Esoteric

  • by
  • Comment Off
  • 568 views

[e-sə-ˈter-ik] Part of speech: Adjective Definitions: Understood by or meant for only a select few with special knowledge; belonging to a select few; private; confidential Examples of Esoteric in a sentence “I’d hoped the seminar would attract more viewers, but the information was too esoteric for wide appeal.” “Don’t fill your presentation with esoteric details—stick to the big picture.” About Esoteric Esoteric was originally applied to information kept within a certain inner circle, somewhat secretively. While esoteric information may be hard for the general public to understand, it’s no longer considered secret or restricted to a certain subset. Did you Know? The word esoteric originally referred to the secret teachings of Greek philosophers, as opposed to the exoteric, or public ones.

Read More

U.S. FORECLOSURE ACTIVITY SETS POST PANDEMIC HIGHS IN FIRST QUARTER OF 2022

  • by
  • Comment Off
  • 484 views

Foreclosure Starts, Bank Repossessions at Highest Numbers in Two Years, But Still Well Below Normal Levels ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity. “Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s enhanced mortgage servicing guidelines,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.” Foreclosure starts increase in all 50 states A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts). Those major metros that had the greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts). Highest foreclosure rates in Illinois, New Jersey and Ohio Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units). Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2022 were Cleveland, Ohio (one in every 535 housing units); Atlantic City, New Jersey (one in 600); Jacksonville, North Carolina (one in 633); Rockford, Illinois (one in 634); and Columbia, South Carolina (one in 672). Other major metros with a population of at least 1 million and foreclosure rates in the top 20 highest nationwide, included Cleveland, Ohio at No.1, Chicago, Illinois at No. 6, Detroit, Michigan at No. 10, Las Vegas, Nevada at No. 13, and Jacksonville, Florida at No. 16. Bank repossessions increase 41 percent from last quarter Lenders repossessed 11,824 U.S. properties through foreclosure (REO) in Q1 2022, up 41 percent from the previous quarter and up 160 percent from a year ago. Those states that had the greatest number of REOs in Q1 2022 were Michigan (1,592 REOs); Illinois (1,288 REOs); Florida (673 REOs); California (655 REOs); and Pennsylvania (639 REOs). Average time to foreclose decreases 3 percent from previous quarter Properties foreclosed in Q1 2022 had been in the foreclosure process an average of 917 days, down slightly from 941 days in the previous quarter and down 1 percent from 930 days in Q1 2021. States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2022 were Montana (133 days); Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); and Minnesota (228 days). March 2022 Foreclosure Activity High-Level Takeaways “March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country,” Sharga added. “It’s likely that we’ll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won’t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse.” Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing. States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing); New Jersey (one in every 2,022 housing units); South Carolina (one in every 2,299 housing units); Delaware (one in every 2,579 housing units); and Ohio (one in every 2,604 housing units). 22,360 U.S. properties started the foreclosure process in March 2022, up 35 percent from the previous month and up 248 percent from March 2021. Lenders completed the foreclosure process on 4,406 U.S. properties in March 2022, up 67 percent from the previous month and up 180 percent from March 2021. Interested in finding out more about pre-foreclosure and foreclosure data? Contact ATTOM for Foreclosure Data Licensing Details. Visit RealtyTrac.com for Foreclosure Search and Listings.

Read More

WORD OF THE DAY: Hermitage

  • by
  • Comment Off
  • 752 views

[HER-mih-tij] Part of speech: Noun Origin: Greek, 14th century Definitions: A secluded residence; the home of a hermit Examples of Hermitage in a sentence “We bought our lake home with five acres of land because we needed a hermitage to escape to. “ “While walking through the woods, the kids discovered a hermitage that seemed abandoned.” About Hermitage Hermit, one who lives in seclusion, plus the suffix “-age,” meaning place of living or business, gives you hermitage. While you can use it quite literally to describe the home of a hermit, it is also used to describe a retreat or hideaway. You can also apply it to describe a religious dwelling, such as a monastery. Did you Know? Yes, hermitage means an isolated or secluded residence, but it’s such a great sounding word that it’s been adopted as the name of many towns and villages. You can visit Hermitage in England (in Dorset and Berkshire!), Scotland, Arkansas, California, Louisiana, Missouri, Pennsylvania, Tennessee, and even the U.S. Virgin Islands.

Read More

Redfin Reports Nearly One-Third of Homeowners Have a Mortgage Rate Far Below Today’s Level, Prompting Some to Stay Put

  • by
  • Comment Off
  • 568 views

With mortgage rates surging, some homeowners who would otherwise be selling are staying put, as moving could mean losing their ultra-low rate and getting stuck with a heftier housing bill About half (51%) of U.S. homeowners with mortgages have a mortgage rate under 4%—substantially below today’s level of 5%, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. About one-third (32%) of all homeowners—including those without mortgages—have a mortgage rate under 4%. With rates now at their highest level in over a decade, many of these homeowners may be incentivized to stay put because selling their home and buying another could mean giving up their ultra-low mortgage rate and increasing their monthly housing bill. This may be contributing to a decline in home listings. Mortgage rates have surged as the government seeks to combat inflation. The average 30-year fixed mortgage rate hit 5% for the first time since 2011 during the week ending April 14, up from a record low of 2.65% in January 2021. That has helped push the typical homebuyer’s monthly mortgage payment to a record high of $2,288, up 35% from about a year ago. Redfin economists are watching closely to see whether the rise in mortgage rates has a measurable impact on housing supply, which is already at historically low levels. New listings fell 7% year over year during the four weeks ending April 10. By comparison, they were only down 1% at the end of February, before mortgage rates skyrocketed. “Higher mortgage rates may already be putting a damper on home listings, but they’re also curbing the insatiable homebuyer demand for those listings,” Redfin Deputy Chief Economist Taylor Marr said. “That slowdown in demand may cause homes to stay on the market longer, in effect giving buyers more options to choose from. Overall, that could mean housing inventory actually gets better, not worse.” There are already early signs that demand is starting to back off. Home sellers are increasingly cutting their list prices to find buyers, and Redfin has seen a drop in buyers requesting service from its agents in pricey coastal markets. Mortgage purchase applications fell 6% year over year during the week ending April 8, and home-touring activity is below last year’s levels. Utah, Colorado Have Highest Share of Homeowners With Mortgage Rates Significantly Below Today’s Level In Utah, 46% of homeowners had a mortgage rate below 4% as of the fourth quarter of 2021—a higher share than any other state. Next came Colorado (43%), Washington, D.C. (42%), California (40%) and Washington (40%). The list is slightly different when looking only at homeowners with outstanding mortgages. The top spot is still held by Utah, where 65% of mortgage holders had a rate below 4%, but next came South Dakota, Colorado, North Dakota, Washington and Idaho—all at roughly 60%. Meanwhile, just 18% of total homeowners in West Virginia had a mortgage rate below 4%—the lowest share in the country. It was followed by Mississippi (22%), Louisiana (23%), New Mexico (24%) and Oklahoma (24%). West Virginia also had the lowest share of mortgage holders (39%) with rates below 4%. Next came New York, Florida, Mississippi, Louisiana and Oklahoma, all at about 44%. Redfin agents say the rise in mortgage rates is having varying impacts on homeowners, causing some to stay put, but others to list their homes more quickly. In Salt Lake City, the rise in mortgage rates is exacerbating a phenomenon that was already prompting many homeowners to stay put, according to Ryan Aycock, Redfin’s market manager in the Utah capitol. “Many homeowners haven’t been selling because housing prices have surged so much, they’re worried they won’t be able to find a replacement home,” he said. “The rise in prices has helped homeowners build equity, but often not enough to afford the house they want next, and higher mortgage rates are now making that next home even more unaffordable.” To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/homeowners-stay-put-as-mortgage-rates-rise/ About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Read More