New Buyers Unafraid to Jump into the Housing Market

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Genworth Mortgage Insurance recently released their inaugural report on first-time homebuyers. Source data dates back to 1994 and analyzes over 20 million records. The survey tracks home sales to first-time homebuyers on a monthly basis, publishes quarterly, and compares the data against national housing market indicators. It is also singles out and identify homebuyers that purchased their home using a VA loan, USDA loan, FHA loan, or with a low downpayment coupled with mortgage insurance instead of the traditional 20 percent downpayment that has historically been required. The report found that this demographic accounted for 424,000 single-family home sales, or 38 percent of the total homes sold in Q1 of 2017. This amount is an 11 percent increase from Q1 2016, and the most since 2005.It also found that first-time homebuyers were the driving force behind the expansion of the housing market between 2014 and 2016, making up 85 percent of total sales and averaging an increase of 260,000 sales per year, two years in a row. During that time period, FHA loans were used 80 percent of the time to secure a mortgage—around 730,000 loans. An estimated 510,000 sales used private mortgage insurance to purchase their home, further reducing the number of homes obtained through a traditional 20 percent downpayment. In order to fully understand and predict the first-time homebuyer market, the report also tracks repeat homebuyers. In 2016, repeat homebuyers accounted for only 63 percent of home sales, the lowest since 2000. This is attributed to lower asset accumulation, preventing people from upgrading their living situation. In a statement released with this new data, Tian Liu, Chief Economist for Genworth Mortgage Insurance, said, “[First-time homebuyers’] impact has already been felt in falling inventory and rising home prices, and we expect them to increasingly drive growth to businesses most exposed to this market segment …  [b]y studying this group more closely, we hope to bring a better understanding about the many low down payment options available to help first-time homebuyers reach homeownership sooner.”The report for the second quarter of 2017 will be released August 22, 2017. Related Articles Subscribe Home / Daily Dose / New Buyers Unafraid to Jump into the Housing Market Share Save New Buyers Unafraid to Jump into the Housing Market Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago center_img Tagged with: FHA loan First-Time Homebuyers Genworth Mortgage Insurance USDA loan VA loan About Author: Staff Writer June 9, 2017 1,289 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago FHA loan First-Time Homebuyers Genworth Mortgage Insurance USDA loan VA loan 2017-06-09 Staff Writer Previous: Fannie Mae Sheds 3,400 Delinquent Loans in NPL Sale Next: Post-Foreclosure Stress Disorder: Barriers Keeping Buyers from Market  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Lawyer outlines laws, gives advice

first_imgAs part of its beND campaign in response to a recent spike in alcohol-related arrests off-campus, student government hosted a lecture Sunday evening titled “Alcohol, Parties, and the Law,” presented by attorney C.L. Lindsay. Lindsay, who left his New York law firm in 1998 after seeing the need for legal work concentrating on higher education, founded the Coalition for Student and Academic Rights (CO-STAR), which now receives 10,000 requests annually. In his lecture, Lindsay detailed the specific state and federal laws affecting students, the consequences of infractions and steps students should take to minimize their risk before, and improve the outcome after, having a legal incident. He said the reason most parties draw police attention is due to noise complaints from neighbors. “The first thing to do is make nice with your neighbors. … If you’re going to have a party, talk to them, have them call you, not the police,” Lindsay said. “Set up your party, go outside and listen. If you can hear from a distance, it’s probably too loud.” Lindsay also emphasized the importance of choosing a location unlikely to cause a nuisance and draw complaints from neighbors. “Never have a party outside, there’s just too much noise,” he said. “The basement is the best place for a party.” Lindsay clarified the laws on when students can refuse a police search and how to avoid forfeiting the right. He said posting invites for the public to see, which can include online event postings, could leave the event legally open to anyone, including police. According to Lindsay, police can enter a home when they have a warrant, receive permission from a resident, see a crime taking place in plain view or believe that waiting to enter would result in a loss of evidence. To minimize hosts’ liability for underage drinkers at a party, Lindsay suggested posting two signs, one stating that the party is private, and another reminding minors not to drink. He also advised party throwers to have two designated, sober hosts. “If the police do show up, you need one to talk to them … the other to be a witness,” he said. “If you’re alone, it’s your word against two officers’. … If you send two people out it changes the dynamic.” While the hosts should be aware and take advantage of their rights, they should also be cooperative, and avoid arguing with officers, as it reduces the likelihood of leniency. “The time you argue your case is in front of a judge, not a police officer,” he said. Lindsay also warned against charging partygoers for alcohol. “It’s illegal to charge for liquor, period,” he said. While encouraging voluntary donations is legal, charging for cups, requiring “mandatory donations” and claiming the money is for a different part of the party unrelated to alcohol, such as a band, does not change the legality, he said. Lindsay touched on other alcohol-related issues relevant to students, including the use of fake identification, which has an extremely general definition in the law, that provides police with wide discretion when issuing citations. There is not a legal difference between using a manufactured fake ID or using someone else’s legitimate license. In addition to giving students advice on dealing with existing laws, students can and should take a more proactive role in changing the laws they disagree with. “The US has the most paternalistic drinking laws in the world,” he said. “The best way to change the laws isn’t to go behind closed doors and break them.”last_img read more

‘Marked man’ Farah romps home at Prefontaine

first_img“It’s hard trying to maintain it year after year. But I know what I have to do — eat sleep and train properly. But that’s what it takes if you want to win medals.”Farah said he plans to race in Usain Bolt’s farewell meeting in Kingston next month before heading to Europe to run in Ostrava. FILE PHOTO: Britain’s Mo Farah (R) shakes hands with Uganda’s Joshua Kiprui Cheptegei at the Rio Olympics last year. Mo Farah won in Eugene in 13:00.70 with Cheptegei 4th in a season best 13:02.84Eugene, United States | AFP |  Four-time Olympic champion Mo Farah fired a warning shot to his rivals with the fastest time of the year after powering to victory in the 5,000m at the Prefontaine Classic Diamond League meeting on Saturday.The British long distance king, racing in a track meeting on US soil for the last time, produced another flawless tactical display to come home in 13min 00.70sec at Eugene’s Hayward Field in Oregon.The 34-year-old star, who completed an unprecedented ‘double-double’ of 5,000m and 10,000m gold at last year’s Olympics in Rio, crossed ahead of Ethiopia’s Yomif Kejelcha in second and Kenya’s Geoffrey Kamworwor in third.Afterwards Farah, who plans to retire from the track after August’s World Championships in London, said he had been determined to send a message to his main rivals in Oregon.“For me it wasn’t about time. It was just a matter of telling the boys ‘Look, I’m ready’,” Farah told reporters.“A lot of the boys talk a lot. A lot of guys saying ‘I’m going to do this or that.’ But I don’t like to do that. I just want my running to do the talking and get on with it.”Farah, who is also the reigning world champion over 5,000m and 10,000m, said he had got used to being regarded as the man to beat.“I’ve got a target on my back,” Farah said. “I’ve been on the top of my game for the last five years and everyone wants to beat me. Share on: WhatsApplast_img read more