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[ad_1] Florida, Carolinas count the cost of one of the worst U.S. hurricanes [ad_2] Source link

[ad_1] This week’s HW+ member spotlight features Sharon Park, co-founder and CEO at Home Starter Inc. Below, Park answers questions about the housing industry: HW Media: What is your current favorite HW+ article and why? Sharon Park: My favorite article is “Opinion: Taming inflation requires making housing affordability a national priority.” I believe that closing the housing supply gap — particularly the affordable homeownership supply gap — is one of the most critical issues we face as a society today.  Stable housing and homeownership are the bedrock of long-term, meaningful and sustainable positive change in terms of race and wealth equity outcomes. The racial homeownership gap in our country is the worst it has been in 50 years. We need to come together to focus on promoting innovative and practical solutions to solve this issue. HW Media: With HousingWire Annual right around the corner, which session are you looking forward to this year and why? Sharon Park: I am looking forward to the conference in general, but am most looking forward to the “Fireside Chat with FHFA Director Sandra Thompson” given the importance of the GSEs in the affordable homeownership ecosystem.   HW Media: What is your most useful tech tool? Sharon Park: My most useful tech tool is the Home Starter platform! I am an anchor investor in a debt fund that provides capital to emerging developers in Philadelphia who are renovating and rehabilitating homes specifically for affordable homeownership. The Home Starter platform allows me to see how my capital is being deployed and track outcomes.  The emerging developers who do this difficult and risky work are critical to creating affordable homeownership opportunities. They are doing extremely valuable work that is often overlooked when we talk about solutions for the affordable homeownership crisis.  It is critical that we figure out how to provide capital to this specific group of emerging developers at scale. HW Media: What is the weirdest job you’ve ever had? Sharon Park: The weirdest job I ever had was as a young attorney. I am about to date myself, but I was an intern at a large, white shoe law firm in New York City. I was working on a very heated corporate litigation case. The senior attorney on the case was a bit of a chain smoker and smoked in the office (that is the dating myself part).  My job one very late evening was to sit in the office holding an ashtray with the sole mandate of making sure that when the cigarette’s ash got long enough, it landed in the ashtray and not on the stack of papers on the desk.  HW Media: What is the best piece of advice you’ve ever received? Sharon Park: The best piece of advice I’ve ever received is to try to look at things through other person’s lens.  While I may not always succeed at that, I believe that keeping that in mind is very helpful whether in one’s professional or personal life. HW Media: What keeps you up at night and why? Sharon Park: The affordable homeownership crisis literally keeps me up at night.  We are unfortunately in the perfect storm in the current environment. The supply demand imbalance is a huge factor, but  when coupled with inflation and a rising rate environment, homeownership affordability is just getting hammered. To me, housing stability can dictate the forward of a person much like that of a root of a tree.  You need strong roots for strong trees.  We talk a lot about the importance of homeownership for wealth creation and race equity, but I would like to see us focusing more on the “how” we get there. How do we promote affordable homeownership in an intentional, practical and sustainable way? Unless we do this, we won’t have strong trees.  HW Media: What’s one thing that people aren’t paying attention to that you think they should be paying attention to? Sharon Park: On the affordable homeownership front, I don’t think people are paying enough attention to really unpacking how an affordable homeownership opportunity is created, especially in today’s environment. I believe that if we really want to solve this crisis, people need to get into the weeds about what the barriers and points of pain are for the key participants along the way.  I will never forget what a former FHFA director once said to me almost a decade ago — on the supply side, new construction is one piece, but on the affordable homeownership front especially, we need to fix the housing assets we already have. This is so true today more than ever.        Join HW+ members at this year’s HousingWire Annual by going here to register. To become an HW+ member, click here. To view past issues of our HW+ exclusive HousingWire Magazine, go here. The post HW+ Member Spotlight: Sharon Park appeared first on HousingWire. [ad_2] Source link

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[ad_1] S.Korea, U.S. agree to implement liquidity measures if needed [ad_2] Source link

[ad_1] The real estate market has shifted, and we are in a new housing paradigm. Mortgage interest rates have risen quickly in the past few months further eroding affordability. However, there are a number of attention-grabbing headlines, which unfortunately only compare today’s housing market to the very recent history of the last two years. It is always good to know where we are with the real estate market, but it is essential to keep all data in historical perspective.  The monthly Realtors Confidence Index helps to dispel many of the myths and cut through the noise of what is currently happening in the market. The National Association of Realtors Research Group has produced the index since 2008, at a time of turmoil in the real estate market. It is a monthly pulse on what is happening in the market from the perspective of Realtors who are active in the field. Questions have evolved and shifted overtime, but it is a steady resource of what is happening on the ground.  As reported in the latest NAR Existing-Home Sales, inventory still remains in tight supply, which means homes are still moving at a fast past despite the recent rise in rates and home prices. The median days on market is just 16 days — a slight increase from the record low seen in the last two months of 14 days. In comparison, in 2011, homes took 96 days to sell.  Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices. However, in many areas of the country it does remain a seller’s market. For every home that was listed, there were 2.5 offers. This is down from the frenzied market from April of this year when every home that was listed had 5.5 offers. Historically 2.5 offers represents a competitive housing market, edging towards a balanced market.  One way to understand the competitiveness of the market is to look at buyers who are waiving contingencies. While this data series is shorter, it does reflect a slight ease that mirrors the number of offers for every home. There had been nearly one-third of buyers who waived an inspection or appraisal contingency, but the last month it fell to just over 20% for both.  Another measure the housing market, is whether a Realtor had a client who had a distressed sale in the last month. Due to the consistent rise in home prices, homeowners typically do have equity in their home distressed sales are not common today. In 2008, 49% of Realtors had a client with a distressed sale, today it is only 1%. Another reason why distressed sales are likely low, is that lending standards remain tight. It is difficult to obtain a mortgage today. A housing borrower must have a higher credit score, significant savings, and higher incomes to qualify for a mortgage and compete in today’s housing market.  Last month, we saw a shift in who is purchasing homes. There is a reduction in the share of all-cash buyers, who may be waiving the home appraisal, and a reduction in vacation and investment purchases. All cash buyers now stand at 24%. The last high among all-cash buyers was seen at 35% in 2014.  The share of non-primary residence buyers is now at 16% from a high of 22% in January 2022. In January of 2022, there may have been buyers who were looking to purchase vacation homes as travel remained suppressed at that time. Investors may have been attracted to the market as they saw rents increase for tenants. Others may have viewed the property for both purposes: a vacation home that could be rented as a short-term vacation rental when not in personal use. Unfortunately, the share of first-time buyers remains suppressed at just 29% last month. While it is not the high seen during the First-time Home Buyer Tax Credit in 2010, it is also not the historical norm of 40% seen in the annual Profile of Home Buyers and Sellers report. Notably, during the timeframe of the First-time Home Buyer Tax Credit, there was significantly more inventory than seen today.  To read more on the monthly Realtors Confidence Index, check out the full report the same day Existing-Home Sales is released. Want to learn more about what to expect when it comes to the future of the housing market? This article offers a preview of our upcoming HousingWire Annual Housing Market Super Session that will feature an all-star panel of housing experts. Join us in Scottsdale, Arizona Oct. 3-5 to attend this super session that is designed to help attendees understand macroeconomic data and housing trends for the next year and beyond. To register for HW Annual, go here. This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the author responsible for this story:Jessica Lautz at JLautz@nar.realtor To contact the editor responsible for this story:Brena Nath at brena@hwmedia.com The post Opinion: Here’s the latest data on what Realtors are witnessing in the housing market appeared first on HousingWire. [ad_2] Source link

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[ad_1] U.S. Justice Department asks for expedited ruling in Trump special master case [ad_2] Source link

[ad_1] Willie Newman, president and CEO of wholesale lender Homepoint Michigan-based lender Homepoint leadership effectively “reset the organization” amid the mortgage downturn, Willie Newman, the CEO and president, told HousingWire in an interview on Friday.  However, the company remains fully committed to the wholesale channel, a decision made around four years ago, even with competitors exiting the space and margins sinking like a stone.  “In an environment like this, there’s not as much volume as we were doing before,” Newman said in an interview during the Association of Independent Mortgage Experts (AIME) Fuse conference in Las Vegas.  “We’re not as much focused on volume and velocity as we are making sure that we improve processes, the interactions with broker partners, and ultimately to the consumers, in a way that, as we evolve from this cycle to the next cycle, we have an opportunity to grow.”  The strategy, however, brings with it lower volume in the short term. And, so far, in response to the current market headwinds, Homepoint has shrunk its workforce dramatically. The company went from about 4,000 workers in the summer of 2021 to about 1,000 in the fall of 2022.  “We feel like we’ve done what we need to navigate the environment. Obviously, conditions can change. And, you know, we’re always evaluating where we need to be positioned,” Newman said.  Over the last year, Homepoint has also sold off large chunks of the business – including servicing to ServiceMac and delegated correspondent to Planet Home Lending – which accounts for several thousand workers transitioning to new firms. The wholesale channel, which, like other channels, has been affected by surging mortgage rates and shrinking origination volumes, has an additional challenge: a competitive pricing strategy initiated by channel leader United Wholesale Mortgage (UWM). UWM in June launched the ‘Game On’ pricing initiative, slashing prices across all loans by 50 to 100 basis points.  Amid the price war, Newman said Homepoint will focus on where the company can add value, which is the “experience” it provides in its relationship with brokers and borrowers, even though the company has “to be aware of what others are doing in the market.”    Homepoint is not in a position to engage in an aggressive price war when considering the state of its financials. Its parent company Home Point Capital reported more than $44 million in losses in the second quarter of 2022. The workforce reduction is forecast to save more than $100 million annually for the lender, according to the company.  The executive declined to comment when the company’s current “reset” will turn Homepoint into a profitable company.  Rivals such as loanDepot, Mountain West Financial, AmeriSave, Point Mortgage Corporation, Stearns Wholesale (owned by Guaranteed Rate) and Finance of America (FoA) have already exited or plan to exit the wholesale channel to focus on more profitable business divisions.  Despite the many departures, Newman said there is still sufficient capacity from a lender standpoint in the wholesale channel. “It’s really difficult in this type of environment for a company to kind of do everything well,” he said. “It’s hard to be good at everything.”    Companies exiting the channel put additional pressure on AIME’s goal to propel the wholesale channel beyond 25% market share in 2022 and beyond.  The broker channel accounted for just under 15% market share from April to June, with retail at 61% and correspondent at 25%, according to an Inside Mortgage Finance‘s (IMF) analysis of first-lien mortgage originations. Brokers originated $94 billion in the second quarter, down 16% from the first quarter, the data shows. “The fundamentals are in place for the channel to grow significantly because it brings an advantage to consumers and it’s better at serving minority households,” Newman said. “But I think we’ll know more about it in the middle of next year because it does take a little while for originators to adjust.”  The post Homepoint hits the ‘reset’ button appeared first on HousingWire. [ad_2] Source link

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