Feds warn lenders arenât prepared for an onslaught of foreclosures
Rick Bowmer/AP
FILE - This April 13, 2019, file photo, shows homes in suburban Salt Lake City. (AP Photo/Rick Bowmer, File)
and last updated 2021-04-01 22:15:35-04
Lenders should be better prepared to deal with home owners who are in danger of losing their home, the Consumer Financial Protection Bureau (CFPB) warned on Thursday.
The CFPB says that as a number of pandemic-related assistance programs lapse this summer, more Americans will be in jeopardy of foreclosure. The CFPB says that a possible increase in foreclosures is âavoidable.â
âThere is a tidal wave of distressed homeowners who will need help from their mortgage servicers in the coming months. Responsible servicers should be preparing now. There is no time to waste, and no excuse for inaction. No one should be surprised by what is coming,â said CFPB Acting Director Dave Uejio. âOur first priority is ensuring struggling fam
Ever-Rising Home Prices Hit a New All-Time High
Ever-Rising Home Prices Hit a New All-Time High
The meteoric rise in home prices isn t slowing down. The new record-high list price is a result of the severe shortage of properties on the market.
Clare Trapasso, provided by
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The meteoric rise in home prices isn t slowing down.
The national median home list price hit $370,000 in March a new record high, according to a recent realtor.com® report. The increase in prices, a 15.6% increase over last year, is a direct result of the severe shortage of properties on the market just as first-time and trade-up buyers seeking larger homes have flooded the market.
It s a Home Seller s Market-and Baby Boomers Are Cashing In
It s a Home Seller s Market-and Baby Boomers Are Cashing In
In today s hot real estate market, the baby boomers are making out like bandits. This generation sold the most homes, helping them to buy new ones.
Clare Trapasso, provided by
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In the hottest real estate market since the peak before the Great Recession, home sellers are calling the shots. Most of those sellers are baby boomers and they re making out like bandits.
Sellers made a median $66,000 on the sale of their homes a $6,000 increase from the previous year, according to the National Association of Realtors® 2021 Home Buyers and Sellers Generational Trends Report.
® Housing Market Recovery Index, which was created to measure the pandemic s impact on the housing market by tracking movement in new listings, buyer demand, time on market and prices, stood at 101.6 for the week ended March 6. Aside from new listings, which remain below the pre-COVID baseline, the market is tracking ahead of pre-pandemic levels at the end of January 2020. The housing market bounced back so much faster than other sectors of the economy that many have forgotten that housing activity slowed to a crawl during the early days of the pandemic, said realtor.com
® Chief Economist Danielle Hale. One year later, the demand for housing remains strong, while supply remains limited.
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SANTA CLARA, Calif., March 4, 2021 /PRNewswire/ February s extreme weather throughout the U.S. exacerbated the housing market s inventory woes, pushing the pace of new listings coming onto the market further behind pre-pandemic levels, according to the
® Monthly Housing Trends Report released today. Unless the trend reverses itself, buyers will be in for a much more competitive homebuying season than last year. Last month s record cold and snowstorms likely caused sellers to hit pause, even if only temporarily, said realtor.com
® Chief Economist Danielle Hale. However, in today s inventory-starved market, any setback is significant. Unless we see some big improvements in the new listings trends over the coming months buyers can expect stiff competition. And unlike last spring, buyers may also face affordability challenges as home prices and mortgage rates increase. Market dynamics continue to favor sellers.