Archive for the ‘Taxes’ Category

Young Women Have Better Credit Scores Than Men

Posted on August 21, 2017 by Laura Lam

A recent Lending Tree survey found points of major disparity in the responses from men and women regarding debt and personal financial health.  The survey’s findings suggest that millennial women are trailing their male counterparts when it comes to income, home ownership and financial satisfaction despite having higher credit scores and responsible financial priorities. According to the survey, women find themselves struggling to pay off higher levels of debt compared to men, much of which comes from student loans. The average total debt for millennial men is $53,017, which is almost 30% lower than the average total debt for millennial…

No Housing Bubble … Just Yet

Posted on August 17, 2017 by Laura Lam

As home prices continue to rise across the U.S., the dreaded b-word is beginning to be heard in some overheated markets.  However, many companies insist that despite the 8.3 million low-income residents who can’t afford their local rent, according to a new study from the U.S. Department of Housing and Urban Development, the housing market is still not in a bubble. The most recent Case-Shiller results pointed out the housing market is growing more expensive, however it is not about to repeat the bubble years.  Ten-X, an online real estate company, became the latest company to explain the housing market is not at risk of…

Delinquency Rate Near 10-Year Low

Posted on August 16, 2017 by Laura Lam

The mortgage delinquency rate reached its lowest point in nearly a decade in May due to tighter underwriting, according to CoreLogic. Also improving mortgage performance were employment growth and rising home prices. About 4.5% of mortgages were in some stage of delinquency in May, a decline of 0.8 percentage point from the previous year when the overall delinquency rate was 5.3%. The serious delinquency rate in May remained unchanged from April at 2%, and was at its lowest since November 2007 when it was also 2%. Frank Martell, CoreLogic president and CEO, credits underwriting practices for the delinquency rate improvements.  “A prolonged…

Homeowners and Appraisers Still Don’t Agree

Posted on August 15, 2017 by Laura Lam

Across the U.S., homeowners continue to overvalue their home in comparison to appraisers, but the gap is narrowing. Homeowners overestimated property value by 1.55% in July.  Home values are also continuing their upward trend, rising 0.33% last month and 4.21% since last July. Appraisals were below homeowner expectations by 1.55%. Still, this is an improvement over the 1.70% difference in June. Real estate values are heavily influenced by local trends and in many of the hottest markets, appraisals actually came in above homeowner expectations, but in other major areas, they were quite a bit lower. “The home appraisal is one…

Homeownership Up From 50-Year Low

Posted on August 09, 2017 by Laura Lam

The U.S. homeownership rate climbed in the second quarter, a signal that the sharp downward spiral that began after the housing crash is finally reversing.  The homeownership rate hit 63.7% in the second quarter, the Census Bureau said, a jump of nearly a full percentage point from a year ago, when it touched a 50-year low of 62.9%. The share of Americans who own homes has climbed steadily since then.  The homeownership rate also edged up from the first quarter, when it sat at 63.6%. “The damage the [2007-09] great recession has done to the homeownership rate is likely reversing course,” said…

Small-Business Optimism Highest in 10 Years

Posted on August 08, 2017 by Laura Lam

Small business owners are more optimistic than they have been in a decade, according to a new Wells Fargo and Gallup small business survey.  The survey resulted in a Small Business Index score jump to 106, an 11-point increase from April, which was driven by stronger financial situations, healthy revenues, easier access to credit and an increase in hiring.  The last index score is the highest since April 2007 when it was 113. “Our latest survey tells us that small business owners continue to feel confident about their current situation and are optimistic about the future,” said Mark Vitner, managing director and senior economist…

Consumers Grow Pessimistic About Future

Posted on August 07, 2017 by Laura Lam

Consumers grew slightly less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.  Consumer confidence remained largely unchanged for the month, the survey of consumers  revealed.  But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years. July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters.  U.S. consumer sentiment last fell to…

Mortgage Delinquencies Continue to Decline

Posted on July 27, 2017 by Laura Lam

Mortgage delinquencies dropped in April and the economy continued to show improvement, according to the latest Loan Performance Insights Report from CoreLogic.  Nationally, mortgages in some stage of delinquencies, those that are 30 days or more past due including those in foreclosure, dropped to 4.8% of total mortgages in April. This is a decrease of 0.5 percentage points from last year’s 5.3%. The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased to 0.7%, down from April 2016’s 1%. The serious delinquency rate, defined as 90 days or more past due including loans…

Foreclosure Filings Down 20% from Year Ago

Posted on July 26, 2017 by Laura Lam

According to ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report the total number of U.S. properties with foreclosure filings during the first half of the year decreased by 20% from the previous year to 428,400, and down 28% from the first half of 2015.  While the amount of foreclosures decreased nationally, 7 states – Texas, Illinois, Connecticut, Oklahoma, West Virginia, Montana and North Dakota – and D.C. saw increases. ATTOM Data Solutions says that default notices, scheduled auctions or bank repossessions were lower in almost all areas but 8 areas saw an increase, led by a 60% rise in the District…

Rate Hike Prevented 1 Million Americans From Paying Mortgage

Posted on July 25, 2017 by Laura Lam

A new analysis from TransUnion found that 10.6 million Americans could struggle to absorb their increased monthly payments after the Federal Reserve Board raised interest rates in December, however further examination showed only 1 million struggled with being delinquent after the rate hike. TransUnion’s study identified 63 million consumers who carried debts where the minimum monthly payments was tied to the market interest rate, and would be effected by rate hikes. Using its CreditVision aggregate excess payment algorithm, TransUnion found that 10.6 million consumers were at an elevated risk of not being able to absorb the 0.25% rate hike. The average change in monthly payments was an…