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Agency First-Time Buyer Risk Index Reaches Series High

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago June 22, 2015 1,469 Views The May 2015 First-Time Buyer Mortgage Risk Index (FBMRI) for agency loans reached a series record of 15.66 in May, an increase of half a percentage point from the previous three months and 1.1 percentage points from May 2014, according to data released Monday by the American Enterprise Institute (AEI)’s International Center on Housing Risk.The FBMRI, which is an estimate of the share of first-time buyer mortgages that would default if they faced economic stress comparable to what was experienced in the 2007-08 financial crisis, is now 6.75 percentage points higher than the risk index for repeat homebuyers, according to AEI – and the gap has been widening.Risk layering has largely been the cause of the higher risk on first-time buyer mortgages, according to AEI. About 71 percent of first-time buyer mortgages had a combined loan-to-value ratio of 95 percent or more, and 97 percent of first-time mortgage buyers had a term of 30 years.”Given the combination of little money down and slow amortization, these buyers will have very little home equity for a number of years unless their house appreciates substantially,” the report said. “In addition, more than one-fifth of first-time buyers taking out mortgages had a FICO score below 660, the traditional definition of subprime mortgages, and one-quarter had total debt-to-income ratios above 43 percent, the limit set by the Qualified Mortgage rule.”Repeat buyer mortgages are less risky than those taken out by first-time buyers due to the fact that a much smaller share of repeat buyer mortgages have a combined loan-to-value ratio higher than 95 percent, and a much smaller share of repeat buyers had FICO scores below 660.The risk profile for first-time buyers suggests that access to mortgage credit is not as tight as some have suggested, according to AEI. In May, first-time buyers with an agency mortgage averaged a downpayment of about 3 percent, or $7,000, and a median FICO score of 706, which is below the median score of 713 for all mortgage buyers in the United States. The median FICO score for first-time buyers with FHA-backed loans drops to 673.“Credit standards for first-time buyers are not tight,” said Edward Pinto, codirector of AEI’s International Center on Housing Risk.  “The widening risk gap between first-time and repeat buyers is reflective of a market reliant on first-time buyers who are themselves reliant on increasing leverage.”Also according to the May report, first-time buyers made up 58.5 percent of primary owner-occupied government-guaranteed home purchase mortgages, a year-over-year increase of nearly 2 percentage points from 56.8 percent. The combined First-Time Buyer Mortgage Share Index (FBMSI), which measures the share of first-time buyers for both government-guaranteed and private sector mortgages, increased year-over-year from 51.2 percent in May 2014 to 52.7 percent in May 2015.Meanwhile, the number of primary owner-occupied purchase mortgages that went to first-time buyers during the six-month period from December 1, 2014, to May 31, 2015, jumped by 12.5 percent over the previous six-month period, from 516,000 to 582,000, according to AEI.“The Spring homebuying season is off to a strong start, buoyed by strong first-time buyer volume driven by increasing leverage and a strengthening job market,” said Pinto said.“The data we publish are based on millions of loans,” said Stephen Oliner, codirector of AEI’s International Center on Housing Risk.  “We have no doubt that these results paint an accurate picture of first-time buyers.”To see the full May 2015 report from the AEI International Center on Housing Risk, click here. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: The Five Pillars of Risk Management Next: House Subcommittee to Examine New Allegations of Discrimination and Retaliation at CFPB The Best Markets For Residential Property Investors 2 days ago Related Articles Share Savecenter_img in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: AEI’s International Center on Housing Risk Agency Loans First-Time Mortgage Buyers About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Agency First-Time Buyer Risk Index Reaches Series High AEI’s International Center on Housing Risk Agency Loans First-Time Mortgage Buyers 2015-06-22 Brian Honea Home / Daily Dose / Agency First-Time Buyer Risk Index Reaches Series High  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Subscribelast_img read more

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City analyst names agents involved in portal juggling

first_imgHome » News » Marketing » City analyst names agents involved in portal juggling previous nextMarketingCity analyst names agents involved in portal jugglingDetailed report into practice by respected Jefferies Group reveals practice to widespread but more prevalent among hybrids.The Negotiator24th March 201701,703 Views A leading City analyst has released an incendiary report into portal juggling, warning investors that many agents including dozens of high street names use it to appear busier than they are on Rightmove.Well-known names on the lists include many of the UK’s high profile agents including Countrywide, Foxtons, Chancellors, Humberts and Kinleigh Folkard & Hayward while the online-only and hybrids agents highlighted include HouseSimple, eMoov, Yopa, Purplebricks and Tepilo.The report, which was compiled with the help of Robert May’s Rummage4 software, also reveals that although portal juggling is widespread across the industry, it is more prevalent among hybrids than traditional agents.Research by Jefferies Group LLP, which has 3,300 employees and offices in 30 cities across the world, reveals that although hybrid agents have 4% of the market, they account for nearly a third of the top 50 juggled properties.Of all agents that have juggled ten or more properties, hybrid agents account for 41% of all juggles while traditional agents, who have 96% of the market, account for 59% of juggles.The Jefferies report also reveals that Purplebricks has a sale agreed/listing ratio of 89.5% in contrast with Countrywide’s 60.2%, LSL’s 50.6% and Foxtons’ 48.8%, and asks whether portal juggling is helping Purplebricks achieve such stunning figures.Jefferies says it is looking into this question, but in the meantime has published a list of what it says are the UK’s top 50 portal juggling branches and agents, as well as examples of juggled properties including a two-bedroom, end-of-terrace home in Worcester Park, south London marketed by Barnard Marcus. Jefferies says its status changed 52 times between 11 December 2016 and 3 March 2017.In the report Jefferies defines juggling as status changes between For Sale, Under Offers and SoldSTC, relisting, dopplegangers where a property is listed twice and properties that are listed for only short periods.Read the full report.Jefferies Group ‘portal juggling’ March 24, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

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Pearl Jam Announces 2018 Tour Dates

first_imgPearl Jam has announced a 14-date European tour next summer! Following their previously scheduled headlining performances at Lollapalooza’s South American Festivals in Chile, Argentina, and Brazil in March, the alternative rock band will embark on a European takeover in June and July of 2018. Kicking things off in Amsterdam on June 12, Eddie Vedder and co will perform two nights in London, with stops in Rome, Prague, Berlin, Barcelona, and more, with festival appearances at Pinkpop Festival in Landgraaf, NL, I-Days Festival at Area Expo in Milan, IT, the Mad Cool Festival in Madrid, ES, and NOS Alive Festival in Lisbon, PT.Pearl Jam Releases Soundtrack For “Let’s Play Two” Wrigley Field Concert FilmCheck out the announcement video below, followed by a full list of tour dates. Head to the band’s website for more information.Inducted into the Rock and Roll Hall of Fame in 2017, the band’s first year of eligibility, Pearl Jam has sold nearly 32 million records in the United States and an estimated 60 million worldwide–earning their spot as one of the greatest rock bands of all time. Check out the full tour schedule below.Pearl Jam 2018 Tour Dates:03/16 – Santiago, CL @ Lollapalooza Chile03/18 – Buenos Aires, AR @ Lollapalooza Argentina03/21 – Rio de Janeiro, BR @ Maracana Stadium03/24 – Sao Paulo, BR @ Lollapalooza Brazil06/12 – Amsterdam, NL @ Ziggo Dome06/15 – Landgraaf, NL @ Pinkpop Festival06/18 – London, UK @ O2 Arena06/19 – London, UK @ O2 Arena06/22 – Milan, IT @ I-Days Festival at Area Expo06/24 – Padova, IT @ Stadio Euganeo06/26 – Rome, IT @ Stadio Olimpico07/01 – Prague, CZ @ O2 Arena07/03 – Krakow, PL @ Tauron Arena07/05 – Berlin, DE @ Waldbuhne07/07 – Werchter, BE @ Rock Werchter07/10 – Barcelona, ES @ Palau St. Jordi07/12 – Madrid, ES @ Mad Cool Festival07/14 – Lisbon PT @ NOS Alive Festivallast_img read more

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