Refinancing releases $22.6 billion in second quarter
Refinance mortgages in the second quarter of 2016 released the largest sum of home equity
in 7 years; $22.6 billion according to Black Knight Financial’s Mortgage Monitor Report.
The increase in home equity released through refinancing was still around 80 per cent below that of the peak of the third quarter of 2005.
“The roughly 350,000 cash-out refinances in Q2 2016 accounted for 42 per cent of all refinances in the quarter, and marked the ninth consecutive quarterly increase in cash-out lending, not only by count, but also by the amount of equity tapped,” said Black Knight executive VP Ben Graboske. “At $22.6 billion, that works out to approximately $65,000 in equity tapped per borrower.”
Graboske added that the borrowers cashing-out represent a relatively low risk profile with credit scores averaging 748.
The report also shows that the remaining inventory of loans in active foreclosure is declining at the fastest rate since 2014, and the rate of reduction has been accelerating throughout 2016.
Together, New York and New Jersey account for more than 25 per cent of all active foreclosure inventory in the country. Nationwide foreclosure inventories are down 23 percent year-to-date as compared to 17 and 16 per cent in New York and New Jersey, respectively.
These are the top 5 great neighborhoods in America say planners
The American Planning Association has published its top 5 great neighborhoods based on a number of planning, environmental and livability metrics.
Santa Ana, CA; Atlanta, GA; Louisville, KY; Albuquerque, NM; and Warren, RI; are the neighborhoods selected at the greatest in the US.
Selection is measured by key criteria including attributes that contribute to residents’ day to day living, multi-modal transportation, visually interesting design and architecture, encouragement of social interaction, a secure environment, sustainability, and a memorable character.
Builders hail career opportunities for millennials
With many areas of the US reporting a negative impact on the housing market due to a lack of labor in the construction sector, the National Association of Home Builders is keen to extol the virtues of its industry.
This month is Careers in Construction Month and NAHB is focusing attention on young Americans in the hope of attracting new talent to the industry.
“Residential construction offers a number of fulfilling career opportunities, from architects and engineers to carpenters, plumbers, electricians, painters and landscapers,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “Yet, our builders are telling us that access to skilled labor remains a top challenge.”
A large number of construction workers left the sector after the recession and did not return and NAHB says that the lack of labor is making homes more expensive for homebuyers.