Freddie Mac granted a reprieve to borrowers living in the Federal Emergency Management Agency-declared disaster areas where Harvey and Irma struck, suspending all foreclosure sales through the end of 2017. Also suspended: eviction activities until further notice. Further, some borrowers might be able to put hold off on making mortgage payments.
Pam Patenaude confirmed as HUD deputy secretary yesterday after an 80-17 Senate vote and many within the housing industry couldn’t be more pleased by this choice. Her background and experience with the industry has granted her a lot of respect for the position as well as expectations of her to “hit the ground running” in regards to tackling the lack of inventory, low homeownership levels, rising home prices, and more.
Most homebuyers are not looking for a luxury home but that is what is most available on the market per share of luxury buyers aka less competition in the luxury market. Who is making up the share of affordable, less pricey homebuyers? Those with lower credit scores who were hit bad a decade ago, first-time homebuyers, babyboomers looking to downsize, and those looking to start a family. It’s quite a range and unfortunately, competition remains ripe in this segment.