Housing Markets Most Impacted by COVID-19

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb Previous: Biden Issues Executive Order on Foreclosures; HUD Updates DACA Regulations Next: Kraninger Resigns as CFPB Director Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 21, 2021 1,146 Views Though the housing market seems to have escaped many of the economic effects of the pandemic, certain areas are feeling more pain than others.Western regions appear less likely to suffer COVID-related economic ruin than pockets of the Northeast and  East Coast regions, which analysts assessed were more vulnerable during the fourth quarter of the year, according to AATOM Data Solutions, a provider of property-related data and analysis. Its report showed clusters in New York City, Baltimore, Philadelphia, and Washington D.C. also are at greater risk during Q4.ATTOM on Thursday released its fourth-quarter 2020 Special Report “spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic,” the company announced.Markets are considered more or less “at risk,” AATOM representatives say, “based on the percentage of homes currently facing possible foreclosure, the portion of homes with mortgage balances that exceed the estimated property value, and the percentage of local wages required to pay for major home ownership expenses.”The report reveals that New Jersey, Illinois, California, Louisiana, New York, Florida, and Maryland had 40 of the 50 counties most vulnerable to the economic impact of the pandemic in Q4 2020.Five of the seven western counties in the top 50 were in northern California, while Illinois had eight of the nine midwestern counties among those most vulnerable. Outside of Florida and Maryland, the only southern state with more than two counties in the top 50 was Louisiana.Q4 trends generally were similar to third-quarter results, but with different concentrations around several major metropolitan areas.”The number of counties among the top 50 most at-risk was up from five to eight in the New York, NY, area and from three to six in the Chicago, IL, area, but down from four to two in the Washington, D.C., region and from four to one in the Baltimore, MD area,” according to the report.Researchers note that their findings come as the national housing market continues to withstand the effect of the virus pandemic while also remaining vulnerable to a fall. Home prices shot up by more than 10% in 2020 in about three quarters of the country, even as the overall economy suffered. They say the housing market boom faces “major questions connected to how long the pandemic will last.””Areas of the U.S. most at risk from damage connected to the Coronavirus pandemic spread out somewhat in the fourth quarter of 2020. But they still fell mainly along the East Coast, with significant pockets in certain areas, while other parts of the country seem to be less vulnerable,” said Todd Teta, Chief Product Officer with ATTOM Data Solutions. “This report is not a sign that any area actually took a fall in the fourth quarter. It’s more a gauge of areas that may be more vulnerable if the market falters. In the coming months, much will depend on whether the country can halt the pandemic. We will continue to keep a close watch on home sales and prices to see how everything shakes out in 2021 and if changes hit different regions in different ways.”The report highlights the attributes of the most at-risk regions, noting that those areas have higher levels of unaffordable housing, underwater mortgages, and foreclosure activity. The opposite is true for those at least risk.Major homeownership costs (mortgage payments, property taxes, and insurance) consumed more than 30% of average local wages in 36 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the fourth quarter of 2020.At least 15% of mortgages were underwater in the third quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 33 of the 50 most at-risk counties.More than one in 2,500 residential properties faced a foreclosure action in Q3 of 2020 (the latest available data) in 29 of the 50 most at-risk counties. Nationwide, one in 5,048 homes were in that position. (Foreclosure actions dropped about 80% last year amid a federal moratorium on banks taking back properties from homeowners behind on their mortgages during the virus pandemic.)The entire report with regional breakdowns and methodology is available on ATTOM.com.  Print This Post Share Save Housing Markets Most Impacted by COVID-19 2021-01-21 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Home / Daily Dose / Housing Markets Most Impacted by COVID-19 Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

Champlain College exceeds campaign goal, creates first endowed chair

first_imgChamplain College trustees announced the creation of the College’s first endowed chair, naming it in honor of retiring President Roger Perry. The Board of Trustees voted to create this $1 million academic fund, The Doctor Roger H. Perry Endowed Chair, as part of the College’s successful Power of Three Capital Campaign.The news came at the Annual Meeting of the Board of Trustees on October 22, when Champlain College trustees announced the Power of Three campaign has already raised $15 million, exceeding its $12 million goal a full year before the official close of the campaign.The campaign supports the construction of three new facilities at the private, career-oriented college: The Main Street Suites & Conference Center, The S.D. Ireland Family Center for Global Business & Technology, and the Student Life Complex. The campaign, the most ambitious in the Colleges 126-year history, included the goal of growing endowment by at least $2 million.Trustees and friends of Champlain College have been quietly raising funds for this special honor for President Perry, and they surprised him with the news at the Annual Meeting. They have already funded $800,000 toward the $1 million goal for the endowed chair. “The Doctor Roger H. Perry Endowed Chair will help secure Champlains future of academic excellence, and it bestows an extraordinary honor on an extraordinary leader,” said Bill Post, chair of the Board of Trustees.Before retiring in June 2005, Perry will choose the academic focus of the endowed chair. Perry has served as president of Champlain College for nearly 13 years. He has been credited with steering the institution through a major transformation to include online education, overseas and graduate programs, enhanced co-curricular, recreational and extracurricular activities, new on-campus facilities, and cutting-edge academic offerings that respond to needs in the global marketplace.During Perry’s watch, a provost and program directors were hired to provide academic leadership. Faculty members have been developing student outcomes by academic program and course, developing assessment measures for the outcomes, increasing the writing required in each course, increasing the level of students critical thinking, and increasing international elements in Champlain courses.”Roger has inspired faculty, staff and trustees to think in the future, then act boldly to get us there,” Post said.The first endowed chair in the United States was established at Harvard University. Endowed chairs take many forms; some reflect the achievements and credentials of the person who holds the chair, while others reflect an area of study or field of practice. In some cases, the chair rotates among a series of academic disciplines.# # #last_img read more

NY Assembly Speaker Sheldon Silver Arrested Amid Corruption Probe, Reports Say

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Sheldon Silver, the speaker of the New York State Assembly and one of the most influential lawmakers in Albany for two decades, was reportedly arrested Thursday on federal corruption charges.Silver, a Democrat representing lower Manhattan, surrendered to the FBI Thursday morning, and is scheduled to appear in federal court later in the day, according to news reports.“I hope I’ll be vindicated,” Silver said outside the federal building in Manhattan on Thursday, according to The New York Times. The veteran lawmaker ascended to his role as speaker in 1994.Late last March, Preet Bharara, the U.S. attorney for the Southern District of New York, reportedly opened an investigation into Silver after Gov. Andrew Cuomo had unceremoniously disbanded the so-called Moreland Commission, which was set up in July 2013 to investigate corruption in Albany.No charges have been announced.The Times has reported that federal prosecutors have been looking into payments Silver received from a law firm specializing in reducing New York City property taxes, which he may have failed to document on his financial disclosure filings.The New York Republican State Committee was quick to pounce. In a statement, the GOP called for Silver to step down.“Sheldon Silver must immediately resign from the State Assembly,” said NYGOP spokesman David Laska. “While this is another sad day for New York, we cannot be distracted from the important business of growing our economy and creating jobs.”It’s unclear who Silver’s successor would be.Assemb. Earlene Hooper (D-Hempstead) currently serves as Deputy Speaker. According to news reports, she is not in line for succession, should Silver leave office. She has not returned calls to her office for comment.last_img read more

USC Shoah Foundation honors President Obama at annual gala

first_imgThe USC Shoah Foundation honored President Barack Obama with its annual “Ambassador for Humanity” award Wednesday night at the Hyatt Regency Century Plaza in Century City, California.The Shoah Foundation has dedicated itself to collecting testimony from survivors and witnesses of genocides, including the Holocaust, the Rwandan Genocide and the Nanjing Massacre. The institute also announced the establishment of the Center for Advanced Genocide Research late last month.President Barack Obama speaks about the importance of remembering the past in moving toward the future at the USC Shoah Foundation’s Ambassador for Humanity Gala on Wednesday — Photo courtesy of Josh Grossberg“Even though you can’t fix everything on your own, you do what you can … Capturing one story on film can make an impact,” said Shoah Foundation founder Steven Spielberg of the institute’s mission.Comedian Conan O’Brien hosted the star-studded gala, at which singer-songwriter Bruce Springsteen performed and actor Liam Neeson was a special guest. Other speakers included USC President C.L. Max Nikias and Shoah Foundation Executive Director Stephen Smith. All the speakers focused on the importance of remembering past tragedies in moving forward.“The purpose of memory is not simply to preserve the past, it is to protect the future,” Obama said during his remarks.Educating younger generations, a main priority of the Shoah Foundation, was also a focus of the night. Prior to the main event, there was a cocktail reception during which guests could both mingle and learn more about the Shoah Foundation through exhibits and a classroom presentation.One special exhibit was hosted by Ruth Hernández, a 14-year-old high school freshman from Pennsylvania whose video, “Voices of Our Journey,” was selected as a winner in the Shoah Foundation’s nationwide IWitness Video Challenge.“We talked a lot about immigration in our video. Many people come to the United States because it’s the land of opportunities. But people are sent back to their countries, or they’re ripped away from their families,” Hernández said of her project.Hernández and other students who have participated in the IWitness program had an opportunity to see Celina Biniaz, a Holocaust survivor who testified about her story via the Shoah video archives, speak in person at the event.Biniaz was the youngest worker in Oskar Schindler’s factory when she was 13 years old. Schindler saved her, along with his other workers, in a story that has become memorialized in Spielberg’s movie Schindler’s List.“Oskar Schindler gave me my life, but Steven Spielberg gave me my voice,” she said.After Biniaz spoke about her involvement with the Shoah Foundation, high school teacher Michelle Sadrena Clark discussed using the testimonies to educate her students. After Smith explained the mission of the foundation, O’Brien was brought on stage to help lighten the mood.Shoah Foundation Founder Steven Spielberg presents President Barack Obama with the Ambassador for Humanity award. — Photo courtesy of Josh Grossberg“Steven decided he wanted someone to come onto this stage, after all we’ve seen and heard, and get the crowd laughing. Well, I don’t know who Steven got, but man do I pity that guy,” O’Brien cracked.O’Brien also touched on one of Angelenos’ favorite topics: traffic. Due to Obama’s presence, many streets in the area were temporarily closed, leading to increased gridlock.“I know you [President Obama] left Washington six hours ago, but I left Burbank seven hours ago,” he joked.O’Brien then introduced Springsteen, who performed two of his songs, “Promised Land” and “Dancing in the Dark.” Afterward, Spielberg praised Springsteen for his philanthropic efforts, calling him the “hardest working lyrical poet for our common humanity.”Spielberg went on to introduce Obama by discussing the work the president has done to combat genocide. In winning the Ambassador for Humanity award, Obama joins past honorees George Clooney, Jeffrey Katzenberg and Bill Clinton, among others.“Last year, in the first ever presidential directive on this challenge, he demonstrated his commitment to our cause by declaring that preventing mass atrocities and genocides is a core national security interest and a core moral responsibility of the United States of America,” Spielberg said of Obama’s qualifications for the honor.Obama focused his speech on the “sacred duty of memory,” praising the Shoah Foundation’s mission to educate people about past atrocities in order to inform society moving forward.“For setting a light, an eternal flame of testimony, that can’t be extinguished and cannot be denied, we express our deepest gratitude,” he said.Despite the guest of honor’s office, the event did not get political, save for one remark by the president on ways society must continue to remember the Holocaust.“It’s up to us to speak out against rhetoric that threatens the existence of a Jewish homeland and to sustain America’s unshakeable commitment to Israel’s security,” Obama said to applause from the crowd.Soon, however, the president returned to the gala’s overall theme of fighting bigotry through education.“We cannot eliminate evil from every heart and hatred from every mind, but what we can do and what we must do is make sure our children and their children learn their history so that they might not repeat it.”last_img read more

Sepp Blatter rejects televised debate

first_imgFifa president Sepp Blatter has rejected a joint offer from the BBC and Sky to take part in a televised presidential election debate.His three rivals accepted the invitation but insisted all candidates must take part in the debate as a condition of their participation.The BBC and Sky proposal was based around fans asking questions to the candidates.The Fifa presidential election is due to take place on 29 May in Zurich.The other candidates in the Fifa presidency election are Jordanian FA president Prince Ali Bin Al Hussein, Dutch FA president Michael van Praag and former Barcelona, Real Madrid, Inter Milan and Portugal winger Luis Figo.Blatter, 79, is seeking a fifth term of office. At this stage, the candidates were asked only to express a commitment in principle towards taking part.Further talks between the broadcasters and candidates would then have taken place over the exact format, location and structure of the debate.last_img read more