Category Archives: Mortgage

Rental listing service reports Baby Boomers leaving homeownership in droves

Data from the U.S. Census Bureau shows that it is actually not Millennials who are pouring into the rental market, but Baby Boomers, according got the latest report from RENTCafé, a nationwide internet listing service that enables renters to find apartments and houses for rent throughout the U.S.

As it turns out, Baby Boomers are entering the renter market in droves. The latest trend in renting is seniors aged 55 or older, highly educated and with no children living at home. In other words, empty nesters.

The report explains it is unclear why Baby Boomers are suddenly turning to renting, but some factors could include a change in lifestyle, consequences of the housing crash or an inability to downsize due to lack of affordable homes.

Just how many Boomers are embracing the renter lifestyle? From 2009 to 2015, the percentage of the renting population over 55 years surged 28%. For comparison, the increase of rental households for those ages 34 or younger during that same period was 3%.

The interactive chart below shows the increase for in rental population from 2009 to 2015 by age group, education and family type.

Nationwide, senior renter households jumped by nearly 2.5 million from 2009 to 2015, the largest increase of any age group. Millennials saw an increase of just over 500,000 renters, the chart below shows.

But as Baby Boomers downsize, they are still sticking with their suburban lifestyle. While the Urban areas did see an increase in renters aged 55 and older, the largest spike was seen in the suburbs.

Article source: https://www.housingwire.com/articles/41609-rental-listing-service-reports-baby-boomers-leaving-homeownership-in-droves

HUD offers disaster relief to California wildfire victims

The U.S. Department of Housing and Urban Development announced Thursday it will offer relief to disaster victims of the recent California wildfires.

As of Wednesday, wildfires that raged across northern California left a death toll of 42. The number of missing people peaked at more than 2,000, but since then shrank back down to 50 people missing.

The fires are being called the deadliest and most destructive in the state’s history. About 3,000 homes were destroyed in Santa Rosa alone.

Last week, President Donald Trump issued a disaster declaration for Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties.

Now, HUD is offering disaster assistance to these areas. That relief will include foreclosure suspensions and other assistance to certain homeowners in the affected counties.

Here are the programs HUD announced are available for homeowners in the declared disaster area:

Immediate foreclosure relief: HUD announced it will grant a 90-day moratorium on foreclosures for Federal Housing Administration-insured home mortgages. HUD explained there are tens of thousands of FHA-insured homeowners in the impacted areas.

Forbearance and loan modification options: HUD is offering forbearance and loan modifications for FHA borrowers in the disaster areas.

Making mortgage insurance available: HUD will provide FHA insurance to disaster victims who have lost their homes and must rebuild or buy another home. Borrowers are eligible for 100% financing, including closing costs from FHA-approved lenders.

Making insurance available for both mortgages and home rehabilitation: HUD’s Section 203 loan program enables homeowners who lost their home to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged homes to finance its rehabilitation.

HUD also announced it would be sharing information with FEMA and the state on housing providers that could have available units in the impacted counties including public housing agencies and multifamily owners.

Article source: https://www.housingwire.com/articles/41613-hud-offers-disaster-relief-to-california-wildfire-victims

HUD offers disaster relief to California wildfire victims

The U.S. Department of Housing and Urban Development announced Thursday it will offer relief to disaster victims of the recent California wildfires.

As of Wednesday, wildfires that raged across northern California left a death toll of 42. The number of missing people peaked at more than 2,000, but since then shrank back down to 50 people missing.

The fires are being called the deadliest and most destructive in the state’s history. About 3,000 homes were destroyed in Santa Rosa alone.

Last week, President Donald Trump issued a disaster declaration for Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties.

Now, HUD is offering disaster assistance to these areas. That relief will include foreclosure suspensions and other assistance to certain homeowners in the affected counties.

Here are the programs HUD announced are available for homeowners in the declared disaster area:

Immediate foreclosure relief: HUD announced it will grant a 90-day moratorium on foreclosures for Federal Housing Administration-insured home mortgages. HUD explained there are tens of thousands of FHA-insured homeowners in the impacted areas.

Forbearance and loan modification options: HUD is offering forbearance and loan modifications for FHA borrowers in the disaster areas.

Making mortgage insurance available: HUD will provide FHA insurance to disaster victims who have lost their homes and must rebuild or buy another home. Borrowers are eligible for 100% financing, including closing costs from FHA-approved lenders.

Making insurance available for both mortgages and home rehabilitation: HUD’s Section 203 loan program enables homeowners who lost their home to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged homes to finance its rehabilitation.

HUD also announced it would be sharing information with FEMA and the state on housing providers that could have available units in the impacted counties including public housing agencies and multifamily owners.

Article source: https://www.housingwire.com/articles/41613-hud-offers-disaster-relief-to-california-wildfire-victims

Bunk Beds