Home / Featured / Where are the Most Overleveraged Mortgage Debtors? in Featured, News Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Xhevrije West The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Homebuyers often bite off more than they can chew when purchasing a home which can place them into mortgage debt due because they can no longer afford the home. See which cities host the most overleveraged borrowers.A study from WalletHub found that although purchasing a home typically equates financial growth or building wealth, sometimes borrowers overestimate their ability to pay the loan back.”Not only are property values at the mercy of the national economy and local housing markets, but our financial circumstances can also take an unexpectedly downward turn at any moment, the report stated. “And without a financial safety net, we risk biting off more than we can chew as well as reshaping our long-term goals into short-term realities.”Although mortgage rate are nearing three-year lows , which should mean lower, more affordable payments and larger loan amounts, “such an attractive combo is bound to tempt the most impulsive of us into owning a home—and perhaps one we can’t realistically afford—much sooner than we can or should,” WalletHub said.WalletHub’s analysts determined which cities are home to the most overleveraged mortgage debtors by comparing the average mortgage balances against the median income and median home value in each of 2,521 cities.The city with the most overleveraged homeowners is Hamtramck, Michigan with a score of 59.4 out of 100. Here, the average mortgage debt is $120,286, the median home value is $39,800, and the median income is $18,845. In addition, the average debt-to-income ratio is 638 percent and the debt-to-house ratio is 302 percent.”Before diving in to the deep end of real estate, it’s advisable to polish credit reports and maximize credit scores to qualify for the best possible rates,” WalletHub explained. “It also helps to leverage a Mortgage Calculator to gauge the size of payments finances will allow and the timeline for paying off [a] mortgages, whether borrowing for the first time or refinancing an existing loan. Otherwise, [they] risk overleveraging [them]selves, as is the case for homeowners in many cities throughout the U.S.”WalletHub’s Most Overleveraged CitiesHamtramck, MichiganSan Luis Obispo, CaliforniaBeverly Hills, CaliforniaBrooksville, FloridaMcKees Rocks, PennsylvaniaBay Point, CaliforniaNew York, New YorkSanta Barbara, CaliforniaKailua, HawaiiGreenwich, ConnecticutClick here to view the full report. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Trump Hints at Fed Chair Yellen’s Future Next: DS News Webcast: Thursday 4/21/2016 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago April 21, 2016 2,782 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Homebuyers Mortgage Debtors Mortgage Rates 2016-04-21 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Tagged with: Homebuyers Mortgage Debtors Mortgage Rates Where are the Most Overleveraged Mortgage Debtors? Subscribe
Sign up for DS News Daily Related Articles Metros Most Vulnerable to COVID-19’s Fallout Data Provider Black Knight to Acquire Top of Mind 2 days ago April 22, 2021 1,015 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post 2021-04-22 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Metros Most Vulnerable to COVID-19’s Fallout Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe About Author: Christina Hughes Babb Share Save Servicers Navigate the Post-Pandemic World 2 days ago States along the East Coast, Connecticut through Florida, as well as Illinois, are more vulnerable to the effects of the Coronavirus pandemic and its continuing impact on the U.S. economy, according to a Q1 2021 Special Coronavirus Report published by ATTOM Data Solutions, while Western States seem better prepared to withstand a downturn.Markets were considered at greater or lesser risk based on the percentage of homes facing possible foreclosure, the portion with underwater mortgages, and the percentage of average local wages required to pay for major homeownership expenses. (More about ATTOM’s methodology is available at ATTOM.com.The researchers showed 33 of the 50 counties most vulnerable to the economic impact of the pandemic in the first quarter of 2021 were in Florida, Illinois, New Jersey, Connecticut, and North Carolina. The only three western counties in the top 50 during the first quarter of 2021 were in northern California, while Louisiana was the only southern state outside of the East Coast with more than two counties in that group.According to ATTOM, first-quarter trends generally build on those found in 2020, but with smaller concentrations around several major metropolitan areas.”Clearly, the housing market continues to surge, and things are looking up, more and more, for the U.S. economy in 2021, after a year of major setbacks in many sectors. But the pandemic still looms large and may pose a threat to the progress made so far, and by extension could affect home sales and prices,” said Todd Teta, chief product officer with ATTOM Data Solutions. “Our analysis suggests that even as the market remains hot, pockets of the East Coast, Midwest and South are at higher risk from potential damage connected to the pandemic. We will stay on top of this as the crucial months ahead should reveal whether the country can leave this crisis behind.”Although foreclosure actions have dipped 80% since this quarter last year, amid a federal and many regional foreclosure moratoria, more than one in 2,500 residential properties faced a foreclosure action in the first quarter of 2021 in 36 of the 50 most at-risk counties, according to the research analysts at ATTOM.The study’s findings, which can be accessed in full at ATTOM.com, according to the authors, “follow one of the housing market’s strongest years in the past decade, when the median single-family home price rose more than 10% across much of the nation,” ATTOM reported. “They also come at a time of increased financial optimism, with retail sales up in 2021, new unemployment claims down and a second round of federal government stimulus money coursing through the economy. But the pandemic remains a threat to the economy as new virus variants emerge, and additional clusters of new cases crop up in various parts of the country.” Previous: Growth Found in SFR Market Next: Mr. Cooper and Google Partner on New AI Initiative 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. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 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, Foreclosure, Market Studies, News
RelatedPosts COVID-19: NCAA to revoke erring airlines licence over non-compliance FRSC to Schools: We’ll arrest, prosecute drivers who flout COVID-19 rules Sanwo-Olu: We’re committed to fulfilling promises to Lagosians The Premier League said on Thursday that players and match officials will wear a “No Room For Racism” badge on their shirts for the entirety of the 2020-21 season.It would replace the “Black Lives Matter” logo that previously appeared on kits. The “Black Lives Matter” logo appeared on kits for all the games following the COVID-19 break last season and the league said it will support players who “take a knee” at matches to highlight racial injustice.“We, our clubs, players and match officials have a long-standing commitment to tackling discrimination,” Premier League chief executive Richard Masters said in a statement.“Players…have a strong voice on this matter, which we saw last season.“We have continued to talk and listen to players on this issue and will support them as well as continuing to emphasise the Premier League’s position against racism.“Discrimination in any form, anywhere is wholly unacceptable and ‘No Room For Racism’ makes our zero-tolerance stance clear. “We’ll not stand still on this important issue and we’ll continue to work with our clubs, players and partners to address all prejudiced behaviour.”The new Premier League season will begin on Saturday.Reuters/NAN.Tags: Black Lives MatterCOVID-19No Room For RacismPremier LeagueRichard Masters
Arcata >> Almost identical to last season, the Humboldt State softball team has played all of its first 10 conference games anywhere but at its home field.That, as the middle of March is almost here, is about to change.Seriously, this isn’t a drill.Following postponements due to weather, playing home games on the road because of rain and having a three-week break in between the opening season and its next slotted games, Humboldt State will finally get a chance to play a game within Humboldt …
Woodlands Dairy food group is committed to spreading the message of environmental health. The company recently embarked on a clean-up campaign that invited participants in the creative sector to get their hands dirty. The end result? A clean city and an eye-catching billboard made from recycled material.Woodlands Dairy saw an opportunity to use graphics to demonstrate the impact of littering. As part of their ongoing ‘clean up your hood for good’ campaign, Woodlands Diary (First Choice) partnered with Colours of You South Africa (COYSA), an organisation that seeks to promote both artistic talent and all things South African by bringing people together through art & design, to create this artwork that can be found on the R303 as motorists leave the N2 and enter Humansdorp in the Eastern Cape.A crew of just over 50 people were challenged to clean up this stretch of road (R303 between the N2 and Humansdorp). The cleanup kicked off at the end of October last year, and has been on-going.Tinus Pretorius, Woodlands Dairy/First Choice GM: sales and marketing shared the campaign objective with MarkLives.com: “We wanted to involve local creatives to help us drive awareness about the benefits of cleaning up their neighbourhood. We need to get the public’s attention when it comes to littering, and what better way they to use the rubbish that’s thrown away? It also gives people a taste of the amazing work from the Port Elizabeth arts community.”About Woodlands DairyWoodlands Diary is situated along the South African Garden Route, right in the heart of the Eastern Cape dairy region in Humansdorp. With a team of +-1400 people, they pride themselves in innovative thinking, the speedy development of new products and excellent customer service.Their range includes various cheeses, butter, cream, amasi, custard, flavoured milk and extended shelf life (ESL) fresh milk, UHT Milk, dairy desserts, dessert toppings and ice cream.Additional reporting: Marklives.com
The 2012 London Olympics were filled with so many dramatic victories for the U.S. swimming team that the debut of then-15-year-old Katie Ledecky was a bit overshadowed. She entered only one event and won it easily. Three years later, Ledecky is the most dominant freestyle swimmer on Earth. She’s the first to own world records in three different freestyle distances simultaneously since Ian Thorpe. Barring the unforeseeable, the 2016 Olympics will undoubtedly make her one of the biggest stars in athletics.Over distances of 400 meters or more, she’s already faster than Mark Spitz. Yes, Mark Spitz, winner of nine Olympic gold medals — tied for the most of anyone not named Phelps — the guy who set world records at three freestyle distances, including the 400 meters, in which his top world-record time (4:07.7) now trails Ledecky’s (3:58.37) by over nine seconds.But this week she made headlines at the swimming world championships not only for her usual slate of fresh records and golds in her usual distances, but also for expanding her dominance by taking gold in the 200-meter race. Being able to win both sprints and endurance events is much more common in swimming than in track,1There have been 32 different swimmers who owned world records in at least three freestyle distances, including eight who have held both the 1,500- and the 200-meter records and two who have held the world record for all five traditional distances (100 meters through 1,500 meters). though it has been getting rarer of late.And Ledecky, who turned 18 in March, is just getting started. Who knows what heights she might reach? For now, we know she has been getting better and better at every distance — despite racing some only occasionally and/or in lower-pressure situations:While her meteoric improvement has started to flatten out a bit (as we would expect), there are no indications that she has peaked (or valleyed, as the case may be). She just matched her personal best of 1:55.16 in the 200 meters, and her times in that event are still declining (with a fairly linear trend). She is currently just over 2 seconds off of Federica Pellegrini’s record of 1:52.98 — which Pellegrini set just before turning 21. Pellegrini first set the record in this event at age 18, with a time of 1:56.47 — more than a second slower than Ledecky’s time Wednesday at the same age. Ledecky’s 100-meter time is a little bit further away from Britta Steffen’s record — about 2.5 seconds back — but Ledecky has been improving that mark by about 1 second per year even without it being one of her main races. It’s conceivable that she could become the first swimmer since Shane Gould to own all five traditional distance records (the 50-meter sprint only became recognized in 1976).Ledecky’s dominance has led to inevitable comparisons to men. She made a splash in April when she matched Michael Phelps’s time in a 400-meter preliminary, and her latest 1,500-meter record time has only been bested by 80 men in the world this year.She will likely rise even higher in those ranks in coming years, although she is still unlikely to topple any current male records. (Sorry to be a party-pooper!) Her best shot would theoretically be in the 1,500 meters, where she is about 55 seconds behind Sun Yang of China. While she seems to break her own record in that event practically every day, she has improved it by only 11 seconds in the past two years.However, she has caught up with or surpassed many record-holding men from the past (like Spitz). We can compare the lifetime progression of her personal-best swims (she has been on USA Swimming’s radar since she was 6) to the progression of the men’s world record for each distance like so:It’s fascinating that even her juvenilia has often been faster than many swimming legends. At just 13 years of age, Ledecky swam the 100-meter event faster than Hawaiian legend Duke Kahanamoku, who set his 100-meter world record time of 1:00.4 in 1920 — at age 30. (It’s almost like athletes get better and better over time.)By now, she has put the whole first half of the 20th century in her wake. For example, it’s highly probable that before June 1975, no human in history had ever swum 1,500 meters faster than Ledecky did Tuesday.So here’s a timeline of just when Ledecky’s current bests would have been the fastest ever:2I’ve left out the 50-meter event because there’s no record before 1976, but based on an eyeballing of the trendlines above, it looks pretty similar to the 100. In other words, it’s not just that she can play with the boys. If you took Katie Ledecky in a (backward) time machine to some point before August 1961, she would quite likely be the fastest human being in water in the history of the Earth — over any distance.3Barring “marathon” distances substantially greater than 1,500 meters — like the Olympics’ 10-kilometer open water event, which Ledecky doesn’t compete in. Yet.As she keeps improving her times and lowering her records, I like to think of each new milestone as her advancing through time, knocking down legend after legend as they pop up. It isn’t just a new record — it’s another period of history in which no one could beat her. How far can she get?(UPDATE: Aug. 10, 3:50 p.m.): The charts in this post have been updated to include Ledecky’s latest 800m world record, which she set at the world championships on Saturday.