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Wildfires are destructive and can be catastrophic for homeowners, especially those who are lower income. And unfortunately, fires are getting more frequent, larger, and stronger. The wildfire season in the western US has increased by more than 100 days since 1970, along with larger and more frequent fires. These fires are expensive, too; from 2017-2021, they have cost governments more than $90 billion and have dramatically altered landscapes in forests across the country. As such, it’s important to be prepared.  

Regardless of whether you live in a high fire-risk area, like Brentwood, CA, or somewhere with very little risk, such as Duluth, MN, these tips are essential. Climate change is accelerating, helping to prolong and intensify droughts and heat waves throughout the country. This creates a greater risk for wildfires anywhere in the US. So no matter where you live, read on for essential tips from Redfin to learn how to prepare for a wildfire. 

1. Clear the ignition zones around your home

First, it’s essential to create defensible zones around your home to reduce the fuel sources for a wildfire. This is called the Home Ignition Zone (HIZ), which is broken up into three subsections ranging from 0-200 feet away from your house. Here’s a quick breakdown of the zones.

Immediate zone (0-5 feet)

The immediate zone is the area directly adjacent to your home, including the structure itself and its immediate surroundings. This is the most important zone to take immediate action on. Make sure to clear your house first and then work your way around your property. The goal of this zone is to eliminate fire risk as completely as possible.  

  • Keep this zone free of all flammable vegetation and materials, especially anything underneath decks and between cracks in patios. Ideally, you shouldn’t have any vegetation in this zone.
  • If you have trees with long branches, make sure none of them get within five feet of your home. 
  • Clean roofs and gutters regularly to prevent a buildup of flammable debris.
  • Use non-flammable landscaping materials and high-moisture-content plants.
  • Store firewood, propane tanks, and other flammable materials away from this zone.
  • Make sure your home siding is at least six inches off the ground. 

Intermediate zone (5-30 feet) 

This zone acts as a buffer and is primarily focused on landscaping and creating breaks that can reduce fire spread. Depending on where you live, it may still be beneficial to keep vegetation to a minimum. 

  • Use “fire-resistant” plants that are strategically spaced to prevent the fire from spreading continuously.
  • Remove dead vegetation and prune trees regularly to keep them away from the ground (creating a separation between low-level vegetation and tree canopies). 
  • Space trees so they have a minimum of 18 feet between crowns and are no closer than ten feet from your home. 
  • You can have grass in this area, but it should be mowed to a maximum of four inches. 
  • If possible, create breaks with driveways, walkways, and lawns.

Extended zone (30-100 feet, 200 feet in sloped areas)

The goal of this zone is to disrupt a fire’s path, not eliminate it entirely. Landscaping should be maintained, but doesn’t necessarily have to be fire-resistant. 

  • Remove ladder fuels (vegetation that can carry a ground fire to treetops) by pruning and maintaining space between shrubs and trees.
  • Remove any vegetation adjacent to sheds or other small structures within this area.
  • Keep grass and other vegetation mowed to a short height.
  • Regularly remove dead plant and tree material.
  • Keep at least 6-12 feet between the canopy tops of trees.

2. Update your landscaping 

Landscaping plays a crucial role in preparing for a wildfire, especially in areas prone to wildfires, like San Bernardino and Riverside counties. Apart from creating a defensible space using the HIZ, there’s a lot you can do. Here are a few suggestions.

  • Plant selection: Opt for fire-resistant plants that are native to your region. These plants typically have a high moisture content, are low-growing, and don’t accumulate dead branches or leaves. Examples include succulents, some species of rockrose, lavender, and yarrow. Avoid plants that produce resins, oils, or waxes, as they can be highly flammable. 
  • Hardscaping: Use hardscaping elements like stone walls, pavers, concrete pathways, and patios to create firebreaks in your yard. These non-flammable elements can act as barriers, slowing or stopping the progress of a fire, and are great elements to add to your intermediate zone. 
  • Water features: Water features aren’t viable for every home, especially if you live in a drought-ridden region. However, if you are able to install them, consider ponds, streams, fountains, or even birdbaths. These can act as barriers to wildfires and can be a water source for firefighting if needed. 
  • Yard equipment: Avoid storing equipment with fuel still in the tank, such as lawnmowers, chainsaws, leaf blowers, and other gas-powered tools. 

3. Use fire-resistant building materials

You can retrofit your home to prepare it for a wildfire, but installing fire-resistant materials at the outset is much more cost-effective. 

Regardless of when you fireproof your home, it’s important to note the Flame Spread Index, which measures how far and how fast flames spread across the surface of a material. There are three ratings from best to worst: Class 1 (A), Class 2 (B), and Class 3 (C). Ideally, most of your home would exclusively contain materials in the Class 1 and 2 categories. 

Ensure you never use non-treated materials, especially not fiberboard, hardboard, and plywood. Additionally, some types of wood are more flammable than others, such as pine, oak, and douglas fir. Here’s a list of essential fire-resistant building materials to consider.

  • Roofing and siding: Metal sheeting, fiber cement, slate tiles, fiberglass-based asphalt shingles, and brick and stone. Brick and metal are some of the most fire-resistant materials commonly available.
  • Decking and framing: Composite wood, Structural INsulated Panels (SIPs), aerated concrete, steel, and Fire-Retardant Treated (FRT) wood. You can treat wood after installation, as well as purchase pre-treated wood. 
  • Windows and doors: Insulated, double pane, tempered glass windows; steel; fiber-cement; and fire-rated wooden doors. Fire-rated doors have cores that can limit fire and smoke for up to three hours, although 20 minutes is the most common. If you have a garage door, metal is the best choice. 
  • Insulation: Fiberglass, radiant/reflective barriers, foam, and mineral wool. There are many types of wool to choose from, including glass, rock, and slag. It’s also important to note that reflective foil insulation conducts electricity.

4. Consider Insulated Concrete Forms (ICFs)

Insulated Concrete Forms (ICFs) are a material and system that consists of hollow blocks or panels made of insulating materials, which are stacked to form the shape of the walls of a building. Once in place, these forms are filled with concrete, creating a solid, insulated wall system. ICFs are extremely energy efficient, durable, and resistant to various natural disasters, including wildfires. 

ICFs have unique properties that can withstand wildfires for up to four hours. While a bit more expensive than traditional wood, if you’re building a new home, ICF may be the most fire-safe option.

5. Install fire alarms and monitors

Your next step should be to know when a fire is happening in your home. In the case of a wildfire, you’ll likely know when it’s coming, but it’s still useful to install alarms and protection, so you can help limit the spread to other homes. And without fire detection, you are at increased risk of harm and damage to your home.

  • Smoke detectors: Smoke detectors are legally required. Ensure you have working detectors in every room of your home, test them monthly, and replace batteries annually. Make sure to follow your local building codes when installing and maintaining detectors. 
  • Heat sensors: These can detect unusual spikes in temperature and can be especially useful in garages or workshops where you might store flammable materials.
  • Remote monitoring: Some smart security systems can pair with smart smoke and carbon monoxide detectors to offer remote fire monitoring, allowing you to be alerted even if you’re not home. This can be crucial for early detection and response.

6. Purchase and maintain fire extinguishers

Home fire extinguishers may not be useful for large wildfires, but they can help suppress a fire and prevent it from spreading further. While not required for one- and two-family homes, they are invaluable tools. 

Maintaining extinguishers is crucial. Every month, check the pressure gauge to ensure it’s in the “green” zone. And once per year, have a professional inspect it. After any use, recharge or replace the extinguisher. Over time, even if unused, extinguishers degrade; typically, you should have them served every six years and replaced every twelve

7. Invest in a home sprinkler system

Home sprinkler systems can be an invaluable tool to reduce your risk of fire damage inside and outside your home. There are two types of sprinkler systems that can be useful during a wildfire: interior and exterior. 

Home sprinkler systems are similar to those found in commercial buildings but are tailored for residential environments. They can play a crucial role in saving lives, reducing property damage, and providing an added layer of safety to homeowners. Homes that had 

Exterior sprinkler systems, sometimes called “wildfire sprinkler systems” or “defensible space sprinklers,” are designed to wet the home and its immediate surroundings. This helps prevent wind-blown embers, radiant heat, and direct flame contact.

The benefits of these systems usually outweigh the costs of installation and use, as damage from a fire or firefighters is often far worse. Remember that your system must also be able to deliver water for up to eight hours straight. So if you live in a region parched by drought, this may be impossible. And, if you live in a windy area, an exterior sprinkler system may not be able to reach as far or as consistently. 

8. Install a generator for emergencies

Power outages are common during wildfires, as fires can damage infrastructure and utility service providers may perform Public Safety Power Shutoffs (PSPS) to prevent further fire spread. 

A generator can provide power to a home or facility during these outages, ensuring that essential appliances and systems remain operational. This can include supporting medical equipment, running external sprinkler systems, and charging communication devices. 

It’s also critical to keep an AM/FM/weather radio and battery-powered lanterns on hand for government communications. 

9. Keep your emergency kit stocked

Your emergency kit should contain essential supplies that will last at least 72 hours. This includes food, water, a first aid kit, tools and supplies, clothing, shelter, identification, cash, and special needs products. It’s also critical to keep an AM/FM/weather radio on hand to communicate with authorities and emergency responders.

10. Make sure your community is prepared

Protecting your own home is the first step, but is ultimately futile if your neighbors aren’t protected as well. Even if you install state-of-the-art sprinkler and fire detection systems on your property and follow the HIZ guidelines perfectly, water can run out, the power can go out, and fires can spread from your neighbor’s house more quickly than an exterior sprinkler system can put them out. 

To truly reduce your wildfire risk, it’s critical to talk to your neighbors and ask them to remove fire risks. For a community to survive a wind-driven fire, each household must properly prepare. One of the primary ways fires spread is by jumping from an unprotected house to a protected house. This means that even if you prepare your house using the HIZ, if your neighbors aren’t prepared, your home is still at risk.

Preparing for a wildfire hinges on small daily tasks and community responsibilities more than individual action. Communities must prepare together to reduce the risk of burning together. 

How to prepare for a wildfire: final thoughts

While there is no surefire way to protect your home from wildfires, preparing individually and as a community can help reduce risk. While reducing your risk is the best short-term action, the best long-term solution is to reduce your carbon footprint and slow the effects of climate change. If you have any questions, contact your local authorities or utility company.

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or fire prevention professional. Always seek expert advice and follow all official guidance before, during, and after a fire.

Source: redfin.com

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Last week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. Weekly active inventory grew slowly again and purchase apps were down week to week again.

  • Weekly active listings rose by only 4,270
  • Mortgage rates went from 7.03% to 7.19%
  • Purchase apps were down 3% week to week

Mortgage rates and bond yields

Last week we started with lower bond yields as we anticipated inflation reports to continue the trend of slower year-over-year inflation data. This happened as expected, except we had a lousy bond auction, which meant too much debt supply came online with insufficient buyers. This pushed yields higher Thursday and Friday to move mortgage rates to 7.19%.

A valid case for higher mortgage rates in the short term is that we are simply going to be in an environment where we don’t have a lot of bond buyers versus the supply coming in, thus making it harder for mortgage rates to go lower. We saw an example of that last week.

For my 2023 forecast, my range on the 10-year yield has been between 3.21%-4.25%, emphasizing that the bond yields can go lower than 3.21% only if the labor market breaks. The labor market breaking to me is if jobless claims on a four-week moving average go over 323,000; currently, that data is 231,000. As the economy has stayed firm, bond yields are at a higher level of my range for 2023.

Weekly housing inventory

The painful housing inventory story of 2023 continues as we had yet another week of slow inventory growth. Last year when mortgage rates spiked higher, inventory growth was much faster, but we were also working from the lowest levels recorded in history in March of 2022. This year, it’s been a much different story. 

  • Weekly inventory change (August 4-August 11): Inventory rose from 487,870 to 492,140
  • Same week last year (August 5-August 12): Inventory rose from 543,898 to 550,175
  • The inventory bottom for 2022 was 240,194
  • The inventory peak for 2023 so far is 492,140
  • For context, active listings for this week in 2015 were 1,203,577


As we can see in the chart below, inventory growth has been so slow that active listings have been negative year over year for some time now. For those calling for a massive inventory spike since 2008, the last few years have not gone as planned.

New listings data has been trending at the lowest levels recorded in history for more than 12 months. However, even with higher mortgage rates in the last few months, we haven’t seen a new leg lower in this data line, which means we might be forming a workable bottom in 2023. As you can see in the chart below, 2023 has had a clear divergence versus 2021 and 2022 data, which were already at all-time lows before last year.

Here’s how new listings this week compare to the same week in past years:

  • 2023: 60,759
  • 2022: 73,384
  • 2021: 79,184

Purchase application data

Purchase application data was down again by 3% last week, making the count year-to-date at 14 positive and 16 negative prints. If we start from Nov. 9, 2022, it’s been 21 positive prints versus 16 negative prints. Mortgage rates near or above 7% are simply too high to promote real growth in this data line, which is working from a historical bottom. 

So, when rates fall, moving the needle higher for purchase apps won’t take much. However, for now, rates this high have facilitated more negative week-to-week data than positive, leading to lower sales as this data line looks out 30-90 days. While we aren’t seeing sales collapse like last year, we aren’t growing sales meaningfully from the recent lows. 

The week ahead: Tons of economic data

This week, we have various economic data reports that can move mortgage rates and give us a sense of where the housing market is going. Retail sales and the Leading Economic Index are out this week. Also, we get two key data lines for housing this week: the homebuilders survey by NAHB/Wells Fargo and housing starts!

What I am looking for in housing data is what the builder survey indicates for the next six months. In last month’s report, we saw a slight decline in this data line. For this week, I want to see how mortgage rates react to the batch of new economic data. 

Source: housingwire.com

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Some things just scream, “I’m insecure?”; in fact, that phrase is probably circulating around right now on social media. The latest example would be Hailey Bieber, Kylie Jenner, and Kendall Jenner’s behavior towards Selena Gomez. Those women have been tagged as “mean girls.” However, how do you really know when someone is insecure? 

Here are the top seven signs that show you’re insecure, according to Reddit users:

1. Not Admitting When You’re Wrong

One Redditor said, “When people cannot admit that they don’t know something.”

Another commenter added, “To build on this point: people who are opinionated on a subject where they either know nothing about or regurgitate points off select news sites/feeds.” 

Another person added, “I have a friend I’ve known since I was little, and one of the main reasons we’re fairly distant is that he does this about everything. Literally anything I mention I’ve been doing, places I’ve been, people I’ve been spending time with. Regardless of how much I know he doesn’t know about a subject, he always has the absolute most condescending, lowest opinion of it. Like, somehow, everything I do happens to fall under the vast umbrella of bad experiences he’s had and knows better about now. Like yeah, I was kinda stoked about the thing I’m sharing with you, but never mind, homie, guess you’ve been there and would avoid that.”

However, another commenter defended, “I find that I usually react that way only if my opinion is being completely dismissed. For example, if I say green apples taste sweeter than red apples, then a friend says, ‘No, red apples are definitely sweeter than green apples,’ I will feel personally attacked because he’s basically calling me stupid for thinking green apples are sweeter. I don’t mind if my opinion is wrong sometimes, but I think it can be worded better when you have a disagreement with someone. Just say your own opinion without invalidating mine. For example, ‘…Personally, I think red apples are sweeter,’ is a perfect alternative.”

2. Mocking Someone Else’s Achievement

Photo Credit: Shutterstock.

One Reddit user posted, “Mocking someone else’s achievement.”

Another one added, “Having to one-up everyone’s achievements.”

A third commenter responded with his experience, “I work with a geezer like this, unfortunately. Try to talk about literally anything, and he’ll have a one-up. He’s full of s**t tho, lol. Edit: first Reddit comment to blow up, and your responses are funny AF.”

Another Redditor also commented, “Woman I worked with always prefaced stuff like this with ‘that’s alright,’ as in ‘oh, you are broke? Well, that’s alright. I have only a dollar to last me to the next paycheck.’ Finally told her, look it’s not alright. Knowing you are broke too does not make it alright for me to be broke, so, please! Stop saying that! She left in a snit and didn’t talk to me for a few days, and she stopped saying it.”

“Trying to ruin someone else’s achievement/ actively celebrating their failures (when they’ve done nothing to you, at least),” one user replied. 

3. Belittling Others

One Redditor posted, “Belittling others.”

Another user added, “Or constantly talking about themselves to prove they’re better than others.”

A third user also responded, “Or how about acting like a life coach giving advice at every opportunity? I can think of a famous podcaster that constantly does this…”

Another commenter said, “So I think I accidentally did this. Like someone will say, ‘I just did XYZ. It was really hard,’ and I’d say ‘Yo I did that too,’ but I mean it in a way to say I’m like you. I can relate to you on this topic, but it gets taken the wrong way, and they try to 1-up me. I’ve probably done something similar.”

4. Backstabbing

One commenter posted, “Always talking badly about others and trying to make them look weak/bad.”

Another Redditor responded, “Exactly. I knew a mother and son who would always be the quickest to gossip and point out the negative about so many relationships and other people in general. I used to think they were being very realistic and observing people and their flaws. Till I saw their true colors and realized that they were a very insensitive, cruel, and insecure lot who couldn’t handle it being dished out to them.”

“You always hear people say to stop worrying if strangers or others are judging you because nobody is paying attention to you anyway. Yeah… it took one night with this couple and just listening to the trash they said about perfect strangers (her mainly, he’d agree). I asked what the point was and she said ‘it’s one of the ways we have fun’. Alrighty… lol.”, added a third commenter. 

5. Humble-Bragging

Photo Credit: Shutterstock.

One Redditor posted, “Constantly saying what kind of person you are. If you were, you wouldn’t have to tell us..”

“When someone starts with that statement I automatically tune out,” one added.

Another commenter added, “‘I’m a nice guy!’”

6. Never Apologizing

One Reddit user posted, “Never apologizing. Making excuses and even twisting the facts but never apologizing.”

“For the life of me, I don’t understand how people can be so insecure. I’m a teacher, and tally up my mistakes every day in front of my class so they can see that even the pros botch a thing or two. If I can do that in front of a bunch of twelve-year-olds, why can’t other people do that in their everyday lives?” one commenter added. 

A third user replied, “If you get beat for making mistakes, you learn to hide your mistakes. If making mistakes as a kid consistently leads to having those mistakes held over you, weaponized against you, you will end up on guard against anyone finding out about your errors. Beat the puppy, get a mean dog.”

“I have a friend like this. She never admits she’s wrong and she also says she’s just a ‘tells it like it is’ kind of person. Basically excuses herself from accountability when she says mean things. She surrounds herself with friends who will always capitulate to her in anything. I’ve started to distance myself from this friendship over the past few months as a result,” another Redditor added. 

7. Social Media PDA

Photo Credit: Shutterstock.

One Redditor posted, “Constantly having to post how amazing your relationship is.”

Another one added, “In my experience, those are usually the people who actually have very toxic relationships.”

“For real, constant publicizing of your private life is not a good sign of stability,” another replied.

One user also shared his experience, “I’ve seen this on two separate occasions with one being recently with my roommate. So my roommate literally moved 6 states just to be with his gf he’d been dating for a year. They posted their relationship constantly and from the outside looking in the relationship was ‘perfect’.

“They’d argued so much because it turns out that she was cheating on him with a dude through an online game. Shortly after he gave her another chance after my gf, his friends, and I all told him not to, and they went back to showing how picture perfect their relationship was. When I asked him how it was going he would say great, but the relationship got worse. The arguments got worse; they’d go through each other’s phones constantly, give each other silent treatments because they couldn’t communicate through a problem, and to finish it off she was still cheating on him. So the moral of the story is don’t judge a book by its cover I guess.”

“I cannot fathom how someone could get caught cheating and then go back to the original relationship. If you’re unhappy enough to cheat, then why not just end the relationship?” one user asked. 

Source: Reddit.

10 Celebrities Who Are Universally Disliked

Photo Credit: Shutterstock.

People will always have preferences and something to say about celebrities. What you might love may not be the same for others. Whether it’s about their past behaviors, legal issues, or feuds with other celebrities, here is a list of celebrities people just cannot stand.

10 Celebrities Who Are Universally Disliked

These 7 Celebrities are Genuinely Good People

Photo Credit: Shutterstock.

We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble? 

These 7 Celebrities are Genuinely Good People

15 Cover Songs that are Better than the Original

Photo Credit: Shutterstock.

Sometimes, a cover of a song ends up doing far better than the original. Some covers are so good that we didn’t even realize the cover version wasn’t actually the original.

15 Cover Songs that are Better than the Original

Photo Credit: Shutterstock.

Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.

10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth

These 11 Movies Are So Bad You’ll Wish You Could Unsee Them

Photo Credit: Lightstorm Entertainment / TSG Entertainment II

The movies we love best are a combination of excellent characters, plots, stories and cinematography. But if these factors can make great movies, they can also make terrible movies—the ones that make people cringe, the ones we swear they’ll never watch again.

These 11 Movies Are So Bad You’ll Wish You Could Unsee Them



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Source: financequickfix.com

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Washington, DC
CNN
 — 

US mortgage rates jumped this week, climbing closer to 7%. The move follows last week’s rate hike from the Federal Reserve, and the downgrade this week by Fitch Ratings agency of US sovereign debt, and of Freddie Mac and Fannie Mae.

The 30-year fixed-rate mortgage averaged 6.90% in the week ending on August 3, up from 6.81% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 4.99%, the lowest rates have been in the last 12 months.

“The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”

The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.

Next up: Employment and inflation data

The fixed rate for a 30-year mortgage continued to close in on 7% this week as 10-year Treasury yields climbed past the 4% threshold, said Hannah Jones, economic data analyst at Realtor.com.

“On Wednesday, the US Treasury announced it would sell off more than $100 billion of long-term securities, driving 10-year Treasury yields to the highest level since November,” said Jones. “This development, along with upcoming employment and inflation data, will determine how much mortgage rates may rise in the short term.”

Should employment and inflation pick up steam, she said, mortgage rates are likely to continue climbing as markets anticipate further monetary tightening.

Last week, the Fed raised its benchmark lending rate by a quarter point, as expected.

“The committee’s statement emphasized that incoming economic data will guide future rate hike choices,” Jones said. “Home buyers continue to feel the effects of tighter policy, which keeps a floor under mortgage rates.”

While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

Inventory remains a challenge

Home inventory remains tight, further hampering affordability. Existing home sales and sales of newly constructed homes were down in June as higher rates have been keeping inventory low and prices higher.

“Still-high home prices and elevated mortgage rates have eaten into purchasing power for many buyers, leading to both fewer home sales and fewer listings,” said Jones. “Today’s housing market is grappling with low for-sale inventory amid sustained, though historically low, buyer demand.”

Active inventory fell compared to the previous year each week in July, according to Realtor.com. Many homeowners held off on listing their home for sale, largely in response to today’s high mortgage rates, Jones said.

“The drop in for-sale inventory was met with the typical seasonal pickup in buyer demand, despite affordability constraints, which propped up home prices,” she said.

Homeowner vacancy fell to a historical low of 0.7% in the second quarter of 2023, Jones said, as many homeowners stayed put and home shoppers snapped up available inventory, leaving fewer homes vacant.

“The housing market continues to face more than a decade of underbuilding, and the resulting gap in home supply is being exacerbated by the lower level of existing homes for sale,” she said.

Source: cnn.com

Apache is functioning normally

Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

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Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

By:
Rob Chrisman

Thu, Aug 10 2023, 10:02 AM

A general discussion topic of those here at the MMLA conference in Michigan is the ups and downs we’re all facing. While mortgage applications drift down, and industry headcounts go down, and towns on Maui like Lahaina burn down, here’s something that isn’t going down: credit card debt. Talk to any underwriter or loan officer and they will tell you that loans have become more difficult, in part because of borrower debt loads, and sure enough credit card balances hit $1.03 trillion in the second quarter. And it ain’t going down. The number is up 4.6 percent from $986 billion in the preceding three-month period. For some good economist’s perspectives and interest rates in general, and one capital markets guy’s, tune in to “Unparalleled Insights into Trends and Bold Predictions” with Selma Hepp (CoreLogic’s Chief Economist), Michael Fratantoni (MBA’s chief economist), and Rob Chrisman” on Wednesday August 16th at 1PM ET/10AM PT, sponsored by TrustEngine. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview SimpleNexus’ Jay Arneja on closing technology initiatives, standardization, and digital transformation impacting the industry at the moment.)

Lender and Broker Software, Products, and Services

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While free origination tools are tempting, they can come with hidden costs, including slowing down the mortgage process, increasing turn times, and halting productivity. Blend’s robust, comprehensive features, intuitive personalization, and automated workflows have proven results: 37% increase in transaction speed, 7 days cut from the loan lifecycle and 34% increase in pull-through. Click here to find out how Blend’s Mortgage Suite helps deliver value during every step of the process.

Problem! Your employees are wasting valuable time on tasks that aren’t generating your business revenue! Solution! Automate the time-consuming parts of the mortgage origination process with Velma Connector! Connector is an easy-to-use, rules-based automation tool that enhances your LOS! Need to put your ECOA process on autopilot? Connector takes the human element out of it. Want to know which loans need attention before it’s too late? Connector will send you the report. Want to automate borrower communications and info collection? Connector hits the send button for you. Stop wasting time and money on manual processes! Get Velma Connector today!

“Turn fixed costs into variable costs on a dime. When the market zigs, lenders need the flexibility to zag. Richey May Advisory brings the mortgage industry expertise and agility you need to convert fixed costs into variable costs. Our difference maker is your ability to outsource services to highly trained experts in a model that fits your needs. Whether that means loan-level accounting, advisory, business intelligence, compliance support, cyber services, internal audits, or underwriting automation, we have the tools, knowledge, and experience to deliver value and improve your financial performance unlike any competitor, anywhere. You’ll feel it almost immediately in your day-to-day operations. Even better, you’ll notice the difference in your bottom line. Reach out or visit our website to learn more about how we can help your operation.”

TPO Programs for Brokers and Correspondents

“Going to California MBA’s 2023 Western Secondary conference? Let’s get together and innovate! Deepen your product lineup with Planet’s Renovation and Manufactured Housing loan programs. Help your clients address today’s housing challenges by adding buydowns and USDA loans to your product mix. We make it easy and profitable to offer niche products. Reach out to Regional Sales Managers Tiffany Ta / 714-376-3214 or Jennifer Salsbury Caldwell / 909-225-8444 to explore new products to build your sales.”

Looking to gain a competitive advantage in today’s tough market? Lenders across the industry are catching wind of HELOC benefits and leveraging this tool to increase their book of business. Let us help you get a leg-up on the growing competition. Symmetry’s Piggyback, Post-close, and Stand-alone HELOCs are unlike any other HELOCs on the market, offering service, speed, simplicity, and pricing that stands up against the competition. Here are just five of the ways Symmetry’s HELOC solutions can help you win and keep more borrower business: cash for borrowers, jumbo avoidance, more second home business, increased condo business and client retention. Symmetry is ready to help you build a strong, resilient growth strategy: Contact your area manager or email us to get started!

Wholesaler Earnings and TPO News

Someone in residential lending is making some coin besides Freddie Mac and Fannie Mae ($2.9 and $5.0 billion respectively in the 2nd quarter).

Last week we learned that Rocket Companies (which, as the name implies, contains several companies) generated total revenue, net of $1.236 billion and net income of $139 million. “Generated total adjusted revenue of $1.002 billion and adjusted net loss of $33 million, or an adjusted loss of $0.02 cents per diluted share.”

Focusing on mortgage banking, “Rocket Mortgage generated $22 billion in mortgage origination closed loan volume with a gain on sale margin of 2.67 percent. Rocket gained purchase market share in the quarter, both year-over-year and quarter-over-quarter. Servicing book unpaid principal balance, which includes subserviced loans, was $504 billion on June 30, 2023. As of June 30, 2023, our servicing portfolio includes 2.4 million loans serviced. The portfolio generates approximately $1.4 billion of recurring servicing fee income on an annualized basis.”

Yesterday United Wholesale reported second quarter earnings with origination volume climbing to $31.8 billion, was up 43% compared to the first quarter and up 6.4% compared to a year ago. “Gain on sale margin compressed to 88 basis points in Q2 compared to 92 in Q1 and 99 a year ago. Purchase volume was 88% of total volume. UWM is guiding for third quarter volume to come in between $26 and $33 billion, and gain on sale to range between 75 and 100 basis points. Adjusted earnings per share came in at $0.11, which covers the $0.10 dividend. At current levels, the stock has a dividend yield of 6%.”

Speaking of UWM, “spec pools” are indeed a thing as certain investors pay up for certain loan attributes that the investor desires. In this case, UWM announced “sharper pricing on loans under $200,000, in addition to major enhancements to its Control Your Price program on non-agency Jumbo loans… UWM has removed loan-size pricing adjustments on loans under $100K and will be paying up premiums for market-based pay-ups on 30-year fixed conventional loans $200K and below.”

“UWM also announced it has increased the number of Control Your Price basis points brokers can apply to Jumbo loans, up to 40 basis points. UWM will also double or triple the Control Your Price basis points brokers apply on all non-agency Jumbo loans, up to 120 basis points.”

The FHFA, which is the conservator of Freddie and Fannie? FHFA Working Paper 23-04: How Do Students Value an Elite Education? Evidence on Residential Location and Applications to NYC Specialized Schools.

Pennymac is aligning with the adoption of Fannie Mae/Freddie Mac Form 1103, Supplemental Consumer Information Form (SCIF) as announced in FHA ML 2023-13. Use of the form is effective with FHA loan applications dated on or after 8/28/2023. View Pennymac Announcement 23-51 – FHA Mortgagee Letter 2023-13 SCIF for details.

CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, has been approved by the U.S. Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas. Because the USDA loan program offers 100% financing, CBCMA enables correspondent lenders to help low- to moderate-income families in rural areas achieve homeownership. USDA loans provide low- and moderate-income borrowers with “the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas,” according to the agency. Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency.

AmeriHome Mortgage Announcement 20230707-CL summarizes previously published changes made during July, additional changes made with this announcement, and recent Agency and regulatory news.

Recently, the GSEs announced updated policies addressing critical repairs, deferred maintenance, and special assessments in projects with five or more attached units effective for loan applications dated on or after September 18, 2023. View AmeriHome Correspondent Product Announcement 20230801-CL for additional information.

PRMG Product Update 23-36 includes clarifications regarding FHA Standard and High Balance cash out transactions on Manufactured Homes, borrowers living rent free requirements on Investor Solution, self-employment verifications requirements of Ruby Jumbo and Express Jumbo. Additional updates and clarifications for Ruby Express and Onyx Jumbo.

Capital Markets

A slide in big tech equities yesterday due to President Biden’s Executive Order announcement prohibiting investment in certain Chinese technologies, as well as higher energy prices, helped mortgage-backed security “sentiment” and further flattened the yield curve, which at this point is to say it increased in inversion: “bear flattening.” Fortunately, MBS prices were not very reactive to the initial selloff in Treasuries which tightened spreads further. Investors squared positions ahead of today’s Consumer Price Index inflation data that will help shape the outlook for the Fed’s next steps.

What was the result of all this noise? The U.S. 10-year note and the 30-year bond prices, along with them MBS, pushed to fresh highs in the afternoon after the completion of the day’s solid $38 billion 10-year note offering while 5-year notes and shorter tenor prices slipped to fresh lows as the market prepared for July CPI. Some movement was driven by European equities rebounding after Italy walked back Tuesday’s windfall tax announcement, saying the tax would be capped at 0.1 percent of assets.

Today brings the CPI report for July, as expected. Headline CPI increased .2 month-over-month and () year-over-year when it was expected to increase 0.2 percent month-over-month and 3.3 percent year-over-year compared with 0.2 percent and 3.0 percent in June. The core reading, ex-food and energy, was .2, as expected, and 4.7 percent year over year versus 4.8 percent previously. Weekly jobless claims have also been released: 248k, higher than expected, 1.684 million continuing claims. Later today brings a Treasury auction of $23 billion 30-year bonds, and remarks from Atlanta Fed President Bostic and Philadelphia Fed President Harker. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 3.96 after closing yesterday at 4.01 percent after the inflation data.

Employment and Transitions

“Attention homebuilders and other potential joint venture partners! In today’s volatile market, a reliable lending partner is non-negotiable. Enter PrimeLending, backed by the strength of Hilltop Holdings and PlainsCapital Bank. We’re not just surviving; we’re thriving. With over 37 years in the mortgage industry, we bring more than stability and experience. We bring game-changing insight to boost your revenue. Join us at PrimeLending Ventures Management, LLC. Our proven track record, streamlined operations, and cutting-edge technology speak for themselves. Imagine this: together, we’re not just about making profits, but about evolving your brand. What are you waiting for? Reach out to Mike Matthews today to talk about a partnership built on shared success.”

Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, today announced the appointment of Steve Pawlowski as Managing Director, Head of Technology Solutions. Mr. Pawlowski will be responsible for expanding upon MCT’s proven record of driving efficiency and liquidity in the secondary market. “MCT was the fastest and most comprehensive technology partner I worked with on API development while at Fannie Mae,” said Steve Pawlowski, Managing Director, Head of Technology Solutions at MCT. “I couldn’t be more excited to apply my institutional expertise to this agile and committed technology development team.” Mr. Pawlowski will provide leadership on all MCT technology development. He brings extensive industry experience to MCT, including 30+ years with Fannie Mae’s Capital Markets and Single-Family Digital Products and Services organizations. Read the full press release or join MCT’s newsletter to stay up to date on recent news and educational content.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

By:
Rob Chrisman

Fri, Aug 11 2023, 10:22 AM

As the MMLA conference wraps up (congratulations to Dan Grzywacz, CMB, and nearly 40-year industry vet, who was this year’s James T. Barnes Award winner), the conversations still involve some seemingly endless topics. One of which is W2 versus 1099. There’s been a lot of “quacking:” about whether originators can be paid as independent contractors (1099) or need to be employees (W-2). Mortgage Muser and attorney Brian Levy has some new thoughts on this topic that are worthwhile even if he “ducks” providing legal advice in his entertaining and insightful mortgage blog. View past editions of the Mortgage Musings and subscribe to get emailed about new postings for free here. Another is sticky higher interest rates, and today at 3PM ET, Skylar Olsen, Zillow’s Chief Economist, will be co-hosting The Mortgage Collaborative’s Rundown, covering current events in the economy and mortgage market for 30-45 minutes. And there’s volume. According to Curinos, July 2023 funded mortgage volume decreased 30% YoY and 13% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview with Equifax’s Joel Rickman on leveraging income and employment verifications during the home equity line of credit (HELOC) origination process.)

Lender and Broker Software, Products, and Services

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Mega Capital Funding is proud to be a 25 yr. partner to the broker community. The team at Mega Capital continues to grow and expand across the US. Mega has recently added another 10 outside AEs across the country to further support the broker community. The team at Mega is also expanding our products this month with additions to our Non QM suite. ITIN is new and improved along with our Expanded DSCR options which also includes a No Ratio DSCR. We at Mega are looking to continue to be a destination for brokers and bankers to find all their lending needs under one roof. Conv, FHA, VA, USDA, Jumbo and Non QM. Mega Capital is also excited to be at NAMB this year. Please come by and see us in Vegas.

Looking Ahead to Conferences and Training

A good place to start is here, and click on “events.”

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference.

Save the dates of September 10-12 and join lending professionals from the Pacific Northwest at the Riverhouse in Bend, Oregon, for the Pacific Northwest Lenders Conference. This event promises to be a catalyst for professional growth, offering a unique platform to expand knowledge, build valuable connections, and elevate lending businesses in the region.

Prepare to be amazed and delighted when you swing by the Plaza Home Mortgage® booth at the NAMB National Conference, September 8-11, at Caesars Palace in Las Vegas.

Register for free with the code PLAZAFREE and pop by Plaza’s booth #607 or schedule a meeting with us at [email protected].

Zelman’s Virtual Housing Summit is September 18-21, though not exactly in person.

Network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards at MISMO’s Fall Summit, September 18 – 21 in Washington, DC

New To MISMO? Check out this 20-minute presentation “Intro to the MISMO Summit Experience” to learn what to expect and how to best prepare so that you get the most out of the Summit.

AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class, September 27–28, at the We-Ko-Pa Resort and Casino. Begin your experience on Wednesday, Sept. 27 with Part 1 of NMLS CE class. Full day of events begins on Thursday, September 28 including NMLS CE class Part 2, Luncheon with Keynote Speakers Allen Beydoun, UWM Executive Vice President and Rob Chrisman, The Chrisman Commentary Daily Mortgage News, followed by the AzAMP Expo.

Watch on demand, at your leisure: Millennials and Gen Zers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

It’s time to register for the New England Mortgage Bankers two-day Conference, September 13-14 in Portsmouth NH. Multiple venues all within walking distance for a new NEMBC experience.

Register for the AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class on September 27th and 28th at the We-Ko-Pa Resort and Casino. Don’t miss Luncheon Speakers Allen Beydoun, UWM EVP, and Rob Chrisman, The Chrisman Commentary Daily Mortgage News. Stay the night at the resort and attend all the events.

Registration for the NCEO 2023 Fall Forum in Houston, September 26-28 is now open. Featuring top industry experts and thought leaders, the forum will update you on the latest trends and best practices in employee ownership. Network with other employee owners and industry professionals from across the country, sharing ideas, challenges, and successes.

Secure early-bird pricing through June 23rd. From close-knit conversations to invigorating keynotes, the forum is the place to rocket your company into the stratosphere.

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC.

Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Mark your calendars and make plans for ACUMA’s 2023 Annual Conference! Registration is now open for the biggest event tailored for the credit union mortgage professional. This year’s theme, Make Your Mark, is the largest and most comprehensive event on ACUMA’s education calendar and is scheduled for Oct. 1-4 at the Gaylord National Resort in National Harbor, Maryland, just down the Potomac River from Washington, D.C. Make plans now to attend this year’s largest gathering of mortgage lenders, and plan to continue to Make Your Mark in credit union mortgage lending! Here’s the link to register! ACUMA 2023 Annual Conference.

At Turning Stone Casino & Resort, Verona, NY., October 4th at 12:00 PM – October 6th at 12:00 PM (EDT), NYMBA 2023 Annual Convention & Golf Tournament, a premier event that brings together industry leaders, professionals, and innovators in the mortgage banking sector. This convention serves as a platform to foster collaboration, share knowledge, and explore emerging trends, ultimately shaping the future of the mortgage banking industry in New York and beyond.

As we celebrate America’s independence, we have many other reasons to celebrate as well. This October 15-18, we’re taking the original gathering of real estate finance professionals to the birthplace of our country, and we’re celebrating some of the reasons you’re going to love it: MBA’s Annual Convention & Expo 2023.The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators. Be inspired and get informed by engaging speakers on the Main Stage. Meet with dozens of exhibitors in THE HUB and get hands-on access to the latest products and services. Dive deep into Breakout Sessions to get the insight you need on all the facets of the business.

There’s only one venue where you can get timely updates on where the reverse mortgage industry is headed, the 2023 Annual Meeting & Expo, October 23-25 in Nashville, TN.

Get the latest news on the HECM program. Learn about proprietary product opportunities. Find out what other regulatory changes are forthcoming. Pre-sale registration, the lowest registration rate, expires at midnight (Eastern Time) on Tuesday, August 22.

The kind of news you want to know, VIBE 2023, a very important broker exchange, is here! What is VIBE 2023?* The biggest growth mindset event for Mortgage Brokers featuring a VIP lineup of some of the most influential speakers in the country! Join us at the Westin South Coast Plaza in Costa Mesa, CA on 10/24/2023. Register to attend using your UNIQUE CODE**, provided by your Kind Account Executive. Learn more by visiting here. *VIBE 2023 event is open to all licensed Mortgage Brokers in the United States. No commitments to establish a partnership with Kind Lending are required to attend. **Unique Codes are provided by your Kind Lending Account Executive. If you do not have an account executive or are not yet working with Kind TPO, email us to learn more.

TMBA is working through the summer planning outstanding events including the 6th Annual Mortgage Symposium, November 6-7 at the Westin Dallas Southlake Hotel in Southlake TX. The Texas Women Mortgage Bankers event will be held on November 6 at the Westin Dallas Southlake Hotel.

October Research, LLC is happy to bring back the Women’s Leadership Summit (WLS) for its second year. It will be held November 6-7 at the Naples Grande Beach Resort in Naples, FL. We are now accepting registrations and speaker nominations! Built around the four pillars (Develop, Grow, Support and Empower) WLS provides attendees with the tools for success in a fun and supportive environment. Attendees come from across the country to learn from our visiting experts and each other about how to meet their goals. Visit OctoberResearchWLS.com for more information.

Capital Markets

Not only do the earth’s temperatures keep going higher, but inflation does as well, but at a slower pace! It was revealed yesterday that the consumer price index rose a temperate 0.2 percent in July and 3.2 percent year-over-year, matching consensus expectations. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months. Excluding the volatile food and energy components, the “core” index rose 4.7 percent year-over-year versus 4.8 percent in June. The index for shelter accounted for 90 percent of the increase, but is almost back to pre-pandemic levels and will continue to moderate after home price appreciation peaked last year.

While the recent trend is encouraging and confirms that inflation is headed in the direction the FOMC wants, it’s likely premature to get overly excited about a sustained return to the Fed’s 2 percent inflation target. The Fed’s fear is that a pause will reignite home price appreciation, exacerbate the affordability problem, and push inflation higher. Look for the Fed to leave interest rates unchanged at the next policy meeting in September, but add the caveat that the job isn’t done yet. Initial claims also moved in a direction last week to corroborate the thinking that there is some softening in the labor market, which is what the Fed expects and hopes to see. However, bond yields rose by the day’s close after the U.S. Treasury closed out this week’s auction slate with a weak $23 billion 30-year bond offering.

Today’s calendar kicked off with MBA reporting that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, down 19 basis points from the first quarter of 2023 and down 27 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the second quarter fell by 3 basis points to 0.13 percent.

We’ve also received the July Producer Price Index, which increased .3 percent month-over-month and .8 percent years-over-year versus 0.2 percent month-over-month and 0.6 percent year-over-year expectations and both 0.1 percent month-over-month and year-over-year previously. Core PPI rose (), +2.7 year over year. The only other release scheduled for today is at 10AM ET with the preliminary August Michigan sentiment. We begin the day with Agency MBS prices worse .125-.250 from last night and the 10-year yielding 4.13 after closing yesterday at 4.08 percent.

Employment and Transitions

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

The Maryland office of USA Mortgage has added nationally prominent Loan Officer, Sam Rosenblatt, to its roster. Rosenblatt joins William “Bill” Sohan in his venture to expand USA’s national footprint. Active in the mortgage industry since 1995, Rosenblatt was the #1 producer in units in Maryland in 2021, filing 978 closed loans valued at $338,087,603, and is among the top 50 originators in the nation. “I’m excited to join USA Mortgage because they have great loan options for my clients, state-of-the-art marketing, and cutting-edge technology that makes the mortgage process as efficient and smooth as possible”, he said. Founded in St. Louis in 2001, USA has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520.

Switching gears, Michael Dresden, the President of Dart Appraisal, sent the sad news that Tim Laden, Dart’s Chief Appraiser, passed away. “Tim impacted so many appraisers across the country through his love for coaching and mentoring. Tim was such an asset to Dart and helped us elevate many areas of our business. We’re better because of Tim.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Photo: Unsplash

Abu Dhabi: If you are looking for home decor, furniture to spruce your place at the lowest cost in the United Arab Emirates (UAE), then Sharjah is the perfect place to shop for.

There are many markets in the city with discounts of more than 75 percent. In addition, if you are an expert in haggling, you can buy things for only Dirham 10 (Rs 225).

Abu Shagara used furniture market is one of the places where you can get home decor that matches your budget and taste.

“I had a budgeted amount set aside for furniture. However, after all of my purchases, I am returning with more than half of the money saved,” Kareem, who had recently moved to the UAE with his wife, told Khaleej Times.

Here is the starting price of the home decor and furniture

  • Plastic stool- Dirham 10 (Rs 225)
  • Paintings- Dirham 10 (Rs 225)
  • Decorative items- Dirham 10 (Rs 225)
  • Wooden stool- Dirham 20 (Rs 451)
  • Mirror- Dirham 30 (Rs 677)
  • Bed set- Dirham 120 (Rs 2,710)
  • Dining table- Dirham 120 (Rs 2,710)
  • Sofa set- Dirham 200 (Rs 4,517)
  • Tv and coffee table—Dirham 80 (Rs 1,806)
  • Shoe rack- Dirham 50 (Rs 1,129)
  • Wardrobes- Dirham 80 (Rs 1,806)
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Source: siasat.com

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A whopping 7.88 percent of all residential mortgages were at least one month late by the end of the fourth quarter of 2008, according to the Mortgage Banker Association‘s latest National Delinquency Survey.

That’s up from 6.99 percent in the third quarter of 2008 and 5.82 percent in the fourth quarter of 2007, a new record high and quarter-to-quarter jump.

The delinquency rate doesn’t include loans already in foreclosure, which increased 33 basis points to 3.30 percent at the end of the fourth quarter, up from 2.04 percent a year ago.

That means a staggering 11.18 percent (seasonally adjusted) of mortgages outstanding are either late or in foreclosure.

The percentages of loans 60 days and 90 days or more past due, as well as loans in foreclosure, all set new record highs during the quarter.

“Foreclosure inventory jumped sharply in the fourth quarter even though the rate at which loans were entering foreclosure remained unchanged,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Economics, in the release.

“This is mainly attributable to various state and local moratoria on foreclosure sales, the Fannie Mae and Freddie Mac halt on foreclosure sales announced in late November, a general reluctance by servicers to proceed with evictions in the last few weeks of December and a slowing down caused by an overburdened legal process in some areas.”

Brinkmann said the rate of new foreclosure activity has been flat for the past three quarters, but the percentage of loans 90 days or more past due rose sharply in the fourth quarter.

Typically, loan servicers would have initiated foreclosure action on a large portion of these loans, but delayed doing so because of foreclosure moratoria and new legislation, or to adopt recently implemented loan modification programs.

Many critics have attributed the mortgage crisis to subprime loan programs or just a handful of states like hard-hit California and Florida, but the data reveals it’s much more widespread.

“While California, Florida, Nevada, Arizona and Michigan continue to dominate the delinquency numbers, some of the sharpest increases we saw last quarter in loans 90 days or more delinquent were in Louisiana, New York, Georgia, Texas and Mississippi, signs of the spreading impact of the recession,” Brinkmann noted.

However, subprime loans continue to dominate the delinquency numbers, with a devastating 48 percent of subprime ARMs nationwide at least one mortgage payment behind.

Brinkmann said the worst in interest rate reset-related delinquencies seems to be behind us, but warned delinquencies tied to job loss and income will continue to rise, affecting seemingly healthy prime fixed-rate loans.

Source: thetruthaboutmortgage.com

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I’m sure you already know and love Rue Magazine, as we pretty much all do, but have you heard the news?! This week Rue launched a whole new website, Rue Daily. The gorgeous digest will be your new go-to for lifestyle and design inspiration, filling the gap as you eagerly await the next issue.

Just like the magazine, Rue Daily touches on more than just interiors. The site extends Rue’s approachable take on designing a beautiful life, featuring everything from home tours and design trends to fashion, entertaining and beauty.

Here’s an exclusive sneak peek of one of their new columns, that just so happens to fit perfectly into today’s art-focused theme! I’m loving the Professor Rue feature.

This example focuses on getting design inspiration from the work of Matisse, but Rue is giving us insight into everything, from the birth of the LBD, to the history of wall coverings. I call it perfect did-you-know fodder. Cool right?

Rue Daily is going to be the perfect place to get fresh ideas and useful tips to reflect your personal style in everything you do. Because that’s what living a styled, a.k.a intentional, life is all about: making choices for yourself rather than having them made for you.

I don’t know about you, but I’m already hooked. With brand new stories being published to Rue Daily, well, daily(!), it’s going straight to the top of my must-read list. I hope you check it out too.

Congrats Rue on a job very well done!!

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Source: apartment34.com