The reason for these developments is twofold: On the one hand, home prices are outpacing the average wages; on the other, the pandemic has left its mark on the economy...
The highest year-over-year gains were reported in Phoenix (12.7%), Seattle (11.7%), and San Diego (11.6%). Meanwhile, New York (6.0%), Chicago (6.3%) and Las Vegas (6.4%) lagged behind...
FHA Chief Dana Wade believes a foreclosure crisis will not present itself in the near future due to FHA providing “so many” relief options to borrowers. Meanwhile, she suggested the MI be spun off from HUD.
HUD could face challenges in ensuring that complete data is received from servicers regarding loans in forbearance, necessary for the processing of future claims.