European tourism improving

first_imgWhile Italy, Spain and Ireland continue to suffer in terms of trips taken, the source markets of Russia and France posted healthy increases in travel, with South America and the Pacific benefitting most. The ITB World Travel Trends Report confirmed a rise in travel to and from Europe, with tourism growing by 2.5 percent from January to August 2013, compared to the same period last year. The Travel Trends report also revealed an estimated 5.4 percent rise in the number of international arrivals to Europe during the first eight months of the year, up to 396 million. Given that Europeans have had a propensity in recent years to take shorter breaks, the average number of nights per trip fell by two percent in the first half of 2013, down to 7.9 nights. Europe’s tourism industry remains stable and optimistic, despite various regions experiencing economic difficulties, according to new research.center_img The major source markets responsible for this increase include Russia, Asia and the United States. The forecasts for 2014 predict a three to four percent rise in the number of European travellers, with Russia set to top the rankings, aided by an estimated 10 percent increase in travel next year. Source = ETB News: P.T.last_img read more

Garuda receives Skytraxs highest 5 star rating

first_imgGaruda Indonesia, the airline of Indonesia, has been named the newest member of the exclusive group of 5-Star Airlines by Skytrax.The exclusive, top-tier 5-star rating is only awarded to airlines achieving the highest quality performance, and importantly, this focuses on the airline’s ability to deliver this on a consistent basis.Garuda Indonesia today becomes the seventh airlines earned the prestigious award, joining Asiana Airlines, Cathay Pacific, Hainan Airlines, All Nippon Airways, Qatar Airways, and Singapore Airlines.Garuda Indonesia president and chief executive officer Emirsyah Satar, said that being named a 5-star airline by Skytrax marks another milestone as a firm recognition of the ongoing transformation at Garuda.“It is certainly an honour for all of us at Garuda Indonesia, and the achievement becomes even more meaningful as we are now reaching towards the completion of our “Quantum Leap” journey. For the past years, we have been striving persistently to provide a world-class travelling experience for our passengers,” Mr Satar said.This 5-Star Airline rating also takes account of planned airport and service changes in 2015, when Garuda will transfer to the new Terminal 3 at Soekarno-Hatta International Airport, its home base hub.A 5-star airline rating represents “ultimate” quality recognition and approval, which is only awarded to airlines that achieve an exceptional front-line quality performance, it also recognizes airlines at the forefront of product innovation that sets quality benchmarks and trends that are often followed.The airline rating systems assess the standard of an airline’s product and service delivery quality, using more than 800 assessment categories, applied across both the on board and airport environments.Previously, Garuda Indonesia was also awarded “The World’s Best Economy Class” in 2013, “The World’s Best Regional Airline” in 2012, and “The World’s Most Improved Airline” in 2010, also by Skytrax.Source = ETB Travel News: Lewis Wisemanlast_img read more

Cruise tourism holds major value for Papua New Guinea

first_imgCruise tourism holds major value for Papua New GuineaA new study has underlined the multi-million dollar value of cruise tourism to Papua New Guinea and Solomon Islands, as the Pacific nations welcome more cruise ships to their shores.The study, commissioned by the South Pacific’s leading cruise operator Carnival Australia, the Australian Government and World Bank Group member IFC, found that cruise tourism brought A$5.9 million into Papua New Guinea’s economy last year, including an estimated $200,000 in indirect economic benefits.Meanwhile, the report found cruise tourism could grow five-fold in the Solomon Islands, from $600,000 to $3.3 million by 2017.The study – Assessment of the Economic Impact of Cruising to Papua New Guinea and Solomon Islands – looked at the Solomon Islands main port, Honiara, and Papua New Guinea’s five main ports, identifying opportunities and investments to improve cruise tourism development and capitalise further on the growing sector.   It follows a similar study in Vanuatu in 2014, where cruising was found to bring $34 million annually to the nation.Carnival Australia Executive Chairman Ann Sherry – who travelled to Solomon Islands and Papua New Guinea this week to release the report with government representatives – said the study was a key outcome of its partnership with the Australian Government to support sustainable development in the South Pacific.Through two of its cruise lines, P&O Cruises and Princess Cruises, Carnival Australia will make 26 visits to Papua New Guinea this year, bringing more than 44,000 passengers – an eight-fold increase in passenger numbers since 2013.Ms Sherry said the potential of cruise tourism to the Solomon Islands would be visible later this year when P&O Cruises’ Pacific Eden makes her maiden visit to the nation, while homeported in Cairns. Pacific Eden’s visit will include the cruise line’s maiden call to Gizo Island on September 30, the day before the ship’s inaugural call to Honiara.In total, P&O and Princess will have six ship visits to the Solomon Islands this year – a three-fold increase from last year.Ms Sherry said Carnival Australia had a long and harmonious relationship with the Pacific Islands, its people and its communities.“We have a commitment to practise sustainable tourism and ensure communities benefit from the growth of cruising,” Ms Sherry said.“This report is significant because it confirms, for the first time for these nations, the long value chain of cruising, which reaches deep into the Pacific Islands to deliver economic opportunity.“Importantly, it is also a forward looking document that paints a picture of opportunities for destinations to take advantage of the benefits of cruise tourism.“We look forward to continuing to develop rewarding and positive relationships with governments and communities in this Pacific, with cruise tourism creating shared value for all.”Tourism is vital to the sustainable growth of the Pacific islands, contributing an estimated 3 per cent of the Oceania region’s gross domestic product and 12 per cent of total employment in 2014, according to the World Travel and Tourism Council. Carnival AustraliaSource = Carnival Australialast_img read more

Theme parks in Florida to install metal detectors to ensure security

first_imgThree of the major theme parks in Florida have added metal detectors and other security measures to ensure public safety in the busy holiday season.Officials at Disney, Universal and SeaWorld’s Florida theme parks said all three parks would be using metal detector screening for guests as they enter. The move comes at a time when many public venues worldwide are stepping up security efforts to thwart possible terrorism or other attacks.Guests at Disney would be randomly selected for secondary screening. Universal says its metal detector use is a test and would not discuss specific future plans. Guests can expect bag checks and wand metal detector checks at SeaWorld.Disney is also no longer allowing guests 14 years and older to wear costumes into its parks. This is to assist security personnel screen guests more effectively as they enter and while inside the parks.“The safety of our guests and team members along with the welfare of our animals has always been our top priority. Like other major attractions and venues, we continually evaluate our existing comprehensive security plans,” said SeaWorld.last_img read more

MTDC successfully concludes Sarangkheda Festival in Nandurbar

first_imgMaharashtra’s maiden edition of Sarangkheda festival was organised recently by Maharashtra Tourism Development Corporation (MTDC) in Nandurbar. The festival witnessed footfall of more than 2000 horses at its market place which is also one of the largest horse fairs in the country. It showcased horse dance show and powra-a tribal dance by the locals of Nandurbar district.Maharashtra Chief Minister, Devendra Fadnavis, at the inauguration had expressed that the government is committed to take the Sarangkheda horse fair to a global platform. The fair should become a brand on the lines of Pushkar’s camel fair. The Chief Minister and the Tourism Minister also spoke about positioning Nandurbar as a tourist hub through Sarangkheda Festival.MTDC also plans to have a horse museum for tourists that will enlighten them about various qualities of breed, colour and marking, lifespan etc of horses. Through this initiative, Department of Tourism, Government of Maharashtra and MTDC aspires to increase the financial and tourist footfall in Nandurbar district.Dr K H Govinda Raj, Managing Director, MTDC, stated, “Sarangkheda Chetak Festival 2016 has witnessed horses coming from various parts of the country. Nandurbar district has immense scope for tourism and we envisage to boost tourist in this destination thorough Sarangkheda Chetak Festival. From horse show to sports and dance performance, the 15 day festival has a lot to offer.”last_img read more

Goh Hock Gin

first_imgThis is my first visit to OTM and I am surprised to see the number of sellers at this exhibition. Apart from the Indian sellers, the quality and number of outbound sellers is quite impressive. The online meeting diary feature has helped us to screen through focused area of suppliers we would require for our business. I have been to several Indian travel and trade exhibitions earlier and found this show to be the most fruitful so far.last_img

Australian Consulate to reopen in Kolkata

first_imgThe Australian High Commission has decided to reopen its consulate office in Kolkata after it closed down more than thirty years ago. The opening of the office in Kolkata signifies the growing demand of Indians preferring to travel Australia for business and education purpose. The return of the diplomatic mission was as much needed reflection of the change in Bengal’s business climate as the rise in tourists and students travelling to Australia.Apart from the Australian High Commission’s office in New Delhi, there are offices of Consulate-Generals in Mumbai and Chennai. The opening of the Consulate-General’s office in Kolkata will take the number of Australian diplomatic posts in India to four.Harinder Sidhu, Australia’s High Commissioner to India welcomed Australian Government’s announcement to fund the Consulate-General in Kolkata and stated that it aims to strengthen bilateral trade and investment, particularly in the mining and resources sectors and extend the Australia-India Strategic Research Fund (AISRF).  “These announcements cement Australia’s commitment to India as a first tier partnership,” she said. These announcements are made at a time when Australia is deepening its relationship with India, and are consistent with commitments outlined in the Foreign Policy White Paper.In 2017, more than 302,000 Indian arrivals were recorded from Australia, making India the 8th largest inbound market in terms of arrivals. Indian visitors spent AUD 1.43 billion (approximately INR 7,150 crore) an increase of 16% over the previous year.last_img read more

National Home Prices Tumble 38 Over August LPS

first_img November 14, 2011 420 Views Agents & Brokers Capital Economics Home Prices Housing Affordability Lender Processing Services Lenders & Servicers Pending-Home Prices Processing Service Providers 2011-11-14 Ryan Schuette in Data, Origination, Secondary Market, Servicing Sharecenter_img National Home Prices Tumble 3.8% Over August: LPS Closely following figures from a market peak in 2006, home prices across the country trailed south by 3.8 percent year-over-year in August, according to a recent home price index.[IMAGE]””Lender Processing Services””:http://www.lpsvcs.com/Pages/default.aspx (LPS) reported findings from a home price index that connected the dots from 13,500 ZIP codes, which it gauged on five qualitative levels.Commenting on the figures, “”Kyle Lundestedt””:http://www.lpsvcs.com/LPSCorporateInformation/ResourceCenter/ThoughtLeadership/Biographies/Pages/KyleLundstedt.aspx, managing director with LPS Applied Analytics, said in a statement that the price declines “”ended a series of increases during the spring of this year; a pattern that has occurred each year since 2009.””He added that “”early, partial data for September sales indicates a likely further decline of approximately 1.1 percent to come.””[COLUMN_BREAK]He said that the national home price firmed up on average around $205,000, down 3.8 percent from August 2010 and 0.4 percent from January this year.LPS valued total U.S. housing inventory at $10.6 trillion at the peak of the crisis ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a number that now stands at $7.65 trillion by the end of August this year. Rapid price fluctuations from 2007 through 2009 slashed prices from $282,000 to $56,000, reflecting a 13.8-percent decline on average.LPS found most home prices falling into the negatives for 10 metropolitan areas, including Atlanta, by 10.5 percent, and Phoenix, by 5.2 percent. Home prices meanwhile shot up to 10.8 percent and 4.5 percent for Detroit and Pittsburgh, respectively, the company said.LPS noted that price far less substantial declines occurred in Detroit, Honolulu, Miami, and Pittsburgh at 5.3 percent, 3.3 percent, 0.6 percent, and 3.2 percent, respectively.The plunge in home prices on average for LPS tracks reports that figures for the same dropped by 1.1 percent over September, as reported by “”CoreLogic””:http://www.corelogic.com/.””Paul Diggle””:http://www.capitaleconomics.com/staff/property-economics/paul-diggle.html, a property economist with consultancy “”Capital Economics””:http://www.capitaleconomics.com/, said of the figures in a note, “”Prices may well fall further in the closing months of the year and, despite housing appearing very undervalued, prices probably won’t rise for several years.””last_img read more

US Economy Adds Only 80K Jobs in June

first_img in Data, Government, Origination Share July 6, 2012 427 Views The nation added 80,000 jobs in June, the “”Labor Department””:http://www.dol.gov/ reported Friday.[IMAGE] This makes job growth in the second quarter 225,000, the weakest quarterly gain in jobs since the third quarter of 2010 when the economy lost 136,000 jobs. The closely watched unemployment rate remained at 8.2 percent, unchanged from May. Economists surveyed by Bloomberg expected payrolls to grow by 90,000 and the unemployment rate to remain at 8.2 percent.Average weekly hours ticked up to 34.5 from 34.4 and average hourly earnings rose.There were few positive signs in this report. Even the drop in the number of long-term ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 27 weeks or more ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô unemployed was tempered by a sharp increase in those unemployed for 15 to 26 weeks, the “”feeder”” category to long term unemployed.The unemployment rate for those without a high school diploma fell to 12.6 percent in June from 13.0 percent in May but the unemployment rate for those who completed college rose to 4.1 percent from 3.9 percent. Since college graduates are more likely to be home owners than those without a college degree, the increase in the unemployment rate could lead to a bump up in delinquencies, defaults and foreclosures.The report ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô based on labor conditions such as employment, unemployment and payroll status for the week of the month including the twelfth calendar day ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô showed weakness in the education and health services sector, typically a strong category, a gain of just 2,000 jobs. In the last year the sector has added an average of 39,000 jobs per month.The good producing sector was also weak, adding 13,000 jobs compared with an average monthly increase of 25,000 in the past 12 months ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô even with a loss of 21,000 goods producing jobs in May.The manufacturing sector added just 11,000 jobs in June, down from an average of 19,000 in the last 12 months.And the retailing sector dropped 5,400 jobs hinting at weaker retail sales which could have a broader economic impact since personal consumption accounts for almost 71 percent of the nation’s economy.Two indicators of confidence in the report were also weak for different reasons. The number of re-entrants to the labor force – those who had been on the sidelines but who now believe they can get work ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô fell 212,000, the steepest decline since May 2010. At the same time the number of temporary jobs increased 25,400, the strongest increase since February. Though often seen as a pathway to permanent employment, an increased use of temp workers also signals a lack of confidence by [COLUMN_BREAK]employers and a reluctance to make a permanent increase to staff.Government was less of a drag on the payroll report than in previous months, shedding net 4,000 jobs ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô most at the local government level ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô compared with an average loss of 15,300 jobs per month in the past year.The financial sector added 5,000 jobs in June , most new jobs ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 4,700 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô coming in the “”credit intermediation”” sector for underwriters. The number of real estate jobs grew by 2,800.The percentage of part time workers of total employment, which had increased in May, dropped to 19.6 percent in June.The number of unemployed of persons unemployed rose to 12,749,000, the third increase in the last five months after declining for five straight months.The number of people employed according to the household survey ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô one of two used to produce this report ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô was 142,415,000 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô above the 141,687,000 when President Obama took office. The total number of jobs according to the separate establishment survey, was 133,088,000 above the 132,837,000 in January 2009. The working age population in that span has grown 8,242,000.Payroll gains for April and May were revised with offsetting changes: The previously 68,000 job gain in April was increased to 77,000 but the increase of 77,000 jobs in May was lowered to 69,000.Even with the disappointing numbers, the report continued a string of increases in payroll jobs ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the 21st straight month of job gains but fell woefully short of population growth. To keep up with population growth though the economy has to add between 140,000 and 150,000 jobs per month.Just as the unemployment rate was flat, the employment-population ratio, unconstrained by technical definitions of unemployment remained at 58.6 percent. The inverse of the ratio ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 41.4 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô can be considered the “”unemployment rate”” for all persons over 16 regardless of whether they are available or looking for work. The ratio was 62.7 percent when the recession began and 60.6 percent when President Obama took office in January 2009.The formula for the unemployment rate is to divide the number of people officially counted as unemployed (out of work, available for work and looking for work) by the total labor force (employed plus unemployed). If the labor force change is driven by a drop in unemployment, the unemployment rate will decline. In May, the drop was due to a decline in both employment and unemployment. In June the modest increase in the labor force was driven mainly by an increase in employment.The closely watched alternate measure of unemployment ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô which includes individuals working part time for economic reasons and those “”marginally attached”” to the labor force ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô rose to 14.9 percent in June from 14.8 percent in May.The numbers of job-leavers, often an encouraging sign suggesting workers have confidence in their ability to find a new job, dropped in May for the second straight month.The unemployment rate for the prime home-buying age cohort ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 25 to 34 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô remained at 8.2 percent in June, while the unemployment rate for those over 55, generally the prime home-selling age cohort, dropped to 6.2 percent in June from 6.5 percent in May.center_img U.S. Economy Adds Only 80K Jobs in June Agents & Brokers Attorneys & Title Companies Jobs Labor Department Lenders & Servicers Processing Service Providers Unemployment 2012-07-06 Mark Liebermanlast_img read more

Texas Florida Metros Top List of Prime FirstTime Buyer Markets

first_imgTexas, Florida Metros Top List of Prime First-Time Buyer Markets An analysis of local market conditions suggests metros in Texas, Florida, and Pennsylvania have a busy buying season to look forward to, especially when it comes to first-time buyer activity.Realtor.com released Thursday its list of the top markets for first-time homebuyers for the spring and summer seasons. To compile the list, analysts compared cities across five categories that have the biggest impact on buyers new to the market: list price affordability, time on market, employment rates, supply of inventory (and thus chances of competition), and—as the mantra goes—location, location, location.Markets ranking on the 2014 list include Tampa-St. Petersburg-Clearwater, Orlando, and Jacksonville, Florida; Fort Worth-Arlington and Dallas, Texas; and Philadelphia and Pittsburgh, Pennsylvania.Also included on this year’s list are Raleigh-Durham-Chapel Hill, North Carolina, and Phoenix-Mesa, Arizona.Steve Berkowitz, CEO of Realtor.com’s operator, Move, explained how these markets’ economies can expect to benefit from the crucial first-time buyer segment: “First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services.”Of course, whether first-timers in those top markets decide to make their move this year remains to be seen, especially as the youngest among them continue to struggle with debt. In a profile of recent homebuyers, the National Association of Realtors found one-fifth of Millennials had to delay their search due to difficulties saving for a down payment; out of that group, more than half said student loans are the biggest obstacle. Asking Prices First-Time Homebuyers Housing Supply Jobs Move Inc. 2014-03-28 Tory Barringer Sharecenter_img in Daily Dose, Data, Headlines, News March 28, 2014 483 Views last_img read more

Rhode Island Home Sales Plummet in August

first_img Single-family home sales fell annually in Rhode Island for the fifth month this year in August, dropping by double digits even as selling prices came down, the Warren Group reported.The company’s data shows 748 single-family homes sold in August, down 10.1 percent from 832 a year ago. It was the first time since 2010 that home sales in the state fell in the month of August.Year-to-date, home sales statewide totaled 4,907 as of August 31, a drop of 3.0 percent from last year.Condominium sales also tumbled, plunging 32.4 percent—the largest decrease since December 2010—to 117.”It is discouraging to see sales decline by double-digits in August after July posted a modest increase,” said Timothy M. Warren Jr., CEO of the Warren Group. “The Rhode Island market is slowed down in August, with both condos and single-family homes posting low sales numbers and the median selling price of both falling.”The median selling price of single-family homes fell 5.3 percent in August to $220,000, according to the Warren Group, marking the fourth time median prices have declined year-over-year in 2014. Year-to-date, the median single-family home price was up 1.4 percent.On the condo side, the median selling price in August was $170,000, an increase of 12.0 percent over last year. October 9, 2014 440 Views Share Rhode Island Home Sales Plummet in Augustcenter_img Home Prices Home Sales The Warren Group 2014-10-09 Tory Barringer in Daily Dose, Data, Headlines, Newslast_img read more

Fed Ends Year on High Note with Optimistic Beige Book

first_img in Daily Dose, Data, Headlines, News Federal Reserve officials released on Wednesday their final summary of economic conditions in 2014, ending the year on an upbeat note with reports of continued growth.In its latest Beige Book—a catalog of economic reports from contacts across all 12 Fed districts—the central bank noted that “national economic activity continued to expand in October and November.”Missing from the latest phrasing is the Fed’s usual qualifier, which typically describes growth as “modest to moderate.” The change could signal a more optimistic outlook from policymakers, who voted in October to end the central bank’s most recent round of quantitative easing and who are now faced with the prospect of raising interest rates.The report also found that contacts in many districts “remained optimistic about the outlook for future economic activity.”Contacts reported improvements across all economic segments in most districts, though indicators were mixed regionally.In the housing arena, both construction and real estate activity expanded overall in the last two months, with a “fair amount of variation” across sectors. Homebuilding increased on balance across the country, though the multifamily side of the market remained stronger than the single-family side in several districts. Of particular note, the Dallas district saw an increase in construction-related lending, with strength reported in loans for both single-family and multifamily projects.About half of the districts reported an increase in home sales, according to the Fed, though that also leaned more toward the multifamily sector in many districts. Home prices were little changed in most regions, excepting the Richmond, Atlanta, Dallas, and San Francisco districts.On the financing side, lending held steady or increased across most areas, with a few districts reporting more aggressive competition on loan pricing and terms and an easing in lending standards.Home mortgage lending was up in a number of regions, “reflecting a mix of new mortgages, refinancings, and home equity lines of credit,” the Fed said. However, the environment remains tough for first-time homebuyers, particularly in the Cleveland and Richmond districts, where hopeful borrowers continued to face challenges qualifying for a loan.The Fed also added that contacts in the Boston area were optimistic that the new Qualified Residential Mortgage rule would help boost lending volumes.Other economic signs were similarly encouraging. In the labor market, employment gains in the past two months were widespread across the nation, though contacts in some districts reported continued difficulties filling roles in skilled positions.Hiring plans increased in New York, Chicago, and St. Louis, according to the Fed, and firms in Kansas City and Dallas reported difficulties retaining key workers as labor market conditions strengthened. Beige Book Federal Reserve Housing Starts Jobs 2014-12-03 Tory Barringer Fed Ends Year on High Note with Optimistic Beige Bookcenter_img December 3, 2014 466 Views Sharelast_img read more

Mortgage Lenders Must Think LongTerm

first_img Fannie Mae Millennials Mortgage Lenders 2015-06-12 Staff Writer Mortgage Lenders Must Think Long-Term June 12, 2015 528 Views In order to prepare for future industry changes, mortgage lenders must consider how long-term effects shape the housing industry Housing is making a comeback this summer, but industry experts want to know what it will look like by the end of the decade in order to prepare for the future. Long-term demographic trends shape housing demand and, in turn, impact mortgage lenders.Fannie Mae recently identified millennials and aging baby boomers as two particularly important anchors for the future of housing demand, and the government-sponsored enterprise is zeroing in on these populations with additional research and analysis. MINORITY HOUSING GROWTHMark Palim, VP of applied economic and housing research at Fannie Mae, also said during a recent presentation that minorities will account for most of the increase in households in the years ahead. They accounted for 71 percent of household growth in the previous decade and are expected to account for 75 percent of housing growth in the second half of this decade, according to Fannie Mae.What does this mean for lenders? For one, we must take into account the financial constraints of minority households in comparison to non-Hispanic whites. This could mean a greater focus in the future on a high loan-to-value product.SUBDUED MILLENNIAL DEMANDMuted demand from the millennial generation also remains a major concern. Significant numbers of millennials entered the job market during the Great Recession and have yet to recover from depressed salaries or sustained unemployment.Saving for a down payment for this generation amid concerns about student loan debt and wage stagnation has been challenging. This generation’s tendency toward marrying later in life also is negatively impacting housing demand.Still, despite these challenges, there is strong desire for homeownership. A recent Federal Reserve Bank of New York survey showed most renters (many of them millennials) report that they would rather own than rent if they had the necessary financial resources.To address the challenges facing millennials, lenders need to innovate with product offerings that can help this generation. This doesn’t mean we should return to the old days of negative amortizing or no-docs loans, but we should work harder to develop responsible lending products and practices to help millennials become homeowners.DOWNSIZING BABY BOOMERSBaby boomers, meanwhile, will have different needs as they age including the desire to downsize from their suburban homes to patio homes, townhomes, or urban condos with smaller footprints and less maintenance. Homebuilders have already identified some of these trends and are responding. What are lenders doing?It may seem like, as lenders, all we do is work day and night to stay compliant with new regulations. Although staying compliant is vitally important to be successful in this business, we must also strive for a fuller view.Lenders who have a good handle on long-term demographics will be better prepared for the challenges expected to impact the market in the future.Click here to learn more about Guardian Mortgage Company.  center_img in Commentary, Daily Dose, Government, News Sharelast_img read more

Freddie Mac Announces Partnership to Modernize Housing Counseling

first_img in Government, Headlines, News, Technology Share Freddie Mac Announces Partnership to Modernize Housing Counseling April 6, 2016 578 Views center_img Freddie Mac Hope LoanPort Housing Counseling 2016-04-06 Staff Writer Freddie Mac announced a new partnership with Hope LoanPort (HLP) Wednesday, intended to “modernize” the housing counseling industry so counselors can spend more time helping potential borrowers and less time on administrative tasks.This new collaborative platform will mark the first step toward connecting Freddie Mac’s Borrower Help Centers and Borrower Help Network on a voluntary basis to a comprehensive, secure platform that non-profit housing agencies can use to share information and interact with lenders to help more families become successful borrowers.Camillo Melchiorre, President and CEO of HLP said, “The fragmented nature of home buying often leads to confusion, misunderstanding and discouragement for many potential homeowners. This initiative will help bring HLP’s proven experience and technology to the origination market to create a community that is working together to help more families achieve their dream of homeownership. Our platforms are the industry standard for enabling consumers, counselors and mortgage companies to work together in a transparent, scalable and secure manner.”According to Freddie Mac, this new initiative is being designed to help nonprofit agencies reduce costs, assist more clients, and assert the housing counselors’ role as a critical bridge linking lenders and future homeowners.“Our Borrower Help Centers and Network are on the housing industry’s front lines, working with families in local communities. This strategic investment underscores our commitment to help housing counselors prepare more borrowers for sustainable homeownership. It also further demonstrates our conviction that HUD-approved counseling agencies are a very important gateway to homeownership for America’s families today,” said Danny Gardner, VP of Affordable Lending and Access to Credit, Freddie Mac.Freddie Mac’s 13 Borrower Help Centers are HUD-approved non-profit counseling agencies located in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New York, and the Washington, D.C. metropolitan area.last_img read more

OwnAmerica Originates 76 Million in SFR Transactions

first_img Share OwnAmerica, an online marketplace for single-family rental investments (SFR) announced the conclusion of 21 transactions totaling 656 homes. The company reports a surge in supply and demand for mid-sized SFR portfolios. December 3, 2017 553 Views HOUSING Investment mortgage OwnAmerica single-family rentals 2017-12-03 Nicole Casperson According to the release, 16 million SFR homes currently exist in the U.S., and the National Association of Realtors reports that over 1 million homes are purchased by investors every year. Investors in rental homes are increasingly attracted to fully occupied investment properties, as opposed to acquiring vacant homes and finding tenants.”Buyers of single-family rentals view occupied portfolios the same way any commercial investor would view a fully occupied office building, shopping center, or apartment complex,” said Greg Rand, CEO of OwnAmerica, “Buying occupied is more efficient, less risky and immediately profitable.”Selling portfolios of SFR as occupied rentals is more profitable for sellers as well. R. J. Palano, a private investor who used OwnAmerica.com to find buyers for 70 SFRs, said, “If I sold these properties the old way, by vacating them first, I would have lost 10 percent of the value due to downtime and repair costs. On top of that, it would have taken a year of my life and countless hours of my time. It was also important to me that my tenants didn’t have to move.” in Featured, journal, News, Servicing OwnAmerica Originates $76 Million in SFR Transactionslast_img read more

Mortgage Rates Continue Upward Trend

first_imgMortgage Rates Continue Upward Trend in Daily Dose, Featured, News, Origination The expectation on future hikes by the Federal Reserve as well as increased borrowing by the U.S. Treasury drove mortgage interests up according to the Primary Mortgage Market Survey that was released by Freddie Mac on Thursday.According to the survey, the 30-year fixed rate mortgage rose 27 basis points from the first week of 2018 to 4.22 percent, which is slightly above the same period last year when it averaged 4.19 percent. This was the fourth consecutive week that saw interest rates rising.The results of the Primary Mortgage Market Survey are based on Freddie Mac’s survey of lenders on the rates and points for their most popular 30-year fixed-rate, 15-year fixed-rate and 5/1 hybrid amortizing adjustable-rate mortgage products. The survey is based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80 percent. “ The Federal Reserve did not hike rates this week, but the market views future hikes as a certainty.” said Len Kiefer, Deputy Chief Economist at Freddie Mac. “The expectation of future Fed hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates.”The survey indicated that the 15-year fixed rate mortgage rose 0.5 points over last week averaging 3.68 percent. The rates had averaged 3.62 percent last week. The 15-year fixed rate mortgage had averaged 3.41 percent at the same time last year.The survey also indexes, the adjustable-rate mortgage (ARM) products to U.S. Treasury yields and lenders are asked for both the initial coupon rate and points as well as the margin on the ARM products.According to the survey, five-year (ARM) averaged 3.53 percent during the week and was up 0.4 points from a week ago when it averaged 3.52 percent, the survey said. A year ago at this time, the five-year ARM averaged 3.23 percent. February 1, 2018 604 Views center_img Share 15-year Fixed Rate Mortgage 30-year Fixed Rate Mortgage Federal Reserve five-year ARM Freddie Mac Mortgage Rates Primary Mortgage Market Survey U.S. Treasury 2018-02-01 Radhika Ojhalast_img read more

The Road Ahead for Home Price Growth

first_img CoreLogic Growth Home Prices Homebuyers sales 2019-04-02 Seth Welborn in Daily Dose, Data, Featured, News, Origination April 2, 2019 980 Views The Road Ahead for Home Price Growthcenter_img Home prices rose both year over year and month over month in February, according to the CoreLogic Home Price Index (HPI) and HPI Forecast for February 2019. According to the HPI, home prices increased 4 percent year over year from February 2018, and 0.7 percent in month over month in February 2019.“During the first two months of the year, home-price growth continued to decelerate,” said Dr. Frank Nothaft, Chief Economist for CoreLogic. “This is the opposite of what we saw the last two years when price growth accelerated early. With the Federal Reserve’s announcement to keep short-term interest rates where they are for the rest of the year, we expect mortgage rates to remain low and be a boost for the spring buying season. A strong buying season could lead to a pickup in home-price growth later this year.”The Forecast indicates that home prices are expected to decrease by 0.5 percent from February 2019 to March 2019 on a month over month basis, and increase by 4.7 percent on a year over year basis from February 2019 to February 2020.Corelogic also looked at data by metro area, and according to the CoreLogic Market Condition Indicators, 35 percent of the 100 largest metropolitan areas in the country were overvalued as of February 2019. Another 27 percent were indicated as being undervalued, while 38 percent were at value.“About 40 percent of the top 50 largest metropolitan areas in the country are now categorized as overvalued and we expect that percentage to grow over the remainder of 2019. The cost of either buying or renting in expensive markets puts a significant strain on most consumers,” said Frank Martell, President and CEO of CoreLogic. “Our research tells us that about 74 percent of millennials, the single largest cohort of homebuyers, now report having to cut back on other categories of spending to afford their housing costs.Learn more about the CoreLogic HPI here. Sharelast_img read more

ChileEagleriderEcuadorTravel Industry Network

first_imgChileEagleriderEcuadorTravel Industry Network Travel Industry Network (TIN) is offering more new trainings to keep agents up-to-date with the latest on a variety of destinations – and new trainings are added regularly.TIN is keen to hear from agents regarding the trainings they want, so email them and nominate the training videos you’d like to see.This week learn about Chile – a land of contrasts, ways to travel with Eaglerider, Amazonian Ecuador and more.Sign up for free!last_img

Switzerlands first climate neutral ship MS 2017

first_imgSwitzerland’s first climate neutral ship, MS 2017, will enter public service on Lake Lucerne following its christening on 4 May 2017.The five deck MS 2017 can also be booked for private functions with the capacity to host banquet-style events with seating for up to 400. The 1400 square metre vessel includes a Panorama Deck, Compass Lounge and Bar on the sun deck, the Nautilus Cabin in the fuselage (with underwater views), and the Aqua Terrace with a sea water footbath in the stern. The ship will be the country’s second eco-friendly vessel, following the 2016 launch of the restored Vedetta 1908 on Lake Lugano, which runs on solar and electric power. Lake Lucerneswitzerlandlast_img read more

Top Stories

first_img Top Stories “I just don’t want to take a step back, just keep making moves forward,” Kolb said. With the main focus on gaining experience and learning, scoring isn’t the most important thing, according to Kolb. “We may not put up a whole bunch of points,” Kolb said. “But you may feel good about it because you did certain things and accomplished certain things.” Kolb also understands that he may not be perfect in his second start, but plans to take as much away from the game that he possibly can. “Maybe we make mistakes and we say now I understand what coach is saying,” Kolb said. “Rather than, just writing it down on paper and not doing anything about it.” Kolb showed promise in his first game as a Cardinal, completing four of seven passes for 68 yards, hooking up twice with wideout Larry Fitzgerald. Kolb also had 19 yards rushing. Head coach Ken Whisenhunt said Kolb could play into the second quarter Friday night, which should give the quarterback plenty of time to learn.ArizonaSports.com’s Craig Grialou contributed to this report D-backs president Derrick Hall: Franchise ‘still focused on Arizona’ What an MLB source said about the D-backs’ trade haul for Greinke Coming away with a win or loss isn’t what concerns quarterback Kevin Kolb heading into Friday’s preseason matchup with the Green Bay Packers. “It’s a nice way to test ourselves,” Kolb said. “Win or lose or domination on either side of the ball, it’s not going to tell us what were going to be like as a team, it may just indicate the direction that we’re going.” Kolb’s main goal is to gain experience in a system that he’s only spent two weeks in.center_img Cardinals expect improving Murphy to contribute right away Comments   Share   Nevada officials reach out to D-backs on potential relocationlast_img read more