Data Provider Black Knight to Acquire Top of Mind 1 day ago The Best Markets For Residential Property Investors 2 days ago Print This Post About Author: Christina Hughes Babb October 8, 2020 1,011 Views in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Fitch: Remote Work Will Not Affect RMBS Rating Data Provider Black Knight to Acquire Top of Mind 1 day ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 1 day ago Credit-rating agency Fitch recognized that remote working patterns across America are influencing homebuying trends, but the company concluded this will not affect residential mortgage-backed securities (RMBS) ratings.”Remote working in the U.S. accelerated as a result of the coronavirus pandemic, and is reducing the importance of proximity to offices and causing migration from urban to suburban and exurban areas. As more people seek larger spaces for home offices and families, home prices in high-density areas are softening, and those in lower density areas are increasing,” said Fitch. “We do not expect this shift in housing demand to have material effect on the credit quality of Fitch-rated US RMBS pools, because they are typically geographically diversified, and ratings reflect stress scenarios that apply severe home-price declines to all properties in the portfolios.”Furthermore, Fitch predicted the work-from-home trend will become permanent, as it “has proved to be viable and efficient for a large percentage of jobs in developed economies.”However, Fitch added, even for those working from home, proximity to their employers home base will remain important.”We expect a large number of people working from home will do so on a part-time basis over the long term … As a result, housing prices in areas that are still within commuting distance to urban commercial districts have seen the greatest increase and are expected to remain elevated relative to pre-pandemic levels,” Fitch reported.Home purchase activity data supports this, Fitch said.”Over the last decade, the urban-core of the US has accounted for over 75% of all home purchase activity, but this has declined since the onset of the pandemic, which we expect to settle into a longer term trend.”Fitch additionally looked at REALTOR.com data overlaid with U.S. Census density data.”Looking at the 10 most populated core-based statistical area (CBSA), the least dense areas show a dramatic uptick in listing views by prospective buyers,” Fitch said. “The least dense areas show the highest median price increases based on property size. Homebuilding has accordingly increased in the last six months to meet this new demand.” Fitch said that while it has observed “early indications of home price changes based on density,” it predicts home price changes in most areas “to be curbed in the long run by the effects of the global recession and potential related credit tightening. This will weigh on the households’ ability to transform changed housing preferences into actual home purchases, in spite of the positive influence of low interest rates on affordability.”Fitch-rated RMBS pools in the U.S. predominately are made up of suburban properties. Thus, performance should be bolstered by strong demand for these areas.Less than 5% of the Fitch-rated RMBS portfolio contains “any notable geographic concentrations.” Furthermore, Fitch reported, “only two metropolitan statistical areas account for more than 4% of the rated mortgage portfolio.”For its analysis, Fitch assumed “a scenario where pools are 100% concentrated in areas that are expected to see home price declines.”They continue, “The stresses we apply to all properties range from a minimum decline of 10% to an average housing stress of 40% for the ‘AAA’ rating stress. These compare with the 27% price decline observed during the 2008 financial crisis. If there is outsized exposure to any one geographical area, Fitch applies geographic and loan-concentration penalties at a mortgage pool level.”For a full report and methodology, see Fitch Ratings’ research. Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. 2020-10-08 Christina Hughes Babb Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: States at Highest Risk of Economic Strain From COVID-19 Next: Chase Devotes $30B to Underserved Communities’ Financial Wellbeing Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Fitch: Remote Work Will Not Affect RMBS Rating Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribe
13-and-unders compete in the first wave of the Spring Fling Surf Contest in Ocean City. The young competitors may one day compete for Ocean City High School.A fundraiser at DiOrio’s Circle Cafe (10 MacArthur Blvd. in Somers Point) 6 to 9 p.m. Saturday (May 10) will help send the Ocean City High School to the National Scholastic Surfing Association championship June 14 to 16 in Dana Point, Calif.Tickets are $25 and include beer, wine and appetizers. Special gift baskets will be auctioned throughout the evening. Kids’ tickets are $15.Ocean City finished third in Northeast Regional competition on Nov. 3 to advance to the nationals. The Red Raiders had won the regional for 16 years in a row and for 23 of the past 25 years. The high school competition format includes categories for short boards, long boards and women.Tickets can be purchased at the door, but event organizers are encouraging folks to buy them in advance for better planning with DiOrio’s. All surf team members have tickets available for sale. They also can be purchased by calling Tom Aromando at 609-576-7727.Donations are being accepted. Make checks payable to OC Surf Team and mail to Aromando at 824 Seacliff Road, Ocean City, NJ 08226.
Mount Maunganui: Indian pacers led by Jasprit Bumrah fired in unison to help India script an unprecedented 5-0 series whitewash with a seven-run victory against New Zealand in the fifth and final T20I here on Sunday.With the series already in the bag after they won the first four matches of the five-match series, skipper Virat Kohli decided to rest in the final game with deputy Rohit Sharma leading the charge.India, electing to bat first, rode Rohit’s fifty to post 163/3 in 20 overs.Rohit had to retire hurt on 60 off 41 deliveries (3×3, 3×3) after he suffered from cramps and initially decided to continue, only to soon realize he can no longer run. He did not come out to field with K.L. Rahul taking over the captaincy role.The dashing opener, batting at No.3 in this game, led from the front along with Rahul whose purple patch continued as he made 45 off 33 balls (4×4, 2×6) as India posted a challenging total.It was then over to the Indian pace trio of Bumrah, who returned magical figures of 3/12, Navdeep Saini (2/23) and Shardul Thakur (2/38) to restrict the hosts despite a Shivam Dube over going for 34 runs.Chasing 164 for victory, the Kiwis were reduced to 17/3 before Ross Taylor (53) and Tim Seifert (50) got together for a 99-run fourth-wicket partnership.Martin Guptill (2) was the first to go, trapped in front by Bumrah. Fellow opener Colin Munro (15) followed suit as he was castled by Washington Sundar. Tom Bruce (0) was run out in a horrible mix up between him and Seifert before Taylor, playing his 100th T20I, joined the wicketkeeper-batsman and steadied things for the Black Caps.New Zealand’s chase was given wings by Dube who leaked a whopping 34 runs in the 10th over, forcing Rahul to rue his decision of giving him the ball.Dube was taken to the cleaners by Seifert and Taylor as the Kiwis reached 98/3, needing 66 off 60 balls.Saini broke the stand in the 13th over just after Seifert got to his fifty, having him caught at midwicket by Sanju Samson.In the next over, Bumrah clean-bowled Daryl Mitchell with an inch-perfect yorker and started New Zealand’s downfall.Shardul Thakur removed Mitchell Santner and Scott Kuggeleijn in the same over and Navdeep Saini put a lid to Kiwis’ ambitions of winning at least one game in the series by having Taylor caught behind. New Zealand finished with 156/9 in 20 overs. IANSAlso Read: Waited for the bowler to make a mistake: Rohit SharmaAlso Watch: Watch | First Reaction of Assam Chief Minister Sarbananda Sonowal on Union Budget 2020