To quote Greek philosopher Heraclitus of Ephesus, “The only thing that is constant is change.” This month, we look at some of the unusual trends impacting the mortgage industry. From consumer preferences and employment shifts to the effects of climate change, a whole host of events is pushing lenders to rethink the way they approach mortgage applications. 06 FEATURED ARTICLE: WHY MORTGAGE APPLICATIONS WILL HAVE TO CHANGE The current economic expansion is set to complete its tenth year this fall, making it the longest expansion in U.S. history since the mid-1800s. Despite the expansion, several forward-looking indicators are flashing warning signs, causing some economists to expect a recession by 2021. Freddie Mac Deputy Chief Economist Len Kiefer explains his position on the warning signs, key market trends, and what they might mean for the future. 16 MY TAKE: THE RISK OF TOO FEW HOMES In a recent analysis by ATTOM Data Solutions on 2018 property taxes, there were a total of $304.6 billion property taxes levied on single-family homes in 2018. The report also showed that the average property tax amount on single-family homes in 2018 was $3,498 – an effective tax rate of 1.16 percent. What markets have the highest property tax rates? And the lowest? Housing News Report presents the data answering these questions and more, along with which metro areas posted an increase in property taxes above the national average. 20 DATA IN ACTION: PROPERTY TAXES If you are a single-family homeowner, knowing how property taxes will affect your wallet is a must. In this infographic, ATTOM Data Solutions reveals those top 10 states where the effective tax rate was ranking the highest in the nation in 2018. To arrive at the effective tax rate, ATTOM analyzed property tax data collected from county tax assessor offices for each state, along with estimated market values of single-family homes calculated using an automated valuation model (AVM). 23 BIG DATA SANDBOX: THE RED & BLUE OF TAXES
24 MARKET SPOTLIGHT: IS FLORIDA AT RISK OF ANOTHER REAL ESTATE CRISIS?
More than a decade after a combination of risky loans and overzealous speculation by real estate investors and developers who landed Florida in the eye of a foreclosure storm, the Sunshine State has made an impressive comeback. But, even with improved market fundamentals and falling foreclosure stats, the state continues to lead the nation in total properties with foreclosure filings. Is the market continuing to correct, or heading for another crash? Housing News Report investigates, getting the perspectives of pros with boots on the ground in some of Florida’s major markets.
2 think realty housing news report
june 2019 3
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