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For decades Federal Housing Administration-backed reverse mortgages were a pleasant and profitable federal business. Seniors used them to age in place and pull equity from their homes. Lenders had a niche product to market. Everyone was happy. In fiscal year 2018, said HUD, the HECM program had a negative capital ratio of 18.83 percent and a negative economic net worth of $13.63 billion. How could such an intuitively-good idea have gone so wrong? P1 REVERSE MORTGAGES: CAN FINANCING FOR SENIORS CHANGE WITH THE TIMES?
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P13 MY TAKE: BEYOND WHAT’S YOUR HOME WORTH: THE 7 MOST INNOVATIVE AVM APPLICATIONS
Times have changed since Zillow first introduced the consumer world to Automated Valuation Models (AVMs) 14 years ago, writes Richard Lombardi, COO at ATTOM Data Solutions. Increasingly complex AVMs using increasingly sophisticated big data tools such as machine learning and AI are improving the accuracy of automated property valuations — empowering a wide variety of businesses to build innovative products that are disrupting different niches of the real estate industry.
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P17 BIG DATA SANDBOX: THE HOME FLIPPING BAROMETER
The number of U.S. homes flipped in Q3 2018 dropped 12 percent compared to a year ago, the third consecutive quarter with a year-over-year decrease. The last time home flips decreased annually for three consecutive quarters was in 2014, when rising mortgage rates cooled the housing market. Our home flipping barometer shows you how to read the macro-market signals from home flipping trends.
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P18 DATA IN ACTION: WHERE TO FIND FORECLOSURE INVENTORY
Lenders started the foreclosure process on 29,017 U.S. properties in October 2018, up less than 1 percent from the previous month but still down 8 percent from a year ago. But foreclosure starts increased from a year ago in 18 states and 70 of 219 metro areas analyzed (36 percent), bucking the nationwide trend. See where more foreclosure inventory is coming online.
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