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Flats are losing thousands of pounds in value: are first-time buyers to blame?

The average UK flat has fallen in value by £3,000 in the space of a year, despite overall property prices increasing.

The property portal Zoopla claims this is due to first-time buyers shunning city pads for larger houses in the commuter belt, as they focus on long-term aspirations rather than rushing to get on to the property ladder.

Here, we explain where prices are falling by the biggest margin and offer advice on whether you should hold out for a house.

Flat values: how far have they fallen?

The Land Registry’s House Price Index shows that the average price of UK property grew by 1.4% year-on-year in April 2019.

When we look solely at flats, however, we instead see a decrease of 1.6%, as shown in the graph below.


The data paints a similar picture on a regional level, too. For example, house prices have been falling across the board in London, but the decline has been steeper for flats.

The region with the biggest disparity between house and flat prices is the North East, where flats fell by 2.3%, but overall property prices rose by 2%.

Northern Ireland is the only region which saw flat prices outgrow the overall average. Here, average prices for all houses rose by 3.5%, compared to a 4.3% rise for flats.

The interactive chart shows how year-on-year flat price growth compares to overall property price growth in each region in April 2019.

Why are flat prices falling?

Changes to the housing market are driven by a whole host of factors.

For example, some experts argue that Brexit has affected house prices by adding a large helping of uncertainty to the market.

But why is it that flats, specifically, are falling in value while house prices in general are rising?

Zoopla suggests that first-time buyers are the traditional flat-buying audience, and that recently they have decided to ‘leapfrog’ these smaller homes in favour of houses.

The property portal says this theory is supported by the rising average age of first-time buyers.

The Office for National Statistics (ONS) found that first-time buyers were 33 years old in 2017-18, up from 31 in 2007-8.

Another factor could be a lack of investment from buy-to-let landlords, who also traditionally buy flats and maisonettes. A whole host of taxation changes and government reforms have dissuaded investors from expanding their portfolios.

Has the ‘bank of mum and dad’ played a role?

It’s also possible that first-time buyers are now being given greater help to buy a long-term home rather than a flat.

The financial services company Legal & General recently released its latest ‘bank of mum and dad’ survey. It found that parents are lending their children increasingly large sums to help them get onto the property ladder – with the average parental loan expected to be £24,000 this year.

Buyers who received help from their parents were most often buying two or three-bedroom homes.

Should you ‘leapfrog’ buying a flat?

So is it really worth waiting a little longer and buying a larger property?

On the one hand, flat prices are falling, making them more affordable and therefore more appealing for cash-strapped first-time buyers.

But buying a home is expensive, even when you ignore the property price.

Mortgage fees, valuation fees, survey fees, conveyancing fees, insurance premiums – all these things add up. So if you’re planning to climb the property ladder soon, waiting and buying a bigger property could help you avoid paying these costs more than once.

And since first-time buyers in England and Wales are exempt from stamp duty for homes up to £300,000, if you can afford to buy a house priced close to that limit, you’ll be saving even more.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Source: Which UK

Experts See Inflow of Fund in Securities With CBN-Backed Mortgage Loan

The pronouncement by the Central Bank of Nigeria (CBN) that it would develop a framework to enable banks securitise mortgages loans has continued to gain wide commendation, as stockbrokers, at the weekend, said the implementation would create mortgage backed assets that can be listed on the Nigerian Stock Exchange (NSE).

The Governor of CBN, Godwin Emefiele, at a world press conference held recently, said the apex bank, in the next five years would work in developing in developing a framework that would enable banks to securitise mortgage loans, which can then be sold in the capital markets.

According to them, securitisation of mortgages would unlock funds that have been tied down in that sector over the years and ultimately provide opportunity for expansion in that sector.

They pointed out that with the opening up of the mortgage sector, tradable mortgage backed securities would be created and subsequently be listed on the nation’s bourse.

A mortgage-backed security is a type of instrument, which is secured by a mortgage or a collection of mortgages. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitises, or packages the loans into a security that investors can buy.

Furthermore, the operators added that this form of instrument would help to grow the capital market, and address the nation’s housing deficit challenges, because it would lead to the creation of more tradable securities, while money raised in terms of structured bond can be deployed for more housing projects.

He said the move to boost lending to the real estate sector of the economy through the securitisation of mortgage loans, which will then be sold at the capital market, is said to have the capacity to open up the economy for growth in areas of employment, investment and market deepening.

A stockbroker with the Royal Guaranty Trust Limited, Paul Uzum, said the implementation would provide opportunity for creation mortgage bank securities that would subsequently list on the exchange for increased participation.

“The essence of securitisation is to create an asset class, which can be listed and tradable. When listed, it attracts investors who know that if they invest in this assets, they can also sell them and get proceeds from these investments.

“Most of the mortagae companies are struggling and having a very tough time, funds have been tied down on this assets for a long time which can now be readily dispose especially due to the 2016 recession. Securitisation will open up that mortgage sector as well as creating underlining asset class, which would help to deepen the capital market.

“It would help to deepen the capital market with the mortgage backed securities which would serve as alternative asset class for investors. They can do an IPO with the fund going to private mortgage institutions and these assets would subsequently find its way to the exchange,” he said.

Another stockbroker with Calex Capital Limited, Tunde Oyediran, said the execution of the scheme would strengthen and empower the institution to operate in line with international best practice and create long-term investment for the private mortgage institutions through the capital market.

“By the time CBN executes the plan, it will strengthen and empower the institution to operate in line with international best practice that for 30 years and 40 years you can still be paying for your mortgage so by the time it happens, some of them will come and be listed on the exchange because it will no longer be one man show, more companies would be formed and come to the market for fund raising.

“Beyond that, the ungodly pursuit of illicit money to build houses will reduce because Nigeria can leverage the opportunity and build houses and become more comfortable. It would help reduce corruption in civil service.”

Source: Guardianng

Mortgage Firms Jittery Over Plan to Increase Banks’ Capital Base

Like a heavy cloud, a deep sense of disquiet now hangs over the mortgage sector, following new proposal by the Central Bank of Nigeria (CBN) to increase the capital base of banks.

The CBN Governor, Godwin Emefiele, had recently laid out his five-year policy thrust that includes recapitalising the banking industry, so that banks can a maintain higher level of capital as well as liquid assets in order to reduce the impact on the financial system.

He also revealed plans to encourage banks and financial institutions to lend from their balance sheet in order to support the growth of critical sectors of the economy, such as agriculture, Micro- Small and Medium Enterprises (MSMEs) and the real estate sector. This will put greater emphasis on improving consumer spending and business investment by MSMEs, which is critical to sustainable double digit growth of the Nigerian economy.

Emefiele also intends to ensure more mortgage lending. “In our effort to support the growth of Nigeria’s real estate industry, the CBN will work in developing a framework that will enable banks to securitize mortgage loans, which can then be sold in the capital markets.

“Adequate safeguards will be put in place to reduce the risk of delinquency in the mortgage backed assets that will be sold in the capital markets. These measure will reduce the credit and liquidity risk to banks of holding these assets on their balance sheets and improve the amount of funds available to support mortgage loans. It will also reduce the high cost of obtaining mortgages for banking customers,” he said.

The Guardian gathered that mortgage operators and their investors have been gripped by a state of restlessness over the possible backlash of the proposed sweeping changes on Primary Mortgage Banks (PMBs), especially as it relates to raising their capital base, which stands at N5 billion for national and N2.5billion for regional banks.

The capital base was increased from N100million. About 34 PMBs operated in Nigeria – 10 are national banks while 23 operate as State PMBs.

Sources told The Guardian that the umbrella bodies of the PMBs, Mortgage Banking Association of Nigeria (MBAN) has begun an analyses of the CBN document to ascertain it’s relevant to the sub-sector and to sensitise its members.

Statistics show that the size of mortgage market is N284 billion (2010); N348.1 billion (2012) and N518.76 billion (2016). Only about 5per cent of the 13.7million housing units in Nigeria are currently financed with mortgages.

The mortgage industry generates 100,000 transactions between 1960 – 2009 and 181,519 transactions (2010 – 2016) while contribution of mortgage finance to Nigeria’s Gross Domestic Product (GDP) is about one per cent.

The Chairman, Board of Trustees, Real Estate Developers Association of Nigeria (REDAN), Prince Oluseyi Lufadeju welcomed the CBN new policy, “There is no need to be scared of the CBN’s decision to increase the capital base of banks. We are unfortunate to have pegged the value of our currency to the dollars the first place. Anything that happens to our naira value in relation to the dollar will structurally affect our operations.

“Since the last increase in bank’s capital base, the value of the naira has depreciated over 100per cent. The logical thing to do is to adjust this to bring it to the current level vis a vis the dollar. That is why I don’t think we should tie ourselves to the dollar forever. The Chinese yuan is a trading currency and we can use their exchange rate.

According to him, “the capital base of the mortgage banks is unusually low and unrealistic. With N5 billion capital base, out of which only 50 per cent has been subscribed, the bank can only do little or nothing. We should plan in such a way that all the PMBs can rely on Federal Mortgage Bank of Nigeria (FMBN) for support.

“The capital base of the banks should be set at N1trillion over the next five years in such a way that N200 billion can be subscribed annually. This will give the bank muscle and courage to implement their mandate.  In view of the national importance of this sector it should be considered important to involve the state and local governments in the capital increase. The capital base of the PMBs should also correspondingly be increased to allow them play their roles effectively.”

For the Executive Secretary, Association of Housing Corporations of Nigeria (AHCN), Toye Eniola, “mortgage banks are set up to create and grant long term facility to the people and to do this, the banks require huge financial base. Increasing their capital base is realistic for appropriate mortgage system. It is time we confront the challenges in our mortgage market to create appropriate and functional system that will service the mortgage needs of the people. It is a realistic decision in a sane society.

However, he advised that before this is done, the modalities for the implementation of all necessary mortgage laws that would enhance the efficiency of the sector especially foreclosure laws ought to be in place. This is the only meaningful thing to do that can attract investors and develop the mortgage sub sector.

Efforts to get the leadership of MBAN to comment on the new development proved abortive.

Source: guardianng

Scrapping Mortgage Grant will Derail Housing Market

A move to end the help-to-buy scheme for first-time buyers would have a crippling impact on the house market.

New figures show that more than eight out of 10 first-time buyers are now relying on the State scheme to purchase a new home. But the scheme is due to end this year, with the Government giving no indication it will extend it.

Some 84pc of new property purchases were made by first-time buyers with the support of the help-to-buy measure, according to new analysis by the Banking and Payments Federation. Its chief economist, Dr Ali Uğur, said the help-to-buy scheme was important for market stability.

“It is one of the important factors helping housing supply, as well as helping first-time buyers,” he said. “If it does not continue it would mean a significant support would be withdrawn, and that would affect construction activity.”

New buyers are also being squeezed out of the market by investor funds and State purchasers of new homes.

Buying by cuckoo funds and State bodies of homes has tripled since 2013, when property prices hit a low.

The help-to-buy scheme allows purchasers to claim a rebate of income tax already paid up to a maximum of €20,000, depending on the value of the property.

Last week, Goodbody Stockbrokers economist Dermot O’Leary warned that uncertainty surrounding the extension of the help-to-buy scheme and the limited scale of housebuilders meant that fewer properties would be completed this year.

And the construction sector has been stressing that the scheme ensures there is effective demand for housing in the market.

New buyers are already struggling with Central Bank rules that restrict them to borrowing no more than three-and-a-half times their income, unless they get one of the few exemptions.

They are also being hit by the second-highest mortgage rates in the eurozone.

The Banking and Payments Federation (BPFI) has defended the high rates, arguing that they are due to regulatory rules imposed by the Central Bank.

Last year funds and State bodies, such as local authorities and housing charities, bought a combined €2.4bn of property.

This represents around one in seven purchases of property last year, according to an analysis of the market carried out for the Irish Independent, based on the mortgage lending of member banks of the BPFI.

Despite this, first-time buyers have increased their share of the mortgage market.

They took out 48pc of mortgages so far this year, up by 22.5pc for mortgages at the height of the housing boom in 2007.

Help-to-buy is benefiting all areas, both Dublin and rural area, the statistics confirm. Some 75pc of those availing of the tax perk are buying builder-constructed homes, with a quarter being self-builds. A Department of Finance spokesperson said no decision had been made yet on the future of the help-to-buy scheme, which is due to finish at the end of the year.

Meanwhile, a separate report yesterday showed how property price growth has slowed to a faction of what it was last year.

Average prices for second-hand homes here rose 0.3pc in the last three months, estate agency Sherry Fitz­Gerald said. Prices in Dublin were flat. If Dublin is excluded from the national figures, there was an overall rise of 1.3pc in prices in the year so far, half of what was recorded last year.

Source: independent

Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy

Mortgage rates hit their lowest levels since November 2016 on the heels of the Federal Reserve meeting last week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.73 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.84 percent a week ago and 4.55 percent a year ago. The 30-year fixed rate has fallen in seven of the last nine weeks.

The 15-year fixed-rate average dropped to 3.16 percent with an average 0.5 point. It was 3.25 percent a week ago and 4.04 percent a year ago. The five-year adjustable rate average fell to 3.39 percent with an average 0.4 point. It was 3.48 percent a week ago and 3.87 percent a year ago.

“Rates have fallen consistently over the past several weeks, and that trend continued in the days following the Fed’s suggestion of a near-term cut to the federal funds rate,” said Matthew Speakman, a Zillow economist.

As expected, mortgage rates tumbled soon after the Federal Reserve met last week. The central bank left its benchmark rate untouched but expressed concern about inflation, slowing global growth and a trade war. The Fed does not set mortgage rates, but its actions influence them.

Rates also weren’t helped by recent economic data.

“Tuesday’s disappointing release of consumer confidence figures — the lowest reading in nearly two years — pushed treasury yields down, and mortgage rates followed suit,” Speakman said. “Looking ahead, the risk to rates is to the upside. Markets are increasingly confident that this week’s G-20 summit will yield a trade agreement between the U.S. and China, something that many believe will boost spending and support global economic activity. Rates also would likely rise if inflation data, due Friday, show meaningful improvement.”

However, rates tend to pause during a holiday week. Bankrate.com, which puts out a weekly mortgage rate trend index, found that nearly three-quarters of the experts it surveyed say rates will remain relatively stable in the coming week.

“With the June Fed meeting behind us, markets are focusing on the upcoming G-20 meeting and trade negotiations between China and the U.S. heading into that meeting,” said Michael Becker, branch manager at Sierra Pacific Mortgage in White Marsh, Md. “Treasury yields and mortgage rates have been level to slightly higher since the Fed meeting. It looks like they are consolidating at current levels and are awaiting news on trade negotiations to make their next move. Because of this, I think mortgage rates will be flat in the coming week.”

Meanwhile, mortgage applications picked up. According to the latest data from the Mortgage Bankers Association, the market composite index — a measure of total loan application volume — increased 1.3 percent from a week earlier. The refinance index rose 3 percent from the previous week, while the purchase index slipped 1 percent.

The refinance share of mortgage activity accounted for 51.5 percent of all applications.

“Mortgage rates fell again for most loan types, leading to a 3 percent weekly increase in refinances and a 92 percent jump year-over-year,” said Bob Broeksmit, MBA president and CEO. “For home shoppers, the housing market this summer has been a mixed bag. Purchase applications — while up 9 percent from a year ago — have recently declined on a weekly basis. Affordability challenges, tight supply and some unease about the direction of the economy continue to slow some would-be buyers.”

Source: Washington Post

Five Housing and Mortgage Trends for the Rest of 2019

Mortgage rates fell in the first half of 2019, the opposite of what the experts had predicted at the beginning of the year. It is welcome news for home buyers, sellers and homeowners. NerdWallet has identified housing and mortgage trends to watch in the second half of 2019. Here are five of them:

Wanted: More homes for sale

More would-be buyers exist than homes for sale, giving sellers a stronger negotiating position. But, the balance of power is moving in the buyer’s direction. More homes are available for sale now, so buyers have greater choice. That said, Freddie Mac estimates that in 2017, 370,000 fewer homes were built than needed to satisfy demand resulting from population growth.

Home prices will keep going up

In the first four months of 2019, the year-over-year price increases for resold homes were less than 4%. A year ago, prices were more than 4.5% higher. “Home price appreciation will slow down — the days of easy price gains are coming to an end — but prices will continue to rise,” says Lawrence Yun, chief economist for the National Association of Realtors. Mortgage rates will remain low

Big lenders and the National Association of Realtors all predicted that mortgage rates would rise through 2019. Instead, mortgage rates have tumbled. The average APR for a 30-year fixed-rate mortgage fell to 4.09% by June 2019, according to NerdWallet.

The forecasters now predict that the 30-year fixed will remain steady through year’s end, not changing by more than a couple of tenths of a percentage point. Affordability continues to be a concern

Mark Boud, chief economist for Metrostudy, calls the national housing market “top-heavy.” Plenty of homes nationally are available for buyers who can afford to pay $800,000 or more. But buyers outnumber sellers of homes priced $400,000 or less. “We’re still very short of supply in this lower price range,” he says. More people could save by refinancing

Every time rates fall, there’s an increase in the number of homeowners who could save money by refinancing.

Black Knight, a technology provider for the mortgage industry, estimates that 5.9 million homeowners could cut 0.75% or more from their mortgage interest rate by refinancing. Even if you bought your home recently, it’s worth checking whether you should refinance.

Source: startribune

Lenders Continue To Reduce The Risks In Their Mortgage Books

The latest data from the Australian Prudential Regulation Authority (APRA) on property exposures data from authorised deposit-taking institutions (ADIs) shows that the tougher lending policies of recent years continue to reduce mortgage risks.

Over the March 2019 quarter, APRA reports that there was $72.395 billion in residential mortgages to households, which was -17.9% lower than the previous quarter and down -16.5% on the March 2018 quarter. As the chart shows the value of lending to investors and owner-occupiers is falling. Over the quarter the value of lending to owner-occupiers was -17.6% lower and it was down -15.2% year-on-year. Lending to investors was -18.7% lower over the quarter and -19.6% lower year-on-year.

The heightened level of interest-only lending has been seen as a key risk in the market and new interestonly lending has fallen over the quarter both on a value and share of total basis. Over the quarter there was $10.785 billion in interest-only lending which was the lowest on record. As a share of total lending, interest-only was also at a record low of 14.9% which is a far cry from its peak at 45.6% in June 2015. As a proportion of the total portfolio of outstanding loans, interest-only now accounts for a record low 23.3% which is down from a peak of 39.5% in June and September 2015.

Interest-only lending isn’t the only area in which there has been a reduction riskier lending. The value of low documentation loans, other non-standard loans and loans approved outside of serviceability all fell over the quarter in terms of both value and their share of total lending. In fact at 0.1% of total lending over the quarter, both other non-standard loans and low documentation loans were at an historic low share of mortgages while the 4.3% of loans that were approved outside of serviceability was the lowest share since December 2017.

While most areas of riskier lending recorded a reduction over the quarter, there was a slight increase in the share of new mortgages written with a loan to value ratio (LVR) of more than 80%. Over the quarter there was $15.772 billion worth of new mortgages with an LVR of more than 80%. Although that was the lowest value on record, that is more a function of reduced overall demand for mortgages. The share of mortgages with an LVR in excess of 80% was recorded at 21.8% over the quarter which was its highest share since March 2017. The share of higher LVR loans is still well below its peak of 37.6% in March 2009 and most new borrowers have more than 20% equity in the property they are purchasing. Nevertheless, it is a little surprising that given the current tight credit conditions and falling dwelling values that there is an increased willingness to lend to borrowers with less than a 20% deposit.

Overall, the data reflects the ongoing improvements in mortgage quality and the shift towards reducing the build-up of risk in the mortgage market. We would expect the current conditions to continue over the next quarter. Thereafter it will be interesting to see what happens given that there has been an interest rate cut and it looks as if APRA will be relaxing some of the serviceability limits in place on mortgages. On the other side of things, comprehensive credit reporting is being implemented which is likely to mean even more scrutiny on borrowers debts and subsequently increased pressure on lenders to write high quality mortgages.

Source: Corelogic

Mortgage rates are moving sideways. Will they fall from here?

Rates for home loans were mixed, but stayed near recent lows, even as bond market moves suggest another big step down lies ahead.

The 30-year fixed-rate mortgage averaged 3.84% in the June 20 week, up two basis points, Freddie Mac said Thursday. Halfway through 2019, this is only the seventh week in which the popular product has increased.

The 15-year fixed-rate mortgage averaged 3.25%, down from 3.26%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.48%, down three basis points. In the most recent week, according to data from the Mortgage Bankers Association, ARMs made up only 6.1% of all mortgage applications.

The steady swoon in mortgage rates is tracking a similar phenomenon in the 10-year U.S. Treasury note TMUBMUSD10Y, -1.32%  , which also touched a 2-year low in the past week. Mortgage rate moves often lag the broader bond market, so another step down for home loan rates may lie ahead.

Meanwhile, the housing market can’t seem to get out of its own way. In the nine years since sales bottomed and began to recover, one thing after another has derailed the market from consistent, strong growth.

In 2013, the then-chair of the Federal Reserve, Ben Bernanke, reminded Congress that at some point the central bank would have to start tightening post-crisis policy. That spooked investors, who started selling bonds, sending yields higher.

Two years later, a new mortgage lending regulation went into effect, crippling closings for a month.

And by early 2017, with the economy on more solid footing, bond yields started ticking up again in anticipation of budget-busting tax reform, just as prices for scarce housing started to put homeownership out of reach for many Americans.

It’s still unclear exactly what caused the housing market to seize up last year. Rates jumped, but lots of anecdotal evidence from real-estate agents and home builders also suggests that many wanna-be buyers simply decided to wait until conditions became more favorable. The 2017 tax cuts also took a bite out of buyers’ budgets in high-cost areas like California and New York, and high-property-tax areas like Illinois.

Sales haven’t recovered since then, though there’s scope for some rebound, with jobs still plentiful and interest rates even lower. But housing inventory is still scarce and scars from the last downturn are still with us.

Source: Marketwatch

Long Term Funding for Housing and Role of Data Dominates FSS2020 Forum

The Financial System Strategy FSS2020 Secretariat has convened the Quarter 2 2019 Mortgage Market Forum with the theme, “Integrating the Housing Ecosystem Using the Housing Market System (HMS).”

The Forum which is an assembly of Mortgage and Housing experts under the Chairpersonship of Director OFISD CBN, Mrs Tokunbo Martins, held on Wednesday at FSS2020 Secretariat, CBN Annex, NIRSAL Building, Abuja.

While speaking to Housing News, Adedeji Jones Adeshemoye, Group Head and CBN Deputy Director, Analytics, Projects and Special Examination, who is also Head of Nigeria Housing Finance Program said that the forum was essentially for stakeholders to update themselves on the FSS2020 strategy for mortgage sector and housing finance sector in Nigeria, particularly as 2020 draws near.

‘’We looked at the three thematic templates that we are working on to see where we are, and to score ourselves, and to also brief other members of the forum about where we are with issues like financial liquidity, long term funding for affordable homes in Nigeria, and other institutional arrangements that will move us closer to our targets under the financial system strategy.

‘’We meet every quarter as stakeholders to look at the task that we have been given – tasks that individual stakeholders are carrying out in the strategy implementation. We have responsibilities for different stakeholders. We come here to appraise what we have done, and then refocus on our objectives.

‘’Our goal is that by December 2020 when the FSS2020 will terminate, Nigeria mortgage ratio to GDP measures up to 20%. But we are still very far from that, and today is to rededicate ourselves to this duty.

‘’One of our key themes is to solve the problem of not having enough liquidity in the system to finance home ownership. The savings we have are short term, while housing is a long term project. So through the refinancing that we have created NMRC for, we have a market based institution that is connected to the capital market where the long term funding is, and that has been delivered,’’ he said.

However, there are a number of things according to him that will make it work better, and chief among them is access to land which is largely under the control of the government.

To address this, the Forum have developed the ‘Modern Mortgage Foreclosure Bill’ to be passed in all states of the federation. According to him, Lagos and Kaduna have passed theirs while different states are at different levels.

‘’So this forum gives us the opportunity to device how to collaborate with the Governors’ Forum so that they can help speed up the process of passing this bill into law and solve the problem of land titling in Nigeria, so that we have uniformity across the country.

‘’Today, we have also developed 4 different market based underwriting standards that will enable Nigerians at home and abroad, and those that have been disenfranchised in one way or the other to have access to mortgages.

‘’We are also coordination with those in the supply side of housing – the real estate developers – who will now be doing demand based supply as against what used to be the case,’’ he said.

Another achievement of the Forum according to him is the current development of an ‘Electronic Assets Registry System’ that will help everyone in information gathering.

Also speaking with Housing News, the president of Mortgage Banking Association of Nigeria (MBAN), Niyi Akinlusi stated that the mortgage market system forum is where major stakeholders meet and see how they can drive housing ownership including mortgage and the contribution of housing and mortgage GDP to the country’s economy.

‘’We are using housing to drive jobs, and reduce housing deficit, and ensure that the housing sector mortgage market takes its rightful position in relation to Nigeria’s GDP,’’ he said.

On the impact of Housing Market System (HMS) to housing, Akinlusi said that the data system provides one stop dashboard that brings all the stakeholders right from land titling to property construction to mortgage financing and refinancing together, so that the country can have a data driven economy, and so that everyone can see in a snapshot what is happening in the housing market and how it is contributing to the economy.

‘’We can use it as a tool to drive the housing and mortgage market,’’ he said.

The Financial System Strategy 2020 is the blueprint for engineering Nigeria’s evolution into an international financial centre and for developing the financial sector into a growth catalyst that will enable Nigeria’s transformation into one of the 20 largest economies in the world by 2020.

Objectives of FSS2020 includes developing a shared vision and an integrated strategy for the nation’s financial system; developing market and infrastructure strategies that will align fully with the strategic intent of the overall system; creating a performance management framework and building a partnership of all key stakeholders to implement the strategy; and establishing a harmonious and collaborative environment for the development and delivery of the strategy.

By Ojonugwa Felix Ugboja

Here’s the Salary you’ll need if you want to Afford a Mortgage in 17 major US Cities

  • Monthly mortgage payments in the US increased twice as much as incomes did from 2017 to 2019, according to the home-ownership-investment company Unison’s 2019 Home Affordability Report.
  • The report takes a look at how much homeowners need to make each year in order to afford the median monthly mortgage payments in major US cities.
  • The report’s findings are based on homebuyers who spend 30% or less of their gross income on monthly payments.
  • Of the 35 cities the report ranked, we looked at the 17 cities where homeowners need to make the highest income to afford their mortgages.

Saving up for a down payment is only part of the hurdle between homeownership and potential homeowners.

Unison’s 2019 Home Affordability Report found that since mortgage interest rates rose from 3.99 to 4.54%, monthly mortgage payments across major US cities have increased twice as much as incomes.

The report broke down how much homeowners need to make in 35 US cities in order to afford the city’s median monthly mortgage payments. From that list, we looked at the 17 US cities where homeowners have to make the highest income to afford mortgages.

The report’s findings are based on homebuyers who spend 30% or less of their gross income on monthly payments. The report assumes a 20% down payment, as well as a 4.54% mortgage interest rate on 2018 data and a 3.99% mortgage interest rate on 2017 data, the average annual Freddie Mac 30-year fixed rates. Data on median household incomes and median value of owner-occupied housing units were provided to Unisonby S&P Global.

Keep reading to see the 17 US cities where homeowners need the highest income to afford the median mortgage.

17. Las Vegas

In Las Vegas, in order to afford the city’s median monthly mortgage payment of $1,150, homeowners must earn a minimum annual income of $45,998.

The average price of a home in Las Vegas is $234,832.

16. Minneapolis

In Minneapolis, in order to afford the city’s median monthly mortgage payment of $1,228, homeowners must earn a minimum annual income of $49,122.

The average price of a home in Minneapolis is $250,779.

15. Chicago

In Chicago, in order to afford the city’s median monthly mortgage payment of $1,276, homeowners must earn a minimum annual income of $51,031.

The average price of a home in Chicago is $260,526.

14. Atlanta

In Atlanta, in order to afford the city’s median monthly mortgage payment of $1,357, homeowners must earn a minimum annual income of $54,266.

The average price of a home in Atlanta is $277,041.

13. Salt Lake City

In Salt Lake City, in order to afford the city’s median monthly mortgage payment of $1,431, homeowners must earn a minimum annual income of $57,248.

The average price of a home in Salt Lake City is $292,263.

12. Miami

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In Miami, in order to afford the city’s median monthly mortgage payment of $1,541, homeowners must earn a minimum annual income of $61,634.

The average price of a home in Miami is $314,657.

11. Denver

In Denver, in order to afford the city’s median monthly mortgage payment of $1,725, homeowners must earn a minimum annual income of $68,983.

The average price of a home in Denver is $352,172.

10. Portland, Oregon

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In Portland, in order to afford the city’s median monthly mortgage payment of $1,853, homeowners must earn a minimum annual income of $74,137.

The average price of a home in Portland is $378,483.

9. Boston

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In Boston, in order to afford the city’s median monthly mortgage payment of $2,384, homeowners must earn a minimum annual income of $95,344.

The average price of a home in Boston is $486,752.

8. New York City


In New York City, in order to afford the city’s median monthly mortgage payment of $2,733, homeowners must earn a minimum annual income of $109,313.

The average price of a home in New York City is $558,065.

7. Washington, D.C.

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In Washington, D.C., in order to afford the city’s median monthly mortgage payment of $2,803, homeowners must earn a minimum annual income of $112,106.

The average price of a home in Washington, D.C., is $572,324.

6. Seattle


In Seattle, in order to afford the city’s median monthly mortgage payment of $2,855, homeowners must earn a minimum annual income of $114,217.

The average price of a home in Seattle is $583,100.

5. San Diego

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In San Diego, in order to afford the city’s median monthly mortgage payment of $2,916, homeowners must earn a minimum annual income of $116,652.

The average price of a home in San Diego is $595,533.

4. Los Angeles

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In Los Angeles, in order to afford the city’s median monthly mortgage payment of $3,048, homeowners must earn a minimum annual income of $121,939.

The average price of a home in Los Angeles is $622,523.

3. Urban Honolulu, Hawaii

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In Urban Honolulu, in order to afford the city’s median monthly mortgage payment of $3,514, homeowners must earn a minimum annual income of $140,555.

The average price of a home in Urban Honolulu is $717,564.

2. San Jose, California

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In San Jose, in order to afford the city’s median monthly mortgage payment of $3,817, homeowners must earn a minimum annual income of $152,697.

The average price of a home in San Jose is $779,549.

1. San Francisco


In San Francisco, in order to afford the city’s median monthly mortgage payment of $5,052, homeowners must earn a minimum annual income of $202,094.

The average price of a home in San Francisco is $1,032,732.

Source: businessinsider

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