Is A ‘Generational Housing Bubble’ Taking Shape?

By on May 31, 2021

first_img age Baby Boomers Fannie Mae Home Homebuyers Homeowners HOUSING Housing Bubble Millennials retention 2018-07-16 Krista Franks Brock Demand Propels Home Prices Upward 2 days ago Is A ‘Generational Housing Bubble’ Taking Shape? July 16, 2018 3,859 Views Baby boomers have long accounted for a significant portion of the housing market, so how will the market be impacted by the aging of this large generation? Are we heading toward a “generational housing bubble?”Fannie Mae’s Economic and Strategic Research Group teamed up with the University of Southern California to answer this question in a new Housing Insights report, titled, “The Coming Exodus of Older Homeowners.”Currently, baby boomers, those born between 1946 and 1964, live in 46 million owner-occupied homes with a total combined value of $13.5 trillion, according to the research. As baby boomers enter their 70s, the report said, “we can expect many to leave the housing market for rentals, senior care facilities, or even death.” “With the oldest boomers now in their early 70s, the beginning of a mass homeownership exodus looms on the horizon, fueling fears of a ‘generational housing bubble’ in which homeownership demand from the younger generations is insufficient to fill the void left by multitudes of departing older owners,” stated Dowell Myers of the University of Southern California and Patrick Simmons of Fannie Mae in their report that was published on the Fannie Mae blog. Examining historical and recent homeownership trends among older Americans, the researchers sought to predict how many older homeowners would leave the market over the next two decades. Between 2006 and 2016, 9.2 million Americans who reached age 65 or older during the decade transitioned out of homeownership, the report indicated. Over the next 10 years, from 2016 to 2026, the researchers anticipate another 10.5 million to 11.9 million homeowners exiting their homes. Over the following decade, between 13.1 million and 14.6 million older Americans will exit the housing market. “The number of older homeowners ‘at risk’ of attrition due to advancing age will balloon as the large baby boomer generation moves full-force into the 65-and-older age group where homeowner retention rates drop substantially,” Myers and Simmons explained. The researchers pointed out some possible ways to “ease the market impacts of the coming wave of older homeowner departures,” such as offering home improvement financing and social services for those who wish to age in their homes instead of moving. Another way to ease the impact is by helping the millennial generation to replace some of the boomers as they exit the market by ensuring “sustainable” financing options for first-time buyers.  The report pointed out that “immigration policy will also likely play a role in determining the adequacy of replacement demand for the homes vacated by boomers” because “immigrants contribute substantially to homeownership demand.” “Fostering a smooth intergenerational handoff of housing assets will likely require approaches that span the age spectrum and that seek to forge a bond of mutual housing market interests between old and young,” Myers and Simmons said. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Share 3Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Is A ‘Generational Housing Bubble’ Taking Shape?  Print This Post Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: age Baby Boomers Fannie Mae Home Homebuyers Homeowners HOUSING Housing Bubble Millennials retention Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Optimal Blue’s Resitrader Acquisition Creates Largest Industry Platform Next: Top Cities for First-time Homebuyers The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista Franks Brock Sign up for DS News Daily Subscribelast_img read more

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Future Uncertain For Concrete Pavilion

By on August 4, 2020

first_imgBy Joseph SapiaHIGHLANDS – What will happen to the controversial Super Storm Sandy memorial sitting on borough property between Sandy Hook Bay and the Robert D. Wilson Memorial Community Center?The 1,104-square-foot gazebo’s basic history: It was constructed by the Tilt-Up Concrete Association, a trade group, with borough permission in the fall; became controversial because of its, well, concrete-y look – and dubbed “Shorehenge” by some, because it kind of appears as a modern-day Stonehenge; and, in December, the state Department of Environmental Protection informed the town the project needed an OK, which it never got, through the state Coastal Area Facilities Review Act.Based on much discussion at the Jan. 20 Borough Council meeting, no one seems to be blaming the Iowa-based Tilt-Up for putting up the monument – constructed with donated goods and equipment valued at $250,000, along with donated labor.Perhaps there will be answers to its future sooner than later.At the Jan. 20 meeting, Council President Carolyn Broullon concluded the borough, as the monument’s responsible party, will look into the cost to keep the monument in place – $3,000 for a CAFRA permit for starters – and the cost to take it down – $15,000 to $25,000 for starters, said Councilman Doug Card.“Both things will be researched,” Broullon said.Some of this information may be ready for the next council meeting, scheduled for Wednesday, Feb. 3. But Borough Attorney Bruce Padulla said the matter could wind up in litigation.As for residents, some are for the concrete pavilion, some are against it.“I think it’s ugly,” said Colleen Kriessler, 50. “It doesn’t belong there, it takes away from the appeal of the beach, I guess.”Wallace Hartsgrove, 72, and Kerry Gowan, 53, thought the value of the structure could have been better applied into helping the borough as it continues to rebuild from the devastation of the October 2012 Sandy.Hartsgrove, whose house was destroyed, said the money should have been used to help people in town, especially those whose houses had been affected by Super Storm Sandy. “There’s a lot of stuff they could do in this town,” he said.Gowan’s house also was damaged. She said she was thankful for the thought behind the gift of the monument, but, “I just think that money could have been used somewhere else, helping the town.”In a written statement, Diane Kropfl and her husband, Bill Sabanski, said, “It is now the responsibility of the borough to fulfill the obligation on its part in consideration of the generous donation provided to our community, to ensure the continued existence of this structure.”The couple is “willing to make a donation to a public fund to offset costs to the borough for the permits required to keep this monument in its current form and location.”“I think it would be imprudent to remove it,” said Carol Bucco. “They (Tilt-Up) thought they did the right thing. These guys are innocent.”Arnie Fuog, 60, said “I don’t mind the monument,” but he did not like the “undercover” route he believes it took.In January 2015, the Borough Council voted 4 to 0 on a resolution approving a Tilt-Up proposal to build a Sandy memorial “at no cost to the borough.” The resolution called for plans to be submitted to the borough for review.While all of this seems to have happened properly, at least some seem to have been under the impression nothing had been formalized to go ahead with the monument.The idea for the concrete Super Standy monument goes back to about November 2014, said Borough Administrator Tim Hill. Tilt-Up was looking to do a community project in anticipation of its annual meeting, scheduled for the fall of 2015 in New Brunswick.Hill said three sites were under consideration: Veterans Memorial Park, Huddy Park, or behind the Community Center. “There were council members” aware of the project and selected location, Hill said.“The monument was solely built to honor the people that lived through Sandy,” said Fred Anton, who grew up in neighboring Atlantic Highlands, is in the construction supply business, and was a liaison between Tilt-Up and Highlands.The borough said a CAFRA permit was not needed, because the monument would replace an A-frame gazebo, although not in the exact footprint, Anton said.“All this was approved from the town,” said Bob Murray, who lives in Somerset County and was the project manager. “This is a case of buyer’s remorse. We got a green light to do this.”Once the warm season comes, Tilt-Up was to finish the project by painting it with a white protective paint, Murray said. Also, Tilt-Up was thinking of having a “grand opening,” a community celebration of the monument, Murray said.Now, the monument’s future is unclear.Mitch Bloomquist, Tit-Up’s executive director, said the approximately 400-member association would be “interested if they (Highlands officials) want to go for that (CAFRA) permit.”“We’d be happy to coordinate a donation for that,” Bloomquist said.But Bloomquist told the Council that Tilt-Up would not pay for the monument’s removal.“Whether it should be removed should be up to the community,” Card said. “I don’t think we should apply for a (CAFRA) permit at this time. I can’t have open dialogue without complete information.”Councilwoman Claudette D’Arrigo said she was concerned with environmental issues regarding the placement of the monument on the beach. Now, the Borough Council has to look at the issue as a community, Broullon said.“We’re not going to take action without adequate feedback,” Broullon said.“I understand people don’t like it,” Murray said. “(But) I’ve gotten a few emails from people who do like it.”last_img read more

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Earth Is a Safe Haven

By on December 19, 2019

first_imgRecent news articles show how mechanisms protect earth’s inhabitants from a hail of bullets overhead.[Note: CEH is taking a break this week. These news items are presented for those who wish to follow up on them.]Could recent supernovae be responsible for mass extinctions? (Phys.org). The effects of a supernova might be surprisingly mild, thanks to earth’s ozone layer.Van Allen Radiation Belts: Facts & Findings (Space.com). Things you should know about the lobes that shield us from cosmic bullets.Radial Transport of Higher‐Energy Oxygen Ions Into the Deep Inner Magnetosphere Observed by Van Allen Probes (Geophysical Research Letters). Details about how the Van Allen Belts protect earth from killer electrons.Explaining the apparent impenetrable barrier to ultra-relativistic electrons in the outer Van Allen belt (Nature Communications). More detail and clarification about our protective shields.Moon dust is super toxic to human cells (Space.com). But earth dirt is good (see 19 May 2018 entry).Earth’s magnetic field is probably not reversing (PNAS). Admits that magnetic field energy is decaying at 5% per century. Read ch. 7 of Spacecraft Earth by Richter about why that matters.Why Earth’s Magnetic Field Might Not Flip After All (Live Science).Try your hand at being a CEH reporter! Read and analyze the claims above. If you appreciate the usual reporting you get at CEH, how about sending us feedback to encourage others? See bottom of front page. You can also retweet our Twitter notices (@crevinfo) or post your favorite articles on social media using the icons at left. (Visited 396 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

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10 months agoNapoli icon Diego Maradona due to be released from hospital

By on October 28, 2019

first_imgNapoli icon Diego Maradona due to be released from hospitalby Carlos Volcano10 months agoSend to a friendShare the loveNapoli icon Diego Maradona was due to be released from hospital last night after a health scare.Ole reports Maradona was taken to Clinica Olivios hospital in Buenos Aires on Friday evening after a routine checkup showed his stomach was bleeding.Maradona has just taken charge of Dorados.And in a positive development, Ole has followed up that he was due to be sent home before the day was out. About the authorCarlos VolcanoShare the loveHave your saylast_img read more

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Photos: Under Armour Unveiled New HeatGear ArmourVent Uniforms For Maryland, USC, Temple, SIU, NW, Seton Hall, St. John’s

By on October 27, 2019

first_imgA closeup of a Maryland basketball player's sneakersCOLUMBUS, OH – MARCH 22: A general view of Under Armour shoes during a game between the Maryland Terrapins and the West Virginia Mountaineers during the third round of the 2015 NCAA Men’s Basketball Tournament on March 22, 2015 at Nationwide Arena in Columbus, Ohio. (Photo by Jamie Sabau/Getty Images)Under Armour released new uniforms for seven of its men’s basketball programs Thursday afternoon. The brand unveiled HeatGear ArmourVent uniforms for Maryland, South Carolina, Temple, Seton Hall, Southern Illinois, Northwestern and St. John’s. Check them out: The all-new HeatGear ArmourVent uniforms. Engineered with the most innovative mesh ever made. http://t.co/ckZHvI3bM3 pic.twitter.com/hcCYqthfgs— Under Armour Hoops (@UAbasketball) January 22, 2015Thoughts on the uniforms, fans of the respective programs? Under Armour seems to be taking its basketball game up a notch.last_img read more

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London City Airport shuts down due to unexploded WWII bomb

By on October 13, 2019

first_imgLONDON – All flights in and out of London City Airport were cancelled Monday after a 500-kilogram (1,100-pound) unexploded World War II bomb was found nearby in the River Thames.The Metropolitan Police service cleared an area within 214 metres (700 feet) of the bomb, including several residential streets, as officers worked with specialists from the Royal Navy to remove the device.Police said the German bomb was discovered Sunday at the George V Dock during pre-planned work at City Airport. They described it as a 1.5-meter (5-foot) shell that was lying in a bed of dense silt.“The first stage of the removal operation is to free the shell from the silt so that it can be floated for removal,” police said in a statement.After that, navy bomb-disposal experts will tow it away and destroy it underwater in a controlled explosion.Local officials offered emergency accommodations to residents, although some refused to leave their homes.Airport CEO Robert Sinclair said he recognized that passengers will be inconvenienced but said the airport was co-operating fully with authorities “to resolve the situation as quickly as possible.”Sinclair said later that he expected the airport to reopen Tuesday.London City, the smallest of London’s international airports, handled 4.5 million passengers last year. Popular with business travellers, it’s located in east London’s docklands, an area that was heavily bombed by the German air force during World War II.last_img read more

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US sanctions Venezuela TV magnate for alleged currency deals

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first_imgBOGOTA — The Trump administration is imposing sanctions on a Venezuelan media magnate close to President Nicolas Maduro’s government for allegedly running a network that stole $2.4 billion from state coffers through corrupt currency deals.The action by the U.S Treasury Department gives Raul Gorrin one year to divest his shares in Globovision, Venezuela’s largest private broadcaster. Globovision is among 24 Gorrin-owned properties and entities in the U.S. and Venezuela also sanctioned by Treasury’s actions on Tuesday.Prosecutors in Miami indicted Gorrin last year on charges of bribing officials in Venezuela’s treasury for contracts to buy dollars at the highly distorted official exchange rate. He then would allegedly resell the hard currency on the black market for huge gains.The Associated Presslast_img read more

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Pak court indicts PMLN chief Shehbaz Sharif son in graft case

By on October 12, 2019

first_imgLahore: An accountability court Tuesday indicted Pakistan Muslim League-Nawaz (PML-N) chief and Opposition Leader in the National Assembly Shehbaz Sharif on charges he misused his authority while he was the chief minister of Punjab province. Shehbaz’s son Hamza, the Opposition Leader in Punjab Assembly, was also indicted by the court in the Ramzan Sugar Mills case. Both Shehbaz and Hamza pleaded not guilty to the charges framed against them, which involve the misuse of their authority and the illegal use of public funds. Also Read – Saudi Crown Prince ‘snubbed’ Pak PM, recalled jet from USDuring the brief hearing, Judge Najamul Hassan asked the National Accountability Bureau (NAB) prosecutor what exactly the Ramzan Sugar Mills case is, to which special prosecutor Waris Ali Janjua replied that public funds were used for a nullah for the mills, of which Hamza is a director. According to the accountability watchdog, the funds for the nullah – which come to about Rs 20 crores – had been released by then Punjab chief minister Shehbaz. Also Read – Record number of 35 candidates in fray for SL Presidential pollsShehbaz, 63, served as the chief minister of the politically crucial Punjab province from 2013 to 2018. He became PML-N president after his elder brother Nawaz Sharif was barred from holding the top party position and public posts. “God knows, in last 10 years being the chief minister of Punjab, a province of over 100 million people, I have saved the country billions of rupees. I had nothing to do with this bridge, no money was wrongfully used,” Shehbaz told the court. The court subsequently indicted both, father and son, before moving onto hearing the Ashiyana Housing scam case. Judge Hassan adjourned the hearing till April 23. Shehbaz has already been indicted along with nine others in the Ashiana Housing scam case. He was arrested by the National Accountability Bureau in the probe on October 5, 2018 and released on bail on February 14. On Monday, Hamza was granted pre-arrest bail till April 17 by the Lahore High Court, which also restrained NAB from arresting him in cases pertaining to ownership of assets beyond means, until further notice. The Federal Investigation Agency (FIA) Monday arrested a “key frontman” of Hamza and his brother Salman who allegedly laundered over Rs 50 crore abroad at their behest. Referring to the arrest of Mohammad Mushtaq, the NAB said it believed that the arrest would strengthen its case against both sons of PML-N president Shehbaz. According to the NAB, it had the record of the money laundering transactions of over Rs 50 crore sent by Mushtaq to the accounts of Salman abroad. Mushtaq was leaving for Dubai. But during immigration at the Lahore airport Monday, his name appeared on the no-fly list.last_img read more

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Worlds highest polling station records 132 pc voting till 3 pm all

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first_imgShimla: It may be strange but true! The world’s highest polling station at 15,256 feet in Tashiganag village of Himachal Pradesh Sunday recorded an unbelievable, 132 per cent voter turn out — all valid votes.Against merely 49 registered voters figuring in the village electoral roll, a total of 65 voters have cast their votes till 3 pm at the Tashigang polling booth, said a district election official. The unbelievable spike in the poll percentage was attributed to the desire of many poll officials, deployed at polling booths in the Tashiganag village and other nearby areas to cast their votes at the world’s highest polling station, located at a dizzying height of 12,256 ft. Poll officials said the poll percentage is likely to rise further as out of 49 voters, registered in the village electoral roll, merely 33 have cast their votes till 3 pm. With the remaining 16 village voters and many other poll officials deployed in nearby polling stations likely to exercise their franchise at the world’s highest polling booth by the end of voting process at 6 pm, the poll percentage is likely to go up further, they added. The poll officials cast their votes at Tashigang polling booth after showing their election duty certificate (EDCs) issued to them by concerned assistant returning officers, he added. Tashigang is a village near an ancient monastery in Himachal Pradesh. It is the highest settlement in Spiti Valley near the India-Tibet border with villages Nako and Khab located nearby and is connected to Shimla by National Highway 22. Tashigang acquired the unique distinction of becoming the highest polling station during Himachal Pradesh assembly elections in 2017, when the erstwhile polling station at the highest altitude of 14,400 ft was replaced by Tashigang due to some technical reasons, said HP’s Assistant Chief Electoral Officer Harbans Lal Dhiman. Hikkim is located 160 km from Tashigang. The polling at Tashigang began at 7 am when the temperature was below freezing point. Voters came to the polling station wearing their traditional attire to beat the chilly weather. Besides Tashigang, Himachal has another unique polling station, Ka, with lowest number of voters. Located in Sipti valley itself, Ka has only 17 registered voters. The poll officials were yet to release the voter turnout at Ka. Both Tashigang and Ka polling stations fall under the Mandi parliamentary seat where the highest number of 17 candidates among the four Lok Sabha seats in the state are in the fray. Mandi is witnessing a direct contest between the BJP and the Congress.last_img read more

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