memphis

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From the lively streets of Nashville, to the historical significance of Memphis, where the legacy of Elvis Presley lives on, Tennessee’s unique attractions draw millions each year. But what else is Tennessee known for? Whether you’re considering renting a home in Knoxville, looking to settle into a charming apartment in Chattanooga, or just planning a visit, you’ll soon find that Tennessee has much more to offer than meets the eye. In this article, we’ll explore what makes Tennessee special and why so many are proud to call it home. Let’s jump in.

1. Nashville’s country music scene

Nashville is famously known as the “Music City.” The city stands as the epicenter of country music, home to the Grand Ole Opry, the longest-running radio broadcast in U.S. history. While here, be sure to visit Broadway to experience live music in legendary honky-tonk bars. Additionally, visit the Country Music Hall of Fame and Museum to see memorabilia from iconic artists like Johnny Cash and Dolly Parton. Nashville’s lively music scene continues to shape the genre, attracting aspiring musicians from around the world.

2. Great Smoky Mountains National Park

Great Smoky Mountains National Park is the most visited national park in the United States. The park offers breathtaking views, diverse wildlife, and over 800 miles of hiking trails. Visitors enjoy exploring scenic spots like Clingmans Dome and Cades Cove, a beautiful valley with historic homesteads. Also, the park contains a remarkable diversity of plant and animal life, including over 1,500 species of flowering plants and more than 200 species of birds. One of the best times to visit is in spring where wildflowers blanket the park, creating vibrant displays of color along the trails.

3. Hot chicken

Nashville hot chicken is a culinary delight that has gained national fame. This spicy fried chicken, served with pickles and white bread, remains a staple at local establishments like Prince’s Hot Chicken Shack and Hattie B’s. The dish is known for its fiery heat, which comes from a blend of spices added to the crispy coating. Furthermore, Nashville hot chicken festivals celebrate this iconic food, where people challenge their taste buds and enjoy Tennessee’s bold culinary scene.

4. Jack Daniel’s Distillery

The Jack Daniel’s Distillery in Lynchburg produces Jack Daniel’s whiskey, the top-selling American whiskey worldwide. Patrons can take guided tours of the distillery to learn about the whiskey-making process and the history of this iconic brand. The tour includes visiting the original cave spring, the source of the water used in the whiskey, and ends with a tasting session. As a result, the distillery attracts whiskey enthusiasts from around the world, making it a must-see destination in Tennessee.

5. Bristol Motor Speedway

Bristol Motor Speedway located in Bristol is a legendary venue in the world of NASCAR racing. Known as “The Last Great Colosseum,” this half-mile track is famous for its steep banking and fast-paced action. Because of this, the speedway hosts major races like the Food City 500 and the Bristol Night Race. The speedway can accommodate over 160,000 fans, creating an electrifying atmosphere. Events at Bristol are unforgettable for racing enthusiasts, offering thrilling experiences both on and off the track.

6. The birthplace of the blues

Memphis is celebrated as the birthplace of the blues, a genre that has deeply influenced American music. If you love the blues, be sure to check out Beale Street in downtown Memphis. This historic district is lined with blues clubs where live music fills the air every night. The city’s rich blues heritage is also commemorated at the Blues Hall of Fame, featuring memorabilia from legendary artists.

Fun facts Tennessee is famous for

  • Graceland: Memphis is home to Graceland, the famous mansion where Elvis Presley lived. It’s now a museum dedicated to the King of Rock ‘n’ Roll.
  • The world’s largest underground lake: Tennessee holds The Lost Sea, the largest underground lake in the United States.
  • Birthplace of Mountain Dew: This state is the birthplace of Mountain Dew. The popular soft drink was originally created in the 1940s in Knoxville by Barney and Ally Hartman, who were looking for a mixer for whiskey.

7. MoonPies

Tennessee proudly stands as the birthplace of the MoonPie. This beloved snack is made of marshmallow sandwiched between two graham crackers and coated in chocolate. Created in Chattanooga in 1917, MoonPies have become a staple of Southern cuisine. The Chattanooga Bakery still produces these treats, which are especially popular during Mardi Gras celebrations in Mobile, Alabama. Furthermore, the annual MoonPie Festival in Bell Buckle celebrates this iconic snack with games, music, and, of course, plenty of MoonPies.

8. The Tennessee River

The Tennessee River winds through the state and is a vital waterway that offers locals a plethora of recreational activities. Chattanooga, in particular, capitalizes on the river’s beauty with attractions like the Tennessee Aquarium, riverboat cruises, and the scenic Riverwalk. The river is a hotspot for fishing, boating, and kayaking, drawing outdoor enthusiasts year-round. Events like the annual Riverbend Festival celebrate the river’s significance, featuring music, food, and fireworks along its banks.

9. Dollywood

Named after country music star Dolly Parton, Dollywood is an iconic a theme park in Pigeon Forge. The park offers a blend of thrilling rides and live entertainment, set against the backdrop of the Smoky Mountains. Visitors can enjoy roller coasters, water slides, and musical shows that celebrate the culture of the region. Furthermore, Dollywood features seasonal festivals like the Smoky Mountain Christmas, making it a year-round destination for fans of Dolly Parton.

10. The Ryman Auditorium

The Ryman Auditorium, known as the “Mother Church of Country Music,” is a historic venue that has hosted countless legendary performances. Originally built as a tabernacle in 1892, the Ryman gained fame as the home of the Grand Ole Opry from 1943 to 1974. Today, it continues to host concerts by top artists across various genres, offering unparalleled acoustics for concert-goers.

11. Oak Ridge National Laboratory

Oak Ridge National Laboratory is one of the world’s premier research facilities. Established during World War II as part of the Manhattan Project, it has since become a leader in scientific innovation. The lab conducts cutting-edge research in areas such as nuclear energy, advanced materials, and environmental science. While visiting, you can learn about its history and contributions to science at the American Museum of Science and Energy in Oak Ridge.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

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Considering moving to Tennessee? This state is full of picturesque landscapes, dynamic urban areas, and a growing tech industry, making it a prime choice for relocation. With its iconic cities, scenic mountain views, and a rich cultural scene, Tennessee offers a diverse living experience. Whether you’re looking at houses for sale in Knoxville, renting in Chattanooga, or exploring houses for rent in Nashville, here’s what you should know about moving to Tennessee.

Tennessee at a glance

The state’s landscapes range from the majestic peaks of the Smoky Mountains to the serene rolling hills of the Cumberland Plateau, providing a variety of outdoor activities. Large cities like Memphis and Nashville are cultural hubs, renowned for their lively music scenes, history, and entertainment options. Major sectors driving Tennessee’s economy include energy, technology, and healthcare, with prominent companies such as FedEx and HCA Healthcare headquartered here.

Culturally, Tennessee is rich with world-class museums like the Country Music Hall of Fame and the National Civil Rights Museum, alongside notable music festivals such as Bonnaroo and Memphis in May. The state’s culinary scene is equally diverse, featuring everything from Memphis barbecue to Nashville hot chicken. Educational opportunities are robust with institutions like the University of Tennessee and Vanderbilt University adding to the state’s atmosphere. For those seeking affordable places to live, cities like Clarksville and Johnson City offer lower living costs while maintaining a high quality of life.

1. Tennessee has a significant musical heritage

Tennessee’s musical heritage is renowned worldwide, with Nashville earning the nickname “Music City” for its pivotal role in country music. The Grand Ole Opry, the Ryman Auditorium, and the Country Music Hall of Fame attract music lovers from across the globe. Memphis also has a rich musical history, being the birthplace of rock ‘n’ roll at Sun Studio and home to the legendary Beale Street, where blues musicians like B.B. King and Elvis Presley once performed. Additionally, cities like Bristol, recognized as the birthplace of country music, and Dollywood in Pigeon Forge celebrate the state’s deep musical roots through festivals and performances that honor Tennessee’s enduring influence on American music.

2. The state has a low cost of living

Tennessee’s lower cost of living is a major draw, with the median home sale price of $400,900 and average rental prices for a one-bedroom apartment in cities like Memphis hovering around $978 per month. While Nashville and Knoxville offer more urban amenities, cities like Chattanooga and Clarksville provide more affordable housing options without sacrificing quality of life. In fact, the cost of living in Chattanooga is 9% lower than the cost of living in Nashville. Beyond housing, Tennessee residents benefit from lower costs in utilities, groceries, and healthcare compared to the national average. This overall affordability makes Tennessee an attractive choice for those looking to maximize their budget without compromising on lifestyle.

3. Hot chicken is a local delicacy

Nashville hot chicken is a fiery local delicacy that has gained nationwide fame. This spicy fried chicken, typically served with pickles and bread, originated at Prince’s Hot Chicken Shack in Nashville. Today, you can savor this culinary treat at numerous local eateries, including Hattie B’s and Bolton’s Spicy Chicken & Fish, each offering their own unique twist on the dish.

Insider scoop: For a truly local experience, visit during the Nashville Hot Chicken Festival held every Fourth of July, where you can sample the best hot chicken from various vendors and enjoy live music and various activities.

4. There’s no state income tax

One of the financial perks of moving to Tennessee is the absence of state income tax, allowing residents to keep more of their earnings. This policy makes Tennessee particularly attractive to individuals seeking lower overall tax burdens. The savings on state income tax can be significant, especially compared to neighboring states with higher tax rates. For budget-friendly individuals, this means more disposable income for everyday expenses, savings, or investments, enhancing their overall financial well-being. Considering the pros and cons of living in Tennessee, this tax advantage is a notable benefit that can positively impact your financial planning.

5. The state is known for its Tennessee whiskey 

Tennessee is renowned for its Tennessee whiskey, a distinct style of whiskey that follows a specific production process unique to the state. This includes the Lincoln County Process, where the whiskey is filtered through charcoal before aging, giving it a smooth, mellow flavor. The most famous brand is Jack Daniel’s, whose distillery in Lynchburg is one of the oldest registered distilleries in the United States. This iconic site offers guided tours where visitors can learn about the whiskey-making process and the history of Jack Daniel’s, ending with a tasting of their renowned products.

Travel tip: Plan your visit to the distillery during the annual Jack Daniel’s World Championship Invitational Barbecue in October, a festival that combines delicious barbecue, live music, and, of course, plenty of Tennessee whiskey.

6. The internet is fast in Chattanooga

Tennessee has some of the fastest internet speeds in the country, thanks to initiatives like Chattanooga’s EPB Fiber Optics network. This gigabit-speed internet service has positioned Chattanooga as a tech-friendly city, attracting startups and tech companies. Whether you’re working from home or streaming your favorite shows, you’ll appreciate the robust and reliable internet connectivity.

7. Smoky Mountains National Park is the most visited national park in the U.S.

The Great Smoky Mountains National Park, straddling the border between Tennessee and North Carolina, is the most visited national park in the U.S., attracting millions of visitors each year. This expansive park features over 800 miles of hiking trails, including the challenging Alum Cave Trail and the scenic Clingmans Dome, the highest peak in the park. Visitors can explore diverse ecosystems, from lush hardwood forests to rolling mountain meadows, and observe a wide range of wildlife such as black bears, elk, and deer. The park also boasts historic sites like Cades Cove, where preserved log cabins and barns offer a glimpse into early Appalachian life.

Travel tip: For a less crowded experience, visit during the shoulder seasons of spring and fall, when the park’s natural beauty is at its peak and parking is more accessible, allowing for a more serene exploration of the trails and overlooks.

8. There’s a theme park dedicated to Dolly Parton here

Dollywood, located in Pigeon Forge, is a popular theme park founded by country music legend Dolly Parton. The park offers a mix of thrilling rides, live entertainment, and traditional crafts, all set against the backdrop of the Smoky Mountains. Dollywood also hosts seasonal festivals and events, making it a year-round destination for fun. 

Insider scoop: To make the most of your visit, arrive early and head straight to the most popular attractions like the Lightning Rod roller coaster and the Wild Eagle flight ride before the lines get long.

9. The BBQ in Tennessee is distinctive

Moving to Tennessee, you’ll become familiar to its distinctive barbecue, with Memphis standing out as a premier destination for this culinary tradition. Memphis-style BBQ is characterized by its dry-rubbed ribs, which are seasoned with a blend of spices before being slow-cooked to perfection, and pulled pork, which is often served with a tangy, tomato-based sauce known for its unique sweet and spicy flavor. Notable BBQ joints include Charlie Vergos’ Rendezvous, known for its iconic dry-rubbed ribs and secret seasoning blend; and Interstate Bar-B-Q, which offers a variety of smoked meats.

10. The state is filled with Civil Rights history

Tennessee is deeply embedded in Civil Rights history, with several key locations marking pivotal moments in the struggle for racial equality. In Memphis, the National Civil Rights Museum is housed in the Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated in 1968, offering comprehensive exhibits. In Nashville, the historic Fisk University is renowned for its role in early civil rights activism, and the city was a center of the 1960s sit-in movement. These sites, among others, provide insight into the state’s significant tie with the movement.

11. You’ll need to prepare for the tornados

Tennessee’s location in the southeastern United States means it is susceptible to tornadoes, especially during the spring and fall seasons. The state’s flat terrain and warm, moist air make it a frequent target for tornado activity. It’s crucial for residents to have emergency plans, including knowing local shelter locations and having a weather radio for alerts. Many homes are equipped with storm shelters or safe rooms to offer protection during severe weather events. Communities often have tornado sirens and conduct regular drills to prepare residents for potential emergencies.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

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Welcome to the charming city of Little Rock, where southern hospitality meets modern living. With its rich history, beautiful riverfront, and thriving arts scene, Little Rock offers a unique blend of tradition and progress. Residents here enjoy a laid-back lifestyle, friendly neighborhoods, and a strong sense of community. Whether you’re looking for a cozy apartment in Little Rock or a spacious home for rent, Little Rock has something for everyone.

In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of living in Little Rock. Let’s get started and see what awaits in this gem of the South.

Fast facts about living in Little Rock

  • Population: Approximately 200,000 residents
  • Average rent: $868 per month for a one-bedroom apartment
  • Median home sale price: $265,000
  • Public transit: Rock Region METRO provides bus services throughout the city
  • Public parks: Over 60 parks and green spaces for recreation and relaxation
  • Annual tourists: Approximately 6 million visitors each year
  • Restaurants: Over 600, offering a variety of cuisines from around the world

1. Pro: Affordable cost of living

The cost of living in Little Rock is about 18% lower than the national average. Housing costs, in particular, are significantly lower, with the median sale price for a home in Little Rock around $265,000 and the average rent for a one-bedroom apartment in Little Rock about $868 per month, making housing 18% more affordable than the national average. Additionally, utilities are 8% less expensive, groceries are 2% lower, transportation costs are 11% below average, and healthcare costs are 12% less than the national average. This lower cost of living makes Little Rock an attractive option for individuals looking to stretch their budgets further. Residents can enjoy a comfortable lifestyle while benefiting from these cost savings.

2. Con: Limited public transportation

While Rock Region METRO provides essential bus services, the public transportation system in Little Rock is limited compared to larger cities. The city has a transit score of 19, a walk score of 33, and a bike score of 34. This means that most daily errands require a car, which can be inconvenient for those who prefer not to drive or do not own a vehicle. The spread-out nature of the city and limited service hours can make commuting challenging without a car.

3. Pro: Rich history and culture

Little Rock boasts a rich history and vibrant cultural scene. The city is home to several museums, historic sites, and cultural institutions, such as the Clinton Presidential Library, the Arkansas Arts Center, and the Historic Arkansas Museum. These attractions provide residents with numerous opportunities for educational and cultural enrichment. Additionally, Little Rock hosts a variety of festivals and events throughout the year, celebrating everything from music and arts to food and heritage.

4. Con: Hot and humid summers

Little Rock experiences hot and humid summers, with temperatures often soaring into the 90s°F. The intense heat and humidity can be uncomfortable and limit outdoor activities during the peak summer months. Residents need to be prepared for the weather with proper cooling systems and hydration strategies. While the city enjoys mild winters, the summer heat can be a challenge for those not accustomed to such conditions.

5. Pro: Outdoor recreational activities

Little Rock offers a wide range of outdoor recreational activities, thanks to its scenic location along the Arkansas River and proximity to the Ouachita Mountains. Residents can enjoy hiking, biking, fishing, and boating in the numerous parks and natural areas.

Popular outdoor spots in Little Rock

  • Pinnacle Mountain State Park
  • Riverfront Park
  • Two Rivers Park
  • Burns Park
  • Murray Park

These locations provide ample opportunities for fitness, relaxation, and enjoying the natural beauty of the region.

6. Con: Limited job market diversity

While Little Rock has a growing economy, the job market is somewhat limited in diversity compared to larger metropolitan areas. The city’s economy is heavily influenced by government, healthcare, and retail sectors. While these industries provide job opportunities, those seeking employment in more specialized fields may find fewer options available. The city’s smaller size can also limit career advancement opportunities for some professionals.

Top employers in Little Rock

  • University of Arkansas for Medical Sciences (UAMS)
  • Baptist Health
  • Dillard’s
  • Arkansas Blue Cross Blue Shield
  • Arkansas Children’s Hospital

7. Pro: Strong educational institutions

Little Rock is home to several respected educational institutions, including the University of Arkansas at Little Rock (UALR) and the University of Arkansas for Medical Sciences (UAMS). These institutions offer a wide range of programs and contribute to the city’s vibrant academic atmosphere. Additionally, Little Rock has a variety of public and private schools providing quality education for everyone.

8. Con: Limited shopping options

While Little Rock has a variety of local shops and boutiques, it lacks the extensive shopping options found in larger metropolitan areas. Residents often need to travel to nearby cities for certain retail needs or high-end shopping experiences. While local malls and shopping centers provide basic necessities, the selection can be limited compared to larger cities.

9. Pro: Community-friendly environment

Little Rock is known for its strong sense of community and Southern hospitality. The city hosts numerous events and festivals throughout the year, such as the Riverfest and the Arkansas State Fair, which bring residents together and foster a sense of camaraderie. Little Rock’s neighborhoods, such as Hillcrest, Heights, and the Quapaw Quarter, offer a variety of living environments with active community associations and local initiatives that enhance the quality of life.

10. Con: Limited nightlife

While Little Rock offers a variety of dining and entertainment options, its nightlife scene is not as vibrant as larger cities. The city has a more laid-back atmosphere, with fewer late-night venues and entertainment options. Residents seeking a bustling nightlife might find the options limited, though there are still plenty of local bars, breweries, and restaurants to enjoy. For those who crave more excitement, larger cities like Memphis and Dallas are within driving distance.

11. Pro: Historic charm

Little Rock’s rich history is reflected in its architecture and historic districts. The city is home to several well-preserved historic neighborhoods, such as the Quapaw Quarter, which features beautiful homes and tree-lined streets. Downtown Little Rock also boasts historic buildings and landmarks, including the Old State House Museum and the Robinson Center, adding to the city’s unique character and charm.

12. Pro: Culinary diversity

Little Rock is home to a diverse culinary scene, with a variety of restaurants offering cuisines from around the world. From Southern comfort food to international delights, the city has something to satisfy every palate. Food festivals, such as the Main Street Food Truck Festival and the Arkansas Cornbread Festival, showcase the city’s culinary creativity.

Popular restaurants in Little Rock

  • Brave New Restaurant
  • The Pantry
  • South on Main
  • Capital Bar and Grill
  • Lassis Inn

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Real Estate

June 19, 2024
by Mark Ferguson

Finding an affordable city to buy a house can be challenging. Getting a good deal is key to my investing strategy. To help you find the best investment opportunities, here’s a list of the top ten most affordable large cities to buy houses in the US. These cities offer not only affordable housing but also promising growth prospects and quality of life.

To measure, we’ll look at housing prices and wages.

Table of Contents

Overview

Of course, a low price doesn’t necessarily mean a great deal. To learn more about finding great deals, check out my Master the Deal course.

This data is from May 2024 and comes from National Association of Realtors (NAR), the Zillow Home Value Index, U.S. Census Bureau, Local Economic Development Reports, and the U.S. Bureau of Labor Statistics (BLS).

There are many smaller towns that are even more affordable in many areas of the country. It may surprise many people but people making lower wages actuallty have a better shot of buying a house than many who make much more in expensive areas.

Top Ten Most Affordable Cities (Wages and House Prices)

1. Detroit, Michigan

Detroit has been making a remarkable comeback over the past decade. The city is known for its affordable housing market, with the median home price around $70,000.

The median wage in Detroit is approximately $36,000.

With ongoing revitalization projects and a growing tech scene, Detroit is becoming an attractive option for first-time homebuyers and investors alike.

2. Cleveland, Ohio

Cleveland offers a blend of affordable housing and vibrant cultural life. The median home price in Cleveland is approximately $85,000.

The median wage in Cleveland is around $38,000.

The city’s diverse economy, driven by healthcare, education, and manufacturing sectors, makes it a target for real estate investment.

3. Pittsburgh, Pennsylvania

Pittsburgh is another city where affordability meets opportunity, with a median home price of about $150,000.

The median wage in Pittsburgh is approximately $42,000.

Pittsburgh provides a strong job market, particularly in technology, healthcare, and education. The city’s rich history and growing infrastructure add to its appeal.

4. Indianapolis, Indiana

Indianapolis combines affordability with a high quality of life. The median home price is around $175,000.

The median wage in Indianapolis is about $44,000.

The city is known for its strong job market, excellent schools, and vibrant cultural scene. Indianapolis may be ideal for families and investors seeking long-term growth.

5. Buffalo, New York

Buffalo is experiencing a resurgence, with a median home price of approximately $130,000.

The median wage in Buffalo is around $40,000.

The city’s affordable cost of living, coupled with its robust job market in healthcare and education, makes it an attractive place for homebuyers.

6. Memphis, Tennessee

Memphis offers an affordable housing market with a median home price of about $120,000.

The median wage in Memphis is approximately $37,000.

Known for its rich musical heritage and vibrant culture, Memphis also boasts a strong economy driven by transportation, healthcare, and education sectors.

7. Birmingham, Alabama

Birmingham combines affordability with economic growth. The median home price is around $160,000.

The median wage in Birmingham is about $38,000.

The city’s economy is diverse, with strong sectors in finance, healthcare, and manufacturing. Birmingham’s southern charm and historical significance make it a desirable place to live.

8. Kansas City, Missouri

Kansas City offers affordable housing with a median home price of approximately $190,000.

The median wage in Kansas City is around $45,000.

The city is known for its robust job market, particularly in the finance, healthcare, and engineering sectors. Kansas City’s thriving arts scene and friendly community add to its appeal.

9. Oklahoma City, Oklahoma

Oklahoma City provides affordable housing with a median home price of about $160,000.

The median wage in Oklahoma City is approximately $40,000.

The city has a growing economy driven by energy, aerospace, and biotechnology industries. Oklahoma City’s low cost of living and family-friendly environment make it an excellent place to buy a home.

10. St. Louis, Missouri

St. Louis rounds out our list with a median home price of around $150,000.

The median wage in St. Louis is about $41,000.

The city offers a diverse economy with strong healthcare, education, and manufacturing sectors. St. Louis’ rich history, cultural attractions, and affordable housing market make it an interesting place to invest.

This table summarizes the information here. The Affordability Ratio is the wages divided by home price. The higher the Affordability Ratio, the more affordable.

City Median Home Price Median Wage Affordability Ratio
Detroit, Michigan $70,000 $36,000 0.51
Cleveland, Ohio $85,000 $38,000 0.45
Buffalo, New York $130,000 $40,000 0.31
Memphis, Tennessee $120,000 $37,000 0.31
Pittsburgh, Pennsylvania $150,000 $42,000 0.28
St. Louis, Missouri $150,000 $41,000 0.27
Indianapolis, Indiana $175,000 $44,000 0.25
Oklahoma City, Oklahoma $160,000 $40,000 0.25
Birmingham, Alabama $160,000 $38,000 0.24
Kansas City, Missouri $190,000 $45,000 0.24

Conclusion

These ten cities offer some of the most affordable housing markets in the US, each with its unique blend of economic opportunities, cultural attractions, and quality of life. Whether you are a first-time homebuyer or an investor looking for promising real estate markets, these cities provide a great starting point.

What do you think of this list? Let me know in the comments below.

Source: investfourmore.com

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Housing affordability dipped in March on both a monthly and yearly basis, according to a new report by First American. 

Affordability fell by 0.1% compared with February, according to the First American Real House Price Index (RHPI). On an annualized basis, affordability fell by approximately 5%. Meanwhile, mortgage rates also rose over the course of the month.

The RHPI measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer homebuying  power over time at the national, state and metro-area levels. 

“Two factors drove the year-over-year decline in affordability – a 6.2% annual increase in nominal house prices, and a 0.3 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago,” Mark Fleming, First American chief economist, said in a statement. 

“For home buyers, holding prices constant, the only way to mitigate the loss of affordability caused by higher mortgage rates is with an equivalent, if not greater, increase in household income,” Fleming said. “Even though household income increased 3.7% since March 2023 and boosted consumer house-buying power, it was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices.”

Consumer homebuying power, which represents how much one can buy based on changes in income and mortgage rates, decreased 0.1% between February and March 2024 but increased 0.8% year over year. The median household income has increased 3.7% since March 2023 and 90.2% since January 2000.

West Virginia, New Mexico, New Jersey, Massachusetts and Indiana posted the largest year-over-year increases in the RHPI. Meanwhile, Washington, D.C., and Colorado posted year-over-year decreases. 

Among the metros tracked by First American, Memphis, Tennessee; Boston; Providence, Rhode Island; Buffalo, New York; and Cincinnati posted the highest year-over-year gains in the RHPI. Meanwhile, Denver and Portland, Oregon, posted year-over-year losses. 

In March, the housing market was almost overvalued at a national level, but a surprisingly large number of markets remain significantly undervalued, according to First American.

Among the top 50 markets tracked, 22 were overvalued in March, meaning that the median existing-home sale price exceeded home purchasing power. 

The market with the highest overvaluation was San Jose. There, the median consumer home purchasing power in March was $723,000, significantly below the median sale price of $1,430,000.

“In markets considered overvalued, the chronic housing supply shortage is preventing prices from adjusting downward enough to reflect the affordability reality,” Fleming said. “Additionally, house prices are ‘downside sticky.’ Home sellers would rather withdraw from the market than sell at lower prices.”

“The good news is that most of the markets we track remain undervalued by this measure, and nine markets were undervalued by $100,000 or more,” Fleming added. “Detroit, Philadelphia, and Cleveland are markets considered undervalued by an average of $145,000.”

Source: housingwire.com

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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

By:
Rob Chrisman

Thu, Apr 18 2024, 11:12 AM

What loan officer hasn’t had a memorable co-signing experience? Some more so than others. Along those lines, if you head to Disneyland or Disneyworld, and find bone chips or ashes on the floor of your favorite ride, it is probably not an accident. Nor is eking out a gain, or at least breaking even, in residential lending an accident. At the Great River Conference in Memphis, much of the information being presented is about how to do things more efficiently. And for good reason, as the MBA’s calculations for IMBs and mortgage subsidiaries of chartered banks last showed that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to $12,485 per loan in the fourth quarter. On the income side of things, borrowers who obtained adjustable-rate mortgage loans (ARMs, for lack of a better acronym) 3 or 5 or 7 years ago have popped up on LO screens for refinances, and you can bet that the companies who own that servicing are all over those borrowers “like hounds on a meat wagon.” (Found here, this week’s podcasts are sponsored by Optimal Blue. OB’s smart solutions automate critical functions like pricing, hedging, trading, and social media. More originators and investors rely upon Optimal Blue’s integrated solutions, data, and connections to support their unique business strategies, no matter how complex. Hear an interview with Optimal Blue’s Mike Vough on refining margin management to improve loan profitability and reduce risk.)

Lender and Broker Products, Software, and Services

For many non-QM lenders, real estate investors make up nearly half of their pipeline. Despite stubbornly high interest rates and low inventory, these borrowers continue to transact in this market, opening up an opportunity for lenders to capture this business. However, capturing this business with traditional marketing and sales efforts is not easy. Unless you have Privy. With Privy, you can now automate real estate investor and borrower acquisition and retention. With just a click of a button, borrowers are able to engage with you at any stage of the transaction process, from just browsing to ready to transact. Let effective technology help drive your DSCR, asset depletion, and fix and flip loan volume. Contact Brad Bieber (803-730-5032) to learn more about Privy’s Enterprise Solutions.

A 30-minute meeting with Planet Home Lending’s Correspondent sales team at the MBA Secondary & Capital Markets Conference could be the catalyst for a year-round boost in your business. Join us in the Gotham III Ballroom at the InterContinental New York Times Square. Don’t wait: secure your spot now before they’re all booked! Get in touch with your Regional Sales Manager or SVP Correspondent Sales, Jim Loving (414-270-0027) to explore our continually refined product lineup spanning vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated.

“Regional Credit Union Attributes Successful Audit Process to QC Ally Partnership! In a world where integrity is everything, QC Ally prides itself on building a foundation of trust with each client partner. Recently, we sat down with Bill James, Chief Risk Officer at Marine Credit Union, to discuss how QC Ally helped them achieve a formalized, unbiased pre-fund and post-close audit process with custom loan sampling. As Bill put it, ‘We’ve been very happy with QC Ally. We stacked QC Ally up against very strong competition, and they really won hands down. The service levels you provide and your own staff with very deep, rich experience are unmatched.’ Learn more here.”

As certain wines age, their tannins bind together in a process called polymerization, creating a smoother, rounder flavor that’s more desirable, and, often, more valuable, than when first vinted. Are your mortgage technology partners improving like fine wine? That’s been the experience of Lake Michigan Credit Union, which just shared new success metrics regarding its use of income and employment verification from Argyle. It’s been about a year since LMCU switched to Argyle for VOIE, and the credit union can now quantify its time and cost savings at a whopping 3 weeks and $100 per closed loan. Read the updated case study findings here.

Mortgage Capital Trading, the de facto leader in innovative mortgage capital markets technology, introduces a game-changing best execution technology for MSR retain and release decisions all in one platform. With this groundbreaking development, MCT’s Enhanced Best Execution (EBX) solution emerges as a real-time bridge between MCTlive! (live whole loan/SRP execution) and MSRlive! (loan level MSR valuation), revolutionizing the landscape of best execution strategies in the mortgage industry. MCT clients now have accurate insight into how loans are trading and what investors are paying along with the intrinsic servicing value to enhance the retained vs. released decisioning process. What was once a manual, time-consuming exercise is now completely automated with EBX, making all of the essential execution data elements accessible with the click of a button. Read the latest press release or join MCT’s upcoming webinar to learn more about their latest innovation.

Events and Training

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future. Yes, there’s plenty ahead in April, but I thought for travel planning purposes it would be to glance ahead to May as vendors and lenders take a critical look at travel & entertainment budgets.

National MI University’s May Webinars: Leading With Style ​​with Andrew Oxley – May 7th at 2pm ET. Income Analysis for Conventional Loans with Marianne Collins – May 9th at 1pm ET.

How to Make Accountability Cool and KPIs Fun Again ​​​​​with Dr. Bruce Lund – May 14th at 2pm ET. Screen Savvy: Mastering Virtual Influence for Lenders with Julie Hansen – May 15th at 2pm ET. Understanding the Personalities of Your Clients and Partners ​​​​​with Rebecca Lorenz – May 16th at 1pm ET. Your Event Playbook to Network and Form Referral Partnerships with Kendra Lee – May 21st at 1pm ET.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Join Northern Michigan Luncheon, Tuesday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Don’t miss this opportunity to connect with industry peers, gain valuable insights, and elevate your mortgage business. Attend the MMBBA Annual Conference on Thursday, May 2, 10 a.m. to 4 p.m. in Queenstown.

The Maryland Mortgage Bankers and Brokers Association Annual Conference is scheduled for Thursday, May 2, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown, MD. Featuring speaker, Edward Seiler, PhD, Executive Director of the Research Institute for Housing America and Associate VP of Housing Economics at the Mortgage Bankers Association. Edward will provide invaluable insights into the housing market and economic trends.

This year’s OMBA Annual Convention will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event on Monday, May 6 – Tuesday, May 7 promises valuable insights to navigate the industry’s landscape.

The AEI Housing Center will host five convenings in the week of May 6 in Denver, Colorado; San Francisco, California; Los Angeles, California; Orange County, California; and San Diego, California. These convenings will share insights on using light-touch density (LTD), also known as middle housing, to craft solutions to America’s growing housing supply crisis. Registration is free. Los Angeles is the only location that will offer a livestream.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

In Birmingham, the MBA of Alabama will host its 38th Annual Convention on May 7 & 8.

Registration is open for ACUMA’s FOCALpoint workshops – Join ACUMA in Nashville May 9-10 or Denver June 11-12! Same amazing topics and content in each location – just pick the best city for you! The two-day subject-intensive workshops take deep dives into critical issues affecting the credit union mortgage lending industry. Sign up today! Register here for ACUMA workshops.

The MBA Georgia (MBAG) Conference is coming on May 12-15 at the One Ocean Resort, 1 Ocean Blvd, Atlantic Beach, Florida! For registration visit here.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Servicing Office in St. Louis, MO announced free, in-person training to lending partners, May 13-17 at the Charles F. Prevedel Federal Building. The training will offer multiple sessions to provide technical training on Loss Claims, Loss Mitigation, and Lender Reporting. USDA will not charge a registration fee. Attendees are responsible for all travel costs. USDA will not be blocking hotel rooms. Attendees may search for hotel accommodations near the training facility located at 9700 Page Ave, St. Louis MO 63132.

Capital Markets

A day after Fed Chair Powell threw cold water on expectations for rate cuts this year by admitting progress against inflation has stalled, Treasury and mortgage security prices rallied yesterday, dropping rates some, aided by excellent demand at a $13 billion 20-year Treasury bond reopening. Remember, even “a dead cat bounces.” There is some chatter out there that Fed Chair Powell’s tonal pivot last year is partly to blame for the lack of recent progress against inflation. Futures are now pricing in a maximum of two 25-basis point rate hikes in 2024, a far cry from the nearly 150-basis points of easing that fed fund futures had anticipated at the beginning of the year.

There was no top-tier data of note yesterday, but the Fed did release its April Beige Book, which noted that the economy has expanded at a slight pace since February. “Price increases were modest, on average,” it said. 10 of the 12 Federal Reserve Districts reported slight or modest growth while two reported no change. Consumer spending edged up slightly, though discretionary spending was pressured in some Districts. Tourism increased modestly but varied widely across the 12 Districts. Residential construction grew a little while nonresidential construction was flat. Employment rose at a slight pace while prices grew modestly, maintaining the pace seen in the last report.

We also learned that single-family home prices increased 7.4 percent from Q1 2023 to Q1 2024, up from the previous quarter’s revised annual growth rate of 6.6 percent, according to Fannie Mae’s latest Home Price Index reading. The national repeat-transaction home price index measures the average, quarterly price change for all single-family properties in the U.S., excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.7 percent in Q1 2024, essentially the same as the growth in Q4 2023. On a non-seasonally adjusted basis, home prices also increased by 1.7 percent in Q1 2024.

Today’s economic calendar began with weekly jobless claims (212k, +1k from the prior week, continuing claims 1.812 million, so the labor market continues to do just fine) and Philadelphia Fed manufacturing (15.5, way up!). I did see an interesting report in Bloomberg yesterday that indicated cracks in a U.S. labor market that has been near historic strength for much of the past two years are forming. In five states (CA, CT, NV, NJ, WA), the ratio of jobless people per opening is one or more. Meanwhile Arizona and New York are nearing parity with a rate of 0.9, according to February data from the U.S. Bureau of Labor Statistics.

Later today brings March existing home sales and leading indicators, Freddie Mac’s Primary Mortgage Market Survey, and (once again) remarks from multiple Fed speakers. It’s also a busy day for the Treasury, which will both announce month-end supply consisting of $69 billion 2-year, $70 billion 5-year, $44 billion 7-year notes, and $32 billion 2-year FRNs and auction $23 billion 5-year TIPS. After the initial jobless claim’s news, we begin the day with Agency MBS prices marginally worse than Wednesday evening, the 10-year yielding 4.61 after closing yesterday at 4.59 percent, and the 2-year is at 4.95.

Employment

“TAYGO INC. presents an enticing new opportunity for a SaaS Sales Representative! This pivotal role is instrumental in propelling the success of TAYGOTM through selling our SaaS solutions to prospective clients. The key focus is comprehending the requirements and challenges of mortgage lenders (as well as mortgage brokers) and adeptly showcasing how our products, WEB-GOTM and RIN-GOTM, can optimize their operations and business performance. You must have a strong understanding of CRM products, their features, and the mortgage industry. You must effectively engage with prospects to understand their needs. You must also carefully monitor existing clients’ activities to identify upsell opportunities. You must have exceptional communication skills for online demos and meetings, cold or warm calls and emails. Your expertise, patience, and ability to build and maintain strong customer relationships will be vital in achieving our sales goals and ensuring customer satisfaction. Please send your resume to us.”

“Citizens has a proven track record of successfully navigating challenging market conditions while our capital, liquidity and funding positions remain strong. Retail loan officers need a diverse product mix, reliable operations, and seasoned leadership to rely on to be able to win. With great pay and generous benefits, along with strong digital tools to help you get the job done, Citizens is looking for talented loan officers in the Northeast, MidAtlantic, Midwest and Florida. Our deep product mix allows loan officers to serve many different customer needs, from affordable loan programs such as HomeReady to a best-in-class one-time close construction-to-permanent product, we have what you need to succeed. Citizens’ recent launch of Freddie Mac’s LPA enhances our vast product journey, driving a more personalized and customer-centric experience. Our specialty programs such as condo/co-op financing, along with an amazing Private Wealth discount value proposition for high net worth banking clients, ensure you have all the tools to win. We know a positive customer experience begins with loan origination but doesn’t end there. Recently the Citizens Mortgage Servicing Team received the prestigious ICE Innovation Award for Best Use of Data to Drive Automation, resulting in a 10 percent increase in our customer satisfaction scores. To learn more about how to join our team contact Carl Minott or visit here.”

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Source: mortgagenewsdaily.com

Mortgage interest rates on the 15-year and 30-year mortgages are down from last week, Freddie Mac reported.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” Freddie Mac Chief Economist Sam Khater said.

For 30-year, fixed-rate mortgages, the average interest rate was 6.74% this week, a decent drop from last week when rates averaged 6.88%. Rates aren’t down quite as much as last year when they were 6.6%, on average.

Additionally, 15-year mortgages averaged 6.16%, down slightly from last week when they averaged 6.22%. These mortgages also aren’t as low as last year when they averaged 5.9%.

“Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” Khater said. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

If you want to take advantage of lowering interest rates, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.

HOMEBUYERS FEEL GOOD ABOUT WHERE MORTGAGE RATES ARE HEADED: FANNIE MAE

Spring likely to bring higher home prices

Warmer weather tends to bring a booming housing market as more homebuyers start looking for homes and inventory grows.

Sellers who list their homes in the spring and summer months often make more money when their home sells because the market is more competitive. A Zillow study found that June was the most profitable month for sellers. Homes listed in the first half of June sold for 2.3% more, on average, putting about $7,700 more in the pocket of sellers.

Location matters when it comes to selling power. In San Francisco, the best time to list is the second half of February, but the first half of July is the best time to sell in New York and Philadelphia.

Certain locations also boast even higher profits during warmer months. During the hottest time of the year, homes in San Jose sold for 5.5% more, boosting profits by $88,000 on an average home, according to Zillow. However, homes in San Antonio sold for just 1.9% more during the same time frame.

“Most sellers don’t have the luxury of timing the market,” Zillow Chief Economist Skylar Olsen said. “The best time to list is when it makes the most sense for their lives.” 

“Regardless of the month, sellers who list their home for sale this spring can expect plenty of interest if their home is marketed and priced right.,” she contined. “That’s why it’s more important than ever to hire a real estate agent with the experience to localize your strategy when comparable sales might be further afield.”

If you’re looking to compete with other buyers this spring, you can explore your mortgage options by visiting Credible to compare rates and lenders and get a mortgage preapproval letter in minutes.

HOMEBUYERS GAINED THOUSANDS OF DOLLARS AS MORTGAGE INTEREST RATES FALL: REDFIN

To afford homes, buyers need higher incomes than they did a few years ago

Buyers are facing a tougher market than they did a few years ago. To comfortably afford a home, buyers need to make more than $106,000 annually, another Zillow study showed. This income requirement is 80% higher than in 2020.

Monthly mortgage payments are higher than ever and have doubled since 2020. Payments average $2,188, assuming the buyer puts 10% down. With such high prices, affordability has become a major issue. In 2020, households earning $59,000 annually could afford the median-priced home without spending more than 30% of their income.

The $106,000 income needed today is well above the average household income in the U.S. The average household earns about $81,000.

Some areas are more affordable than others and require a much lower income to afford the average-priced home. Pittsburgh buyers need to earn just $58,232 to afford the average home. Memphis residents need $69,976 and Cleveland residents need $70,810.

Costlier cities like San Jose and San Francisco require much more in annual income to afford a home. San Jose requires an average annual income of $454,296 while San Francisco requires $339,864, according to Zillow.

To see if you qualify for a mortgage based on your current credit score and salary, consider using Credible, where you can compare multiple mortgage lenders at once.

15% OF AMERICANS HAVE CO-PURCHASED A HOME WITH A NON-ROMANTIC PARTNER, EVEN MORE WOULD CONSIDER IT

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

Apache is functioning normally

Tennessee unfolds where the harmonious blend of tradition and innovation creates an inviting atmosphere for renters. From the lively streets of Memphis, known for its influential strains of blues, soul, and rock ‘n’ roll, to the scenic landscapes that define Knoxville, there is plenty to explore within the state’s cities. This ApartmentGuide article will we uncover the pros and cons of living in Tennessee to give you valuable insight on what life is like in the “The Volunteer State.”

Renting in Tennessee snapshot

Population 7,126,489
Avg. studio rent $1,110 per month
Avg. one-bedroom rent $1,106 per month
Avg. two-bedroom rent $1,261 per month
Most affordable cities to rent in Tennessee Seymour, Union City, Clinton
Most walkable cities in Tennessee Memphis, Cookeville, Knoxville

1. Pro: Rich musical heritage

Tennessee’s musical heritage is deeply rooted in genres such as country, blues, and rock ‘n’ roll, shaping the cultural identity of the state and attracting music aficionados from around the globe. Cities like Memphis and Nashville are meccas for music lovers, boasting iconic attractions like the Grand Ole Opry, Ryman Auditorium, Beale Street, and the Stax Museum of American Soul Music, where visitors can immerse themselves in the rich history and sounds of Tennessee’s music scene.

2. Con: Weather extremes

Tennessee is susceptible to various natural disasters, including severe thunderstorms, tornadoes, and flooding, which can occur throughout the year. For example, the state’s location in the southeastern United States exposes it to the Atlantic hurricane season, leading to potential impacts from tropical storms and hurricanes. Additionally, Tennessee’s proximity to the New Madrid Seismic Zone presents risks of earthquakes, highlighting the diverse range of natural hazards.

3. Pro: Scenic beauty and outdoor activities

The state’s diverse landscape, from the Great Smoky Mountains to the Mississippi River, provides a playground for outdoor enthusiasts, offering a wide range of recreational activities year-round. In addition to hiking, fishing, and boating, Tennessee’s outdoor attractions include opportunities for camping, rock climbing, and wildlife viewing, attracting nature lovers from across the country. Whether exploring the lush forests of the Cumberland Plateau or rafting down the whitewater rapids of the Ocoee River, Tennessee’s natural beauty offers endless adventures for those seeking outdoor thrills.

4. Con: Allergen levels

Due to its diverse flora and changing seasons, Tennessee experiences high allergen levels especially in the western part of the state. This poses challenges for individuals with allergies, during the spring and fall seasons. The abundance of pollen from various trees, grasses, and weeds can exacerbate allergy symptoms, leading to discomfort and reduced quality of life for allergy sufferers across the state.

5. Pro: Low cost of living

Compared to many other states, Tennessee offers a lower cost of living, making it an attractive option for many people seeking affordability. This affordability is evident in housing, utilities, and groceries, allowing residents to enjoy a comfortable lifestyle without breaking the bank. For example, The median sale price in Memphis is $187,500 where as a one-bedroom apartment averages $1,062.

6. Con: Rural isolations

Rural isolation in Tennessee can pose challenges for residents living in remote areas, where access to amenities and services may be limited. For example, individuals in rural counties may have to travel long distances to access healthcare facilities or grocery stores, leading to inconvenience and potential delays in receiving essential services. Additionally, the lack of infrastructure and public transportation options in rural areas can exacerbate feelings of isolation.

7. Pro: Friendly communities

One of the pros of living in Tennessee is the presence of friendly communities, exemplified by tight-knit neighborhoods where neighbors regularly gather for block parties, potlucks, and community events. Additionally, these close-knit communities often organize volunteer initiatives and neighborhood improvement projects, enhancing the overall quality of life and sense of belonging for residents.

8. Con: Limited public transportation

In many parts of Tennessee, public transportation options are limited, making it difficult for those without personal vehicles to get around efficiently. This lack of accessible transportation can present significant challenges, particularly for individuals who rely on public transit to commute to work, attend appointments, or access essential services such as healthcare and grocery stores. Chattanooga, which has a transit score of 18 is a great example of a city with very limited public transportation.

9. Pro: No state income tax

One notable advantage of living in Tennessee is the absence of a state income tax, allowing residents to keep more of their earnings. This tax-friendly policy attracts individuals and businesses seeking to maximize their financial resources and improve their bottom line. As a result, Tennessee stands out as an appealing destination for individuals looking to minimize their tax burden and enhance their overall financial well-being.

10. Con: Humid summers

Tennessee experiences humid summers, characterized by high levels of moisture in the air, which can be uncomfortable for residents. The combination of heat and humidity often leads to sweltering conditions, making outdoor activities challenging and contributing to feelings of fatigue and discomfort. Additionally, the humidity can exacerbate respiratory issues and allergies, further detracting from the enjoyment of summer in the state.

11. Pro: Sports culture

Tennessee boasts a rich sports culture, with passionate fans rallying around teams in various disciplines such as football, basketball, and NASCAR racing. For instance, the University of Tennessee Volunteers football team enjoys unwavering support from fans, packing Neyland Stadium to capacity on game days. Moreover, Nashville’s Bridgestone Arena hosts exciting NHL hockey matches featuring the Nashville Predators, further adding to the vibrant sports scene in the state.

12. Con: Water contamination

Water contamination issues in Tennessee, such as pollution from industrial sites and agricultural runoff, pose significant concerns for residents’ health and environmental quality. For instance, the contamination of drinking water sources like the Tennessee River and groundwater aquifers can lead to elevated levels of toxins and pollutants, endangering public health and necessitating costly cleanup efforts.

Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide

Source: apartmentguide.com

Apache is functioning normally

Recruiting, Loan Trading, TPO, Compliance Tools; FHA and USDA News; Fed Cuts Wanted, but Not Needed?

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Recruiting, Loan Trading, TPO, Compliance Tools; FHA and USDA News; Fed Cuts Wanted, but Not Needed?

By:
Rob Chrisman

Tue, Apr 2 2024, 11:53 AM

“I think it’s disgraceful that after 55 years, people don’t know who Neil Armstrong was… or even the type of trumpet he played.” Time flies. Did you know that Freddie Mac and Fannie Mae have their driver’s permits? I am kidding about the permit, but it has been 16 years since they were placed under conservatorship, under the FHFA. Of course, no regulator ever wants their job to go away, so it is doubtful that the FHFA will be an active proponent of “releasing them into the wild.” Besides, their focus has, in recent years, shifted to first-time home buyers and previously underserved markets. While we’re on the passing of the years, at a recent TMC session on leadership, First Community’s Keith Canter reminded everyone that it was four years ago that managers and companies sent everyone home due to the pandemic. Companies couldn’t hire fast enough. Two years later rates moved higher, and managers were dealing with layoffs. Since, management teams have been focused on what is working, what is not working, and what employees need from their supervisors. It is a good exercise to partake in several times a year. (Found here, this week’s podcasts are sponsored by Loan Vision. With Loan Vision, the mortgage banking industry’s premier mortgage accounting solution, you can take your accounting department from “cost center” to “revenue generator,” operating more efficiently and profitably. Hear an interview with Loan Vision’s Paul Loftus on the competitive landscape of the mortgage market and strategic direction of the mortgage accounting space.)

Lender and Broker Services, Products, and Software

Stay “in the know” with the MGIC’s Mortgage Connects knowledge hub, your single-source destination for 100s of resources and insights to build your referral network and educate homebuyers.

Your Legacy LOS May Be Costing You More Than You Realize! Let’s be honest: legacy mortgage solutions no longer cut it if you want to grow, and nurture, lasting relationships and key revenue opportunities. Today’s borrowers demand a fast, frictionless digital journey without sacrificing the personalized touch from their loan officer. 100 percent browser-based and cloud-native mortgage lending technology, such as MeridianLink® Mortgage LOS, is crucial to helping you attract and retain more business by prioritizing the borrower experience while reducing costs and enhancing ROI. Looking to make the switch but unsure where to start? Here are 5 questions to ask when beginning the search for a new mortgage LOS.

Free eBook: How to Lower Costs, Boost Profitability, and Surge Ahead of the Competition in 2024. Looking to improve your strategy as Q2 begins? By upleveling your plan, you can reduce fixed costs, improve your bottom line, and set the groundwork to win market share as volume begins to improve. Want to learn how? We spoke to senior members of the Maxwell team, each with decades of industry experience, and the result is our new eBook: an actionable guide that will teach you the likely path for rates and volume in 2024, strategies to bulk up your pipeline, why reevaluating your cost structure is vital to achieving profitability, and more. Get your free copy today to inform your 2024 planning: Click here to download Make More Out of ‘24: How to Win Market Share as Your Competition Lags.

“What do you need to know about fair lending compliance in 2024? That’s the question we answered in our recent webinar. With the HMDA submission window open, what better time to look at fair lending? In this new article, our team reviews the top 7 takeaways critical for your institution, including: Adverse Action Notices (AANs) are a cornerstone of your Fair Lending Compliance Program; Denying loans based on immigration status may violate ECOA protections; Don’t try to outsmart your borrowers; Marketing is critical to your fair lending lifecycle; Monitor pricing exceptions; Make sure you’re collecting HMDA/1071 data and reporting it correctly; and You must manage third-party and indirect fair lending compliance. Read the full article for more.”

“First Colony Mortgage Corporation (FCM TPO): Introducing our revolutionary mobile app and most robust TPO portal! Say goodbye to time-consuming tasks and hello to efficiency. With our app, manage your pipeline seamlessly, access pricing and loan information, and get the resources you need, all while on-the-go or in meetings with clients. We understand your needs and are committed to delivering the solutions you deserve. Here is what our brokers are saying, ‘I just registered a new purchase with you, and it was probably the easiest portal to lock a loan I’ve ever experienced,’ Danielle O.” FCM TPO is up and running with some of the most experienced Account Executives in the industry including Robb Fordham, Mike Meyers, Matt McGuinn, Marcus Korth, Velvet Cordes, Rex Hagood, Kurt McLaughlin, Tom Carroll, Angela Lewis, Brennan Baim, Roger Quandt, Cassie Quinn Mead, Ralph Mesa, Mike Antrim, and Chris Agin. If you are not approved with FCM TPO, please reach out.”

“Headed to Memphis April 16-18 for the Great River MBA Conference (GRC24)? The Optimal Blue team would love to connect and discuss your Q2 goals! This year, our capital markets solution specialist, Brad Eskridge, will join in the 7-in-7 presentation on April 17. In this seven-minute presentation, he will showcase how Trade Assistant, available in Optimal Blue’s CompassEdge hedging and loan trading platform, can add next-level precision, enhanced accuracy, and increased speed to your hedging process, making it all but foolproof! After the session, visit Brad and the Optimal Blue team at Booth 20 in the Peabody Grand Ballroom to learn how our capital markets solutions can help you operate more profitably and efficiently. Better yet, schedule a personalized meeting with our experts to discuss your business goals and current challenges!”

Loan officers are the lifeblood of any successful lender. Lenders who can recruit and retain talented producers will be able to ensure an active pipeline and exceed their revenue goals. Competition and compliance challenges in the current market demand that you set up a scalable recruiting function to target the right talent that aligns with your business. Join Total Expert on Wednesday, April 17 as we sit down with InGenius CEO Jeff Walton to discuss strategies for identifying, engaging, and converting loan officers who are the right fit for your business. Save your digital seat.

FHA and USDA Updates

FHA published in the Federal Register (FR), Mortgagee Review Board: Administrative Actions [Docket No. FR-6455-N-01]. The FR Notice provides a description of, and the cause for, the Mortgagee Review Board’s administrative actions against HUD-approved mortgagees in 54 fact-based cases; five cases where mortgagees failed to timely obtain a required Unique Entity Identifier; and 15 mortgagees that had annual recertification violations and were withdrawn from the program for one year. Read the entire FR Notice by viewing the Mortgagee Review Board: Administrative Actions.

Pennymac is aligning with the recent USDA changes to technical Handbook 1-3555 Chapter 8. Effective 4/1/2024. For details, view Pennymac Announcement 24-29.

Pennymac will update Government LLPAs effective for all Best-Efforts Commitments taken on or after Friday, March 29th. Details shown in Pennymac Announcement 24-32.

DPA Direct by Unified Reliance Wholesale (URW) is a 100 percent financing option pairs a primary FHA loan with down payment assistance in the form of a second lien. This means more homebuyers can take advantage of the benefits of an FHA loan without having to come up with a 3.5 percent down payment. And better yet, this program is available in most states*, unlike some location-specific assistance programs. *Not available in MA, NJ, or NY.

Capital Markets

Market reaction to the inflation numbers from Friday, which showed core prices in February cooled relative to the spike observed in January while personal spending rose more than anticipated on the heels of the largest gain in wages in the past year, was a little sour to open this trading week. Bonds and MBS prices were down, and thus rates moved up toward their highest levels of 2024.

Both that report and yesterday’s data releases from the manufacturing sector supported ongoing hawkishness among Federal Open Market Committee officials. The S&P Global U.S. Manufacturing PMI dipped slightly in the final reading for March while the ISM Manufacturing Index unexpectedly returned into expansion. U.S. manufacturing expanded in March for the first time since 2022 on a sharp rebound in production and stronger demand, while input costs climbed.

Keep in mind that March nonfarm payroll employment data will be the headline this week. Growth likely decelerated in March, holding the unemployment rate unchanged and indicating the modest margin of slack in the economy is slowing wage growth to a pace more typical of a balanced job market. We learned yesterday that total construction spending, which was expected to have risen, declined 0.3 percent during February, the second consecutive monthly drop. Construction spending was expected to be buoyed by single-family construction and non-residential building subsidized by government incentives for renewables and semiconductor reshoring.

Fed Chair Powell reminded market participants at the end of last week that the Fed is in no hurry to begin cutting rates. He mentioned that there might be some seasonal noise in Q1 data as it encompasses more than just inflation and perhaps Q4 was understated which makes January and February overstated. Bond traders are now pricing in fewer Fed rate cuts this year, and the solid U.S. factory data reinforced speculation the central bank will be in no rush.

The odds of a first cut in June are moving down toward 50 percent, while three 25 basis point cuts for 2024 (at the June, September, and December FOMC meetings) are currently pricing in as the highest probability. Fed Governor Waller echoed Chair Powell’s comments yesterday, saying there is no rush to lower interest rates and emphasizing that recent economic data warrants delaying or reducing the number of cuts this year.

Today’s economic calendar gets under way shortly with Redbook same store sales for the week ending March 30, and will be followed by February factory orders, JOLTS job openings, several short-duration Treasury auctions, and a litany of Fed speakers (all current FOMC voters). After the bearish mood yesterday sent the 10-year yield climbing 12 basis points to 4.33 percent, we begin Tuesday with Agency MBS prices worse .125 and the 10-year yielding 4.35; the 2-year is up to 4.72.

Jobs and Transitions

Are you an experienced mortgage banking professional with a passion for building and leading high-performing teams? An ongoing mortgage banker is seeking a talented individual to join its Northern California team as the Vice President of Mortgage Banking, ideally in, or within driving distance of, the Greater Sacramento area. In this role, you will have the opportunity to shape the future of the company’s mortgage banking division and drive growth through strategic recruitment and operational excellence. The company is looking for a leader with the ability to drive production, to work closely with operation management to build a streamlined process and provide overall management. If you are a dynamic leader with a strategic mindset and a passion for excellence, you’re invited to apply for the VP of Mortgage Banking position. Take the next step in your career and join in shaping the future of mortgage banking. Apply now to be considered for this exciting opportunity: send me your confidential resume for forwarding.

“It’s 1999: Californication and Slim Shady dominate the charts, the iconic films Fight Club and The Matrix are released, Serena Williams wins her first Grand Slam to kick off an outrageous career and with inspiring greatness being born all around Seth Fass founds East Coast Capital. Celebrating its 25th anniversary, East Coast Capital has scored incredible victories for clients to achieve their homeownership goals. Once a small broker, NY-Based East Coast Capital is now a licensed bank across the nation, approved with Fannie, Freddie, and FHA and also specializes in underwriting Non-QM loans. Committed to providing homeowners access to capital and supporting loan officers with a diverse range of products and common-sense approach to underwriting, the movies and songs may have fallen off the playlist and Serena has retired from the courts, but born among the best, East Coast Capital still remains! Ready to Join? Email us.”

Homecomings Mortgage & Equity, a division of AnnieMac Home Mortgage, is thrilled to announce Rocky Bergante’s appointment as the new Regional Manager based in Chicago. Rocky brings an impressive track record of over 25 years in the mortgage industry. His strategic planning, sales, and growth expertise have led to remarkable achievements. His recent roles include SVP of National Business Development at Amres Corporation and VP of Sales for Interfirst Mortgage. “Rocky’s past success in growing teams is evidence of what Rocky will do at Homecomings,” said Fobby Naghmi, SVP at Homecomings Mortgage & Equity. “We are eagerly anticipating the innovative strategies and exceptional leadership he will bring to our company. “Rocky’s appointment marks a significant step in Homecomings Mortgage & Equity’s journey toward excellence and innovation in the mortgage sector. Mortgage professionals interested in exploring opportunities with Homecomings Mortgage & Equity are encouraged to Fobby.

“AFR Wholesale® is on an exhilarating growth trajectory, and on the lookout for forward thinking Sales and Operations Leaders. Are you a modern mortgage leader with a knack for crafting strategies that turn customers into raving fans and elevate the experience beyond expectations? Then you’re exactly who we need to steer our expanding team towards unparalleled success. At AFR, we value leaders who are leveraging technology to battle the complexities of the industry but are also passionate about making homeownership dreams a reality. As an equal opportunity employer, we’re dedicated to fostering an inclusive and supportive work environment. Joining AFR means being part of a dynamic team that’s dedicated to helping families achieve their dream of homeownership. Don’t miss this exciting opportunity to be part of AFR’s growth journey and make a meaningful difference in the lives of others. Want to have a confidential discussion about your career? Email us.”

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Source: mortgagenewsdaily.com