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Vol. 11 No.10
June 24, 2019
www.csrej.com
Fewer babies is bad for business The U.S. birth rate has fallen to its lowest level in more than three decades. Nearly 3.8 million births were recorded nationwide last year, down 2% from a year prior and marking the fourth consecutive annual decline, according to data from the Center for Disease Control and Prevention. All age groups of women under 35 saw a decline in birth rates.
As fewer women get married and have children before the age of 35, they may be less likely to start their own household. That will suppress housing demand in for-sale and for-rent singlefamily housing, the preferred choices of families with children under 18 years old, according to an article at the National Association of Home Builders’ Eye on Housing blog. The impact may already be evident: A record high number of young adults are living with their parents or relatives or sharing housing with roommates. Fewer young adults are starting households of their own. “Declining birth rates mean lower demand for rental
housing two decades from now, when those born in recent years will be entering the rental market,” the NAHB notes. “The effects will spread to the single-family market in the following years and will persist for years to come.” The U.S. fertility rate—the number of births that a hypothetical group of 1,000 women would have over their lifetimes—set a new record low in 2018. It now stands at 1,728 births per 1,000 women, according to the Centers for Disease Control. The NAHB researchers says that besides an evident cultural shift, they suggest that housing affordability can’t be ignored as a possible factor that is contributing to the trends of later marriages and fewer children. “Solving housing affordability issues would not only help halt declines in fertility and birth rates but would also boost population growth by attract-
ing migrants from out of state and foreign-born immigrants,” researchers note. Only two states in the nation have seen fertility rates move higher— Utah and South Dakota. On the other hand, Washington, D.C., has the lowest fertility rate in the country, followed by all six states in New England and then Oregon. In general, the coastal states tend to also have lower fertility rates, while central states tend to skew higher. © Copyright National Association of Realtors. Reprinted with permission.
Quicken Loans to pay $32.5M in suit over faulty FHA loans mortgages, according to the lawsuit. Since the loans were insured by the FHA, Quicken Loans was paid even if the borrower defaulted. Quicken Loans officials have denied any wrongdoing. The company did “nothing wrong” except pay for losses involving “human error,” Vice Chairman Bill Emerson told the Detroit Free Press. “Resolution is the right term, not settlement,” Emerson said, adding that the error was a 0.02% rate on some $108 billion in
FHA-related lending since 2007. Quicken Loans is one of the nation’s largest FHA lenders and will continue to remain in the FHA program. “All parties fully understand the important role the FHA program plays in helping middle-class Americans access home financing, and this resolution allows the parties to move ahead together with that mission and
HBA PAC Golf Tournament
WCR Tries an Escape Room
Jay Gupta's May Housing Stats
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Quicken Loans has agreed to pay $32.5 million to settle claims that the lending giant resold faulty mortgages to the Federal Housing Administration. After the announcement of the agreement Friday, the lawsuit was dismissed by a federal judge. In the lawsuit, the federal government accused Quicken Loans of not properly vetting FHA-insured loans by verifying borrowers' income. Quicken Loans also allegedly used improper appraisals to issue larger
to ensure their future relationship,” former federal judge Gerald Rosen, who was involved in mediation in the case, said in a statement. “The parties worked diligently and in good faith to mediate for a solution to resolve their differences and to put the dispute behind them.” © Copyright National Association of Realtors. Reprinted with permission.
National News............ Page 2 Local News................ Page 6 On the Move.............. Page 8 Local Expert.............. Page 10 Around the Corner....... Page 11
Honest & Ethical Service from People You Know. Debbie Havens
Joe Drew
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