Demand Propels Home Prices Upward 2 days ago How Americans Feel About Mortgage Debt debt Millennials Mortgage Debt 2020-02-06 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Print This Post Share Save Home / Daily Dose / How Americans Feel About Mortgage Debt Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. February 6, 2020 1,114 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese A new survey by LendingTree found that almost 60% of Americans feel burdened by debt in 2020, with 12.4% most concerned about mortgage debt. The report states that even though mortgage debt is the largest source of debt, people feel less burdened by it, as that type of debt is considered a “good debt” as it contributes to consumers’ financial future. Fourteen-percent of all millennials surveyed is concerned over mortgage debt—the highest among the three generations polled. Thirteen-percent of Gen X’s surveyed were concerned about mortgage debt and just 10% of Baby Boomers were worried. Credit card debt was the leading source of worry among those polled at 36.7%. Baby Boomers had the most concern over this segment at 44%. Twenty-nine percent of millennials were concerned about credit card debt. A report by LearnBonds in January found that mortgage debt hit a new record of $15.8 trillion in Q3 2019. This is the highest amount since the 2008 economic crisis when it stood at $14.7 trillion. The home mortgage sector rates showed a steady decline in recent years to hit a low of $13.3 trillion in the third quarter of 2013, and from the 2013 Q3, the debt has increased in a steady trajectory to hit the latest figures recorded in 2019. From the data, there was $401 billion in newly originated mortgage debt in 2018 Q4.“Generally, the mortgage is among the largest component of household debt across the United States,” LearnBonds notes. “However, the mortgage rates have been low since the last quarter of 2018. The Federal Reserve Bank resorted to lowering the rates in the wake of trade uncertainty which affected the global economic growth.”Additionally, debt-to-income (DTI) ratios are on the decline, loan-to-value (LTV) ratios are on the rise, and average credit scores for conventional conforming home loans ticked up as of Q3 2019, according to data from CoreLogic.The average DTI for conventional conforming loans was 36% for Q3 2019, down one point from a year earlier. CoreLogic noted that this shift may be a result of a “relaxing of affordability pressures” as mortgage rates eased in 2019. Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: debt Millennials Mortgage Debt The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Where Underwater Homes are Concentrated Next: Foreclosure Auctions Indicate Strong Housing Market
Harvard Law School’s (HLS) alumni reunion this past weekend reconnected friends from near and far in the School’s newest addition, the 250,000-square-foot Wasserstein Hall, Caspersen Student Center, Clinical Wing Building on the campus’ northwest corner.During an official dedication ceremony on Friday, donors, alumni, HLS professors past and present, representatives from the city of Cambridge, and members of the architectural firm Robert A.M. Stern Architects gathered in the building’s Milstein Conference Center.Speakers included Harvard Law School Dean Martha Minow, Harvard President Drew Faust, and Elena Kagan, associate justice of the U.S. Supreme Court and former HLS dean.“Welcome to the Law School’s living room, welcome to the new shape of legal education,” said Minow, who saw the project to its completion.The complex, created to improve the overall student experience at HLS, includes classrooms and learning spaces of varying sizes equipped with the latest technology, meeting spaces, a sizable lounge, and offices for the School’s student-led organizations, journals, and clinical programs.Justice Elena Kagan ’86, the former dean of Harvard Law School, praised the project. “My sense,” said Kagan, “is that it has succeeded beyond anyone’s dreams.”“The physical spaces of this building allow Harvard Law School to support an educational experience for its students that is both pathbreaking and unparalleled,” said Faust. “I’m proud that during this 375th year of Harvard’s existence, Harvard Law School is, as in the days of Christopher Langdell, setting the standard for innovation and excellence in legal education.”Kagan, who took over the project from her predecessor as dean, and Harvard University Distinguished Service Professor and Austin Wakeman Scott Professor of Law Robert Clark praised all those who helped bring the complex to fruition.“My sense,” said Kagan, “is that it has succeeded beyond anyone’s dreams.”Near the end of the ceremony, Law School student W. Reese Fogle answered the question hinted at in jest by some observers: Are students really using the new space when visitors aren’t around?“We are filling every nook and cranny of this building,” Fogle said.