ExistingHome Sales Feel TRIDs Wrath

ExistingHome Sales Feel TRIDs Wrath

first_imgTRID wasn’t the only factor driving November’s slowdown, however. Inventory remains an issue, declining by 3.3 percent to 2.04 million existing homes for sale—1.9 percent lower than in November 2014. The current unsold inventory is at a 5.1-month supply at the current pace of sales, which is an increase from October’s 4.8-month supply. Meanwhile, the median existing-home price rose by 6.3 percent year-over-year in November up to $207,200, marking the 45th consecutive month the median existing-home price has risen over-the-year.“Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales,” Yun said. “However, signed contracts have remained mostly steady in recent months, and properties sold faster in November. Therefore it’s highly possible the stark sales decline wasn’t because of sudden, withering demand.”All-cash sales for November totaled 27 percent, their highest share since January, up from 25 percent from November 2014. Individual investors purchased 16 percent of homes in November, also the largest share since January, up from 15 percent from the previous November. NAR reports that 64 percent of investors paid cash in November.Distressed sales, which include foreclosures and short sales, rose from 6 percent in October to 9 percent in November, though they remained unchanged year-over-year. That 9 percent breaks down to 7 percent for foreclosure sales and 2 percent for short sales. Foreclosed homes sold for an average of 15 percent below market value in November, compared to 18 percent in October. The short sale discount went the other direction, according to NAR; short sales in November were discounted by 15 percent compared to 8 percent in October.Click here to see the NAR’s existing-home sales chart. in Daily Dose, Data, Headlines, News, Origination “The good news is that we should see the closing disruptions dissipate over December and January as the delayed closings turn into an increase in sales for subsequent months.”Jonathan Smoke, Chief Economist, Realtor.com Existing-Home Sales Feel TRID’s Wrath The National Association of Realtors (NAR) reported on Tuesday that existing-home sales dropped off in November to an annual rate of about 4.76 million, the slowest pace in 19 months.November’s decline represented a 10.5 percent drop from October’s downwardly revised total of 5.32 million, and the sales pace for November was the lowest since it was reported at 4.75 million in April 2014. November’s pace is now 3.8 percent lower than November 2014, marking the first time the existing- home annual sales pace declined year-over-year since September 2014.One of the major drivers of November’s dropoff in the pace of existing-home sales is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. According to the Realtors Confidence Index in November, 47 percent of respondents said they were experiencing longer closing times compared to last year—up from 37 percent in October. NAR Chief Economist Lawrence Yun said the longer closing times may be delaying transactions until the following month, making the slowdown in existing-home sales for November temporary.“It’s possible the longer timeframes pushed a latter portion of would-be November transactions into December,” says Yun. “As long as closing timeframes don’t rise even further, it’s likely more sales will register to this month’s total, and November’s large dip will be more of an outlier.”“Realtors worked hard to prepare for Know Before You Owe, and we knew there would be some near-term challenges as the industry continues to adapt,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “Nonetheless, an early trend of longer lead times to closings is cause for concern. As Realtors report issues with their transactions, we will continue to work with the Consumer Financial Protection Bureau to ensure as little disruption as possible to the business of real estate.”Realtor.com Chief Economist Jonathan Smoke stated, “The abrupt change in the pace of sales is out of sync with demand indicators on Realtor.com and point to other likely factors causing a unique short-term disruption to closings, which the sales data represent. The good news is that we should see the closing disruptions dissipate over December and January as the delayed closings turn into an increase in sales for subsequent months.”center_img Share Exisiting-Home Sales National Association of Realtors TRID 2015-12-22 Seth Welborn December 22, 2015 696 Views last_img read more

Michigan offensive lineman Mason Cole runs a drill

Michigan offensive lineman Mason Cole runs a drill

first_imgMichigan offensive lineman Mason Cole runs a drill at the NFL football scouting combine in Indianapolis, Friday, March 2, 2018. (AP Photo/Michael Conroy) “In terms of the challenges of switching positions, I don’t think it’s as challenging as many people think. If you know your stuff inside and out and you know the techniques, you can adjust pretty quickly.”Cole added he had no preferred position nor had the Cardinals mentioned a specific position, at least not yet.The Cardinals don’t have an immediate opening along the offensive line, however both center A.Q. Shipley and left guard Mike Iupati will be unrestricted free agents at the end of this season.Cole acknowledged the learning curve he faces moving to the NFL. He cited the playbook as well as the physicality and speed of the game as the biggest hurdles in his way.At the same time, Cole believes his time at Michigan and specifically playing for head coach Jim Harbaugh, someone who had a 14-year NFL career, has put him in the best possible position to be a successful pro player.“The way he runs his program, the way we practiced, the way he runs camp, the hours we spend in meeting rooms, all that stuff off the field really helps you prepare for what’s coming at the next level,” Cole said. “In terms of what we did, I don’t think there’s a better place in college football to play college football at that will prepare you for the next level like Michigan and Coach Harbaugh.” Top Stories Former Cardinals kicker Phil Dawson retires TEMPE, Ariz. – Yes, ability matters, but it’s availability that can set a player apart and ensure long-term success in the NFL. Teams want players they can count on, and for the past eight seasons, offensive lineman Mason Cole has been that player.Whether in high school or in college, Cole never missed a start. In fact, he hardly missed a practice.“I missed three (straight) practices because I was sick,” Cole said Thursday. Grace expects Greinke trade to have emotional impact Those three practices came during Cole’s junior year at Michigan. Other than that, he had perfect attendance; a total of 104 consecutive starts combined between high school and college.Related LinksCardinals rookie Chase Edmonds: Small RB, big chip on shoulderArizona Cardinals officially sign first-round pick Josh RosenThe Arizona Cardinals hope that streak continues. Four of their five projected starting offensive linemen finished last season on injured reserve.“Honestly, I think a big part of it is luck,” Cole said. “There’s a lot of luck that plays into it, and I’ve just been lucky enough not to gotten rolled up on the wrong way.”Cole, who the Cardinals drafted in the third round with the 97th overall pick, also credited taking care of his body, making sure to visit the training room before little issues become big issues and being a regular in the weight room.Then there’s the message Cole constantly heard from both his parents and grandparents growing up in Tarpon, FL.“They’ve always preached toughness and finishing the job, finishing what you started,” he said. “There’s a difference between being hurt and having pain, and for me that was the biggest thing is am I in pain or am I actually hurt and for me, I was never actually hurt. You can push through pain and that was always my goal.” 1 Comments   Share   The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Cole and the other Cardinals rookies—a total of 30 drafted and undrafted players—reported to work on Thursday. Physicals needed to be passed, and then the players were outfitted with equipment, from head to toe.A three-day rookie mini-camp begins Friday.“My biggest goal is to come out here and prove to those guys (the coaches) that I can make an impact on this team and help this team win,” Cole said.Aside from his durability, Cole has two other factors working in his favor to do just that: 1) versatility and 2) the pro style offense he played in college.At Michigan, Cole started 25 consecutive games at left tackle before switching to center in 2016. He started all 13 games at center before switching back to left tackle for his senior season, when he started all 13 games.Cole earned All-Big Ten honors and was on the Outland Trophy watch list at both positions.“For me, it was always—mentality-wise—it was always doing what was best for the team. When they moved me to center, it was always to get the best five offensive linemen on the field. So I never had a problem with it because I knew if I was going to switch positions that was going to make the whole group better,” he said. Derrick Hall satisfied with D-backs’ buying and sellinglast_img read more