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Great Recession Recovery Recorded Across the Nation

first_img Tagged with: Fed Great Recession Mortgage Delinquencies Mortgage Rates The Best Markets For Residential Property Investors 2 days ago Great Recession Recovery Recorded Across the Nation Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Fed Great Recession Mortgage Delinquencies Mortgage Rates 2020-02-19 Mike Albanese  Print This Post Related Articles Share Save About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img February 19, 2020 1,168 Views Demand Propels Home Prices Upward 2 days ago Subscribe Analysis by LendingTree reveals that while the housing market has mostly recovered since the Great Recession, the homeownership rate in the U.S. is still lower than its pre-crisis level. The homeownership rate in the U.S. was 64.8%, which is 2 percentage points lower than it was to start the decade and more than 4 percentage points below pre-crisis levels. Mortgage delinquency rates fell to 2.45% in 2019, which is a far cry from the 11.5% recorded in 2010. Homeowners spent 4.1% of their annual incomes on mortgage payments—the lowest percentage since the Fed began tracking data in 1980. The piece’s author, Tendayi Kapfidze, Chief Economist at LendingTree, says it is the Fed to thank for the low-interest rates homeowners have experienced over the past decade. Kapfidze says the Fed’s holdings of mortgage securities rose from $909 billion in 2010 to $1.4 trillion by the end of 2019. The 30-year fixed-rate mortgage was 5.09% in 2010 but has fallen consistently through the decade to 3.74% to end 2019.Among the reasons for improved performance on loans has been a “significant tightening” in lending standards, Kapfidze said. “Before the housing downturn, there was a significant innovation in mortgage loan types, many of which proved to be poorly designed when home values fell and the labor market weakened,” he said. “Subprime loans, in particular, are no longer as prevalent, and subprime borrowers received just 8% of all mortgages in the third quarter of 2019, down from 20% prior to the crisis.” He added that mortgage credit has moved more readily to borrowers with higher credit scores. Borrowers with credit of 760 or higher now receive 61% of mortgages, which is up from 28% before the Great Recession. Although many of the nation’s markets have recovered, insight from CNBC warns that the next downturn may happen sooner than many think. Research from the MIT Sloan School of Management and State Street Associates found that there is a 70% chance a recession will hit in the next six months. The researchers created an index comprised of four factors and then used the Mahalanobis distance—a measure used to analyze human skulls—to determine how current market conditions compared to prior recessions. “The Mahalanobis distance was originally conceived to measure the statistical similarity of the values of a set of dimensions for a given skull to the average values of those dimensions for a chosen group of skulls,” the researchers said. CNBC states that looking back at data to 1916, researches say that the index was a reliable recession indicator since it rose leading up to every recession. When the index topped 70% the likelihood of a recession in the next six months rose to 70%. The reading on the index was 76%, as of November 2019.  in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Great Recession Recovery Recorded Across the Nation Sign up for DS News Daily Previous: CFPB Identifies Mortgage Servicing Violations Next: Fed’s Plan for Economic Growthlast_img read more

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No-No! A’s Fiers Throws 2nd Career No-Hitter, Beats Reds (Vid)

first_imgOAKLAND, Calif. — A light malfunction almost stopped Mike Fiers’ night from getting started. A high pitch count nearly prevented him from finishing it.Good thing Fiers was allowed to take the mound and stay there all game because he made history doing it.Fiers overcame the early delay and managed the high workload to pitch his second no-hitter of his career, getting help from two spectacular defensive plays from his Oakland Athletics teammates to shut down the Cincinnati Reds 2-0 Tuesday night.“Amazing. That’s really all I can really say,” Fiers said. “Things like this just happen.”This one almost didn’t.A bank of lights in left field was only partially lit before the scheduled start of the game, leading to a delay of more than 90 minutes before the teams and umpires determined there was enough light to play a full game.The pitch where Fiers completes the no-no. This is what baseball is all about. ?(via @Athletics)pic.twitter.com/Wx0tkV1cKG— Bleacher Report MLB (@BR_MLB) May 8, 2019Then after getting through seven innings with 109 pitches, Fiers was told by manager Bob Melvin that one more baserunner would end his night even if he still hadn’t allowed a hit. He then breezed through the final two innings, following up his 2015 gem for Houston against the Dodgers with a 131-pitch masterpiece to become the 35th pitcher with multiple no-hitters in his career.“I’m just really thankful for him leaving me in and trusting me,” Fiers said. “I told him I felt great. I felt like everything was working. It wasn’t a matter of being tired. I had adrenaline at that point.”He walked two, struck out six and ended the 300th no-hitter ever in the majors by fanning Eugenio Suarez with a big curveball.The A’s poured out of the dugout to mob Fiers in celebration after the final out in front of a few thousand fans remaining after the lengthy delay. Fiers tipped his hat to the crowd and raised his arms in triumph as he walked off.“It was a great night obviously for him, for our fans, everyone wants to see a no-hitter,” Melvin said. “It was no fun for me once he got past 120 pitches, I promise you that. But he deserved it.The 33-year-old Fiers (3-3) raised his lifetime record to 57-58. The right-hander began the night with a 6.81 ERA this season, and has been a journeyman for much of his career.Oakland Athletics’ Mike Fiers, center, celebrates with Matt Olson (28) Chad Pinder (18) and Matt Chapman (26) after pitching a no hitter against the Cincinnati Reds at the end of a baseball game Tuesday, May 7, 2019, in Oakland, Calif. (AP Photo/Ben Margot)A journeyman with a special place in the record book, that is.“It’s pretty cool,” Fiers said. “I saw a little bit of the list. I’m just grateful to be here and get the opportunity to play. I remember when I was getting drafted I wasn’t too high on the charts. I was a guy throwing 88 to 90 (mph) down in South Florida. I’m one in a million down there. … I’m just blessed to be here.”The first no-hitter of the 2019 season didn’t come without tense moments as Fiers was bailed out by back-to-back great defensive plays in the sixth inning. Second baseman Jurickson Profar ran a long way to making a diving catch on Kyle Farmer’s popup into short right field for the second out, prompting Fiers to throw up his arms in celebration.Joey Votto followed that with a deep drive, but flashy center fielder Ramon Laureano reached above the fence to pull the ball back and rob the Reds star of a home run.“Ramon’s catch he’s done that once or twice. That’s a normal play for him,” Fiers said. “Profar, another amazing play.”This was the 13th no-hitter in the history of the Athletics franchise, which started in Philadelphia, moved to Kansas City and shifted to Oakland. Sean Manaea pitched the previous no-hitter for the A’s on April 21, 2018, at home against Boston.Manaea, fittingly, gave Fiers an ice bath on the field when this one ended.“It was way more nerve-wracking then I was doing it,” Manaea said. “I was shaking on the bench. I don’t know, it was crazy seeing him do it. It was awesome.”The Reds were no-hit for the 10th time, most recently by Jake Arrieta of the Cubs in 2016.Fiers became the seventh pitcher to throw no-hitters for multiple teams — Nolan Ryan, Randy Johnson and Cy Young are among the others. Ryan pitched a record seven no-hitters overall.Max Scherzer, Justin Verlander, Homer Bailey and Arrieta are the other active big leaguers with two no-hitters. Fiers clearly was aware of what was at stake in the later innings.“I knew. I don’t like when guys are like they don’t know,” Fiers said.The no-hitter came almost exactly a year after the past one in the majors, by James Paxton for Seattle at Toronto last May 8.Fiers issued his only two walks in the seventh, but also got Jesse Winker to hit into a double play. Fiers needed only nine pitches to get through the eighth and zipped through the ninth, retiring rookie Josh VanMeter on a popup, getting Votto on a routine grounder and striking out Suarez.A’s catcher Josh Phegley neatly blocked the last pitch and tagged Suarez to make it official.“I felt like he was hitting with all his pitches where he wanted it and when he wanted it,” Phegley said.Fiers’ other no-hitter came on Aug. 21, 2015, in Houston, three weeks after being traded from Milwaukee to the Astros. He threw a career-high 134 pitches in that game.The only other Reds batter to reach was Winker, who got aboard on an error by Gold Glove third baseman Matt Chapman in the fourth. Chapman was near second base on a defensive shift and the grounder hit off his glove and landed in the outfield.The game started after a 98-minute delay because of a lighting problem at the Coliseum. A bank of lights above the upper deck in left field had been only partially lit, causing the delay. Those lights began to flicker on as the game started.Fiers, however, turned them out on the Reds.“It was impressive to watch but tough to watch for us,” manager David Bell said. “It’s one game but you have to give him a lot of credit. You don’t see this very often, especially anymore. To do it against our lineup is very impressive.”It was the second straight day the Reds have had a game delayed at the start because of unusual circumstances. Their game against the San Francisco Giants on Monday in Cincinnati was briefly halted due to a swarm of bees.The A’s scored in the second against Tyler Mahle (1-6) when Stephen Piscotty raced home on Profar’s double into the right field corner. Profar added a solo homer in the seventh.TRAINERS ROOMReds: LHP Alex Wood will not throw for two weeks after getting a second opinion on his back injury.Athletics: 1B Matt Olson went 0 for 3 in his first game back since undergoing surgery on his right hand. . DH Khris Davis was a late scratch because of a left hip contusion. The slugger bruised his hip when he ran into the railing near left field at Pittsburgh on Sunday. . Manaea threw all fastballs during a 20-pitch bullpen session, his first since shoulder surgery last September.UP NEXTRHP Sonny Gray (0-4, 3.89 ERA) starts for the Reds on Wednesday in his first appearance at the Coliseum for the first time since 2017. The former A’s ace won 44 games during 4 ½ seasons in the majors with Oakland before being traded to the New York Yankees. Gray allowed five runs in five innings in his only appearance against the A’s on May 11, 2018. Oakland counters with LHP Brett Anderson (4-2, 3.89).By: Josh Dubow, AP Sports WriterTweetPinShare0 Shareslast_img read more

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