Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate?

first_imgHome / Daily Dose / Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate? Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Scott Morgan Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. According to the U.S. Census Bureau, nearly a third of American households, owned or rented, experienced affordability problems in 2014. Fannie Mae, however, would like to challenge.The U.S. Census Bureau’s American Community Survey (ACS) found that more than 18 million homeowner households and more than 20 million renter households experienced housing affordability problems last year, with renters suffering more consistently high “cost burden” issues than owners.A household is considered cost burdened if it spends more than 30 percent of its gross income on housing costs. According to the Census, there were about 115 million households in the United States between 2009 and 2014.“These are big numbers that demand our attention,” said Nuno Mota, an economist at Fannie Mae. “However, considering that there are a number of affordability metrics currently used throughout the industry, are these numbers providing the most accurate view of the overall affordability picture, or are we only getting a partial view?”To get better answers, Fannie has launched the Housing Affordability Primer, which contrasts five common housing affordability metrics used in the industry: Housing cost-to-income ratios; researcher N.K. Kutty’s residual income approach; and the home purchase affordability indicators of the National Association of Realtors, the California Association of Realtors, and the National Association of Home Builders.“No single measure can give us a complete view of the matter.” Nuno Mota, Economist, Fannie MaeThe purpose of the primer is to give Fannie Mae insight into which indicators may offer the best insight for different facets of housing affordability. And that plural on “indicators” is emphasized repeatedly in the primer.“No single measure can give us a complete view of the matter,” Mota said.For example, the residual income approach deems that a household faces an affordability problem if the monthly income left over after covering all housing costs is less than the amount necessary to purchase a minimum level of non-housing-related items. But Kutty defines minimum non-housing consumption as two-thirds of the U.S. Census Bureau’s poverty threshold.“Although both metrics indicate consistently higher rates of affordability problems for renters than for homeowners, the residual income metric estimates markedly fewer affected households than the traditional cost burden measure, regardless of tenure status,” he said. “In 2014 the traditional cost burden measure indicated that some 9 million more renter households and 11 million more homeowner households faced affordability challenges than the residual income metric.”While Fannie Mae has no answers so far, the agency feels better prepared to find them.“A comprehensive understanding of housing affordability’s multiple measures is essential for an informed discussion on the issue,” Mota said. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate?  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Webcast: Thursday 11/12/2015 Next: Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 12, 2015 1,421 Views Fannie Mae Housing Affordability U.S. Housing Market 2015-11-12 Scott Morgan Tagged with: Fannie Mae Housing Affordability U.S. Housing Market in Daily Dose, Featured, Market Studies, News Related Articleslast_img read more

Brodeur, Blues Bop Isles, 6-4

first_imgUNIONDALE, N.Y. — Martin Brodeur wasn’t planning to be in net for the St. Louis Blues net on Dec. 6.But after they fell behind the Islanders 3-0, the goaltender with the most victories in league history entered in relief and his new team rallied to win 6-4.Paul Stastny scored twice — including the go-ahead goal in the third period — and Brodeur had his first win in a St. Louis uniform after 688 victories with the New Jersey Devils.Stastny’s second goal of the game and his fifth of the season at 13:26 of the third snapped a 4-4 tie and gave the Blues their first lead. St. Louis fell behind by three goals in the first period, then replaced starter Jake Allen with Brodeur to start the second.“It changed momentum to put me in there. It worked out well,” Brodeur said. “When it was 3-3, I said ‘Here we go. It’s my game now.’”Brodeur made 14 saves for career win No. 689 and his 52nd against the Islanders, the most for the 42-year-old goaltender against any team. Brodeur stopped Brock Nelson and Anders Lee in front early in the third and was hardly tested late.“I felt pretty good. I’m not a guy that is used to come from the bench. I’ve got to get used to it, I think,” Brodeur added. “I’m happy with the performance. I made some solid saves in the third to keep the game tied up and we scored some big goals after that.”John Tavares scored against Brodeur to put the Islanders ahead 4-3 with 54 seconds left in the middle period. But TJ Oshie of the Blues tied the game 4:51 into the third with a power-play goal.Vladimir Tarasenko sealed the win with his 17th goal at 17:32 of the third as the Blues improved to 17-8-2 and ended a two-game losing streak.“We felt that if we kept fighting we’d be able to grasp this hockey game,” Blues coach Ken Hitchcock said. “We’re hard to play against when we play our game.”Tavares’ 11th goal at 19:06 on the power play salvaged a sloppy second period for the Islanders, who came in ahead 3-0, but allowed the Blues to score three times to tie the game.After Frans Nielsen, Ryan Strome and Michael Grabner scored in the first, the Blues turned to Brodeur, who signed with St. Louis on Dec. 2 after playing his entire career with the Devils.“It’s not like it’s a new building for me. I’ve played enough games here,” Brodeur said of Nassau Coliseum, which the Islanders will leave after this season for Brooklyn’s Barclays Center. “It’s kind of nice that I was able to get in there and play in the final year of this building.”The Islanders had their three-game winning streak snapped and lost for only the third time in their past 16 games.“It was a lack of focus and attention to detail,” Islanders coach Jack Capuano said. “We have to trust ourselves that we can do better.”Nielsen opened the scoring at 7:57 of the first on the power play. He picked up a rebound in front of Allen and slid it into the net with assists to Nelson and Kyle Okposo for his sixth goal of the season.Strome added his sixth goal unassisted at 18:01 after intercepting a clearing attempt by Blues defenseman Kevin Shattenkirk at the blue line.Grabner — who missed the first 25 games recovering from a sports hernia — then scored his first goal in his second game back at 19:39 and Islanders cruised into the second with a 3-0 lead.After Brodeur skated to the Blues crease and was greeted by the “Marty, Marty” chants, the Blues went to work against Jaroslav Halak, who played three-plus seasons for St. Louis and beat the Islanders twice last season.Halak had his team-record 11-game winning streak snapped to fall to 14-5-0. The six goals were the most he’d given up this season.Stastny scored on the power play at 2:36 of the second before Patrik Berglund deflected a Chris Butler slap shot at 4:28 to make it 3-2.Shattenkirk, who also had two assists, tied it with a power-play shot from the point at 12:34 and suddenly Brodeur became the goaltender of record.“He’s one of those guys who when you look back on his career he has all these special moments,” Shattenkirk said of his new teammate. “Fortunately a situation like this seems to be one of those, too, for our end.”Center Joakim Lindstrom also had three assists for the Blues.Brodeur, the three-time Stanley Cup winner and all-time NHL wins leader, made his first start with St. Louis on Dec. 4, losing at Nashville 4-3.Allen has allowed seven goals in four periods since Brodeur joined the team to replace the injured Brian Elliott.Blues defenseman Carl Gunnarsson left the game at 7:15 of the second after a hit by Islanders forward Lee, who wasn’t penalized on the play. The teams meet again in St. Louis on Dec. 11.(ALLAN KREDA)TweetPinShare0 Shareslast_img read more