Category: Montana Mortgages


The 25 states that are removing the $ 300 weekly unemployment benefit



This week, Maryland announced it would end enhanced weekly unemployment benefits of $ 300 effective July 3. This means that exactly half of the states in the United States will soon be phasing out federal unemployment compensation benefits in the event of a pandemic.

“Our health and economic recovery continues to overtake the nation, and we have met President Biden’s goal of vaccinating 70% of adults,” Maryland Governor Larry Hogan wrote in a statement Tuesday. “While these federal programs have provided significant temporary relief, vaccines and jobs are now plentiful. And we have a critical problem where businesses in our state are trying to hire more people, but many are facing severe labor shortages. After 12 straight months of job growth, we look forward to getting more Marylanders back to work. “

Maryland’s economic situation, and the nation as a whole, has recovered remarkably from the depths of the COVID-19 recession. Indeed, Maryland’s unemployment rate hit 6.2% in April, down from its peak of 9% in April 2020. However, the recovery still has some way to go to reach pre-July lows. pandemic: Maryland’s unemployment rate was 3.5% in February 2020.

With Maryland scrapping the benefit, a total of 25 states have announced plans to opt out of the enhanced weekly unemployment benefit of $ 300. The other states are Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia and Wyoming.

These 25 states each have Republican governors who argue that the improved federal benefit – which is paid in addition to state benefits – causes unemployed Americans not to return to work. The American Chamber of Commerce agrees. The Biden administration disagrees with this economic assessment. Instead, the White House says school and daycare closures and low wages for many jobs are further contributing to the increasingly tight labor market.

According to Fortune’According to analysis of Century Foundation data, more than 4 million unemployed Americans would lose their weekly federal $ 300 checks once those 25 states stop paying. That’s over 25% of all unemployed Americans who currently receive unemployment insurance.

Most of the 25 states that are withdrawing from the program will do so by July 4. In Texas and Florida, payments will stop the week of June 26. Meanwhile, Maryland and Tennessee will continue payments until July 3. Fortune previously reported, unemployed residents in states who opt out of the $ 300 benefit will still receive regular, state-issued unemployment benefits. Unemployed residents in states that do not opt ​​out of the program will continue to receive enhanced unemployment of $ 300 until the week of September 6.

More policy coverage of Fortune:

This story was originally featured on Fortune.com



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Live Updates Stimulus Test Four: Will It Happen In June? Monthly child tax credit, tax refund dates



Securities:

President Biden proposes $ 6 trillion budget to Congress for fiscal year 2022 (what benefits could it offer directly to families?)

– Another 1.8 million “ plus-up ” stimulus checks were sent by the IRS this week, bringing the total number distributed to 167 million

– Announcement of the Cherokee Nation a two-part incentive check for $ 2,000 as part of their Respond Recover and rebuild plan (find out more)

Consumer spending decreases as the stimulus check stimulus wears off

– New budget proposal from Biden does not include a fourth stimulus check (Read more)

Rising global house prices on the backs of recovery strategies

Florida confirm the state end the weekly unemployment increase of $ 300 in June (full story)

Child care and dependents credit 2021… all you need to know

– Payments for Child tax credit 2021 are just around the corner (full story)

– Theirs May 17 tax filing deadline has now passed; however some states have extensions issued (Read more)

– California sends $ 600 / $ 1,200 stimulus checks as part of the Golden State Stimulus program

– You can take your third stimulation test using the IRS Get My Payment online portal

Stay up to date with the latest News about vaccines in the United States and around the world with our live food for the covid-19 vaccine

Take a look at some of our related articles:



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Mortgage and real estate news this week



Summer is unofficially starting this weekend, which means you might be looking for a new place to set up your barbecue. As we head into warmer weather, here’s what to know about the mortgage and real estate sectors this week.

1. The housing market is still hot …

There is a home buying frenzy across the country, but some places are more frenetic than others. Bankrate’s quarterly housing heat index shows that Utah, South Dakota, Montana, New Hampshire and Idaho were the top five states for purchases at the start of this year.

Read the story.

2.… and he shows no signs of cooling.

If you’re looking to buy a home, don’t expect it to get much easier anytime soon. Home prices are up 12.6% in 2020 from their 2019 levels, and they continue to rise. The lingering problem of low inventory will not be resolved overnight, so competition will likely remain fierce for some time.

Read the story.

3. The Perfect Time to Refinance Your Mortgage

Experts generally expect mortgage rates to rise this year, but a week of declining interest means now is the time to consider refinancing if you’re still holding out. Rates are unlikely to be much lower than they are now, so start with your paperwork to maximize your savings.

Read the story.

4. What you need to know about the 3% interest threshold

Although rates fell below 3 percent by the end of this week, they were above that benchmark early on. Keep in mind that 3% is still historically low for mortgage interest, but it’s a major psychological threshold for homeowners and buyers, so as rates fluctuate around this mark it’s a good idea to put Get your mortgage finances in order before interest rates come back firmly 3 seconds.

Read the story.

5. Pass the chapel, cross the threshold

Netflix’s new reality show “Marriage or Mortgage” shows how many young couples are choosing to forgo a lavish marriage in favor of a real investment in their future: buying a home.

Read the story.



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Summary of the fourth follow-up check: May 30, 2021



Securities:

President Biden proposes $ 6 trillion budget to Congress for fiscal year 2022 (what benefits could it bring directly to families?)

– Another 1.8 million “plus-up” stimulus checks were sent by the IRS this week, bringing the total number distributed to 167 million

– Announcement of the Cherokee Nation a two-part incentive check for $ 2,000 as part of their Respond Recover and rebuild plan (find out more)

Consumer spending decreases as the stimulus check stimulation wears off

– New budget proposal from Biden does not include a fourth stimulus check (Read more)

Rising real estate prices around the world on the backs of recovery strategies

Florida confirm the state end the weekly unemployment increase of $ 300 in June (full story)

2021 child and dependent care credit… all you need to know

– Payments for the Child tax credit 2021 are just around the corner (full story)

– Theirs May 17 tax filing deadline has now passed; however some states have extensions issued (Read more)

– California sends $ 600 / $ 1,200 stimulus checks as part of the Golden State Stimulus program

– You can take your third stimulation test using the IRS Get My Payment online portal

Stay up to date with the latest Vaccine news in the United States and around the world with our live food for the covid-19 vaccine

Take a look at some of our related articles:



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The tunnel to the towers brings in the mortgages



Just in time for Memorial Day, great news in honor of the dead. Memorial Day is the day we honor all those who have paid for their freedom with their lives. Three families who lost their husbands won’t have to worry about a roof over their heads.

Thanks to the Tunnel to Towers Foundation, the families of the three National Guard airmen killed in an accident will have their homes paid for. The Foundation began twenty years ago to honor the sacrifice of New York firefighter Stephen Siller, who died trying to save the lives of strangers on September 11, 2001.

For 20 years, the Foundation has supported first responders, veterans and their families in our country by providing these heroes and the families they leave behind with homes without mortgages.

The Idahoans are part of Tunnels to Towers paying off twenty mortgages, according to a press release. On Memorial Day, the Tunnel to Towers Foundation provides twenty military families with mortgage-free homes, honoring those who sacrificed their lives and physical integrity for our freedom.

In the valley of the treasure, Tunnel to the towers has paid off mortgages on the homes of three National Guardsmen who were killed when their Black Hawk helicopter crashed southeast of Boise in February.

“After my husband died untimely, I was worried that I would have to sell our family home or have to work many hours to pay off the mortgage, pulling away from our daughters when they needed me.bonet,” mentionned Army Chief Warrant Officer 3, wife of Matthew Peltzer, Heidi Leben. She added, Tunnel To Towers’ mortgage repayment solved these problems … It’s great knowing that I can stay and raise my daughters in this house that my husband and I bought together.

the Tunnel to Towers Gold Star Family Home Program honors the legacy of those who made the ultimate sacrifice while serving our country by paying off the mortgage or providing surviving spouses and young children a mortgage-free home.

Memorial Day is a day to honor those who made the ultimate sacrifice for our country. On this Memorial Day, when you are enjoying your day off, maybe this is your first time meeting friends or family, I ask that you take a minute to think about those families who will never see their loved ones again. These heroes gave up their lives for our freedom and we will give the families they left behind a place where they can live without the financial burden of a mortgage.,” mentionned Tunnel to Towers Chairman and CEO Frank Siller.

This year, as the Foundation celebrates the twentieth anniversary of the September 11 attacks and the creation of the Foundation, it has set itself an ambitious goal: 120 homes without a mortgage by the end of the year.

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Is It Time To Refinance Your Mortgage?



Refinancing your mortgage can lower your monthly mortgage payments, reduce the time you need to pay, or even withdraw money to pay off your credit card debt or student loans through cash refinancing. With rates at historically low levels, around 18 million borrowers could potentially qualify for a new loan, according to real estate data firm Black Knight.

If you are going to invest both time and money in the refinancing process, make sure your mortgage rates are lower than your previous loan and that refinancing makes sense for you and your budget. If you’re already convinced, a good place to start is our list of the best mortgage refinance lenders of 2021.

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Lock in a lower interest rate by refinancing your mortgage.

For borrowers with a strong credit history, refinancing can be a good way to get a lower interest rate. Click on your state for a free quote.

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Yes, now is the time to refinance your mortgage

Based on current mortgage rates, now is the time to refinance your home, although the low rate window is closing.

As the coronavirus pandemic has caused the mortgage insurance industry to hit rates below 3%, these are starting to rise again. Average costs for a 30-year fixed rate mortgage were less than 3% in April 2021, but have now risen to 3.35% as of May 21, 2021. Compared to last year’s rates – which were 3.28% in May – you can easily see that they are starting to return to normal.

This increase was predicted by various groups including Fannie Mae and The Mortgage Bankers Association (MBA). The former says that by the end of 2021, rates will rise to 3.4%, while the latter projects an increase to 3.7%. Note that there is still a possibility that rates will drop back below 3% in 2021, but that won’t necessarily be the norm.

With premium stabilization on the horizon, why would be a good time to refinance your mortgage payments? Simple: even with these increases, the average rates are still better than those of previous years. For example, rates during the 2010s averaged around 4% and reached 4.17% in 2014; even 2019 saw an average of 4.4 for 30-year mortgages.

Basically, you can still get above average rates. If you want to know immediately the potential rates of your mortgages, you can use our mortgage calculator.

Reasons for current refinancing rates

The cause of the current price increase is not so mysterious. With very low rates, the best mortgage lenders are inundated with demands. There are many parts to the mortgage pipeline, and if any one is clogged, the whole process can be saved.

“Much of this rate spread is due to capacity constraints,” said Mike Fratantoni, chief economist for the Mortgage Bankers Association. “When lenders see their volume increase, they have to decide: do I hire full-time staff for this, or temporary workers, or go to outsourced providers? And in this environment with a remote workforce, everything takes longer. It’s not just a lender with constraints, it’s the whole system. “

In fact, in the first quarter of 2021, the number of residential refinancings exceeded one million, representing $ 328.5 billion in total volume, according to ATTOM Data Solutions. Almost 56% of the total number of current home loans were issued during the quarter, with high refinancing activity in Chicago, Los Angeles, Dallas, New York and Houston.

However, as businesses start to open and more citizens get vaccinated, the rates are rising again. Because of this, your window for economical refinancing may start to close.

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Is your credit history strong? Refinance your home and reap the benefits.

Locking in a lower interest rate means fewer payments and more savings. It sounds good? Get a free quote by clicking below.

Refinance Your Mortgage

How to know when to refinance your mortgage

The right call for homeowners refinance depends on your circumstances, including your personal finances, the current loan rate, and how long you plan to stay in the home. Here are some key points you should keep in mind when considering refinancing:

  • Be aware of your budget: If you are using most of your money, including your monthly savings, to pay off your mortgage, you should consider refinancing on better terms. While you don’t need to pay a new down payment, refinancing still has costs associated with it, so be sure to factor those in as well.
  • Check your debt to income ratio (DTI): The lower this number, the more likely lenders are to approve your refinance.
  • Reduce your current credit rate by at least half a point: As a general rule, a differential of half a point or more makes refinancing worth it.
  • Think how long you stay: Analyze if you are going to sell your house soon or when that time will come. You shouldn’t get a 30-year new refinance if you’re moving in a few years.
  • Don’t try to get the lowest price possible: Waiting for rate fluctuations is as difficult as timing the stock market. Don’t wait and see what happens with mortgage rates tomorrow if you can save money or get closer to your financial goals by refinancing today.
  • Find an expert: Find a loan officer or other professional to walk you through the underwriting process. Professional help can improve your chances of getting better loan terms, although you may have to pay extra for their services.

Finally, keep in mind that you may be charged a higher rate than what lenders advertise, depending on your credit score and the equity in your home. Try to go through the mortgage pre-approval process with at least three lenders to find out your true rate and make sure you’re getting the best deal. Freddie Mac found that borrowers save an average of $ 1,500 over the life of the loan by getting one additional quote – and an average of around $ 3,000 if they get five quotes.

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Mortgage refinancing faqs

Are refinancing rates going down?

Due to the ongoing pandemic, the Federal Reserve has kept mortgage interest rates low. This caused refi rates to drop below 3% in 2020 and throughout the first half of 2021. Unfortunately, as the economy begins to rebound, various organizations have predicted that mortgage rates will rise again, averaging around 3.3 to 3.7% by 2021.

Why would refinancing be a bad idea?

Refinancing is a bad idea if the process dramatically increases your overall loan costs – including closing costs – or hinders your ability to pay your loan. If you have additional funds and want to reduce your total loan amount, you can opt for refinancing for a shorter loan term. You’ll avoid higher interest rates, but your new premium rates will increase, making your monthly payments more expensive. If you can’t afford those extra monthly payments, a shorter loan term would be detrimental to you and your budget. When considering refinancing, consider your loan terms, past financial decisions, and current financial situation. When you’re ready, choose the option that’s right for you.

Is it cheaper to refinance with your current lender?

It is possible to reduce monthly payments and get cheaper rates if you are early with your lender and decide to refinance your current loan. If you’ve been a loyal customer, there’s a chance they’ll offer discounts or special rates for refinancing your loan. Unfortunately, availability and discount percentages vary widely from lender to lender, so there is always a chance you will find better rates for getting a new mortgage from another FHA approved company.

How to get the best refinancing rates?

There are three things you can do to get low interest rates on your original mortgage. First, improve your credit score: a good credit report shows that you can make payments diligently, so lenders see you as less risky to insure. Second, you can renegotiate the term of your loan, as this can dramatically change the premium and the overall upfront costs. For example, if you have a 30-year loan and have paid off it for sixteen years, you can refinance the remaining fourteen over a shorter or longer term with better rates. Third, you can buy rates online which vary widely from company to company.

Having quotes from at least three different providers increases the chances of getting a better rate and gives you leverage to negotiate with them. It is important that you find a comfortable rate on your loan, as this can help you reach a breakeven point.



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Glacier Bancorp has gone big and is paying for its latest acquisition. here’s why



Assets of nearly $ 20 billion Bancorp Glacier (NASDAQ: GBCI) Montana-based recently announced plans to acquire the $ 3.5 billion asset Altabancorp (NASDAQ: ALTA), Utah’s largest community bank. The deal is a little different from acquisitions Glacier has made in the past, which tend to be smaller. Glacier also pays a hefty premium to buy Altabancorp. Let’s take a look at what made Glacier pull the trigger and what that means for the merged company going forward.

Numbers

Glacier expects to pay nearly $ 934 million in an all-stock transaction to acquire Altabancorp, valuing each common share at $ 49.03. This values ​​Altabancorp at almost 290% of the tangible book value (equity less goodwill and intangible assets). Even with today’s high bank valuations, that’s a huge premium, but it’s not entirely surprising given that Altabancorp is a very successful bank in a rapidly growing market.

Yet even with the high premium, Glacier, being a strong performer on its own and currently trading at almost 325% of its tangible book value, is able to make the operation work from a financial standpoint. Once the transaction is completed, the acquisition will immediately increase Glacier’s tangible book value, which is solid given the high premium it plays for Altabancorp and the fact that acquisitions often dilute equity. The deal also increases earnings per share (EPS) by 5.2% in 2022, meaning the combined bank’s profits will be 5.2% higher than Glacier’s projected profits in 2022 alone.

Image source: Getty Images.

This figure could also be low given that BPA estimates are based on Glacier eliminating 17.5% of Altabancorp’s spend. This is low enough for a simple acquisition like this. Although there is minimal branch overlap between the two banks, both use the same basic processing system from Jack Henry and therefore software very similar to food services such as over-the-counter transactions, mortgages and other digital banking services. Not only does this make the integration a lot easier, but it could also reduce technology expenses. On a conference call following the announced acquisition, CEO Randall Chester called the projected 17.5% cost savings “conservative.”

Altabancorp comes with a heavy commercial real estate and construction loan portfolio that will increase the overall return on Glacier’s total loan portfolio, while maintaining Glacier’s excellent low cost deposit franchise. Glacier’s loan portfolio also improves Glacier’s credit quality by slightly lowering the ratio of non-performing assets (those at risk of defaulting) to total assets of the combined bank.

Graph explaining the loan and deposit mixes of Glacier Bancorp and Altabancorp.

Image source: Glacier Bancorp investor presentation.

Growth and technology

An important thing to remember is that banks are not bought, they are sold, which means the seller usually approaches the buyer or lets potential buyers know that they want to sell. And while high bank valuations lead to higher selling prices, they may also prompt more banks that have not historically considered a sell to finally raise their hands. Approaching three times the tangible book value, Altabancorp saw an environment conducive to selling and it appears Glacier was looking forward to it. Chester said he had his eye on Altabancorp for almost a decade, so I’m sure when the opportunity arose the actual selling price probably didn’t matter, especially with Glacier trading at such a high valuation.

The main reason Glacier wants Altabancorp is to strengthen its presence in Utah, the fastest growing market in the geographic footprint of the eight Glacier States, and also the second fastest growing state in the States. United between 2010 and 2021. Utah is a bank’s dream, with the fastest rate of housing unit growth in the United States for the past three years. About 14% of Altabancorp’s loan portfolio is made up of construction and land development loans, many of which are likely made to real estate developers who are building homes. This is a high concentration for a community bank as these loans are considered riskier, but Altabancorp has maintained strong credit quality and the construction and land development portfolio has an attractive average yield of 6.25%.

Utah also has the 5th lowest unemployment rate in the country and a good business environment, not to mention the state just invested more than $ 4 billion in Salt Lake City International Airport, making it the first new American hub airport built in the 21st century. Altabancorp management said in its first quarter earnings call that it expects to increase lending in the high percentage range to single digits in 2021, which is great considering most banks are uncertain. as to loan growth this year. Analysts on the call also felt it was a very conservative estimate by the bank.

The other big advantage of Altabancorp is everything it offers Glacier in terms of technology. Being on the same basic processing system is not a must in acquisitions, but it certainly helps. These core processing systems feed into a bank’s daily loan and deposit transactions, among many other functions, so anytime a bank changes or attempts to update its core systems, it can be a huge disruption.

Not only does Altabancorp use heart processing software powered by Jack Henry, but Chester said that much of the software Altabancorp uses is a generation ahead of Glacier (the banks have operated with core processing technology very old) and already integrated on the same basic platform, which makes the integration much easier. For example, Chester said that Altabancorp’s commercial loan creation system is newer and that Altabancorp also uses a state-of-the-art construction loan platform. Ultimately, Chester said he believes Altabancorp’s technology will accelerate Glacier’s technology roadmap and potentially lower the overall cost.

Is Altabancorp worth the price?

Even though Glacier pays a high premium for Altabancorp, the price really isn’t that bad as it doesn’t dilute Glacier’s tangible book value and also increases EPS. Glacier is also knocking out a big competitor in a footprint it wants to expand into. Also, as I mentioned above, it doesn’t seem like Glacier really cares about the price considering how long they wanted Altabancorp to be and why the addition was worth it. in terms of growth and technology. The deal really looks like it can take the high-performing Glacier Bancorp to new levels faster than it could have achieved on its own.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.



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Housing heat index: which state real estate markets are leading the real estate boom?



Before the coronavirus recession, the Utah real estate market was on fire. Then came the COVID-19 pandemic, which sent residents of northern California and Seattle in search of affordable housing and more space, and an already very hot market heated up.

Dave Robison, former president of the Utah Association of Realtors, simply summarizes the activity. “This is insane,” says Robison, a real estate broker in Salt Lake City.

Its valuation is not just the art of selling. Home prices in Utah have skyrocketed as Californians flock to the state. Utah has the fastest pace of employment growth in the country, along with lowest unemployment, ultra-low mortgage rates, few mortgage defaults, and low local and state taxes.

All of these factors pushed Utah to the top spot in Bankrate’s 2020 Housing Heat Index, a spot it continues to occupy for the first quarter of 2021. Residential real estate has exploded during the recession. coronaviruses, and Utah has become a particularly popular market.

Other states in the region are also booming. South Dakota, Montana and Idaho rank second, third and fifth, respectively, in the Bankrate Index.

On the opposite end of the list is Hawaii, a state that has been hit hard by the COVID-19 pandemic. Its tourism industry is slowly recovering from a virtual standstill, and the employment situation in Hawaii remains bleak.

The 5 States with the Hottest Housing Economies

The Housing Heat Index shows how state property markets are faring in the coronavirus-fueled housing boom, and how they might fare going forward. To calculate the ranking, Bankrate analyzed six data points: the annual appreciation of house prices reported by the House Price Index of the Federal Housing Finance Agency; share of delinquent mortgages as reported by the Mortgage Bankers Association; unemployment and employment growth in the US Department of Labor; the cost of living index of the Center for Regional Economic Competitiveness; and state-to-state tax burdens, as reported by the Tax Foundation.

These five states had the strongest housing economies in the first quarter of 2021:

  1. Utah. Its home values ​​jumped 19% in the 12-month period that ended March 31, second among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second-strongest job growth in the country from March 2020 to March 2021, according to Bankrate analysis of Department of Labor data. Additionally, Utah had the lowest unemployment rate in the country and its tax burden is among the lowest in the country, according to the Tax Foundation.
  2. South Dakota. Home prices have climbed nearly 15% and South Dakota is tied with Utah for the lowest unemployment rate in the country.
  3. Montana. Home prices have risen 15% in the past year and Montana has the lowest level of delinquent mortgage payments in the country, according to the Mortgage Bankers Association.
  4. New Hampshire. Geographic oddity in our ranking, New Hampshire has seen home values ​​jump 16 percent, and the unemployment rate and tax burden are low.
  5. Idaho. Idaho home prices were the highest in the country, climbing 23.7% in the year ending March 31. And job growth is the strongest in the country. However, Idaho’s overall ranking was tempered by average readings for cost of living and taxes, and a low ranking for mortgage delinquencies.

Buyers are looking for affordability, space

High rankings for mountain time zone states illustrate a shift in the housing market: Americans are still drawn to healthy job markets, but even before the coronavirus pandemic they were increasingly unwilling to pay for a living in places like San Jose, Seattle, and Boston.

COVID-19 has pushed many – especially those who can work remotely – to move from more expensive areas to more affordable areas.

“We are seeing a new migration to affordability,” says Mark Vitner, senior economist at Wells Fargo. “The beneficiaries of this change have largely been the mid-sized subways in the mountainous western states.”

The median price of a single-family home sold in Silicon Valley in the first quarter was $ 1.5 million, according to the National Association of Realtors. The typical price in Salt Lake City was $ 435,400 – above the national median, but not dramatically, and just a fraction of the price paid by residents of Northern California.

The price differential prompted many players in high-cost markets to consider relocating. The concept is particularly appealing to workers who can take up their well-paying jobs in areas with lower cost of living.

“People suddenly have the choice of where they live because they’re not tied to a desk,” says Alicia Holdaway, agent at Summit Sotheby’s International Realty in Draper, Utah, and former chair of the Salt Lake Board of Realtors City. . “We have a net in migration that has been happening for years, and it has only increased.”

Each boom brings its drawbacks, of course. In some cases, newcomers to the Utah real estate market are full of cash and ready to push up the prices.

“There is always a setback,” Holdaway says. “We have seen housing affordability become a crisis.

The 5 States with the Coolest Housing Savings

As a nationwide real estate boom rages, every state has seen property values ​​rise in the 12 months that ended in March. However, some state economies are struggling with weak job growth and other challenges. The last 5 of our index:

  • 47. Illinois. High unemployment and lukewarm price appreciation put Illinois near the bottom of the pack.
  • 48. New-York. Hard hit by the pandemic, New York is facing many headwinds. It ranks near last in terms of job growth, unemployment, tax burden and delinquent loans.
  • 49. Washington, DC. The district ranked near the bottom of home price appreciation. The city also ranked last in cost of living and near last in unemployment and tax burden.
  • 50. Louisiana. It ranks the worst among delinquent loans, with over 9% of homeowners behind on their mortgage payments. Louisiana is also doing poorly on price appreciation, job growth and the tax burden.
  • 51. Hawaii. This tourism dependent state ranks last for job growth and unemployment and near last for price appreciation. “The big picture is of a very weak economy,” says Carl Bonham, executive director of the University of Hawaii’s Economic Research Organization.

Methodology

To calculate the home heat index for the first quarter of 2021, Bankrate analyzed six data points:

  • the annual appreciation of house prices for the first quarter, as reported by the house price index of the Federal Housing Finance Agency;
  • share of mortgages past due for the first quarter, as reported by the Mortgage Bankers Association;
  • US Department of Labor unemployment rate for March;
  • annual employment growth in March of the US Department of Labor;
  • the cost of living index for 2020 of the Center for Regional Economic Competitiveness;
  • state-by-state tax charges for fiscal year 2020-21, as reported by the Tax Foundation.

The index overweight the appreciation in house prices, the measure that most clearly reflects the desirability of a housing market. And the index is underweighting the cost of living and the tax burden – house prices may skyrocket despite these factors, but a new wave of remote work is making these factors more relevant than they once were. the past.

Housing heat index for the first quarter of 2021
state General classification Appreciation ranking Rank of delinquent loans Employment growth rank Unemployed classification Cost of living ranking Tax classification
Utah 1 2 5 2 1 31 8
South Dakota 2 9 2 4 1 24 2
Montana 3 8 1 3 9 29 5
New Hampshire 4 4 11 18 5 43 6
Idaho 5 1 49 1 6 21 20
Tennessee 6 12 20 8 23 5 18
Arizona 7 3 ten 11 36 27 24
Nebraska 8 29 12 5 1 22 28
Washington 9 6 3 31 29 38 16
Indiana ten 17 32 15 12 11 9
North Carolina 11 18 21 9 27 12 ten
Maine 12 7 21 21 21 39 29
Oregon 13 11 4 36 31 40 15
Ohio 14 15 29 25 19 6 39
Kansas 15 25 28 16 7 16 35
Michigan 16 23 15 39 23 4 14
Missouri 17 31 37 17 13 3 12
Georgia 18 21 44 14 18 8 31
Wisconsin 19 38 7 23 9 20 25
Colorado 20 19 14 30 34 36 21
Delaware 21 16 33 22 35 34 13
Arkansas 21 34 35 6 16 2 45
Iowa 23 46 6 19 7 17 40
Kentucky 24 35 25 24 22 7 19
Florida 25 24 41 32 19 25 4
Alabama 26 41 38 7 9 ten 41
Minnesota 27 36 8 34 13 28 46
Rhode Island 28 ten 26 41 40 45 37
Texas 29 30 46 13 39 14 11
Caroline from the south 30 40 31 12 23 18 33
Virginia 31 37 23 27 23 30 26
Oklahoma 32 39 43 20 15 9 30
West Virginia 33 32 36 29 30 13 22
Massachusetts 34 20 18 44 36 47 34
North Dakota 35 48 9 33 16 33 17
California 36 13 13 47 47 50 49
Connecticut 37 5 42 38 47 46 47
New Mexico 38 22 26 45 47 23 23
Wyoming 39 49 16 28 28 32 1
Vermont 40 43 17 46 1 41 43
Mississippi 41 47 50 ten 32 1 32
Maryland 42 27 47 26 32 44 44
Pennsylvania 43 33 34 37 42 26 27
Alaska 44 42 19 43 36 48 3
New Jersey 45 14 48 42 44 42 50
Nevada 46 28 40 50 46 35 7
Illinois 47 44 39 35 41 19 36
new York 48 26 45 49 50 37 48
District of Colombia 49 45 30 48 45 51 46
Louisiana 50 50 51 40 43 15 42
Hawaii 51 51 24 51 51 49 38

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Glacier buys Altabank – Bank exchange



Glacier Bancorp to acquire Utah-based community bank Altabancorp, Altabank’s banking holding company.

The agreement adds Altabank’s 25 branch network across Utah and southern Idaho to Glacier’s growing business. It also brings in $ 3.5 billion in total assets, $ 1.8 billion in loans and $ 3.2 billion in deposits.

Glacier, based in Montana, has been particularly active in acquisitions in recent years. The Altabank transaction marks the group’s second acquisition of a Utah-based bank in the past two years, following the acquisition of First Community Bank in 2019.

Glacier has made 24 acquisitions since 2000 and seven in the past five years.

Randy Chesler, President and CEO of Glacier, said: “This is a tremendous opportunity to solidify Glacier’s presence in the growing Utah market by partnering with the state’s largest community bank. We have focused heavily on strengthening our presence in Utah and this opportunity ticks all the boxes. “

Len Williams, President and CEO of Altabank, added: “In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was undeniably great for us. Being part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, while maintaining our local autonomy.

Elsewhere, Amerant Mortgage – a joint venture between Amerant Bank and a team of professionals in the residential mortgage industry – will buy the First Mortgage Company, based in Idaho.

The deal was “An integral part” of the company’s business plan, according to Howard Levine, executive vice president and chief revenue officer of Amerant Mortgage. He “Uniquely positions the company with direct access to major federal housing agencies”, he said.

The acquisition, which will see First Mortgage rebranded as Amerant Mortgage, responds to growing demand for residential mortgages amid the booming residential real estate market. This is Amerant’s first expansion outside of Florida.

Meanwhile, Sterling Bancorp invested in New York-based financial technology company Finitive.

Finitive operates a private credit investment platform that gives institutional investors direct access to unlisted debt and credit transactions.

Bea Ordonez, CFO of Sterling Bancorp, said: “Technology and data can remove friction in the private credit market and the credit market in general, providing originators with the capital they need to grow their businesses.”

Jon Barlow, CEO of Finitive, said the company will use the investment to provide “Digitized sourcing, screening and due diligence for investors and easier access to debt financing for borrowers”.




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Here’s where millennials buy homes



As millennials move into their twenties, they’re looking to settle down.

If you want to know who to thank for the scorching housing market, look no further than your nearest millennial. This group, aged 25 to 40, accounted for 37% of all home sales in 2020.

Do you want to know where they are going? Here, we take a look at the top five cities where millennials are settling, according to data from ICE Mortgage Technology.

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1. Williston, North Dakota

If you are a fan of the Coen brothers Fargo, you get an idea of ​​how much ice there can be in North Dakota. Despite this, millennials have flocked to this town near Montana and the Canadian border for several years. In addition to average salaries of around $ 80,000, Williston offers outdoor activities for millennials, plenty of opportunities for social interaction, a diverse choice of dining establishments, and reasonable housing prices. According to Realtor.com, the median price of a home in Williston is $ 290,000. While it’s impossible to know what long-time residents think about the influx of new blood, home values ​​in the city have risen 324% in the past 20 years.

2. Eagle Pass, Texas

Eagle Pass, Texas, the first American settlement on the Rio Grande, is another place that attracts millennial home buyers. Its recent popularity may be due to the median home price, which is a reasonable $ 168,300. Or maybe it’s because property values ​​have increased 74% over the past two decades. While well-paying jobs don’t seem to be the allure for most millennials moving to Eagle Pass, the cost of living is low enough to allow you to live a middle-class life, whether you work from home or in an office. local. business.

3. Hobbs, New Mexico

Millennials are probably going to love all that Hobbs, New Mexico has to offer. Along with a low cost of living, Hobbs boasts an average commute time of 18 minutes, a low student-teacher ratio, job opportunities, and a low crime rate. Plus, the median price of a home in Hobbs is $ 195,000, which means young couples starting families can afford to put down roots. Since homes in Hobbs have appreciated 168% since 2000, it is also possible for a young family to build up home equity with little effort.

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4. Midland, Texas

Midland, Texas is another hotspot for millennial homebuyers, which has been built primarily on the success of the oil industry. There seem to be several pulls for millennials here, including well-paying jobs, community involvement, unique shops and restaurants, and plenty of cultural activities. Although public schools do not rank highly in Midland, Niche.com ranks several of their private schools relatively high. The median price of a home in this West Texas city is $ 287,000, and residents have enjoyed seeing their homes appreciate by about 240% over the past 20 years.

5. Big Spring, Texas

The third of five Texas cities on this list is Big Spring. Long known as the “Crossroads of West Texas,” Big Spring is nestled between Lubbock to the north, San Angelo to the south, Midland to the west and Abilene to the east. The region has been hit hard by declining oil revenues and suffered from a period of high unemployment. But with the influx of millennials, Big Spring is experiencing a kind of rebirth. Millennials seem to be drawn to Big Spring for its low house prices (median price of $ 164,000), friendly people, small town charm, and slower pace of life. Considering how quickly locals can get to any of the surrounding towns, it’s ideal for families looking for a balance. Also, despite the ups and downs of the oil industry, property values ​​have increased 152% in 20 years. This helps make Big Spring a great place to build home equity.

There are a lot of benefits to millennials putting down roots in one of these cities. When young homebuyers move into an area and take out new mortgages, good things happen. The tax base widens, parks and schools are built, businesses and restaurants are revitalized and cities come to life. Whatever the reason they are moving to a particular region, millennials are good for business.



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