First-Time Homebuyers Have a Tough Road Ahead

first_img First-Time Homebuyers Have a Tough Road Ahead  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Aly J. Yale Tagged with: First-Time Homebuyers Mortgage Lending Home / Featured / First-Time Homebuyers Have a Tough Road Ahead Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Tight Inventory Persists Heading into Spring Homebuying Season Next: The Mortgage Collective Expands Offerings to Include Solutions Groupcenter_img Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. First-Time Homebuyers Mortgage Lending 2016-02-23 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe February 23, 2016 1,487 Views Related Articles in Featured, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago If research analysis from BuildZoom is any proof, first-time homebuyers have more problems to face than just dwindling supply and higher demand: Income requirements for mortgage lending are also on the rise.According to a recent blog posted by Issi Romem, chief economist at BuildZoom, the average household income of first-time buyers has seen a huge jump since the housing boom of the early 2000s.Romem used stats from the Annual Social and Economics Supplement of the Current Population Survey—a joint release from the U.S. Census and the Bureau of Labor Statistics—to analyze average household income of first-time homebuyers since 1999. According to his research, in 1999, the first-time buyer income averaged in around $86,000, gradually dropping to under $80,000 in the peak of the housing boom in 2005.“While income in the general population remained fairly stable during the housing boom, first-time buyers’ income dropped significantly,” Romem wrote in his post, “The Rising Income of First-time Home Buyers.” “The ease of borrowing during the boom allowed households that couldn’t previously afford a home to buy one, and the inclusion of such households among first-time buyers reduced the group’s average income.”Income remained low until the bust years later, when it slowly crept up once more. Today, the average first-time buyer income is right at 1999 levels yet again.“Although average household income fell during the Great Recession and has yet to fully recover, first-time buyers’ income substantially increased,” Romem said. “It spiked in 2008 when lending dried up at the peak of the financial crisis and then subsided in 2009 and 2010 when the First-Time Homebuyer Credit was in place, but overall it has risen, and is now back to its level circa 2000.”Though some may think first-time buyer income is on the rise because of widening wage gaps, Romem’s analysis proves this to be untrue.“The average first-time buyer at the peak of the housing boom was drawn from the 56th percentile of the income distribution,” Romem wrote, “whereas now she is drawn from the 59th. In other words, during the boom first-time buyers were able to step into homeownership from lower rungs of the socioeconomic ladder.”First-time homebuyer sales reflect these changing tides, too. According to Romem’s post, 2005 saw an all-time high of 3.2 million first-time buyers. In 2008, after the housing bust began, it dropped to under 2 million – and remains at that point to this day.Though this drop in first-time buying can certainly dampen the housing recovery, Romem said, there are also serious social implications to worry about, too.“The important thing to understand is that fluctuations in the number of first-time buyers go hand in hand with changes in their nature,” Romem said. “When buying a home gets more challenging it is the least financially able who drop out of the race first, and vice versa. Does the persistently low number of first-time buyers mean that homeownership is becoming the privilege of a more select few?”In addition to his recent post on first-time buyer incomes, Romem has also posted two other blogs analyzing first-time homebuyer data: “First-time Buyers Matter for the Housing Market” and “Are First-time Buyers Buying Too Few Homes?”last_img read more

Home Values Rise Higher in August

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago August in the housing market remained steady as warm breeze, with inventory tight and house prices growing slowly, Zillow reported Thursday. For the 49th month in a row, in fact, the median U.S. home value rose year-over-year in August, to $188,100. That’s up a really modest 0.4 percent, but up 5 percent from August 2015, according to Zillow’s August Real Estate Market Report.“In each month thus far in 2016,” the report stated, “annual home value growth has been no slower than 5 percent per year, and no faster than 5.2 percent – a notable stretch of consistency.”According to Zillow’s chief economist, Svenja Gudell, the steady appreciation of the  U.S. housing market began two years ago.“Throughout much of 2015, home values grew in a similarly narrow range, between 4.4 percent and 4.7 percent annual growth, before accelerating into the 5 percent range at the end of last year‒‒where it has largely stayed since,” Gudell said. “This long period of steady annual home value growth almost looks like an anomaly when seen next to the sometimes wild up and down swings experienced nationwide over the past two decades.”A potential answer for why the market has been so stable, she said, may just come down to those three famous needs for success in real estate: location, location, location.“The U.S. housing market is really a collection of dozens of local markets, each behaving differently and with their own unique fundamentals,” Gudell said. For example, “some once-red-hot markets, including the San Francisco Bay Area, have cooled considerably this year.”According to Zillow, values in San Francisco and San Jose metro areas dropped from a more than 11 percent annual pace in January to 6 percent in August. At the same time, home value growth in other markets like the booming Pacific Northwest has picked up. Seattle and Portland have both increased by more than a full percent each this year.Home price growth, however, is bigger at the bottom, Zillow reported.“Annual home value growth at the bottom end of the market continues to far exceed growth at the top end,” the report stated. “In August, the typical U.S. home valued in the bottom one-third of all homes was worth $106,200, up 7.3 percent from August 2015. The typical home valued in the top one-third was worth $342,600, up 3.8 percent year-over-year.”Inventory remains well below peak levels from a few years ago in every large market.“A big driver of faster home value growth overall among more entry-level homes is a lack of such homes to buy relative to the most expensive homes,” Gudell said.Nationwide, inventory of bottom-third homes available for sale in August was down by 9.2 percent annually, compared to a smaller 1.8 percent annual decline in the number of top-third homes available, the report stated. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Sign up for DS News Daily Tagged with: Dr. Svenja Gudell Home Values Zillow Home Values Rise Higher in August Dr. Svenja Gudell Home Values Zillow 2016-09-23 Kendall Baercenter_img Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Kendall Baer The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Home Values Rise Higher in August  Print This Post Demand Propels Home Prices Upward 2 days ago September 23, 2016 1,499 Views Share Save Previous: Are Seller’s Still Calling the Shots in the Housing Market? Next: Refining the Servicing Sector The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Quicken Calls Lawsuit ‘Meritless and Frivolous’

first_img December 5, 2017 3,446 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Home / Daily Dose / Quicken Calls Lawsuit ‘Meritless and Frivolous’ Subscribe David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Journal, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senate Banking Committee Approves Jerome Powell as Fed Chair Next: Silver Lining to Rising Home Prices . . . Quicken Loans today responded to a new class-action lawsuit alleging the online mortgage lender illegally collected personal information from visitors to its website. The suit claims Quicken Loans and marketing company NaviStone used keystroke logging technology to gather information such as names, addresses, and other sensitive data as website visitors filled out online forms. Quicken Loans said they are confident the case will be quickly dismissed.The lawsuit was filed Friday, December 1, in a Newark, New Jersey federal court. It alleges that Quicken Loans and NaviStone violated Title I of the Electronic Communications Privacy Act of 1986, colloquially known as the “Wiretap Act.”The suit states:On several occasions within the past six months, [the plaintiff] visited Quickenloans.com, but has never procured financial services from Quicken as a result of these visits. During each of the plaintiff’s visits Quicken wiretapped his electronic communications with the website, disclosed the intercepted data to NaviStone in real time, and used the intercepted data to attempt to learn his identity, postal address, and other [personally identifiable information].Quicken Loans released an official statement on the case, which reads, in part:This case is nothing more than an attempt by Plaintiff Michael Allen and his attorney, Frederick Klorczyk of Bursor & Fisher in New York City, to manufacture claims in an effort to coerce a settlement for their own gain. Klorczyk and Bursor & Fisher are attempting to run the standard playbook of predatory plaintiff’s law firms by bringing the same manufactured claims against a variety of defendants in an attempt to coerce them to ‘settle’ as opposed to incurring expensive legal costs and potential publicity due to the public nature of these lawsuits.Quicken Loans has no intention of settling these meritless claims. The complaint, which copies verbatim allegations filed by the same law firm against other defendants, appears to be spurred almost entirely by an erroneous media report. It is frivolous allegations like these that are clogging the courts and slowing progress on more pressing—and legitimate—matters.As alluded to in Quicken Loans’ statement, this is the fourth such lawsuit leveled against NaviStone in the past week, with others claiming similar activities between NaviStone and online mattress retailer Casper Sleep Inc., clothing retailer Moosejaw, and retailer Charles Tyrwhitte, Inc.Quicken Loans has been on the forefront of embracing online mortgage technology, chiefly through its “Rocket Mortgage” program, which allows users to upload financial details and receive a loan decision swiftly and entirely through the website or mobile app. In October 2017, Quicken Loans announced a partnership with digital transaction solutions manager eOriginal to incorporate an electronic note into Rocket Mortgage and store it as an authoritative copy through the eVault.You can read the full lawsuit filing by clicking here. Sign up for DS News Daily center_img Tagged with: Class-Action Lawsuit Consumer Privacy keystroke logger Lawsuit navistone privacy Quicken Loans wiretap act  Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Class-Action Lawsuit Consumer Privacy keystroke logger Lawsuit navistone privacy Quicken Loans wiretap act 2017-12-05 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Quicken Calls Lawsuit ‘Meritless and Frivolous’ Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Low-End Single-Family Rental Prices Trending Higher

first_imgHome / Daily Dose / Low-End Single-Family Rental Prices Trending Higher in Daily Dose, Featured, Headlines, Market Studies, News Low-End Single-Family Rental Prices Trending Higher Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago CoreLogic Molly Boesel Single Family Rental Video Spotlight 2018-01-31 David Wharton The Best Markets For Residential Property Investors 2 days ago January 31, 2018 5,397 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Previous: Can the Housing Market Maintain Its Momentum? Next: Fed Maintains Interest Rates as Yellen’s Tenure Winds Down Demand Propels Home Prices Upward 2 days ago Share Save Single-family rental home prices have been trending upwards since the Great Recession, and low-end rentals have been increasingly outpacing high-end ones for the past several years. In a new video blog, CoreLogic Principal Economist Molly Boesel explores the factors at play in these trends.For more insights into the state of the single-family rental market, be sure to register for the 2018 Single-Family Rental Summit, scheduled for March 19-21 at the Renaissance Nashville Hotel in Nashville, Tennessee. The event will feature top subject matter experts and skilled SFR practitioners leading discussion panels and training sessions that will answer questions and offer viable solutions related to property acquisition and management, financing, strategies for small, mid-cap, and large investors, and new developments related to technology and professional services. You can find out all the details by clicking here.  Print This Post Tagged with: CoreLogic Molly Boesel Single Family Rental Video Spotlight Related Articleslast_img read more

As Stocks Tumble, Lenders Take a Hit

first_imgHome / Daily Dose / As Stocks Tumble, Lenders Take a Hit Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo 2018-02-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Dow Jones industrial average closed down 1,200 points on Monday, after having dropped 1,500 points earlier in the day. This came on the heels of a 666-point drop in the Dow last Friday. With the Standard & Poor’s index down in four out of the last five sessions and Nasdaq won the last six out of eight, what’s causing this level of investor skittishness, and what does it mean for the housing industry?The Washington Post throws the stock turmoil into stark relief, pointing out that the Dow “has swung more than 2,100 points in the last two sessions, a decline pushing more than 8 percent and shattering long-term momentum.” The Post cites changes at the Fed as one likely contributing factor, with new Fed Chair Jerome Powell having just taken over from the departing Janet Yellen. While Powell, who was officially sworn in on Monday, is widely expected to continue many of the cautious policy approaches championed by Yellen during her time in the role, a new Fed Chair can nevertheless contribute a level of uncertainty into the economic landscape.The Post cites investor concerns that Powell and the Fed will accelerate interest rate hikes, which could slow the economy. The Fed increased their benchmark interest rates to a range of 1.25 percent to 1.5 percent in December, but left them unchanged at last week’s meeting of the Federal Open Market Committee. Analysts expect another rate hike to come in March, following the first FOMC meeting under Powell, with several more rate hikes being widely predicted throughout 2018. Further interest rate hikes would drive up mortgage rates, which, when combined with widespread affordability and inventory issues throughout many parts of the country, could make the difference between many potential homebuyers choosing to purchase a home or stick with the rental market.In a video posted to the Fed’s website Monday, Powell said, “Today, unemployment is low, the economy is growing, and inflation is low. Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability.” Powell also stated his belief that the financial system is now stronger and more resilient than in the days of the housing crisis. “We intend to keep it that way,” Powell added. “My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks.”During an appearance on CBS Sunday Morning, Yellen praised Powell, saying, “I’ve worked with Gov. Powell for five years, very constructively,” Yellen said. “He is thoughtful, balanced, dedicated to public service. I’ve found him to be a very thoughtful policymaker.”As one of Yellen’s final acts, the Fed announced on Friday that it would restrict Wells Fargo’s growth due to “widespread consumer abuses.” The Fed is limiting Wells Fargo from growing any larger than its total assets at the end of 2017 until such time as “sufficient improvements” have been made. In response, Wells Fargo announced that it would be replacing four directors by the end of the year. Shares of Wells Fargo stock fell 9.2 percent on Monday, as of this writing.During an appearance on CNBC’s Power Lunch, veteran banking analyst Dick Bove downplayed the impact of the Fed’s actions, saying, “There will be no reduction in the ability of this company to lend money, take in deposits, or operate the way they have historically.”Investors are likely also watching the yield on 10-year Treasury bonds. As the Post explains, “Bond yields are rising as the Federal Reserve trims its U.S. bond holdings. The U.S. Treasury is also having to borrow more money, partly because of the tax cuts, and issuing more debt tends to raise yields.”There are other potential landmines on the horizon as well. After a brief government shutdown followed by a stopgap agreement in late January, the government is once again poised to shut down unless the House and Senate can come to terms. Last week, the Congressional Budget Office announced that if the debt ceiling is not raised by mid-March, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”David Kelly, Chief Global Strategist for JPMorgan Asset Management, told ABC News, “It’s like a kid at a child’s party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge.”On Monday, Wells Fargo shares sank $5.91 to $58.16, a drop of 9.22 percent. Bank of America closed at $30.26, down 5.29 percent. JPMorgan Chase dropped 4.80 percent to close at $108.80. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Top 5 Cities to Rent and to Own a Home Next: Bracing for a Sea of Change in Mortgage Servicing Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo As Stocks Tumble, Lenders Take a Hit Related Articles  Print This Post Share Save About Author: David Wharton Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 5, 2018 2,166 Views Subscribelast_img read more

“Positive Conditions” Leading to Strong Home Builder Confidence

first_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago “Positive Conditions” Leading to Strong Home Builder Confidence The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. Previous: Fannie Mae: Housing Driving Economic Growth Next: Navigating Loss Mitigation in a Low-Default Landscape Related Articlescenter_img November 18, 2019 951 Views Tagged with: Housing Market 2019 NAHB/Wells Fargo Housing Market Index new home inventory Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News  Print This Post Housing Market 2019 NAHB/Wells Fargo Housing Market Index new home inventory 2019-11-18 Mike Albanese Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / “Positive Conditions” Leading to Strong Home Builder Confidence Sign up for DS News Daily The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) found builder confidence in the newly-built single-family homes was just one point lower to 70 in November. The past two months have had the highest sentiment levels in 2019. “Single-family builders are currently reporting ongoing positive conditions, spurred in part by low mortgage rates and continued job growth,” the report states. “In a further sign of solid demand, this is the fourth consecutive month where at least half of all builders surveyed have reported positive buyer traffic conditions.” NAHB states there have been substantial annual improvements following housing affordability issues in 2018 when the HMI was 60. Lot shortages, however, remain an issue for custom builders, as they struggle with affordability concerns, lack of labor, and regulatory constraints. The Northeast posted a two-point gain in builder confidence to 62, the West’s sentiment increased to 81, the South rose one point to 74, and the Midwest was unchanged at 58. All regions posted year-over-year increases. Redfin reported earlier this month that although the sale prices for new homes fell 1.5% from 2018, new-home sales rose 5.6%. Home-sale prices fell to a new average of $370,000 for Q3 2019—the biggest price decline since 2012 and the third consecutive quarter of declines. The new-home supply fell 7.9% annually, which is also the most significant inventory drop since 2012, and the second straight quarter of declines.  Prices for existing homes rose 4.2% from 2018, while sales increased by 2.1%. The supply of existing homes fell by 6.9%. Redfin stats the 10% year-over-year rise in residential building permits could signal the start of a “moderate recovery” for the new-home market. “Buyers are returning to the new-home market thanks to low mortgage rates and relatively low prices,” said Redfin Chief Economist Daryl Fairweather. “And builders, also taking advantage of low-interest rates to fund projects, are paying attention to preferences for affordability, which has led to more sales. Residential construction was a bright spot in the economy in the third quarter, a sign that builders are working to fill an inventory gap. As we head into the new year, I expect more new-home listings to hit the market, which should help sustain the relatively high level of sales.”last_img read more

Supreme Court Offers Ruling on Bankruptcy Appeals Case

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Mortgage Industry Groups Provide Feedback on Universal Mortgage-Backed Security Next: Economy: Recovery From Great Recession ‘Largely Uneven’ Supreme Court Offers Ruling on Bankruptcy Appeals Case Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Market Studies, News  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Linda J. St. Pierre Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Bankruptcy Law Supreme Court 2020-01-23 Mike Albanese The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago January 23, 2020 973 Views On Writ of Certiorari to the United States Court of Appeals for the Sixth Circuit, the Supreme Court rendered a decision in the case of Ritzen Grp., Inc. v. Jackson Masonry, LLC (In re Jackson Masonry, LLC), 906 F. 3d 494, 2018 U.S. App. LEXIS 29009 (6th Cir. Tenn. Oct. 16, 2018).  which held that an order granting relief from the automatic stay that entered without prejudice was final and immediately appealable.  In its decision, the court did not rule on whether an order denying a motion for relief from stay without prejudice is a final order noting that further developments might change the stay calculus under any such ruling.  This decision stems from the case of Ritzen Grp., Inc. V. Jackson Masonry, LLC, 2020 U.S. LEXIS 526.  Ritzen Group, Inc. (Ritzen) sued Jackson Masonry, LLC (“Jackson”) in state court for breach of a land-sale contract.  Thereafter, Jackson filed for Chapter 11 bankruptcy protection which followed by Ritzen’s filing of a motion for relief from the automatic stay seeking an order from the Bankruptcy Court allowing the trial to proceed in state court.  After a hearing on Ritzen’s motion, the Bankruptcy Court denied the motion. Pursuant to 28 U.S.C. §158(c)(2) and Fed. Rule Bkrtcy. Proc. 8002(a), parties are required to appeal from a final order “within 14 days after entry of the …order being appealed”.  Ritzen did not appeal from the order denying relief from stay within that 14 day period, instead, Ritzen proceeded with filing a proof of claim in the underlying Chapter 11 bankruptcy case in pursuit of his breach of contract claim. Only after Ritzen’s Proof of Claim was disallowed did Ritzen filed an appeal in the District Court for the Middle District of Tennessee seeking to challenge the order denying relief from the automatic stay.  On appeal to the District Court, the District Court rejected Ritzen’s appeal of the order holding that under §158(c)(2) and Fed. Rule Bkrtcy Proc. 8002(a), the time to appeal expired 14 days after entry of the bankruptcy order.  Ritzen thereafter filed a further appeal to the Court of Appeals for the Sixth Circuit wherein it affirmed the District Court’s decision. Thereafter, the United States Supreme Court granted certiorari to resolve whether the orders granting relief from stay were final appealable orders under §158(a)(1).  Under review by the Supreme Court was the question of the finality of the order granting relief from stay and therefore the time allowed for appeal from that order.  Ritzen argued that denial of stay relief determines nothing more than the forum for claim adjudication and is nothing more than a preliminary step in the claims adjudication process.  The court rejected that argument. In its analysis, the court determined the applicability of §158(a)’s finality requirement together with its opinion in Bullard V. Blue Hills Bank, 575 U.S. 496, 135 S. Ct. 1686, 191 L. Ed. 2d 621.  In the Bullard case, the court held that an order rejecting a proposed plan was not final because it did not conclusively resolve the relevant “proceeding” and that “proceeding” would continue up to the time the plan was approved.  Id. At 502, 135 S. Ct 1686, 191 L. Ed. 2d 621, Pg. 6. In applying Bullard to its analysis in this case, the court had to determine how to define the immediate appealable “proceeding” in the context of a relief from stay motion. Under this analysis, the court determined that motions for relief from stay are considered a discrete proceeding which disposes of a procedural unit anterior to, and separate from, claim-resolution proceedings which occurs before and apart from the proceedings on the merits of a creditor’s claim.Unlike in Bullard where the court held that an order denying a proposed plan did not resolve the relevant proceeding, the relief from bankruptcy’s automatic stay presents a “discrete dispute qualifying as an independent proceeding within the meaning of §158(a) which terminates a procedural unit separate from the remaining case, not whether the bankruptcy court has preclusively resolved a substantive issue”. The court went on to say that it is common for bankruptcy courts to resolve discrete controversies definitively while leaving the underling bankruptcy case pending.  Delaying appeals of these controversies would postpone appellate review of fully adjudicated disputes until termination of the entire bankruptcy case causing an “untoward consequence”. Early reversals of incorrect decisions would allow a bankruptcy court to unravel later adjudications rendered in reliance on the earlier decision. See Ritzen Grp., Inc. V. Jackson Masonry, LLC at page 6. In rejecting Ritzen’s argument that the denial of stay relief determines nothing more than the forum for claim adjudication and is nothing more than a preliminary step in the claims adjudication process, the court argued that resolution of a motion for stay relief can have large practical consequences including isolating the claim from creditors in lieu of going it alone outside of bankruptcy and that leaving the stay in place can cause value decline and collection delay.  Because the underlying “proceeding” in the Ritzen case was adjudication of a motion for relief from the automatic stay, that denial order was final with nothing more for the bankruptcy court to do in that proceeding.  The decision of the Court of Appeals was Affirmed.   Tagged with: Bankruptcy Law Supreme Court Home / Daily Dose / Supreme Court Offers Ruling on Bankruptcy Appeals Case Share Save Linda St. Pierre focuses her practice primarily on the representation of secured creditors, equity holders, and investors in cases pending under all chapters of the United States Bankruptcy Code. Ms. St. Pierre manages MRLP’s Connecticut bankruptcy team and assists with the firm’s New York office. Linda has over 18 years of bankruptcy and foreclosure experience including representation of Chapter 7 Trustee’s in contested and uncontested bankruptcy matters in all chapters. Subscribelast_img read more

Gambling, alcohol and cigarettes all hit in Budget 2012

first_imgNews Guidelines for reopening of hospitality sector published Facebook Gambling, alcohol and cigarettes are all being hit in the budget.The government’s to introduce legislation extending the betting duty to remote betting.The VAT increase of 2 per cent will apply to alcohol – but no other excise increase will be applied.In addition, Minister Noonan says a packet of cigarettes will increase by 25 cent from midnight tonight:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/cigs.mp3[/podcast] Calls for maternity restrictions to be lifted at LUH Pinterest Previous articleDiesel up 1.6 cent and Petrol up 1.4 cent from midnight tonightNext articleIncrease in cigarette prices will lead to more smuggling News Highland NPHET ‘positive’ on easing restrictions – Donnelly By News Highland – December 6, 2011 448 new cases of Covid 19 reported today Twitter Google+center_img Google+ Pinterest WhatsApp Gambling, alcohol and cigarettes all hit in Budget 2012 RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson Twitter WhatsApp Facebook Help sought in search for missing 27 year old in Letterkenny last_img read more

Man shot and injured in Derry

first_img WhatsApp RELATED ARTICLESMORE FROM AUTHOR A man has been shot close to Derry city centre.It happened in Ewing Street, in the Bishop Street area, at around 10pm last evening.He’s said to be in a stable condition in hospital.Witnesses say the man suffered gunshot wounds to his legs and arm with bullet holes in a car where the shooting happened.Police are appealing for witnesses to come forward. Pinterest WhatsApp Google+ Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Man shot and injured in Derry Facebook Twitter Google+center_img Guidelines for reopening of hospitality sector published By News Highland – August 10, 2011 Twitter Newsx Adverts NPHET ‘positive’ on easing restrictions – Donnelly Facebook Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson Previous articleDACC told there is no threat to Letterkenny Emergency DepartmentNext articleDeputy McGinley says government had no choice but to shelve road projects News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

Efforts continue to get Keith Prowse facility back into operation

first_img Need for issues with Mica redress scheme to be addressed raised in Seanad also Guidelines for reopening of hospitality sector published WhatsApp RELATED ARTICLESMORE FROM AUTHOR Previous articleMan appears in court on Derry bomb chargesNext articleAppeals for calm in Derry as 15,000 Apprentice Boys parade News Highland Efforts continue to get Keith Prowse facility back into operation By News Highland – August 13, 2010 Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ WhatsAppcenter_img Pinterest The Mayor of Buncrana is to convene a meeting of local political representititves and development agencies in a bid to have the Keith Prowse premises in Buncrana taken over as a going concern.Cllr Padraig Mac Lochlainn had seperate discussions with the company and IDA Ireland today, and says they are now meeting to discuss options for the plant.he says as well as a well trained and skilled workforce, the plant is equipped with modern, state of the art call centre facilities, and could be very easily adapted for use by another company.Cllr Mac Lochlainn says if the will is there, he believes the facility could reopen very quickly……[podcast]http://www.highlandradio.com/wp-content/uploads/2010/08/xpmacl1pm.mp3[/podcast]Meanwhile, Senator Cecilia Keavney has renewed her call for a major conference in Donegal aimed at identifying and fostering employment and business opportunities within the county.She says a model similar to that used at last years’ national conference in Farmleigh could be used, with Donegal people who have been successful elsewhere invited back to see how their expertise and experience can be harnessed.She says there is a lot of potential in Donegal, but help is needed to get it tapped……..[podcast]http://www.highlandradio.com/wp-content/uploads/2010/08/xcecil1pm.mp3[/podcast] Google+ Twitter Calls for maternity restrictions to be lifted at LUH Pinterest Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week Newsx Adverts Twitterlast_img read more