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Home Price Index Jumps
/1 Comment/in National /by Tracy WillisAccording to the S&P Corelogic Case-Shiller National Home Price Index, home prices continued their acceleration in January. They jumped 11.2% year over year, the biggest gain in 15 years. Month over month, prices rose in 19 of the 20 cities tracked. Year over year, prices rose in all 20. Detroit data was included in January’s indices for the first time in a year due to interruptions in data collection due to Covid-19 shutdowns.
Mortgage Servicers Warned to Prepare for Disaster
/1 Comment/in National /by Tracy WillisThe Consumer Financial Protection Bureau warns that mortgage servicers should begin reaching out to affected home owners now in order to best advise them on ways they can modify their mortgage loans. The CFPB is concerned about mortgage firms that may cause harm to struggling families and homeowners. A separate compliance bulletin said that companies that are unable to successfully manage loss mitigation can expect the bureau to take enforcement or supervisory action. According to the bureau, as of January, over 2 million borrowers have postponed their payments or failed to make them for at least three months.
J.C. Penney Updates Store Closure List
/in National /by Tracy WillisJ.C. Penney has updated its store closure list. The company was one of the largest retailers to apply for Chapter 11 bankruptcy protection during the pandemic. It announced that it was closing 242 of its stores in May 2020. Since then, the retailer has delayed the closing of 15 stores that were scheduled to be shuttered in March 2021, extending the closing date into May. In doing so, the company added 18 more stores to its closure list.