Agency MBS

Browse articles from all of our Newsletters related to Agency MBS.

July 31, 2015 - Inside The GSEs

GSE Roundup

Fannie’s New Headquarters. Fannie Mae will begin occupying its new state-of-the-art headquarters in Washington, DC in 2017, replacing the site of the Washington Post building. Renderings filed with the DC’s Board of Zoning Adjustment illustrate window-filled twin buildings connected by several bridges and notes that it will have about 1.2 million square feet spread out among 12 stories and retail on the bottom. Freddie Mac SVP Receives Award. Christina Boyle, a Freddie senior vice president, was named a 2015 “Power Player” by MReport, honoring women in housing finance. GSE Q2 Earnings Release Date. Freddie Mac announced that it will release its second-quarter 2015 financial results on Tuesday morning, Aug. 4. Freddie Prices Second Q Certificate. Freddie Mac priced its second Q Certificates...

July 31, 2015 - Inside The GSEs

Fannie Plans for Actual Loss Transaction with New Dataset

In preparation for more risk sharing, including its first actual-loss transaction, Fannie Mae released an updated, more detailed single-family loan performance dataset last week to provide more transparency to the market. The GSE plans to move away from fixed severity deals to an actual-loss framework for its Connecticut Avenue Securities risk-sharing deals as early as the fourth quarter of 2015.The enhanced dataset will include credit performance up to and including property disposition, including credit event dates, costs incurred and Fannie’s recovery proceeds. Until now, Fannie risk-sharing transactions used pre-set loss severity schedules to determine investor loss exposure.Laurel Davis, vice president for credit risk transfer at Fannie, said the GSE is providing access to the data now in order to give the market...

July 31, 2015 - Inside The GSEs

Ellie Mae's Integration Makes It Easier to Do Fannie Business

Software company Ellie Mae recently teamed up with Fannie Mae to incorporate Fannie’s risk management tools into its system to make it easier for lenders to do business with the GSE. This will help ensure that the loans meet Fannie’s sale eligibility requirements. Although Ellie Mae has its own system, Encompass LOS, the company decided to incorporate Fannie’s risk management tools, like Desktop Underwriter, Collateral Underwriter and Early Check software, into Encompass. The California-based company said it hopes the integration will enhance transparency and avoid any potential last-minute surprises since the system will examine loans beginning from eligibility all the way to loan delivery.

July 31, 2015 - Inside The GSEs

Freddie Launches New RMBS-Like CRT, May Attract More REITs

Freddie Mac launched a new credit risk-transfer offering late last week that’s structured more like a non-agency mortgage backed security. One analyst said it could prompt more participation from real estate investment trusts. The $300 million offering, the Freddie Mac Whole Loan Security, features a $278 million senior class guaranteed by the GSE and a $23 million subordinate actual-loss security. WLS 2015 SC01 is backed by super-conforming loans originated in the fourth quarter of 2014 and early 2015. The GSE said by shifting some of its credit risk from the underlying mortgages to subordinate investors, the new offering compliments its Structured Agency Credit Risk and Agency Credit Insurance offerings.

July 31, 2015 - Inside The GSEs

CSP, CSS Advisory Group Talks Market Transition at First Meeting

The amount of lead time the market will need to make changes to prepare for the single security was one of the concerns discussed at the first advisory group meeting for the single security/common securitization platform.Members, comprised of trade group officials as well as representatives from Fannie Mae, Freddie Mac and Common Securitization Solutions, convened for the first time in mid-July at the CSS office in Bethesda, MD.Operational and technology impacts were discussed, according to notes summarizing the meeting, and most participants agreed that a quick fluid transaction would be best, with conversion to the new security taking place as soon as possible. Most members agreed that the transition could be completed within three or four months but said system changes could take longer.

July 31, 2015 - Inside MBS & ABS

DBRS Set to Enter Market for Rating PACE ABS, FHFA’s Concerns Seen as Unwarranted

DBRS published proposed criteria this week to rate ABS backed by proceeds from Property Assessed Clean Energy programs. While the Federal Housing Finance Agency continues to place PACE-related prohibitions on mortgages delivered to the government-sponsored enterprises, the rating agency suggested that PACE programs are designed with a number of protections. Comments on the proposed criteria from DBRS are due Sept. 8. The firm would join Kroll Bond Rating Agency in offering ratings on PACE securitizations. KBRA has rated four PACE deals, the first of which was issued in March 2014 and all of which have received AA ratings. The PACE deals rated by KBRA were related...

July 31, 2015 - Inside MBS & ABS

When it Comes to Issuing New MBS, Bank of America Continues Its ‘Drop Dead’ Attitude Toward Fannie Mae

Over the past few weeks, an unconfirmed rumor was making the rounds that Bank of America would once again begin securitizing newly originated mortgages through Fannie Mae. But a quick check with both parties indicates that the “cold war” between the two isn’t likely to thaw anytime soon. Terry Francisco, a spokesman for BofA said the bank is only selling Home Affordable Refinance Program loans to Fannie. The bank, he noted, discontinued securitizing newly originated non-HARP loans through the government-sponsored enterprise in 2012. According to figures compiled by Inside MBS & ABS, over the past three years almost all of the non-refinance activity between the two has centered...

July 31, 2015 - Inside MBS & ABS

Ginnie Mae Underscores Importance of Issuer Seasoning Before Engaging in Co-Issuance Programs

Ginnie Mae said new MBS issuers need to gain some experience in the agency’s program before they are allowed to do servicing transfers, but some newly approved issuers have attempted to do so. Roy Hormuth, director of single-family securitization at Ginnie Mae, said there has been some misconception among new issuers about doing a co-issuance program in their first month in the Ginnie program despite the fact that they are not ready for it. New issuers must first demonstrate that they can successfully manage the servicing themselves before they can transfer servicing immediately, he said. In a co-issuance transaction, a company sells...

July 31, 2015 - Inside MBS & ABS

ARM, HARP MBS Issuance Tumbles in 2015, But Agency Jumbo and 20-Year Product Up Sharply

Heavy refinance activity in the first half of 2015 caused a significant shift in the kinds of single-family MBS produced by Fannie Mae, Freddie Mac and Ginnie Mae. Issuance of MBS backed by adjustable-rate mortgages has dropped sharply in 2015, and ARMs haven’t had much of a presence for years. ARM MBS production by Fannie and Freddie in the first half of 2015 was down 20.1 percent from a year ago. The drop in Ginnie ARM securitization was less severe, 18.3 percent, but ARMs accounted for an even smaller share of overall production (1.7 percent) at Ginnie than the 2.9 percent share they had in government-sponsored enterprise MBS. Oddly, the heavy refinance market in the first half of 2015 did not appear...[Includes two data tables]

July 31, 2015 - IMFnews

The Shifting Sands of Agency MBS Issuance: ARM Volume Down Significantly

ARM MBS production by Fannie and Freddie in the first half of 2015 was down 20.1 percent from a year ago.

July 31, 2015 - IMFnews

Ocwen’s Sale of Servicing to Nationstar Might Not Go Through

“Of course, there are no guarantees, and all of our announced sales may not close as we currently envision,” said Ocwen's Ron Faris.

July 30, 2015 - Inside Mortgage Finance

House Moves to Expand QM Safe Harbor While Senate Backs Away From GSE Tax for Highways

The House Financial Services Committee this week marked up legislation to block pay raises for the top executives at Fannie Mae and Freddie Mac and to extend qualified-mortgage status to loans originated for an institution’s retained portfolio. H.R. 1210, the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY, would extend qualified-mortgage protection from litigation and enforcement actions for mortgages originated and retained in portfolio by depository institutions. “This would incentivize private-sector risk retention,” said Barr. Rep. John Carney, D-DE, said...

July 30, 2015 - Inside Mortgage Finance

Ginnie Mae Exerts New Controls on Servicing Changes as MSR Transfers Maintain Robust Pace

Ginnie Mae this week adopted a prior-approval policy for mortgage servicers that switch subservicers, bring subservicing in-house or move in-house servicing to subservicers. Noting an increasing number of companies that are making such changes in their servicing operations, the agency said some mandatory reporting requirements are getting lost in the shuffle. Effective immediately, any Ginnie issuer that wants to bring servicing in-house from a subservicer must get the agency’s prior written approval, according to All-Participants Memo 15-11. Existing rules require...

July 30, 2015 - IMFnews

Short Takes: An Industry Truce with the CFPB? / No Pay Raises for You! / Bill Would Expand the QM ‘Safe Harbor’ / Quicken #1 in Customer Satisfaction / Applications Rise Ever So Slightly

But Garrett also noted: “Congress should kill the CFPB, or at least de-fang it, but until it does, total compliance is necessary.” That’s more like it…

July 28, 2015 - IMFnews

Former GMAC Mortgage President Abreu Launches Retail/Wholesale Lender

Abreu ran GMAC from October 2009 to 2013. He then went to work for Ellington Management Group where he headed originations.

July 27, 2015 - IMFnews

IMA Offering $712 Million of GSE Servicing Rights

As the summer moves along, servicing auctions of all different sizes keep coming...

July 27, 2015 - IMFnews

Banks Ramp Up Holdings of GSE Eligible Loans – JPMorgan In Particular

During JPM’s recent earnings call, Lake said “over half” of the new portfolio additions were jumbos and “the other half” were conventional mortgages.

July 24, 2015 - Inside FHA/VA Lending

FHLB Chicago’s MPF Program Announces First Ginnie Mae MB

The Federal Home Loan Bank Mortgage Partnership Finance program has announced its first security issuance with a Ginnie Mae guarantee. The $5 million security is backed by home loans originated by community banks and credit unions through the MPF Government MBS product. The Mortgage Bankers Association welcomed the new MBS, seeing it as another opportunity for all lenders to access the capital markets directly, reducing costs and increasing originations. “Many community banks use the FHLB MPF program to sell conventional mortgages into the secondary market,” observed Ron Haynie, senior vice president at the Independent Community Bankers of America. “This expansion in aggregating and securitizing government loans provides community banks with the opportunity to reach more borrowers, especially in rural and small-town markets, and to safely sell those loans to ...

July 24, 2015 - Inside Nonconforming Markets

Freddie Issues Senior-Sub ‘Risk-Transfer’ Deal

Freddie Mac priced a risk-sharing transaction this week that’s structured much like a non-agency jumbo mortgage-backed security that has the advantage of the government-sponsored enterprise’s guaranty and oversight of servicing practices. Freddie Mac Whole Loan Securities Trust, Series 2015 SC01, will include $278 million in senior certificates guaranteed by Freddie and approximately $23 million in unguaranteed subordinate certificates. The deal is backed by ...

July 24, 2015 - IMFnews

What We’re Hearing: CALCAP Working on $100 Million Fund for Non-Agency / The Changing Nature of ‘Fix and Flip’ / Altisource Lures Away Ginnie’s Man on the Hill / Not So Fast on Those GSE Raises / Improving Delinquencies Kill Another Business

Serious money continues to plow into non-agency mortgage lending. Meanwhile, Altisource hires Ginnie Mae's man on the hill...

July 24, 2015 - IMFnews

Multifamily Issuance by the Agencies Saves the Day for CMBS in 2Q

If the pace continues over the second half of the year – and strong consumer demand for apartments suggests it will – 2015 would become the best year ever in agency multifamily MBS.

July 24, 2015 - Inside MBS & ABS

Mid-Year GSE Risk-Sharing Numbers on Track to Beat Last Year’s Total Issuance

Fannie Mae and Freddie Mac risk-sharing transactions have gained steam in the first half of 2015 with the GSEs issuing $7.04 billion through the end of June, a 62.9 percent increase over the first half of last year. Since the credit-risk transfer program launched in July 2013, the two government-sponsored enterprises have sold $19.61 billion of CRT bonds to a growing universe of investors. The CRT bonds transferred a portion of the credit risk on some $704.45 billion of single-family MBS. In addition, Fannie and Freddie have purchased...

July 24, 2015 - IMFnews

Banks Continue to Gobble Up MBS, the Megabanks Especially

The 25 largest banks held $1.15 trillion in MBS at the end of June, according to an Inside MBS & ABS analysis of Federal Reserve data.

July 24, 2015 - Inside MBS & ABS

Commercial Mortgage Securitization Activity Nudged Higher by Strong Agency Multifamily MBS Issuance

A rebound in multifamily MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae pushed total securitization of commercial mortgages up slightly in the second quarter of 2015. A total of $53.96 billion of income-property mortgages were securitized in the second quarter, according to a new Inside MBS & ABS market analysis. That was up a scant 0.6 percent from the first quarter of 2015. All of the gain came...

July 23, 2015 - Inside Mortgage Finance

AIG to Issue $300 Million in Mortgage Bonds Backed by Policies Written by United Guaranty

American International Group is reportedly bringing to market $300 million in securitized notes backed by mortgage insurance written by its private MI subsidiary United Guaranty Corp., but the global insurance company is playing it close to the vest. AIG and United Guaranty are keeping details of the risk-transfer transaction under wraps and a spokesperson for UG declined to comment. Credit Suisse is the seller of the notes. Citing company marketing documents, Bloomberg reported...

July 23, 2015 - Inside Mortgage Finance

Dodd-Frank Mortgage Reforms Likely to Remain, GSE Reform a Glaring Gap Left by Act, Critics Say

Republican congressional leadership commemorated the fifth anniversary of the Dodd-Frank Act this week by bashing the massive legislation. But there was not a single mention of making any changes to the mortgage-related provisions in the law. However, Republican leaders of the House Financial Services Committee and the Senate Banking, Housing and Urban Affairs Committee demonstrated varying degrees of optimism about enacting broader changes to the controversial law. During a Dodd-Frank discussion forum early this week at the American Enterprise Institute, HFSC Chairman Jeb Hensarling, R-TX, in response to a question about the political prospects for reform, said...

July 23, 2015 - Inside Mortgage Finance

M&A Roundup: More MSR Deals Hit the Market; Sale Of RoundPoint Mortgage Uncertain; Deal or No Deal?

Several large servicing portfolios of $1 billion or more hit the market in the past few weeks, but dealmakers and investors continue to wonder about the largest prize of them all: RoundPoint Mortgage, Charlotte, NC, which owns roughly $52.18 billion of receivables and ranks among the top 25. Investment banking officials who claim to have knowledge of the RoundPoint situation maintain that its owner, The Tavistock Group, is hell-bent on selling the nonbank, but as far as coming to final terms with a buyer, any buyer, that’s a different matter. It’s...

July 23, 2015 - Inside Mortgage Finance

Mortgage Production Volume Continued Gaining Strength in 2Q15; Heady Rally in FHA Lending

The mortgage market cranked up new originations significantly during the second quarter of 2015, lifting production to its highest level in nearly two years, according to a new analysis and ranking by Inside Mortgage Finance. Lenders produced an estimated $445 billion of first-lien single-family mortgages during the second quarter, an increase of 23.6 percent over the first three months of 2015. It marked the strongest origination volume since the second quarter of 2013, when the industry was in the middle of a refinance boom that generated over $2 trillion in new production over a 12-month period. The party this time around doesn’t look...[Includes two data tables]

July 23, 2015 - IMFnews

Short Takes: Kill Fannie and Freddie? What, Are You Crazy? / Yet Another Book About the GSEs / The Enron-Fannie Mae Connection / Plaza Home Posts Record Originations / Two in 40. Who Are They?

Of the 40, just two firms suffered a sequential volume decline. You’ll have to see IMF to find out which ones.

July 23, 2015 - IMFnews

Surprise: Loan Production Climbs to $445 Billion in 2Q, Best in Nearly Two Years

Most mortgage origination indicators pointed higher. Notably, FHA endorsements were up an estimated 61.3 percent from the first quarter…

July 22, 2015 - IMFnews

Mortgage Applications Rise Ever So Slightly

Some originators continue to offer mortgages at rates of under 4.0 percent, depending on the loan amount and points charged.

July 22, 2015 - IMFnews

The Battle Continues Over Extending the 10-Basis-Point G-Fee ‘Tax’

It appears that Democrats just won't give up on trying to tap guaranty fee revenue.

July 21, 2015 - IMFnews

GSE Servicing Continues to ‘Deconsolidate’

Inside the GSEs found that Freddie’s business was more concentrated than Fannie’s...

July 17, 2015 - Inside The GSEs

FHFA Explores GSE Loan Performance of First Timers

First-time homebuyer mortgages acquired by the GSEs performed worse than repeat homebuyer mortgages, said the Federal Housing Finance Agency in a new working paper. But that doesn’t necessarily mean they are riskier. Although the study found first-time homebuyers likely to face more mortgage-related challenges, the FHFA said the difference is based on demographics. “They are younger, and have lower credit scores, lower home equity, and less income and therefore are less likely to withstand financial stress or take advantage of financial innovations available in the market than repeat homebuyers,” said Saty Patrabansh, senior economist and author of the white paper. However, once these differences are taken into account he said there appears to be no difference between first-timer and repeat homebuyers in their probability of default.

July 17, 2015 - Inside The GSEs

Fannie Mae Unveils Second NPL Auction, Includes Smaller Pool

Fannie Mae unveiled its second auction of nonperforming mortgages this week, $777 million of delinquent notes offered in two pools and a smaller $11 million pool that falls under its “Community Impact” program. The $11 million package includes just 75 loans. The collateral is located in Tampa, FL. The two larger pools include 3,900 mortgages. The GSE said it hopes to “inspire” nonprofits, small investors, minority- and women-owned businesses (MWOBs) and community groups to bid and then help borrowers avoid foreclosure. “We recently held a training forum to bring diverse stakeholders together to explore ways to participate in upcoming NPL sales,” said Joy Cianci, Fannie’s senior vice president for credit portfolio management.

July 17, 2015 - Inside The GSEs

The GSEs' First Actual Loss Deal & Second Reinsurance Risk-Sharing

Fannie Mae completed its second credit risk- sharing transaction with the reinsurance industry this week and last week Freddie Mac introduced two new Agency Credit Insurance Structure transactions that gives it coverage based on both first loss and actual losses realized in a reference pool of residential mortgages. Under the two ACIS transactions, Freddie took insurance policies that move most of the remaining credit risk associated with the two Structured Agency Credit Risk debt notes executed in early 2015 to insurers and reinsurers. The two policies cover up to a combined maximum of approximately $223 million of losses that Freddie incurs when homeowners default. This is the 9th ACIS transaction since 2013.

July 17, 2015 - Inside The GSEs

Housing Reform Talks: Finance Should Not Be Political

Housing finance and housing policy should be clearly separated, said Rep. Randy Neugebauer, R-TX, speaking on a Bipartisan Policy Center GSE reform panel with Rep. John Delaney, D-MD, in Washington, DC, on July 16. “We should detach the financial piece away from the political process,” he said, adding that the market should determine how many houses and apartments to build, not the government. Neugebauer and Delaney agreed that reform needs to happen and that today’s housing finance system is largely controlled by the federal government. “The government’s role is to provide liquidity to the market and be more predicable like the banking system, which I’m a big supporter of,” said Delaney. “Then there’s the role of pricing risks, which I’m not a supporter of. The government has its roles mixed up.”

July 17, 2015 - Inside MBS & ABS

Strong Outlook for Issuance of Securities Backed By Nonperforming and Re-Performing Loans

Activity in the non-agency MBS market involving nonperforming loans and re-performing loans is expected to continue to flourish through at least the end of this year, according to industry analysts. Vintage mortgages in scratch-and-dent deals accounted for 42.0 percent of the non-agency MBS issued in the first half of 2015, according to the Inside Mortgage Finance MBS Database. The $15.60 billion in scratch-and-dent volume included a mix of nonperforming loans and re-performing loans. Issuance of non-agency MBS backed by NPLs and RPLs through two quarters this year equaled...

July 17, 2015 - Inside MBS & ABS

Doesn’t Anyone Want to Trade MBS Anymore? Average Daily Trading Hit Yearly Low in June

The average daily trading volume in agency MBS fell to $183.7 billion in June, the lowest reading of the year and another sign that all is not well for anyone who makes their living off of actual trading as opposed to being involved in new issuance. “There are a lot of people out there buying on credit and keeping MBS,” said Christopher Whalen, a senior managing director in the Financial Institutions Ratings Group at Kroll Bond Rating Agency. Whalen added...

July 17, 2015 - IMFnews

Doesn’t Anyone Want to Trade MBS Anymore?

Trading in non-agency MBS, by comparison, is almost non-existent with June's volume coming in at just $2.9 billion.

July 16, 2015 - Inside Mortgage Finance

Government Mortgage Insurance Programs Focus On Improving Risk Management, Expanding Credit

The big gains in business volume at the FHA and the Veterans Administration reflect the two agencies’ differing missions, and officials at both organizations are looking at ways to improve risk management practices. Ed Golding, principal deputy assistant secretary at the Department of Housing and Urban Development, said the FHA dominates the market for high loan-to-value lending to borrowers with credit scores below 680. While some view 680 as borderline subprime, it’s the median credit score for the country, he noted during remarks at a symposium sponsored this week by the Urban Institute. “Risk management is...

July 16, 2015 - Inside Mortgage Finance

Banks Continue Pullback From Agency Servicing Market in 2Q15; House Passes Bill on MSR Study

Depository institutions – along with the top tier of companies that service loans pooled in mortgage-backed securities by Fannie Mae, Freddie Mac and Ginnie Mae – continued to pull back from the market during the second quarter of 2015, according to a new Inside Mortgage Finance analysis. Commercial banks, thrifts and credit unions serviced a total of $3.218 trillion of mortgage servicing rights connected with agency MBS as of the end of the second quarter. That was down 6.9 percent from the first quarter of 2015. Although depositories remain the dominant force in the agency MSR market, accounting for 64.2 percent of servicing on outstanding single-family MBS, nonbanks continued...[Includes four data tables]

July 16, 2015 - IMFnews

Short Takes: More MSR Packages Hit the Market / Who Was at the First CSS Advisory Meeting? Wells Fargo and Others / New Home Sales Rise / Strong Earnings From MGIC

CSS recently unveiled the trade groups that would participating in the IAG, but did not identify any individuals…

July 16, 2015 - IMFnews

Fannie Mae Unveils Second NPL Auction: $788 Million in Total

The delinquent notes are being marketed in collaboration with Wall Street firms Credit Suisse, Wells Fargo Securities, and Williams Capital Group.

July 16, 2015 - IMFnews

Slip Sliding Away: Banks Continue Pullback from Fannie/Freddie/Ginnie Servicing

Meanwhile, the U.S. House of Representatives approved a modified bill that would require federal banking regulators to study the role of depository institutions in the MSR market.

July 15, 2015 - IMFnews

Interactive Mortgage Advisors Working on $6 Billion of Ginnie MSR Deals

IMA Managing Member Tom Piercy said the advisory firm also plans to offer an $800 million package of Fannie Mae/Freddie Mac servicing rights.

July 14, 2015 - IMFnews

As Rates Rise, MSR Values Firm Up. What’s Next for Prices?

With the second quarter having just ended, several large flow and bulk MSR transactions are in the works...

July 13, 2015 - IMFnews

GSE Earnings ‘Sweep’ Cases Won’t Be Settled ‘Out of Court’

Perry Capital and other speculators own the junior preferred and common shares of Fannie Mae and Freddie Mac...

July 10, 2015 - Inside FHA/VA Lending

Issuance of Government-Backed Ginnie MBS Increases in 2Q15

Ginnie Mae issuance of government-insured mortgage-backed securities rose a whopping 47.3 percent in the second quarter of 2015 from the previous quarter, powered by a robust FHA refinancing volume, according to an Inside FHA/VA Lending analysis of agency data. Government-backed Ginnie MBS production in the second quarter totaled $117.5 billion, up from $79.8 billion in the prior quarter. Volume year-to-date also increased by 57.7 percent from the first six months of last year. From May to June, government-backed securitization increased a modest 2.9 percent. FHA loans comprised 62.6 percent of Ginnie MBS issuance in the second quarter while VA accounted for 33.7 percent. Securitized loans with a Rural Housing Service guaranty represented 3.6 percent of total Ginnie MBS issuance during the period. FHA loan securitization was robust in the second quarter, as volume ... [ Charts ]

July 10, 2015 - Inside MBS & ABS

RBS Could Face the Largest FHFA Settlement Yet

The Royal Bank of Scotland may face having to pay a potential settlement of $13 billion amid claims that it sold faulty MBS to Fannie Mae and Freddie Mac, according to court documents. RBS was part of a string of litigation initiated in 2011 by the Federal Housing Finance Agency against 18 financial institutions. The suits alleged violations of federal securities laws and state laws in the sale of the non-agency MBS between 2005 and 2007. “MBS volumes linked...


A lot has been written about the ‘Millennial Generation’ being key to the future of the housing/mortgage market, but how much of your mortgage workforce includes Millennials – those born roughly between the years 1980 to 1999?

Less than 10 percent


11 to 30 percent


Greater than 30 percent


It’s so small we can’t even measure it.


We’re tired of reading about how important Millennials are…


Housing Pulse