Citygate Distress properties advocate

RISING MORTGAGE RATES PRICED OUT UP  TO 15 MILLION According to recent research by Freddie Mac, rising mortgage rates have priced out up to 15 million mortgage-ready potential homebuyers from qualifying for an average loan. As interest rates rise, the pool of mortgage-ready potential borrowers falls, with mortgage capacity decreasing by up to 42%. The…

Experts have recognized Charlotte, North Carolina as a financial hub due to its high concentration of banking institutions, which includes Truist Financial, Bank of America, and Wells Fargo. The city is also known for its fast-growing economy, with a high concentration of millennials, and is home to several famous attractions, including the NASCAR Hall of…

According to a recent report by Michael Simmons, county economist, Mecklenburg County may soon see its average home price exceed $600,000 due to a shortage of affordable homes for sale. The most recent statistics show the average home in the county is currently priced at $592,252, a year-over-year increase of 12.1%. However, there was a…

HISTORY OF THE 4th OF JULY The Fourth of July—also known as Independence Day or July 4th—has been a federal holiday in the United States since 1941, but the tradition of Independence Day celebrations goes back to the 18th century and the American Revolution. On July 2nd, 1776, the Continental Congress voted in favor of independence, and two…

Dear Homer Owners, We understand how overwhelming it can be to face financial difficulties that affect your ability to keep up with mortgage payments, property taxes, and maintenance of your home. That’s why we want to let you know that Citygate Advocates is here to help. As your advocate, we have the expertise to navigate…

HOMEOWNER MOVING DUE TO COST According to recent research by Freddie Mac [1], domestic migration among US homebuyers has slowed down by 18% in the past year, but more people are still moving from high-cost areas to more affordable ones. Florida and Texas are currently attracting the most homebuyers, while New York, Los Angeles, and…

CHARLOTTE ONE OF THE FASTEST IN HOMEBUILDING IN US According to recent data, Charlotte has one of the fastest homebuilding paces in the United States, surpassing Raleigh. [1] Additionally, Charlotte has been attracting homebuyers at a faster pace than Raleigh, with more homes being built in the city. [2] The Charlotte Business Journal reports that…

FINANCIAL STRESS AND SUSTAINABLE HOMEOWNER Financial stress is a necessary condition for unsustainable homeownership. First-time homebuyers are likely to experience financial stress due to factors such as a decline in credit scores, debt-to-income ratio (DTI), and types of debt [1][2][3]. A decline of 60 points or more in the credit scores of first-time homeowners is…

2/3 of FHA INSURED LOANS DID NOT GET PROPER ASSISTANCE IN COVID-19 LOSS MITIGATION According to a recent audit by the US Department of Housing and Urban Development (HUD), around two-thirds of Federal Housing Administration (FHA)-insured loan borrowers did not receive proper assistance from mortgage servicers after the expiry of their COVID-19 mortgage forbearance. The…

HISTORY OF JUNETEENTH Juneteenth is the oldest celebrated commemoration of the ending of slavery in the United States. While it originated in Galveston, Texas in 1865, the holiday has now become federally recognized. Why isn’t Juneteenth more widely known? From Juneteenth.com: “The Civil Rights movement of the 50’s and 60’s yielded both positive and negative results…