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» VISIT US ONLINE @ DSNEWS.COM 125 migration to a new virtual infrastructure and developed an SSAE Type II/SAS70 certified data center to achieve MISMO 3.1 compliance, opened an operations facility in Phoenix to accommodate continued growth, introduced hybrid valuation products to help its clients meet evolving property-valuation requirements, and launched Inside Valuation, which brought to LRES its current network of more than 25,000 field agents and its cus- tomer support team. Roger Beane, CEO of LRES, is looking forward to the company's progression. "LRES has grown exponentially in the past 15 years through its additional diverse service offerings, experienced team, increased technology enhancements, improved internal processes, and successful acquisitions," Beane said. "We look forward to the next successful 15 years of serving the mortgage industry and making it easy to do business with LRES." HAWAII Hawaii's No Paradise Thanks to Mortgage Debt Honolulu, Hawaii, is known for its gor- geous beaches and breathtaking landscapes, but it's also known for having the third- highest average mortgage debt in the United States. Trailing the District of Columbia and California, Hawaii averages a mortgage debt of $262,825, which is 60 percent higher than the national average. Honolulu was the third-most expensive home market in the U.S. during Q 3 of 2016. According to the National Association of Realtors (NAR), the median sale price of an existing single-family home was $745,300 in Q 3, which is behind San Jose and San Fran- cisco. e national median sale price in Q 3 was $249,000, NAR reported in December. With more than 110,000 owner-occupied homes in the Honolulu area having mort- gages, cost of living is a key factor in Hawaii's housing market. e high cost of housing in Honolulu explains why it's the most maxed- out metropolitan area for housing debt among the 100 most-populated metro areas. Because the cost of housing is so ex- pensive, homeowners in Honolulu are no strangers to second mortgages or home equity loans. U.S. Census Bureau data shows that approximately 23 percent of mortgaged homes in Honolulu had a second mortgage or a home equity loan in 2015. While financing for a second mortgage or home equity loan will save a home from foreclosure, it is a financial hardship to take on. A spokesperson from the Consumer Financial Protection Bureau urges consum- ers to be wary about applying for a second mortgage. "By taking out a second mortgage, you are adding to your overall debt burden," the spokesperson said. "Anytime you add on to your overall debt burden, you make yourself more vulnerable in case you then experience financial difficulties that affect your ability to repay your debts. It is important to know that a major risk with home equity loans or home equity lines of credit is that if you can- not repay a home equity loan or home equity line of credit, you could potentially lose your home because you are using the equity in your home as collateral." IDAHO Idaho Homebuyers React to HUD Mortgage Price Increase Due to the price increase of insured mortgages made by the U.S. Department of Housing and Urban Development (HUD) in December, potential homeowners in Idaho will be faced with a tight amount of housing inventory. is was the first price increase of federally insured mortgages since 2009. Housing in Boise would be feasible for potential buyers due to low home prices, but homes in Blaine and Teton counties would not be as attainable due to an increase. Homeowners who are interested in a $275,000 home in Boise are still eligible to apply for a Federal Housing Administration (FHA) 30- year fixed mortgage, according to Boise State Public Radio. More than 8,000 homes were purchased using FHA-backed mortgages in 2015, and this year's housing market is set to surpass last year's number. Lee Jones, a HUD spokesperson, said that millennials, first-time homebuyers, and homeowners who are trying to refinance loans will gravitate toward applying for a mortgage through FHA. "For younger buyers, first-time buyers, and folks who are trying to refinance out of risky mortgages, FHA is a very attractive product," Jones said. "Idaho a booming hous- ing market; as markets boom, the prices go up. And we just want to make sure that those kinds of folks who in some sense when they buy a home realizing it's the biggest invest- ment they're likely to make in their lifetime, that they want to do it in a prudent, thought- ful way." Jones told Boise State Public Radio that the economic recovery has paved the way for more opportunities for first-time homebuyers, while home-buying competition in places like Boise keeps demand high. Utah Robyn Moody SALT LAKE REO RealtyONE Group Signature Sales Agent/Owner Robyn@SaltLakeREO.com 801-566-8288 Office | 801-859-2539 Mobile www.SaltLakeREO.com THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com.

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