Data from the University of Michigan s Survey of Consumer Attitudes was analyzed in the RIHA study to determine how Americans' views of homeownership have changed since the housing bubble burst.
Sellers' reluctance to accept current prices prevents transactions from occurring, notes RIHA.
About 20 percent of all homeowners with mortgages nationally are underwater," states the RIHA study.
From shopping for mortgages to servicing, consensus emerged among the RIHA conference participants that new technology can be a win-win proposition.
The results of a Mortgage Bankers Association of America survey of Internet users, the 2000 Internet Home and Mortgage Shopping Survey--first presented at the RIHA conference--suggested a largely white, somewhat wealthier set of users.
Other industry experts at the April RIHA conference clearly echoed Duncan's argument that the Internet will grow in importance for originating plain-vanilla loans and--at a minimum--as a source of market information for more complex transactions.
To what extent, as several RIHA conference participants claimed, are minorities more likely to use the Internet to avoid what they perceive as the threat of disparate treatment?
These and related questions are being addressed by a new study being undertaken by RIHA, funded jointly by the MBA and the Department of Housing and Urban Development (HUD).
At the RIHA conference, Steve Robertson, senior manager in New York-based PricewaterhouseCoopers' Minneapolis office, illustrated the problem of applying AVM systems to areas with thin data.
Furthermore, at the RIHA conference, Regina Lowrie, president and chief executive officer of Gateway Funding Diversified Mortgage Services, Fort Washington, Pennsylvania, reported that manually referred loans often receive an inordinate amount of post-approval scrutiny, such as audit letters, stigmatizing them among loan officers and underwriters.
Overall, the RIHA conference presentations, dialogue and debate led to three key conclusions about technology's impact on housing opportunity.