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To Rent or Not to Rent, That Is the Question

first_img Despite the continuous boom in the American economy, families across metro cities in the US are struggling to afford their homes. Rental rates have far outpaced the household incomes of many, especially among the lower- and- middle- income renter households. Such lopsided economic growth and income distribution has resulted in high rates of the cost burden, forcing many to cut back on expenses in other vital areas, with a spending of more than 30 percent of their incomes on rent. According to the 2018 Cost burden Report by Apartment List, the share of cost-burdened renters fell slightly from 49.7 percent in 2016 to 49.5 percent in 2017, wherein the cost burden rate is the lowest since 2007. However, it is important to note that this decline is due to the upsurge of high-income households in the rental market. Affordability still remains far out of reach for many who do not belong to the dominant lobby of high- income earners. The report reveals that while some trends are reflective of genuine improvements such as the narrowing gap between incomes and rent rates, others are merely compositional changes that do not paint the most accurate picture. For instance, the report found that while the number of renter households earning less than $35,000 witnessed a decrease from 20.5 million in 2007 to 19.7 million in 2017, there has also been a steady increase in the share of cost-burdened households from 76.6 percent in 2007 to 83.2 percent in 2017.  The issue is further exacerbated in the wake of limited impact of political initiatives to provide rent relief to working families struggling to pay their bills. Out of the housing-related bills introduced in the current 115th Congress, just 22 percent is centered on renters, none of which have been passed into law. The report also highlights the bleak image of renters in 20 of the 25 metros, who are cost-burdened by median rent. Miami has the highest cost-burden rate with 62.7 percent, the highest of the nation’s 100 largest metros. Other cities where median rents are far higher than incomes include Philadelphia, San Diego, Los Angeles, Boston, Orlando, and New York, to name a few. Florida is the state with the highest cost burden rate at 56.4 percent. Elucidating on this further, Chris Salviati, Apartment List’s housing economist stated, “There are only five metros — Dallas, Minneapolis, Charlotte, St. Louis and Houston — where the average renter can comfortably afford the median rent.” The report confirms that rental housing affordability affects not just low-income households, but also millions in the middle-class.Formulating policies around inclusion, creating more awareness around the issue, and addressing the underlying causes of drastic shifts in affordability over the years is necessary in order to bring about substantial changes. While there is progressive development in some areas since 2014, the ground reality is that millions are still constrained in their housing choices on account of declining affordability, and often face evictions.  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability Apartment List Households HOUSING Rent Rental October 29, 2018 1,773 Views About Author: Donna Joseph Affordability Apartment List Households HOUSING Rent Rental 2018-10-29 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / To Rent or Not to Rent, That Is the Question To Rent or Not to Rent, That Is the Question Related Articles Subscribe Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Previous: A Bridge Too Far to Cross Next: Good News, Bad News – Replacing LIBOR in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily last_img read more

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The ‘Conundrum’ Surrounding the GSEs

first_imgNearly since the time Fannie Mae and Freddie Mac entered government conservatorship in 2008, some have called to release them back to the private market. At the same time though, there have been constant echoes that the GSEs need to remain countercyclical. Playing a countercyclical role in the private market is simply infeasible, according to Don Layton, a senior industry fellow at Harvard University’s Joint Center for Housing Studies. The former CEO of Freddie Mac called the notion that the GSEs could remain countercyclical post-conservatorship “quite wrong” and “fundamentally inconsistent” in a Joint Center blog post released Wednesday. In short, he explained that “if a source of mortgage credit has private sector capital supporting it, it cannot truly be countercyclical. … Only the government—as the owner of the money printing press—can ignore market conditions.” Without government backing, Fannie Mae and Freddie Mac will need to maintain substantive capital, just like other private financial firms, and they will need to adjust to market conditions—also just like other private financial entities. To remain countercyclical, the government would either need to exempt the GSEs from capital requirements or provide capital itself as it did in the last financial crisis, Layton explained, adding “But do we really want to go through that again?” “Perhaps it’s time to be realistic: countercyclicality is for FHA and VA, as direct government entities. Freddie Mac and Fannie Mae should be assumed neutral, at best, and more likely somewhat procyclical, just like the banks,” Layton stated. “So we have a conundrum,” Layton said. The GSEs’ charter requires them to be countercyclical, but and end to conservatorship necessitates they become pro-cyclical. Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria alluded to the delicate balance between maintaining appropriate levels of capital and risk while also fulfilling the statutory mission of keeping the market liquid when speaking before the National Association of Home Builders last month. Calabria called capital “the foundation of safety and soundness regulation” and explained that the FHFA is “looking closely at the risk profiles of Fannie and Freddie to ensure they match their capital levels and support their statutory missions.”The FHFA recently hired a financial advisor to help plan toward and end of GSE conservatorship. Prior to their conservatorship, the GSEs did play a largely countercyclical role in the housing market due to their Congressional charters and large government subsidies, Layton pointed out. However, in 2008, their ability to remain countercyclical with private sector capital came to an end.“After all, how could they not be procyclical when facing massive losses and rapidly deteriorating capital ratios?” Layton said. While the private-label securitization market, banks, and the GSEs must respond to economic cycles to remain viable, there are two entities that can and maintain a countercyclical role in the market: the Federal Housing Administration and the Veterans Administration. “Their funding is directly on the books of the government, their securitization guarantees carry the full faith and credit of the government, and they have no equity holders or stock price to worry about,” Layton said. Thus, while other entities retracted during the financial crisis, FHA and VA market share grew from about 5% to about 20%.  Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 13, 2020 3,616 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Tagged with: Fannie Mae Freddie Mac GSEs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fannie Mae Net Worth Rises to $14.6B Next: Trump’s Pick for Federal Reserve Board Questioned During Hearing  Print This Post Fannie Mae Freddie Mac GSEs 2020-02-13 Mike Albanese The ‘Conundrum’ Surrounding the GSEs in Daily Dose, Featured, Government, Newscenter_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The ‘Conundrum’ Surrounding the GSEs Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Krista F. Brock The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. last_img read more

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Improving Housing Policy for Seniors, People of Color

first_img Previous: Industry Leaders Welcome Biden Administration to Washington Next: Post-Moratorium Conditions and Concerns About Author: Christina Hughes Babb Sign up for DS News Daily 2021-01-21 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Improving Housing Policy for Seniors, People of Color Subscribe Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Researchers at Urban Institute frequently pen papers about homeownership as a wealth-building tool. This week the VP of Housing Finance Policy Laurie Goodman examines the future of household growth, headship rate (the share of adults who are the heads of households), and the homeownership rate (the share of household heads who own their homes) through 2040.”To create a more equitable and sustainable housing landscape, policymakers, thought leaders, and changemakers need to understand the trajectory of the homeownership rate—where it has been, where it is going, who it has benefitted, and who it has left behind,” Goodman explained.To get a grasp on this trajectory, Goodman and associates analyzed household formation and homeownership over time, showing how a combination of economic cycles and public policies have widened racial homeownership gaps.A few of the key findings are listed below. See the full report at urban.org/research.Household growth will be weak over the next two decades. Household growth averaged 12.4 million per decade from 1990-2010, 7.3 million from 2010-2020 and, we project 8.5 million from 2020-2030 and 7.6 million from 2030-2040″—the decline is a result of slowing population growth and lower headship rates for most age groups.All net household growth will be from households of color. Between 2020 and 2040, there will be 16.1 million net new households. Hispanic households will grow by 8.6 million, households of other races (mostly Asian households) will grow by 4.8 million, and Black households will grow by 3.4 million. White households will decline by 0.6 million.”Almost all net household growth will be from senior households.The homeownership rate will continue to fall for every age group.The decline in the homeownership rate will be particularly pronounced for Black households headed by 45-to 74-year-olds. If current policies stay the same, the Black homeownership rate will fall well below the rate of previous generations at the same age and result in an unprecedented number of Black renters over 65; we project elderly Black renters will more than double from 1.3 million in 2020 to 2.6 million in 2040.”Net growth in the number of homeowners from 2020 to 2040 will be entirely among people of color, especially Hispanic homeowners. Between 2020 and 2040, there will be 6.9 million net new homeowner households, a 9% increase. Hispanic homeowners will grow by 4.8 million, homeowners of other races (mostly Asian homeowners) will grow by 2.7 million, and Black homeowners will grow by 1.2 million. The total number of white homeowners will decline by 1.8 million.”Renter growth will be more than twice the pace of homeowner growth from 2020 to 2040. Armed with understanding, policymakers should focus on policies that address seniors’ specific needs, Goodman says, and should prepare for the surge in renters and coming demographic changes, we need to increase the supply of affordable homes and better tailor these homes to the needs of future owners and renters through more flexible zoning and land use regulations.In addition, leaders must also make a concerted effort to decrease the enormous racial homeownership gap by improving and expanding financial education and homeownership preparation and increasing the visibility, access, and types of down payment assistance programs; re-examine how financial institutions qualify borrowers for mortgages and revamp the process to more precisely assess creditworthiness; and implement programs that sustain homeownership for borrowers with less wealth, especially people of color. Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Improving Housing Policy for Seniors, People of Color The Best Markets For Residential Property Investors 2 days ago January 21, 2021 12,333 Views in Daily Dose, Featured, News  Print This Postlast_img read more

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Tracking Homeowners’ Desire to Relocate

first_img Data Provider Black Knight to Acquire Top of Mind 1 day ago  Print This Post Tracking Homeowners’ Desire to Relocate Related Articles 2021-01-18 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Previous: Economy ‘Ready to Take Off’ in 2021 Next: Legal Strategy and Budget: 10 Things Investors Should Consider Share Save Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Tracking Homeowners’ Desire to Relocate A survey by LendingTree found that about half of Americans looked into moving in the coming year.The researchers took a closer look at where, specifically, homeowners who relocate are most likely to go. Using data from January-December of 2020, LendingTree analyzed the migration patterns of American homebuyers in each of the 50 states. They found that most surveyed are thinking of moving within the state where they live and that homeowners in certain places—like New York—are more likely to move to another state.The report’s key findings show:About 85.65% of movers stay in the state that they’re currently living in.Texas has the highest percentage of movers looking to move within state lines at 93.57%. Not only is Texas popular among its own residents, but its relatively low home prices and lack of a state income tax also make it a popular destination for out-of-state movers from states like California and Colorado. For example, 14.04% of homebuyers who move out of California and 11.91% of homebuyers who leave Colorado move to Texas.New York has the most residents looking to leave. 75.28% of New York state movers stay in the Empire State.Most out-of-state movers don’t go far. Thirty-three of the most popular destination states border the current state where a mortgage shopper resides.Florida is the favorite out-of-state destination for mortgage shoppers in 14 of the 50 states. What’s more: Of those 14 states, 12 do not border Florida. The Sunshine State has a long history of bringing in visitors and new residents, particularly retirees, thanks to a mix of affordable housing, no state income tax, and, of course, its sunny weather. Florida also retains current residents with the fifth-highest share of movers who look to stay in-state.For the full study with a regional breakdown, visit LendingTree.com. January 18, 2021 889 Views Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News About Author: Christina Hughes Babblast_img read more

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Cant Pay Wont Pay to hold public meetings on septic tanks registration

first_img Can’t Pay Won’y Pay are to hold a public meeting this week to advise rural home-owners not to register their septic tanks before the 1st of February.Donegal South-West Deputy, Thomas Pringle and Cllr John Campbell will address the meeting tomorrow evening in Dore Community Centre at 730pm.The meeting will coincide with public meetings that Fianna Fail and Donegal Action Against Austerity are holding in the county.Spokesperson for Cant Pay Wont Pay, Michael Mac Giolla Easbuig says themselves and DAAA are sending out the same message of urging people not to register their septic tanks.But he says Fianna Fail are confusing the situation…..[podcast]http://www.highlandradio.com/wp-content/uploads/2013/01/mich830.mp3[/podcast] Previous articleCalls for Glencolmcille Garda Station to remain openNext articleNo business plan for 800 DARD jobs move – Cllr Kelly News Highland 448 new cases of Covid 19 reported today Google+ By News Highland – January 23, 2013 RELATED ARTICLESMORE FROM AUTHOR Twitter Guidelines for reopening of hospitality sector published NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Twitter Facebookcenter_img Pinterest Calls for maternity restrictions to be lifted at LUH Google+ WhatsApp News Help sought in search for missing 27 year old in Letterkenny Pinterest Three factors driving Donegal housing market – Robinson Cant Pay Wont Pay to hold public meetings on septic tanks registration Facebooklast_img read more

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Superglue vandals strike again in Letterkenny – cars targeting

first_img PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal WhatsApp Gardai in Letterkenny fear copycat attacks after a number car doors were glued shut in the town.Yesterday morning a large number of cars in The Glencar Park area had their locks glued by a man in a hoody who was captured on CCTV.It is the fourth such incident in the area in the  past six weeks.Previously dozens of homes had their front door locks ‘super glued’.It’s understood, unlike past incidents, the damage to the car door locks wasn’t substantial, but nevertheless, local Town Cllr Gerry McMonagle said local residents were still ery annoyed by this latest attack on their properties:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/11/gerryGLUE.mp3[/podcast] By News Highland – November 1, 2012 WhatsApp Google+ Pinterest Man arrested in Derry on suspicion of drugs and criminal property offences released Facebook Facebook Superglue vandals strike again in Letterkenny – cars targeting RELATED ARTICLESMORE FROM AUTHORcenter_img Twitter Man arrested on suspicion of drugs and criminal property offences in Derry HSE warns of ‘widespread cancellations’ of appointments next week Pinterest Twitter Dail to vote later on extending emergency Covid powers News Previous articleMissing Cork teen may be in Donegal or DerryNext articleSmall businesses in Northwest interested in green economy invited to programme News Highland Google+ 365 additional cases of Covid-19 in Republiclast_img read more

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Man in court on traffic charges

first_img Google+ News 365 additional cases of Covid-19 in Republic Main Evening News, Sport and Obituaries Tuesday May 25th Twitter Facebook Man arrested on suspicion of drugs and criminal property offences in Derry WhatsApp RELATED ARTICLESMORE FROM AUTHOR Facebook 75 positive cases of Covid confirmed in North Gardai continue to investigate Kilmacrennan firecenter_img Pinterest Google+ By News Highland – December 24, 2009 Man in court on traffic charges Pinterest The man suspected of involvement in the roasd collision whih caused the death of Garda Gary McLoughlin, was discharged from hospital yesterday, and brought to court within hours.24-year-old Martin McDermott appeared before a special sitting of Carrick-on-Shannon District Court on foot of warrants for his arrest.McDermott, of Castlegrove, Raphoe was accused of drink-driving on August, 2008. He was also accused of a public order offence and resisting arrest in Letterkenny on July 7, 2008., and of failing to appear in court in Letterkenny on Janaury 15.He was not charged with any offence relating to the accident on December 16th which resulted in 24-year-old Gda McLoughlin’s death. Gardai are still investigating that incident.Judge Kevin Kilrane remanded McDermott in custody to Castlerea Prison to appear again at a special sitting of Letterkenny District Court on December 30.The hearing last evening, during which McDermott was not legally represented, lasted 10 minutes,Gda McLoughlin, a native of Fenagh, near Ballinamore, Co. Leitrim, who was stationed in Buncrana, died in Letterkenny General Hospital 24 hours after a red Opel Astra collided head-on with his patrol car. McDermott was detained in the same hospital recovering from injuries until shortly after 11.05 a.m.today when he was discharged before being arrested on the warrants. Previous articleBusinesses urged to review securityNext articleCounty Manager seeks to maintain good local relationship with unions News Highland Further drop in people receiving PUP in Donegal WhatsApp Twitterlast_img read more

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Man ‘stable’ following Strabane shooting

first_img WhatsApp Man ‘stable’ following Strabane shooting By News Highland – March 14, 2011 Facebook A man remains in a stable condition in Altnagelvin Hospital having been shot in Strabane last night.It is thought the man in his early 20’s was taken by a group from Strabane Town shortly after 8pm, he was later shot in the legs in the Springhill area.The attack is being linked to the RAAD group.SDLP Chairman Joe Byrne says such events set Strabane back:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/03/joeshootpm.mp3[/podcast] Twitter Twitter Google+ Previous articleSinn Fein and Fianna Fail to select council replacementsNext articleDeputy McConolougues happy with level of interest in replacing him on Council News Highland RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry Newscenter_img Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th Google+ WhatsApp 75 positive cases of Covid confirmed in North Pinterest Facebook Further drop in people receiving PUP in Donegal 365 additional cases of Covid-19 in Republic Gardai continue to investigate Kilmacrennan firelast_img read more

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Update – Council says start date for Dungloe and Glenties Sewage Schemes is “imminent”

first_img Cllr Marie Therese Gallagher Update – Council says start date for Dungloe and Glenties Sewage Schemes is “imminent” By News Highland – October 10, 2013 WhatsApp Further drop in people receiving PUP in Donegal Facebook WhatsApp Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th Facebook Pinterest 75 positive cases of Covid confirmed in North Google+ Twitter Previous articleDeputy McHugh says number of capital projects ready to go in DonegalNext articleUpdate – PSNI appeal for information following killing of Barry Mc Crory in Derry News Highland Man arrested on suspicion of drugs and criminal property offences in Derry News Google+ 365 additional cases of Covid-19 in Republic RELATED ARTICLESMORE FROM AUTHOR There’s been further contact between Donegal County Council and the selected contractor to finalise arrangements to bring the Dungloe and Glenties sewage scheme to construction.After a meeting with Donegal County Council officials today, Cllr Marie Therese Gallagher says when this detail between DCC and the contractor is finalised, contact documents will then be signed, and construction will start.She says it’s disappointing that there is still no starting date for these schemes but they have been assured that the signing if contract documents is imminent…………..[podcast]http://www.highlandradio.com/wp-content/uploads/2013/10/mtgal530.mp3[/podcast] Twitter Gardai continue to investigate Kilmacrennan firelast_img read more

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Dungloe and Glenties Sewerage schemes to go to tender

first_img Facebook Google+ By News Highland – February 2, 2011 Gardai continue to investigate Kilmacrennan fire Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th Facebook Pinterest RELATED ARTICLESMORE FROM AUTHOR Google+ It’s been confirmed that the Dungloe and Glenties Sewerage schemes are to go to tender.The tender process can now commence by Donegal Council inviting expressions of interest.It’s expected that such will be invited in a matter of weeks. Afterwards a shortlist will be established and tenders invited for both schemes.Pat the Cope Gallgher MEP, welcomed the annoucement, and he said he would be hopeful that the successful contractor would employ locals:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/02/pat1pm.mp3[/podcast] Dungloe and Glenties Sewerage schemes to go to tendercenter_img Twitter 75 positive cases of Covid confirmed in North Man arrested on suspicion of drugs and criminal property offences in Derry Newsx Adverts Twitter 365 additional cases of Covid-19 in Republic WhatsApp Further drop in people receiving PUP in Donegal WhatsApp Previous article€23 million to be allocated to Donegal County Council for roadsNext articleCCC-NW says elections on both sides of the border will delay Radiotherapy Unit News Highland last_img read more