Housing Slide in U.S. Threatens to Drag Economy Into Recession
California forgoes new foreclosure law
Sep. 2 (Inman) - The California Assembly has rejected a bill that would have placed more homeowners under the protection of an existing state law that requires loan servicers to consider distressed borrowers for a loan modification before beginning foreclosure proceedings on them...Read More
U.S. 30-Year Mortgage Declines to 4.32%, Setting Record Low for 11th Week
Sep.2 (Bloomberg) - U.S. mortgage rates dropped to a record, the 11th straight week of matching or setting a new low, reducing borrowing costs for homebuyers as demand slumps...Read More
Banks to allow local groups to buy foreclosures
Sep. 1 (Associated Press) Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors...Read More
Real Estate Outlook: Fannie Forecast
Aug. 23 (Realty Times) - If you want a good sense of where we are in housing and where we're headed, check out the latest forecast from Fannie Mae chief economist Doug Duncan...Read More
Aug. 23 (Mortgage News Daily) - FHA Insures High Cost Multi-Family Housing Development; Taylor Bean Buyouts Impact Prepay Speeds; Non-Agency Delinquency Rates; REO Inventory...Read More
Aug. 22 (Bloomberg) - Housing led the U.S. out of seven of the last eight recessions. This time, it may kill the recovery. Home sales collapsed after a federal tax credit for buyers expired in April...Read More
As Servicers Shift Focus from HAMP, Completed Mods Near 1M Mark
Agu 18 (DSNews.com) - The industry has completed about 975,000 permanent loan modifications so far in 2010, according to estimates released this week by the HOPE NOW Alliance...Read More
About That Real Estate Sales Tax
Aug. 17 (Realty Times) - If you haven't received an email about the alleged real estate sales tax, you will. They go something like this: "Did you know that the new health care bill will make all real estate transactions subject to a 3.8% sales tax? Read More
30-year mortgage at lowest rate since 1971
Aug. 12 (CNNMoney.com) -- Mortgage rates continued to decline this week, plunging to the lowest level in decades, according to surveys from Freddie Mac and Bankrate...Read More
Fannie Mae Launches 'Know Your Options™' Online Resource to Educate Struggling Homeowners
Aug. 3 (PRNewswire) - Fannie Mae announced today the launch of KnowYourOptions.com, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions...Read More
California Law To Require Carbon Monoxide Detectors
Aug. 3 (Realty Times) - On May 7, 2010, California Governor Arnold Schwarzenegger signed into law Senate Bill 183, a bill that will require the placement of carbon monoxide detectors in all California dwelling units...Read More
Real Estate Outlook: Sales Jump
Aug. 2 (Realty Times) - The economic recovery continues to bump along in a "fits and starts" pattern, but what's important to keep in mind is that the core trendline remains positive...Read More
Foreclosures climb in 75% of metro areas
July 29 (CNN Money) - Foreclosure filings climbed in 75% of the nation's metro areas during the first half of 2010, according to a report issued Thursday...Read More
Mortgage rates hit low of 4.54 pct
July 29 (Washington Post) - Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans...Read More
Administration Makes Foreclosure Help a Public Service in New Ad Spots
July 28 (DS News) - Faced with growing criticism of its Making Home Affordable foreclosure prevention program, the Obama administration is turning to the tried and true method of advertising to raise public awareness of the program and encourage homeowners who are struggling with their mortgage payments to seek assistance from the federal government...Read More
Vacancy Rate Near Historic High. America Has a "Home Problem"
July 29 (Mortgage News Daily) - America has a homelessness problem; over a million individuals and families are temporarily or chronically homeless...Read More
California gets $700,000 slice of special $1.5 billion homeowner bailout pie
July 29 - California struck gold, receiving the biggest chunk of a special $1.5 billion federal fund pie for programs that target struggling homeowners in states hardest hit by the housing crash...Read More
Final Ruling Issued on SAFE Act
July 29 (Mortgage News Daily) - Underwriting Guideline Overlays, Adverse Market Fees and Steep LLPAs; CMBS Sales; California State of Emergency...Read More
PMI Plunges, Leading Drop in Mortgage-Insurance Shares, After Posting Loss
July 29 (Bloomberg) - PMI Group Inc. plunged 13 percent in New York trading, leading a slump of U.S. mortgage insurers after posting a second-quarter loss that missed analysts’ estimates on increased paid claims...Read More
FHA Ready to Reduce Seller Concessions.HUD Invites Industry Comment Before Implementation
July 28 (MND) - HUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process...Read More
Fannie Mae Addresses Appraisal Concerns
July 27 (Realty Times) - On June 30, 2010 Fannie Mae issued announcement SEL-2010-09, "Selling Guide Updates and Additional Guidance on Appraisal-Related Policies." Read More
Real Estate Outlook: Federal Reserve Weighs In
July 26 (Realty Times) - The U.S. Congress asked Federal Reserve Board chairman Ben Bernanke a key question last week: Where do you and your colleagues believe we're headed in terms of the national economy? Read More
California foreclosures: Defaults fall to 3-year low
July 21 (LA Times) - The number of California homes entering foreclosure dropped to a three-year low in the second quarter as the fallout from the housing crisis continued to abate, according to data released Wednesday...Read More
California median home sale price slides in June
July 16 (LA Times) - The 2.9% drop from May to $270,000 reflects a shift to sales in less expensive markets and is still a 9.8% increase from a year earlier, housing data firm says...Read More
Applications At 14-Year Low Despite Low Mortgage Rates
July 15 (Trulia) - After a huge decline last May, the number of home sales kept on dropping throughout the previous week, plummeting to points unheard of in years, even as mortgage rates reach 30-year lows...Read More
Southern California Home Prices Rise on Tax Credits
July 13 (Bloomberg) - Southern California house and condominium prices rose 13 percent in June from a year earlier as buyers took advantage of state tax credits and low interest rates, research company MDA DataQuick said...Read More
HAFA Ushers Record Number of Foreclosure Sale Cancellations in California
July 13 (Housing Wire) - Lenders are canceling more foreclosure sales in California than ever before, and new financial and political demand for short sales could be the culprit...Read More
Lack of Financing Options Inhibits International Homebuyer Demand
July 8 (Mortgage News Daily) - International customers accounted for about $66 billion or seven percent of residential real estate purchases in the U.S. during the calendar year ending March 31...Read More
30-Year Fixed Mortgage Rates Still at 4.25%
July 7 (Realty Times) - Conventional 30-year fixed mortgage rates are still at 4.25% for well-qualified borrowers paying 1 point origination, shows FreeRateUpdate.com research of wholesale lenders' rate sheets for brokers...Read More
Congress extends deadline for home-buyer tax credit
July 1 (LA Times) - The extension is only for those buyers who signed a purchase contract by April 30 and need extra time to close their deals...Read More
4.25% 30-Yr Fixed Mortgage Rate Available to Well-Qualified Consumers
June 30 (Realty Times) - Never before have mortgage rates been this low. 30-yr fixed mortgage rates are at 4.25% for well-qualified consumers paying a standard .07 to 1 point origination fee...Read More
Housing Picture Brightens in California
May 29 (Wall Street Journal) - California's median price for existing homes rose 1.4% in April from March...Read More
5 Tips to Save Money for First-Time Home Buyers
May 25 (RISMEDIA) - Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace...Read More
California Home Prices Up 15% in April
May 20 (DQNews) - California home prices gained 15 percent in April over the year-earlier level even as sales volume stalled...Read More
First-time homebuyers see affordability improve
May 14 (SD Union Tribune) - Housing was slightly more affordable for first-time buyers in San Diego County in the opening months of 2010, as interest rates remained low and prices stayed relatively flat...Read More
Mortgage Rates at Lowest Level of the Year
May 13 - Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010...Read More
Fannie Mae Needs $8.4 Billion More
May 11 (Wall Street Journal) - Fannie Mae asked the U.S. government for an additional $8.4 billion in aid after posting an $11.5 billion net loss for the first quarter...Read More
U.S. regulators close four banks, total now 68
May 7 (CNN Money) - U.S. regulators Friday shuttered four more small U.S. banks, adding to the tide of bank failures that is supposed to peak in the third quarter Read More
Rates on fixed-rate mortgages at lowest in six weeks; 5-year ARM below 4%
May 6 (MarketWatch) - Rates on fixed-rate mortgages were at their lowest levels in six weeks, according to Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday...Read More
Pending Home Sales on an Upswing
May 5 (RISMEDIA) - Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season...Read More
Tax credits boost pending home sales 5.3% in March
May 4 (USA Today) - The number of buyers who signed contracts to buy homes surged more than expected in March, another sign that government incentives are propelling the housing market...Read More
First-Time Home Buyer Tax Credit Extended For Armed Service Members
May 4 (Realty Times) - The expiration date of the $8,000 first-time home buyer may have already passed for most, but there are some potential homebuyers who can still take advantage of this great opportunity...Read More
Real Estate Outlook: The Federal Reserve
May 3 (Realty Times) - What should we make of the latest reports on rising home sales and the Federal Reserve's promise to keep interest rates low indefinitely? Read More
