Realtor Mag, the National Association of Realtors (NAR) publication, says Harvard University’s Joint Center for Housing Studies, in its latest annual “State of the Nation’s Housing” summary, cites population growth and shifting demand driving the need for more homes. Household growth averaged 1.2 million each year from 2000-2007, then dropped …
Harvard Study Asserts 16 Million New Homes Needed in Ten Years Read More
Yahoo! Finance reports that mortgage rates have dropped for an eighth consecutive week. Freddie Mac says the average rate on a 30-year fixed mortgage dropped to 4.49 percent from 4.55 percent the previous week, and the 15-year mortgage fell from 3.74 percent to 3.68 percent, and both are at year’s …
CNNMoney reports in an exchange between Federal Reserve Chairman Ben Bernanke and JPMorgan Chase CEO Jamie Dimon, that Dimon said the government is stifling the recovery with its reforms, including the Dodd-Frank Act (Dodd-Frank). Bernanke spoke in Atlanta at the International Monetary Conference and acknowledged the recovery is slow. Dimon …
Wall Street Banker Blames New Regulations for Slow Recovery Read More
Origination News reports that unless Congress changes its mind before Oct. 1, mortgages insured by the Federal Housing Administration (FHA) will be more affected by the pending change in loan limits than those securitized by Fannie Mae and Freddie Mac. The FHA says 669 of the 3,334 counties will likely …
Altos Research says the housing market is undergoing ‘The Catfish Recovery,” meaning housing prices will stabilize near the bottom, and stay there awhile, much like a catfish is a bottom feeder swimming around somewhat randomly, yet sustained. In noting the relative constancy of the median price of housing over time, …
The Dow lost 19.15 points after hearing from the Federal Reserve Chairman, Ben Bernanke, that the government will not provide more economic stimulus, closing at 12,070.81. Several housing stocks ended the day up. Cavco gained 2.89 percent, MSCI rose 1.38 percent, Skyline was up .73 percent, Sun Communities rose .47 …
Dow Drops on Fed Chairman’s Words; Some Housing Stocks Climb Read More
The New York Times reports that almost a year has passed since Congress tried to rein in the banking industry with the new rules mandated by the Dodd-Frank Act. Twenty-eight of the rules are behind in meeting their implementation deadlines, including the risk retention provision requiring lenders to assume some …
Mortgage News Daily says the federal government is extending the feedback deadline on the five percent risk retention provision of the Dodd-Frank Wall Street Reform and Consumer protection Act (Dodd-Frank) to allow for more public comment. The new deadline is Aug. 1, 2011. Meanwhile, Fannie Mae is requiring mortgage servicers …
Risk Retention Comment Deadline Moved; Fannie and Freddie Changes Read More
HousingWire reports for Q1 2011, CoreLogic has determined that 40 percent of borrowers who owe more than their homes are worth, termed ‘underwater’, had taken out home equity loans for additional funds. The number of underwater loans in Q-4 2010 fell 200,000 to 10.9 million, representing 22.75 percent of all …
Miniscule Improvements in Housing Recovery Statistics Read More
HousingWire reports that Moody’s Analytics says the federal government should do more to help the 14 million underwater mortgages before falling home prices lead to another downturn in the housing market. Analyst Mark Zandi says plummeting home values could be sufficient to induce more underwater borrowers to hand their keys …
HousingWire reports another $42 billion in subsidies will be needed by Fannie Mae and Freddie Mac from 2012 to 2021, according to the Congressional Budget Office (CBO). In testimony before Congress this week, CBO said Fannie and Freddie have returned $24 billion, reducing the original $154 billion bailout to $130 …
HousingWire says fixed-rate mortgages (FRMs) dropped to their lowest rate since last November, suggesting that another decline in the housing market may be coming. According to Bankrate, its survey of major lenders revealed the average 30-year FRM fell to 4.69 percent last week. The average 15-year FRM declined to 3.88 …
Falling Mortgage Rates May Signal Another Downturn Read More
Bloomberg News reports that JPMorgan Chase & Co. (JPM)’s Jamie Damon says losses have peaked in the United States mortgage industry. The chairman and chief executive officer (CEO) of the financial services and banking industry giant, says home prices may slip further, but the worst is behind us. JPM is …
Chairman of Major Bank Says Mortgage Industry Bottom Hit Read More
Origination News reports a congressional hearing heard both sides of the aisle criticizing federal regulators for exempting Fannie Mae and Freddie Mac from the five percent risk retention policy on non-qualified residential mortgages (QRMs). The Dodd-Frank Act (Dodd-Frank) exempts Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, but not …
Congress and Industry Suggest Altering Risk Retention Read More
HousingWire reports that a survey of over 1,000 borrowers by the National Foundation for Credit Counseling (NFCC) revealed half could not afford the required 20 percent down payment under the qualified residential mortgage (QRM) plan, despite housing prices being at record lows. USA Today‘s analysis of U.S. Census Bureau data …
Bloomberg says the S&P (Standard & Poor) Case/Shiller index of home prices fell in March 3.6 percent from March 2010, registering the biggest year-to-year decline since November 2009. Housing prices are the lowest since 2003 according to this survey of 20 U.S. cities. The first quarter of the year saw …
Foreclosures Provide Slippery Slope for Home Prices Read More
Yahoo! Finance reports the index that measures sales agreements for previously occupied homes fell 11.6 percent in April to 81.9, according to the National Association of Realtors (NAR). A count of 100 is considered healthy. The last time the index hit 100 was April 2010, the last month when people …
Sale of Previously Occupied Homes Half that of 1963 Read More
Origination News says as a result of The Senior Citizens League (TSCL) Annual Survey of Senior Costs, since 2000 typical living expenses have increased 73 percent while the Social Security Cost of Living Adjustment (COLA) has only gone up 31 percent. Apartment rentals are up 39 percent and home ownership …
Bloomberg says that new home sales increased in April to a pace of 323,000 on the year, jumping 7.3 percent from last month, according to the Commerce Department, which followed February’s count of 278,000, the lowest monthly rate since record-keeping began in1963. The article attributes the increase to job growth …
Bloomberg reports that Trulia, Inc., and RealtyTrac, Inc., say a survey of American homeowners and renters reveals that 54 percent do not expect the housing market to recover before 2014, an increase from 34 percent in November. According to 45 percent of the respondents, the government is not working hard …
Survey of American Residents Echos the Experts: Housing Market Floundering Read More
