LinkedIn reports from Realty Trac that notices for mortgage payment defaults fell to their lowest level in five years. Foreclosure filings fell 33 percent from May a year ago, and bank repossessions are down nearly 30 percent from May 2012. Banks are expected to repossess 20 percent fewer homes this …
Good Signs for the Housing Recovery—but Good Enough? Read More
The Manufactured Housing Institute (MHI)’s weekly newsletter notes on June 16, the House Financial Services and General Government Appropriations Subcommittee approved a nearly $20 billion FY 2012 spending bill, two billion short of current levels. The bill includes provisions to limit the Dodd-Frank Wall Street Reform and Consumer Protection Act …
According to a recent survey for the National Association of Home Builders (NAHB), of 2000 likely voters in the 2012 elections, 73 percent of owner and renter respondents believe the government should provide tax incentives to encourage home ownership. Over seven of ten voters oppose eliminating the mortgage interest deduction …
The Coeur d’Alene Press in Coeur d’Alene, Idaho, says since the tax credits for homebuyers expired in September 2010, the housing market from manufactured homes to waterfront properties has slowed. Compared to a year ago, home sales are down 8.4 percent, total dollar volume has fallen 11.8 percent, average sale …
Idaho Housing Market Down, but State Offers Incentive Read More
LinkedIn states Oxbridge Ventures, Inc., a private investment company of Vancouver, Canada, will offer $100 million for manufactured housing investment in the U.S. and Canada over the next five years, proffering $30 million in equity and debt during the next 24 months. The funding is intended to augment available financing. …
Canadian Firm to Invest in U.S. Manufactured Housing Read More
The Chelan Real Estate Blog says a speech by Dr. Mark Dotzour, Chief Economist of the Texas Real Estate Center and keynote speaker at the Manufactured Housing Institute’s (MHI) Congress in April, states the economy has yet to hit bottom. He says the extensive government intervention has prevented the economy …
Real Estate Economist Lashes Out at Federal Programs Read More
Zacks reports that Equity LifeStyle Properties (NYSE:ELS) and UMH (AMEX:UMH) rank first and second, respectively, in return on equity (ROE) among residential real estate investment trusts (REITs). Investors are attracted to firms with high ROEs because it is generally considered to be a sign of efficiency. Equity’s ROE is 18.4 …
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 …
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 …
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 …
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
MHMSM has been tracking industry whispers about a new securitization of manufactured housing paper. This is reported to be for chattel loans and financing of portfolios. Informed sources tell us the deal is ‘close.’ We will plan to bring you a special report once this significant event takes place.
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
Manufactured housing personal property (chattel) lenders state that unless amended, once rule making goes into effect on the Dodd-Frank Act (Dodd-Frank), loans on homes under $78,000 will become history due to the increasing fixed transactional costs per loan required by the law. MH lenders’ records reveal that most personal property …
Industry Pros Express Concerns over Dodd-Frank Implementation Read More
National Mortgage News reports the Federal Housing Administration (FHA) is cracking down on lenders it thinks have taken shortcuts, denying claims and even threatening lawsuits. Although much of the action results from the bubble years activity, it is giving pause to those seeking to make new FHA-backed loans. Foreclosure-related claims …
HousingWire reports that rents rose in 21 out of 44 markets analyzed from a year earlier, indicating that investors are being dawn to commercial real estate. Commercial mortgage-backed securities (CMBS) amounted to nine billion dollars the first four months of the year, and expected to hit $40 billion by year’s …
Origination News reports different lenders have creative incentives to help deplete the glut of affordable houses on the market. Fannie Mae is offering 3.5 percent closing cost assistance for Fannie’s Owned HomePath Property loan as long as the deal is sealed before June 30, 2011. The borrower must use it …
Lenders Offering Different Incentives to Draw Borrowers Read More
HousingWire reports the Department of Housing and Urban Development (HUD) will accept a $1.2 million fine from U.S. Bank (NYSE:USB) for failing to meet Federal Housing Administration (FHA) underwriting standards for 27 mortgages issued in 2003 and 2004. U.S. Bank did not admit any wrongdoing. FHA prohibits including any type …
U.S. Bank Fined for Mortgage Underwriting Violations Read More
