To follow up on a story we reported March 7, HousingWire reports Detroit has so many vacant houses it will bulldoze full blocks and turn the property into urban farming. Stephen Bancroft, executive director of the independent think tank Detroit Office of Foreclosure Prevention and Response (DOFPR), said once a …
HousingWire says mortgage rates rose by only one basis point to 4.87 percent for the average 30-year fixed-rate mortgage (FRM), the third straight week of increases, according to the Freddie Mac Primary Mortgage Market Survey. The average one year ago was 5.21 percent. Rates on 15-year FRMs moved up one …
CNNMoney says mortgage rates are low and houses are cheap, but only the well-heeled borrowers qualify, and they typically need 20 percent down. The Federal Reserve says 25 percent of people who apply for financing are turned down, even good borrowers with one of two late payments are being denied. …
HousingWire reports mortgages classified as seriously delinquent fell at the end of 2010 to a level not seen since the second quarter of 2009, according to the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). Completed foreclosures decreased by almost 50 percent, and …
Seriously Delinquent Mortgages Fall, but Increased Foreclosures Likely Read More
HousingWire reports that in the first two months of this year, Freddie Mac completed just over 23,000 loan modifications. The seriously delinquent rate of single-family mortgages fell to 3.78 percent in February from 3.82 percent in January. Last year, delinquencies were growing. Freddie’s single-family, refinance-loan purchase and guarantee volume dropped …
Freddie Mac Says Single-family Delinquencies Decline Read More
Forbes reports another indicator in the slow rebound of the housing market is in California, where in January, 31 percent of all real estate transactions were in cash, up by more than double the 14 percent historical average. The article quotes First Tuesday as saying the tight credit market is …
CNNMoney.com reports that during the housing boom, adjustable-rate mortgages (ARMs) comprised 70% of the housing market, but currently make up only five percent. Freddie Mac says it will be 10 percent by December. Now they are a bargain at 3.5 percent, while conventional 30-year fixed- rate mortgages are at five …
CNNMoney reports that the largest drop in year-to-year foreclosures ever saw the rate fall 27 percent from last year, and 14 percent from a month earlier. RealtyTrac says, however, it may be a false positive in that the harsh winter may have prevented filings from being issued and notices going …
HousingWire.com reports that according to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed-mortgage rate (FMR) was up just one basis point to 4.88 percent for the week ending March 10. Rates broke five percent for the first time this year one month ago. Fifteen year FRMs remained at …
The National Association of Home Builders (NAHB) told the Senate Banking Committee that Congress needs to take action to restore the availability of credit to home buyers and builders. NAHB Chief Economist David Crowe said, “Without access to credit, the residential construction industry will lose more small businesses and experience …
According to HousingWire.com, the Detroit Office of Foreclosure Prevention and Response (DOFPR), in conjunction with law firm Potestivo & Associates, initiated a program last November allowing homeowners who have lost their homes in foreclosure to remain in their homes. The initial outreach was too late in the foreclosure process to be effective, …
Program Allows Foreclosed Michigan Occupants to Remain Read More
HousingWire.com reports that for the first time since the beginning of the year, no banks were closed last week by the Federal Deposit Insurance Corporation (FDIC). Twenty-three banks have failed since Jan. 1. Nearly 300 financial institutions have failed in the last two years.
Two new programs designed to help the most troubled homeowners were ended March 3 by a vote of the House Financial Services Committee, as noted by HousingWire.com. HUD’s Emergency Homeowners Loan Program (EHLP) would help out-of-work homeowners borrow up to $50,000 at zero percent interest. The other program is the …
If the residential finance market is fully privatized as outlined in the Obama Administration’s white paper, Walker & Dunlop’s CEO Willy Walker says lenders will loan only to top borrowers. This will shut down at least 20% of subprime borrowers, moving them to rental markets. “For multifamily, that is clearly …
Real Estate Conference Predicts Multifamily to Grow Read More
The Mortgage Bankers Association (MBA) National Mortgage Servicing Conference & Expo in Grapevine, Texas, was all about being exacting, thorough and helpful to borrowers. A word of caution went out to lawyers who were told they may become targets of lawsuits as contested foreclosure litigation is increasing. Mortgage servicers were …
Mortgage Servicing Conference Encourages Improvement Read More
Freddie Mac reports the results of its Primary Mortgage Market Survey show a drop in long-term fixed rates this week. 30-year fixed-rate mortgage averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at …
According to Bloomberg News, the U.S. Small Business Administration faces a 45 percent cut in funding under the President’s budget request. Bloomberg reports that while the budget would back $27 billion in loan guarantees for small business, administrative spending and funds for Small Business Development Centers would be cut.
Housingwire reports that thanks to the falling dollar, the recently formed State of Texas Real Estate Fund LP announced plans Tuesday to raise $150 million from international investors for the purpose of acquiring distressed office and industrial properties, as well as land. The fund is hunting for high-quality distressed properties …
Falling Dollar Helps Drive International Investments in Lone Star State Read More
According to CNN Money, the tab to bail out Fannie and Freddie will continue to grow, says the Federal Housing Finance Agency (FHFA), which oversees the duo. It says the estimated costs through 2013 could increase by as much as $210 billion, that on top of the blank check that …
HousingWire reports that 30-year, fixed rate mortgages hit 5.05 percent last week, the highest they’ve been since April of 2010. The rate one year ago was 4.97 percent. According to Freddie Mac’s Primary Mortgage Market Survey, rates for a 15-year FRM increased from last week to 4.29 percent, up from …
