No one wants to see the GSEs survive in their current form, but neither do they want to upset the mortgage market at such a crucial time. Beyond that there is little agreement on how to proceed.
The National Association of Home Builders (NAHB) reports the housing market index (HMI) was at 13 in August. This is down slightly from 14 in July and below expectations. The record low was 8 set in January 2009, and 13 is very low ...
Home prices in metro Phoenix are falling again, and new data about upcoming sales suggest that they are likely to keep falling over the next few months, bringing concerns of a housing-market "double dip" closer to reality.
Announce that Fannie and Freddie will be closing for all new loan intake as of 12/31/2010. This must be a date-certain, and in the reasonably-current time frame. Four months is enough.
“It’s a government seal of approval,” said Gollinger, a director at the Developments Group of New York-based brokerage Prudential Douglas Elliman Real Estate. “We need as many sales tools as we can have these days, and it’s one more tool.”
Rick gets wound up based on earlier disclosure by Bill Gross that if the government guarantee of the GSEs were removed, he would only participate in the mortgage market if there was 30% down payments by first time homebuyers...
One in four property listings on the market as of August 1 have experienced at least one price reduction, according to real estate search service Trulia.
Banks took over 92,858 properties in July, up 9 percent in the month and 6 percent in the year.
Sales of existing single-family, detached homes in Maricopa County fell to 5,080 in July, down from 7,300 in July 2009, according to the report by Jay Butler, Arizona State University associate professor of real estate.
For up to 24 months – to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition.
To survive Phoenix's housing crash, builders have already cut their costs and home prices to compete with foreclosures. If resales prices continue to fall due to foreclosures, it will make it even tougher for the new home market to compete.
Mortgage finance giant Freddie Mac said it would need another $1.8 billion in aid from taxpayers, bringing its total request since it was taken over by the government 2 years ago to more than $64 billion. The second largest U.S. residential mortgage
The combined REO (Real Estate Owned) inventory for Fannie, Freddie and the FHA increased by 13% in Q2 2010 from Q2 2010. The REO inventory (lender Real Estate Owned) increased 74% compared to Q2 2009 (YOY comparison).
Freddie Mac reported: "a net loss of $4.7 billion for the quarter ended June 30, 2010, compared to a net loss of $6.7 billion for the quarter ended March 31, 2010." and the FHFA requested another $1.8 billion from Treasury.
The unemployment rate in Stockton, the county seat of San Joaquin County, is 19.8%. It's 29% in the nearby hamlet of Garden Acres, higher than any city of its size in Southern California's Inland Empire.
Last month, there were 7,804 notice of trustee sales, or pre-foreclosure filings, according to real estate research firm Information Market. That compares to 5,833 in June. July's figure signals the biggest month jump for new foreclosure filings...
In spite of these increasing mortgage modification efforts, the number of seriously delinquent FHA mortgages (delinquent 90+ days) climbed to 555,000 in May 2010 according to HUD's Neighborhood Watch database.
Now, qualified homebuyers in the three states pioneering Affordable Advantage need not put down the 3.5 percent minimum down payment required by the FHA, or much of a down payment at all. They can get 100 percent financing....
Fannie Mae reported that their REO inventory more than doubled since Q2 2009, from 62,615 to 129,310 in Q2 2010. REO: Real Estate Owned.
Knowing as we do that any "aid to housing" is aimed at saving banks from housing-related insolvency, we might ask: just how much pain is potentially out there for banks and institutions holding mortgages and mortgage-backed securities?
It’s typically at this age (20-29 year old) when a young person moves away from home and, in doing so, a new household is created. The catch is that the unemployment rate for this age cohort is well into the teens.
Fed-up North Carolina landlord spray paints 'deadbeat tenants' on home for unpaid rent.
Yves here. In simple terms, someone (presumably the foreclosure mill) is simply fabricating documents, and doing it in such a ham-handed fashion that it doesn’t even come close to satisfying the requirements of the PSA.
The government has apparently decided, in its infinite wisdom, that what the American economy really needs is more homebuyers with no equity.
The number of underwater mortgages is at least 14.7 million, and amounts to just about $770 Billion in underwater equity. In other words, if the rumor is true, the US taxpayers are about to subsidze over 3/4 of a trillion in underwater equity...
In other words, it’s exactly the same kind of Obamanomics that we have seen for the last eighteen months — spend what we don’t have now, run up debt like crazy, and hope that a momentary spike will translate into political success.
Fresh projections say the rate could plummet to about 62 percent as early as 2012 and almost certainly by the end of the decade. Homeownership rates haven't been this low since they hit 61.9 percent in 1960.
President Barack Obama's signature plan to combat the housing crisis has fallen short of its goals -- rather than significantly and permanently reducing home foreclosures, it is only delaying them.
Meredith Whitney appeared on CNBC earlier and was about as bearish as ever, not only on financials, but on housing as well. In addition to saying that she expects the housing market to get worse in Q3 and Q4, the maven again reiterated...
But probably the more important reasons are: a) appraisals are coming in below the agreed upon price, because the asking prices for similar homes have fallen since the end of April, and b) some buyers put in offers on two homes to beat the tax...