Fannie Mae - "Updates to Multiple Mortgages to the Same Borrower Policy, Reserve
Requirements, Reserves Definition, and Form 3170" (2-12-09)

"Fannie Mae is updating the policy that pertains to multiple mortgages to the same borrower.
Fannie Mae’s current policy limits the number of one- to four-unit financed properties in which the borrower may have an individual or joint ownership interest to four financed properties when the mortgage being delivered to Fannie Mae is secured by an investment property or second home. The limitation on the number of mortgages currently being financed applies to the total number of properties financed, not just the number of mortgages sold to Fannie Mae. Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement."

NAR - "Housing Stimulus and Stabilization Will Help Economic Recovery" (2-12-09)

"The American Recovery and Reinvestment Act is important for the U.S. economy and contains some important housing provisions. Eliminating the repayment provision in the $7,500 first-time home buyer tax credit will help bring buyers to the market and reduce housing inventory. NAR has been advocating that this provision be improved – the change will stimulate more than 200,000 additional home sales, which will help stabilize home values"

NAR - "4th Quarter Metro Area Home Prices Down as Buyers Purchase Distressed Property" (2-12-09)

"In the fourth quarter, 134 out of 153 metropolitan statistical areas ¹ showed declines in median existing single-family home prices from the same period in 2007, pulled down by active sales at the lower end that were driven by foreclosures. One area was unchanged and 18 metros reported price gains. NAR’s track of metro area home prices dates back to 1979."

Inman News - "Homes.com: Detroit gets big boost in searches" (2-12-09)

"Homes.com, a real estate search site operated by Dominion Enterprises, this week launched a top-10 list of market areas with the largest growth in search activity at the site from January 2008 to January 2009. Search traffic grew the most in Detroit (up 52 percent); followed by Naples, Fla. (44.7 percent); Greensboro, N.C. (41.6 percent); Tulsa, Okla. (41 percent); El Paso, Texas (38.4 percent); Oceanside, Calif. (37 percent); Fort Myers, Fla. (34.7 percent); Columbia, S.C. (33.9 percent); and Murrieta, Calif. (33.3 percent)."

Yahoo - "Fed: Americans' net worth hammered by recession" (2-12-09)

"The recession has cut many Americans' net worth by about 20 percent as the value of homes, stock portfolios and businesses have plummeted, the Federal Reserve said Thursday. The Fed said the average net worth of American households plunged 22.7 percent since the recession began in December 2007 through October, when the report was prepared. The median net worth, or the midpoint between the wealthiest and poorest, fell 17.8 percent."

Yahoo - "Obama eyes home loan subsidies in rescue plan: sources" (2-12-09)

"The Obama administration is hammering out a program to subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test, sources familiar with the plan said on Thursday. The program would be a major break from existing aid programs, which are triggered once homeowners fall into arrears."

Yah00 - "Mortgage rates slide on uncertainty" (2-12-09)

"Mortgage rates fell during the past week, pushed lower from the uncertainty stemming from the bank bailout plan unveiled Tuesday. The average 30-year fixed mortgage rate fell to 5.34% from 5.70% for the week ended Feb. 11, according to Bankrate.com."

Bloomberg - "Obama’s Stimulus Not Enough to Avert Biggest GDP Drop Since 1946" (2-12-09)

"President Barack Obama’s stimulus plan will be insufficient to avert the biggest U.S. economic decline since 1946 as consumer spending posts its longest slide on record, according to a monthly Bloomberg News survey. The world’s largest economy will contract 2 percent this year, half a percentage point more than last month’s forecast, according to the median of 50 projections in the survey taken Feb. 2 to Feb. 10. Even as Obama aims to create 3.5 million jobs with a stimulus plan, economists foresee an unemployment rate exceeding 8 percent through next year."