Wednesday, February 11, 2009

NAHB - "Builder Confidence In Multifamily Market Remains Low" (2-11-09)

"The component of the MRMI that gauges supply conditions sank dramatically in the fourth quarter of 2008, down to 22.4 for affordable apartments and 18.6 for market rate apartments, compared to 45.3 and 40.00, respectively, from the same time a year ago. On condo side, the supply component fell 11 points from the fourth quarter of 2007, to hit a new record low of 7.8."

Mortgage Bankers Association - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (2-11-09)

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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 600.6, a decrease of 24.5 percent on a seasonally adjusted basis from 795.4 one week earlier. On an unadjusted basis, the Index decreased 23.5 percent compared with the previous week and 43.9 percent compared with the same week one year earlier."

The Sacramento Bee - "
Budget proposal raises income, sales, gas taxes, and car fees" (2-11-09)

"Californians' pocketbooks would be hit in at least four ways under a wide-ranging budget proposal that is being pushed toward a floor vote within days in the Senate and Assembly. Senate President Pro Tem Darrell Steinberg and Assembly Speaker Karen Bass declined to comment on the measure Tuesday, and they noted that they had yet to strike a final deal with Republicans. The plan remains in flux, but both leaders said they would hold floor votes this week."

San Francisco Chronicle - "Homeowners emerge from denial on falling values" (2-11-09)

"More than half (57 percent) of 1,573 homeowners surveyed now believe that their home lost value in 2008. That still lags the reality that 76 percent of all U.S. homes declined in value in 2008, according to Zillow's figures. A full quarter of homeowners had the sunny view that their home's value had increased; in reality, 20 percent of homes did increase in value during the year, according to Zillow's reckoning. Another 18 percent insisted their homes' value was the same, while only 4 percent of homes actually kept their value, Zillow said."

Bloomberg - "Congress Tells Bank Chiefs to Lend, Ease Public Anger" (2-11-09)

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U.S. lawmakers prodded chief executive officers of Citigroup Inc. and seven banks that got government aid to increase the flow of credit and ease public anger over how the lenders used taxpayer funds."

Bloomberg - "Fannie to Expand Mortgage Rules for Realty Investors" (2-11-09)

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Fannie Mae, the mortgage-finance company under U.S. government control, will no longer bar real- estate investors from qualifying for its loans if they already own four properties as it seeks to increase housing demand. The company will expand its limit for investor and second- home loans to as many as 10 properties per borrower, according to a Feb. 6 notice to lenders on Washington-based Fannie’s Web site."

Bloomberg - "Bank of America’s Bernstein Says Bank-Rescue Plan Won’t Work" (2-11-09)

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The U.S. Treasury’s bank-rescue plan won’t repair the financial system or revive credit markets, Bank of America Corp. strategist Richard Bernstein said as he recommended avoiding the industry’s shares. Treasury Secretary Timothy Geithner pledged up to $2 trillion in government financing yesterday for programs aimed at spurring new lending and addressing mortgage assets that are difficult to value. The government’s prior measures to prop up financial institutions included backing $118 billion of Bank of America securities and injecting $45 billion into the Charlotte, North Carolina-based bank after it bought Merrill Lynch & Co."

Bloomberg - "Property Investment to Fall Further as Buyers Search for Credit" (2-11-09)

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Global real estate spending on office buildings, stores and apartments may fall another 5.3 percent this year to $412 billion as lenders keep a tight rein on credit, property broker Cushman & Wakefield Inc. said. Lack of credit pushed commercial property acquisitions down 59 percent to $435 billion last year, the lowest since 2004, New York-based Cushman said."

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