Monday, May 11, 2009

CBIA - "Tax Credit Helps Boost New-Home Sales, CBIA Announces" (5-11-09)

"Thanks in part to the California new-home tax credit that went into effect in March, the pace of home sales at California new-home communities has begun to show signs of stabilizing, California Building Industry Association reported today. Robert Rivinius, CBIA’s President and CEO, said the state tax credit has clearly helped jump-start the housing market, and that April’s sales figures should reflect an even more robust increase as more prospective buyers learned about it and a federal tax credit for first-time buyers."


Reuters - "Big U.S. banks selling stock to repay government" (5-11-09)

"U.S. Bancorp plans to sell $2.5 billion of stock, and sold $1 billion of five-year notes. Capital One Financial Corp sold $1.55 billion of stock, BB&T Corp said it will sell $1.5 billion, and Bank of New York Mellon Corp said it will sell $1 billion."


Inman - "'If the experts say it's so ...'" (5-11-09)

"NAR reported in April that the rate of sales declined by 3 percent while prices increased during the last month by 4.2 percent -- with the median price increasing from $168,200 in February to $175,200 in March (it's important to note that the median resale price was down 12.4 percent compared to March 2008). While it may not feel like a recovery quite yet, there are some positive signs. The first part of a recovery is typically marked by prices stabilizing. The market will flatten and sputter along instead of continuing to decline. Unit sales are generally the leading indicator. The inventory must be absorbed before price stabilization can occur."

CNN - "More muscle sought in fraud fight" (5-11-09)

"In a move that received little notice, Congress may soon be sending to President Obama a bill to direct $532 million to investigate mortgage and securities fraud. The bill would double the size of the mortgage fraud investigation staff at the FBI starting in the fall. The bill would also allow the government to hire more prosecutors, special agents and analysts to chase housing and corporate financial fraud."

Bloomberg - "Mortgages Over 5% Mean Fed Purchases as Bonds Slump" (5-11-09)

"The world’s biggest investors are increasing bets that Federal Reserve Chairman Ben S. Bernanke will boost purchases of Treasuries as the steepest losses on government debt since 1994 send mortgage rates above 5 percent. "

Bloomberg - "Goldman to Pay $60 Million in Subprime Settlement" (5-11-09)

"Goldman Sachs Group Inc. agreed to pay about $60 million to settle a Massachusetts investigation into the packaging of mortgage securities at the root of the collapse of the U.S. housing market. "

Orange County Register - "O.C. 5th priciest U.S. place to rent" (5-11-09)

"Orange County rents still look high when compared to other U.S. towns, according to an analysis by the Center for Housing Policy."

No comments: