Wednesday, July 08, 2009

Mortgage Bankers Association - "Mortgage Applications Increase in Latest MBA Weekly Survey" (7-8-09)

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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 3, 2009, which was a shortened week due to the Independence Day holiday. This week’s results include an adjustment to account for the holiday. The Market Composite Index, a measure of mortgage loan application volume, was 493.1, an increase of 10.9 percent on a seasonally adjusted basis from 444.8 one week earlier. On an unadjusted basis, the Index decreased 0.5 percent compared with the previous week and increased 7.2 percent compared with the same week one year earlier."

Sacramento Bee - "
Falling prices, low rates prod California homebuyers" (7-8-09)

"Among 1,400 buyers surveyed statewide by the California Association of Realtors: 68 percent said price decreases finally set them in motion to buy a house. 23 percent cited the likelihood of rising interest rates as a reason to get off the fence."


Inman - "Mortgage insurer IDs weak markets" (7-8-09)

"Thirty of the nation's 50 biggest metro areas have a greater than even chance of seeing lower house prices by the end of March 2011, according to an analysis by mortgage insurer PMI Group Inc. PMI's market risk index -- which is based on price-appreciation trends, affordability, unemployment, interest rates and local economic conditions -- projects that 46.7 percent of 381 metropolitan statistical areas (MSAs) are at risk of price declines in the next two years."

Bloomberg - "Apartment Vacancy at 22-Year High in U.S., Says Reis" (7-8-09)

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U.S. apartment vacancies rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market. Vacancies climbed to 7.5 percent from 6.1 percent a year earlier, New York-based real estate research firm Reis Inc. said today. The last time landlords had so much empty space was in 1987, when vacancies reached 7.6 percent as the Standard & Poor’s 500 Index plummeted 23 percent in the last three months of that year"

Bloomberg - "BlackRock Said to Get PPIP With Invesco, Wellington" (7-8-09)

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BlackRock Inc., Invesco Ltd. and Wellington Management Co. were selected to take part in the U.S. government’s program to spur the purchase of mortgage-backed securities from banks, people familiar with the matter said. The companies are among the eight to 10 asset managers the U.S. Treasury is set to announce this week for the Public- Private Investment Program, according to the people, who asked not to be named because the information isn’t public. Other probable winners include Pacific Investment Management Co. and a partnership of General Electric Co.’s finance arm and Angelo Gordon & Co. Officials at the firms declined to comment."

Bloomberg - "Distressed Commercial Property in U.S. Doubles to $108 Billion" (7-8-09)

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Commercial properties in the U.S. valued at more than $108 billion are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics Inc. said"

Orange County Register - "How to make an unaffordable mortgage affordable" (7-8-09)

"Consumers in trouble need to get all the information a lender might need including: checking and savings account statements for at least a year; information and statements on any brokerage accounts; information on other owned assets such as a car, vacation home; and current income situation, including pay stubs. The borrower will also need to write a clear concise hardship letter to go with the package outlining what has happened to them and why they need the loan modified."

Orange County Register - "Watch mail for your property tax update" (7-8-09)

"Real estate owners in Orange County began receiving notices this week telling them how much property tax they can expect to pay next December and April. The statements could alert some owners that they need to appeal assessments to lower their taxes."

Orange County Register - "SF Fed chief sees housing stabilization" (7-8-09)

"High on my worry list is the possibility of another shock to the still-fragile financial system. Commercial real estate is a particular danger zone. Property prices are falling and vacancy rates are rising in many parts of the country. Given the weak economy, prices could fall more rapidly and developers could face tough times rolling over their loans. Many banks are heavily exposed to commercial real estate loans. An increase in defaults could add to their financial stress, prompting them to tighten credit. The Fed and Treasury are providing loans to investors in securitized commercial mortgages, which should be a big help. But a risk remains of a severe shakeout in this sector."

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