Thursday, September 03, 2009

Los Angeles Times - "Average U.S. closing costs fall; San Francisco grabs the No. 4 spot" (9-3-09)

"The average cost of getting a mortgage dropped about 12% nationwide over the last 12 months, according to a new study by Bankrate Inc. Nationwide, the average closing fees on a $200,000 mortgage, with 20% down and a 30-year fixed-rate loan, totaled $2,732, down from $3,118 in 2008, the study found. Closing costs for home buyers haven't been this low since 2007, the survey said."

Bloomberg - "Geithner Says Too Early for G-20 to Withdraw Stimulus" (9-3-09)

U.S. Treasury Secretary Timothy Geithner said the Group of 20 nations has been 'very successful' in helping to end the global recession and cautioned that it’s too early to remove policies aimed at boosting growth."

Bloomberg - "Fed Tries to Prepare Markets for End of Securities Purchases" (9-3-09)

The Federal Reserve is trying to prepare investors for an end to its housing-debt purchases, while keeping interest rates near zero, reflecting an economy pulling out of a recession with little momentum. Federal Open Market Committee members discussed extending the end date of the agency and mortgage-backed bond programs, minutes of the group’s Aug. 11-12 meeting showed yesterday. The move would be aimed at avoiding disruptions in housing credit at a time when recovery prospects are clouded by rising unemployment and slowing wage gains, analysts said."

Bloomberg - "U.S. Mortgage Rates Fall to 5.08%, Freddie Mac Says" (9-3-09)

Mortgage rates for 30-year fixed U.S. home loans fell this week, reducing borrowing costs for buyers amid signs the U.S. housing market is stabilizing. The average 30-year rate fell to 5.08 percent from 5.14 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.54 percent."

Orange County Register - "Somehow, O.C. is No. 2 in Calif. homebuilding" (9-3-09)

"Recent statewide building stars by Construction Industry Research Board show that every significant market tracked — minus one, Vallejo-Fairfield — has seen builders file for fewer building permits for single-family homes in 2009’s first 7 months vs. the same 2008 period."

Orange County Register - "These Irvine home are headed to the auction block" (9-3-09)

"Fourteen more Irvine homes are now in default on loans and scheduled to go to auction, according to legal notices printed Sept. 3rd."

Reuters - "WCI Communities exits Chapter 11" (9-3-09)

"Bankrupt luxury home builder WCI Communities Inc said it has emerged from Chapter 11 as a private company, eliminating more than $2 billion in debt and liabilities."

Reuters - "Annaly-backed REIT to be 1st IPO of September" (9-3-09)

"A real estate investment trust that will be managed by a unit of Annaly Capital Management Inc is set to be the first U.S. initial public offering of September, with a trading debut scheduled for the middle of the month."
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