Friday, July 31, 2009

Bloomberg “Lone Star Said to Secure Pledges for $20 Billion Property Funds” (7-31—09)

“Lone Star Funds founder John Grayken is securing pledges toward his goal of raising $20 billion to invest in distressed commercial real estate and securities, according to two people familiar with the matter. Grayken may garner as much as $2 billion by the end of August, said one person, who asked not to be identified because the information is private. Dallas-based Lone Star last year raised $10 billion to buy real estate assets.”

Orange County Register“O.C. median home price up 15% off bottom” (7-31-09)

“$424,000 median selling price that is -10.7% vs. a year ago and -34% below June 2007’s peak of $645,000. But the most recent median is 15% above the cyclical low hit in January 2009. Prices have been falling on a year-over-year basis since Sept. 2007 with the worst at -31.5% in August 2008.”

Inman “Judge throws out RESPA rule challenge” (7-31-09)

“Unless Congress says otherwise, mortgage brokers will have to disclose rebates paid by lenders and credit them against borrowers' closing costs beginning Jan. 1, following a judge's dismissal of a trade group's lawsuit challenging the new rules. The ruling clears one potential obstacle to implementation of new loan disclosures and other changes to the Real Estate Settlement Procedures Act (RESPA) put forward last year by the Department of Housing and Urban Development (HUD).”

Reuters “Insurer Genworth sticks to mortgages despite loss” (7-31-09)

“Shares of life and mortgage insurer Genworth Financial (GNW.N) fell as much as 9 percent on Friday, a day after after it reported its fifth-straight quarterly loss, roiled by deeper losses within its U.S. mortgage insurance unit.”

Los Angeles TimesCalifornia's default rate soars to 9.5%” (7-31-09)

“About 1 in 10 Californians with a home loan is now in default, and there's growing evidence that the mortgage meltdown is spreading to commercial real estate. The home mortgage delinquency rate -- the percentage of borrowers who have missed several payments and are in the first stage of foreclosure -- climbed in June to 9.5% in California and 9.9% in Los Angeles County, according to First American CoreLogic.”

The Sacramento Bee“Home Front: Selling short can be scary” (7-31-09)

“As attempted short sales proliferate across the capital region, many people are worried about bad things that might happen to them – even if they succeed in selling. Foremost among worries are nasty state tax bills for forgiven debt. With short sales, banks take less than they are owed to avoid the high costs of foreclosing. And governments typically have taxed that kind of forgiven debt as extra income.”

Inman “Survey: Consumers want added services” (7-31-09)

“Satisfying homebuyers and sellers in a tight market increasingly depends on the provision of additional services and products like mortgages, appraisals, inspections and home warranties, according to a study by J.D. Power and Associates. For its 2009 Home Buyer/Seller Study, J.D. Power surveyed 2,801 people who bought or sold a home between April 2007 and June 2008, gauging customer satisfaction with seven of the largest real estate brokerage franchises.”

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