Yahoo - "Fed mulls interest rate cut, maybe to all-time low" (12-14-08)
"To battle the worst financial crisis since the 1930s, Fed Chairman Ben Bernanke and his colleagues already have ratcheted down their main lever for influencing the economy — the federal funds rate — to 1 percent, a level seen only once before in the last half-century."
Option Armageddon - "Do You Know Where Your Money is?" (12-14-08)
"In a fractional reserve banking system, where banks take your deposits to make loans, your money is gone the instant it’s deposited. You give money to the bank because they pay you interest on your deposit. Banks in turn hand your hard-earned cash to borrowers. The bank makes money by paying you a lower interest rate on your funds than it receives from those to whom your funds are lent. 'Net interest margin' this is called. If your money is gone the instant you put it in a bank, why do we all keep doing it? How does the banking system continue to function? Because we all trust that, in general, the banks will make good loans that will be paid back. That’s what they get paid for after all: to judge credit risk. All of us with savings would like to make a return on those savings. There’s nothing wrong with that. Since we don’t know how to lend money, we hire professional lenders to do it for us. But in the age of structured finance and securitization, banks thought they were passing off credit risk to investors, so they stopped measuring it."
Naked Capitalism - "Deflation has become inevitable" (12-13-08)
"Bernanke wants rates low to try to stimulate economic activity and has even broached the idea of long bond purchases to keep yields on the long end of the curve down. But the poster child of deflation and low interest rates is Japan, which due to its high savings rate, was not dependent on external funding. The US should want the dollar cheaper to boost exports, but that risks the ire of our creditors, who would take big losses on their FX reserves (many economists argue this idea is specious, but try explaining the loss in paper wealth to a populace not schooled in such niceties. FX losses, when the dollar was weakening earlier in the year, produced a lot of ire in China, including among bureaucrats). Similarly, even if you subscribe to the deflation outlook, 3%ish 30 year bonds is a pretty risky bet independent of the currency risk. So it looks like our friendly funding sources are likely to get burned one way or another, perhaps both."
San Francisco Chronicle - "S.F. feels the pain of real estate meltdown" (12-14-08)
"The median price of a single-family home in San Francisco fell 16.6 percent to $702,000 in October, the most recent month for which data are available, according to the real estate information service MDA DataQuick. The October drop compares with $842,000 in October 2007. The median price is now 22 percent below its peak of $900,000 in May 2007."
Showing posts with label short sale. Show all posts
Showing posts with label short sale. Show all posts
Monday, December 15, 2008
Friday, December 12, 2008
San Francisco Chronicle - "Fed: Households cut debt levels for first time" (12-12-08)
"U.S. households, hit by declining home values and stock market losses, have cut back on their debt levels for the first time on record as loans remain scarce amid what appears to be a deepening recession."
Bloomberg - "Fed Refuses to Disclose Recipients of $2 Trillion" (12-12-08)
"The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral."
Bloomberg - "Pelosi Says U.S. House Stimulus Measure May Reach $600 Billion" (12-12-08)
"Speaker Nancy Pelosi said the U.S. House is likely to act next month on a $500 billion to $600 billion economic-stimulus measure aimed at making long-term investments in renewable energy as well as providing a short- term boost for the economy."
Bloomberg - "Madoff Confessed $50 Billion Fraud Before FBI Arrest" (12-12-08)
"Bernard Madoff confessed to employees this week that his investment advisory business was 'a giant Ponzi scheme' that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment."
Bloomberg - "Citi Doesn’t Live Here Anymore as Name Comes Off NYC Skyscraper" (12-12-08)
"Citigroup Center joins a long line of iconic midtown skyscrapers from the RCA building to the Pan Am tower that have been given new identities as their namesake companies were bought, sold or failed. In Citi’s case, the bank, which is firing 52,000 workers worldwide, hasn’t owned the 59-story building for seven years and occupies three floors, according to property data service CoStar Group Inc. It had 18 floors in 2001."
Bloomberg - "U.S. Jobless Claims Soar 58,000 to a 26-Year High" (12-12-08)
"The number of Americans filing first- time claims for unemployment benefits surged more than forecast last week to a 26-year high, a sign companies are stepping up firings as the recession deepens. Initial jobless claims increased 58,000 to 573,000 in the week ended Dec. 6, the highest level since November 1982, from a revised 515,000 the previous week, the Labor Department said today in Washington. The number of workers staying on benefit rolls reached 4.429 million, also the most since 1982."
Orange County Register - "O.C. condo prices now $199,000 off peak" (12-12-08)
"Latest home-selling stats from DataQuick show for the 22 business days ended Nov. 21 show that O.C. homebuying runs +50.8% vs. a year ago as median selling price is -28.7% vs. a year ago. November will likely have been the fifth straight month of year-to-year sales gain after 33 months of slumping homebuying."
Orange County Register - "Chapman economists nailed the bubble" (12-12-08)
"Realtor prognosticator Gary Watts and others in the industry laughed at the Chapman forecast in 2005 for projecting a 6.1% drop in the median house price. Instead, the median price soared 16.5% that year. Now, the latest report by the A. Gary Anderson Center for Economic Research states that its economists were accurate after all."
"U.S. households, hit by declining home values and stock market losses, have cut back on their debt levels for the first time on record as loans remain scarce amid what appears to be a deepening recession."
Bloomberg - "Fed Refuses to Disclose Recipients of $2 Trillion" (12-12-08)
"The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral."
Bloomberg - "Pelosi Says U.S. House Stimulus Measure May Reach $600 Billion" (12-12-08)
"Speaker Nancy Pelosi said the U.S. House is likely to act next month on a $500 billion to $600 billion economic-stimulus measure aimed at making long-term investments in renewable energy as well as providing a short- term boost for the economy."
Bloomberg - "Madoff Confessed $50 Billion Fraud Before FBI Arrest" (12-12-08)
"Bernard Madoff confessed to employees this week that his investment advisory business was 'a giant Ponzi scheme' that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment."
Bloomberg - "Citi Doesn’t Live Here Anymore as Name Comes Off NYC Skyscraper" (12-12-08)
"Citigroup Center joins a long line of iconic midtown skyscrapers from the RCA building to the Pan Am tower that have been given new identities as their namesake companies were bought, sold or failed. In Citi’s case, the bank, which is firing 52,000 workers worldwide, hasn’t owned the 59-story building for seven years and occupies three floors, according to property data service CoStar Group Inc. It had 18 floors in 2001."
Bloomberg - "U.S. Jobless Claims Soar 58,000 to a 26-Year High" (12-12-08)
"The number of Americans filing first- time claims for unemployment benefits surged more than forecast last week to a 26-year high, a sign companies are stepping up firings as the recession deepens. Initial jobless claims increased 58,000 to 573,000 in the week ended Dec. 6, the highest level since November 1982, from a revised 515,000 the previous week, the Labor Department said today in Washington. The number of workers staying on benefit rolls reached 4.429 million, also the most since 1982."
Orange County Register - "O.C. condo prices now $199,000 off peak" (12-12-08)
"Latest home-selling stats from DataQuick show for the 22 business days ended Nov. 21 show that O.C. homebuying runs +50.8% vs. a year ago as median selling price is -28.7% vs. a year ago. November will likely have been the fifth straight month of year-to-year sales gain after 33 months of slumping homebuying."
Orange County Register - "Chapman economists nailed the bubble" (12-12-08)
"Realtor prognosticator Gary Watts and others in the industry laughed at the Chapman forecast in 2005 for projecting a 6.1% drop in the median house price. Instead, the median price soared 16.5% that year. Now, the latest report by the A. Gary Anderson Center for Economic Research states that its economists were accurate after all."
Thursday, December 11, 2008
Inman News - "Home-price slide approaches $4.5 trillion" (12-11-08)
"A University of California, Los Angeles, economic forecast report notes that U.S. home-price declines since 2006 amount to an estimated $4.5 trillion loss in wealth."
Associated Press - "Foreclosure activity drops to June levels" (12-11-08)
"The number of American homeowners dragged into the housing crisis fell last month to the lowest level since June as new state laws lengthened the foreclosure process, RealtyTrac reported Thursday"
San Francisco Chronicle - "U.S. regulator sees mortgage rate below 4%" (12-11-08)
"James Lockhart, whose agency oversees government-controlled mortgage giants Fannie Mae and Freddie Mac, made the comments at a meeting of Women in Housing & Finance, an industry group. He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates. Treasury Department officials have been considering a program to lower mortgage rates, which would not apply to refinanced loans. Real estate agents and builders have been lobbying intensely in Washington for government efforts to spur home sales amid a severe decline in the U.S. housing market."
Bloomberg - "UrbanAmerica Buys Offices, Distribution Center for $485 Million" (12-11-08)
"UrbanAmerica LP, a property investor focused on urban areas, bought 13 office buildings and one distribution center in cities across the U.S. for $485 million from Rubicon America Trust of Australia. The properties are almost entirely leased to U.S. government agencies and are located in cities including Washington, Philadelphia, Boston, Houston, Denver, San Diego and Huntsville, Alabama. They have 3.1 million square feet (288,000 square meters) of space, New York-based UrbanAmerica said today."
Bloomberg - "Fannie Mae-Related Records Sought in Grand Jury Criminal Probe" (12-11-08)
"Records involving Fannie Mae, the largest source of U.S. home-loan money, were subpoenaed by a federal grand jury as part of a criminal investigation into claims made in a $7 billion civil lawsuit against the company."
Bloomberg - "Bank of America to Cut 30,000 to 35,000 Positions" (12-11-08)
"Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment."
Orange County Register - "O.C. property tax collections down $184 million" (12-11-08)
"Based on Wednesday’s pay window traffic and the amount collected in checks (roughly $90 million), Tax Collector expects to 'approach last year’s collection total.' That’s not good because total tax bills grew 4% vs. a year ago. And last year had worst lateness rate since 1992."
Orange County Register - "O.C. homes seen as 13% too cheap" (12-11-08)
"Yes, your eyes aren’t foggy. Economists from Global Insight and National City say their real estate math machines saw Orange County housing 'fairly valued' in third-quarter as values ran 13.2% below what — theorhetically — local homes should sell for. Global Insight/National City economists track home valuation nationwide by mixing pricing data with interest rate, income and other demographics data. And for the third-consecutive quarter, this pair’s concluded that O.C. homes sell for less than the assumed true value — this time by the largest undervaluation margin since 2001’s fourth quarter, just after the 9/11 terror attacks. See chart. Click on it to see larger version."
"A University of California, Los Angeles, economic forecast report notes that U.S. home-price declines since 2006 amount to an estimated $4.5 trillion loss in wealth."
Associated Press - "Foreclosure activity drops to June levels" (12-11-08)
"The number of American homeowners dragged into the housing crisis fell last month to the lowest level since June as new state laws lengthened the foreclosure process, RealtyTrac reported Thursday"
San Francisco Chronicle - "U.S. regulator sees mortgage rate below 4%" (12-11-08)
"James Lockhart, whose agency oversees government-controlled mortgage giants Fannie Mae and Freddie Mac, made the comments at a meeting of Women in Housing & Finance, an industry group. He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates. Treasury Department officials have been considering a program to lower mortgage rates, which would not apply to refinanced loans. Real estate agents and builders have been lobbying intensely in Washington for government efforts to spur home sales amid a severe decline in the U.S. housing market."
Bloomberg - "UrbanAmerica Buys Offices, Distribution Center for $485 Million" (12-11-08)
"UrbanAmerica LP, a property investor focused on urban areas, bought 13 office buildings and one distribution center in cities across the U.S. for $485 million from Rubicon America Trust of Australia. The properties are almost entirely leased to U.S. government agencies and are located in cities including Washington, Philadelphia, Boston, Houston, Denver, San Diego and Huntsville, Alabama. They have 3.1 million square feet (288,000 square meters) of space, New York-based UrbanAmerica said today."
Bloomberg - "Fannie Mae-Related Records Sought in Grand Jury Criminal Probe" (12-11-08)
"Records involving Fannie Mae, the largest source of U.S. home-loan money, were subpoenaed by a federal grand jury as part of a criminal investigation into claims made in a $7 billion civil lawsuit against the company."
Bloomberg - "Bank of America to Cut 30,000 to 35,000 Positions" (12-11-08)
"Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment."
Orange County Register - "O.C. property tax collections down $184 million" (12-11-08)
"Based on Wednesday’s pay window traffic and the amount collected in checks (roughly $90 million), Tax Collector expects to 'approach last year’s collection total.' That’s not good because total tax bills grew 4% vs. a year ago. And last year had worst lateness rate since 1992."
Orange County Register - "O.C. homes seen as 13% too cheap" (12-11-08)
"Yes, your eyes aren’t foggy. Economists from Global Insight and National City say their real estate math machines saw Orange County housing 'fairly valued' in third-quarter as values ran 13.2% below what — theorhetically — local homes should sell for. Global Insight/National City economists track home valuation nationwide by mixing pricing data with interest rate, income and other demographics data. And for the third-consecutive quarter, this pair’s concluded that O.C. homes sell for less than the assumed true value — this time by the largest undervaluation margin since 2001’s fourth quarter, just after the 9/11 terror attacks. See chart. Click on it to see larger version."
Wednesday, December 10, 2008
NAHB - "Fix Housing First Coalition Seeks To Revive Housing And Economy" (12-10-08)
"Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases."
Mortgage Bankers Association - "Mortgage Applications Decrease from Thanksgiving Week in Latest MBA Weekly Survey" (12-10-08)
"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 5, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 796.8, a decrease of 7.1 percent on a seasonally adjusted basis from 857.7 one week earlier. On an unadjusted basis, the Index increased 32.7 percent compared with the previous week and was up 2.2 percent compared with the same week one year earlier. Most categories of the survey declined from the previous week’s results, which were adjusted to account for the shortened week due to the Thanksgiving holiday."
Bloomberg - "Money-Market Fund Yields May Fall to Less Than Zero" (12-10-08)
"Investors in money-market mutual funds that focus on U.S. Treasuries may lose money for the first time if the Federal Reserve cuts interest rates next week and yields become too small to cover expenses."
Bloomberg - "Fannie, Freddie May Waive Appraisals for Refinancings" (12-10-08)
"Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering forgoing new appraisals on refinanced loans to help struggling homeowners, their regulator said."
Bloomberg - "Congressional Panel Overseeing U.S. Bailout Criticizes Treasury" (12-10-08)
"An oversight committee set up by Congress criticized the U.S. Treasury for not using the $700 billion financial bailout to help average Americans, and questioned its commitment to stem home foreclosures. The panel, which met for the first time about two weeks ago, issued a report faulting the department for not having a comprehensive plan for stabilizing financial markets and urging it to more clearly explain its efforts. The group’s chairwoman, Harvard Law Professor Elizabeth Warren, is scheduled to testify before the House Financial Services Committee today."
Bloomberg - "JPMorgan Will Offer $400,000 to Protesting Workers" (12-10-08)
"JPMorgan Chase & Co. plans to contribute $400,000 to Chicago’s Republic Windows & Doors LLC, where employees are staging a sit-in to protest the plant’s closing, U.S. Representative Luis Gutierrez said today. JPMorgan, which owns 40 percent of Republic through its Chase Capital Partners investment unit, pledged the money 'for the exclusive benefit of the plant’s workers,' Gutierrez said in a statement posted on his Web site. Thomas Kelly, a spokesman for the New York-based bank, declined to confirm the release."
Bloomberg - "American Land Lease Rises on $438 Million Buyout" (12-10-08)
"American Land Lease Inc., an owner and developer of manufactured home communities, surged in New York trading after private equity firm Green Courte Partners LLC agreed to buy the company for about $438 million."
Bloomberg - "Sterling, Wintrust Apply for Treasury Aid: Bailout Scorecard" (12-10-08)
"Sterling Financial Corp. and Wintrust Financial Corp. joined more than 170 regional lenders, insurers and financial companies in seeking Troubled Asset Relief Program funds totaling at least $74 billion, according to data compiled by Bloomberg. One hundred twenty-seven received preliminary approval for $60.4 billion, and 49 awaited word on requests totaling at least $13.8 billion."
Orange County Register - "Deadline’s today as O.C. property tax collection off $145 million" (12-10-08)
"Deadline Day! First installment of the 2008-09 property taxes are due today. And if you haven’t paid yet — you are not alone! According the the O.C. Tax Collector, with two days remaining before the deadline, collections this season were $1.67 billion — $145 million less than a year ago, or an 8% shortfall."
Orange County Register - "Most jobs safe at failed O.C. bank" (12-10-08)
"U.S. Bank plans to keep the branches and retail employees it got last month when it acquired Newport Beach-based Downey Savings and Loan after it was seized by the FDIC, said Steve Dale, a spokesman for U.S. Bank."
"Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases."
Mortgage Bankers Association - "Mortgage Applications Decrease from Thanksgiving Week in Latest MBA Weekly Survey" (12-10-08)
"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 5, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 796.8, a decrease of 7.1 percent on a seasonally adjusted basis from 857.7 one week earlier. On an unadjusted basis, the Index increased 32.7 percent compared with the previous week and was up 2.2 percent compared with the same week one year earlier. Most categories of the survey declined from the previous week’s results, which were adjusted to account for the shortened week due to the Thanksgiving holiday."
Bloomberg - "Money-Market Fund Yields May Fall to Less Than Zero" (12-10-08)
"Investors in money-market mutual funds that focus on U.S. Treasuries may lose money for the first time if the Federal Reserve cuts interest rates next week and yields become too small to cover expenses."
Bloomberg - "Fannie, Freddie May Waive Appraisals for Refinancings" (12-10-08)
"Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering forgoing new appraisals on refinanced loans to help struggling homeowners, their regulator said."
Bloomberg - "Congressional Panel Overseeing U.S. Bailout Criticizes Treasury" (12-10-08)
"An oversight committee set up by Congress criticized the U.S. Treasury for not using the $700 billion financial bailout to help average Americans, and questioned its commitment to stem home foreclosures. The panel, which met for the first time about two weeks ago, issued a report faulting the department for not having a comprehensive plan for stabilizing financial markets and urging it to more clearly explain its efforts. The group’s chairwoman, Harvard Law Professor Elizabeth Warren, is scheduled to testify before the House Financial Services Committee today."
Bloomberg - "JPMorgan Will Offer $400,000 to Protesting Workers" (12-10-08)
"JPMorgan Chase & Co. plans to contribute $400,000 to Chicago’s Republic Windows & Doors LLC, where employees are staging a sit-in to protest the plant’s closing, U.S. Representative Luis Gutierrez said today. JPMorgan, which owns 40 percent of Republic through its Chase Capital Partners investment unit, pledged the money 'for the exclusive benefit of the plant’s workers,' Gutierrez said in a statement posted on his Web site. Thomas Kelly, a spokesman for the New York-based bank, declined to confirm the release."
Bloomberg - "American Land Lease Rises on $438 Million Buyout" (12-10-08)
"American Land Lease Inc., an owner and developer of manufactured home communities, surged in New York trading after private equity firm Green Courte Partners LLC agreed to buy the company for about $438 million."
Bloomberg - "Sterling, Wintrust Apply for Treasury Aid: Bailout Scorecard" (12-10-08)
"Sterling Financial Corp. and Wintrust Financial Corp. joined more than 170 regional lenders, insurers and financial companies in seeking Troubled Asset Relief Program funds totaling at least $74 billion, according to data compiled by Bloomberg. One hundred twenty-seven received preliminary approval for $60.4 billion, and 49 awaited word on requests totaling at least $13.8 billion."
Orange County Register - "Deadline’s today as O.C. property tax collection off $145 million" (12-10-08)
"Deadline Day! First installment of the 2008-09 property taxes are due today. And if you haven’t paid yet — you are not alone! According the the O.C. Tax Collector, with two days remaining before the deadline, collections this season were $1.67 billion — $145 million less than a year ago, or an 8% shortfall."
Orange County Register - "Most jobs safe at failed O.C. bank" (12-10-08)
"U.S. Bank plans to keep the branches and retail employees it got last month when it acquired Newport Beach-based Downey Savings and Loan after it was seized by the FDIC, said Steve Dale, a spokesman for U.S. Bank."
Tuesday, December 09, 2008
NAHB - "Statement By Jerry Howard, President And CEO Of The National Association Of Home Builders" (12-9-08)
"With our builders and other members of the housing industry confronting the most serious recession in more than 50 years, we are announcing today that NAHB is cutting $11.5 million from its operating budget to ensure that NAHB remains the premier advocacy and service trade association for the residential construction industry"
NAR - "Pending Home Sales Holding In Stable Range" (12-9-08)
"The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8."
Mortgage Bankers Association - "Credit Markets and Economy Add Pressure to Commercial Mortgage Performance " (12-9-08)
"Delinquency rates continued to tick up in the third quarter for most commercial/multifamily mortgage investor groups, but remained at the lower end of their historical ranges, according the third quarter Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). "
San Francisco Chronicle - "Half of loans modified in first half in default" (12-9-08)
"More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday. The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision at a housing industry forum sponsored by his agency."
Yahoo - "Fannie, Freddie execs turned aside warnings" (12-9-08)
"E-mails and other internal documents released by the House Oversight and Government Reform Committee show that former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron disregarded recommendations that they stay away from riskier types of loans."
Bloomberg - "Feldstein Sees Risk U.S. Home Prices Will ‘Overshoot’" (12-9-08)
"U.S. house prices have further to fall and may slide beneath the level they were at before the real- estate bubble began to inflate, said Martin Feldstein, a Harvard University economics professor."
Bloomberg - "Raines Faults Regulators for Fannie, Freddie Missteps" (12-9-08)
"Former Fannie Mae Chief Executive Officer Franklin Raines faulted regulators and housing officials for encouraging the mortgage-finance company and its competitor Freddie Mac to expand into riskier loans with limited oversight."
Orange County Register - "Property tax collections up 2% as Wed. deadline looms" (12-9-08)
"O.C. Tax Collector reports that through Saturday, secured property tax collections were $1.542 billion — approximately $30 million higher than for the same period in 2007. That’s a 2% bump!"
Realty Times - "Market Conditions" (12-9-08)
"According to the Government National Mortgage Association (Ginnie Mae), issuance for its Mortgage-Backed Securities (MBS) program hit $27.1 billion in November 2008."
"With our builders and other members of the housing industry confronting the most serious recession in more than 50 years, we are announcing today that NAHB is cutting $11.5 million from its operating budget to ensure that NAHB remains the premier advocacy and service trade association for the residential construction industry"
NAR - "Pending Home Sales Holding In Stable Range" (12-9-08)
"The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8."
Mortgage Bankers Association - "Credit Markets and Economy Add Pressure to Commercial Mortgage Performance " (12-9-08)
"Delinquency rates continued to tick up in the third quarter for most commercial/multifamily mortgage investor groups, but remained at the lower end of their historical ranges, according the third quarter Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). "
San Francisco Chronicle - "Half of loans modified in first half in default" (12-9-08)
"More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday. The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision at a housing industry forum sponsored by his agency."
Yahoo - "Fannie, Freddie execs turned aside warnings" (12-9-08)
"E-mails and other internal documents released by the House Oversight and Government Reform Committee show that former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron disregarded recommendations that they stay away from riskier types of loans."
Bloomberg - "Feldstein Sees Risk U.S. Home Prices Will ‘Overshoot’" (12-9-08)
"U.S. house prices have further to fall and may slide beneath the level they were at before the real- estate bubble began to inflate, said Martin Feldstein, a Harvard University economics professor."
Bloomberg - "Raines Faults Regulators for Fannie, Freddie Missteps" (12-9-08)
"Former Fannie Mae Chief Executive Officer Franklin Raines faulted regulators and housing officials for encouraging the mortgage-finance company and its competitor Freddie Mac to expand into riskier loans with limited oversight."
Orange County Register - "Property tax collections up 2% as Wed. deadline looms" (12-9-08)
"O.C. Tax Collector reports that through Saturday, secured property tax collections were $1.542 billion — approximately $30 million higher than for the same period in 2007. That’s a 2% bump!"
Realty Times - "Market Conditions" (12-9-08)
"According to the Government National Mortgage Association (Ginnie Mae), issuance for its Mortgage-Backed Securities (MBS) program hit $27.1 billion in November 2008."
Monday, December 08, 2008
CNN - "Mortgage delinquencies rise for seventh straight quarter" (12-8-08)
"Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%, according to a report out on Monday. That's a 12% increase from the second quarter's 3.53% average."
Bloomberg - "Majority of Modified Loans Fail Again, Regulator Says" (12-8-08)
"Most U.S. mortgages modified in a voluntary effort to keep struggling borrowers in their homes and stem foreclosures fell back into delinquency within six months, the chief regulator of national banks said. Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington."
Bloomberg - "Obama to Spur Economy With Infrastructure Investment" (12-8-08)
"President-elect Barack Obama is focusing his economic recovery strategy on making the biggest investment in the nation’s infrastructure since President Dwight D. Eisenhower created the interstate highway system a half- century ago."
Orange County Register - "O.C. homes appraise 18% cheaper in a year" (12-8-08)
"In the year ended in October, O.C. home values fell by 18.1% — largest annual loss in the study’s history. By appraiser math, local house values are 24% off their October 2006 peak. DataQuick, as a comparison, has home values 35% off a June 2007 peak."
Orange County Register - "Homeowners who got a break often defaulted again" (12-8-08)
"John Dugan, the nation’s Comptroller of the Currency, said today that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. In other words, after lenders helped struggling borrowers by lowering interest rates, postponing principal payments, extending loan terms or reducing principal owed, homeowners started missing payments again."
Wall Street Journal - "Modified Loans Do Little to Help Homeowners" (12-8-08)
"The OCC data reflects actions taken by the 14 largest national banks and thrifts, which together represent 60% of the mortgage industry. Nearly 36% of borrowers were more than 30 days past due on the loan payment three months after their loan was modified and nearly 53% were more than 30 days late after six months, according to the OCC. The high redefault rate raises questions about the effectiveness of current efforts to work with troubled borrowers and comes at time when the federal government is facing increased pressure to do more to reduce foreclosures."
Realty Times - "Long-Term Mortgage Rates Plummet; Short-Term Rates Fall But Not as Dramatically" (12-8-08)
"The 15-year FRM this week averaged 5.33 percent with an average 0.7 point, down from last week when it averaged 5.74 percent. A year ago at this time, the 15-year FRM averaged 5.65 percent. The 15-year FRM has not been since March 20, 2008, when it averaged 5.27 percent."
"Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%, according to a report out on Monday. That's a 12% increase from the second quarter's 3.53% average."
Bloomberg - "Majority of Modified Loans Fail Again, Regulator Says" (12-8-08)
"Most U.S. mortgages modified in a voluntary effort to keep struggling borrowers in their homes and stem foreclosures fell back into delinquency within six months, the chief regulator of national banks said. Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington."
Bloomberg - "Obama to Spur Economy With Infrastructure Investment" (12-8-08)
"President-elect Barack Obama is focusing his economic recovery strategy on making the biggest investment in the nation’s infrastructure since President Dwight D. Eisenhower created the interstate highway system a half- century ago."
Orange County Register - "O.C. homes appraise 18% cheaper in a year" (12-8-08)
"In the year ended in October, O.C. home values fell by 18.1% — largest annual loss in the study’s history. By appraiser math, local house values are 24% off their October 2006 peak. DataQuick, as a comparison, has home values 35% off a June 2007 peak."
Orange County Register - "Homeowners who got a break often defaulted again" (12-8-08)
"John Dugan, the nation’s Comptroller of the Currency, said today that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. In other words, after lenders helped struggling borrowers by lowering interest rates, postponing principal payments, extending loan terms or reducing principal owed, homeowners started missing payments again."
Wall Street Journal - "Modified Loans Do Little to Help Homeowners" (12-8-08)
"The OCC data reflects actions taken by the 14 largest national banks and thrifts, which together represent 60% of the mortgage industry. Nearly 36% of borrowers were more than 30 days past due on the loan payment three months after their loan was modified and nearly 53% were more than 30 days late after six months, according to the OCC. The high redefault rate raises questions about the effectiveness of current efforts to work with troubled borrowers and comes at time when the federal government is facing increased pressure to do more to reduce foreclosures."
Realty Times - "Long-Term Mortgage Rates Plummet; Short-Term Rates Fall But Not as Dramatically" (12-8-08)
"The 15-year FRM this week averaged 5.33 percent with an average 0.7 point, down from last week when it averaged 5.74 percent. A year ago at this time, the 15-year FRM averaged 5.65 percent. The 15-year FRM has not been since March 20, 2008, when it averaged 5.27 percent."
Yahoo - "AP IMPACT: How Freddie Mac halted regulatory drive" (12-7-08)
"Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006. Power brokers such as former House Speaker Newt Gingrich were recruited with six-figure contracts."
The San Diego Union Tribune - "Mortgage 'fix' not helpful to troubled homeowners" (12-7-08)
"Under the Treasury's latest proposal, the government would invest tens of billions of dollars to help lower the interest rate on 30-year mortgages to just 4.5 percent, which would be the lowest rate since the early 1960s. "
Seeking Alpha - "Housing Price Corrections in the Bay Area" (12-7-08)
"Knowing that housing prices in Stockton and Santa Rosa have been on the decline for about twice as long as Alameda and San Francisco, it probably shouldn’t be a surprise that they’ve also fallen much further from peak levels to current (as of Nov’08). Indeed, Santa Rosa and Stockton have fallen 44% and 59% respectively, while Alameda and San Francisco “only” 18% to 24% - and many neighborhoods in the heart of San Francisco have fallen much less or even posted modest increases."
MSNBC - Unemployment Rate Mape for September 07 through October 08
"Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006. Power brokers such as former House Speaker Newt Gingrich were recruited with six-figure contracts."
The San Diego Union Tribune - "Mortgage 'fix' not helpful to troubled homeowners" (12-7-08)
"Under the Treasury's latest proposal, the government would invest tens of billions of dollars to help lower the interest rate on 30-year mortgages to just 4.5 percent, which would be the lowest rate since the early 1960s. "
Seeking Alpha - "Housing Price Corrections in the Bay Area" (12-7-08)
"Knowing that housing prices in Stockton and Santa Rosa have been on the decline for about twice as long as Alameda and San Francisco, it probably shouldn’t be a surprise that they’ve also fallen much further from peak levels to current (as of Nov’08). Indeed, Santa Rosa and Stockton have fallen 44% and 59% respectively, while Alameda and San Francisco “only” 18% to 24% - and many neighborhoods in the heart of San Francisco have fallen much less or even posted modest increases."
MSNBC - Unemployment Rate Mape for September 07 through October 08
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