Housing News Live

Housing has a tax-credit addiction - MarketWatch

Thu, 24 Dec 2009 18:34:38 GMT+00:00

Housing has a tax-credit addiction
MarketWatch
By MarketWatch This week, you really had to wonder, after seeing the existing-home and new-home sales figures, whether the housing market is making progress ...

and more »

Mortgage Titans Resist Shrinkage - New York Times

Fri, 25 Dec 2009 01:02:14 GMT+00:00

ABC News

Mortgage Titans Resist Shrinkage
New York Times
In March, one other big support of the housing market will disappear. The Federal Reserve is supposed to sell down, or at least not add to, ...
US promises unlimited financial assistance to Fannie Mae, Freddie MacWashington Post
Fannie Mae, Freddie Mac CEOs could each earn $6 million a yearLos Angeles Times
Fed Housing Finance Agency Outlines Fannie, Freddie Executive CompNASDAQ
MarketWatch -Boston Globe -New York Daily News
all 1,121 news articles »

Fannie / Freddie - What Does Treasury Know?

Fri, 25 Dec 2009 08:27:44 -0500

Karl Denninger submits:

On Christmas Eve one would think you could have a nice evening with your family. Little did I know what Timmy Geithner had up his sleeve:

The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under the new agreement announced today, these limits can rise as needed to cover net worth losses through 2012.

Complete Story »

Why Goldman Could Go Short Mortgages

Fri, 25 Dec 2009 07:20:45 -0500

Felix Salmon submits:

Blake Hounshell asks (of me specifically, no less) why “other banks didn’t follow Goldman’s lead when in December 2006 the firm turned bearish on the mortgage sector”.

The answer is that Goldman never had much in the way of net mortgage exposure to begin with, and could therefore turn bearish quite easily. Banks which had tens of billions of dollars of illiquid mortgage bonds on their balance sheets, by contrast, had no real way to put on a bearish bet.

Complete Story »

Commercial Real Estate Has Long Road Ahead to Recovery - DSNews.com

Fri, 25 Dec 2009 03:56:56 GMT+00:00

DSNews.com

Commercial Real Estate Has Long Road Ahead to Recovery
DSNews.com
Commercial real estate in the United States has a “long and bumpy” road ahead with stability more than a year away for nearly every property type, ...
Industry officials warn of commercial real estate disasterJournal Record (subscription)
ANALYSIS - Whose fault is tight commercial property lending?Reuters India

all 5 news articles »

Home Sales Surge 44.1% In November Thanks To Tax Credit

Wed, 23 Dec 2009 08:57:00 -0500

Sales of homes across America rose a whopping 44.1% in November compared to November of 2008 according to the National Association of Realtors.

Sequentially sales wre up 7.4%.

Below, the full release:

NAR: Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate1 of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

An NAR practitioner survey2 shows first-time buyers purchased 51 percent of homes in November, compared with an upwardly revised 50 percent of transactions in October.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”

Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply3 at the current sales pace, down from an 7.0-month supply in October.

Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006 when it was at a 6.1-month supply.

“Nearly all markets experienced a solid sales gain from one year ago,” Yun said. “The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento, where inventory shortages for lower priced homes are limiting sales.”

For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only consistent gains were in the lower price ranges.

The national median existing-home price4 for all housing types was $172,600 in November, which is 4.3 percent below November 2008. Distressed properties, which accounted for 33 percent of sales in November, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.

Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price5 was $178,000 in November, which is 3.1 percent below November 2008.

Regionally, existing-home sales in the Northeast rose 6.6 percent to an annual level of 1.13 million in November, and are 52.7 percent higher than November 2008. The median price in the Northeast was $223,400, down 13.1 percent from a year ago.

Existing-home sales in the Midwest increased 8.4 percent in November to a pace of 1.55 million and are 53.5 percent above a year ago. The median price in the Midwest was $140,800, a decline of 0.4 percent from November 2008.

In the South, existing-home sales rose 4.8 percent to an annual level of 2.39 million in November and are 44.8 percent higher than a year ago. The median price in the South was $151,400, down 1.4 percent from November 2008.

Existing-home sales in the West increased 10.6 percent to an annual rate of 1.46 million in November and are 28.1 percent above November 2008. The median price in the West was $231,100, which is 4.1 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Join the conversation about this story »

See Also:

Dollar 2010: Rate, Not Great, Expectations

Thu, 24 Dec 2009 19:04 GMT

Posted By:Albert Bozzo

Analysts predict the U.S. currency will build on its end-of-the-year gains, but it will only be a modest rally on the back of the improving economy and higher interest rates.�� Read More

MEDIA:PHOTO

Permalink

Why This Hedge Fund Analyst Owns Fannie and Freddie

Wed, 23 Dec 2009 09:42:05 -0500

Behind the Spread submits:

Jeff Borack is one of the dozen investors who debut at kaChing, a site offering a trade mirroring service to any investors willing to take the risk. He's currently working as a research analyst at Marathon Partners.

In our interview, Jeff gave insight to some of the useful resources he uses for his researches along with the rational behind his ownership of Fannie Mae (FNM) and Freddie Mac (FRE).

Complete Story »

Decade in Review: US Housing Crisis Hits in 2007

Thu, 24 Dec 2009 06:50 GMT

As the end of year and the decade looms, CNBC reviews some of the events that shaped the past 10 years, like in 2007 when the U.S. housing bubble burst and the subprime industry collapsed, kick starting the global credit crunch.�� Watch Video

MEDIA:VIDEO

Permalink

Dollar Falls vs. Euro on Weak US Housing Data

Thu, 24 Dec 2009 02:13 GMT

Posted By:Reuters

The dollar fell against the euro Thursday, extending losses a day after a weak U.S. housing report, as investors sought to lock in gains on the greenback's recent rally.�� Read More

MEDIA:PHOTO

Permalink

30-Year Mortgage Rates Jumps Above 5%: Freddie Mac

Thu, 24 Dec 2009 15:40 GMT

Posted By:Reuters

U.S. mortgage rates rose for a third consecutive week, a closely watched mortgage survey showed Thursday, piercing a key 5-percent level that may deter home loan demand and hinder the housing market's recovery. �� Read More

Topics:Weather | Mortgages | Credit | Housing | Real Estate

Companies:Freddie Mac

MEDIA:PHOTO

Permalink

Government Stimulus at Work: Housing Edition

Thu, 24 Dec 2009 04:11:08 -0500

Ira Stoll submits:

"As of July 25, 73,799 taxpayers had incorrectly claimed $504 million in credits in the program for first-time home buyers," the federal inspector general for tax administration found. The New York Times has a report. The program was so successful it has been extended.

As Holman Jenkins wrotes yesterday:

Complete Story »

FOREX-Dollar dips on housing data, profit-taking - Reuters

Wed, 23 Dec 2009 21:08:07 GMT+00:00

Trend News Agency

FOREX-Dollar dips on housing data, profit-taking
Reuters
The government's housing report also included a downward revision to the previous month's figure, a day after a report showing a 7.4 percent jump in ...
US dollar falls on disappointing US housing dataChannel News Asia
Dollar extends losses after US housing dataReuters
Dollar extends gains vs yen after US housing dataReuters

all 661 news articles »

Spending, housing reports are mixed | Philadelphia Inquirer | 12/24/2009 - Philadelphia Inquirer

Thu, 24 Dec 2009 08:10:58 GMT+00:00

Reuters

Spending, housing reports are mixed | Philadelphia Inquirer | 12/24/2009
Philadelphia Inquirer
AP WASHINGTON - Americans are starting to spend a bit more money, but not enough to power a strong economic recovery, ...
Housing Forecast: Off Life Support, Still in Critical CareCBS News (blog)
New home sales fall 11.3% in NovemberLos Angeles Times
Weak US home sales show recovery's shakinessReuters
MortgageNewsDaily.com -Benzinga
all 737 news articles »

HOUSING SHOCK: New Home Sales Plunge 11.3 Percent!

Wed, 23 Dec 2009 10:09:00 -0500

Sales of new homes in the US dropped 11.3% to an annualized rate of 355k units in November.

The consensus was for a rise of 2.3%. to 438,000 from 430,000 a month earlier.

This is a really ugly number, far lower than the anticipated decline. It comes on the news of a 30K downward revision to 400k units annualized in October.

New home sales are down 9.0% compared to November of last year when the annualized sales pace stood at 390k. That right: new home sales are worse than they were at the height of the financial crisis.

Some additional data points:

The median new home sales price was $217,400, a 3.8% increase over the month and a 1.9% decline over the past year.
The average new home sales price increased 9.5% to $280,300 over the month, reflecting a 3.4% decline over the past year.
The inventory of new homes available for sale at the end of the month dropped to a 7.9 month supply. That's a decline of 5,000 to 235,000 units.
Over the past year, new homes available for sale are down 36.5% while the inventory of new homes is down 30.7%.
The South took the worst beating, with a decline in new home sales of 21.1&. The West saw a decline of 9.2%. The Midwest saw the strongest performance, with sales rising 21.4% over the month. (Note: If you want to know why the home sales are heading in opposite ways regionally, check out this map of the recession.)

Join the conversation about this story »

See Also:

Housing crisis cuts US mobility - USA Today

Thu, 24 Dec 2009 03:24:04 GMT+00:00

Seattle Post Intelligencer (blog)

Housing crisis cuts US mobility
USA Today
The numbers of Americans moving to new states fell sharply this year, a casualty of the collapse in housing ...
Recession Alters Migration Patterns in U.S.Wall Street Journal
Doubts arise over new Census claims of Arizona growthArizona Republic
Census: Florida, Nevada had more Americans move out than inWashington Post

all 728 news articles »

Weak Recovery in US Ongoing: Economist

Thu, 24 Dec 2009 09:30 GMT

The US economic recovery "is going in the right direction" as the recent data on industrial production has shown an improvement, Brian Coulton from Fitch said Thursday. "We think the labor market is still going to deteriorate, but at a slower pace."�� Watch Video

MEDIA:VIDEO

Permalink

Home Buyer Tax Credit Hangover

Wed, 23 Dec 2009 17:19 GMT

Posted By:Diana Olick

There is a lot of confusion out there today over how the first time home buyer tax credit extension figures into the Commerce Department's report on sales of new construction. "New Home Sales," as we call it, plummeted 11 percent, quite unexpectedly, after another rise in "Existing Home Sales" yesterday. �� Read More

Topics:Interest Rates | Housing | Real Estate

Sectors:Financial Services | Construction and Materials

MEDIA:PHOTO

Permalink

Stocks finish slightly higher despite housing data - The Associated Press

Wed, 23 Dec 2009 23:00:43 GMT+00:00

Reuters

Stocks finish slightly higher despite housing data
The Associated Press
The housing disappointment followed news that personal spending and income both rose in November. However, economists say growth remains too weak to sustain ...
U.S. stocks end up after positive housing reportMarketWatch
Housing data helps Wall Street extend holiday cheerChannel News Asia

all 1,563 news articles »

US gold gains as dollar drops on weak housing data - Reuters

Wed, 23 Dec 2009 16:57:42 GMT+00:00

Reuters

US gold gains as dollar drops on weak housing data
Reuters
Sales of newly built US homes in November fell 11.3 percent, dealing a blow to the housing market's recovery. Story: [ID:nN2277248] Table [ID:nCAT005002] ...
US gold sent to 7-wk low by strong US housing dataReuters

all 624 news articles »

US housing data tempers optimism in world markets - BusinessWeek

Wed, 23 Dec 2009 19:11:04 GMT+00:00

US housing data tempers optimism in world markets
BusinessWeek
European stock markets rose modestly Wednesday on optimism about the recovery even as Wall Street remained flat, as downbeat housing data ...

and more »

New Home Sales Fall Down

Thu, 24 Dec 2009 08:16:45 -0500

Zacks.com submits:

By Dirk van Dijk

In November, New Home Sales seriously disappointed by falling 11.3% from October levels to a seasonally-adjusted annual rate of 355,000. The rate was also 9.0% below the year-ago sales levels. The consensus expectations were for sales to be running at a 435,000 rate in November. In even worse news, October’s numbers were revised sharply lower from 430,000 to 400,000. Thus relative to where we thought we were, it is more like a 17.4% monthly drop.

Complete Story »

New Data Casts Doubts on Housing Recovery

Thu, 24 Dec 2009 07:55:35 -0500

Daily Forex submits:

Just yesterday, we were reporting that November housing data were the best figures for two years and that members of the US National Association of Realtors were feeling quietly confident.

Well, as they say, that was yesterday. Data just released by the US Commerce Department has suggested a seasonally adjusted figure of 355 000 new homes were sold in November, down from 400 000 in October – a slump of 11.3%. The figures cast further doubt on the recovery in the US housing sector.

Complete Story »

Five ETFs for a Recovery in Housing

Thu, 24 Dec 2009 05:57:44 -0500

ETF Database submits:

Over the past 18 months, housing prices have retreated sharply from the highs reached at the end of the housing boom. However, there are reasons to believe that one of the longest and most severe housing slumps ever is nearing an end. Building permits recently increased to a 584,000 yearly pace, well above the forecasted 570,000 and the highest level since November 2008. Construction of single-family houses, which accounted for 84% of the industry last month, increased 2.1% to an annual rate of 482,000, while work on multifamily homes jumped 67% to an annual rate of 92,000. And most recently, home sales for November surged 7.4% over the previous month, reaching the highest level since February 2007 on a seasonally-adjusted basis.

On the high-end side of the market, Robert Toll, CEO of luxury home giant Toll Brothers said during a Bloomberg Television interview on Dec. 11. that “there is a pretty good reservoir of pent-up demand, we don’t know how fast we’re coming back, but we do know we’re coming back.” The company also recently reported a 42% surge in fiscal fourth-quarter orders, suggesting that demand is beginning to come back for luxury homes as well. The increase has not been limited to any one particular area of the country either: gains were recorded in all four regions of the country in November.

Complete Story »

6 Things You Need to Know About Housing for 2010

Thu, 24 Dec 2009 04:34:49 -0500

Wall Street Strategies submits:

Here are six things you'll need to know for housing in 2010:

1. Data is Cloudy and not Always Reliable
For example, new home sales for November laid an egg, recording an 11.3% decline (compared to October) to an annual rate of 355,000, falling short of the consensus expectation of a 2% increase. The numbers aren't actually as bad as they look and we were not surprised to see the decline. During November, the nationwide tax credit was set to expire at the end of the month, and was not renewed until a week into the month. As a result, consumers likely pulled out of potential sales before finding out that it was extended. That issue, combined with changes in seasonality, makes the data somewhat unreliable.

Complete Story »

Economic Data Leaves Stocks, ETFs Little Changed

Wed, 23 Dec 2009 16:49:28 -0500

Tom Lydon (ETF Trends) submits:

Stocks and exchange traded funds were little changed Wednesday morning as weak new home sales in November put a damper on enthusiasm. Even positive figures about personal incomes and spending weren’t enough to turn the markets positive.

Personal incomes rose in November at the fastest pace in six months while spending posted a second straight increase, raising hopes that the economic recovery may be gaining momentum. Personal incomes rose by 0.4% in November, while spending rose 0.5%, reported Martin Crutsinger for the Associated Press. However, both numbers came in below expectations. This raises the question whether incomes are rising quickly enough to sustain a strong economic rebound.

Complete Story »

November New Home Sales Report Shows Significant Weakness

Wed, 23 Dec 2009 15:57:50 -0500

Sold At The Top submits:

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for November showing both significant revisions to prior months' results as well as a whopping 11.3% month-to-month decline in sales of newly constructed single family dwellings bringing the seasonally adjusted annual sales pace down to 355,000 units or 9.0% below the level seen in November 2008 and remaining 74.44% below the peak level 2005.

We are now only 1.87% above the record low hit earlier this year and likely on course for a breach of that level come early 2010.

Complete Story »

Surging Shadow Inventory Means Actual Housing Inventory Has Barely Budged At All

Tue, 22 Dec 2009 06:49:58 -0500

A new report from FirstAmerican Core Logic (via Jonathan Miller) offers an update on shadow housing inventory.

Here are the key stats:

As of September 2009, First American CoreLogic estimated there was a 1.7‐million‐unit pending supply of residential housing inventory, up from 1.1 million a year earlier. Pending supply, sometimes referred to as “shadow” inventory, estimates real estate owned (REO) by banks and mortgage companies, as a result of foreclosures and other actions, such as deeds in lieu, as well as real estate that is at least 90 days delinquent. Normally shadow inventory would not be included in the official measures of unsold inventory. At the current sales rate, the pending supply is 3.3 months, up from 2.4 months a year ago. The months’ supply measures how quickly the inventory will run off given the current sales rate.

• The visible supply of unsold inventory was 3.8 million units in September 2009, down from 4.7 million a year earlier. The visible inventory measures the unsold inventory of new and existing homes that are currently on the market. The visible months’ supply fell to 7.8 months in September 2009, down from 10.1 months a year earlier.

• The total unsold inventory (which combines the visible and pending supply) was 5.5 million units in September 2009, down from 5.7 million a year ago. The total months’ supply was 11.1 months, down from 12.7 a year earlier. This indicates that while the visible months’ supply has decreased and is beginning to approach more normal levels, adding in the pending supply reveals there is still quite a bit of inventory that will impact the housing market for the next few years, especially in the context of the current increase in home sales, which is in part due to artificially low interest rates and the homebuyer tax credit.

FACL_Shadow_Inventory_121809 -

Join the conversation about this story »

See Also:

NYC Foreclosures Surge, As Unemployment Goes Into The Teens In Several Neighborhoods

Tue, 22 Dec 2009 06:11:43 -0500

A decent theme for understanding the current economic situation, as we slowly roll out of 2009, is the concept of there being two economies.

You see it everywhere.

You see it in Europe, where the difference between a country like Greece or Ireland and Germany is huge.

In the US, the gap between large and small businesses is enormous.

And in New York -- which surprisingly never became the post-Wall Street ghost town many expected it to become -- some areas are recovering, while in other areas unemployment soars into the teens, bringing about the kinds of calamities that seemed to be reserved for elsewhere.

WSJ: Restaurant employee Gregory Ramsden, a 46-year-old renter in the Norwood neighborhood of the north Bronx, has been looking for full-time work since June 2008. He has been teaching classes in English as a second language, but hasn't had enough money to pay the rent on his apartment since July. His landlord has begun eviction proceedings.

"I'd take anything. I'd take a job cleaning toilets," said Mr. Ramsden, who, as a full-time waiter, used to make $50,000 a year, the area's median income. "I believe I'm running out of options."

On the southeastern strip of Queens, where generations of families have entered the middle class by buying starter homes, unemployment has doubled in the past two years to 12.2%.

In 2008, there were more than 1,800 foreclosure cases filed in the area, and 1,589 filed as of the third quarter of this year, according to the Furman Center for Real Estate and Urban Policy at New York University.

Neighborhood-wide unemployment data was compiled by the Fiscal Policy Institute think tank.

Their full announcement:

----

With no respite in sight for New York's Main Street economy, a tale of two distinct recessions is emerging for the city. That's the message of a new report released today by the Fiscal Policy Institute, a nonpartisan think tank that focuses on tax, budget, and economic issues.

"With each passing day, the disconnect grows. Wall Street is recovering, but in the boroughs and neighborhoods, unemployment has doubled in the past year," said James Parrott, deputy executive director and chief economist at the institute.

According to the report, more than 400,000 New York City residents are currently out of work - and fully 40 percent of them have been without a job for more than six months. Moreover, the unemployment rate, 10.3 percent in September, is likely to stay in double digits for many more months.

The so-called Great Recession hit New York City in August 2008, later than the country as a whole, for which the recession began in December 2007. Since then, according to the report, the local economy has suffered in a number of ways:

Unemployment has more than doubled over the past year - the sharpest rise in the 34-year history of monthly unemployment data.
Two thirds of the job loss in the six months following the September 2008 financial meltdown were outside the finance sector.
Median wages have fallen by five percent in this decade and by 11 percent since 1990.
New York City consumer spending dropped by 11 percent over the past year.
Fifty thousand New York City homeowners have lost their homes through mortgage foreclosures over the past two and a half years.
Personal and business bankruptcies are skyrocketing.

Parrott credits the financial bailout with softening the blow to Wall Street, but said it was not a cure-all. "New York City's job decline is only half that of the nation's, but the unemployment crisis is every bit as severe here as it is nationwide," he said.

The official unemployment rate masks deeper troubles in the city's labor market:

A greater share of New York's unemployed have been without work for more than six months.
There are large numbers of long-term unemployed, underemployed and discouraged workers - the city's real unemployment rate is 16 percent.
Growing numbers of people are entering or re-entering the labor market spurred by economic hardship.
Young workers face 25 to 40 percent unemployment rates.

"This recession underscores the disparities that characterize our city, with unemployment rates and economic well-being clearly diverging along lines of race and ethnicity," said Parrott, citing the "real unemployment rate" (which factors in under-employed and discouraged workers) of over 20 percent for blacks and Hispanics who make up half of the city's workforce.

Restoring the city's economy to health requires additional federal stimulus and job creation funding and state action to increase New York's low unemployment benefit. But Parrott believes that the city government has a role, too: "We need skillful management of the city budget to protect vital services while ensuring that the millions we spend on economic development actually result in good jobs, and not more poverty-wage jobs."

Join the conversation about this story »

See Also:

Housing Is Shaky With US Aid. Without It? - Wall Street Journal

Tue, 22 Dec 2009 04:13:43 GMT+00:00

Housing Is Shaky With US Aid. Without It?
Wall Street Journal
One question nagging investors is how housing will hold up absent government intervention next year. But housing's recovery is shaky even ...

and more »

UK Housing Market Recovery Will Fade Next Year, RICS Says - Bloomberg

Tue, 22 Dec 2009 00:22:20 GMT+00:00

Irish Times

UK Housing Market Recovery Will Fade Next Year, RICS Says
Bloomberg
22 (Bloomberg) -- The UK housing market recovery will fade in 2010 as more homes become available to buy and officials start to exit emergency stimulus ...
UK RICS: House Prices Unlikely To Recover Much In 2010Wall Street Journal
For the UK, Housing Recovery Remains a Question MarkHousing Wire
House prices set for modest rise in 2010Financial Times

all 70 news articles »

Sales of Existing US Homes Probably Increased for Third Month - Bloomberg

Tue, 22 Dec 2009 05:37:21 GMT+00:00

Sales of Existing US Homes Probably Increased for Third Month
Bloomberg
22 (Bloomberg) -- Sales of existing US homes probably rose in November to the highest level in more than two years, a sign housing is gaining strength along ...

and more »

Opening View: Dow Futures Rise Ahead of GDP and Housing Data - Schaeffers Research

Tue, 22 Dec 2009 13:23:00 GMT+00:00

Opening View: Dow Futures Rise Ahead of GDP and Housing Data
Schaeffers Research
It would appear that the bulls are going to milk this low-volume environment for all it's worth ...

and more »

Home sales likely rose again in November - The Associated Press

Tue, 22 Dec 2009 07:20:31 GMT+00:00

The Associated Press

Home sales likely rose again in November
The Associated Press
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there. ...

and more »

RPT-US mortgage industry grapples with new disclosures - Reuters

Tue, 22 Dec 2009 12:03:36 GMT+00:00

RPT-US mortgage industry grapples with new disclosures
Reuters
A complete overhaul of the "good faith estimate" -- a standard disclosure document sent to borrowers -- under the Real Estate Settlement Procedures Act, ...
HUD Charges Las Vegas Real Estate Broker and Owners with Violating Fair ...RealEstateRama

all 29 news articles »

Rates Going Up?

Mon, 21 Dec 2009 21:26 GMT

Debating whether the Fed will hike up interest rates, with Ron Insana, CNBC contributor and Steve East, Height Analytics.�� Watch Video

MEDIA:VIDEO

Permalink

Few borrowers helped by modified mortgages�

Mon, 21 Dec 2009 16:46:02 GMT

One of the biggest challenges to ending the foreclosure crisis is this: A surprising number of homeowners who get their monthly payments reduced fall behind again within a year.

Mortgage - Business - Financial Services - Loan - United States

Interest Rate Surprise

Tue, 22 Dec 2009 00:41 GMT

Experts weigh in on whether interest rates will go up next year, with David Goldman, First Things Magazine and Vince Reinhart, American Enterprise Institute.�� Watch Video

MEDIA:VIDEO

Permalink

Department of Defense Releases 2010 Housing Rates - Bay Net

Sat, 19 Dec 2009 12:02:14 GMT+00:00

Bay Net

Department of Defense Releases 2010 Housing Rates
Bay Net
The Department of Defense today released the 2010 Basic Allowance for Housing (BAH) rates. Military members will receive an average housing allowance ...
Military housing allowance to increaseFayObserver.com

all 5 news articles »

Mobile Apps for Real Estate Go Beyond Search - New York Times

Fri, 18 Dec 2009 22:23:40 GMT+00:00

Mobile Apps for Real Estate Go Beyond Search
New York Times
Online real estate search portals such as Trulia.com, Zillow.com and Redfin.com continue to have among the most popular software that can be downloaded to ...
Open House? Google Has Also Been Eying Trulia in Real Estate Search Play.All Things Digital (blog)
Really? House shopping via cellphoneOCRegister (blog)
Google rumored to be looking at TruliaTechFlash (blog)

all 6 news articles »

Deutsche Bank: Housing Still Has 10% To Fall

Fri, 18 Dec 2009 12:14:00 -0500

This week Moody's came out and said that this is it, housing has bottomed!

But, Deutsche Bank has other ideas.

HousingWire: Today, Deutsche Bank researchers say these predictions will likely become a reality, with the total peak-to-trough decline of US home prices hitting nearly 40%. In the current outlook, they say home prices will drop a further 10 to 12% from current levels.

The results are part of a nationwide projection that represents a weighted average across 100 individual metropolitan statistical areas (MSAs).

The projections come from the securitization arm of the investment bank and is the first forecast expanded to include more factors that impact home prices overall as well as a variety of ranges (month-to-month, peak-to-trough).

“A change in market psychology (which can both cause, and be caused by, recent home price increases), some signs of labor market stabilization and various government programs aimed at easing the housing crisis have all been constructive for housing,” write the researchers. “These changes may have helped abate the freefall in prices we saw in early 2009, and the “overcorrection” we started to see in home prices.”

Read the whole thing -->

Join the conversation about this story »

See Also:

5% Downpayments Are Back As Free Money Makes Mortgage Companies Go Insane Again

Sat, 19 Dec 2009 09:17:00 -0500

Mortgage companies are apparently convinced the housing slump is over.

At this rate, we'll be back to no-money-down mortgages with three-year-teaser rates by spring.

Ruth Simon, WSJ: Some mortgage insurers and lenders are beginning to relax their down-payment requirements, in a sign of increased confidence in the housing market.

The changes, which are being done on a market-by-market basis, mean buyers in some parts of the country can now borrow 95% instead of 90% of a property's value. Until recently, mortgage companies had tighter standards for these markets because of falling home prices.

"We are feeling better about the economic condition of the marketplace," said Michael Zimmerman, senior vice president of investor relations at mortgage insurer MGIC Insurance Corp. Borrowers who want to finance more than 80% of a home's value must typically purchase mortgage insurance.

Earlier this month, MGIC removed New Orleans, Dover, Del., Akron, Ohio, and four other areas in Ohio from its list of restricted markets. The moves followed the company's decision in September to loosen restrictions on 11 markets, including Denver and St. Louis.

Read the whole thing >

Join the conversation about this story »

See Also:

US Dollar Likely to Continue Upward Swing Next Week

Fri, 18 Dec 2009 22:12 GMT

Posted By:Reuters

The dollar is likely to extend gains in the upcoming week, continuing to draw support from growing signs of a stable U.S. recovery as well as a Federal Reserve plan to wind down most of its emergency lending early next year. �� Read More

MEDIA:PHOTO

Permalink

Beware Holiday Foreclosure Moratoria

Fri, 18 Dec 2009 19:36 GMT

Posted By:Diana Olick

In the last few days I've been bombarded with press releases from the likes of Citigroup, Fannie Mae and others, touting their holiday foreclosure moratoria. �� Read More

Topics:Interest Rates | Housing | Real Estate

Sectors:Financial Services | Construction and Materials

Companies:Citigroup Inc | Bank of America Corp | Fannie Mae

MEDIA:PHOTO

Permalink

More homes are poised to hit the market

Fri, 18 Dec 2009 00:00:00 -0800

A 'shadow' inventory of properties close to foreclosure or seized but not yet for sale has been growing.

A supply of 1.7 million homes headed for sale because of foreclosure or delinquency looms over the nation's housing market, which could dampen progress toward recovery should the Obama administration fail in its efforts to aid struggling homeowners, researchers said.