Today’s News Synopsis:
The U.S. Senate signed an extension to the federal tax credit. Commercial and multifamily mortgage loan originations decreased by 12 percent from Q2 to Q3 of 2009. Fannie Mae reported a loss of nearly $20 billion in Q3 of 2009. According to ZipRealty, housing inventory in 27 major U.S. cities decreased by 2.8 percent.
In The News:
NAR - “Tax Credit Extension a Positive Step Toward Sustained Real Estate Recovery, Say Realtors®” (11-5-09)
“The National Association of Realtors® today commended the U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the current home buyer tax credit as an important step in ensuring a real estate and economic recovery.”
Mortgage Bankers Association – “MBA Study: Commercial and Multifamily Mortgage Originations Remained Low in Third Quarter 2009″ (11-5-09)
“Commercial and multifamily mortgage loan originations for the third quarter of 2009 were 12 percent lower than during the second quarter of 2009, and 54 percent lower than during the same period last year, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”
Housing Wire – “Fannie Mae Loses $19.8bn in Q309″ (11-5-09)
“Fannie Mae (FNM: 1.12 +2.75%) posted a net loss of $19.8bn, or $3.47 per share, in Q309, compared with a net loss of $15.2bn in Q209, according to a Securities and Exchange Commission (SEC) filing.”
Housing Wire – “Mortgage Modifications ‘Insignificant’ to Credit Scores: VantageScore” (11-5-09)
“Restructuring plans on a mortgage, whether in the form a forbearance, modification or short sale, have a relatively insignificant effect on the consumer’s credit score, said Sarah Davies, vice president of VantageScore, at the Loan Modifications Conference now underway in Dallas, Texas.”
Housing Wire – “Fannie Pushes Rental Alternative to Foreclosure” (11-5-09)
“Mortgage giant Fannie Mae (FNM: 1.12 +2.75%) released details Thursday of a deed-for-lease program designed to offer borrowers an alternative to foreclosure. The Deed-for-Lease (D4L) Program aims to minimize neighborhood blight and encourage house price stabilization by cutting down on foreclosures, real estate-owned (REO) and vacant properties, and distressed home sales.”
Housing Wire – “Just Do It! HUD Tells Servicers to Fix First and File Later” (11-5-09)
“The new and multi-faceted approach will aid servicers to quickly reclaim expenses from Federal Housing Administration (FHA)-insured properties in the event of short sale, foreclosure, etc. The changes will also apply to properties where there is still an occupant, protected by the Tenant Act, which states that, even if a borrower defaults, the servicers must honor the leaseholders’ agreement in non-owner occupied scenarios.”
Housing Wire – “Freddie’s Weekly Mortgage Rate Dips Below 5%” (11-5-09)
“Freddie Mac’s (FRE: 1.25 +2.46%) survey of mortgage rates saw a key long-term fixed rate dip back below 5% this week. Freddie Mac said the average rate for a 30-year fixed-rate mortgage (FRM) was 4.98% with an average 0.7 point, down from an average 5.03% the previous week. One year ago, the average rate for a 30-year FRM was 5.88%, Freddie said.”
Housing Wire – “US Housing Inventory Falls 2.8%: ZipRealty” (11-5-09)
“Listings of single-family homes and condominiums declined an average 2.82% across 27 major US metropolitan markets in October, according to data compiled by Web-based real estate brokerage ZipRealty (ZIPR: 4.08 +0.25%).”