Today’s News Synopsis:
A survey of 1,500 registered voters shows that most citizens are still pessimistic towards California’s financial future. Default notices doubled in Los Altos, Greenbrae and Alamo from 2008 to 2009. Zillow reports that the number of under water mortgages decreased in the U.S. decreased by 2 percent in the third quarter.
In The News:
Los Angeles Times – “California’s best years have passed, voters say” (11-8-09)
“In a survey of 1,500 registered voters, 80% say the state is on the wrong track. Respondents express little confidence in state politicians and candidates, even as support for Obama remains high.”
San Francisco Chronicle – “Default notices rising in upper echelon ZIPs” (11-8-09)
“In upscale communities such as Los Altos, Greenbrae and Alamo, where median prices top $1 million, about twice as many households received default notices from January to September as in the same period in 2008, according to recorders’ office data compiled by MDA DataQuick, a San Diego real estate research firm.”
Yahoo - “Why the new $6,500 homebuyer tax credit is wrong” (11-9-09)
“Congress and President Obama keep throwing money at the housing industry, hoping its revival will also revive the economy. The industry itself pines for the halcyon days of McMansions on every block and home prices that never fall. The latest example of this government largess: the extension and expansion of a tax credit for home buyers – $8,000 for first-time buyers and $6,500 for those living in homes at least five years – in a bill signed by the president Friday.”
DSNews - “Five More Community Banks Shuttered” (11-9-09)
“On Friday evening, the FDIC stepped in to help shut down San Francisco-based United Commercial Bank (UCB), the largest institution to be closed last week, whose failure is expected to cost the agency and estimated $1.4 billion. Last year, the Treasury gave $299 million in Troubled Asset Relief Program (TARP) funds to UCB’s holding company.”
Housing Wire – “Amherst Sees $476Bn of Non-Agency MBS Non-Performing” (11-9-09)
“The count of non-performing and re-performing loans within non-agency or private-label mortgage-backed securities (MBS) slipped 0.48% to 2.36m in October, from 2.37m in September, according to Amherst Securities Group. The firm now sees $965.4bn of private-label MBS in performing status the end of October, $476.5bn of MBS non-performing and $115.6bn of MBS re-performing.”
Housing Wire – “More Lenders Raise Prime Mortgage Standards: Fed” (11-9-09)
“The portion of lenders that increased standards for prime residential mortgages and revolving home equity lines of credit increased slightly this quarter, according to the Federal Reserve’s October 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices.”
Housing Wire – “BofA Lends $96bn of First Mortgages in Q309″ (11-9-09)
“During the quarter, BofA originated $96bn in first mortgages for nearly 450,000 borrowers purchase homes or refinance mortgages. During the first nine months of the year, the bank said its originated $292bn in first mortgages for more than 1.3m borrowers.”
Housing Wire – “Treasury Denies Fannie’s Request to Transfer Housing Tax Credits” (11-9-09)
“After posting a $19.8bn quarterly net loss, Fannie asked its conservator, the Federal Housing Finance Agency (FHFA), to submit the request on its behalf. FHFA also requested on Fannie’s behalf another $15bn draw on the Senior Preferred Stock Purchase Agreement with the Treasury, to cover Fannie’s net worth deficit as of September 30.”
Bloomberg - “Fewer U.S. Homeowners Owe More Than Properties Are Worth” (11-9-09)
“The number of U.S. homeowners who owe more than their properties are worth fell in the third quarter as values stabilized and some homes were lost to foreclosure, Zillow.com said. About 21 percent of owners of mortgaged homes were underwater, down from 23 percent in the second quarter, the Seattle-based real estate data provider said today in a report. ”
Inman - “RPR madness! NAR unleashes national property database with Cyberhomes” (11-9-09)
“The NAR has taken over certain technology assets of Cyberhomes from LPS (formerly known as FNRES) in order to bring its RPR (Realtors Property Resource) project, as well as its consumer-facing play, HouseLogic, to market. To do this, they have created Realtors Property Resource LLC — a wholly owned subsidiary of the NAR.”
Tags: Amherst, Bank of America, BofA, bruce norris, DataQuick, default, economy, fannie mae, FDIC, Federal Reserve, FHFA, mortgage, real estate, TARP, tax credit, UCB, United Commercial Bank, zillow