Today’s News Synopsis:
NAHB is forecasting 552,000 single-family starts in 2010. The MBA reports mortgage loan application volume decreased by 1.5 percent from last week. The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent in Q1 2010. U.S. commercial real estate values fell in March by 0.5 percent.
In The News:
NAHB - “Optimistic Outlook for Housing, But Challenges Remain” (5-19-10)
“NAHB is forecasting 552,000 single-family starts in 2010, up 25 percent from last year’s 445,000 level, which was the lowest annual output since 1959 when the government began collecting this data. Suffering from an acute shortage of available financing and a significant shadow inventory of homes lost to foreclosure that are competing against normal inventory, Crowe said that multifamily housing starts are expected to lose further ground this year, falling 18 percent to 93,000 units, before rebounding to 150,000 units in 2011.”
Bloomberg - “Mortgage Purchase Applications Plummet While Refinance Applications Increase in Latest MBA Weekly Survey” (5-19-10)
“The Refinance Index increased 14.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 27.1 percent from one week earlier. This is the lowest Purchase Index observed in the survey since May of 1997. The unadjusted Purchase Index decreased 27.0 percent compared with the previous week and was 24.1 percent lower than the same week one year ago. The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 14, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.1 percent compared with the previous week.”
Mortgage Bankers Association – “Delinquencies, Foreclosure Starts Increase in Latest” (5-19-10)
“The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter of 2010, an increase of 59 basis points from the fourth quarter of 2009, and up 94 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate decreased 106 basis points from 10.44 percent in the fourth quarter of 2009 to 9.38 percent this quarter.”
Bloomberg - “Fed in No Rush to Sell Mortgage Assets, Minutes Show” (5-19-10)
“Federal Reserve policy makers last month said they were in no rush to sell $1.1 trillion of mortgage-backed securities, with a majority preferring to wait until after the central bank starts raising interest rates.”
Bloomberg - “Commercial Property Values Drop as Rebound Stalls” (5-19-10)
“U.S. commercial real estate values fell in March, pushed lower by a quarterly drop in retail and office properties in the biggest metropolitan areas, Moody’s Investors Service said. The Moody’s/REAL Commercial Property Price Index fell 0.5 percent from February, the second straight monthly decline, Moody’s Investors Service Inc. said today in a report. Prices slid 25 percent from a year earlier and are down 42 percent from the October 2007 peak.”
Housing Wire – “CoreLogic Index Puts Home Prices Up 1.7% in March” (5-19-10)
“National home prices increased 1.7% in March 2010 compared to the same month one year ago, marking the second month of year-over-year increases in the CoreLogic home price index (HPI). The March results are better than the upwardly revised 0.8% year-over-year increase in February, the first in more than three years, CoreLogic said. In 51 of the country’s 100 largest Core Based Statistical Areas (CBSAs), prices increased year-over-year in March, up from 42 CBSAs in February.”]
Housing Wire – “New MDA DataQuick Partnership to Map Latest Real Estate Data” (5-19-10)
“The companies will form MDA DataQuick PropertyFinder 2G, a nationwide database of property and ownership information. It will include details on property profiles, history, demographics, nearby schools and businesses. John Walsh, president of MDA DataQuick, said the partnership will help customers visualize the real estate data it already provides.”
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
Tags: bruce norris, commercial, CoreLogic, DataQuick, delinquency, Federal Reserve, inventory, investor, John Walsh, MBA, MDA, Moody's, mortgage, NAHB, real estate, refinance