Today’s News Synopsis:
C.A.R.’s sales and price report shows that single-family home sales increased 9 percent in August. The Standard & Poor’s/Case-Shiller home price index shows that prices are down 13.3 percent from a year ago, but declines have slowed. Fannie Mae announced that the number of homes behind on payment or in foreclosure have increased by 4.17 percent. Also, FDIC Chairman Sheila Bair proposes that the agency get banks to prepay three years of fees to help cover the cost of bank failures, expecting a $100-billion cleanup bill through 2013.
In The News:
CAR – “August sales and price report” (9-29-09)
“Existing, single-family home sales increased 9 percent in August to a seasonally adjusted rate of 526,970 on an annualized basis. The statewide median price of an existing single-family home increased 2.6 percent in August to $292,960, compared with July 2009. C.A.R.’s Unsold Inventory Index fell to 4.3 months in August, compared with 7 months in August 2008.”
Los Angeles Times – “Consumer confidence unexpectedly falls in September” (9-29-09)
“The New York-based Conference Board, a private research group, said that its Consumer Confidence Index dipped to 53.1 in September, down from the revised 54.5 reading in August. Economists surveyed by Thomson Reuters had expected a reading of 57.”
Sacramento Bee – “Index shows home prices rose for 3rd month in July” (9-29-09)
“The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a year ago, the annual declines have slowed in all 20 cities for the sixth straight month.”
CNBC – “FDIC Staff Propose Banks Prepay Fees” (9-29-09)
“Federal Deposit Insurance Corp staff recommended Tuesday that the agency get banks to prepay three years of fees to help cover the cost of bank failures, expecting a $100-billion cleanup bill through 2013.”
Bloomberg – “Fannie Mae Mortgage Defaults Climb to Record in July” (9-29-09)
“Mortgages at least 90 days late or in foreclosure among the single-family loans that Fannie Mae owns or guarantees rose to 4.17 percent in July, from 3.94 percent in June and 1.45 percent a year earlier, the Washington-based company said in its monthly volume summary today.”
Bloomberg – “Vacation Timeshares Drop at Record Pace as Americans Cut Back” (9-29-09)
“U.S. vacation timeshare sales may fall the most this year since the industry gained popularity in the 1970s as consumers forgo spending to ride out the recession.”
Tags: C.A.R., CAR, Case-Shiller, fannie mae, FDIC, foreclosure, home, mortgage, prices, real estate, recession, Reuters, sales, Standard & Poor