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The Norris Group Real Estate News Roundup 8/24/11

Wednesday, August 24th, 2011

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications are at their lowest level in 15 years.  Members of Vintage East Condominium Association sued JPMorgan Chase & Co in order to take back a property they said JP Morgan was taking too long to foreclose on.  Rents are still on the rise as they continued to increase in July for the 11th straight month.

In The News:

DS News – Prices of Homes Backing GSE Mortgages Fell 0.6% in Second Quarter” (8-24-11)

“Home prices in the U.S. were 0.6 percent lower in the second quarter than in the first quarter of 2011, according to the Federal Housing Finance Agency (FHFA).”

Bloomberg – “Homeowner Associations in Need of Cash Sue to Force Foreclosures” (8-24-11)

“Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.”

Housing Wire “Moody’s: CMBS delinquencies up to 9.24% in July” (8-24-11)

“The delinquency rate on home loans within commercial mortgage-backed securities rose 22 basis points to 9.24% in July, according to Moody’s Investors Service.  The rate stayed higher than 9% each month this year. For July 2010, the
delinquency rate was 7.89%.”

Mortgage Bankers Association – “Mortgage Applications Decrease with Purchase Index at Lowest Level Since 1996” (8-24-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register – “SoCal rents up 11th straight month” (8-24-11)

“The landlord-vs.-renter battle over price stayed on the owners’ side last month as SoCal rents rose for the 11th consecutive month in July. That’s according to a measurement inside the latest regional Consumer Price Index.  According the the Bureau of Labor Statistics, rents in Southern California rose at an annual rate of 1.4% in July.”

Rismedia – “Housing Affordability Hovers Near Record Level as Some Markets Begin to Stabilize” (8-24-11)

“Nationwide housing affordability during the second quarter of 2011 hovered for the 10th consecutive quarter near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released recently.”

San Francisco Chronicle – “New-home sales fell for 3rd straight month in July” (8-24-11)

“Sales of new homes fell for the third straight month in July, a sign that  housing remains a drag on the economy. If the current pace continues, 2011 would  be the worst year for new-home sales in decades.”

CNN Money – “Foreclosure Settlement: Spat among the states” (8-24-11)

“A deal to help victims of improper foreclosures has been slow going, in large part because of infighting among state attorneys general over giving banks a free pass from future lawsuits.”

DS News “Mortgage Contracting Services Appoints Assistant Vice President” (8-24-11)

“Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Wednesday the addition of Anthony Calabrese as assistant vice president.”

San Francisco Chronicle – “U.S. Banks Facing Main Street Squeeze as Economy Saps Earnings” (8-24-11)

“Two U.S. Treasury secretaries and Federal Reserve Chairman Ben S. Bernanke  provided capital and cheap loans to banks during the last three years to help  fuel an economic revival. It hasn’t worked out.”

Looking Back:

Existing home sales experienced a dramatic decrease of 27.2 percent in July 2010, according to the NAR. Housing production decreased by 10 percent in June 2010.  CAR reported California home sales decreased 20.8 percent in July 2010. Statistics from the California Employment Development Department showed that 7,100 jobs were lost from July 2009.

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