Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011.  LPS reported a 30 year-over-year decrease in new loan originations in November.  At the same time, loan delinquencies also decreased 25% last month.  In other news, Freddie Mac reported an increase in the average mortgage rate.

In The News:

Bloomberg - “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”

Housing Wire - “New originations drop 30%, loan delinquencies decline” (1-27-12)

“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics.  New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”

CNN Money - “SEC to step up scrutiny of private equity firms” (1-27-12)

“The private equity world is struggling to stay in the shadows.  It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”

Realty Times - “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”

San Francisco Chronicle – “Unexpected dip in U.S. new home sales in December” (1-27-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

DS News - “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)

“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”

Housing Wire – “GDP growth rate of 2.8% for 4Q” (1-27-12)

“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”

DS News - “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)

“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”

Housing Wire – “January consumer sentiment posts 11-month high” (1-27-12)

“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”

CNN Money - “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)

“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.

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.

The Commerce Department reports housing starts decreased in December. However, Fannie Mae expects housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%.  RealtyTrac claims foreclosure starts in California decreased 33% in 2010.

In The News:

Mortgage Bankers Association – “Applications Increase in Latest MBA Weekly Survey” (1-19-11)

“The Market Composite Index, a measure of mortgage loan application volume, increased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.4 percent compared with the previous week.”

New York Times – “U.S. Housing Starts Slowed Sharply in December” (1-19-11)

“Housing starts in the United States dropped to an annual rate of 529,000 units, the Commerce Department said on Wednesday, down from November’s 553,000 and well below forecasts of about 550,000 in a Reuters poll. At current levels, starts account for less than a quarter of their boom-time peaks.”

Housing Wire – “Bair pushes for foreclosure claims review panel” (1-19-11)

“Federal Deposit Insurance Corp. Chairman Sheila Bair wants a foreclosure claims commission set up, similar to the one established during the oil spill crisis in the Gulf of Mexico last year, to help homeowners victimized by improper foreclosures.”

Housing Wire – “December home sales down 5% over a year: RE/MAX” (1-19-11)

“After five consecutive months of declines, monthly home sales rose 13.2% in December from the prior month, according to the RE/MAX National Housing Report released Wednesday.”

Housing Wire – “Fannie Mae: Housing starts to triple by 2013 to nearly 1.5 million” (1-19-11)

“Despite the still fragile housing market, Fannie Mae expects housing starts to triple by 2013. According to the agency’s economic outlook, housing starts are predicted to increase 17.3% and hit 710,000 this year, with another 47% increase to 1.1 million in 2012 and another gain of 42% in 2013 to nearly 1.5 million.”

Housing Wire – “Foreclosures increase 2% in 2010, decline in hotspots” (1-18-11)

“ForeclosureRadar, which tracks foreclosure data on the West Coast, reported 338,999 foreclosure starts in California in 2010, down 33% from one year prior. Arizona filings fell 18% to 119,790, and Nevada filings fell 19% to 86,010.”

Bloomberg - “Biggest U.S. Homebuilders Take Over Market as New-Home Sales Begin Rebound” (1-18-11)

“D.R. Horton Inc., Lennar Corp. and Toll Brothers Inc. are among companies planning to boost their community counts by at least 10 percent this year after writing down property values, buying land at discounted prices and obtaining financing unavailable to smaller, closely held builders.”

Bloomberg - “Wells Fargo Refuses to Settle Fannie, Freddie Refund Demands” (1-18-11)

“Prodded by lawmakers, Fannie Mae and Freddie Mac have pressed banks including Wells Fargo to buy back mortgages that were based on faulty data about the homes and borrowers. Wells Fargo said today in its fourth-quarter report that demands from the government-owned mortgage companies declined for a second straight quarter and now stand at $1.5 billion.”

Bloomberg - “Global Commercial Property Investment May Rise 25% in 2011, JLL Reports” (1-18-11)

“Investment in commercial property may rise by 25 percent worldwide this year, after returning confidence produced the most deals in the fourth quarter since 2007, Jones Lang La Salle Inc. said.”

Looking Back:

One year ago, MDA Dataquick’s monthly report showed that 22,328 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County in one month . AFIRE conducted a survey in which 51 percent of foreign investors claimed the US provided the best opportunity for capital appreciation. Builder confidence decreased from the previous month. Fitch Ratings saw many positive signals for housing and other related industries which they believed would lead to a strong recovery.

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.

Resources:
Home Values Near Unprecedented Decline as Hints of Stabilization Wane in Third Quarter
FDIC prepares to crack down on officials of failed banks
FDIC OKs plan to overhaul insurance fund payments
Obama commission considers limits to mortgage interest tax deductions

Today’s News Synopsis:

Freddie Mac reports 30-year loan rates decreased to 2.24%. Freddie Mac economists said bank foreclosure programs could cause housing to drop to a new low. President Obama intends to select Joseph Smith as the new director of the Federal Housing Finance Agency. D.R. Horton expects 2011 to be a weak year for the home-building industry.

USA Today – “Stable home prices, low mortgage rates could gas economy” (11-12-10)

“Rates on 30-year fixed loans averaged 4.17%, down from 4.24% a week ago, Freddie Mac reported Thursday. They’ve been below 5% since early May.”

Housing Wire – “California Realtors say cutting mortgage interest tax deduction will devastate nation” (11-12-10)

“Home prices in the affluent California county increased roughly 6% to $699,174 in October, according to the association. It’s up 11% from a year ago. The National Commission on Fiscal Responsibility and Reform, proposed two options in their efforts to overhaul the tax system. One was to reduce how much homeowners could deduct by 20%, and the other was to exclude second residences, home equity loans or mortgages over $500,000.”

Housing Wire – “Excessive risk retention may throttle mortgage finance: ASF” (11-12-10)

“Under the sweeping reforms of Dodd-Frank, federal financial regulators are tasked with defining a qualified residential mortgage to determine which loans will be exempt from new risk-retention requirements. The American Securitization Forum wants the regulators to establish new standards for income and asset verification, minimum borrower equity, and debt-to-income ratios that its members believe significantly strengthen the mortgage pools and ‘ensures appropriate credit can resume flowing to American homebuyers.’”

Housing Wire – “Freddie Mac says foreclosure problems may drain recovery” (11-12-10)

“Freddie Mac economists said recent problems in the banks’ foreclosure processes could slow what little momentum the recovery holds, and perhaps send the housing market down to a new low.”

Housing Wire – “KBW says market ‘overly pessimistic’ on Fannie, Freddie losses” (11-12-10)

“Analysts at investment bank Keefe, Bruyette & Woods said both Fannie Mae and Freddie Mac have enough in reserves to absorb losses from legacy portfolios and that market estimates of potential losses are ‘overly pessimistic.’”

Housing Wire – “Obama to nominate Joseph Smith as director of FHFA” (11-12-10)

“President Obama will nominate Joseph Smith as the new director of the Federal Housing Finance Agency, according to the White House.”

Housing Wire – “Barclays Capital expects Fed to buy Treasurys beyond 2Q” (11-12-10)

“Barclays Capital expects the Federal Reserve will continue buying Treasury securities past the second quarter, although it appears investors feel otherwise as there has been considerable sell-off in long-term bonds this week.”

Bloomberg – “D.R. Horton Sees `Challenging’ Year as Home Sales May Decline” (11-12-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, expects 2011 to be ‘challenging’ for the industry as consumer confidence and employment remain weak, Chief Executive Officer Donald Tomnitz said.”

Looking Back:

One year ago, foreclosure filings were found in approximately one out of every 385 U.S. homes. The MBA reported that mortgage loan application volume increased by 3.2 percent in one week. The jumbo loan limit that was set to expire at the end of 2009 was extended through 2010.

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 event 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 200 podcasts in our free investor radio archive.

MetLife is expecting a comeback in the commercial real estate market. According to LPS, More than 7.3m mortgages in the US are non-current or in REO status this month. Orange County apartment rent rates fell 5 percent during the first quarter of 2010. President Obama nominated Janet Yellen, Peter Diamond and Sarah Bloom Raskin for the Federal Reserve Board of Governors to the US Senate.

In The News:

Bloomberg - “D.R. Horton Gains After Quarterly Profit Tops Analyst Estimates” (4-30-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, climbed the most in three months after reporting its second straight quarterly profit on increased demand for houses. Net income was $11.4 million, or 4 cents a share, for the quarter ended March 31, compared with a loss of $108.6 million, or 34 cents, a year earlier, the Fort Worth, Texas-based company said today in a statement. The results beat the average of 11 estimates in a Bloomberg survey that showed analysts predicted the company would roughly break even.”

Bloomberg - “MetLife Expects Commercial Real Estate to Rebound” (4-30-10)

“MetLife Inc., the largest U.S. life insurer, said there are signs of a recovery in the commercial real estate market after property values dropped about 40 percent from their peak. The company gained the most in seven weeks in New York trading.”

Housing Wire – “Obama Nominates Three to Federal Reserve Board of Governors” (4-30-10)

“President Barack Obama on Thursday sent three nominations for the Federal Reserve Board of Governors to the US Senate. His nominees include Janet Yellen, president of the Federal Reserve Bank of San Francisco; Peter Diamond, an institute professor at the Massachusetts Institute of Technology (MIT); and Sarah Bloom Raskin, commissioner of financial regulation for the State of Maryland.”

Housing Wire – “Geithner Threatens Crack-Down on HAMP Servicers” (4-30-10)

“‘I want to be clear that we do not believe servicers are doing enough to help homeowners, not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,’ he said in prepared remarks.”

Housing Wire - “Non-Current Mortgages, REO Reach 7.3m in March: LPS” (4-30-10)

“More than 7.3m mortgages in the US are non-current or in REO status through March 2010, according to the Lender Processing Services (LPS) (LPS: 38.065 -0.41%) Mortgage Monitor report. Data and analytics firm LPS reported the modest improvements in the amount of loans becoming current has been overshadowed by this large pool of non-current assets, which represent more than 12% of all active loans in the country. The volume of distressed mortgages is up 19.3% from a year ago.”

Orange County Register – “O.C. apartment rent down 5%” (4-30-10)

“The average rent for a unit in a large Orange County apartment complex fell 4.8 percent during the first quarter of the year, down to $1,475 a month, according to RealFacts. However, the average asking rent pulled out of its nose dive, rising $2 a month from the previous quarter. Rents had fallen steadily for the previous 15 months.”

Orange County Register – “County seeks fee for property tax appeals” (4-30-10)

“An Orange County administrator wants to impose a $30 per parcel fee on property tax appeals this summer to help offset the costs of administering the hearings and to discourage fraudulent and frivolous actions. The proposal was made by Darlene Bloom, clerk of the Board of Supervisors, whose office administers appeals of property tax assessments.”

Realty Times – “Seniors Looking to Downsize, Seek Opportunities to Socialize in Urban Living Areas” (4-30-10)

“there’s a changing mindset emerging. ‘Senior citizens no longer want to be in an isolated place.’ Many are selling their homes and looking for a community connection in the location where they plan to purchase their next home. ‘Like the rest of America, there was this movement going out toward suburbia. Now, there’s a movement going back toward more urban areas and towns are starting to be challenged,’ says Matthews.”

Looking Back:

One year ago, foreclosure filings increased dramatically during March. The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure. The average rate of a 30-year mortgage dropped to 4.78 percent.

Home equity delinquencies increased to 4.3 percent of all accounts. Many construction companies reported an increase in profit during the 4th quarter of 2009. REIS Inc. reports that U.S. apartment vacancies rose to 8 percent last quarter. According to Freddie Mac, mortgage rates decreased to 5.09 percent from last week.

In The News:

Housing Wire – “Lennar Posts Quarterly Profit, Expects $320M Tax Refund” (1-7-09)

“Miami-based homebuilder Lennar (LEN: 15.70 +14.60%) reported net earnings of $35.6m, $0.19 per share, for its fiscal year fourth quarter that ended Nov. 30 and said it will receive a tax refund of $320m as a result of legislation that temporarily allowed companies to recoup losses from taxes paid in profitable years.”

Housing Wire – “Invesco Mortgage Capital Planning Another Share Sale” (1-7-09)

“Seeing a growing appetite for deals from investors, Invesco Mortgage Capital (IVR: 22.37 -2.10%), a real estate investment trust (REIT), plans to offer 7m shares of its common stock for sale in order to fund the acquisition of residential and commercial mortgage-backed securities (RMBS and CMBS) and leveraged mortgage loans.”

Housing Wire – “Delinquency Grows in Home Equity Loans, Lines of Credit: ABA” (1-7-09)

“Housing-related loans continued to show stress. Home equity loan delinquencies hit another record in the quarter, jumping 29 bps to 4.3% of all accounts. Home equity lines of credit rose 20 bps to 2.12% of all accounts. Mobile home delinquencies increased to 3.63% of all accounts, from 3.53% the previous quarter.”

Housing Wire – “Beazer to Offer 18m Shares, $50m in Convertible Debt” (1-7-09)

“Beazer Homes (BZH: 5.06 +6.08%) will issue new common stock and convertible subordinate debt, the Atlanta-based homebuilder said in a pair of Securities and Exchange Commission (SEC) filings. According to the filings, Beazer will issue 18m shares of common stock and $50m in convertible subordinate debt which will convert to stock shares in 2013.”

Bloomberg - “Job Growth Erodes as Housing Bust Pushes Mobility to Record Low” (1-7-09)

“Some households are staying put because they owe more on their mortgages than their properties are worth; others have trouble selling houses in depressed areas, economists say. The S&P/Case-Shiller composite index of home prices in 20 U.S. metropolitan areas was down 29 percent in October from its July 2006 peak.”

Bloomberg - “Principal Cuts on Lender Menus as Foreclosures Rise” (1-7-09)

“While interest-rate reductions or extending loan terms reduce homeowners’ monthly payments, they don’t give much comfort to borrowers who owe more on their homes than their properties are worth. Borrowers who don’t have equity in their homes are more likely to hand over the keys when they run into trouble.”

Bloomberg - “Lennar Leads Builders Higher on Report of Unexpected Profit” (1-7-09)

“Lennar Corp. led U.S. homebuilders higher after the company reported an unexpected quarterly profit as it took advantage of a tax change in the way it accounts for land sales. A Standard & Poor’s measure of 12 home construction companies rose as much as 5.4 percent, the most since November. Lennar climbed as much as 13 percent. KB Home, M/I Homes Inc., Toll Brothers Inc. and D.R. Horton Inc. all gained.”

Bloomberg - “Mortgage Rates on 30-Year U.S. Loans Fall to 5.09%” (1-7-09)

“Mortgage rates in the U.S. fell for the first time in five weeks, lowering borrowing costs and offering a boost to potential buyers. The rate for 30-year fixed U.S. home loans fell to 5.09 percent for the week ended today from 5.14 percent, mortgage finance company Freddie Mac said. Rates hit a record low 4.71 percent the week of Dec. 3. This week’s average 15-year rate was 4.50 percent, Freddie Mac said in today’s statement. ”

Bloomberg - “Record U.S. Apartment Vacancies Force Landlords to Cut Rents” (1-7-09)

“U.S. apartment vacancies rose to a record 8 percent in the fourth quarter and rents fell the most in three decades as unemployment cut demand, according to Reis Inc.”

Looking Back:

One year ago, the Mortgage Bankers Association reported that mortgage applications were decreasing. Statistics from Default Research showed that foreclosures and defaults had significantly increased across California. Apartment rents fell and vacancy rates increased to a 4 year high. Freddie Mac reported that mortgage rates fell for the 9th week in a row.

An amendment was passed which allows federal regulators to dismantle financial firms considered to be “too big to fail”.  According to PMI Group, new home sales decreased by 3.6 percent. The NAHB estimates that families earning the national median income can afford 70.1 percent of the new and existing homes sold in Q3 of 2009. First American CoreLogic reports that home prices declined by 9.8 percent in September from the previous year.

In The News:

NAR - “Commercial Real Estate Forecast Uncertain” (11-19-09)

“The first commercial mortgage bond deal in over a year shows the Federal Reserve’s efforts to sell securities through the TALF program can be fruitful, but the level of activity is well below what is required to resuscitate the commercial market. Credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010.”

DQNews - “California October Home Sales” (11-19-09)

“An estimated 41,280 new and resale houses and condos were sold statewide last month. That was up 2.6 percent from 40,216 in September, and down 2.4 percent from 42,293 for October 2008. California sales for the month of October have varied from a low of 25,832 in 2007 to a peak of 70,152 in 2003, the average is 44,451. MDA DataQuick’s statistics go back to 1988. ”

Mortgage Bankers Association – “Delinquencies Continue to Climb in Latest MBA National Delinquency Survey” (11-19-09)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from the second quarter of 2009, and up 265 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 108 basis points from 8.86 percent in the second quarter of 2009 to 9.94 percent this quarter.”

Inman - “Fannie: ‘Recovery is here’” (11-19-09)

“The deepest and longest recession since the Great Depression appears to be over, Fannie Mae economists say, projecting sales of new and existing homes will jump 11 percent next year and that national home prices will stabilize, remaining essentially flat.”

Housing Wire – “Freddie’s Weekly Mortgage Rates Near Record Lows” (11-19-09)

“Freddie Mac’s (FRE: 1.16 -1.69%) weekly survey of average interest rates put the 30-year fixed-rate mortgage (FRM) at 4.83% with an average 0.7 point for the week ending Nov. 12, down from the average rate of 4.91% the previous week. That’s a mere 5bps shy of Freddie Mac’s record low of 30-year FRM rates, reached twice in April this year. Last year, the rate was 6.04%.”

DQNews - “Bay Area median sale price tops year-ago level for first time since ‘07″ (11-19-09)

“The median price paid for all new and resale houses and condos that closed escrow rose to $390,000, up 6.8 percent from $365,000 in September and up 4 percent from $375,000 in October 2008. The last time the median sale price rose on a year-over-year basis was in November 2007, when it gained 1.5 percent, according to MDA DataQuick of San Diego.”

Bloomberg - “General Growth Makes $9 Billion Debt Restructure Deal” (11-19-09)

“General Growth Properties Inc. reached a deal with some of its largest lenders to restructure about $9 billion of mortgage debt through its Chapter 11 case.”

Bloomberg - “California Scales Back Bond Sale 45% Amid Prison Legal Issue” (11-19-09)

“California, the most indebted U.S. state, sold $743.3 million of tax-exempt bonds today, scaling back the offer by 45 percent because of legal issues raised yesterday about a project at San Quentin State Prison. ”

Bloomberg - “Bankruptcies Will Rise Next Year, Weil’s Miller Says” (11-19-09)

“U.S. companies will increasingly declare bankruptcy next year as high-yield debt matures, said Harvey Miller, the lawyer who handled the reorganizations of Lehman Brothers Holdings Inc. and General Motors Corp. Filings from commercial real estate firms will be part of that increase, said Miller, a lawyer with Weil Gotshal & Manges LLP, speaking today at a conference in New York. ”

Housing Wire - “Fed Buys Another $16Bn of Agency MBS” (11-20-09)

“The Federal Reserve Bank of New York bought another $16bn of agency mortgage-backed securities (MBS) in the week ending November 18.”

Housing Wire – “House Amendment Allows Dismantling of ‘Too Big to Fail’ Firms” (11-20-09)

“A House Financial Services Committee amendment that passed this week would empower federal regulators to dismantle financial firms considered ‘too big to fail.’ The amendment, authored by House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises chair Paul Kanjorski (D-PA), was included to the Financial Stability Improvement Act with a vote of 38-29.”

Housing Wire – “ABCP Outstandings Slip 35% in 2009″ (11-20-09)

“Total US asset-backed commercial paper (ABCP) outstandings were at $455bn as of November 4, a 35% decline from the beginning of 2009, according to market commentary by Fitch Ratings.”

Housing Wire – “PMI Group Sees Mixed Housing Activity in September” (11-20-09)

“The seasonally adjusted rate of new home sales decreased for the first time in six months, down 3.6% to 402,000. PMI Group said this decline was due in part to concerns the first-time homebuyer tax credit would expire.”

Housing Wire – “Combined Loan to Values Swell to 107% in July 2009: Equifax” (11-20-09)

“The average CLTV, a ratio used to determine the risk of default when more than one loan is used, for current Alt-A loans ballooned from 75% in July 2005 to 107% in July 2009, according to the study. Home price declines and an increase in the popularity and size of second liens caused the rise, analysts reported.”

Housing Wire – “House Affordability Dips in Q309: NAHB” (11-20-09)

“Families earning the national median income could afford 70.1% of the new and existing homes sold in Q309, according to the National Association of Home Builders (NAHB) and Wells Fargo (WFC: 27.87 -1.59%) Housing Opportunity Index (HOI).”

Housing Wire – “Prices Down 9.8% in September: First American” (11-20-09)

“National home prices declined 9.8% year-over-year in September, according to First American CoreLogic’s home price index (HPI). In August, the year-over-year decline was 11.1% and on a month-over-month basis prices declined 0.4%, ending a five-month run of consecutive monthly price increases.”

Bloomberg - “D.R. Horton Shares Plunge as Losses Exceed Estimates” (11-20-09)

“D.R. Horton Inc., the second-largest U.S. homebuilder, dropped the most in more than a year after reporting a fourth-quarter loss that exceeded analysts’ estimates and saying the housing outlook remains difficult. The shares fell 15 percent. The net loss for the three months ended Sept. 30 was $231.9 million, or 73 cents a share, the Fort Worth, Texas-based company said today in a statement. The average estimate of 8 analysts in a Bloomberg survey was for a loss of 24 cents.”

Bloomberg - “U.S. Commercial Property Sales to Drop to $49 Billion” (11-20-09)

“U.S. commercial real estate deals are likely to fall to $49 billion in 2009, the lowest in records going back to 2001, Real Capital Analytics Inc. said today.”

Inman - “Google makes yet another big move into real estate territory” (11-20-09)

“A couple weeks ago we noted the company’s move to include a real estate overlay on Google Maps, which put listings smack-dab in front of millions of Google users who likely had no idea the company has spent the last several years quietly aggregating this content. Now, today, search engine land reports that Google has taken this one step further to include a unique page for every listing that includes photos, a map (including Street View) property details, directions, transit information and more. It’s a listing detail page, basically.”

Looking Back:

One year ago, 7,613 houses and condos closed escrow in the Bay Area. Economists expected economic activity to drop by .6 to .8 percent. The Commerce Department reported that housing starts fell lower than any single month on record.