Today’s News Synopsis:
In today’s news, the pending sales for existing homes fell 4.6& in the U.S., according to Bloomberg. Mortgage rates are holding steady at their lowest recorded in almost 60 years. Last week the number of people filing for unemployment decreased to 402,000, although the number of unemployed is still high.
In The News:
Bloomberg - “Pending Sales of U.S. Existing Homes Fall 4.6%” (10-27-11)
“The number of contracts to purchase previously owned U.S. homes unexpectedly fell in September as lower prices and borrowing costs failed to support demand.”
Housing Wire – “GDP growth 2.5% in third quarter” (10-27-11)
“Real gross domestic product grew at an annual rate of 2.5% in the third quarter when compared to the previous three months, the Commerce Department said Thursday.”
NAHB - “Remodeling Activity Remains Slow Under Current Economic Conditions” (10-27-11)
“The current state of the national economy continues to affect the remodeling industry, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The index dropped to 41.7 in the third quarter from 43.9 in the second quarter, after having reached a four-year high of 46.5 in the first quarter. An RMI below 50 indicates that more remodelers report that market activity is declining than report that it is increasing.”
Los Angeles Times – “Weekly jobless claims dip to 402,000 but still are high” (10-27-11)
“New jobless claims dipped last week to 402,000, another somewhat encouraging sign for the still-troubled economy — though still too high to make a dent in the unemployment rate.”
Housing Wire – “Republican blueprints mortgage market without Fannie, Freddie” (10-27-11)
“Rep. Scott Garrett (R-N.J.) proposed his idea of a future mortgage market Thursday, one with new underwriting standards and transparency but without Fannie Mae, Freddie Mac or the upcoming risk-retention rule.”
DS News - “Fixed Mortgage Rates Show Little Movement” (10-27-11)
“Fixed mortgage rates showed little change for the second consecutive week amid mixed consumer confidence and housing data, and remain near their 60-year lows.”
CNN Money – “Small banks still stuck in federal bailout” (10-27-11)
“Hundreds of struggling small community banks could be stuck in the federal government’s much-maligned bank bailout program, a watchdog agency warned in a report released Thursday.”
DS News - “Delaware AG Sues MERS” (10-27-11)
“Delaware Attorney General Beau Biden filed suit Thursday against MERSCORP and its subsidiary, Mortgage Electronic Registration Systems (MERS). Biden charges MERSCORP with violating Delaware’s Deceptive Trade Practices Act.”
Inman - “Redfin raises $14.8M in new funding” (10-27-11)
“Technology-based real estate brokerage Redfin has raised $14.8 million in a new round of funding the company’s chief executive officer says will help it expand and weather seasonal ups and downs.”
The MBA’s weekly survey showed mortgage application volume increased 3.2% the week of October 27, 2010. Mortgage bankers estimated the housing market would not recover until 2012 at least. HUD reported only 24,000 houses sold in September 2010.
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