The Commerce Department said home construction rose 14.5% in January. Mortgage delinquencies decreased 6.41% in the 4th quarter, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-16-11)

“The Refinance Index decreased 11.4 percent from the previous week and is the lowest Refinance Index recorded in the survey since the week ending July 3, 2009. The seasonally adjusted Purchase Index decreased 5.9 percent from one week earlier. The unadjusted Purchase Index decreased 0.9 percent compared with the previous week and was 18.2 percent lower than the same week one year ago”

CNN - “Home construction rises in January” (2-16-11)

“Housing starts, the number of new homes being built, rose 14.6% to an annual rate of 596,000 in January, up from 520,000 in December, the Commerce Department said.”

Mercury News – “Silicon Valley real estate: Foreclosure lull ends in Santa Clara County” (2-16-11)

“In Santa Clara County in January, 398 home were either repossessed or sold by lenders to third-party buyers, a nearly 70 percent jump from the month before, according to real estate information service ForeclosureRadar. San Mateo County had 160 foreclosures in January, a 75 percent jump from December. ”

Housing Wire – “Decrease in mortgage delinquencies losing momentum: TransUnion” (2-16-11)

“The ratio of borrowers 60 days of more delinquent on their mortgages dropped to 6.41% in the fourth quarter from 6.44% the quarter before. Compared to the same period in 2009, mortgages delinquencies are down about 7%, TransUnion reported. In the third quarter, the national rate tumbled 3.5%.”

Housing Wire – “HUD Secretary: Reforms will not substantially impact affordable housing” (2-16-11)

“Raising the Federal Housing Administration’s annual mortgage insurance premium 25 basis points will not have a dramatic impact on the affordability of homes in America, U.S. Department of Housing and Urban Development Secretary Shaun Donovan said Wednesday.”

Housing Wire – “FHA’s Stevens says mortgage servicers could face potential fines, claims” (2-16-11)

“Federal Housing Administration Commissioner David Stevens said mortgage servicers under review for improper foreclosures could face fines and potentially forced reimbursements, according to his testimony before a House subcommittee Wednesday.”

Housing Wire – “FOMC: High unemployment, limited construction continue to hinder recovery” (2-16-11)

“the Federal Open Market Committee voted unanimously to keep the target federal funds rate at next to nothing – 0% to 0.25% – and continue with its controversial $600 billion bond-buying plans.”

Housing Wire – “Frank proposes amendment to increase SEC funding by $131 million” (2-16-11)

“U.S. Rep. Barney Frank (D-Mass.) is pushing to increase budget funding for the Securities and Exchange Commission as House representatives debate a bill that could cut funding to the agency by $41 million.”

Looking Back:

One year ago, the median home price in Southern California decreased by 6 percent within a month. CBIA reported that home sales in new communities decreased by 15 percent from last month. John Burns estimated that 5 million houses and condominiums with delinquent mortgages would end up in foreclosure over the next few years. TransUnion reported that mortages over 60 days delinquent increased to 6.89% in quarter four of 2009.

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.

19,528 new and resale houses and condos sold in Southern California last month, according to MDA DataQuick. LPS reports the average foreclosure in California and Nevada has been delinquent 461 days. December’s default rates for first and second mortgages were 2.93% and 1.74%.

In The News:

Dr Housing Bubble – “Financially dreaming in California” (1-16-11)

“Over half of Californians with a mortgage spend more than 30 percent of their income on housing costs. By prudent standards this is spending too much on housing. Of course housing pundits would like you to believe that this is somehow okay and justified but the massive amount of people unable to pay their mortgages in the state tells you that many are unable to support their current home”

Los Angeles Times – “Lawyer advises foreclosed clients to break back into their homes” (1-14-11)

“The 58-year-old attorney admits to breaking into homes at least half a dozen times, including one before with the Earls, leaving the clients to squat in their homes while he defends their legal right to possession. His unconventional methods have gotten him fined by a judge in San Diego, arrested in Newport Beach and threatened with contempt — and jail — in Ventura.”

Brisbane Times – “Fed eyed US housing bubble in 2005, didn’t prick” (1-15-11)

“US Federal Reserve staff and policy makers identified a housing bubble in 2005, and failed to alter a predictable path of interest-rate increases to slow down the expansion of mortgage credit, transcripts from Open Market Committee meetings that year show. Led by then-Chairman Alan Greenspan, the FOMC raised the benchmark lending rate in quarter-point increments to 4.25 per cent from 2.25 per cent at the end of December 2004.”

Market Watch – “Housing: U.S. economy’s Achilles’ heel” (1-15-11)

“CIBC World Markets chief economist Avery Shenfeld was even more pessimistic, saying he believes the weak housing sector will be a drag on consumer spending in the second half of the year. Shenfeld said he is forecasting economic growth to average 2.6% in 2011, as consumers will be forced to be cautious as home prices are declining.”

MBA DataQuick – “Southern California Home Sales End 2010 Up from November, Down from ‘09″ (1-18-11)

“Last month 19,528 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 20.5 percent from 16,208 in November, but down 12.5 percent from 22,328 in December 2009, according to DataQuick Information Systems of San Diego.”

San Francisco – “Homebuilder sentiment index unchanged in January” (1-18-11)

“The National Association of Home Builders said Tuesday that its monthly reading of builders’ sentiment was unchanged in January at 16, where it’s been since November. While it remains the highest reading since June, any reading below 50 indicates negative sentiment about the market. The index hasn’t been above that level since April 2006.”

Yahoo – “What delays a mortgage foreclosure” (1-18-11)

“according to LPS Applied Analytics, in Jacksonville, Fla. Loans in foreclosure in Florida, New Jersey, Hawaii and Maine have been delinquent more than 500 days, on average, while home loans in California and Nevada have been delinquent 461 and 427 days, respectively. In the two speediest states, Nebraska and Wyoming, loans in the foreclosure process are delinquent by an average of 358 days.”

Housing Wire – “Focused on Dodd-Frank, SIFMA sees GSE reform down the road” (1-18-11)

“Substantial reform of Fannie Mae and Freddie Mac remains one or two years away according to a conference call hosted by the Securities Industry and Financial Markets Association. The reason for this is mainly logistics. Reform of the government-sponsored enterprises will need to wait while the rest of the financial services industry begins to put forth its interpretation of the otherwise wide-reaching Dodd-Frank Act.”

Housing Wire – “Mortgage defaults decline in December” (1-18-11)

“For mortgages, the data shows a turnaround in month-on-month behavior. December’s monthly default rates for first and second mortgages stand at 2.93% and 1.74% respectively. In November mortgage defaults were on the rise, with default rates for first and second mortgages at 3.05% and 1.80% respectively.”

Housing Wire – “Fannie Mae, Freddie Mac to consider new fee structure for mortgage servicers” (1-18-11)

“Servicers are currently paid a minimum servicing fee that is part of the mortgage rate, which the FHFA said, is not ‘optimal’ for the best work on nonperforming mortgages for either the borrower or the government-sponsored enterprises. The FHFA said the new structure will improve servicing for borrowers, reduce the financial risk of the servicers and give the GSEs more flexibility when managing the loans.”

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.

Nearly 5% of Freddie Mac’s single-family mortgages are seriously delinquent. The FOMC chose to keep the federal funds target rate between 0 to 0.25%. Office buildings added 2.5 million square feet of occupied space in the 4th quarter, according to REIS. The U.S. Bureau of Labor Statistics reports jobless rates rose in 49% of all U.S. metro areas.

In The News:

Yahoo - “10 resourceful real estate tips for 2011″ (1-4-11)

“If your home has been on the market far too long, there’s a good chance you’re not facing market realities. The value of your home isn’t what the tax assessor says it is, or the sum on that two-year-old appraisal you have filed away. It’s not what a similar-size home that sold across town. It’s what a buyer is willing to pay today.”

Housing Wire – “Freddie Mac’s seven facts about the foreclosure process” (1-4-11)

“Freddie owns or guarantees 12.4 million single-family mortgages, and roughly 500,000 are seriously delinquent, roughly 10% of all serious delinquencies in the industry. However, Freddie reported $13.5 billion in homes that were already repossessed through foreclosure, adding $6.8 billion in the third quarter.”

Housing Wire – “FOMC minutes show little motivation to change QE2, ZIRP” (1-4-11)

“At its Dec. 14 meeting, the FOMC chose to keep the federal funds target rate at next to nothing – 0% to 0.25% — as it has for two full years now, and maintained plans to reinvest principal payments from its securities holdings into about $75 billion of long-term Treasury securities each month through the end of the second quarter.”

Housing Wire - “BofA pact represents 44% of total Fannie repurchase claims” (1-4-11)

“Fannie Mae said the agreement reached with Bank of America regarding repurchase requests on mortgages sold to the GSE by Countrywide Financial Corp. addresses about 44% of the $7.7 billion in repurchase claims the company had outstanding with all of its seller servicers as of Sept. 30.”

Housing Wire – “Amherst finds mortgage market underestimates looming defaults” (1-3-11)

“Mortgage-backed securities analysts at the fixed income dealer took a look at $1.3 trillion in outstanding nonagency mortgages from a year ago to see how they’re doing as of November 2010. They found that the $485 billion of nonperforming loans, those more than 60 days delinquent, dropped to $414 billion through either modification or liquidation.”

Bloomberg - “U.S. Office Market Has First Gain in Occupied Space Since 2007, Reis Says” (1-4-11)

“Office buildings added 2.5 million square feet (232,000 square meters) of occupied space in the fourth quarter, compared with a loss of 14 million square feet a year earlier, Reis said in its report. It was the first rise in net absorption since the fourth quarter of 2007.”

Bloomberg - “Wall Street Banks Preparing $4 Billion of Commercial Mortgage-Bond Sales” (1-4-11)

“Deutsche Bank and UBS are teaming up to issue as much as $2.5 billion in commercial mortgage-backed securities linked to loans on office buildings, shopping malls and hotels in what would be the largest offering of its kind since the market froze in June 2008, according to a person familiar with the deal. JPMorgan plans to sell $1.5 billion in similar debt, a person familiar with that sale said.”

Inman - “Broker launches first-time-buyer education site” (1-4-11)

“A Portland, Ore.-based real estate broker has launched a national homebuyer education website. FearlessHomebuyer.com walks first-time homebuyers through the real estate transaction process, from deciding whether or not to buy, to obtaining financing, to estimating fix-up costs.”

Inman - “Jobless rates rise in 49% of U.S. metros” (1-4-11)

“Metropolitan areas in California continue to register the highest unemployment rates in the nation, according to the latest figures released today from the U.S. Bureau of Labor Statistics. Of the 13 metros with unemployment rates above 15 percent in November, 11 were in California.”

Looking Back:

One year ago, forty percent of national home sales were foreclosures or short sales. Economists and real estate experts were complaining that Obama’s $75 billion foreclosure prevention program had damaged the market. The CIRB reported that builder permits for single-family houses fell 3.5 percent. According to The Institute for Supply Management, most companies showed an increased rate of expansion in December 09.

For m ore 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.

According to MDA DataQuick, 8,373 homes closed escrows in the Bay Area last month. Freddie Mac announced the average rate for 30-year fixed loans this week was 4.57 percent. The Federal Open Market Committee expects economic expansion to increase considerably slower over the next couple years than it previously expected. California is currently the second most popular place for foreign home buying.

In The News:

Business Journal – “Brown sues housing agency over halt to PACE programs” (7-14-10)

“California Attorney General Jerry Brown on Wednesday filed a lawsuit against The Federal Housing Finance Agency and mortgage giants Fannie Mae and Freddie Mac in the wake of the federal agency’s negative assessment of the Property Assessed Clean Energy Program. Brown, California’s Democratic candidate for governor, asks the court to require Fannie Mae and Freddie Mac to recognize PACE assessments.”

DQNews - “Bay Area June Home Sales Send Mixed Signals” (7-15-10)

“Last month a total of 8,373 homes closed escrows in the nine-county Bay Area, up 1.3 percent from 8,264 in May but down 3.1 percent from 8,644 in June 2009, according to MDA DataQuick of San Diego.”

Los Angeles Times – “U.S. home foreclosures reach record high in second quarter” (7-15-10)

“U.S. bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to Irvine research firm RealtyTrac. That was also a jump of 5% from the previous quarter. If that pace continues through the year, the number of homes taken by banks is likely to top 1 million by the end of 2010, said Rick Sharga, RealtyTrac senior vice president.”

San Francisco Chronicle – “Mortgage rates remain at lowest level in decades” (7-15-10)

“Government-sponsored mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans this week was 4.57 percent. That’s the same as a week earlier and the lowest since Freddie Mac began tracking rates in 1971.”

Housing Wire – “Value of JPMorgan Government-Backed REO Triples Since 2009″ (7-15-10)

“REO insured by the US government totaled $1.4bn in Q210 compared to $508m in Q209. The latest results are nearly double the total from Q110, $707m. In addition, JPMorgan said nonaccruing mortgages insured by US government agencies were up 140% from Q209, at $10.1bn in Q210 compared to $4.2bn one year ago. Nonaccruing mortgages are those that are late and no longer acrruing interest. That volume is down, however, from $10.5bn in Q110, JPMorgan said.”

Housing Wire – “Feds: No Need to Change Rates Despite Slowdown in Housing” (7-15-10)

“The Federal Open Market Committee (FOMC) in its June 22-23 meeting decided to maintain its target zero to 0.25% federal funds rate despite signs of slowdown in economic and housing growth, according to meeting minutes released this week. Data on production and spending since the Feds’ last meeting remained aligned with expectations, but the pace of economic expansion over the next year and a half looks to be somewhat slower than previously predicted.”

Inman - “6 strategies for a realistic asking price” (7-15-10)

“Absorption rates are generally one of the most powerful ways to persuade sellers to be realistic. The calculation is relatively simple. In most areas, your local multiple listing service publishes how many months of inventory are currently on the market. Next, divide ’1′ by the number of months of inventory. This gives you the percentage of listings that are selling each month. It also tells you the seller’s odds of selling in a given month. For example, if there are 12 months of inventory on the market, that means that the seller’s odds or probability of selling in any month is 8.3 percent (1/12). The probability the seller won’t sell in a given month is 91.7 percent (11/12).”

Orange County Register – “18% more hotels in financial distress” (7-15-10)

“Atlas Hospitality Group reports 73 more California hotels were in high financial distress — in default on their mortgage or foreclosed upon — in the second quarter vs. a year ago. This 478 second-quarter total is an 18% increase from the first quarter 2010 and up 132% vs. a year ago”

Orange County Register – “Calif. No. 2 spot for foreign homebuyers” (7-15-10)

“Florida was the top target for foreign buyers with (22%) of transactions in past year. California was second at 12%; then came Arizona (11%) and Texas (8%.) California was tops as recently as two years earlier.”

Orange County Register – “Is your ZIP a loan-fraud ‘hot spot?’” (7-15-10)

-Contains a list of cities in Orange County and their fraud rates

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.

California Governor Schwarzenegger announced a new home buyer tax credit. The Mortgage Bankers Association reports that mortgage applications have increased by .4 percent since Christmas. The FOMC confirmed plans to buy $1.25 trillion in mortgage-backed-securities from Freddie Mac, Fannie Mae and Ginnie Mae. Eugene Ludwig believes that commercial real estate losses will break historical records in 2010.

In The News:

CBIA - “Homebuilders Applaud Governor Schwarzenegger for Prioritizing Jobs, Economic Recovery and Housing in State of the State Address” (1-6-10)

“Enacting a new homebuyer tax credit and streamlining the building process would definitely help continue that positive momentum and help our economy recover more quickly.”

Mortgage Bankers Association - “Mortgage Applications Drop the Week of Christmas and Remain Flat the Week After in Latest MBA Weekly Surveys” (1-6-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the weeks ending December 25, 2009 and January 1, 2010. For the week ending December 25, 2009, the Market Composite Index, a measure of mortgage loan application volume, decreased 22.8 percent on a seasonally adjusted basis from the prior week. For the week ending January 1, 2010, this index  increased 0.5 percent on a seasonally adjusted basis.  Both weeks’ results include an adjustment to account for the Christmas and New Year’s Day holidays. On an unadjusted basis, the Index decreased 46.9 percent the week before Christmas and increased 0.4 percent the week after.”

Housing Wire - “FOMC Eyes Extending Scope of MBS Purchases” (1-6-10)

“The Federal Open Market Committee, in its mid-December meeting, considered extending and expanding its initiatives to buy assets from mortgage agencies Fannie Mae (FNM: 1.10 -4.35%), Freddie Mac (FRE: 1.38 -3.50%) and Ginnie Mae. The FOMC also confirmed plans to buy $1.25trn of agency mortgage-backed securities (MBS) and $175bn of agency debt by the end of Q110, according to minutes released Wednesday.”

Housing Wire – “FHA Proposal Will Stifle Competition, Claims NAMB” (1-6-10)

“The National Association of Mortgage Brokers (NAMB) criticized a Department of Housing and Urban Development (HUD) proposal that would change how brokers and lenders operate in the Federal Housing Administration (FHA) loan program. The association contends HUD’s actions will adversely affect competition in the FHA loan market and have far-reaching economic impacts on lenders and correspondents both.”

Housing Wire – “Dodd to Leave Senate, Banking Committee Chair” (1-6-10)

“Senate Banking Committee chairman Christopher Dodd (D-Conn) on Wednesday said he will leave his post in Congress when his term expires and not seek reelection.”

Bloomberg - “Commercial Property Is Biggest Risk, U.S. Bank Examiners Find” (1-6-10)

“‘Losses from commercial real estate will be quite high by historic standards,’ said Eugene Ludwig, former Comptroller of the Currency who is now chairman of Promontory Financial Group, a Washington-based consulting firm to financial institutions.”

Bloomberg - “Regional Mall Vacancies in U.S. Rise to Record on Unemployment” (1-6-10)

“Vacancies at the largest U.S. shopping centers reached a record 8.8 percent in the fourth quarter as unemployment rose and consumers spent less, Reis Inc. said. Vacancies at smaller neighborhood and community centers increased to 10.6 percent, the highest level since 1991, from 8.9 percent a year earlier, New York-based Reis, a real estate research company, said today in a statement.”

Bloomberg - “U.S. Office, Shopping Center Construction Spending May Fall 13%” (1-6-10)

“Construction spending on hotels, office buildings and retail centers may fall 13 percent this year, the second straight annual decline amid a drop in property prices, the American Institute of Architects said. ”

Bloomberg - “Mortgage-Bond Spreads Narrow to Lowest in More Than 17 Years” (1-6-10)

“Yields on Fannie Mae and Freddie Mac mortgage securities fell to the lowest relative to Treasuries in more than 17 years, narrowing further on news Federal Reserve officials last month reiterated they may favor expanding their program to purchase $1.25 trillion of home-loan debt. ”

Looking Back:

One year ago, the NAR reported that the pending home sales index decreased by 4 percent from October to November. President Obama promised a tax break for business that would cover 5 years of expenses. Gary Watts forecasted that home prices below $500,000 would strengthen in 2009. Grubb & Ellis Co. anticipated that apartment rentals would increase during 2009.

The CIRB reports that homebuilders pulled 6 percent less permits from September. American banks decreased lending by 2.8 percent in the third quarter. The FOMC suspects that the economy will take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes are less valuable than the mortgages owed on them.

In The News:

CBIA - “California Housing Starts Continue Decline in October, CBIA Announces” (11-24-09)

“According to statistics compiled by the Construction Industry Research Board (CIRB), homebuilders pulled permits for 2,815 total housing units in October, down 6 percent from September, and down 33 percent from October 2008. Permits for single-family homes totaled 2,017, down 9 percent from the previous month and down 14 percent from same period last year, while multifamily permits totaled 798, up 5 percent from September but down 57 percent from a year ago.”

Los Angeles Times – “Index shows moderate gain in home prices in September” (11-24-09)

“Home prices in 20 U.S. cities ticked up modestly in September, marking the fifth consecutive month of improvement, according to a closely watched national index released this morning. The Standard & Poor’s/Case-Shiller index increased 0.3% from the prior month on a seasonally adjusted basis, after a 1.1% rise in August. The index fell 9.4% from September 2008 and marked the narrowest year-over-year decline since the end of 2007.”

The Washington Post – “Decline in lending is largest since 1984″ (11-24-09)

“Lending by American banks plunged by 2.8 percent in the third quarter, the largest drop since at least 1984 and the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported Tuesday morning.”

Housing Wire - “BarCap Acquires Commercial Real Estate Holdings Firm” (11-24-09)

“Barclays Capital, in a joint venture with Goff Capital, acquired Crescent Real Estate Equities Limited Partnership, or Crescent, from Morgan Stanley Real Estate Funding II.”

Housing Wire – “FOMC Sees Sustained Growth Five Years Away” (11-24-09)

“It will be at least five years before the economy experiences a sustainable rate of growth and levels of unemployment and inflation acceptable to the Federal Reserve, the Federal Open Market Committee said in its Nov. 4 meeting.”

Housing Wire – “FHFA Quarterly HPI Up Slightly in Q309″ (11-24-09)

“US house prices inched slightly higher in Q309 compared to Q209 in the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI uses sales price information from mortgages acquired by the government-sponsored enterprises (GSEs), which increased 0.2% quarter-over-quarter. Year-over-year, the purchase-only HPI decreased 3.8% in the third quarter.”

Housing Wire – “Negative Equity, Not Job Loss, Primary Driver of Defaults” (11-24-09)

“if coming defaults are caused by unemployment, then the relevant response, says Goodman, would be to subsidize mortgage payments. On the other hand, if negative equity triggers defaults, then principal reduction must receive a higher priority in modification program waterfalls.”

Bloomberg - “Almost One in Four U.S. Homeowners Are ‘Underwater’” (11-24-09)

“The number of U.S. homes worth less than the debt owed on them reached almost 10.7 million, or 23 percent of all mortgaged properties, at the end of the third quarter, according to a report from First American CoreLogic.”

Orange County Register – “The biggest home seller mistakes” (11-24-09)

“Learn about your local market. What is selling and how long is it taking to sell? Find out what the trends are in your neighborhood. Is the market rising, falling or flat? How are local inventory levels?”

Looking Back:

One year ago, existing home sales decreased by 3.1 percent in October. The U.S. government announced a plan to spend 7.7 trillion dollars to ease credit problems. Downey Financial said it would file for bankruptcy.

The MBA’s weekly mortgage survey shows that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from last week. The FHA expects 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it will not buy the full $200 billion debt amount that it had previously planned to take. BarCap reports that the 30-plus day delinquency rate increased to 5.5 percent in October.

In The News:

Orange County Register – “Are we headed for the same real estate winter doldrums?” (11-4-09)

“Historically, over a 30 year trend, 70% of all Orange County homes sell in the first seven months of the year. Seasonality is the term used by real estate experts. Typically, most buyers are active in the spring and summer markets. Once Labor Day comes, they tend to focus on the holidays. Activity drops off each month. December is the slowest month.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (11-4-09)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 30, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7.9 percent compared with the previous week.”

Wall Street Journal – “FHA Digging Out After Loans Sour “ (11-4-09)

“Although the FHA has tightened credit standards, many of the 2007 and early 2008 mortgages are going bad. The agency expects defaults on 24% of all loans insured in 2007, and 20% of those backed in 2008.”

Housing Wire – “In This Corner: QuestSoft President and Founder Leonard Ryan” (11-4-09)

“Mortgage Disclosure Improvement Act (MDIA) is causing issues because most loan software products keep track of only the latest disclosure dates due to the complexity of the calculations. S.A.F.E. Act is causing the most internal personnel problems due to education and registration requirements that differ from state to state. Higher Priced Mortgage Loans (HPML) with the Home Mortgage Disclosure Act (HMDA) changes as of October 1 are becoming an out and out nightmare without automation because every time an Annual Percentage Rate (APR) changes or the note rate adjusts, the loan must be completely recalculated and possibly re-underwritten.”

Housing Wire – “Fed Won’t Purchase Full $200bn Agency Debt, FOMC Says” (11-4-09)

“The Federal Reserve’s Federal Open Market Committee (FOMC) said it won’t purchase as much agency debt as it previously announced. The $175bn of agency debt purchases is less than the previously announced $200bn, but the FOMC said the amount ‘is consistent with the recent path of purchases and reflects the limited availability of agency debt.’”

Housing Wire – “CMBS Delinquencies Swell to 5.5% in October, says BarCap” (11-4-09)

“The 30-plus day delinquency rate jumped 41bps to 5.5% in October as current loans deteriorated and transferred to special servicers. For the past three months, delinquencies have grown an average of 34bps, and BarCap analysts expect the pace to increase through 2009 and into 2010.”

Housing Wire – “Pulte’s Closings Slip in Q309, Despite Merger” (11-4-09)

“Pulte Homes (PHM: 9.55 +3.47%) lost $361.4m, or $1.15 per share, in Q309, compared to $280.4m, or $1.11 per share, in Q308. Results were impacted by $86.7m in charges and transaction costs associated with Pulte’s merger with Centex Corporation, and $163.8m in inventory impairments and other land-related charges.”

Housing Wire – “GMAC’s Mortgage Unit Loses $747M in Q309″ (11-4-09)

“The Q309 loss was due primarily to legacy assets in GMAC’s mortgage operations. The unit experienced a pre-tax loss from continuing operations of $747m during the quarter. The loss is an improvement from Q308’s $1.9bn pre-tax loss from continuing operations”

Bloomberg - “Senate May Pass Homebuyer Tax Credit Extension Today” (11-4-09)

“The U.S. Senate may approve as early as today a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.”

Bloomberg - “U.S. Home Price Slump to Last to Mid-2010, Pimco Says” (11-4-09)

“The slump in U.S. housing prices is unlikely to end before the middle of next year, and statistics portraying rising values are misleading, according to Pacific Investment Management Co. An S&P/Case-Shiller index for 20 metropolitan areas showed values rising 4.8 percent in the four months through August after a record 33 percent drop from its July 2006 peak. Such statistics are being distorted by U.S. efforts to reduce foreclosures, which are temporarily limiting sales of seized homes, said Scott Simon, Pimco’s mortgage-bond chief.”

Inman - “ZipRealty narrows losses” (11-4-09)

“ZipRealty Inc. edged closer to profitability during the third quarter, as transactions grew 30.6 percent and revenue by 12.8 percent from a year ago, the company said.”