Today’s News Synopsis:
The MBA’s weekly survey shows that mortgage application volume decreased 2.5 percent on a seasonally adjusted basis. According to the Commerce Department, housing starts fell 8.5 percent in the West. Jones Lang LaSalle Inc. and Grubb & Ellis Co. believe that U.S. office vacancies may reach 20 percent.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-18-09)
“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 13, 2009. The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.3 percent compared with the previous week”
Los Angeles Times – “U.S. housing starts dive 10.6%; in the West, 8.5%” (11-18-09)
“Housing starts unexpectedly fell 10.6% to a seasonally adjusted 529,000 annual rate in October, compared with the prior month, the Commerce Department said today. That was a 30.7% drop from October 2008.”
Housing Wire – “Housing Starts Fall 10% As Single-Family Completions Rise” (11-18-09)
“The rate of housing starts declined 10.6% from September to October, but the rate of housing completions for single-family homes jumped 10.7%, according to a joint release by the Census Bureau and the Department of Housing and Urban Development (HUD).”
Housing Wire – “Genworth Provides Workouts on $2.3bn of Mortgages” (11-18-09)
“Mortgage insurer Genworth Financial (GNW: 11.75 +1.38%) kept $2.3bn worth of mortgages from foreclosure from October 2008 through September 2009, according its quarterly foreclosure prevention report. Genworth worked out 17,810 loans during that time frame — 15% of the 115,000 delinquent loans in its portfolio as of Q309, a Genworth spokesperson told HousingWire.”
Bloomberg - “U.S. Office Vacancies May Approach 20% Next Year” (11-18-09)
“Office landlords in the U.S. will confront vacancy rates approaching 20 percent next year as employers hold off hiring, commercial property brokers Jones Lang LaSalle Inc. and Grubb & Ellis Co. said today.”
Bloomberg - “FHA-Backed Lending Is a ‘Train Wreck,’ Toll Says” (11-18-09)
“The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5 percent, may create another lending crisis, Toll Brothers Inc. Chief Executive Officer Robert Toll said.”
Inman - “HouseLogic is the real deal?” (11-18-09)
“HouseLogic is filled with tips and tricks, advice on various aspects of home maintenance and home improvement, as well as news about real estate and homeownership. Much of the content appears to be syndicated from existing publications via YellowBrix, but there are articles from various freelance writers, newspaper reprints and other content sources.”
Inman - “Appraisal rules draw more fire” (11-18-09)
“The Home Valuation Code of Conduct was intended to protect appraisers from coercion by lenders, and supporters say it’s been effective in that regard. But critics say the code has also led lenders to transfer much of their valuation work away from independent appraisers, and over to appraisal management companies, or AMCs.”