Today’s News Synopsis:
69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index shows home prices decreased 1% during November in the nation’s top 20 metropolitan areas. University of the Pacific estimates unemployment will remain above 10% in California for 3 more years. IEmergent expects mortgage loan origination to fall below $1 trillion this year.
In The News:
MDA DataQuick – “Another Decline in California Foreclosure Activity” (12-25-10)
“A total of 69,799 Notices of Default (NoDs) were recorded at county recorders offices during the October-to-December period. That was down 16.2 percent from 83,261 for the prior quarter, and down 17.5 percent from 84,568 in fourth quarter 2009, according to San Diego-based DataQuick Information Systems.”
New York Times – “U.S. Home Prices Slump Again, Hitting New Lows” (12-25-10)
“Prices in 20 major metropolitan areas fell 1 percent in November from October, according to the Standard & Poor’s Case-Shiller Home Price Index. The index is only 3.3 percent above the low it reached in April 2009 and has fallen fell 1.6 percent from a year ago.”
Sacramento Bee – “Grim economic forecast for California, capital” (12-25-10)
“Even though job growth is picking up, unemployment will remain above 10 percent in California for three more years, according to the latest forecast from the University of the Pacific.”
Housing Wire – “Home prices on federally backed mortgages unchanged in November: FHFA” (12-25-10)
“Home prices fell 4.3% between November 2009 and November 2010. The FHFA revised the previously reported 0.7% increase in October down to a gain of 0.2%. The agency’s monthly index is calculated using purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.”
Housing Wire – “$1 billion in mortgage help to unemployed won’t come until spring” (12-25-10)
“The Department of Housing and Urban Development will release $1 billion in mortgage assistance to the unemployed this spring, a HUD spokesman confirmed to HousingWire Tuesday, after receiving complaints from lawmakers and advocacy groups that HUD was dragging its feet.”
Housing Wire – “Mortgage loan origination to drop below $1 trillion in 2011″ (12-25-10)
“iEmergent expects mortgage loan purchase volume plus refinancings of between $903.8 billion and $990.7 billion this year.”
Housing Wire – “Moody’s says keeping Fannie, Freddie intact is lose-lose” (12-25-10)
“The Treasury Department is delaying a report on the future of the government-sponsored enterprises from the end of January until mid-February. Meanwhile, Moody’s Investors Service is throwing its hat into the ring, arguing that the current model is not only unsustainable, but against government vision.”
Housing Wire – “Housing analysts expect home price declines through 2011″ (12-25-10)
“Radar Logic made a similar assessment when it released its RPX composite price index last week, which showed a 0.3% increase in home prices from October to November. Research firm Capital Economics also forecasts a price drop. The firm predicts a 5% drop by the end of 2011.”
Housing Wire – “Ten indicted in California mortgage fraud scheme” (12-25-10)
“A newly unsealed 56-count indictment charges 10 people in California in a $20 million mortgage fraud scheme in Bakersfield, Calif., said U.S. Attorney Benjamin Wagner.”
Looking Back:
One year ago, existing home sales decreased by 16.7 percent in December. The HVCC repeal bill, named HR 1728, passed in the House of Representatvies and was waiting approval from Congress. The FDIC took over 5 more failed banks in one week. FTN Financial reported that declining home values had little effect on the nation’s economic recovery.
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