Today’s News Synopsis:
Pending home sales increased by 2.1%, according to the NAR. Interthinx claims California’s fraud risk decreased last year. A cash for keys program was recently proposed to Congress members, but has been strongly ridiculed. California had the largest gain in construction jobs in the nation during February.
In The News:
NAR - “February Pending Home Sales Rise” (3-28-11)
“The Pending Home Sales Index,* a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010.”
DSNews - “Fraud Criminals Migrate to Hardest Hit Areas” (3-28-11)
“California’s overall risk index value actually decreased to 180 points, from 222 in 2009. According to California-based Interthinx, this can be explained by a migration of fraudulent criminals to more vulnerable areas, such as Nevada, which saw its overall risk index value increase more than 30 points last years.”
Housing Wire – “Monday Morning Cup of Coffee” (3-28-11)
“The Federal Deposit Insurance Corp. is expected to unveil suggested guidelines for the new qualified residential mortgage rule on Tuesday.”
Housing Wire – “Electronic mortages: There is a way, but not enough will, tech panel finds” (3-28-11)
“Moving mortgage documents onto entirely electronic platforms provides numerous cost and operating efficiencies. It also doesn’t help that the industry is slow to adopt the necessary technology, experts say.”
Housing Wire – “‘Dreamed up’ cash for keys proposal draws heavy criticism” (3-28-11)
“Sources are downplaying discussions over a mandatory cash-for-keys program that would pay a reported $21,000 to a delinquent borrower, with one prominent Republican quickly shooting down the idea.”
Bloomberg - “Fed Should Weigh Curtailing $600 Billion in Bond Purchases, Bullard Says” (3-28-11)
“St. Louis Federal Reserve Bank President James Bullard said policy makers should review whether to curtail a plan to buy $600 billion in Treasury securities, noting that the U.S. recovery may not need that much stimulus.”
Housing Wire – “ALTA reports increases in FY, Q4 2010 title insurance premiums” (3-28-11)
“According to ALTA’s preliminary 2010 year-end market share analysis, the title insurance industry generated $9.61 billion in title insurance premiums in 2010 — up 0.2% from 2009.”
Orange County Register – “Calif. tops in new construction jobs” (3-28-11)
“California had the largest construction gain in the nation in February — adding 15,500 jobs, or 2.7 percent, from January, says an Associated General Contractors of America analysis of state employment data from the U.S. Labor Department.”
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