Today’s News Synopsis:
DS News reported the president of Standard and Poor’s, Devan Sharma, is resigning next month and will be replaced by Douglas Peterson. New U.S. home sales decreased last month to their lowest in five months, according to Bloomberg. The sale of pending homes also decreased last month according to Housing Wire. Florida is number one on the list of states with the highest foreclosures.
In The News:
Housing Wire – “FHA mortgage delinquencies resurge in second quarter” (8-23-11)
“After a hitting a three year low earlier in 2011, the Federal Housing Administration delinquency rate jumped more than a full percentage point in the second quarter, according to analysis from investment bank Keefe, Bruyette & Woods.”
DS News - “S&P President Relinquishes Role to Citibank Exec” (8-23-11)
“Deven Sharma, president of the global credit ratings agency Standard & Poor’s, is stepping down from the role next month. Douglas Peterson, currently COO of Citibank N.A., will take the reins at S&P, effective September 12, according to a statement from S&P’s parent company McGraw-Hill.”
Bloomberg - “July New-Home Sales Fell to Five-Month Low” (8-23-11)
“Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.”
O.C. Register - “Merger forms U.S.’s largest home listing service” (8-23-11)
“Members of the region’s biggest two home-sales databases announced that they plan to merge, forming the largest real estate listing service in the nation. The Anaheim-based Southern California Multiple Listing Service says it’s joining forces with the San Dimas-based California Regional Multiple Listing Service.”
Housing Wire – “Pending home sales dip in California” (8-23-11)
“California pending home sales dipped in July from the previous month, as did the share of sales of distressed properties, the California Association of Realtors said.”
Inman - “RealPage acquiring real estate rentals site MyNewPlace” (8-23-11)
“Property management software company RealPage Inc. has signed a definitive agreement to acquire the operator of popular online apartment marketplace MyNewPlace, the company announced Monday. The transaction is expected to close on or before Aug. 24.”
CNN Money - “UBS to cut 3,500 jobs” (8-23-11)
“Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and ‘natural attrition’.”
Wall Street Journal - “Home-Loan Delinquencies Rise Again” (8-23-11)
“The number of American households that are delinquent on mortgage payments is rising again after falling for more than one year, an unwelcome trend for the U.S. economy.”
DS News - “GSEs Suspend PMI Mortgage Insurance and Affiliates” (8-23-11)
“Fannie Mae and Freddie Mac have both suspended PMI Mortgage Insurance and its affiliates PMI Insurance Co. and PMI Mortgage Assurance Co. as approved mortgage insurers.”
Realtor Magazine - “Which State Has the Highest Foreclosure Inventory?” (8-23-11)
“Florida continues to be plagued by a high inventory of foreclosures. Nearly one in four mortgages there were either past due or already in foreclosure in the second quarter, according to the Mortgage Bankers Assoc.”
Looking Back:
The CBIA reported 2,454 new homes and condominiums were closed statewide in June 2010, compared to 3,848 in 2009. A survey from Trulia showed that 68% of renters believed they would have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications were canceled and 434,716 modifications were made permanent since the program began. The Congressional Budget Office expected the Troubled Asset Relief Program to cost a total of $66bn.
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