In The News:
Time - “New Homebuyer Credits Aim to Replace Expired Federal Program” (5-6-10)
“The Federal Government’s $8,000 homebuyer tax credit program may now be over, but at least two real estate brokerage firms and the state of California are aiming to fill the void. Coldwell Banker Real Estate LLC launched its national ‘Buyer Bonus’ program this week, whereby homebuyers will be offered a 3% credit on the home’s purchase price — up to a maximum of $8,000 — at the time of closing.”
NAR - “Survey Shows Realtors® Persevere in Market Transition, Optimistic About Future” (5-6-10)
“With the real estate market improving, three-quarters of Realtors® are very certain they will remain active in the market for two more years, according to the 2010 National Association of Realtors® Member Profile. Only 8 percent were uncertain about their future. The study’s results are representative of the nation’s 1.1 million Realtors®, who account for 60 percent of the 1.85 million active real estate licensees in the U.S. The typical NAR member has 10 years of experience, and many have increased their training, Web presence and use of social media over the past year. More than half use social networking sites, up from 35 percent in 2009.”
CBIA - “Shopping for Your Home Loan” (5-6-10)
“Buying a home is an important financial decision that should be considered carefully. This booklet will help you become familiar with the various stages of the home-buying process, including deciding whether you are ready to buy a home, and providing factors to consider in determining how much you can afford to spend. You will learn about the sales agreement, how to use a Good Faith Estimate to shop for the best loan for you, required settlement services to close your loan, and the HUD-1 Settlement Statement that you will receive at closing.”
Housing Wire – “House Prices Up 5.1 Percent in April Amid Slower REO Growth” (5-6-10)
“Home prices in April gained 5.1% from last year, while REO levels across the country slowed their climb, according to the real estate data provider Clear Capital. The firm measures home prices on a rolling three-month period. On that timescale, prices dropped another 5% in April after a 3.9% decrease in March. But the 5.1% gain from last year matched the yearly gain shown in March.”
Housing Wire - “Henry Paulson Says Flawed System, Weak Regulation Caused Financial Crisis” (5-6-10)
“Former Treasury Department secretary Henry Paulson told the Financial Crisis Inquiry Commission (FCIC) today that the US mortgage finance system — and in particular the government-sponsored enterprises (GSEs) — ran under an ‘inherently flawed’ structure and outdated regulation that failed to keep up with a changing market.”
Housing Wire – “Mortgage Rates Hit Six-Week Low at 5 Percent” (5-6-10)
“The Freddie Mac weekly survey put the average rate for a 30-year fixed-rate mortgage at 5% with an average 0.7 point origination point for the week ending May 6, down from last week’s average of 5.06%. A year ago, the 30-year FRM averaged 4.84%.”
Bloomberg - “Soured Mortgages Fall for First Time in Four Years” (5-6-10)
“The amount of soured U.S. housing debt backing the securities that roiled the global financial system declined last month for the first time in at least almost four years, according to Amherst Securities Group LP. Mortgages at least 60 days delinquent in so-called non- agency bonds without government-backed guarantees, or “re- performing” after reaching that status, fell 0.3 percent to $608.6 billion, according to a report e-mailed yesterday by the Austin, Texas-based securities firm.”
Bloomberg - “Prudential Is Happy to Lend on Commercial Real Estate” (5-6-10)
“Prudential Financial Inc., the U.S. life insurer that predicted a rebound in commercial real estate in December, said the prospect of increased property values makes mortgage originations an attractive business.”
Orange County Register – “State warns of ‘short sale’ scams” (5-6-10)
“The state Department of Real Estate is warning troubled homeowners seeking a ‘short sale’ — a deal where the lender agrees to accept less than what is owed at closing — that they are suspectible to unscrupulous ‘helpers’ who may improper demand fees; give misguided advice or take the property away at an unfair price.”
