Today’s News Synopsis:
Statistics from MDA DataQuick show 7,178 new and resale houses and condos were sold in the Bay Area last month, and a total of 36,215 were sold statewide. The NAR reports existing home sales increased 12.3% in December. Fannie Mae announced a 45 day delay on foreclosures for borrowers receiving aid from the Hardest Hit Fund.
In The News:
MDA DataQuick – “Bay Area Housing Ends Year With Many Looking but Not Buying” (1-20-11)
“A total of 7,178 new and resale houses and condos were sold in the nine-county Bay Area last month. That was up 17.5 percent from 6,111 in November and down 8.3 percent from 7,828 in December 2009, according to San Diego-based DataQuick Information Systems.”
MDA DataQuick – “California December Home Sales” (1-20-11)
“An estimated 36,215 new and resale houses and condos were sold statewide last month. That was up 15.3 percent from 31,403 in November, and down 13.4 percent from 41,837 for December 2009. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,338. DataQuick’s statistics go back to 1988.”
NAR - “December Existing-Home Sales Jump” (1-20-11)
“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.”
Yahoo - “Rate on 30-year fixed mortgage rises to 4.74 pct.” (1-20-11)
“The average rate rose to 4.74 percent this week from 4.71 percent the previous week, Freddie Mac said Thursday. The average rate on the 15-year loan, a popular refinance option, slipped to 4.05 percent from 4.08 percent.”
Housing Wire – “Fannie Mae delays foreclosures 45 days for Hardest Hit Fund programs” (1-20-11)
“Fannie Mae directed its mortgage servicers to delay scheduled foreclosure sales 45 days for borrowers that have been approved for assistance through the Hardest Hit Fund.”
Housing Wire – “Class-action federal securities fraud cases on the rise” (1-20-11)
“Federal securities fraud class-action cases rose in the second half of 2010, according to a report prepared by the Stanford Law School in cooperation with Cornerstone Research. The report shows 104 class-action cases alleging federal securities fraud were filed in the second half of the year, up from 72 filings in the first six months of the year.”
Housing Wire – “Jobless claims drop 8.4% to 404,000″ (1-20-11)
“After rising for a few weeks, initial jobless claims fell nearly 8.4% last week to 404,000, well below analysts’ estimates and the largest decline since February.”
Bloomberg - “Sales of U.S. Existing Homes Probably Rose as Demand Struggled to Rebound” (1-20-11)
“Purchases increased 4.1 percent from the prior month to a 4.87 million annual rate, according to the median forecast of 72 economists surveyed by Bloomberg News. Other reports may show a gauge of the economy’s direction grew for a sixth month, and manufacturing expanded in the Philadelphia region in January.”
Looking Back:
One year ago, the MBA’s Market Composite Index showed that loan application volume increased by 9.1 percent. HUD reported that housing starts declined 4% in December. Regional housing inflation rose 0.2% in Southern California.
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