According to Capital Economics, business investment rose 17% during the second quarter. Multiple forecasters suspect the housing market and the economy are in a double dip. Zillow reports that 18.2% of all O.C. homes sold for a loss. The Case-Shiller 20-city home price index shows prices increased 1% from May to June.
This week the Norris Group continues with radio interviews leading up to I Survived Real Estate 2010: The State of REO. On the radio show this week is 2011 president of the Appraisal Institute, Joseph Magdziarz. Bruce and and Joseph discuss current developments for the appraisal industry including HVCC nad possible changes moving forward and the industry adjusts in the marketplace.
Freddie Mac reports 30-year fixed mortgage rates have fallen below 4.5%. Home prices increased 8.1% from this time last year, according to Clear Capital. Statistics from the Department of Labor show initial unemployment insurance claims rose 19,000 last week.
Statistics from MDA DataQuick shows 40,965 new and resale houses and condos were sold statewide last month. The state Franchise Tax Board has received applications claiming about 80 percent of the funds allocated for the home buyer tax credit. Mortgage brokers and realtors are complaining that the HVCC has produced low-ball appraisals that have blown up deals, while appraisers argue the change has harmed appraisal quality. A survey fromColdwell Banker Real Estate shows that 52 percent of single homeowners prefer buying in suburb areas.
According to the U.S. Labor Department, construction firms added 14,000 jobs in April. MDA Dataquick reports sales of new and resale homes totaled 20,299 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.Data from the MBA shows that in the first quarter of 2010 commercial and multifamily mortgage loan originations were 12 percent higher than during the same period last year. The FHA will reduce allowable seller concessions from 6 percent to 3 percent.
The NAR’s index shows that pending home sales increased by 1 percent in December. According to the MBA, commercial and multifamily mortgage loan originations increased by 15 percent during the 4th quarter of 2009. The FHA reports that borrower delinquencies increased by 6.5 percent from the previous year.Fannie Mae is offering a 3.5 percent discount to all people who buy REO properties.