A new government plan may require larger down payments on cheaper mortgages. Inman has compiled a list of the top 10 markets for real estate investors. The Labor Department reports the nation’s unemployment rate rose to 9.1%.
Two major lenders admitted to improperly foreclosing on active-duty military without court orders. The NAR claims pending home sales decreased 11.6% in April. According to Standard & Poor, the delinquency rate among loans from state HFAs reached 7.5% in the firs 2010.
The federal government claims Deutsche Bank commited mortgage fraud, and is suing the bank. LPS said 500,000 borrowers became current on their loans in the first quarter. Michael Fratantoni of the MBA predicts a full housing recovery is 3 to 4 years away. The combined sales of all broker-run transactions fell $226 million year over year.
The Commerce Department reports construction spending increased 1.4% in March. Mortgage modification completions dropped nearly 20% in the first quarter, according to Hope Now. Maury Harris believes 750,000 to 1 million new households will be created in 2011.
Statistics from MDA DataQuick show 7,051 houses and condos sold in the Bay Area last month. CAR says home sales increased 3.1% in March. According to RealtyTrac, foreclosure filings dropped 27% year over year. A newly proposed bill may require mortgage servicers to respond within 45 days of receiving a short sale request.
RealtTrac reports military towns experienced an increased in foreclosure activity from 2008 to 2010. Congress agreed to a budget late Friday. Fannie Mae is creating more home ownership incentive by offering up to 3.5% in closing cost assistance. Federal Trade Commission settled with mortgage relief scammers Monday for $2.2 million in refunds to homeowners who were tricked into mortgage relief scams.
Mortgage applications dropped 2% from last week, according to the MBA. CoreLogic has developed a tool to determine whether borrowers are overstating their income. A small business tax rule has been reversed by Congress. Borrowers will no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.
Two Wall Street firms claim housing prices will continue to fall through the present quarter. REIS reports the national office vacancy rate fell to 17.5% in the first quarter. A Harris Poll shows 22% of U.S. homeowners are having difficulty making their mortgage payments. A new RealtyTrac feature allows users checking home listings to see how much equity each property has.
Mortgage applications increased 15.5% last week, according to the MBA. UCLA economists predict California’s unemployment rate will remain above 10% until 2013. Freddie Mac’s level of REO properties has grown 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.