The Norris Group Real Estate News Roundup 11/24/09

The CIRB reports that homebuilders pulled 6 percent less permits from September. American banks decreased lending by 2.8 percent in the third quarter. The FOMC suspects that the economy will take 5 years to return to an acceptable rate of growth. According to First American CoreLogic, 23 percent of all US homes are less valuable than the mortgages owed on them.

The Norris Group Real Estate News Roundup 11/20/09

An amendment was passed which allows federal regulators to dismantle financial firms considered to be “too big to fail”. According to PMI Group, new home sales decreased by 3.6 percent. The NAHB estimates that families earning the national median income can afford 70.1 percent of the new and existing homes sold in Q3 of 2009. First American CoreLogic reports that home prices declined by 9.8 percent in September from the previous year.

The Norris Group Real Estate News Roundup 10/14/09

Citigroup and other banks are being accountable for fraudulent loans which will cost them more than $688 million. The Mortgage Bankers Association reports that mortgage loan application volume has decreased by 1.8 percent from last week. JP Morgan Chase has approved of trial modifications for 90 percent of its borrowers.

The Norris Group Real Estate News Roundup 10/5/09

First American CoreLogic expects about 10 percent of all U.S. mortgages to adjust within the next few years. FHA plans to reduce the maximum lending amount that seniors can receive for reverse mortgages. Consumers are claiming that Wells Fargo is guilty of cutting their credit lines for no apparent reason. Whitehouse spokesman Robert Gibbs has confirmed that president Obama is in favor of extending the first time home buyer tax credit.

The Norris Group Real Estate News Roundup 10/2/09

Interthinx’s employment and income fraud index decreased by 33 percent from Q2 of 2008 to Q2 of 2009. Real estate expert John Burns believes that the new short sale incentive program will be helpful in clearing up excess inventory. According to the American Bankruptcy Institute and National Bankruptcy Research Center, U.S. consumer bankruptcies passed 1 million during the first 9 months of 2009. The U.S. government could lose nearly 80 percent of its $2.33 billion investment in CIT, should the company choose to exchange its debt.

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