The U.S. House voted 242-177 to cancel the Emergency Homeowner Loan Program. A new law will allow you to get your entire deduction in one year. Inman composed a list of ten real estate markets they believe will outperform others. Ginnie Mae guaranteed over $26.2 billion in mortgage-backed securities during February.
Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.
The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.
Freddie Mac announced it will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reports the U.S. economy added 93,000 private-sector jobs during November. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% last week.
Fed Governor Sarah Raskin expects 2.25 million foreclosures to occur this year and the next. Fiserv believes home prices will drop 7.1% over the next 12 months. According to the CAR, 66% of first time home buyers can afford an entry-level home in California. Josh Levin of Citigroup predicts housing demand may not catch up to supply until 2014.
The MBA’s weekly survey shows mortgage application volume decreased 0.8%. Fannie Mae’s mortgage portfolio increased 3.8% year over year. Harvey Rosenblum of the Dallas Fed predicts the recovery will be long and slow. Witten Advisors reports more people are moving to multifamily housing.