The Norris Group Real Estate Radio Show and Podcast welcomes Ivan Choi of REOMAC
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%.
Approximately $326 million in credit went to over 47,000 taxpayers who didn’t qualify as first-time homebuyers, according to the Treasury Inspector General. When a borrower in default seeks a loan modification, the bank often pursues foreclosure. Ginnie Mae is ending the flat fee for servicing reverse mortgages.
The SEC may charge top executives of Fannie and Freddie with violations related to the financial crisis. RCA claims commercial real estate defaults dropped to 4.28% in the 4th quarter. The Bureau of Labor Statistics reports Southern California rents rose by 1.3% in February. According to Freddie Mac, 30 year mortgage rates fell to 4.76% this week.
The California Association of Realtors reports that fewer than 60% of short sales close in California. Approximately 23.1% of all mortgaged homes were underwater in the 4th quarter of 2010, according to CoreLogic. Keefe, Bruyette & Woods does not expect prepayment activity to increase over the next 18 months.
The FHFA claims 30-year interest rates averaged 4.85% in January, and home prices fell 4% year over year. House Republicans intend to end anti-foreclosure programs put in place by President Obama. The Commerce Department said new home sales decreased 13 percent in Janurary.
The Commerce Department said construction spending fell 2.5% from July. Fiserv forecasts a 5.5% decline in home prices this year. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expect Orange County rents to rise 4.5% this year.
According to Freddie Mac, rates on 30-year FRMs fell to 4.77% this week. Altos Research reports home prices fell 1.63% in December. Timothy Geithner requested from Congress to increase the national debt limit. The current debt limit is $14.29 trillion, and the nation’s current debt level is just $335 billion short of the limit.