The Norris Group Real Estate News Roundup 12/07/10

UCLA economists expect unemployment to remain above 10% until the end of 2012. TransUnion predicts the national mortgage delinquency rate could fall below 5% in 2011. A survey from RealtyTrac shows 60% of Americans believe housing will not recover for another 2 years. According to HOPE NOW, 1.54 million permanent mortgage modifications were completed in the first 3 quarters of this year.

The Norris Group Real Estate News Roundup 11/29/10

The serious delinquency rate on Fannie Mae’s single-family mortgages decreased to 4.56% in September. The average loan in foreclosure has been in foreclosure for 492 days. Fannie Mae and Freddie Mac are encouraging real estate agents to continue selling foreclosures. According to Real Capital, the commercial mortgage default rate fell to 4.36 percent.

The Norris Group Real Estate News Roundup 11/8/10

The NAR reports FHA, Fannie Mae and Freddie Mac account for over 90% of the mortgage market. New California building codes, known as CALGreen, will be enforced on January 1st. Richard Fisher of the Dallas Federal Reserve believes the low interest rates are doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd quarter.

The Norris Group Real Estate News Roundup 11/1/10

Credit Suisse estimates Fannie Mae and Freddie Mac will have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve show home equity accounted for 16.2% of net worth in the 2nd quarter.

The Norris Group Real Estate News Roundup 10/6/10

The National League of Cities expects city property-tax revenues to decrease 1.8% in 2010. The IMF still believes a double-dip in real estate is possible. A new program from HUD allows delinquent borrowers, who are unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report shows the private sector lost 39,000 jobs in September.

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