On October 14, 2011, The Norris Group returned with its award-winning event I Survived Real Estate. An expert line-up of industry specialists joined Bruce Norris to discuss current industry regulation, head-scratching legislation, and the opportunities emerging for savvy real estate professionals. 100% of the proceeds support the Orange County Affiliate of Susan G. Komen for …
A survey shows that 45% of homebuyers think they should always buy mortgage discount points. Freddie Mac ended the first three months of the year with a positive net worth of $1.2 billion, and will need no additional funding from Treasury for the first quarter. Automatic Data Processing Inc said the private sector added 179,000 jobs in April.
If passed, a new California bill will require lenders to make a decision on mortgage modifications before beginning the repossession process. According to the Census Bureau, the national home vacancy rate fell to 2.6% in the first quarter. A study from the University of Chicago’s Booth School of Business shows that 35% of mortgage defaults in the U.S. were strategic during September 2010.
Bank of America expects a 25% downturn in the mortgage origination market, and has laid off 1,500 mortgage workers. Standard & Poor predicts the new risk-retention rule will further depress the housing market.
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.
Ed Haldeman said less than 4% of Freddie Mac’s single family loans are delinquent. The government dismissed two counts of wire fraud in the case against the former CEO of Taylor, Bean and Whitaker. Treasury Secretary Geithner warned that severe economic hardship could impact the United States when the nation reaches its debt limit.
The NAR said vacation home sales accounted for 10% of all transactions in 2010. A new proposal may force lenders to allow short sales for delinquent homeowners. The House voted 252 to 170 end funding for HAMP. CoreLogic estimates there are 1.8 million homes in the shadow inventory.