81 percent of respondents to a Pew Research Center’s survey believe housing is the best investment a person can make. California foreclosure sales increased 35.1% in March, according to ForeclosureRadar. Altos Research claims home sale inventory rose 2.97% last month. HUD is being sued over a rule requiring a property heir to pay the full mortgage balance to keep the home, even if it exceeds the value of the property.
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.
Freddie Mac said mortgage rates increased to 4.81% last week. The Federal Bureau of Economic Analysis reports California income levels rose 2.5% in 2010. Jobless claims fell 1.3% last week, according to the Labor Department. Freddie Mac told servicers managing its loans to stop foreclosing in MERS’ name.
The CBIA reports home production has dropped 41% from last year. MacroMarkets believes a double dip in housing prices may soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January. U.S. home prices fell 3.9% year over year, according to FHFA.
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.
The MBA reports mortgage applications fell 6.5% last week. HUD said mortgage delinquencies declined in January. Wells Fargo predicts California economic growth will remain slow this year.
Freddie Mac predicts ARMs will represent 10% of all mortgages issued by the end of the year. A national budget has been propposed that will cut the federal deficit from 10% of the overall economy to 3% in a decade. Fannie Mae and Freddie Mac will cost $73 billion through 2021, according to the Treasury Department. Freddie Mac claims mortgage rates are likely to remain in the low-to-mid 5% range throughout the rest of the year.
69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index shows home prices decreased 1% during November in the nation’s top 20 metropolitan areas. University of the Pacific estimates unemployment will remain above 10% in California for 3 more years. IEmergent expects mortgage loan origination to fall below $1 trillion this year.
The Commerce Department reports housing starts decreased in December. However, Fannie Mae expects housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%. RealtyTrac claims foreclosure starts in California decreased 33% in 2010.
In The News: Housing Wire – “Principal Real Estate Investors optimistic for economic recovery in 2011” (12-29-10) “Principal Real Estate Investors expects the Republican gains in Congress, stabilizing commercial real estate values, stronger corporate earnings, higher personal savings rates and the dynamics related to quantitative easing by the Federal Reserve will fuel economic growth in …