Debra Still of the Mortgage Bankers Association and Leslie Appleton-Young of the California Association of Real Estate will share their latest findings Oct. 18th with real estate analyst Bruce Norris during The Norris Group’s 6th annual “I Survived Real Estate” charity gala at the Nixon Presidential Library
Doug Duncan, Fannie Mae’s Vice President and Chief Economist, to join real estate analyst Bruce Norris and others in an Oct. 14th panel discussion on the nation’s continuing real estate crisis
Eric Janszen, author of “The Post Catastrophe Economy,” to join real estate analyst Bruce Norris and others in an Oct. 14th panel discussion on the continuing real estate crisis.
Sources: Nonfarm payrolls add 244,000 jobs, unemployment edges up to 9% A Reversal for Real Estate After Some Mild Gains US March construction spending rose 1.4 percent Home Buyers Go Hunting Alone Private mortgage modifications drop 20% in first quarter Federal government sues Deutsche Bank in NYC, alleging it committed mortgage fraud U.S. May Pursue More Lenders …
The Commerce Department reports personal incomes increased 0.5% in March. Freddie Mac said 30 year mortgage rates dropped to 4.78% last week. Orange County apartment rents rose 1.6% in the first quarter.
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.
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.
The government has yet to agree on a budget. If they cannot agree on a budget before Monday, many jobs will be put on hold, and many government sponsored programs will temporarily stop functioning. CMBS delinquencies fell to 8.74% in March, according to Fitch. The due date on taxes for property owners has been extended for 1 day.
Freddie Mac claims mortgage rates increased slightly to 4.86% last week. Construction spending decreased 1.4 percent in February, according to the Commerce Department. Statistics from the Bureau of Labor Statistics show the U.S. economy added 216,000 nonfarm payroll jobs in March. Veros estimates Orange County home prices will fall 1.3% within a year.
The Office of Thrift Supervision reports serious delinquencies decreases in the 4th quarter of 2010. Riverside was pronounced to be the most likely city to experience further economic trouble. Commercial and multifamily mortgage originations increased 88% in the last few months of 2010. Fannie Mae’s mortgage portfolio decreased by 15% in February.