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.
RadarLogic claims national home prices declined 3.8% in December. California added 100,000 jobs in February. Freddie Mac completed 23,017 loan modifications in January and February. Jerry Brown’s bid to dissolve around 400 redevelopment agencies may make a come back in a compromise on tax increases.
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.
Results from an NAHB survey show builders expect homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expects the economy to grow up to 4% over the next 2 years. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators are attempted to push new rules that would require lenders to offer borrowers more principal write-downs.
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.
Fannie Mae and the MBA predict the housing market will begin a rebound that will last for the next two years, and Zandi predicts 4% gdp growth through 2012. IAS claims national home prices fell 0.8% during the 4th quarter of 2010.
The Labor Department reports the economy added 36,000 jobs in January. The Congressional Oversight Panel expects future losses on commercial real estate loans to cost between $200 billion and $300 billion. Orange County construction unemployment increased to 22.5%.
The Commerce Department said GDP growth increased 3.2% in the 4th quarter of 2010. Freddie Mac reports 30-year mortgage rates averaged 4.8% this week. A representative of the Federal Reserve Bank of New York expects the foreclosure process to continue to weaken the economy for the rest of the year.
ZipRealty reports housing inventory increased 11.2% in 26 major markets from last year. Bernanke told congress he expects a moderate recovery this year. The Massachussets Supreme Court ruled against Wells Fargo in a major foreclosure case. Radar Logic claims home prices remained nearly unchanged from last year.