The federal government claims Deutsche Bank commited mortgage fraud, and is suing the bank. LPS said 500,000 borrowers became current on their loans in the first quarter. Michael Fratantoni of the MBA predicts a full housing recovery is 3 to 4 years away. The combined sales of all broker-run transactions fell $226 million year over year.
The Commerce Department reports new home sales increased 11% in March. A study shows that short sales and foreclosures equally damage FICO scores. A survey from Pew shows 81% of adults believe purchasing a home is the best long-term investment a person can make. Morgan Stanley believes home prices will fall 6-11% this year.
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.
Pending home sales increased by 2.1%, according to the NAR. Interthinx claims California’s fraud risk decreased last year. A cash for keys program was recently proposed to Congress members, but has been strongly ridiculed. California had the largest gain in construction jobs in the nation during February.
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.
Capital One Home Loans has chosen not to foreclose on any California mortgages. The government applauded TALF for netting $600 million in income. According to S&P, lenders need 13 months on average to foreclose in a judicial state. Altos Research claims home prices decreased 2% in February.
The Federal Reserve will require borrowers who get their mortgages through a broker to receive the lowest possible interest rate. LPS claims the national delinquency rate increased to 8.9% in January. A lawyer was held in contempt of court for helping his clients break back into their house after the foreclosure was ruled legitimate. RadarLogic said national home prices decreased 1.6% in December.
Million dollar home sales in California increased by 21%, according to MDA DataQuick. Freddie Mac reports mortgage rates increased over 5% this week. The Treasury said half of all renters spend over 33% of their income on housing.
Statistics from MDA DataQuick show 7,178 new and resale houses and condos were sold in the Bay Area last month, and a total of 36,215 were sold statewide. The NAR reports existing home sales increased 12.3% in December. Fannie Mae announced a 45 day delay on foreclosures for borrowers receiving aid from the Hardest Hit Fund.