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.
Existing home sales dropped 9.6%, according to the NAR. A San Joaquin County investor pleaded guilty to rigging foreclosure auctions, and is now facing a federal prison sentence and $1 million in fines. LPS claims the current mortgage delinquency rate is 8.8%.
The NAR has been caught inflating home sales statistics, and the Commerce Department says new home sales decline 13% in January. FHA REO Inventory has increased 47% from last year. First time homebuyers who received the $7,500 tax credit will be expected to pay it back.
The NAR said existing home sales rose 2.7% in January. The FHA’s REO inventory has increased 47% year over year. A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicts the government will soon provide an alternative to the national homebuyer tax credit
The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.
UCLA economists expect unemployment to remain above 10% until the end of 2012. TransUnion predicts the national mortgage delinquency rate could fall below 5% in 2011. A survey from RealtyTrac shows 60% of Americans believe housing will not recover for another 2 years. According to HOPE NOW, 1.54 million permanent mortgage modifications were completed in the first 3 quarters of this year.
A Rasmussen survey finds that 31% of homeowners expect their home prices to fall over the next year, while 50% expect their home values to increase over the next 5. According to the NAHB, builder confidence increased for the first time in 5 months. The Federal Reserve Bank of New York reports over 66% of small businesses experienced declines in sales and revenue during the first half of the year. Robert Curran believes demand for housing will not return any earlier than late winter.
9 of the nation’s top 20 most stressed housing markets are in California. The Commerce Department reports construction spending increased 0.4 percent in August. Multiple housing analysts predict evictions to decrease dramatically. President Obama signed the bill to extend higher-loan limits for GSEs.
Loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reports new home and apartment construction rose 10.5% last month to a seasonally adjusted annual rate of 598,000. Zillow claims interest rates fell again to 4.25%.