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.
The FHFA claims 30-year interest rates averaged 4.85% in January, and home prices fell 4% year over year. House Republicans intend to end anti-foreclosure programs put in place by President Obama. The Commerce Department said new home sales decreased 13 percent in Janurary.
Freddie Mac’s claims the average rate for 30-year fixed loans this week fell to 4.44 percent. RealtyTrac reports that national foreclosures increased 3.6% from last month. Initial unemployment insurance claims increased this week by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June, and notices of trustee sale fell 18.9%.
Mortgage application volume increased 1.3 percent this week, according to the MBA. Large home builders, such as PulteGroup and DR Horton, are claiming a quarterly profit. Analysts expect total payrolls to decline in official Census data which is due Friday. The American Bankruptcy Institute expressed concerns that consumer bankruptcies might total 1.6 million this year.
MDA DataQuick reports A total of 22,270 new and resale houses and condos closed escrow in Southern California last month. According to the NAHB, builder confidence in the market for newly built, single-family decreased this month. Having a home with a view is on the top 10 list of preferences for 44.5 percent of men. Morgan Stanley’s research has lead the company to conclude that low mortgage rates will prevent a double dip in prices.
The MBA reports mortgage loan application volume decreased 2.9 percent last week. The House Financial Services Committee approved a bill to increase capital reserves in the Federal Housing Administration (FHA) and reduce risks to its insurance fund.Republicans voted against the Restoring American Financial Stability Act of 2010. New HUD regulations require all new lender applicants must hold at least $1 million.
Research from Barclay’s Capital shows that Fannie Mae’s losses may exceed $200 billion. Under new FHA rules, at least 50 percent of the units in a project must be owner-occupied.
The NAR reports that pending home sales increased during October by 3.7 percent. The California Board of Equalization claims that most homeowners will see a decline in property tax after a deflation of 0.237 percent. According to Real Estate Econometrics LLC, the commercial mortgage default rate on loans held by U.S. banks increased to 3.4 percent in the third quarter.