Mortgage applications dropped 2% from last week, according to the MBA. CoreLogic has developed a tool to determine whether borrowers are overstating their income. A small business tax rule has been reversed by Congress. Borrowers will no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.
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.
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.
The Associated General Contractors of America reports California ranked 18th in year over year economic improvement. According to LPS, Option ARM foreclosures currently represent 18.8% of foreclosure inventory. The Congressional Oversight Panel estimates HAMP will avert only 800,000 foreclosures. Statistics from S&P shows home prices decreased 3.1% year over year.
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.
The CBIA reports housing production decreased 56% from December, and the Commerce Department reports construction spending dropped 0.7%. A survey from Equity-Trax shows that short sales currently take around 4 to 9 months to complete. Lender Processing Services claims foreclosure starts fell 11.4% in January.
Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR. Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reports foreclosure filings fell 17% year over year. Kevin Warch resigned from the Federal Reserve Board of Governors.
Mortgage application volume increased 11.3% from last week, according to the MBA. Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. HOPE NOW reports 1.76 million homeowners received a mortgage modification in 2010. Statistics from DBRS show 50 percent of loan modifications result in re-default.
The MBA reports mortgage application volume fell 12.9% this week. According to the Commerce Department, new home sales dropped 7.6% year over year. $1.5 trillion in commercial debt is set to mature by 2014. A total of 58,020 loan modifications have been canceled, said the Treasury Department.