Sources: FHFA: Home prices rise 0.3% in February Steepest Drop in 13 Months for New Home Sales in March Pending Sales of U.S. Existing Homes Increased 4.1% in March Survey: High Share of Distressed Properties Keeps Prices Down LPS: Mortgage delinquency rate falls 8.8% in March Mortgage payments at lowest level in decades 54 Percent …
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.
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 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.
The CAR reports existing home sales increased 5.9% in December. Freddie Mac is eliminating is streamlined refinance program for mortgages settled after May 1, 2011, and FHA announced it will suspend its anti-flipping rule through the end of this year.
In The News: Housing Wire – “Principal Real Estate Investors optimistic for economic recovery in 2011” (12-29-10) “Principal Real Estate Investors expects the Republican gains in Congress, stabilizing commercial real estate values, stronger corporate earnings, higher personal savings rates and the dynamics related to quantitative easing by the Federal Reserve will fuel economic growth in …
31,403 new and resale homes and condos were sold statewide in November, according to MDA DataQuick. LPS reports the delinquency rate for loans that are 30+ days past due is 9.02%. Ben Bernanke believes we still have 4 to 5 years until the unemployment rate reaches pre-recession levels.
6,111 new and resale houses and condos were sold in the Bay Area last month, according to MDA DataQuick. Freddie Mac reports the 30-year mortgage rate has rose again to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July. Three members of congress introduced a bill which may put an end to the use of MERS by GSEs.
The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.
An opinion survey from the Federal Reserve shows demand for commercial and industrial loans decreased in the third quarter. Budd Bugatch claims housing fell to 2.22% of nominal GDP in the 3rd quarter. Foreclosure inventory increased 1.1% in September, according to LPS.