MBA

The Norris Group Real Estate News Roundup 4/27/11

If passed, a new California bill will require lenders to make a decision on mortgage modifications before beginning the repossession process. According to the Census Bureau, the national home vacancy rate fell to 2.6% in the first quarter. A study from the University of Chicago’s Booth School of Business shows that 35% of mortgage defaults in the U.S. were strategic during September 2010.

The Norris Group Real Estate News Roundup 4/6/11

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 Norris Group Real Estate News Roundup 3/17/11

Statistics from the MBA show outstanding commercial/multifamily mortgage debt fell by 0.5% in the 4th quarter of 2010. FHA mortgage delinquencies decreased about 7% year over year. According to MDA DataQuick, 4,991 new and resale houses and condos sold in the Bay Area during February. Also, 27,320 new and resale houses and condos were sold statewide last month.

The Norris Group Real Estate News Roundup 3/9/11

Mortgage applications increased 15.5% last week, according to the MBA. UCLA economists predict California’s unemployment rate will remain above 10% until 2013. Freddie Mac’s level of REO properties has grown 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.

The Norris Group Real Estate News Roundup 2/7/11

The MBA reports $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claims 80% of the loan modifications that took place over the last 3 years defaulted again within 2 years.

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