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 Commerce Department said home construction rose 14.5% in January. Mortgage delinquencies decreased 6.41% in the 4th quarter, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.
Statistics from MDA Dataquick show 4,458 new and resale houses and condos sold in Southern California last month. The CAR reports California home sales rose 5% in January. CoreLogic claims national home sales fell 12% year over year. FHA intends to raise its mortgage premiums by 1/4 of a point.
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.
Statistics from MDA DataQuick show 7,178 new and resale houses and condos were sold in the Bay Area last month, and a total of 36,215 were sold statewide. The NAR reports existing home sales increased 12.3% in December. Fannie Mae announced a 45 day delay on foreclosures for borrowers receiving aid from the Hardest Hit Fund.
Freddie Mac announced it will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reports the U.S. economy added 93,000 private-sector jobs during November. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% last week.
The MBA estimates total originations in 2011 will be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter. Lender Processing Services is releasing a new valuation model that brings listing and pending sale data into the equation. The FHFA claims U.S. house prices increased 0.4% in August.
Mortgage application volume increased 14.6% this week. All 50 state attorney generals are now involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA is urging GSEs to accelerate the foreclosure process once the AG reviews are over. Foreign investors are planning to purchase large amounts of commercial property.
The MBA’s weekly survey shows mortgage application volume decreased 0.8%. Fannie Mae’s mortgage portfolio increased 3.8% year over year. Harvey Rosenblum of the Dallas Fed predicts the recovery will be long and slow. Witten Advisors reports more people are moving to multifamily housing.
The California Housing Finance Agency is offering 4 percent mortgages to low and moderate income homebuyers. The MBA’s weekly survey shows mortgage application volume decreased 1.5% this week. According to CoreLogic, 39.6% of the subprime loans are 60 days delinquent.