NAHB is forecasting 552,000 single-family starts in 2010. The MBA reports mortgage loan application volume decreased by 1.5 percent from last week. The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent in Q1 2010. U.S. commercial real estate values fell in March by 0.5 percent.
The NAHB reports U.S. home-builder sentiment rose in May to the highest level in more than 2-1/2 years. The FDIC has shut down 72 banks so far in 2010. Based on a survey of 3,000 Western Union customers, 45% of respondents with a modified mortgage indicated scheduling regular payments will prevent re-default. According to Altera Real Estate, current housing demand has reached 2005 levels, just before the turn in the housing market.
The NAHB reports that builder confidence increased from Q1 2009, but is still low. The MBA’s weekly survey shows that mortgage application volume increased by 3.4 percent. According to Freddie Mac, of all borrowers who had 30-year FRMs, 75% refinanced into a new 30-year FRM. Barclays estimates that foreclosure shadow inventory should peak during the summer of 2010.
Altera Real Estate foresees significant improvement in the Orange County real estate market. According to IAS, national home prices have returned to 2004 levels. Forecasters from iEmergent expect approximately $580 billion in mortgage refinancing during 2010.
Bruce Norris is joined this week by president of 7 Steps to a 720 Credit Score, The Mortgage Equity Group, and panelist for I Survived Real Estate 2008, Philip X. Tirone
Bruce Norris is joined this week by president of 7 Steps to a 720 Credit Score, The Mortgage Equity Group, and panelist for I Survived Real Estate 2008, Philip X. Tirone
Research from NAR shows that most small-scale, exterior home modificaitons, such as door replacements and wood deck additions, are the most profitable at resale. The Federal Reserve’s commercial/multifamily mortgage debt decreased by 0.8 percent from the second quarter 2009. Radar Logic estimates that housing will continue to have trouble in 2010, but does not believe that a second collapse will occur.According to ForeclosureRadar.com, foreclosure cancellations in California climbed 40% in November.
Bruce Norris is joined this week once again by appraiser and investor, Rick Solis.