The Fed lifts interest rates, Millenials are moving into specific cities, challenging property tax hikes, and 10 mortgage predictions.
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%.
14,369 new and resale houses and condos sold in Southern California last month, according to MDA DataQuick. A survey shows the majority of large fund managers do not expect interest rates to increase in the near term. ForeclosureRadar said default notices in California decreased 29.6% year over year. A study from NAHB economists shows that a family earning $80,000 per year who buys a $200,000 house will receive $41,138 in tax benefits over the entire term of home ownership.
Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.
The NAR has been caught inflating home sales statistics, and the Commerce Department says new home sales decline 13% in January. FHA REO Inventory has increased 47% from last year. First time homebuyers who received the $7,500 tax credit will be expected to pay it back.
The FHFA claims 30-year interest rates averaged 4.85% in January, and home prices fell 4% year over year. House Republicans intend to end anti-foreclosure programs put in place by President Obama. The Commerce Department said new home sales decreased 13 percent in Janurary.
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
Fannie Mae and the MBA predict the housing market will begin a rebound that will last for the next two years, and Zandi predicts 4% gdp growth through 2012. IAS claims national home prices fell 0.8% during the 4th quarter of 2010.
The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.