The Norris Group Real Estate News Roundup 12/11/09

Mark Greene of FICO forecasts that credit-card and mortgage defaults will increase during the next six months. Former director of the FHFA James B. Lockhart III, claims that the housing downturn may not be finished. Statistics from both Moody’s Investors Service and Fitch Ratings show that the default rate for CMBS increased during November.

The Norris Group Real Estate News Roundup 12/08/09

Chase Home Finance reports that 29 percent of its HAMP trial plans failed to become permanent. Research from Altos Research shows that home prices decreased in 24 of the 25 markets that the company observes. A credit analysis of 27 million consumers lead TransUnion to estimate that delinquencies of 60 days or more will drop 3 percent by the end of 2010.

The Norris Group Real Estate News Roundup 10/20/09

RealtyTrac’s Rick Sharga believes that approximately 450,000 to 500,000 repossessed properties have not yet been placed on the market. Default notices in California have decreased by 10.3 percent from the previous quarter and have increased by 18.5 percent from last year. The Commerce Department reports that housing and apartment construction increased by .5 percent from last month.

The Norris Group Real Estate News Roundup 10/16/09

President of John Burns Real Estate Consulting expects the commercial real estate market to do further damage to residential real estate. New legislation requires swap dealers and major swap participants to register with regulators and requires clearing organizations to provide transaction information to appropriate regulators. GE, MGIC, and Bank of America lost over 500 million in Q3 of 2009.

The Norris Group Real Estate News Roundup 10/9/09

The House of Representatives unanimously passed a one-year extension of the first time homebuyer $8,000 tax credit. A new Wells Fargo report projects big losses due to ALT-A and Option ARM recasts. Congress doubts that Treasury Department’s $50 billion loan-modification program will help 3-4 million foreclosures. The OC Register reports the smallest home-price loss in two years. Keep in mind a number of larger properties are now foreclosing which will make the median price number skewed. This week along we watched at trustee sale as a home worth $1.1 million got sold in the inalnd empire at $400,000.

The Norris Group Real Estate News Roundup 10/8/09

A government report shows that the Federal Reserve and the U.S. Treasury spent $1.2 trillion dollars on the U.S. mortgage market in fiscal 2009. The Department of Labor announced that the weekly unemployment claims decreased by 33,000. Statistics from Freddie Mac show thatmortgage rates for 30-year fixed U.S. home loans fell to 4.87 percent from 4.94 percent last week. Trulia reports that U.S. home sellers reduced their price by a total of $28.4 billion.

The Norris Group Real Estate News Roundup 9/30/09

Experian and Wyman estimate that the number of strategic defaults in 2008 were up to 600,000. Senators are supporting new legislation that would lend 200 million dollars for the prosecution of mortgage and real estate fraud cases. The MBA reports that the mortgage loan application volume decreased by 2.8 percent on a seasonally adjusted basis. The $8,000 dollar tax credit is soon to expire while approximately 1.8 million people are expected to receive the credit. Freddie Mac announced that it will work with Titanium Solutions to do door-to-door loan modifications.

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