Today’s News Synopsis:
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.
In The News:
CAR – “December price and sales report” (1-21-11)
“Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. December’s sales were up 5.9 percent from November’s revised pace of 491,590 but were down 6.8 percent from the revised 558,840 sales pace recorded in December 2009.”
Housing Wire – “Freddie Mac eliminates streamlined mortgage refinance program” (1-20-11)
“Freddie Mac will cut its streamlined refinance program for mortgages settled on or after May 1, 2011. This, say analysts at Bank of America (BAC: 14.265 -1.89%) Merrill Lynch was the only government-sponsored enterprise streamline refinance option left after the Home Affordable Refinance Program expired in March 2009 for Fannie Mae and May 2009 for Freddie.”
Housing Wire – “FHA suspends anti-flipping rule for another year” (1-21-11)
“The Federal Housing Administration will suspend its anti-flipping rule for a second year in 2011, a spokesman confirmed to HousingWire Friday.”
Housing Wire – “Delinquent residential mortgages on the decline: LPS” (1-21-11)
“Lender Processing Services (LPS: 32.21 -0.92%) said the delinquency rate for December on residential mortgage loans that are 30 or more days past due but not in foreclosure stands at 8.83%, a year-over-year decline of nearly 18%. Compared to November, the delinquency rate is down 2.1%, LPS said.”
Housing Wire – “Fitch: 30% of CMBS mortgages maturing in 2011 do not pass refi test” (1-21-11)
“Of the $22.5 billion in commercial mortgage-backed securities loans set to mature in 2011, roughly 30% do not pass the Fitch Ratings refinance test, the credit rating agency said Friday.”
One year ago, MDA DataQuick reported that 7,828 new and resale houses and condos were sold in the Bay Area during December. Seriously delinquent loans of 60 or more days increased to 6.2 percent of the servicing portfolio. Radar Logic’s study of 25 metropolitan markets showed that home sales increased by 46.7%. Freddie Mac’s weekly survey showed that mortgage rates on 30-year U.S. loans fall to 4.99%.
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