Today’s News Synopsis:
68,239 Notices of Default (NoDs) were recorded at county recorders offices in the 1st quarter, according to MDA DataQuick. Statistics from the Commerce Department show housing starts increased 7.2% in March. A California bankruptcy court says MERS cannot help a trustee establish legal standing to foreclose on a securitized mortgage. The FDIC closed six banks on April 15th.
In The News:
MDA DataQuick – “California Mortgage Defaults Drop Again; Foreclosures up” (4-19-11)
“A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2 percent from 69,799 for the prior quarter, and down 15.8 percent from 81,054 in first-quarter 2010, according to San Diego-based DataQuick.”
Housing Wire – “March home sales increase in almost all metros: RE/MAX” (4-19-11)
“Home sales jumped more than 10% in 53 of the 54 metros tracked by RE/MAX between February and March, with only New York not achieving double-digits gains.”
Housing Wire – “Apartment and industrial sectors to lead REIT performance in 1Q: Barclays” (4-19-11)
“Barclays said it expects apartment and industrial REIT performance to improve during the first quarter. Effective rental rates are up about 5%, according to Barclays, which should drive positive leasing trends.”
Bloomberg – “Housing Starts in U.S. Increased to 549,000 in March, Exceeding Forecasts” (4-19-11)
“Work began on 549,000 houses at an annual pace, up 7.2 percent from the prior month and exceeding the 520,000 median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Starts fell 19 percent in February to the lowest level in almost two years.”
Comptroller of the Currency – “Description: Revised Examination Procedures” (4-19-11)
“The Tenants Protection Act provides protections to bona fide tenants in the case of any foreclosure on a federally related mortgage loan or on any dwelling or residential real property. These protections provide that any immediate successor in interest in such a foreclosed property, including a bank that takes title to a house after foreclosure, will assume the interest subject to the rights of any bona fide tenant and must comply with certain notice requirements.”
Housing Wire – “California bankruptcy court rules against MERS” (4-19-11)
“A California bankruptcy court says Mortgage Electronic Registration Systems cannot help a trustee establish legal standing to foreclose on a securitized mortgage unless the trustee already possesses an actual assignment of interest in the loan.”
Housing Wire – “Commercial real estate makes up 77% of troubled loans at failed banks” (4-19-11)
“Regulators closed six banks on April 15, accounting for a total of $4.8 billion in assets. So far in 2011, there have been 34 closings, but Federal Deposit Insurance Corp. Chairwoman Sheila Bair said bank failures peaked the year before when 156 were shuttered.”
One year ago, Irvine Co. reentered the home construction business for the first time in over 20 years. Fannie Mae statistics showed the economy decelerated in the first quarter of 2010, but would likely increase in the near future. Real estate executive Anthony Ghio pled guilty to bid rigging in a scheme to profit off sheriff sale foreclosure auctions. The U.K. and Germany were interested in taking legal action against Goldman Sachs.
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