The Norris Group Real Estate News Roundup 9/29/10

Today’s News Synopsis:

The MBA’s weekly survey shows mortgage application volume decreased 0.8%. Fannie Mae’s mortgage portfolio increased 3.8% year over year. Harvey Rosenblum of the Dallas Fed predicts the recovery will be long and slow. Witten Advisors reports more people are moving to multifamily housing.

In The News:

NAHB “Housing Tax Incentives Benefit Younger Households the Most, According to Recent NAHB Research” (9-28-10)

“New research from the National Association of Home Builders (NAHB) reveals that the benefits of housing-related tax deductions, such as the mortgage interest deduction, generally decline in value as individuals age.”

Mortgage Bankers Association“Mortgage Refinance Applications Decrease Despite Decline in Rates in Latest MBA Weekly Survey” (9-29-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 24, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1.0 percent compared with the previous week.”

Housing Wire“It’s time: House opens the floor for testimony on future of GSEs” (9-29-10)

“Written testimony started to be released yesterday evening, with Michael Heid, Co-President of Wells Fargo Home Mortgage and Michael Farrell, CEO of Annaly Capital Management providing previews of their written testimony. Both will argue for a highly diminished role of the GSEs in the secondary markets.”

Housing Wire“Fannie Mae mortgage portfolio continues expansion, up 3.8% in August” (9-29-10)

“While Fannie Mae issuance declined in August, the government-sponsored enterprise’s gross mortgage portfolio increased 3.8% from a year ago. The Fannie Mae gross mortgage portfolio reached $809.1 billion in August, up 3.8% from $779.4 billion a year ago. It did drop at a compound annualized rate of 4.1% in August.”

Housing Wire“Dallas Fed: Economy still at tender stage with low inflation a concern” (9-29-10)

“‘It is going to be a long, slow recovery,’ said Harvey Rosenblum, executive vice president and director of research at the Federal Reserve Bank of Dallas. In fact, it doesn’t yet feel like the recession has ended for many because of the slow growth. Rosenblum spoke at a real estate symposium sponsored by the North Dallas Chamber of Commerce.”

Housing Wire “US Treasury plans to sell Citi preferred stock” (9-29-10)

“The U.S. Department of the Treasury announced today intentions to sell trust preferred securities (TRUPS) it acquired from Citigroup (C: 3.92 +0.97%) during the bailout in 2009. The sale will constitute a complete net profit gain under the Asset Guarantee Program. Citi will not receive any of the proceeds.”

Housing Wire“Witten Advisors: Multifamily sector gets boost as move-ins rise” (9-29-10)

“If there is a beneficiary in the real estate downturn, it has been the multifamily sector, according to a market firm that studies the space. Net move-ins, nationally, in the second quarter, are higher than they have been in the past 15 years when comparing on a second-quarter basis, said Ron Witten, president of Witten Advisors, a Dallas-based consultancy that serves apartment developers, investors and lenders nationally with a focus on 40 major apartment markets.”

Orange County Register“Forecast: O.C. home prices up 2.2% in year” (9-29-10)

“Orange County home prices will rise 2.2% in the year ended September 2011, according to the latest forecast from housing tracker Veros from Santa Ana.”

Looking Back:

One year ago, C.A.R.’s sales and price report showed that single-family home sales increased 9 percent in August. The Standard & Poor’s/Case-Shiller home price index showed that prices were down 13.3 percent from 2008, but declines have slowed. Fannie Mae announced that the number of homes behind on payment or in foreclosure had increased by 4.17 percent. Also, FDIC Chairman Sheila Bair proposed that the agency should get banks to prepay three years of fees to help cover the cost of bank failures, expecting a $100-billion cleanup bill through 2013.



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