{"id":2154,"date":"2010-01-15T16:50:30","date_gmt":"2010-01-15T23:50:30","guid":{"rendered":"http:\/\/www.thenorrisgroup.com\/blog\/?p=2154"},"modified":"2011-01-06T16:12:52","modified_gmt":"2011-01-06T23:12:52","slug":"the-norris-group-real-estate-news-roundup-11510","status":"publish","type":"post","link":"https:\/\/www.thenorrisgroup.com\/the-norris-group-real-estate-news-roundup-11510\/","title":{"rendered":"The Norris Group Real Estate News Roundup 1\/15\/10"},"content":{"rendered":"

Today’s News Synopsis:<\/span><\/h2>\n

Statistics from 10 primary U.S. cities show that home prices declined by 1 percent. ABA expects economic growth to increase at 3.1 percent through 2010. The U.S. Treasury Department reports that 66,465 permanent modifications were made in December.\u00a0 Chris Thornberg forecasts that home prices will dip again in 2011.<\/p>\n

In The News:<\/span><\/h2>\n

Housing Wire<\/strong><\/span> – “JP Morgan Says Sell Mortgage Bonds as Fed Snaps Up Record MBS” <\/a>(1-15-10)<\/p>\n

“The spread of mortgage-backed securities (MBS) bonds yields to Treasuries is tight and likely to remain tight in the near-term, but swap spreads are currently 5-10 bps too narrow to greatly entice private investors, according to a JP Morgan Securities conference call on MBS and asset-backed securities (ABS).While private investors largely hold on the buy side, the government continues to buy up agency MBS as part of its $1.25trn agency MBS-purchase program.”<\/p>\n

Housing Wire<\/strong><\/span> – “House List Prices Down 1% in December: Altos”<\/a> (1-15-10)<\/p>\n

“Altos Research\u2019s listing price index declined 1% in December and 1.4% during Q409, but for the year, the 10-city composite price index was up 5.2%, the company said, adding it projects asking prices to continue to decline during the winter 2010 months.”<\/p>\n

Housing Wire<\/strong><\/span> – “ABA Expects Economic Recovery Will Fuel Job Growth in 2010”<\/a> (1-15-10)<\/p>\n

“High unemployment and constrained consumer spending will keep the speed of recovery in check, but ABA economists indicated real gross domestic product (GDP) will grow at an annualized rate of 3.1% throughout 2010. It\u2019s half the historic rate of GDP growth seen after previous deep recessions, leaving the unemployment rate fairly high \u2013 but below 10% \u2013 at year-end.”<\/p>\n

Housing Wire<\/strong><\/span> – “HAMP Servicers Permanently Modify More Than 66,000 Mortgages”<\/a> (1-15-10)<\/p>\n

“Servicers participating in the Home Affordable Modification Program (HAMP) completed 66,465 permanent modifications through December, according to a report from the US Treasury Department. It\u2019s more than double the 31,382 permanent modifications reported through the month of November. More than 40,000 more active modifications need only the borrowers signature to become permanent, totaling 112,521 permanent modifications approved by the servicers.”<\/p>\n

Housing Wire<\/strong><\/span> – “JP Morgan Posts Q4 Profit Despite Mortgage Losses”<\/a> (1-15-10)<\/p>\n

“JP Morgan said it made approximately 600,000 mortgage modification offers to homeowners and approved 120,000 modifications during 2009.”<\/p>\n

Housing Wire<\/strong><\/span> – “Treasury Raises Cap on HAMP to $35.5bn”<\/a> (1-15-10)<\/p>\n

“The US Treasury Department raised the total amount of potential capped incentive payments for the Home Affordable Modification Program (HAMP) from $27.7bn to $35.5bn, according to the latest Troubled Asset Relief Program (TARP) report.”<\/p>\n

Bloomberg <\/strong><\/span>– “U.S. REITs Poised to Boost Dividends After Raising $33 Billion”<\/a> (1-15-10)<\/p>\n

“A dozen U.S. real estate investment trusts, part of an industry that raised $33 billion last year, likely will increase their next quarterly dividends. Public Storage, Annaly Capital Management Inc., and Inland Real Estate Corp. are among those that may boost payouts, data compiled by Bloomberg show. Vornado Realty Trust said this week it would resume paying its dividend fully in cash after a year of issuing it partially in stock. ”<\/p>\n

Inman <\/strong><\/span>– “RPR courting MLSs”<\/a> (1-15-10)<\/p>\n

“By promising not to compete with MLSs — and allowing them an opportunity to make a quick exit from RPR if they aren’t satisfied with the results — company executives say they are out to sign up half the nation’s roughly 900 MLSs by the end of the year.”<\/p>\n

Orange County Register<\/strong><\/span> – “Home sales, prices seen falling in 2011”<\/a> (1-15-10)<\/p>\n

“Orange County-based homebuilders were told Thursday that the recession may be over, but the future for the economy and the housing industry remains uncertain. As if to underscore that point, economist Chris Thornberg released a forecast projecting that after modest gains this year, home sales and prices will dip again in 2011 because of rising foreclosures and interest rates.”<\/p>\n

Looking Back:<\/span><\/h2>\n

One year ago, the NAR announced that sales on homes priced above $750,000 had decreased by nearly 50 percent. The rate for 30-year fixed mortgages dropped below 5 percent. The CBIA claimed that new home sales in California were “glacially slow”. Statistics from the Federal Reserve showed that jobless claims were rising.
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Statistics from 10 primary U.S. cities show that home prices declined by 1 percent. ABA expects economic growth to increase at 3.1 percent through 2010. The U.S. Treasury Department reports that66,465 permanent modifications were made in December. Chris Thornberg forecasts that home prices will dip again in 2011. <\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[982,999,652,17,998,130,460,504,486,555,554,391,11,31,670,1000,416],"acf":[],"yoast_head":"\nThe Norris Group Real Estate News Roundup 1\/15\/10<\/title>\n<meta name=\"description\" content=\"This is the real estate and foreclosure news round up from The Norris Group for Friday, January 15th, 2010.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thenorrisgroup.com\/the-norris-group-real-estate-news-roundup-11510\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Norris Group Real Estate News Roundup 1\/15\/10\" \/>\n<meta property=\"og:description\" content=\"This is the real estate and foreclosure news round up from The Norris Group for Friday, January 15th, 2010.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thenorrisgroup.com\/the-norris-group-real-estate-news-roundup-11510\/\" \/>\n<meta property=\"og:site_name\" content=\"The Norris Group - 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