News

From RealTrends.com: Foreclosures decreased 2 percent in February compared to January 2010, according to RealtyTrac’s February 2010 U.S. Foreclosure Market Report. Foreclosure filings were reported on 308,524 U.S. properties during the month, still 6 percent above the level reported in February 2009.
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From RealTrends.com: Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 5.15 percent. The 15-year FRM this week averaged 4.33 percent with an average 0.7 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 4.72 percent.

From RealTrends.com: A number of the industry’s closely watched home-price gauges indicate that stabilization has been slowly creeping into the picture since mid-2009. Analysts at Barclays Capital agree that the tail risk of a sharp decline in housing continues to recede with every passing month. But they caution that there’s still a bit more of a drop in the cards and little chance of sustained gains any time soon thanks to an inflated supply of foreclosures.
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The Art of Being Santa Fe

I CAN’T remember how or why it came to be dawn when I first saw Santa Fe from a bus window. It was my first time in New Mexico, the fulfillment of a long-held dream: to visit the land that had inflamed my imagination when as a teenager I’d read D. H. Lawrence’s paeans to the state.
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From Inman.com: Sales of previously owned homes rose 11.5 percent year-over-year in January, to a seasonally adjusted annual rate of 5.05 million units, up from 4.53 million units in January 2008. January sales fell from a rate of 5.44 million in December 2009, the National Association of Realtors reported.
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From RealTrends.com: Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, “still requires support for recovery.” Investors see these low rates as a boon to a recovery of employment and business. Bernanke’s announcement also took the edge off the news Wednesday that housing sales hit a new low in January. “Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there,” said Jim McDonald, chief investment strategist at Northern Trust in Chicago.

Source: The Associated Press, Tim Paradis (02/24/2010)

From RealTrends.com: Refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate, according to Freddie Mac’s quarterly Product Transition Report. While 30-year fixed-rate mortgages are still the most preferred product chosen for the new loan, 15-year fixed-rate mortgages gained favor among refinancers who previously held 30-year fixed-rate mortgages, balloon mortgages and ARMs. Overall, fixed-rate loans accounted for more than 95 percent of refinance loans during the quarter.

From RealTrends.com: A new study from PMI Mortgage Insurance Co. suggests home prices have found their bottom. The company’s analysis shows that by almost all measures, residential property values began stabilizing considerably during the second and third quarters of last year – and monthly data through November confirms that this stabilization continued into the fourth quarter. PMI says the likelihood that home prices will drop lower over the next 24 months is diminishing for most large metro markets.
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From RealTrends.com: As the economy recovers, markets will stabilize but the old “normal” will not return, according to a new study by John McIlwain for The Urban Land Institute.
Here are ULI’s predictions:
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