RISMEDIA, April 8, 2011—The National Association of Home Builders (NAHB) hosted a media teleconference recently, along with other industry and consumer groups and finance experts, to discuss the negative impact that overly restrictive lending rules recently proposed by the Federal Deposit Insurance Corp. would have on the housing market and larger economic recovery.
Marion Skubi
America’s Most Stubborn Home Sellers – Fortune Finance
Just how low could home prices go in your town? Despite the fact that rents are now higher in many cities than monthly mortgage payments, the latest report on the health of the housing market offers a dismal picture, showing little sign that home prices are hitting bottom. Prices in January fell 3.1% compared with the … Read more
Pending Home Sales Rise
Washington, March 28, 2011 Pending home sales increased in February but with notable regional variations, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
JPMorgan: Banks Won’t do Mortgage Principal Writedowns
The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can make payments, an idea at the center of talks aimed at fixing the mortgage mess. “Principal writedown for people who could pay their mortgages? Yeah, that’s off the table,” JPMorgan Chase (JPM, Fortune 500) CEO Jamie Dimon … Read more
March 2011
March 2011 Sales YTD Avg List Price Avg Sale Price 2010 Sales Value of the Month Las Campanas 11 1,270,364 1,124,036 6 Northwest County 26 781,342 733,669 16 Northeast City 30 840,513 772,549 40 Tesuque 4 3,681,000 2,794,250 1 Santa Fe City 169 452,051 421,109 174 Santa Fe County (includes city) 280 540,090 493,099 284 Go … Read more
Mortgage Rates Edge Up; 30-Year Fixed at 4.86% – WSJ.com
RealTrends.com: Mortgage rates ticked up again in the latest week as inflation concerns eased somewhat, according to Freddie Mac’s weekly survey of mortgage rates. The 30-year fixed-rate mortgage averaged 4.86% in the week ended Thursday, up from 4.81% the previous week but down from 5.08% a year earlier.
Principles for Restoring Stability to the Nation’s Housing Finance System
RISMEDIA, March 30, 2011—A coalition of trade organizations has released the top principles for restoring stability to the nation’s housing finance system, which—they believe—is at a historic crossroad. As policymakers debate options to restore vitality, integrity and stability to the secondary mortgage market—including an appropriate role for the federal government in supporting homeownership and rental housing—it is essential that care is taken in weighing the choices ahead. The policy decisions in this area will have profound implications for the nation’s economic recovery and for generations of future homebuyers and renters, with broad ranging social and economic consequences.
February Existing-Home Sales Decline following Sustained Gains
WASHINGTON (March 21, 2011) – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.
Expectations Surge for Housing Double Dip
From RealTrends.com: MacroMarkets LLC March 2011 Home Price Expectations Survey finds that most experts are expecting only a weak housing recovery over the next year or so.
“Overall, the sentiment among our expert panel regarding the U. S. housing market outlook continues to deteriorate. Now they are expecting only a weak recovery, and even that is not until 2013. This uninspiring view must be influenced by the persistently weak market fundamentals – high unemployment, supply overhang, an unabated foreclosure crisis, and constrained mortgage credit,” according to Robert Shiller, MacroMarkets co-founder and chief economist.
Housing Pulse: Distressed Property Index Slips in February
The housing market sent mixed signals in February as the percentage of distressed properties in home purchase transactions dipped while investors stepped up their home buying. These are two major findings of the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey conducted in early March.