Prices for non-performing and impaired performing commercial real estate (CRE) loans climbed higher in October, according to DebtX, a marketplace exchange for whole loans. The company attributed the increase to the continuing recovery in the CRE capital markets and steady demand from a broad range of investors.
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Cincinnati-based eLynx, a portfolio company of American Capital, announced its compliance with all guidelines recently published by the IRS for obtaining electronic signatures on Form 4506-T, Request for Transcript of Tax Return.
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Fannie Mae and Freddie Mac refinanced more than 90,000 mortgage loans through the Home Affordable Refinance Program (HARP) in September, bringing the program's total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency. The rate of HARP refinances has increased since the program was revised in the fall of 2011 to expand borrower eligibility. Year-to-date, 709,000 loans have been refinanced through HARP, already far exceeding last year's total of about 400,000.
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David Stevens, president and CEO of the Mortgage Bankers Associations, is voicing concerns about legislation (H.R. 6429) that would raise guarantee fees charged on single-family mortgages by Fannie Mae and Freddie Mac in order to pay for immigration reforms. Stevens issued a public statement stressing that the GSEs' guarantee fees are supposed to be used to offset risks associated with their mortgage purchases. He says dipping into the housing piggybank to pay for unrelated policy items on the backs of America's homebuyers sends the wrong message.
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REO-to-Rental is becoming an increasingly more attractive option to renters, lenders, servicers, and investors. DataQuick has partnered with RentRange to provide a tool that will help interested parties properly valuate properties.
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Prospect Mortgage, LLC, announced the appointment of Michael J. Williams, former president and CEO of Fannie Mae, as chairman of its board of directors. Prospect Mortgage is a top-10 originator of home purchase loans, offering conventional, jumbo, super-jumbo, Federal Housing Administration, and Veterans Affairs mortgages as well as home renovation loans.
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Consumer spending fell $20.2 billion in October as personal income remained relatively flat, the Bureau of Economic Analysis (BEA) reported Friday. The October report marked the first time since June in which income growth--however modest--exceeded spending. Still, income growth was the weakest it has been since last November, when it fell $31.1 billion in one month--a decline that was completely reversed one month later.
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The housing recovery is nearly halfway complete, according to Trulia's Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago. Trulia monitors delinquency and foreclosure rates, existing home sales, and construction starts and compares them with their worst points during the housing crisis and their normal pre-bubble levels. All three indicators showed improvement in October. Combining them, Trulia suggests the housing market is now 47 percent back to normal.
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A foreclosure agency says borrowers may be encouraged to strategically default because they expect housing policies won't change over the next four years. In a survey of YouWalkAway.com customers, 47 percent said they believe the Obama administration had no effect on the foreclosure crisis. Due to the perception that housing issues are not a priority for the current administration, YouWalkAway says underwater homeowners who were previously undecided about strategically defaulting are choosing to do so given the election results.
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Fixed mortgage rates showed little signs of movement in the last full week of November, hovering near record lows as market worries heightened over the impending fiscal cliff. Freddie Mac puts the average 30-year fixed mortgage rate at 3.32 percent and the 15-year rate at 2.64 percent. Analysts say uncertainty surrounding the fiscal cliff has businesses, consumers, and financial markets all feeling uncertain themselves, which will keep mortgage rates at these levels as long as talks drag on in Washington.
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The Federal Housing Finance Agency (FHFA) announced Thursday that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties, but that ceiling goes as high as $625,500 in certain high-cost markets.
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Stewart Title will help honor a veteran who fought for our country and returned home in need. The company teamed up with Extreme Makeover: Home Edition to create a custom home for the wounded warrior. This special episode of Extreme Makeover: Home Edition airs on Monday, December 10 at 8 p.m. EST on ABC.
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The number of homebuyers committing to sales contracts soared last month. The National Association of Realtors (NAR) says its Pending Home Sales Index for October skyrocketed to hit its highest mark in more than five years. The index jumped 5.2 percent from September to October to a reading of 104.8, its highest point since March 2007. Economists had expected a smaller increase to 100.5. Compared to October 2011, the index was up 13.2 percent, making it the 18th straight month of year-over-year gains.
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Real GDP growth for the third quarter was revised up significantly, the Bureau of Economic Analysis reported Thursday, reaching a 2.7 percent annualized growth. Economists had forecast a 2.8 percent growth rate. The report on GDP was the second of three monthly reports and billed as the "second estimate." The report on profits was the first of two and labeled "preliminary." Final reports on both will be released December 20.
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First time claims for unemployment insurance fell 23,000 to 393,000 for the week ended November 224, the Labor Department reported Thursday. The previous week’s report was revised upward to 416,000 from the originally reported 410,000. Continuing claims--reported on a one-week lag--fell 70,000 to 3,287,000.
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USFN installed new leaders into the organization at a recent annual member retreat. New 2012-2013 officers and board members were confirmed including Marcy J. Ford as the new president of the board of directors.
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Consumer sentiment regarding personal finances was down in November, indicating Americans foster a more negative perception about their own finances than they did last year, according to Bankrate's Financial Security Index released this week. In fact, the index has indicated a decline in consumer confidence year-over-year in 22 of the past 24 months.
Bankrate measures consumers' perceptions of financial security in five categories: debt, net worth, savings, job security, and overall financial situation.
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While almost one-quarter of homeowners remain underwater, rising home prices over the past year have some economists hopeful negative equity could begin to diminish in coming months.
Negative equity is still crippling many homeowners and the wider economy, Capital Economics stated in a report. But, if home prices continue to rise, the global research firm sees the potential for 3.5 million homeowners to move out of negative equity positions over the next 12 months.
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Lorraine Brown's legal drama continues as Michigan attorney general Bill Schuette announced the filing of a felony charge against the former DocX president. Brown is being charged with one count of conducting criminal enterprises (racketeering) for her alleged role in authorizing the fraudulent signing of mortgage documents filed in the state.
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Zillow, Inc., announced its sixth acquisition in the last two years. The company has entered into an agreement to buy San Francisco-based HotPads, a map-based rental and real estate search site. The $16 million deal is expected to close by the end of the year.
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