Investors
By Carrie Bay | 03/12/2010
By grade school standards, the U.S. housing market would most likely get grounded, according to John Burns Real Estate Consulting's (JBREC) monthly report card issued this week. The market research and due diligence firm gave housing an overall grade of D+. Affordability, which the firm says is probably the most important indicator of short-term housing market performance, was able to pull out a C-, but the nation's housing supply got an F.
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By Carrie Bay | 03/12/2010
Foreclosed homes taken back by lenders and distressed short sales accounted for nearly half of all residential home sales in California in 2009, according to a market report released this week by the California Association of Realtors.
As one of the hardest-hit states by the housing downturn, the Golden State is littered with bank-owned properties and homes facing foreclosure, but the lower prices and increasing buyer appetite for these deals are helping to reduce some of California's distressed inventory.
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By Carrie Bay | 03/12/2010
The beleaguered Citigroup Inc., who has repeatedly assured administration officials that it is getting back to banking basics, has found a buyer for its real estate investment business. Private equity firm Apollo Management LP has agreed to purchase Citi Property Investors, a unit of the bank's Citi Alternative Investments group.
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By Brittany Dunn | 03/12/2010
During the 2010 Multicultural Real Estate & Policy Conference last week in Washington D.C., the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America(AREAA), and the National Association of Real Estate Brokers (NAREB) introduced The Five-Point Plan: Creating a Sustainable Path to Minority Homeownership.
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By Brittany Dunn | 03/12/2010
In testimony before a House subcommittee Thursday, Charles McMillan, immediate past president of the National Association of Realtors (NAR), said the Federal Housing Administration (FHA) remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices.
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By Carrie Bay | 03/12/2010
It's been a year since the government's Home Affordable Modification Program (HAMP) was implemented and only 170,000 troubled homeowners have received permanent loan restructurings.
The number of modifications in the permanent column did increase 45 percent from 116,297 in January, but it's still a mere drop in the bucket when you consider the Treasury's own estimate that there are currently 1.8 million borrowers who are behind on their payments and eligible for the program.
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By Carrie Bay | 03/12/2010
More traditionally underwritten and higher credit quality loans will be the norm when the U.S. residential mortgage-backed securities (RMBS) market for newly-originated loans re-opens, according to Fitch Ratings. The agency says investors can expect better performance because lenders are returning to a more traditional style of lending, with loans containing better credit, full documentation, and less leverage.
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By Brittany Dunn | 03/12/2010
The Congressional Oversight Panel recently released a report finding that throughout the federal bailout of GMAC, Treasury missed opportunities to increase accountability and better protect taxpayers' money. Despite the $17.2 billion investment the government has made in the company, the panel says there is still no clear business plan for GMAC, and questions why the Treasury didn't just allow the lender to go into bankruptcy. Administration officials estimate that $6.3 billion of the funds given to GMAC may never be repaid.
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By Brittany Dunn | 03/11/2010
On Thursday, Starwood Capital Group, LLC (SCG), a private investment firm with a core focus on global real estate, appointed Steven Hankin as managing director, portfolio operations, giving him oversight over the company's portfolio of corporate investments.
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By Carrie Bay | 03/11/2010
As the commercial real estate market continues to deteriorate, economists warn that overleveraged apartment owners may find it near to impossible to refinance their outstanding debt. Freddie Mac is keenly aware of the impact this lack of credit could have on the marketplace, and the GSE is taking steps to implement a new lending program that taps third-party mezzanine lenders to ensure funding is available for those multifamily property owners facing loan maturities.
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