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by The Library of Congress For the first year since the financial crisis began, annual foreclosure auction filings in California, Arizona and Nevada declined. ForeclosureRadar, which tracks foreclosure data on the West Coast, reported 338,999 foreclosure starts in California in 2010, down 33% from one year prior. Arizona filings fell 18% to 119,790, and Nevada…. Read the rest »
Mortgage markets worsened last week on a turn-around in sentiment across the Eurozone. The sort of “safe haven” buying that had buoyed mortgage bonds since the New Year dissipated, and mortgage rates resumed climbing. Last week marked the first week since the end of 2010 that mortgage rates have risen, breaking a 2-and-a-half-week rally. Conforming…. Read the rest »
by THE Holy Hand Grenade! Ernst & Young appointed Mark Grinis to lead the firm's global team that services real estate investment funds. Grinis is currently a senior partner in Ernst & Young's real estate practice in New York. He also leads the firm's real estate distressed services team. In his new position, Grinis succeeds…. Read the rest »
by The Library of Congress The Texas Department of Housing and Community Affairs recently made available a second round of funding for its first-time homebuyer tax credit program under its Texas Mortgage Credit Program. The state agency just released $ 45 million of $ 500 million allocated for the program. The department released $ 50…. Read the rest »
Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December’s sales receipts were $ 1.5 billion higher from November. Analysts had expected a number north of $ 2 billion. Despite falling short of estimates, however, December’s…. Read the rest »
by George Eastman House JPMorgan Chase & Co.'s (JPM: 45.16 +1.60%) fourth-quarter income rose 47% to $ 4.83 billion, or $ 1.12 a share, from $ 3.28 billion, or 74 cents a share, a year earlier. Revenue for the three months ended Dec. 31 rose 13% to $ 26.1 billion from $ 23.16 billion a…. Read the rest »
by sachman75 Ginnie Mae clarified its loan-to-value requirement, insisting it be calculated at the time of origination. Ted Tozer, president of the government agency, issued the clarification and said mortgage-backed securities issuers can use the appraised value, estimated value or purchase price of a property to calculate the LTV. If Ginnie is insuring or guaranteeing…. Read the rest »
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December. “Foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. Like most months, a small number of states…. Read the rest »
by cindy47452 Real estate investment company J.I. Kislak purchased three foreclosed multifamily properties from Miami-based Ocean Bank. The terms of the deal were not disclosed. The three properties are in Pensacola, Fla., and have a combined 481 rental units, bringing Kislak's portfolio to 3,100 units. Kislak purchased the Villas at Jasmine Creek, the Villas at…. Read the rest »
For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac’s weekly Primary…. Read the rest »
by Patrick Q Most businesses establish strategic partnerships with other companies to grow their own brand, but few do it with a bigger picture in mind. That bigger picture was what first brought Tom O'Grady, president and chief executive officer of Pro Teck Valuations Services, and Michael Sklarz, president of Collateral Analytics, together. They wanted…. Read the rest »
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments. According to the Federal Reserve, a credit card balance of $ 5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, and renegotiate them whenever possible….. Read the rest »
by Sam Ilić Capital Markets Cooperative and Bank of Internet entered into a strategic alliance to offer CMC clients specialized jumbo loan products. CMC is a mortgage originator as well as a mortgage capital markets firm that provides consolatory and advisory services. Bank of Internet is a nationwide savings bank with $ 1.6 billion in…. Read the rest »
Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower. Last week marked the second straight week that mortgage rates fell. Rates had risen over the previous 7 weeks. According to Freddie…. Read the rest »
by seier+seier Foundation Financial Group recently promoted Mark Boyer to chief executive officer to lead the firm's expansion plans for the forthcoming year. Boyer was formerly executive vice president. He replaces of the former CEO and founding partner Paul Scott, who is now the chairman of the board for Foundation Financial. In his six years…. Read the rest »
With 2010 coming to a close, the “experts” are out in full force, making predictions for next year’s housing and mortgage markets on business television and in the papers. Predictions for 2011 are wide-ranging: Some say home prices will rise in 2011 Some say home prices will fall in 2011 Some say mortgage rates will…. Read the rest »
by seier+seier Vermont and New Jersey recently enacted emergency amendments to each state's foreclosure law that require a case plaintiff to more extensively validate and verify the accuracy of the foreclosure. According to the Vermont amendment, a judgment of foreclosure may not be issued until the plaintiff's counsel certifies "that counsel's communication with a plaintiff's…. Read the rest »
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called “the jobs report”, the government’s data include raw employment figures and the Unemployment Rate. The jobs report hit the wires at 8:30 AM ET today. It’s making big waves in the mortgage market and may…. Read the rest »
by The Library of Congress Philadelphia acting Sheriff Barbara Deeley on Friday issued an immediate moratorium on all sheriff sales in the city for 50 days. Sheriff sales are extremely similar to normal foreclosure auctions; certain states around the country, however, require that a sheriff preside over the sale. The latest moratorium comes as the…. Read the rest »
Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs. Loan-level pricing adjustments are mandatory closing costs. They’re assigned by Fannie Mae and Freddie Mac, and based on a loan’s specific risk to Wall Street investors. First constructed in April 2009, loan-level pricing adjustment are a means to help…. Read the rest »
by Stuck in Customs Bond insurer ACA Financial Guaranty filed suit Thursday against Goldman Sachs. The suit alleges fraud and seeks $ 30 million in compensatory and $ 90 million in punitive damages stemming from the role the investment bank played in the marketing of the synthetic collateralized debt obligation named ABACUS. Goldman Sachs developed…. Read the rest »
In an effort to hang on to homes in foreclosure many owners are telling banks to, “Show Me the Note!” It looks like Wall Street lenders are learning something private note buyers have known for years… When buying and selling mortgages or trust deeds you need to get the original promissory note! Put it in…. Read the rest »
LinkedIn has been called the Facebook for businesspeople. I have a profile there, but I rarely check it, and requests to make a connection (similar to ‘friending’ someone on Facebook) from people I know may sit for months before I notice them. Nonetheless, I occasionally browse my ‘groups’ to see if anything of interest is…. Read the rest »
Owner financing seemed like a good idea at the time. Let the buyer make payments and get the property sold. After all the seller carry back is known for attracting purchasers and providing quick closings, without the hassles or fees of a conventional bank loan. But circumstances change and many sellers would prefer a lump…. Read the rest »
This month’s owner financing real deal comes from our email inbox. Chances are this simultaneous closing question has been on your mind too. Question: I’m a rehabber in Florida and would like to have a company to work with that helps me qualify buyers, structure notes and then buy the notes from me as an…. Read the rest »
Private property owners have been swept into the regulations of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act which was signed into law in July 2010. Owner financing will be regulated in Title XIV Section 1401(2) (E) Mortgage Loan Origination Standards. The law restricts private property owners who want to sell their own…. Read the rest »
Have you seen the sneak peak preview of Finding Cash Flow Notes? Click here to watch the video! Note Investor
I am sure you have heard that rising interest rates have a negative effect on real estate notes and I wanted to take a closer look at why. It is important to understand how rising interest rates affect your current notes and future note investments. Let’s first examine U.S. Treasuries and their impact on investments….. Read the rest »
The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn’t much there to disturb mortgage markets, thankfully. The “Fed Minutes” is an official recap of the most recent meeting of the Federal Open Market Committee. It’s published 8 times annually, 3 weeks after the FOMC adjourns. The Fed Minutes is similar to the…. Read the rest »
U.S. home prices were turbulent through 2010 ending up 4.1% lower than the year before, according to analytics firm Clear Capital. And prices are expected to fall another 3.6% over 2011. The homebuyer tax credit proved an artificial boost to home prices, which tapered off nearly as soon as it expired in April. The period…. Read the rest »
The housing market continues to expand, and surprise. According to the National Association of REALTORS®, November’s Pending Home Sales Index gained 3 percent from October. A “pending home sale” is a home under contract but not yet closed. The index is now at its highest point since April 2010’s federal tax credit contract expiration deadline….. Read the rest »
by wili_hybrid A team of Treasury Department officials building the Consumer Financial Protection Bureau signed a "memorandum of understanding" Tuesday pledging that the bureau, state and federal regulators will cooperate in the supervision of financial products. The CFPB, which was originated under Dodd-Frank, will launch in July and become the de facto supervisor of the…. Read the rest »
The Case-Shiller Index posted awful numbers in its most recent reading. Each of the index’s 20 tracked markets showed home price deterioration between September’s and October’s respective report. Some markets fell as much as 2.9 percent. The drop in values is nothing about which to panic, however. The Case-Shiller Index is just re-reporting what we…. Read the rest »
Aren't things supposed to be slow in December? Not if you want to buy a house, apparently. Or at least thinking about it… Zillow's abundant web pages of homes for sale clearly showed that home prices were on the naughty list last year. But getting the word out apparently landed Zillow on the "nice" list…. Read the rest »
Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates lower. Last week marked the first calendar week in which mortgage rates dropped since early-November, a pleasing development for rate shoppers and home buyers. Falling rates means lower…. Read the rest »
by cindy47452 Amherst Securities Group said the market is not taking into consideration the high likelihood of potential defaults on performing or re-performing mortgages when estimating future losses on these loans. Mortgage-backed securities analysts at the fixed income dealer took a look at $ 1.3 trillion in outstanding nonagency mortgages from a year ago to…. Read the rest »
Mortgage rates are rising, up nearly 1 percent since mid-October. Tomorrow, rates could rise again. The Bureau of Labor Statistics releases the November jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should continue their climb, harming home affordability nationwide. And already, Wall Street is bracing for big results. Here’s why….. Read the rest »
by Marshall Astor – Food Pornographer A total of 188,748 homes in some stage of the foreclosure process sold in the third quarter, down 31% from a year ago and 25% from the previous quarter, according to RealtyTrac, an online foreclosure marketplace. Many lenders froze REO sales in October to review affidavits that were allegedly…. Read the rest »
Standard & Poors released the September Case-Shiller Index Tuesday. The Case-Shiller Index is a home-value tracker. The report shows home prices down 0.7% from August and values fading, in general. Case-Shiller representatives assessed the findings as “another weak report; weaker than last month”, citing deterioration in 18 of 20 tracked markets. Upward pricing momentum from…. Read the rest »
by The Library of Congress Editor's note: This excerpt highlights coverage in this month's HW Magazine. Subscribe now to get the full story. Talcott Franklin wasn't always a lawyer, even though it's hard today to associate him with anything else. Indeed, way before Franklin moved into a fairly modest two-story brick conversion in the affluent…. Read the rest »
After posting a strong September, the number of newly-built homes sold nationwide slipped in October. Total units sold on an annual basis dropped by 25,000 from September; supplies of new homes climbed 0.7 months. Home supply is back to its rolling, 6-month average of 8.6 months. Like everything else in real estate, however, the October’s…. Read the rest »
by ANDY LEDDY Fannie Mae will offer borrowers in homes built with toxic drywall an extension to the current six-month mortgage forbearance, if needed. Servicing guidance released by Fannie on Monday clarifies that the extended period is to allow for removal of the drywall. Homes built with defective drywall from 2001 to 2008 may cause…. Read the rest »
In a holiday-shortened week on Wall Street, mortgage markets improved on 3 of 4 days, but still posted its fourth consecutive losing week. Unfortunately for rate shoppers and home buyers , last week’s 3 days of gains were mild improvements; the one day of deterioration was among the Top 10 worst days for mortgage bonds…. Read the rest »
by seier+seier New and existing home sales in the Phoenix metro area reached 6,903 in October, down 24.6% from a year ago for the lowest October in 15 years, according to real estate data provider MDA DataQuick. October home sales also dropped 6.2% from the month before in Phoenix, bucking the seasonal norm. Since 1994,…. Read the rest »
by Sam Ilić Sometimes, the hard times help people find their way. Thanksgiving arrives this year with Arizona still struggling to emerge from a deep recession and a housing crash. Many people have endured economic hardship. This year, some of them have found a way to reinvent themselves and, in doing so, find real happiness….. Read the rest »
by New York Public Library PNC Financial Services Group Inc. was on the brink of selling Jim Durden a foreclosed house in Weed, Calif., last month when the country’s biggest banks came under public fire for improperly seizing homes. Now, he lives in an EconoLodge. “I can’t get the house ready for winter, can’t install…. Read the rest »
by pfv. Singer Sheryl Crow has become the latest celebrity to get caught in the real estate crash. She can’t sell her sprawling Nashville mansion, so she has gone to the extreme — putting it up for auction at a bargain basement price. Like so many stars who made it big, Crow splurged [...] HousingWire
