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Real Estate News 2.27.14

Here’s where home prices are about to take off

“FORTUNE — “The time to buy is when there’s blood in the streets.” That quote, attributed to 18th-century financier Baron Rothschild, means that buying when everyone else is panicking is a great idea, as that’s when prices are at their lowest.”

It’s still a lot cheaper to buy than rentIt’s still a lot cheaper to buy than rent

“FORTUNE — Home prices have been rising steadily for more than year, with the most recent Case-Shiller index reading showing the biggest year-over-year increase in nearly a decade. But that doesn’t mean that it is a bad time to buy.”

Freddie Mac profit moves U.S. housing bailout further into black

“(Reuters) – Freddie Mac (FMCC.OB) said on Thursday it will soon send the U.S. Treasury a $10.4 billion dividend after posting a ninth straight quarterly profit, putting taxpayers further into the black on their bailout of the mortgage giant.”

Realtors® Oppose Tax Plan to Limit Mortgage Interest Deduction, Real Estate Provisions

“WASHINGTON (February 26, 2014) – The following is a statement by National Association of Realtors® President Steve Brown…”

Durable goods orders mixed, jobless claims rise

“(Reuters) – Orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly rose last month as did a gauge of business spending plans, but that will probably not change views that factory activity is slowing.”

Foreclosures Climaxing in New York-New Jersey Market: Mortgages

“Feb. 26 (Bloomberg) — The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas.”

Camp to Cap Mortgage Benefit While Ending State Tax Break

“A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.”

BofA under probe over US housing program, forex

“Bank of America may have a new mortgage problem on its plate, saying on Tuesday that federal investigators are looking into whether the bank violated requirements of a U.S. government housing program.”

WellFargo cuts 700 mortgage jobs

“Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink.”

Potential Conflicts Cited For Mortgage Servicer

“New York State’s top banking regulator said he had new concerns about Ocwen Financial, one of the nation’s largest mortgage servicing companies, creating another regulatory headache for the company.”

Senate committee advances repeal of mortgage registration fees

“A bill that would repeal mortgage registration fees moved forward from a Senate committee Wednesday.”

Morgan Stanley offers $275M to absolve bad mortgage bonds

“Morgan Stanley is finalizing a $275 million agreement with the U.S. Securities and Exchange Commission to settle the SEC probe into the bank’s toxic subprime mortgage bond trades going back to 2007.”

Bank earnings are booming, but there’s a big problem

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Federal judge sides with Fannie, Freddie shareholders

“Court of Federal Claims Judge Margaret Sweeney granted the Fairholme Funds motion for discovery against America.”

Institutional investor home buys hit 22-month low

“Institutional investor home sales continue to decline as a portion of all home sales, hitting a 22-month low.”

The key to successfully growing your mortgage lending operation

“The mortgage market is quickly drying up and lender competition is heightening in order attract the remaining drops of business thus making lender relationships more important than ever.”

4 game changers for selling homes this tax season

“New-homes sales reached a five-year high Wednesday morning, showing that buyers are still jumping into the market.”

Lansner: Time to sell real estate?

“If the local real estate market is taking a breather this winter after a fast rebound, should you be thinking of selling?”

Index: L.A.-O.C. home prices up 20.3%, but market is leveling off

“Home prices in the Los Angeles-Orange County area jumped 20.3 percent in December compared with a year earlier, the 18th consecutive month of annual gains, housing figures released Tuesday show.”

Los Angeles Real Estate Heats Up With Mogul Money

“Numbers don’t lie. Like box office grosses, home sales reflect economic reality. Per real estate news firm Data Quick, year-over-year residential real estate sales prices are up 18.4% across the Los Angeles area in early 2014 and the inventory of homes and condos for sale remains low. At the upscale end of the market, often in those Los Angeles neighborhoods favored by showbizzers, demand is the strongest, resulting in multiple offers over asking price for contempo properties and select empty lots.’

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JANUARY

“WASHINGTON – Sales of new single-family houses in January 2014 were at a seasonally adjusted annual rate of 468,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development and the Census Bureau.”

The myth of real estate and economic mobility: Americans face lowest geographic mobility in over two generations. Is staying put the new American Dream?

“Americans like to believe that they are movers and shakers and will follow the opportunity wherever it may be. The idea of selling your home and moving across the country for a great new job opportunity seems to be a common notion of how things happen. However the data shows us a very different reality. Americans are largely staying put. We can blame this on negative equity but this trend actually goes back to the 1980s. In fact, American mobility is at all-time record lows. What this means is people are staying put like our golden handcuffed baby boomers. I was thinking about this carefully and I think one major reason for this is the massive subsidies given to homebuyers creates incentives for staying put. Think of California with Prop 13 and the ability to write-off many housing items including interest when being a homeowner. The system is setup to keep people locked in. For a young person in a high cost of living area the best economic option may be to move and start in another state. However the facts point to a very different picture.”

Freddie Mac Prices $1 Billion Reopening of .875% Three-Year Reference Notes® Security

“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) announced today that it auctioned a $1 billion reopening of its .875% three-year USD Reference Notes® security that matures on February 22, 2017. The stop yield for the issue, CUSIP 3137EADT3, was .724%, priced at 100.442508. The bid-to-cover ratio was 4.8 to 1.”

Fixed Mortgage Rates Continue Gradual Climb Higher

“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates mixed with the fixed-rate products moving higher for the fourth consecutive week, while adjustable rate mortgages eased.”

Freddie Mac Announces $1 Billion Reopening of .875% Three-Year Reference Notes® Security

“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) announced today that it plans to launch a $1 billion reopening of its .875% three-year USD Reference Notes® security that matures on February 22, 2017. The issue will price today, Thursday, February 27, 2014, and will settle on Monday, March 3, 2014.”

Freddie Mac Reports Fourth Quarter and Full-Year 2013 Financial Results

“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) today reported its fourth quarter and full-year 2013 financial results and filed its annual Form 10-K with the U.S. Securities and Exchange Commission.”

CFPB Director Calls for Increased Financial Literacy

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

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Real Estate News 2.25.14

U.S. mortgage applications slip in latest week: MBA
“(Reuters) – Applications for U.S. home mortgages fell, including both new purchases and refinancings, in the latest week, an industry group said on Wednesday.”

Moody’s warns mortgage servicers may turn to offering risky loans
“Feb 26 (Reuters) – Credit rating agency Moody’s Corp warned that mortgage servicers such as Ocwen Financial Corp could be pushed into subprime lending as their core business comes under increased regulatory scrutiny.”

Freddie pushes Mom-and-Pop shops as REO sales slow
“Big institutional investors drove a lot of the housing sales in 2013 – accounting for as much as 40% of all sales in the year.”

Biggest Banks Said to Face Asset Tax in Republican Plan
“The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under a plan to be unveiled this week by Congress’s top Republican tax writer.”

NAACP, Casa rally for foreclosure moratorium
“ANNAPOLIS, Md. —The NAACP and Casa de Maryland joined forces Monday night for a rally on Lawyers Mall in Annapolis.”

Don’t Blame Winter Weather For Housing And Economic Problems
“President Obama and many of the nation’s top economists entered 2014 predicting a breakout year for the economic recovery. However, troubles in the housing sector indicate more difficulties and several more years of mediocre growth lie ahead.’

Fugitive mortgage scammer allegedly attacked prosecutor after capture
“DETROIT, Feb. 25 (UPI) — A man convicted in a massive Detroit mortgage scheme assaulted a prosecutor following his capture after eight months on the run, officials say.’

Geithner’s Book to Tackle His Image as Wingman of Wall Street
“Timothy Geithner’s memoir will explain his decisions during the global financial crisis, tackle any misperceptions and describe surviving a political firestorm from Wall Street to Main Street, he said.”

Sage Kotsenburg’s ‘totally dope’ mortgage biz can save you ‘chowsands’
“He’s already won a gold medal. He’s got himself a bacon medal.”

Reports Say Home Prices Lose Momentum
“The good news: home price appreciation had its best year since 2005. The bad news: momentum has apparently slipped away.”

Feb. Consumer Confidence Sees ‘Moderate Decline
“The Conference Board Consumer Confidence Index fell in February after a slight rebound in January.”

Congressional Republicans mull bill to add CFPB oversight
“This week the House will consider a bill designed to bring what supporters say will be more accountability and transparency to a government entity that holds private businesses accountable.”

Now accepting applications: A new word for subprime
“As the market leans more on its mortgage machines, rising mortgage rates and dwindling refinance options are pushing people to turn to a new strategy: subprime.”

Freddie pushes Mom-and-Pop shops as REO sales slow
“Big institutional investors drove a lot of the housing sales in 2013 – accounting for as much as 40% of all sales in the year.”

JPMorgan plans 8,000 layoffs
“JPMorgan Chase (JPM) is expected to reduce employee headcount in mortgages by 6,000 in 2014, in addition to an expense reduction of $2 billion from 2013 to 2014. It’s part of a total predicted reduction of 8,000 jobs, the bank announced in its investor day presentation.”

Toll Brothers earnings surge on higher home prices
“Luxury homebuilder Toll Brothers’ (TOL) first quarter net income ended Jan. 31 totaled $45.6 million, or 25 cents per share, compared to $4.4 million, or 3 cents per share, in the first quarter last year.”

Why is Las Vegas cooling so fast?
“The latest news from DataQuick is that Las Vegas-area homes sold at the slowest pace for a January in five years, as the median sale price dipped month-to-month but remained 22% higher than a year earlier.”

Despite winter storms, 29 markets hit peak
“Single-family properties in all 300 top U.S. market witnessed year-over-year growth, according to the Homes.com December Local Market Index.”

New Home Sales in U.S. Unexpectedly Rise to Five-Year High
“Purchases of new U.S. homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the industry even in the midst of unusually harsh weather.”

Burbank real estate market thrives
“Almost everything is up in Burbank’s real estate market. More homes and condominiums were on sale last month compared to the year prior, more homes sold and median prices continued to climb.”

Market Watch Real Estate: Market neither boom nor bust
“Southwest Florida experienced an unfamiliar new type of real estate market in 2013: a relatively normal one.”

2014 Economic Growth Off to a Chilly Start
“Cold Weather Snap, Other Crosswinds Stifle January Activity”

Freddie Mac Reports Mortgage Portfolio Decrease
“Freddie Mac released its Monthly Volume Summary for January, 2014, noting their total mortgage portfolio decreased at an annualized rate of 1.9 percent in January. Despite a slight uptick in December, 2013, Freddie Mac’s ending balance has been declining since June, 2013.”

Florida’s Consumer Sentiment Sits Tight
“A new report released Tuesday by the Wells Fargo Economics Group noted that consumer sentiment in Florida remained at 78 for the second straight month.”

More Local Markets Experiencing Full Recovery
“Homes.com has released its December Local Market Index, a price performance summary of repeat sales of U.S. properties. The index notes year-over-year gains for single-family properties in all 300 top U.S markets for the ninth consecutive month.”

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Real Estate News 2.25.14

Home prices rose 11.3% in 2013
“U.S. home prices rebounded strongly in 2013, up 11.3% compared with a year earlier, according to a closely watched index.”

‘Window closing’ for housing-reform bill this year, mortgage bankers group chief says
“Time is running short for a housing-reform bill this year, the head of the Mortgage Bankers Association said Monday, adding the Senate only has about a month to act on legislation.”

SunTrust says could face “substantial penalties” in mortgage probe
“Feb 25 (Reuters) – SunTrust Banks Inc said it may attract “substantial penalties” from on an ongoing mortgage-related probe and also disclosed a new investigation by the Department of Justice, according to a regulatory filing late Monday.”

Sub-prise! Mortgages get looser despite tighter regulations
“Concerns that potential mortgage borrowers would be pushed out of the housing market due to new lending regulations and standards are unfounded, according to the latest housing risk briefing from the American Enterprise Institute’s International Center on Housing Risk.”

Investors Hoping Fed’s Punch Bowl Will Stay Longer: BofA
“Bank of America Merrill Lynch has an alternate explanation for today’s stock-market climb back to record highs: hopes of more easy money.”

Community banks drowning in regulations
“Community bank officials are struggling to keep up with mounds of government regulations that went into effect last year and will continue to affect business through 2014 and beyond.”

Americans Still Angry at Banks But Not Likely to Switch: Survey
“Even though nearly eight in 10 Americans feel the nation’s big banks are to blame for the financial crisis of 2008, most would not switch to a credit union or community bank.”

Yellen Seeking New Low-Rate Guidance Can Use Forecasts
“As Janet Yellen seeks to forge a consensus on a new strategy for communicating the Federal Reserve’s intention to keep rates low, she can reach for a six-year-old tool: the Fed’s quarterly forecasts.”

Realogy Holdings closes 2013 with strong earnings
“Realogy Holdings (RLGY), a provider of real estate services based in Madison, N.J., recorded net revenue for the full year 2013 increase 13%, to $5.3 billion, compared to 2012, and a basic earnings per share of $3.01 for the full year.’

You won’t believe what Fannie, Freddie are doing to sell REO
“Fannie Mae and Freddie Mac are offering limited-time incentives in a pair of programs for both real estate agents and homebuyers as the two government-sponsored enterprises are trying to sell some of their REO properties.’

Stonegate Mortgage originations increase 152%
“Stonegate Mortgage Corporation (SGM) recorded a successful fourth quarter and full year due to several strategic acquisitions that helped boost and round out the company’s profit.”

Here are 6 threats to Fifth Third’s mortgage banking operations
“At Fifth Third (FITB), mortgage banking net revenue decreased $145 million for the year ended December 31, 2013, compared to the prior year.”

Why are there more buyers but fewer sales in Phoenix?
“The latest issue of The Wilcox Report to clients shows that there are four reasons the pool of buyers in the Greater Phoenix area is growing, and yet at the same time there are three reasons there has been a slowdown in home sales.”

Prospect Mortgage refunds California homeowners
“Prospect Mortgage reached an agreement with the California Department of Business Oversight, which included refunds to more than 12,000 Californians totaling approximately $1.33 million.”

3 Secrets to Investing in Real Estate
“First, let me tell you a small secret of my own. I expected to write this article in no time flat, highlighting an international real estate investment trust that I’ve owned for many years. I was wrong.”

Freddie Mac Issues Monthly Volume Summary for January 2014
“MCLEAN, VA–(Marketwired – Feb 25, 2014) – Freddie Mac (OTCQB: FMCC) today issued the company’s Monthly Volume Summary for January 2014.”

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Real Estate News 2.24.14

Taxpayers deserve every penny of Fannie and Freddie profits
“FORTUNE — Ralph Nader and New York Times columnist Gretchen Morgenson are usually reliable advocates for the little guy in the face of the enormous power the investor class wields over the American political process. But when it comes to the Treasury Department’s 2012 decision to return all of Fannie and Freddie’s earnings to taxpayers rather than issuing a 10% dividend as originally stipulated, these two are lining up behind wealthy investors.”

MBA Economic/Mortgage Finance Commentary: Low Purchase Originations Expected Despite Steady Economic Growth
“Our forecast reflects economic growth for the next two years at a pace of around 2.5 percent, as households continue to spend and business fixed investment ramps up.”

Pennsylvania’s new lien law could monkeywrench REO sales in 6 waysA new law in Pennsylvania requires that delinquent taxes on one property will create liens on all of owners’ other properties in that county, and real estate agents and lenders are worried it will put a kibbosh on business.  
“A new law in Pennsylvania requires that delinquent taxes on one property will create liens on all of owners’ other properties in that county, and real estate agents and lenders are worried it will put a kibbosh on business.”

House vote could sink flood program in sea of red ink
“With a vote to gut flood insurance reforms expected in the House of Representatives as early as this week, the flood policy reform group, SmarterSafer.org urged House members to reject a bill unveiled over the weekend that would repeal key portions of the Biggert-Waters Flood Insurance Reform Act, a move that weakens the National Flood Insurance Program by preserving subsidies regardless of need at the expense of the American taxpayer.”

Why is the Atlanta Fed so bullish?
“The housing market in the Southeast ended 2013 on a somewhat positive note, according to the latest Data Digest, from the Regional Economic Information Network, a part of the Federal Reserve Bank of Atlanta, and 2014 should restart solid after a first quarter falter.”

Commercial real estate expected to progress slowly in 2014
“Commercial real estate should continue to enjoy positive momentum in the next year, but office, industrial and retail growth will remain slow into the first quarter of 2015, according to the National Association of Realtors.”

REAL ESTATE: Las Vegas may be missing key aspects to attracting investors
“Las Vegas should be among the U.S. cities primed for renewed investor interest in commercial real estate, but a new report from a national trade group shows the city may be missing some of the attributes it needs to compete for dollars.”

REAL ESTATE TRENDS FOR 2014
“It’s that time of the year when business experts posture and predict what 2014 will bring. One of the areas that is open to constant debate is the real estate market. Will sales numbers increase? Is inventory going to come back? Will interest rates stay low? The questions abound, and the answers vary from market to market, town to town and state to state. Most agree that we’re headed in a much more positive direction, and we’ve not seen the rising numbers level off just yet.”

$2,500 a month in rent? Sign me up
“Plush gyms. Tony spas. Golf simulators. Private bowling alleys.

There are a lot of Gen-Xers and Millennials who are willing to pay $2,000 to $3,000 a month in rent for tricked out apartments, a growing market that has developers roaming the streets of San Diego, looking for places to build.”

Will condo conversions rise in 2014?
“No. With home sales currently at their three year low, neither the forces of demand nor supply are strong enough to resuscitate the condo conversion craziness that occurred prior to the burst of the housing bubble in 2006.”

Polar Vortex hits California housing market: California home sales fall over 10 percent on an annual basis. 2014 off to a drought in real estate.
“The blame game is now out in full force for the slow start to housing in 2014.  Nationwide, we’ve been hearing about the polar vortex impacting real estate.  Unfortunately it cannot be applied to California given that we’ve been in a full on drought.  Winter never came to SoCal.  I can’t remember a year with such little rain but hey, who needs water when you can purchase a World War II Cracker Jack box for $750,000 right?  Like in most manias, the folks on the ground are the last to get the memo and many are still going out for ARMs to stretch their already impaired budgets.  In 2004 one thought that was inescapable to me was the incestuous nature of real estate that was unfolding.  That is agents, brokers, banks, builders, home owners, home buyers, Wall Street, tax collectors, and everyone tied to the machine got a mega-boost thanks to ever accelerating prices hikes.  Few thought about what happens when a reversal occurred especially since incomes were not going up.  The same has happened over the last few years in more subtle ways.  The economy is weak and a big boost has come from home prices going up.  Yet much of this is now driven by Wall Street and hedge funds.  Housing is off to a slow start in 2014 and you can’t blame it on the polar vortex, especially here in a sunny and drought hit California.”

Qualified Mortgage Guidelines Haven’t Lowered Risk
“Last month’s implementation of the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) guidelines did little to stem the rise of mortgage risk across the nation, according to the latest from the American Enterprise Institute (AEI).’

New Regulations for Fannie Mae and Freddie Mac
“Per new regulations finalized last week, the GSEs will be required to file suspicious activity reports (SARs) directly with the Financial Crimes Enforcement Network (FinCEN) rather than through their own regulator.”

Black Knight’s Home Price Index Shows Increase
“The Data & Analytics division of Black Knight Financial Services released on Monday its latest Home Price Index (HPI), noting an increase of .1 percent in home prices to $232,000 for the month of December.’

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Real Estate News 2.21.14

Spotlight on economy: More home sales blues?
“Severely cold weather in January stopped many construction projects from breaking ground and slowed work on existing sites. The cold snap probably kept more house hunters indoors instead of making the rounds at open houses.”

$187B bailout now profitable. Surprised?
“U.S. taxpayers have recouped all of the $187 billion they gave mortgage giants Fannie Mae and Freddie Mac in one of the most expensive bailouts of the financial crisis.”

Housing: Top 10 most affordable small cities
“Latest from the Housing Opportunity Index from the National Association of Home Builders and Wells Fargo.”

Tech workers squeezing out renters in San Francisco, Seattle
“Low- and middle-income residents of San Francisco, Oakland, Seattle and other metro areas, are getting pushed out of their homes as an influx of deep pocketed tech workers drive up rents.”

Regulators fear more bad mortgage practices
“You may have gotten a mortgage through the local branch of one of the megabanks, but did you know there’s a good chance your bank turned around and sold the rights to service your loan to somebody else?”

Wall Street Landlords Buy Bad Loans for Cheaper Homes
“Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.”

MBA CEO David Stevens: CFPB’s Antonakes ‘went just a bit too far’
“Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, walked away from a silent, shocked audience after his speech Wednesday morning at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo in Orlando.”

Foreclosure Starts Fall to 2006 Level as Home Prices Rise
“The rate of new foreclosures in the U.S. dropped to the lowest level in eight years as rising property prices erased negative equity and allowed more delinquent homeowners to sell without losing money.”

Another ‘Subprime’ Adventure? Behind Wells Fargo’s Move To Ease Mortgage Lending
“Wells Fargo & Co. announced this month it would reduce minimum credit scores for certain mortgages eligible for government backing, prompting some declarations that subprime mortgages were making a comeback.”

Is Homeownership a Fleeting American Dream?
“Opinion: People of color are also disproportionately impacted by an overly restrictive housing market; between 2007 and 2012, loans to African Americans and Latinos have fallen by 73 percent and 66 percent respectively.”

Leading data signal ‘resilient’ economy in 2014
“WASHINGTON (MarketWatch) — The economy will likely “remain resilient” in the first half of 2014, with underlying conditions improving, the Conference Board said Thursday as it reported monthly growth and stable trends for its gauge of leading economic indicators.”

Apartment Sector Healthy, But Fundamentals Moderate
“The multifamily sector continues to perform well four-plus years after its recovery began, two analysts reported.”

NFIP reformists fire warning shot at Congress
“It may be just a rumor of war they’re hearing, but Taxpayers for Common Sense and SmarterSafer.org are firing a warning shot across the Capitol about plans they say are in the works for yet another vote on the Biggert-Waters Flood Insurance Reform Act of 2012.”

Wingspan CEO: 3 keys to success for servicers
“Dallas-based Wingspan Portfolio Advisors finished this past year with several key profile acquisitions that significantly increased the company’s size and revenue, but that’s not where the storybook ends.”

Asia investors bullish about private real estate
“Private real estate investors headquartered in Asia look set to be very active in the asset class over the next 12 months, according to an investor survey by Preqin, a leading alternative asset data and intelligence analysis firm.”

The real estate 1% and the S&P 500 are secretly connected
“Analyst Sam Khater at CoreLogic (CLGX) walks through a look comparing ultra high-end home sales versus homes sales on the lower end of the pricing segment.”

Apollo charts new course for loan strategy in 2014
“Apollo Residential Mortgage is preparing to provide loans to third parties that are purchasing residential properties with plans to resell the properties, and will then probably finance purchases by next buyers, CEO Michael Commaroto said on a conference call today.”

Student loans pinching home sales? Real Estate Open House
“This is the inaugural Front Porch open house, a weekly roundup of real estate news and information for home buyers and sellers. I’ll be checking the comments throughout the day Friday, so leave your real estate questions or links to real estate news stories I missed.”

How to hunt for the right real estate agent before hunting for a home
“If you’re planning to purchase a home in the Washington area this spring, you may face competition from other buyers for the still-limited inventory in the market.”

Serfdom nation: First time where a six year period of household formation of renters outpaced that of homeowners. Purchase applications back to levels last seen 20 years ago.
“I think it is safe to say that investor activity in the housing market has changed the face of real estate buying.  Back when the crisis hit in 2007, some analysts were cheerleading the hedge fund crowd as a tiny blip in the market.  It is hard to call it a blip when 30 to 40 percent of all purchases are going to investors for close to half a decade.  A recent analysis from RealtyTrac found that the estimated monthly home payment for a regular three bedroom home (costs include mortgage, insurance, taxes, maintenance, and subtracting the income tax benefit) rose an average of 21 percent from a year ago in 325 US counties.  What about household incomes?  That is another story.  So it is no surprise that we are largely becoming a nation of renters.  It is also no shocker that young households are largely unable to begin household formation via buying a home.  Many are living with parents well into “young” adulthood.  For the first time in history, we had a six year stretch where we added more renter households than that of actual homeowners.”

Fewer Prospective Homeowners to Clash Over Homes
“Home buying competition rose over the month of January but was down from last January, according to national real estate brokerage Redfin, which took the year-over-year decline as a sign that low inventory and rising prices are thwarting demand in the housing market.”

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Real Estate News 2.20.14

Priceline for landlords may determine your next rent
“Your next rent hike may be determined by a sort of Priceline.com for landlords.”

Is the housing recovery losing steam?
http://finance.fortune.cnn.com/2014/02/19/is-the-housing-recovery-losing-steam/
“FORTUNE — 2014 was supposed to be the year that the construction industry finally took off.”

Jobless claims fall in February payrolls survey week
“(Reuters) – The number of Americans filing new claims for unemployment benefits fell last week, pointing to steadily improving labor market conditions, despite two straight months of weak hiring.”

Stevens: Give National Servicing Standards a Chance to Work
“Mortgage Bankers Association (MBA) President David H. Stevens congratulated mortgage servicers attending MBA’s National Mortgage Servicing Conference on Wednesday for surviving the past few years with the ‘staggering amount of change’ from new rules and regulations and the ‘intense scrutiny of policymakers, regulators, and the news media.'”

Can servicers bridge the trust gap with homeowners?
“It is hard to characterize the entire mortgage servicing industry, but the zeitgeist at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo is that things are better now than they were two years ago.”

New U.S. housing regulator hears concerns on tight credit
“Feb 19 (Reuters) – The new regulator of Fannie Mae and Freddie Mac has made it a priority to meet with housing and real estate trade groups, the latest signal that he is taking their concerns about credit availability on board.”

Obama Officials Quiet on Refi Expansion
“Remarks by a top Obama administration official muddied the waters last week over whether the administration supports a key technical change to its signature home-refinancing program.”

Citigroup launches RMBS
“Citigroup (C) is releasing details of its second residential mortgage backed securitization since the housing recovery began.”

Waning Mortgage Refinancings Make New Deals Safer, Moody’s Says
“A trend of fewer homeowners refinancing their mortgages as interest rates climb is helping to curb sales of home-loan bonds without government backing. It’s also making new notes being issued safer, according to Moody’s Investors Service.”

Lawmaker Urges U.S. Regulators to Scrutinize Mortgage Servicers
“Representative Maxine Waters of California is urging federal banking regulators to scrutinize the sale of billions of dollars of mortgage-servicing rights to a fleet of specialty firms, a move that comes amid mounting concerns that some of the most vulnerable homeowners are facing fresh abuses in battles to save their homes.”

BofA $8.5 Billion Mortgage Settlement Delay Bid Rejected
“Feb. 19 (Bloomberg) — Bank of America Corp.’s $8.5 billion settlement with mortgage-bond investors won’t be delayed after American International Group Inc. and other objectors asked for a hearing to address loan modifications excluded from the accord, a state judge ruled.”

Average monthly house payments jump 21% in fourth quarter
“The estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 — and that includes mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit — increased an average of 21% from a year ago in the 325 U.S. counties included in an analysis by RealtyTrac.”

Who says poor construction numbers won’t bend positive trajectory?
“U.S. home construction just cratered in January, dropping 16%, according to the U.S. Census Bureau.”

What did the Fed say that matters to the housing market?
“The big takeaway from the minutes of the Federal Open Markets Committee January meeting for the housing industry is that tapering is likely to continue apace, and that the Federal Reserve is throwing out its previous goal post of 6.5% unemployment in favor of an ill-defined mandate for continued quantitative guidance.”

What could boost the credit quality of Jumbo RMBS?
“Moody’s Investors Service’s exclusive client report “Slowdown in Mortgage Refinancing is Credit Positive for New Jumbo RMBS” charges that lower mortgage refinancing volume could lead to a higher proportion of purchase loans in new jumbo residential mortgage-backed securities, boosting the credit quality of the pools because purchase loans typically have lower default rates.”

Is HomeStreet getting back into jumbo mortgages?
“The residential mortgage side of the business for HomeStreet Bank is stalling.”

Why is the Miami real estate market burning so hot?
“Strong demand for real estate in the city styled the “Capital of Latin America” resulted in a third consecutive record sales year and two years of double-digit price appreciation.”

Are the states going to come after servicers again?
“The weather didn’t stop them – or maybe it drove them—but more than 1,200 attendees made it to this year’s Mortgage Bankers Association’s National Mortgage Servicing Conference in Orlando. That’s roughly the same as last year, according to Dawn Williams, who organizes the conference for the MBA.”

REAL ESTATE: It’s getting tougher to buy a house
“Inland Southern California has pushed past the affordability level that allows median income households to buy a house, a new report from RealtyTrac suggests.”

Online Real Estate Service Trulia Relaunches Its Mobile Apps
“Just ahead of the spring house hunting season, the online real estate service Trulia today launched a major redesign of its flagship mobile apps for iOS and Android.”

Boise’s newest real estate boom tops the nation
“BOISE – Boise real estate agents are currently reporting the biggest housing boom in the nation.”

HUD AND CENSUS BUREAU ANNOUNCE NEW RESIDENTIAL CONSTRUCTION ACTIVITY IN JANUARY
“WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today announced the following new residential construction statistics for January 2014…”

Fixed Mortgage Rates Tick Up
“MCLEAN, VA–(Marketwired – Feb 20, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row.”

10 Secrets to Landing a Foreclosure Bargain in 2014
“At the risk of sounding self-serving, we here at RealtyTrac earnestly contend that 2014 will represent one of the best years in recent memory for a low-risk, high-reward foreclosure purchase.”

Auction.com and NAHREP Partner to Advance Homeownership
“Auction.com and the National Association of Hispanic Real Estate Professionals (NAHREP) are joining forces to advance sustainable Hispanic homeownership.”

Increased Inventory Slows Home Value Growth
“In a report released by Zillow, national home values rose just .2 percent in January from December. Inventory rose in 22 of the nation’s 35 largest metros, and helped slow down the rising value of homes.”

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Real Estate News 2.19.14

Construction on new homes dives 16% in January
“WASHINGTON (MarketWatch) — Construction on new U.S. homes tumbled 16% in January to a seasonally adjusted annual rate of 880,000, with drops for single-family homes and apartments, according to government data released Wednesday.”

Raising minimum wage would ease poverty but cost some jobs
“Supporters of raising the federal minimum wage to $10.10 an hour say it will increase productivity, lower turnover and increase wages for 28 million workers.”

U.S. mortgage applications fall in latest week: MBA
“(Reuters) – Applications for U.S. home mortgages fell in the latest week, with both purchase and refinancing applications down, an industry group said on Wednesday.”

Mortgage bankers make some history
“Industry’s trade association has never had an Ohioan at the helm, but now two from the state will lead it in back-to-back years”

Make Multifamily the Starting Point for Housing Reform
“Reform of the secondary market for housing finance is a big topic now among think tanks, industry representatives and on Capitol Hill. Most of this discussion has centered on the single-family market, because that is the market that collapsed, helped to precipitate the Great Recession. This recession led to 4 million American families losing their homes, according to RealtyTrac data, and the conservatorship of Fannie Mae and Freddie Mac.”

The hidden catch in the housing recovery
“This year started off with a slight plot twist. After mortgage rates rose most of 2013, 2014 began with a slight drop in rates, although they did not sink back to the levels seen at the beginning of 2013.”

Household Borrowing Rises Most in Six Years in NY Fed Report
“Consumer debt in the U.S. rose last quarter by the most in more than six years as Americans borrowed to buy homes and cars and to pay for education, according to a report by the Federal Reserve Bank of New York.”

Get Ready for a New Onslaught of HMDA Data
“That mammoth spreadsheet of mortgage data from thousands of lenders that you wrestle with every year may get considerably more inclusive.”

Mortgage servicers foreclosing on very different timelines
“A new white paper is highlighting the vast differences in foreclosure timelines at varying mortgage servicers.”

It’s California vs. the Nation in housing affordability
“Although America has 50 states, when you look at housing affordability you can more effectively split the U.S. as California versus everyone else.”

Negative builder news drags on HW 30 for second day
“Stocks were mixed Wednesday at midmorning with several construction and home builders suffering after a down report from the National Association of Home Builders and weak construction numbers for January.”

5 essential rules of real estate
“Spring signals the start of two hallowed seasons: homebuying and baseball.”

Crowdfunding Comes to Real Estate as Websites Seek Small Investors’ Cash
“MANHATTAN — A crop of new real estate startups is turning to crowdfunding as a way to get buildings off the ground.”

Real Estate Matters | How to save money and lower mortgage insurance
“I’m 28-years-old. My wife and I have owned our home for 2.5 years now. When we purchased it, I did not put down 20 percent, so I’m paying roughly $165 per month for mortgage insurance (PMI). If it helps, we do not plan on living in this house forever, but likely for the next five to 10 years. I have a low interest rate on our mortgage of 4.25 percent on a standard 30-year fixed FHA loan. I have a payment schedule set up with Wells Fargo for weekly mortgage payments, with an extra $30 per week to be applied to the principal.”

Real Estate Deals from Prison
“You can buy real estate while you are in prison…you just cannot live at your new property at that time.”

Loan Complaints by Homeowners Rise Once More
“A growing number of homeowners trying to avert foreclosure are confronting problems on a new front as the mortgage industry undergoes a seismic shift.”

Foreclosures, default notices tick up in SD
“Foreclosures and default notices in San Diego County edged up in January, but are still hovering around post Great Recession lows.”

Do banks sense a change in the California housing market? California foreclosure starts up 57 percent last month. Typical California foreclosure process lasts nearly one year and the misconception of middle class.
“It is common knowledge that banks have metered troubled real estate inventory out into the market in a slow drip fashion.  This practice over the years has caused an artificially low supply to be present in the market.  Add into the mix a low rate environment and years of investors buying up properties and you get our current stalemate of a market.  Virtually no one in the press with a voice is even expressing a possibility that prices may sway lower.  The only options making the rounds involve a couple of scenarios where prices will go up slowly in 2014 or prices will move sideways.  No option for a decrease.  This lack of perspective is odd given the resurgence of interest only loans and the fact that a well known bank is dipping back into the subprime market.  One surprising statistic that I did see was the resurgence of foreclosure starts in California.”

Zillow Marks Upward Trend in Mortgage Rates
“Zilllow Mortgage Marketplace, a lending marketplace operated by the home listing website Zillow, announced new mortgage rates Tuesday. Currently, the mortgage rate for a 30-year fixed mortgage is 4.18 percent, according to the release.”

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Real Estae News 2.18.14

Commercial Mortgages: Deal-hungry lenders open toolboxes
“Back in 2011, U.K. alternative band The Wombats had a hit song “Jump into the Fog” that had nothing to do with commercial real estate lending, but aptly describes many lenders today.”

4 signs the real estate market is in trouble
“I wish I’d said this (and in a few weeks I will have, I’m sure) but Ramsey Su at Acting Man Blog did it first and in a way I’ve been searching for the words to explain.”

The 7 ‘dirty’ words of mortgage lending
“It’s hard to resist this post on Forbes, because it starts by saying the mortgage business is filled with dirty words.”

Can Colorado keep dropping in foreclosure auction sales?
“Colorado new foreclosure auction sales fell to the lowest level in a decade and were down 41.4% in 2013 from 2012, according to a report from the Colorado Division of Housing.”

Wingspan keeps open mind for acquisitions in 2014
“Dallas-based Wingspan Portfolio Advisors completed 2013 with several significant profile acquisitions that drastically increased the company’s size and expanded its capabilities.”

TransCentra processes 100 million transactions
“TransCentra, a provider of billing and payment software and services, announced its suite of software solutions now processes nearly 100 million mortgage transactions annually and streamlines customer communication efforts to meet the operational and compliance needs of servicers.”

LRES launches new REO operating model
“LRES unveiled Monday its new REO operating model which is designed to increase efficiency and accommodate the influx of new clients with portfolios of assets in various stages of the foreclosure process.”

National Tax Search launches flood determination service
“Based in Chicago, National Tax Search, a provider of property tax management services, announced the launch of its flood determination services.”

Miles Says ‘Big Stick’ of Rate Hike Too Blunt for Housing Market
“Bank of England official David Miles said policy makers will only use interest rates as a last resort to cool Britain’s housing market if it begins to overheat.”

US Homebuilder Confidence Sinks in February
“U.S. homebuilders’ confidence in the housing market has declined sharply as the severe weather battering much of the nation keeps many would-be buyers at home.”

Hypo Real Estate ‘bad bank’ to privatize services unit
“(Reuters) – Germany’s FMS Wertmanagement, the bad bank of nationalized lender Hypo Real Estate, said it would start the sale of its services business in the second quarter of this year.”

HomeSteps® Announces Incentives for Homebuyers and Real Estate Agents in 23 States
“MCLEAN, VA–(Marketwired – Feb 18, 2014) – HomeSteps®, the real estate sales division of Freddie Mac (OTCQB: FMCC), today announced a special 2014 Winter Sales Promotion that will pay cash incentives to real estate agents who list or sell HomeSteps homes in 23 select states between February 18, and April 15, 2014. The 2014 HomeSteps Winter Sales Promotion also offers homebuyers a choice of incentives, including funds to cover condominium association fees.”

Will Housing Take Gold?
“MCLEAN, VA–(Marketwired – Feb 18, 2014) – Freddie Mac (OTCQB: FMCC) released today its U.S. Economic and Housing Market Outlook for February showing that despite the Federal Reserve’s taper activity, long term rates have eased over the past month, providing a chance for some borrowers who are holding older mortgages an opportunity to refinance. A short preview video, and the complete February 2014 U.S. Economic and Housing Market Outlook are available here.”

Why Is Mortgage Demand Falling In 2014?
“By just about every measure the housing market is looking better — home values of the rising, new construction is on the increase, foreclosures are down and millions of people have gotten mortgages to finance and refinance their homes in the past few years.”

New QM Rules Produce Higher Costs and Elevated Risk Factors
“Although the new QM rules are expected to bring stability to loan manufacturing, the many nuances of compliance have resulted in doubling the cost of loan origination. This assessment was offered by Tom Showalter, Chief Analytic Officer at Digital Risk, a top provider of risk, compliance, and transaction management solutions.”

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Real Estate News 2.17.14

Fog over U.S. economy unlikely to lift soon
“WASHINGTON (MarketWatch) — Trying to figure out what the heck is going on in the economy right now is like driving in a fog. You can only see a few yards ahead before visibility ends.”

Finding ways to help young adults make their first home purchases
“WASHINGTON — Parents, grandparents and young adults know the problem only too well: Heavy student-debt loads, persistent employment troubles stemming from the recession, plus newly toughened mortgage underwriting standards are all standing in the way of vast numbers of potential first-time home buyers in their 20s and 30s.”

Title restrictions can scare away buyers, but they have pluses
“Question: We have a detached single-family dwelling on more than five acres of land that we’re having difficulty selling because real estate agents say we have a restriction on our title. We have a homeowners association and board of directors, and that appears to be a problem for some potential buyers. Though we’ve had little to do with our association, we can’t convince buyers it’s OK. They say they “don’t want the hassle.” What exactly is a “restriction” and “deed restricted title?” Can we get it off our house title?”

3 things coming this President’s Day week
“It’s going to be a slow week cut short by the President’s Day holiday, but there are a number of indices coming out this week that should shed some additional light on where the housing market is heading for servicers, lenders and investors.”

Monday Morning Cup of Coffee: Fannie and Freddie investors denied profits
“Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on larger issues.”

Is snow a good or bad forecast for housing?
“The weather continues to inhibit every aspect of life — especially in the Northeast. Since the snow is cutting back on the days available to work and produce mortgages in February, it is presenting a risk to the prepayments and mortgage-backed security production, according to a recent report from Bank of America Merrill Lynch (BAC).”

New York Attorney General: Zombie property killer
“New York Attorney General Eric Schneiderman is ready to raze hell over zombie properties infecting the Empire State.’

Mortgage industry employment continues decline
“The Bureau of Labor Statistics’ monthly real estate credit and mortgage brokerage employment statistics through December 2013 shows employment in real estate is declining.”

Washington & Wall Street: The Question Nobody Asked Janet Yellen
“In her first appearance before Congress this week, Federal Reserve Chair Janet Yellen achieved the primary goal of any new Fed chief and avoided any obvious land mines. But what was lacking in the dialogue, both from Yellen and the media, was a serious discussion of what’s next for national economic policy.”

Sales drop, prices jump for metro Detroit real estate market in January
“DETROIT, MI – January marked the 11th straight month that metro Detroit median home sales prices rose by double-digits, climbing 38 percent year-over year to $110,000 according to Realcomp.”

Did Gen-Xers have it harder?
“Millennials are hardly the first generation to graduate into a job-killing economy and a miserable housing market.”

Inside hedge fund pay: $10M for a 10 percent return
“It’s no secret that people can make a lot of money working in finance. Top hedge and private equity fund chief investment officers can earn several billion dollars in a single year—David Tepper of Appaloosa Management earned an estimated $2.2 billion in 2012, for example.”

Stop whining! The US economy is in good shape
“While operating more than an entire percentage point below its potential growth rate, the U.S. economy still raised its business sector employment by nearly 2 million people over the last twelve months.”

Is Gen X ready to retire? Depends who you ask
“Get your happy on. Generation X may be more prepared for retirement than you’ve been hearing.”

Do banks sense a change in the California housing market? California foreclosure starts up 57 percent last month. Typical California foreclosure process lasts nearly one year and the misconception of middle class.
“It is common knowledge that banks have metered troubled real estate inventory out into the market in a slow drip fashion.  This practice over the years has caused an artificially low supply to be present in the market.  Add into the mix a low rate environment and years of investors buying up properties and you get our current stalemate of a market.  Virtually no one in the press with a voice is even expressing a possibility that prices may sway lower.  The only options making the rounds involve a couple of scenarios where prices will go up slowly in 2014 or prices will move sideways.  No option for a decrease.  This lack of perspective is odd given the resurgence of interest only loans and the fact that a well known bank is dipping back into the subprime market.  One surprising statistic that I did see was the resurgence of foreclosure starts in California.”

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Real Estate News 2.14.14

Retail, jobs data show struggling economy
“Slumping for a second month, retail sales dropped 0.4% in January, missing analysts’ expectations of a 0.1% decline, and casting gloom over forecasts for economic growth.”

Cut the cost of home maintenance
“Homeowners once had to make a choice: the beauty of genuine wood and stone, or the easy maintenance of a man-made alternative.”

Bay Area home sales tumble last month; prices fall from December
“San Francisco Bay Area home prices took a seasonal dip in January from a month earlier, while sales plunged to a six-year low for the month as high prices and tight inventory handcuffed buyers.’

New Home Sales Surge in January After Two Lame Months
“New home sales jumped 35% in January after declining over the two previous months, according to a Mortgage Bankers Association survey of mortgage companies owned by homebuilders.”

Wells Fargo edges back into subprime as U.S. mortgage market thaws
“(Reuters) – Wells Fargo & Co, the largest U.S. mortgage lender, is tiptoeing back into subprime home loans again.”

HUD Looks to the Courts for Guidance on Eminent Domain
“Department of Housing and Urban Development Secretary Shaun Donovan kept his carefully neutral stance this week on the potential use of eminent domain to restructure underwater mortgages.”

Foreclosure Auctions Climb in 27 States as U.S. Filings Decline
“Scheduled home auctions rose last month from a year earlier in 27 states, bucking a decline in foreclosure filings across the U.S., RealtyTrac Inc. said.”

Bank of America Said to Cut 450 More Mortgage Jobs
“Bank of America Corp., the second-largest U.S. lender, is cutting 450 mortgage jobs from West Coast offices after new loans fell short of internal forecasts, two people with direct knowledge of the plans said.”

Will Shared Appreciation End The Foreclosure Crisis?
“Shared appreciation is an idea whose time may have come. Indeed, it may be the only way for the nation’s banks to avoid still-more losses, additional deficits that could total hundreds of billions of dollars.”

Here’s why you can expect weak home sales in 1Q2014
“There are early signs that housing sales and home prices for the first quarter of 2014 are going to be weak.”

3 signs California housing is on the brink of something huge
“Six years after the financial crisis and California is still feeling the leftover ripple effects of loose lending standards and an overabundance of foreclosed homes. But things are looking up.”

Are we headed toward a ‘retail apocalypse?’
“Retail sales have folded like a cheap lawn chair, posting their worst performance since June 2012.”

Jobless claims back above 8-month average
“At this point the pattern is clear: If it’s good news, it’s credited to the “recovery” but if it’s bad news, it’s the cold weather.”

Ocwen to sell mortgage servicing rights in capital markets
“Ocwen (OCN) is moving forward with plans to package a pool of mortgage servicing rights to sell to investors on the capital markets.”

Bank of America raises affordable housing commitment
“Bank of America Merrill Lynch (BAC) upped its commitment to providing affordable housing in America by more than 25% in 2013.”

South Florida real estate market has international appeal, developers and investors say
“South Florida’s commercial and residential real estate markets remain hot for international investors as well as for homeowners moving from suburbs to downtown cores, panels of industry leaders said Thursday at the Perez Art Museum Miami.”

Blackstone real estate head: no US bubble, EM “very attractive”
“Private equity firm Blackstone Group, which has made big bets on hotels, rental homes and other real estate in recent years, continues to be bullish on the sector.”

Want to Become a Real Estate Investor? Know the Rules
“With interest rates still hovering near all-time lows, and property values in many places improving but still far below 2007 highs, investing in real estate may seem like a smart move—especially for anyone squeamish about investing in the stock market. (A whopping 76% of consumers are saying “no” to equities, according to Bankrate’s latest Financial Security Index.)”

Southern California housing market update: Slowest January for home sales in three years. Median home price back to June 2013 levels.
“The latest housing data highlights a stagnant market in Southern California.  January home sales came in at a three year low logging in 14,471 sales.  With a low number of foreclosure resales now making up the pool of total sold homes, there is little reason to use the excuse that foreclosures are depressing home prices on aggregate.  Home prices retreated back to levels last seen in June primarily because investors are having a tougher find picking out good low priced properties and modestly higher rates are still hurting the market with cash strapped buyers.  The market is caught in a Catch-22; if the stock market goes up this adds fuel for the Fed to retreat from QE and this will likely push rates higher.  If the stock market pulls back, the Fed is likely to dive back in and interest rates are likely to stagnate or fall but investor activity is likely to take a hit.  Yet there is little action to be had overall with such an artificially low amount of inventory and crowding out regular buyers with investors is still common.  It is more likely that we have a month in 2014 with a negative year-over-year median price versus a repeat of 2013.”

Fannie Mae Announces Homebuyer Incentive up to 3.5 Percent Closing Cost Assistance on HomePath Properties in the FirstLook Period
“WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that homebuyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath® property in 27 states during the FirstLookTM period. During the FirstLook period, owner-occupant or public entity buyers are able to submit offers on HomePath properties, giving them the opportunity to purchase homes without competition from investors. Fannie Mae recently announced the extension of the FirstLook period from fifteen days to twenty days.”

Your Home Isn’t Worth What You Paid For It, Or What You Owe On It
“So you bought a home, poured your savings into a new kitchen, wood floors, and a great big fantastic walk-in shower with these great glass tiles up the wall and this amazing rain shower head that makes you feel like you’re in a spa and.. oops, you may have gone a little overboard.”

It’s Tax Time – What Homeowners Should Know
“It’s tax season, and many Americans are determining whether to file early, file on the April 15 deadline, or file late.”