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.”