1. Fed’s Fisher: wages rise when joblessness drops below 6.1 percent
“(Reuters) – The United States could be on the verge of a worrisome surge in wages if unemployment continues its downward trend, based on research Dallas Federal Reserve Bank President Richard Fisher presented to his colleagues at the Fed’s policy-setting meeting this week.”
2. Divide between homeowners and renters is growing
“For homeowners in Southern California, the housing recovery has been pretty kind. For renters, not so much.”
3. Which Way is Housing Really Moving?
“The progress of the housing market appeared to continue on a two-steps-forward/one-step-back trajectory, with forward-looking news of the Federal Reserve’s decision to finally move away from tapering and a rise in average fixed mortgage rates coupled with a housing starts data that saw a double-digit percentage drop.”
4. Mortgage rates jump to 4-month high
“Average fixed mortgage interest rates had their biggest one-week jump of the year this week, bringing them to levels not seen since early May.”
5. Slump in U.S. Housing Starts Led by Multifamily: Economy
“Housing starts slumped in August from the highest level in almost seven years, reflecting a setback in multifamily projects that are at the forefront of the rebound in U.S. real estate.”
6. Obama’s chances to wind down Fannie and Freddie before November slipping away
“Hope for reforming government mortgage buyers Fannie Mae and Freddie Mac is dimming as the 113th Congress finishes up its last business before the November elections, even as Obama administration officials intensify the push to fix housing finance and boost home lending.”
7. New York’s foreclosure backlog isn’t going away until 2016, at least
“The backlog that keeps the average property in the state New York in foreclosure proceedings for more than four years isn’t going away anytime soon. In fact, the foreclosure logjam isn’t expected to dissipate until at least 2016, according to a new report from Moody’s Investors Service on foreclosures for loans in private-label residential mortgage-backed securitizations.”
8. Fitch: Servicer Concentration Could Pressure U.S. RMBS
“Sept. 19, 2014–Sorohan, Mike msorohan@mba.org
Fitch Ratings, New York, said rapid growth of several U.S. mortgage servicers means that a small group of entities control the vast majority of legacy loans in need of a workout, which could present risks for some private-label residential mortgage-backed securities.”
9. Waterfront Properties Extend Huge Price Differential
“Sept. 19, 2014–Sorohan, Mike msorohan@mba.org
Neither hurricanes, nor tsunamis, nor flooding, nor’easters can dampen waterfront home values, said Zillow, Seattle.”
10. Moody’s: Prices Approach Prior Peak
“Sept. 19, 2014–Tucker, Michael mtucker@mba.org
Property prices increased slightly in July, reported Moody’s Investors Service and Real Capital Analytics, New York.”
11. Dealmaker: HFF Arranges $72M Construction Financing in Oregon
“Sept. 19, 2014–Tucker, Michael mtucker@mba.org
HFF’s Portland, Ore., office arranged $71.75 million to develop Block 67, a 21-story Class A apartment building in the city’s Central Eastside district.”
12. Hall & Oates Highlight ConcertMBA at 101st Annual Convention/Expo
“MBA Staff
Fresh off their induction into the Rock & Roll Hall of Fame, Hall & Oates will perform at ConcertMBA at the Mortgage Bankers Association’s 101st Annual Convention & Expo, Oct. 19-22 at the Mandalay Bay Hotel & Casino in Las Vegas.”
13. HUD, administration announce Promise Zone competition
“Housing and Urban Development Secretary Julián Castro joined Agriculture Secretary Tom Vilsack, Transportation Secretary Anthony Foxx, and Education Secretary Arne Duncan announced Friday morning a competition to designate a new round of Promise Zones.”
14. Progress Residential prices first REO-to-rental securitization
“Progress Residential, the latest company to join the growing REO-to-rental securitization market, has priced its first securitization, a $473.4 million offering, backed by a single loan secured by a first priority of mortgages on 3,142 income-producing single-family rental properties.”
15. CFPB memo ensures mortgage protections to same-sex marriages
“For those who work in the mortgage business, take note, regulators are looking to ensure that same-sex marriages get equal treatment when it comes to applying for credit products.”
16. CHARTS: How Stonegate will thrive in a flat market
“During Stonegate Mortgage’s (SGM) CEO Jim Cutillo’s presentation at the Zelman Housing Summit in McLean, Virginia, Cutillo not only stated that the non-bank mortgage company would succeed in 2014 but that it would even grow in the flat market.”
17. Call to end Treasury secrecy on Fannie and Freddie gets louder
“A coalition of 17 conservative and free-market public policy groups sent a letter to the ranking members of the House Finance Services Oversight and Investigative Subcommittee urging them to demand more transparency and accountability regarding the “Third Amendment Sweep” of the six-year GSE conservatorship agreement from the U.S. Treasury.”
18. Obama administration making more big promises on housing
“U.S. Department of Housing and Urban Development Secretary Julián Castro will join Department of Agriculture Secretary Tom Vilsack, Department of Transportation Secretary Anthony Foxx, Senator Bob Casey of Pennsylvania and Congressman Gary Peters of Michigan for a press call Friday at 11 a.m. ET to discuss the next round of Promise Zone applications.”
19. Housing start woes go deeper than single-month drop
“With news Thursday that privately owned housing starts plunged 14.4% in August, many were left scratching their heads at how starts could have printed so poorly.”
20. RPM Mortgage expands to East Coast
“Alamo, California-based RPM Mortgage acquired Regency Mortgage, a 14-branch private mortgage lender with operations in New Hampshire, Maine, Massachusetts, Vermont and Florida.”
21. Home Depot breach bigger than Target at 56 million cards
“(Reuters) – Home Depot Inc (HD.N) Thursday said some 56 million payment cards were likely compromised in a cyberattack at its stores, suggesting the hacking attack at the home improvement chain was larger than last year’s unprecedented breach at Target Corp (TGT.N).”
22. reQuire grows, acquires Final Trac
“Virginia Beach, Virginia-based reQuire, a lien release tracking and reporting service for the real estate settlement services sector, has completed the acquisition of Final Trac.”
23. Now available: HW Bank Reports
“Last year, we announced an exclusive and innovative partnership with BankDATAWORKS.com, designed to bring U.S. bank data directly to mortgage and housing market participants.”
24. Initial jobless claims beat expectations, down to 280K
“Initial jobless claims dropped to 280,000 for the week ending Sept. 13, dramatically better than expectations of 305,000, the lowest since 2000.”
25. Windermere Real Estate joins RealtyTrac’s broker network
“Seattle-based Windermere Real Estate, which is the largest regional real estate company in the Western United States,has become the latest member of RealtyTrac’s broker network, RealtyTrac Network.”
26. CMBS Buyers Reslient as Wall Street Bombards Debt Market
“Commercial-mortgage bond buyers are standing up to an onslaught of new deals, belying concern that banks would struggle to sell the debt as issuance surges to the highest in seven years.”
27. Italy Mortgage Rise Not Enough to Reverse Home Slump, Fitch Says
“Italian house prices will continue to decline over the next two years as an increase in mortgage lending isn’t sufficient to counter a sagging economy, Fitch Ratings said.”
28. Japan’s Top Cities Post Land-Price Gains as BOJ Easing Help
“Land prices in Japan’s three largest metropolitan areas increased for a second year and residential prices in the cities increased for the first time in six years as low interest rates lifted demand for properties.”
29. Dutch Pension Funds Plan $2.6 Billion Investment in Mortgages
“Dutch pension funds will invest about 2 billion euros ($2.6 billion) into domestic mortgage lending, boosting home-loan competition as they seek higher returns.”
30. Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers
“The Bank of Mom and Dad is playing a growing role as lender of last resort for a housing recovery struggling to provide more traction for the U.S. economy.”
31. REAL ESTATE: Tips to avoid being scammed
“The California Bureau of Real Estate has just put out an advisory to help consumers and senior citizens avoid taking the bait on real estate fraud for home loans, rentals, time shares and property recordings.”
32. OBAMA ADMINISTRATION ANNOUNCES COMPETITION TO DESIGNATE NEXT ROUND OF PROMISE ZONES
“WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro joined U.S. Department of Agriculture Secretary Tom Vilsack, U.S. Department of Transportation Secretary Anthony Foxx, and Education Secretary Arne Duncan to announce a competition to designate a new round of Promise Zones. These Promise Zones are part of the President’s plan to create a new pathway to the middle class by partnering with local communities and businesses to create jobs, increase economic security, improve educational opportunities, and reduce violent crime.”
33. Are these homes worth 65-mile commute?
“If you work in San Diego, you can drive home each day to a new house in a planned development for $350,000.”