Sales of $1-million-plus homes went through the roof in California
“In California last year, 39,145 homes were sold for $1 million or more, a six-year high. Celebrities and flippers did their part.”
The Rundown: 3 charts that show a recovery stalling
“Retail sales are down, pending home sales are down, and now retail foot traffic is down. But we’re in a ‘recovery.'”
Blackstone shows REO-to-rental can be billion-dollar business (nearly)
“Blackstone Group (BX) fourth-quarter earnings came out this morning and show a huge jump in profit compared to last year.”
FHA goes full throttle with modernization effort
“As part of its modernization effort, the Federal Housing Administration is accepting more electronic signatures on mortgage-related documents.”
CEOs Pledge Help to White House for Long-Term Unemployed
“President Barack Obama is meeting today with chief executive officers of companies from Bank of America Corp. to EBay Inc. who have committed to giving the long-term unemployed a better chance in the hiring process.”
Wall Street Bonds Draw Scrutiny Where Subprime Spread: Mortgages
“Mark Takano saw how subprime mortgages devastated his hometown of Riverside, California, after Wall Street helped inflate a housing bubble that burst and left a trail of foreclosures among the worst in the U.S.”
U.S. Homeownership Rate Falls on Higher Costs for Buyers
“The homeownership rate in the U.S. declined in the fourth quarter as higher borrowing costs and tight credit blocked many first-time buyers.”
HOUSING: Inland home flipping still fashionable in 2013
“Home flipping did not fall by the wayside in 2013, and neither did its profits, a new housing data report by Irvine-based RealtyTrac suggests.”
First Estimate for Fourth-Quarter GDP Growth: 3.2%
“The nation’s economy continued to grow in the fourth quarter, helped along by improvements in consumer spending and business investment.”
The Real Estate Crystal Ball: What’s on the Horizon for 2014
“The past few years in real estate have been unpredictable. Between high foreclosures one year to low inventory in some major markets the next, it’s hard to tell where the market is going to go.”