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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 2.13.14

NAR Tech Edge helps Realtors® Keep Abreast of the Latest Technologies
“The ever-changing technology landscape continues to transform the way that Realtors® and the real estate business operate. To help Realtors® keep up with the latest mobile and web-based technologies that can benefit their business and clients, the National Association of Realtors® is continuing its one-day technology conference series, NAR Tech Edge.”

Freddie Mac: Mortgage rates edge higher; 30-year average is 4.28%
“A five-week decline in fixed mortgage rates has ended, with Freddie Mac’s survey showing the 30-year home loan averaged 4.28% early this week, up from 4.23% a week ago.”

Southern California housing market loses momentum in January
“Southern California home buyers continue to turn their backs on an expensive market with few houses for sale.”

New Home Purchases Up Sharply in January 2014
“WASHINGTON, D.C. (February 13, 2014) — MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 543,000 units in January 2014, based on data from MBA’s Builder Applications Survey.’While the big jump may appear to conflict with other data, such as MBA’s purchase application index and NAR’s existing home sales data that point to a weak market for existing homes, our Builder Application Survey estimate is consistent with reports of homebuilder sentiment that show strength in the market for new homes,’ said Mike Fratantoni, MBA’s Chief Economist.  ‘It is also worth noting that the significant January increase also followed a particularly slow pace of sales in November and December.'”

Jobs Key to Housing Market Recovery: MBA’s Stevens (VIDEO)
“Feb. 12 (Bloomberg) — David Stevens, chief executive officer of the Mortgage Bankers Association, talks about the U.S. housing market and mortgage lending. He speaks with Adam Johnson, Scarlet Fu and Tom Keene on Bloomberg Television’s “Market Makers.” Steve Miller, non-executive chairman of American International Group Inc., also speaks. (Source: Bloomberg)”

Shaun Donovan optimistic about housing reform
“Housing and Urban Development Department Secretary Shaun Donovan on Wednesday said he is encouraged by the work being done in Congress to reach an agreement on what to do with government-owned mortgage giants Fannie Mae and Freddie Mac.”

Senate Banking GSE Reform Bill Nears Completion
“Senate Banking Committee leaders are expected to soon unveil their highly anticipated bipartisan bill to overhaul the mortgage finance market as the window for moving legislation this year continues to narrow.”

Mortgage Applications Continue to Slide
“Applications for U.S. home mortgages fell in the latest week as both purchase and refinancing applications slipped, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2 percent to 397.2 in the week ended Feb. 7. The index hit its lowest level since December 2000 at the end of last year, soon after the U.S. Federal Reserve announced it would start reducing its $85 billion per month bond-buying program as the economy grows strong enough to stand on its own.”

RealtyTrac: Monthly foreclosure filings reverse course, rise 8%
“Monthly foreclosure filings — including default notices, scheduled auctions and bank repossessions — reversed course and increased 8% to 124,419 in January from December, according to the latest report from RealtyTrac.”

HOPE NOW assists 768,000 borrowers in 2013
“Approximately 768,000 homeowners received permanent, affordable loan modifications from mortgage servicers in 2013, according to HOPE NOW’s final 2013 loan modification data.”

Mortgage delinquency rate hits 5-year record low
“The mortgage delinquency rate hit the lowest level in 5 years and dropped below 4% for the first time since 2008.”

FHFA-OIG: GSE mortgage servicing needs oversight
“The Federal Housing Finance Agency Office of Inspector General released its latest report entitled ‘FHFA’s Oversight of the Servicing Alignment Initiative.'”

Blackstone-Fueled Single-Family Home Boom Lifts Chicago
“The tan, three-bedroom house on Chicago’s North Side sits half a block from a Family Dollar store and a pawn shop — an unlikely patch of gold to mine for Blackstone Group LP (BX) in the single-family rental market.”

Homebuilders Leading U.S. Consumer Stocks: EcoPulse
“Shares of U.S. homebuilders are leading consumer discretionary stocks as the new home market is poised to rebound faster than other cyclical purchases this year.”

(Much) more Chinese real estate money heading here
“San Francisco’s Kidder Matthews is partnering with a Chinese real estate consortium ‘to act as a bridge for Chinese business investment which wants to come to the Bay Area.'”

Woman’s young age doesn’t stop her real estate success
“KANSAS CITY, KS (KCTV) – Katie Yeager is a woman breaking multiple stereotypes. She is contributing to Kansas City’s entrepreneurial spirit and making money along the way.”

Beyond ‘frozenomics’: What’s hurting the housing market
“Ask any real estate agent east of Nevada, and they’ll blame slower home sales this winter squarely on harsh winter weather.”

Home values: 5 best markets for Q4 2013
“Home values were up 10.1 percent nationally from the fourth quarter of 2012 to the same period of 2013, according to data from the National Association of Realtors. See five hot markets where prices went up fastest.”

San Diego home sales at three-year low
“The slowdown in San Diego County’s housing market continued in January, as sales dropped to their lowest levels in three years.”

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.”

Interest Rates and HARP Participation Pressure Title Insurer Revenues
“2014 revenue growth for U.S. title insurers is likely to be constrained, said Fitch Ratings in a press release Wednesday. Fitch cites rising interest rates and Home Affordable Refinance Program (HARP) participation as a limiting factor for title insurers, who have experienced steady revenue growth and improving profit margins over the last two years.”

Experts Predict Level Playing Field as Investors Withdraw
“A majority of experts surveyed by Zillow and Pulsenomics expect large-scale investors will pull out of the housing market in the next few years—and that hopefully means a smoother field for consumer buyers.”

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Real Estate News 1.30.2014

U.S. seeks $2.1 billion from Bank of America
“The Justice Department is seeking $2.1 billion in fines from Bank of America related to mortgage fraud perpetrated by Countrywide Financial before it was purchased by BofA.”

Why the OCC is worried about looser lending standards
“A new report from the Office of the Comptroller of the Currency (OCC) is a definite study in contrasts.”

Disappointing pending home sales blamed on winter weather
“Is it the winter weather, a slowdown in housing or a combination of both that caused real estate contract signing to cool in December?”

Second REO-to-rental deal to raise millions, and questions
“With Bloomberg breaking news Tuesday night that American Homes 4 Rent, the nation’s second-largest single-family landlord, has tapped Goldman Sachs (GS) to arrange a bond backed by house rental payments, it looks like REO-to-rental as an asset class is here to stay a while.”

Don’t look now: Fannie, Freddie, Ginnie bonds are on a roll
“While the Federal Reserve continues to reduce holdings of mortgage-backed securities and Treasurys, the mortgage bond market is reacting well. Very well.”

Did Freddie just prove multifamily is making a comeback?
” Multifamily seems to be the buzzword of January.

Every time you turn around, there is another analyst report suggesting the sun is either shining on or about to shine on multifamily properties.”

Foreclosure Inventory Down 31% in 2013, Slow Progress Expected in 2014
“National foreclosure inventory fell 31 percent year-over-year in December, with 2.1 percent of all homes with a mortgage in some stage of foreclosure, according to CoreLogic’s December National Foreclosure Report.”

Mortgage Rates Down on Tepid Housing Numbers
“Fixed mortgage rates this week moved down to their lowest levels so far in 2014, according to surveys from Freddie Mac and finance site Bankrate.com.”

FOMC Moves Forward on Tapering
“In its first meeting this year, the Federal Open Market Committee (FOMC) voted to once again cut back on the Federal Reserve’s bond-buying program.”

Why the Real Estate Industry Is Interested in Drones, Too
“In this halting, vertigo-inducing video, you can watch a couple of guys from the creative agency Neoscape toy with their newly built drone, outfitted off the Boston Inner Harbor with a GoPro camera…”

Jobless claims rise more than expected
“(Reuters) – The number of Americans filing new claims for unemployment benefits rose more than expected last week, but the underlying trend suggested the labor market continued to heal.”

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Today’s Real Estate News 10.25.2013

Summary:

Today, MSN Money forecasts a “major” rent hike. Fortune explains that employers are to be blamed for American workers lack of skills in today’s workplace. The Mortgage Bankers Association sent a letter to federal regulators which “urged federal regulators to adopt a proposal that aligns their proposed definition of a Qualified Residential Mortgage with the Consumer Financial Protection Bureau’s definition of a Qualified Mortgage/Ability to Repay.” According to BusinessWeek, U.S. lawmakers & regulators are questioning whether or not to lower the “size of mortgages” guaranteed by the government and Citigroup is selling its’ mortgage servicing rights. Chicago Tribune reports this week’s mortgage rates. Consumer sentiment in the nation has fallen, says CNBC. The Housing Wire reports that the FHA Commissioner is urging the government to act as a “backstop” to private capital and Fidelity Financial has altered its’ terms for its’ Lender Processing Services acquisition. According to Reuters, JPMorgan, Deutsche Bank & Creidt Suisse are going to be marketing Blackstone’s home-rental bond for the first time, EVER. Bloomberg reports that the slowdown in exporting will hurt the world’s economy. Press Enterprise shares that home equity to regaining its’ ground in the Inland Empire and that loans are growing for CVB Financial Corp., Citizens Business Bank’s holding company. According to Forbes, China claims $2.31 TRILLION in new home loans from September 2012 – September 2013. UT San Diego reports that San Diego ranks 2nd on the least affordable housing market list.

Get ready for a major rent hike

“The price of renting is rising and competition is growing for apartments, condos and houses. Rents rose 7.6% nationally in the last five years, The Wall Street Journal says. In some cities they’re up 10%.”

American workers are way behind: Blame U.S. employers

“FORTUNE — To listen to some companies, American workers fall glaringly short of sophisticated computer and other necessary skills in today’s workplace.”

MBA Letter Urges QRM, QM Alignment

“The Mortgage Bankers Association strongly urged federal regulators to adopt a proposal that aligns their proposed definition of a Qualified Residential Mortgage with the Consumer Financial Protection Bureau’s definition of a Qualified Mortgage/Ability to Repay.”

Regulators Weigh Reductions in Size of U.S.-Guaranteed Mortgages

“Lawmakers and regulators are debating whether it’s time to shrink the size of mortgages that the U.S government will guarantee, five years after they first boosted loan limits in response to the financial crisis.”

Citigroup Selling Mortgage Servicing Rights as Banks Retreat

“The U.S. mortgage market’s largest lenders are pulling back amid looming regulations and a drop in refinancing that fueled record profits last year.”

Mortgage rates dip to 4-month low

“Mortgage rates hit their lowest levels in four months this week, Freddie Mac said Thursday, as speculation grew that the Federal Reserve will continue its bond-buying stimulus plan through the end of the year.”

Consumer sentiment slides in October on government shutdown

“U.S. consumer sentiment dropped in October to its lowest level since the end of last year as consumers worried Congressional dysfunction and the resulting partial federal government shutdown would hurt growth, a survey released on Friday showed.”

FHA Commissioner: Government should act as backstop to private capital

“Housing finance reform needs to be the government’s top priority as Washington D.C., goes back to work in the wake of the government shutdown, FHA Commissioner Carol Galante said Thursday.”

Fidelity National Financial adjusts terms of LPS acquisition

“Residential mortgage services provider Fidelity National Financial Inc. (FNF) has adjusted the terms of its planned acquisition of Lender Processing Services (LPS).”

Banks set to roadshow Blackstone home-rental bond

“NEW YORK, Oct 24 (IFR) – Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday.”

Export Slowdown Threatens World Economy

“When HSBC Holdings Plc’s economists from around the world recently pooled their forecasts, virtually all had a similar source of growth in mind for the region they monitored: exports.”

REAL ESTATE: Equity regaining lost ground in Inland marketplace

“Price appreciation in 2013 has thrown life preservers around more homes in Riverside and San Bernardino counties; fewer homeowners struggling to regain lost ground”

BANKING: CVB Financial net earnings, loans grow

“CVB Financial Corp., the holding company for Citizens Business Bank, has announced net income of $24.2 million for the third quarter, or 23 cents per diluted share.”

China Real Estate Lending Tops $2.3 Trillion

“China’s home lending is larger than the entire economy of India. The housing boom there has no bounds, growing 19% year-over-year in September to a total of $2.31 trillion in new home loans, according the Central Bank of China. That’s nearly 25% China’s GDP and more than India’s $1.8 trillion GDP recorded in 2012. It might look like a lot of money, but considering China’s 1.35 billion population, the total housing debt is around $1,700 per person, or 27% of average per capita income.”

SD 2nd least affordable housing market

“San Diego County ranks as the second least affordable housing market, according to a 25-city survey by Income.com.”

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Today’s Real Estate News 10.24.2013

Summary:
In today’s news, CNN Money shares about “impact investing,” and how 50% of the country’s foreclosed homes are still being occupied. Reuters reports that jobless claims remain high yet manufacturing is slowing. According to Market Watch, BofA is slashing 3,000 mortgage jobs. CNBC states that 9 banks are being probed on mortgage-backed securities and Fed easing’s effect on mortgage rates. Mortgage apps fall less than a whole percentage according to the UPI. Housing Wire reports that the fed “proposes minimum liquidity requirements” for the big banks. Bloomberg is full of news today sharing that Bank of America’s Countrywide is being held liable for selling thousands of defective loans to Fannie Mae & Freddie Mac, the city of Vallejo is set to sell water-bonds for the 1st time since before it’s 2008 bankruptcy filing, all-cash buyers make up nearly 50% of all home sales and Warren Buffett says that while the housing market has made some headway, it still has a way to go. Dr. Housing Bubble shares the story of how it’s possible that a 932 square foot home can be priced at $895,000.  

Can you make money and feel good about it?
“Want to make money while helping the people around you? Impact investing may have the answer.”

Half of nation’s foreclosed homes still occupied
“Foreclosure sounds like the end of the line, but actual eviction can take months or years — even after the bank has repossessed a home.”

U.S. jobless claims stay elevated, manufacturing slows
“(Reuters) – The number of Americans filing new claims for unemployment benefits fell less than expected last week, but a lingering backlog of applications in California makes it difficult to get a good read of labor market conditions.”

Bank of America to cut 3,000 jobs in mortgage unit
“NEW YORK (MarketWatch) — Bank of America Corp. Inc. BAC -0.25% will cut approximately 3,000 mortgage jobs in the fourth-quarter as it looks to make cutbacks in its expenses, said a person familiar with the matter.”

Jury Finds Bank of America Liable in Mortgage Case
“Updated, 9:20 p.m. | Bank of America, one of the nation’s largest banks, was found liable on Wednesday of having sold defective mortgages, a jury decision that will be seen as a victory for the government in its aggressive effort to hold banks accountable for their role in the housing crisis.”

US task force probes nine banks on mortgage-backed securities
“At least nine banks face investigations by the U.S. Department of Justice into their sales of mortgage-backed securities as part of an effort by the task force that reached the $13 billion pact with JPMorgan Chase, people familiar with the matter say.”

What more Fed easing really means for mortgage rates
“Now that the Fed is expected to keep its foot on the easy money pedal for months to come, don’t expect to see interest rates go much lower.”

U.S. mortgage applications fall less than 1 percent
“WASHINGTON, Oct. 23 (UPI) — U.S. mortgage activity dropped less than 1 percent last week, the Mortgage Bankers Association said Wednesday.”

Fed proposes minimum liquidity requirements for big banks
“For the first time in its regulatory history, the Federal Reserve Board is proposing a rule that would create a standardized, minimum liquidity requirement for banks deemed systemically important.”

BofA’s Countrywide Found Liable for Defrauding Fannie Mae
“Bank of America Corp.’s Countrywide unit was found liable by a jury for selling Fannie Mae and Freddie Mac thousands of defective loans in the first mortgage-fraud case brought by the U.S. government to go to trial.”

Vallejo Water-Bond Deal to Be City’s First Since 2008 Bankruptcy
“Vallejo, the Northern California city that sought Chapter 9 bankruptcy protection in 2008, is set to sell about $19 million in water-revenue bonds next week in its first municipal-debt sale since the filing.”

Families Blocked by Investors From Buying U.S. Homes
“Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters.”

Buffett Says Gains in Housing Fall Short of Equilibrium
“Warren Buffett, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A), said the U.S. housing market has made progress and still has a way to go in recovering.”

The Grand Republic of Santa Monica: 932 square feet for $895,000. How housing built before the Great Depression can fetch wild prices.
“The mania in certain California neighborhoods is so dramatic that my e-mail box is now filled on a daily basis with Real Homes of Genius.  It isn’t as high as it was in 2007 at the apex of the last bubble but I’m seeing some pretty outrageous properties being listed for pipedream prices.  Targeted markets are definitely benefitting from the investor fever.  First, many of the homes being sold are actually being sold for the land.  Given the headline cost plus construction costs this is a very tiny market segment here.  Yet the froth is very obvious in these regions.  Santa Monica is prime Westside housing.  It is hard for anyone outside of the region to understand the crazy prices in Santa Monica.  Even those in the region have a hard time understanding.  Today we’ll focus on this area and pull up a property that only an investor could love.  Welcome to the wonderful Republic of Santa Monica.”

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A sweet spot for move-up buyers?

“The peak home-selling season may have ended, but there some buyers are just getting started: those looking to sell a home and trade up. Is now a good time for these buyers to start their search? And what does this uptick in move-up buyers mean for the market?”

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