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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 2.20.14

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 Estate News 2.11.14

91 million Americans aren’t looking for jobs
“The unemployment rate isn’t always the best measure of the job market, because it only includes people who have actively searched for work within the last four weeks. Many Americans just aren’t looking for jobs.”

Hurdles shrink for jumbo loan shoppers
“You’ll pay more for a big home nowadays, but a big mortgage should be less of a reach.”

Public interest group sues Justice Dept. over JPMorgan settlement
“WASHINGTON — A public interest group on Monday sued the Justice Department over last year’s record $13-billion settlement with JPMorgan Chase & Co., arguing the deal to resolve investigations into faulty mortgage investments was unconstitutional because courts did not review it.”

Mortgage servicer shenanigans keep consumer watchdog busy
“Many of the complaints filed with the federal Consumer Financial Protection Bureau involved servicing, loan modification and foreclosure activities by home-loan servicers.”

Idea floated of Milwaukee selling foreclosed homes in bulk
“With nearly 1,300 properties in its inventory because of tax foreclosures, the City of Milwaukee is entertaining ideas to whittle the list down, perhaps through private-equity investment.”

Seniors overspend on mortgage, credit cards
“Remember that your spending and spending behavior are among the few things you can really control.”

How confident are Americans in getting a mortgage?
“More Americans surveyed now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 national survey of consumer attitudes in housing.”

Zillow: How to sell a home, despite winter wonderland
“Inch upon inch of snow is piling up, and the desire to stay home curled up by the fire is becoming harder to turn away from: welcome to winter.”

Housing Scorecard: America still healing from Great Recession
“Despite positive trends in the housing market, officials caution that the economy is still healing from the Great Recession, the Obama Administration said in the November housing scorecard.”

D.R. Horton to return mineral rights to Florida homeowners
“The attorney general of Florida, Pam Bondi, announced that homebuilder D.R. Horton (DHI) is sending letters to around 18,000 Florida homeowners to give them the option to receive their mineral rights.”

U.S. Home Sellers Return for Spring as Buyers Get Relief
“Suzanne Baker and her siblings bought a foreclosed home in Atlanta two years ago, added a fourth bathroom, then waited for values to rebound before considering a sale. Now, she says, they’re ready to cash in.”

REAL ESTATE: Lewis Group of Companies poised for the next wave of building
“Step into Lewis Operating Corp.’s headquarters, and the history of a family business that Ralph and Goldy began in 1955 is clearly defined.”

In Chaos of Brooklyn Housing Market, Giving Buyers an Advantage
“In Jonah Landman’s Brooklyn, or at least on his blog, house hunting is ferocious and fast.”

New Pennsylvania law will affect many real estate transactions
“Under a new Pennsylvania law that will affect many real estate transactions, property owners who get behind on their taxes on one property will have a lien slapped against all their other properties in that county.”

Real estate rebound prompts home construction
“LAS VEGAS (FOX5) -Home sellers hoping to recoup value lost during the recession are dealing with a glut of new properties on the market.”

8 Solutions to San Francisco’s Housing Problems
“On one of the first rainy days that drought-stricken California has had in months, San Francisco Mayor Ed Lee stood out of the rain in an unfinished retail space on the city’s gentrifying Market Street. Exposed pipes ran past naked plaster and cold concrete floors, but the drab backdrop had shining significance: above the retail space were nearly two dozen brand new, below-market rate apartments, the kind of housing the land-constrained, soaringly expensive city desperately needs—and that the mayor has vowed to provide.”

Broke, young, and unable to afford a home: The crisis for young American home buyers and household formation.
“Making homes unaffordable to younger Americans is more problematic than simply altering the living habits of upcoming generations.  Housing formation in the United States is entering uncharted territory based on demographic shifts and also the new reality that younger Americans will be less affluent than their parents.  This is why we have millions of younger Americans living at home with parents.  Some may not view this as an issue but in the past, construction was a big part of GDP and you will have a hard time justifying new housing construction if people are simply living at home or are only able to afford a rental.  The student debt crisis goes hand and hand with the unaffordable nature of housing for young Americans.  It also doesn’t help that Wall Street is crowding out regular buyers in the market.  With a growing population and investors eating up the low supply of housing, many young Americans are essentially in the position to move back home or to rent.  Buying is a remote possibility for many Americans and this has put a clamp on new housing formation.”

The big money club and interest only loans: Housing bubble favorite of interest only loans back in the market for wealthy households.
“There is little doubt that growing wealth and income inequality is a reality in the United States.  Even in California we can see this microcosm unfold dramatically.  You have people being pushed inland from coastal areas and those near employment hubs have seen housing values reach near peak levels.  What we are also seeing is that access to debt is the key measure of success in this economy.  For example, the bubble favorite of interest only loans is back but with a different flavor.  Banks like Wells Fargo, Bank of America, and Union Bank are back at it underwriting interest only loans to wealthier clients.  The big difference is that you need to have money to play in this current market.  Banks are holding onto these loans in their own portfolios.  Not a bad way to earn money in a low rate environment.  So this hits at the heart of the issue where Fed policy has largely aided those least needing it in a modern day feudal banking network.  For example, you can buy a $1,000,000 home today with a 3 year interest only mortgage and carry a principal and interest payment of $1,562 per month.  Impossible?  Welcome to the modern banking system where low rates are accessible to those who least need it.”

Consumers Positive About Access to Mortgage Credit; Views Toward Economy Improving
“WASHINGTON, DC – More Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 National Housing Survey results. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of 52 percent, while those who think it would be difficult dropped 3 points to 45 percent. This indicates that consumers perceive that mortgage credit is more accessible. Even though this month’s survey shows a more moderate expectation for home price gains within the next 12 months, the view that mortgage credit is more available may allow for continued but measured improvement in the housing recovery.”

FHFA Announces HARP Milestone
“In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of three million refinances under the Home Affordable Refinance Program (HARP).”

Freddie Mac Announces Third Risk-Sharing Deal
“Freddie Mac announced the pricing of its first Structured Agency Credit Risk (STACR) transaction of the year: a $1 billion offering of debt notes whose buyers will share in the risk.”

Housing Outlook – A Bear Market?
“Since 2011, home prices have gained in the double digits, making a price plateau inevitable. But are we really entering a bear housing market? Not if we look at long-term fundamentals.”

How an energy-efficient mortgage can save you money
“The crippling cold, coupled with a growing desire for energy efficiency, has both prospective and existing homeowners considering the merits of a “green” mortgage. These energy-efficient mortgages are a way to finance home improvements, but they can result in higher monthly mortgage payments.”

Why some homes have a secret ‘For Sale’ sign
“One of the worst things a home seller can do when listing a home is price it too high.”

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Real Estate News 1.31.2014

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.”

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Real Estate News 1.24.2014

7 setbacks for the middle class
“Five years into his presidency, Barack Obama is still falling short of his number one goal: to fix the economy for the middle class.”

Will Obama push housing reform in SOTU? — Not expected this year, but momentum matters — Lew live from Davos
“WILL OBAMA PUSH HOUSING REFORM IN SOTU? — POLITICO’s Jon Prior and Kate Davidson preview the big speech next week: “President Obama will deliver his State of the Union address on Tuesday and in the world of finance there is one question that keeps popping up: Will he mention Fannie Mae and Freddie Mac? In August the president laid out his case for getting rid of the taxpayer-owned mortgage giants and putting in place a new housing finance system. But the administration has mostly been quiet since. Obama could change that by calling for an overhaul of the mortgage market Tuesday night.”

Lenders vocal about negative impacts of Dodd Frank mortgage rule
“Daniel Weickenand, CEO of Memphis-based Orion Federal Credit Union, has testified on behalf of the National Association of Federal Credit Unions that federal mortgage rules that went into affect Jan. 10 could hurt consumers’ ability to access credit and ‘hamper the ability of credit unions to meet their members’ needs.'”

Leading Indicators Rose in December as U.S. Economy Improved
“The index of U.S. leading indicators rose in December, a sign the world’s largest economy is poised to keep expanding in 2014.”

FHFA: Home Price Appreciation Almost Flat In November
“More evidence that home price appreciation is stabilizing: U.S. home prices increased only 0.1% in November, on an adjusted basis, compared to October, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).”

Rent-to-Own: New Mortgage Rules Can Make This More Appealing
“New mortgage underwriting criteria went into effect Jan. 10 requiring a debt-to-income ratio of less than 43 percent for most qualified mortgages. Even if you don’t qualify for a mortgage under the current lending regulations, renting may not be your only option. Alternatives such as rent-to-own and contract-for-deed transactions make homeownership possible for those who may not meet mortgage-underwriting standards.”

Are rental bonds driving up the rent?
“Bonds backed by rental payments may be gaining investor attention, but they’ve also caught the eyes of a few critics along the way.”

Builders unscathed by rising loan limits
“Despite the Federal Housing Administration (FHA) reducing the maximum loan limits for mortgages written in certain parts of the country, the adjustment has had little real impact on home builders.”

Taking smaller bites, Freddie Mac pursues FHFA mandate
“Freddie Mac released its monthly-volume summary report Friday, and it shows the aggregrate unpaid principal balance of the GSE’s mortgage-related investments portfolio declining by $5.7 billion in December.”

ABS Vegas: Love or hate REO-to-Rental in 2014
“The REO-to-Rental model is the newest asset to gain investors’ attention, but what does the future look like for these particular deals?”

Buying a Home? Bring a Suitcase Full of Cash: Ritholtz Chart
“The chart above comes form the RealtyTrac Residential & Foreclosure Sales Report. It should come as no surprise that as rates rise, so too do all-cash purchases.”

Gundlach Counting Rotting Homes Makes Subprime Bear
“For Jeffrey Gundlach, the U.S. housing recovery isn’t so rosy.”

Stable real estate prices hide big changes in many city neighborhoods
“It felt like 2013 was a crazy year for real estate, with the flood of all-cash buyers, Billionaire’s Row on 57th St., shrinking inventory and skyrocketing prices.”

Real Estate Gobbled Up By Investors Worries Inland Empire Congressman
“A congressman who represents several Riverside County communities wants officials to look into whether the rise of investor owned properties in the area is creating an ‘unsustainable bubble that will wreak havoc when it bursts.'”

Born here? You’ve already struck it rich
“The American dream of climbing the income ladder is alive and well, according to new research on income disparity. But a lot these days depends on where you grow up.”

Decline in Foreclosures Outpaces Decline in Loan Modifications
“An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.”

Economists Outline What to Watch for in the Real Estate Market of 2014
“Experts at Freddie Mac and Equifax expect falling unemployment and economic growth to keep the housing market steady in 2014. This, despite climbing interest rates and anticipated growth in housing prices nationwide.”

Despite Fewer Foreclosure Starts, Distressed Sales Rose in 2013
‘Despite declining foreclosure starts over the year, distressed sales made up a higher percentage of overall home sales in 2013 than they did the previous year, according to the U.S. Residential & Foreclosure Sales Report released Thursday by RealtyTrac. The report also revealed an uptick in cash purchases at the close of the year.”

Recovery Expected to Enter ‘Middle Innings’ in 2014
“While the housing market is still far from “normal,” it is inching that way, according to a report released Thursday from Zillow. Last year’s skyrocketing home price appreciation, frenzied demand from investors, and high tide of negative equity are all expected to subside somewhat this year, according to the real estate company.”

Freddie Mac Issues Monthly Volume Summary for December 2013
“MCLEAN, VA–(Marketwired – Jan 24, 2014) – Freddie Mac (OTCQB: FMCC) today issued the company’s Monthly Volume Summary for December 2013.”