Here’s where home prices are about to take off
“FORTUNE — “The time to buy is when there’s blood in the streets.” That quote, attributed to 18th-century financier Baron Rothschild, means that buying when everyone else is panicking is a great idea, as that’s when prices are at their lowest.”
It’s still a lot cheaper to buy than rentIt’s still a lot cheaper to buy than rent
“FORTUNE — Home prices have been rising steadily for more than year, with the most recent Case-Shiller index reading showing the biggest year-over-year increase in nearly a decade. But that doesn’t mean that it is a bad time to buy.”
Freddie Mac profit moves U.S. housing bailout further into black
“(Reuters) – Freddie Mac (FMCC.OB) said on Thursday it will soon send the U.S. Treasury a $10.4 billion dividend after posting a ninth straight quarterly profit, putting taxpayers further into the black on their bailout of the mortgage giant.”
Realtors® Oppose Tax Plan to Limit Mortgage Interest Deduction, Real Estate Provisions
“WASHINGTON (February 26, 2014) – The following is a statement by National Association of Realtors® President Steve Brown…”
Durable goods orders mixed, jobless claims rise
“(Reuters) – Orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly rose last month as did a gauge of business spending plans, but that will probably not change views that factory activity is slowing.”
Foreclosures Climaxing in New York-New Jersey Market: Mortgages
“Feb. 26 (Bloomberg) — The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas.”
Camp to Cap Mortgage Benefit While Ending State Tax Break
“A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.”
BofA under probe over US housing program, forex
“Bank of America may have a new mortgage problem on its plate, saying on Tuesday that federal investigators are looking into whether the bank violated requirements of a U.S. government housing program.”
WellFargo cuts 700 mortgage jobs
“Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink.”
Potential Conflicts Cited For Mortgage Servicer
“New York State’s top banking regulator said he had new concerns about Ocwen Financial, one of the nation’s largest mortgage servicing companies, creating another regulatory headache for the company.”
Senate committee advances repeal of mortgage registration fees
“A bill that would repeal mortgage registration fees moved forward from a Senate committee Wednesday.”
Morgan Stanley offers $275M to absolve bad mortgage bonds
“Morgan Stanley is finalizing a $275 million agreement with the U.S. Securities and Exchange Commission to settle the SEC probe into the bank’s toxic subprime mortgage bond trades going back to 2007.”
Bank earnings are booming, but there’s a big problem
“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”
Federal judge sides with Fannie, Freddie shareholders
“Court of Federal Claims Judge Margaret Sweeney granted the Fairholme Funds motion for discovery against America.”
Institutional investor home buys hit 22-month low
“Institutional investor home sales continue to decline as a portion of all home sales, hitting a 22-month low.”
The key to successfully growing your mortgage lending operation
“The mortgage market is quickly drying up and lender competition is heightening in order attract the remaining drops of business thus making lender relationships more important than ever.”
4 game changers for selling homes this tax season
“New-homes sales reached a five-year high Wednesday morning, showing that buyers are still jumping into the market.”
Lansner: Time to sell real estate?
“If the local real estate market is taking a breather this winter after a fast rebound, should you be thinking of selling?”
Index: L.A.-O.C. home prices up 20.3%, but market is leveling off
“Home prices in the Los Angeles-Orange County area jumped 20.3 percent in December compared with a year earlier, the 18th consecutive month of annual gains, housing figures released Tuesday show.”
Los Angeles Real Estate Heats Up With Mogul Money
“Numbers don’t lie. Like box office grosses, home sales reflect economic reality. Per real estate news firm Data Quick, year-over-year residential real estate sales prices are up 18.4% across the Los Angeles area in early 2014 and the inventory of homes and condos for sale remains low. At the upscale end of the market, often in those Los Angeles neighborhoods favored by showbizzers, demand is the strongest, resulting in multiple offers over asking price for contempo properties and select empty lots.’
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JANUARY
“WASHINGTON – Sales of new single-family houses in January 2014 were at a seasonally adjusted annual rate of 468,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development and the Census Bureau.”
“Americans like to believe that they are movers and shakers and will follow the opportunity wherever it may be. The idea of selling your home and moving across the country for a great new job opportunity seems to be a common notion of how things happen. However the data shows us a very different reality. Americans are largely staying put. We can blame this on negative equity but this trend actually goes back to the 1980s. In fact, American mobility is at all-time record lows. What this means is people are staying put like our golden handcuffed baby boomers. I was thinking about this carefully and I think one major reason for this is the massive subsidies given to homebuyers creates incentives for staying put. Think of California with Prop 13 and the ability to write-off many housing items including interest when being a homeowner. The system is setup to keep people locked in. For a young person in a high cost of living area the best economic option may be to move and start in another state. However the facts point to a very different picture.”
Freddie Mac Prices $1 Billion Reopening of .875% Three-Year Reference Notes® Security
“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) announced today that it auctioned a $1 billion reopening of its .875% three-year USD Reference Notes® security that matures on February 22, 2017. The stop yield for the issue, CUSIP 3137EADT3, was .724%, priced at 100.442508. The bid-to-cover ratio was 4.8 to 1.”
Fixed Mortgage Rates Continue Gradual Climb Higher
“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates mixed with the fixed-rate products moving higher for the fourth consecutive week, while adjustable rate mortgages eased.”
Freddie Mac Announces $1 Billion Reopening of .875% Three-Year Reference Notes® Security
“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) announced today that it plans to launch a $1 billion reopening of its .875% three-year USD Reference Notes® security that matures on February 22, 2017. The issue will price today, Thursday, February 27, 2014, and will settle on Monday, March 3, 2014.”
Freddie Mac Reports Fourth Quarter and Full-Year 2013 Financial Results
“MCLEAN, VA–(Marketwired – Feb 27, 2014) – Freddie Mac (OTCQB: FMCC) today reported its fourth quarter and full-year 2013 financial results and filed its annual Form 10-K with the U.S. Securities and Exchange Commission.”
CFPB Director Calls for Increased Financial Literacy
“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”