Retail, jobs data show struggling economy
“Slumping for a second month, retail sales dropped 0.4% in January, missing analysts’ expectations of a 0.1% decline, and casting gloom over forecasts for economic growth.”
Cut the cost of home maintenance
“Homeowners once had to make a choice: the beauty of genuine wood and stone, or the easy maintenance of a man-made alternative.”
Bay Area home sales tumble last month; prices fall from December
“San Francisco Bay Area home prices took a seasonal dip in January from a month earlier, while sales plunged to a six-year low for the month as high prices and tight inventory handcuffed buyers.’
New Home Sales Surge in January After Two Lame Months
“New home sales jumped 35% in January after declining over the two previous months, according to a Mortgage Bankers Association survey of mortgage companies owned by homebuilders.”
Wells Fargo edges back into subprime as U.S. mortgage market thaws
“(Reuters) – Wells Fargo & Co, the largest U.S. mortgage lender, is tiptoeing back into subprime home loans again.”
HUD Looks to the Courts for Guidance on Eminent Domain
“Department of Housing and Urban Development Secretary Shaun Donovan kept his carefully neutral stance this week on the potential use of eminent domain to restructure underwater mortgages.”
Foreclosure Auctions Climb in 27 States as U.S. Filings Decline
“Scheduled home auctions rose last month from a year earlier in 27 states, bucking a decline in foreclosure filings across the U.S., RealtyTrac Inc. said.”
Bank of America Said to Cut 450 More Mortgage Jobs
“Bank of America Corp., the second-largest U.S. lender, is cutting 450 mortgage jobs from West Coast offices after new loans fell short of internal forecasts, two people with direct knowledge of the plans said.”
Will Shared Appreciation End The Foreclosure Crisis?
“Shared appreciation is an idea whose time may have come. Indeed, it may be the only way for the nation’s banks to avoid still-more losses, additional deficits that could total hundreds of billions of dollars.”
Here’s why you can expect weak home sales in 1Q2014
“There are early signs that housing sales and home prices for the first quarter of 2014 are going to be weak.”
3 signs California housing is on the brink of something huge
“Six years after the financial crisis and California is still feeling the leftover ripple effects of loose lending standards and an overabundance of foreclosed homes. But things are looking up.”
Are we headed toward a ‘retail apocalypse?’
“Retail sales have folded like a cheap lawn chair, posting their worst performance since June 2012.”
Jobless claims back above 8-month average
“At this point the pattern is clear: If it’s good news, it’s credited to the “recovery” but if it’s bad news, it’s the cold weather.”
Ocwen to sell mortgage servicing rights in capital markets
“Ocwen (OCN) is moving forward with plans to package a pool of mortgage servicing rights to sell to investors on the capital markets.”
Bank of America raises affordable housing commitment
“Bank of America Merrill Lynch (BAC) upped its commitment to providing affordable housing in America by more than 25% in 2013.”
South Florida real estate market has international appeal, developers and investors say
“South Florida’s commercial and residential real estate markets remain hot for international investors as well as for homeowners moving from suburbs to downtown cores, panels of industry leaders said Thursday at the Perez Art Museum Miami.”
Blackstone real estate head: no US bubble, EM “very attractive”
“Private equity firm Blackstone Group, which has made big bets on hotels, rental homes and other real estate in recent years, continues to be bullish on the sector.”
Want to Become a Real Estate Investor? Know the Rules
“With interest rates still hovering near all-time lows, and property values in many places improving but still far below 2007 highs, investing in real estate may seem like a smart move—especially for anyone squeamish about investing in the stock market. (A whopping 76% of consumers are saying “no” to equities, according to Bankrate’s latest Financial Security Index.)”
Southern California housing market update: Slowest January for home sales in three years. Median home price back to June 2013 levels.
“The latest housing data highlights a stagnant market in Southern California. January home sales came in at a three year low logging in 14,471 sales. With a low number of foreclosure resales now making up the pool of total sold homes, there is little reason to use the excuse that foreclosures are depressing home prices on aggregate. Home prices retreated back to levels last seen in June primarily because investors are having a tougher find picking out good low priced properties and modestly higher rates are still hurting the market with cash strapped buyers. The market is caught in a Catch-22; if the stock market goes up this adds fuel for the Fed to retreat from QE and this will likely push rates higher. If the stock market pulls back, the Fed is likely to dive back in and interest rates are likely to stagnate or fall but investor activity is likely to take a hit. Yet there is little action to be had overall with such an artificially low amount of inventory and crowding out regular buyers with investors is still common. It is more likely that we have a month in 2014 with a negative year-over-year median price versus a repeat of 2013.”
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.”
Your Home Isn’t Worth What You Paid For It, Or What You Owe On It
“So you bought a home, poured your savings into a new kitchen, wood floors, and a great big fantastic walk-in shower with these great glass tiles up the wall and this amazing rain shower head that makes you feel like you’re in a spa and.. oops, you may have gone a little overboard.”
It’s Tax Time – What Homeowners Should Know
“It’s tax season, and many Americans are determining whether to file early, file on the April 15 deadline, or file late.”