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Dennis Norman A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of July 2010 shows that mortgage delinquencies continue to decline however are still at very high levels versus historical norms. At the same time however, foreclosure starts have increased to the fourth highest level on record. [...] Dennis Norman After hitting all-time low in June, pending home sales increase 5.2 percent in July The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009. Tweet This Post
Dennis Norman Naturally, no sooner than I finish writing my post this morning about the Case-Shiller report on home prices in which I actually got to report somewhat “positive” news, my bubble is burst. RadarLogic, another company that has their own home price index that I like, came out with a report saying the [...]
Dennis Norman This morning S&P/Case-Shiller Index report for the 2nd quarter of 2010 was released showing that the home prices improved slightly over a year ago in 17 of the 20 Metro Area’s their reports cover. The Case-Shiller Home Prices Indices showed an increase of 4.4 percent in home prices in 2nd quarter after a decline [...] Dennis Norman Home mortgages are often sold or assigned, sometimes even right after the origination of the loan and, as a result, borrowers find themselves not knowing who their current lender is or how to contact their lender. This issue was addressed back in May 2009, as part of the Helping [...]
Dennis Norman After a couple of days of writing about bad reports on the housing market (existing home sales and new home sales to name two) I’m excited that I actually get to write something today that is positive! According to newly released data from CoreLogic, the percentage of homeowners in the U.S. with [...]
Dennis Norman Annually, HUD determines “fair market rents” which become effective October 1st each year and are used to determine rent amounts under the Housing Choice Voucher program, Housing Assistance Payment Contracts, Moderate Rehab programs as well as other Section 8 programs. Earlier this month HUD published in the Federal Register it’s proposed fair market rents [...]
Dennis Norman The good news is May’s new home sales rate of 267,000, which was the lowest sales rate on record, was revised upward to 281,000. The bad news is June’s sales rate of 330,000 was revised downward to 315,000 and now new home sales for July were reported at 276,000 the new lowest rate [...] Dennis Norman Over the past couple of years lawsuits have been filed against several lenders over “yield spread premiums” that were paid by the lenders to mortgage brokers originating loans on their behalf. These suits brought a lot of attention to a common practice in the mortgage industry which was to compensate the companies [...]
Dennis Norman Beginning last November I have written several articles about the “sugar-rush” effect of tax credits and other stimulus on the housing market and voicing my concern that these things are short lived (like a sugar rush on a child) and after the sugar wears off there is a crash….Well, as expected, here it [...] Dennis Norman 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom According to the second quarter 2010 Zillow Homeowner Confidence Survey, one-third (33 percent) of homeowners feel home values in their local market have not reached bottom, while 38 percent believe their market has in fact [...]
Dennis Norman Just as we are talking more about home prices “stabilizing” there is yet another cause for concern as to just where the market is headed. Last week Celia Chen, senior director of the Moody’s Economy.com research staff, issued a report stating that the odds of a near-term “double-dip recession” have increased from [...]
Dennis Norman For some time now I’ve been saying the precursor to the housing market recovering is for the mortgage delinquency and foreclosure rates to fall from the present, near-record levels, down to closer to historical norms. The current mortgage loan delinquency report from TransUnion shows that, for the second consecutive quarter, things [...] Editor’s note – Last month we published an article about HVCC which drew quite a few comments and responses….one such response was from veteran appraiser Paul Collins in which he shares his frustration with the state of the industry and the impact of lenders and legislation on his industry. Our thanks to Paul for allowing [...]
Jennifer Gorton In 2008, the Subprime Mortgage Crisis threatened to undermine the entire global financial system. What began as a normal recession quickly turned into an economic tsunami as banks around the world began to realize to what extent their books were exposed to subprime mortgages. Central banks and world financial leaders around [...] The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for July 2010 showing a decrease in single-family home building permits and a decrease in new home starts from June. Tweet This Post
Dennis Norman According to a report issued today by CoreLogic, home prices in the U.S. increased in June by 1.4 percent over June 2009. This ends the four-month streak of increasing year-over-year home prices which for May was 3.70 percent. Tweet This Post For Immediate Release August 12, 2010 Alleged Schemes Defrauded Investors in Multiple States and Abroad NEWARK, NJ—Eliyahu Weinstein, aka “Eli Weinstein,” was arrested at his home this morning by federal agents on charges that he ran an investment fraud scheme causing losses of [...]
Dennis Norman I remember, not that long ago, when 300,000 foreclosures in a month would have seemed unreal. However, July now marks the 17th consecutive month that there have been foreclosure filings exceeding 300,000 for the month. Tweet This Post
Dennis Norman Today the Federal Housing Finance Agency announce proposed guidance that would prohibit Fannie Mae, Freddie Mac and the Federal Home Loan Banks from investing in mortgages with private transfer fee covenants. Considering that covers the lenders that originate, invest in or, or insure over 90 percent of the homes in the U.S. that [...] Ever wonder why one home will sell for more than a similar home in the same neighborhood? You’ll hear all sorts of reasons. One house has this feature or that feature while the other one doesn’t. That’s part of it but certainly not all. Tweet This Post The Justice Department filed a lawsuit yesterday against the owners, developers, architects and civil engineers of Park Place Apartments, a 276-unit complex in Louisville, Ky., for failing to provide accessible features required by the Fair Housing Act. Tweet This Post
Dennis Norman A report just released by CoreLogic estimate the financial impact of short-sale fraud to be $310 million annually. It is estimated there is fraud in one in every 53 short sale transactions resulting in an unnecessary loss to the lender of $41,000 per transaction on average. Tweet This Post
Dennis Norman A report just issued by Zillow shows that home values in the United States continued to decline in the second quarter of 2010, with the Zillow Home Value Index falling 3.2 percent year-over-year and 0.6 percent from the first quarter to $182,500. The national rate of decline decelerated from the [...] A federal jury in Detroit yesterday returned a $115,000 verdict against an Ypsilanti, Mich., man for sexually harassing female tenants in his capacity as a property manager, the Justice Department announced today. The jury also found the property owner and his company liable for the illegal [...]
Dennis Norman Fannie Mae, after losing $59.8 Billion in 2008 and then $74.4 Billion in 2009, reported yesterday that things are looking up and they lost only $1.2 Billion in the 2nd quarter of this year. This “good” news comes on the heels of documents being released two weeks ago showing that Countrywide made, [...]
Ted Gayer, Co-Director of Economic Studies, Brookings Institute The U.S. Department of the Treasury and the Department of Housing and Urban Development released June data for the Obama administration’s Home Affordable Modification Program (HAMP). HAMP is the foreclosure prevention program targeted at borrowers who are delinquent in their mortgage payment or facing imminent risk of [...] Dennis Norman NAR Pending Home Sales Index at Lowest Level Since Index Began in 2001 At dropping 30 percent in May as a result of the rush to buy a home before the April 30th tax credit deadline, the National Association of REALTORS Pending Home Sales Index for June shows a further decline of 2.6 percent in [...]
Dennis Norman Report looks at impact of the BP Deepwater Horizon Oil spill on Florida Coastal home values According to a report released this morning by CoreLogic the impact of the BP DeepWater Horizon oil spill on home values in the coastal area’s along the Gulf coast is expected to range from $648 million [...]
Dennis Norman The Financial Crimes Enforcement Network (FinCen), a bureau of the U.S. Department of the Treasury, released their 2009 Mortgage Loan Fraud (MLF) study which found the number of mortgage fraud suspicious activity reports (SAR’s) filed in 2009 grew 4 percent compared to 2008. Tweet This Post |
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