Today’s news that may be of interest to you:
Will the Administration Bring Back the Homebuyer Tax Credit?
DSNews | August 30, 2010
After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface. Sales of previously owned homes plummeted 27 percent last month, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent. Both reports were clear indications of the frailty of the housing market post-stimulus. HUD Secretary Shaun Donovan says the July numbers were worse than was expected and are cause for concern, and he’s not ruling out a return of the tax credit incentives.
Housing Market: What’s Ahead?
Time | August 30, 2010
Are housing prices near a bottom? It’s not just policymakers, realtors and bankers who yearn for the turn. Anyone who owns a house, a condo or coop is surely wishing for some modest improvement.
LPS Reports a Jump in Foreclosure Starts in July
DSNews | August 27, 2010
The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in the second quarter, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset.
GSEs’ Single-Family Delinquency Rates Fall
DSNews | August 27, 2010
The percentage of home loans 90 or more days past due held by the nation’s two largest mortgage companies has declined yet again.
Delinquencies Down, Foreclosures Up
Inman News | August 30, 2010
The total number of non-current residential mortgage loans fell by 1.4 percent from June to July, to 7.04 million, with improvements in delinquency rates partially offset by an increase in foreclosures, according to mortgage-data aggregator Lender Processing Services.
11M Homes in Negative Equity as Market Struggles to Rebound
Politico | August 29, 2010
Underwater mortgages are a massive drag on the economy and it could take years to eliminate the negative equity from many markets.
Losses Put Federal Flood Insurance Plan in the Red
USA Today | August 26, 2010
FEMA’s National Flood Insurance Program is the nation’s main flood insurer, created by law in 1968 as private companies stopped covering flood damage. The program insures 5.6 million properties nationwide and aims to be self-sustaining by paying claims from premiums it collects. Instead it’s running deeply in the red. A major reason is that the program has paid people to rebuild over and over in the nation’s worst flood zones while also discounting insurance rates by up to $1 billion a year for flood-prone properties.
Obama Administration Plans Mortgage Aid, HUD’s Donovan Says
Bloomberg | August 30, 2010
The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.
From the National Association of Realtors®:
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Anthony V. Carollo / President
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