Today’s news that may be of interest to you:
Congress OKs Higher Mortgage Loan Limit Extension
Reuters | September 30, 2010
The U.S. Congress on Thursday voted to extend higher loan limits for government-backed mortgages, a move that should help keep borrowing costs low and support the shaky housing sector.
A Nation Divided: Pew Reports More Than Half of Americans Inflicted by Recession
HousingWire | September 30, 2010
In its report titled “One Recession, Two Americas,” the Pew Research Center reports that 55% of Americans lost ground during the recent recession while 45% said they “held their own.”
Congress Approves Stopgap Funding Legislation Before Adjourning
Bloomberg | September 30, 2010
The U.S. Congress approved stopgap legislation to keep the federal government from shutting down as lawmakers headed home to campaign for the Nov. 2 midterm elections.
J.P. Morgan Chase to Freeze Foreclosures Over Flawed Paperwork
The Washington Post | September 30, 2010
J.P. Morgan Chase, one of the nation’s leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit.
S&P: $460B Shadow Inventory Will Take 41 Months to Clear
DSNews | September 29, 2010
It’s no secret that the volume of distressed residential properties is weighing heavy on U.S. housing markets and is prolonging any meaningful recovery. Of even greater concern is the industry’s growing backlog of homes that need to be liquidated and resold but have yet to make their way to the market – that menacing shadow inventory that threatens to asphyxiate appreciation of home values and drive the industry to a new low in this down cycle.
Fannie Mae: Problem Loans Keep Falling
The Wall Street Journal | September 30, 2010
Fannie Mae said serious delinquencies on single-family mortgages slid in July from June, the fifth-straight month of declines, further signaling that home-loan problems are on the downswing.
Foreclosures Sell at 26% Discount
CNN | September 30, 2010
Homes lost to foreclosure now make up a quarter of the real estate market – and they’re selling at big bargains.
From the National Association of Realtors®:
Owners Spending Less on Housing
According to the U.S. Census Bureau, the percentage of home owners who spend a significant portion of their income on housing has remained the same while median home prices have dropped 6 percent.
Delinquency Rate Climbs for Commercial Loans
The Trepp National CMBS Delinquency Report indicates that the delinquency rate for commercial real estate loans is at an all-time high.
Applications to Purchase Homes Rose Last Week
The weekly report from the Mortgage Bankers Association says that mortgage applications, especially government-gauranteed ones, are on the rise.
Anthony V. Carollo / President
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