Today’s news that may be of interest to you:
Do You Live in a High-Debt City? The linked US News & World Report article lists the top 10 indebted cities in the US (we’re talking household/consumer debt, not municipal debt).
Fed Sees ‘Widespread’ Signs US Economy is Slowing
AFP | September 8, 2010
The US economic recovery is showing “widespread” signs of slowing, the US Federal Reserve warned Wednesday, as it gears up for a key policy meeting later this month.
Double Dip in Home Prices Coming in 2011: Clear Capital
HousingWire | September 8, 2010
Home prices gained 5.7% over the three months ending in August, according to real estate data provider Clear Capital. But analysts added price growth has slowed and will drop to a new low in 2011.
U.S. Needs Up to Four Years to Absorb Excess Homes, Duncan Says
Bloomberg | September 8, 2010
The U.S. housing market will take three to four years to stabilize and absorb an estimated seven million homes that are vacant or in the process of foreclosure, said Douglas Duncan, Fannie Mae’s chief economist.
Making Mortgage Payments on an Underwater Loan? You Deserve a Break Too.
The Washington Post | September 9, 2010
The government has bailed out Wall Street firms, giant banks, creditors of Fannie Mae and Freddie Mac – and is trying to bail out people who’ve defaulted or are about to default on their mortgages.
As Recovery Boosts Big Banks, Smaller Lenders Are Still Struggling
The Wall Street Journal | September 9, 2010
While large banks are showing signs of recovering from the financial crisis, many of the country’s small banks are still in big trouble.
Bankers Urge Government to Pull Plug on Fannie, Freddie
ABC | September 8, 2010
The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.
Builders Brief Land Buying Spree Gets Grounded
The Wall Street Journal | September 8, 2010
Several months ago, builders were so convinced that the real-estate market was set to turn positive, they went on a land buying spree. Alas, following the home buyer tax credit’s April 30 expiration, the residential market has only soured.
In Some Markets it’s Now Cheaper to Build than Buy
MultifamilyExecutive.com | September 7, 2010
Like many multifamily firms, the Altman Cos. has had a difficult time finding bargains on the acquisition front. Earlier this year, the Boca Raton, Fla.-based developer bid about $13 million for a Class C asset in a Class B location. The eventual winning bid was $17 million, about 25 percent higher than Altman’s price point. “When you have 20 or 30 people bidding, somebody’s going to be the bigger fool,” says Joel Altman, the company’s chairman and CEO. “And having been in business 42 years, sometimes I think we know too much.”
BB&T Ditches FHA and VA Adjustable-Rate Mortgages
HousingWire | September 8, 2010
The financial services giant BB&T announced that it no longer provides adjustable-rate mortgages backed by the Federal Housing Administration or the department of Veteran Affairs.
Obama Plan is Latest Rescue Effort for Economy
Reuters | September 8, 2010
President Barack Obama on Wednesday will propose tax breaks for businesses and spending on public works programs in a package the White House says will eventually cost $180 billion. It is the latest in a series of plans to rescue the U.S. economy.
FHA Commissioner: GSE’s Considering Principal Forgiveness in Short Refi’s
CNBC | September 8, 2010
Let the principal reduction begin. The new FHA “Short Refi” program, announced earlier this year, went into operation yesterday. It allows borrowers who are current on their mortgages now to refinance into FHA-backed loans, if and only if their lenders agree to write down the principal balance on the loan by at least 10 percent. After the refi, the primary loan must have a loan-to-value ratio of no more than 97.75 percent.
From the National Association of Realtors®:
LEED Certification Takes the Lead
Green building now accounts for one-third of new construction in the United States, up from 2 percent in 1995.
Inventories Climb in ZipRealty’s 26 Markets
Natrionwide housing supply rose 0.4 percent in August for the eighth straight month with steepest jumps on the West Coast.
California Movers Are Nation’s Busiest
Outbound moves from the Golden State rose 10.3 percent while incomers increased 9.4 percent. Texas gained 50 percent more people than it lost.
Anthony V. Carollo / President
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