Shared by Nouman Raza Burj Khalifa
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A proposal suggesting the use of eminent domain to aid underwater borrowers continues to spread to various municipalities despite significant pushback from the mortgage industry.
Yet, analysts like to point out that eminent domain does little to cure these issues since it's designed to help only 'current' borrowers.
But with investors and mortgage industry partners ready to file suit to protect their interests in affected mortgage pools, Killian has watched eminent domain proposals die off in several cities after the initial pitch. Kerri Ann Panchuck in HousingWire
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Relative to income, New Zealand housing prices are now more than 20 percent above their historical average. International organizations such as the International Monetary Fund and the Organization for Economic Cooperation and Development share the Reserve Bank’s concerns that real estate may be overvalued.
So what is the central bank in New Zealand doing about it? In October, it put a limit on high loan-to-value mortgages. Each bank must see that no more than 10 percent of its new mortgages finance more than 80 percent of a house’s value. Before the limit took effect, such mortgages had reached 30 percent of new originations. Peter Orszag in MoneyNews
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Where the Great Wall of China meets the sea. Shared by Gia Huy Au Duong
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“My forecast is housing starts will increase in 2014, but metro Atlanta will continue to experience a shortage of homes,” said Eugene James, regional director for Metrostudy.
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Shared by Maria Herodt, Ely Castle in England
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Nat'l Real Estate Post:
The CFPB continues to bust lenders and other companies for kickbacks. We'd really like to know what the CFPB views as legal or illegal with respect to these kind of relationships. I mean, is there a legal way for companies to work together via joint ventures or similar arrangements? Does the CFPB have a way they can accept or is it all bad?
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WS
Lending
Sellers no longer sitting pretty
Substantial price jumps are unlikely
As more inventory hits the housing market and buyers rebel against rising home prices, the real estate market is likely to shift from seller dominance to one that is more counterbalanced by buyer reluctance to acquire homes deemed too expensive
"In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter," said Mark Fleming, chief economist for CoreLogic. Brenna Swanson in HousingWire
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Shared by Djordje Majetic, Rome in the snow
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CoreLogic’s Home Price Index (HPI) report for October shows the national home price (including distressed sales) rising 0.2 percent from September, edging just above the company’s predictions from last month. Year-over-year, the national price increased 12.5 percent, marking the 20th straight month of annual price increases nationally. -Torrie Barringer in DSnews.com
