Social media, like loan origination, is often a popularity contest. And while many find it difficult to get noticed, AMC Lending Group's Logan Mohtashami has found a way to rise to the top. His strategy of using social media to spread useful market analysis has garnered a personal following of over 15,000 people, and media attention everywhere from Benzinga.com to Bloomberg. -- Jessica Huseman in Origination News
-------------------------------------------------I have read a couple articles asking whether or not immigrants can save housing. None address whether or not the immigrants are legal or illegal, so until the studies differentiate between the legal and illegal populations, I won't include that info.
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Shared and taken by Norbert Metz, Old Stones (seen in the north of Lago di Garda)
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From the U.S. Census Bureau News:
Sales of new single-family houses in July 2014 were at a seasonally adjusted annual rate of 412,000, according to estimates
released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.4
percent (±11.9%)* below the revised June rate of 422,000, but is 12.3 percent (±17.1%)* above the July 2013 estimate of
367,000.
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It's settled: Principal reduction is smart policy
Principal reduction is the most effective solution to resolving mortgage distress. According to Standard & Poor’s (which is not alone in this assessment), loans where the modification includes principal reduction are the least likely to re-default among all types of modifications. Thus, even though other types of modifications (interest rate reductions, term extensions, and so on) may be able to lower the payment similarly, their long-term performance is nowhere near as strong. -- Christie Peale in HousingWirehttp://www.housingwire.com/blogs/1-rewired/post/31140-its-settled-principal-reduction-is-smart-policy
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Shared and taken by Werner Polwein, Burj Khalifa
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This New York penthouse can be yours for just $110 million
The plan reveals that the $110 million penthouse atop the iconic tower — a unit that has been christened the “Pinnacle” — will span 9,400 square feet with just under 500 square feet of outdoor space. This means Alchemy is asking about $11,700 per square foot for the eyrie atop the landmark tower, by far a record for Downtown and one of the priciest listings ever to hit the city. Overall, the average price for the 34 condo units collectively known as the Woolworth Tower Residences is $4,172 per foot, with a total sellout of $443.7 million. Prices start at $3.9 million for a 1,290-square-foot pad on the 44th floor, suggesting Alchemy feels even more bullish about sales prospects than it did in June, when Bloomberg News reported that the unit was asking $3.5 million. -- Trey Garrison in HousingWirehttp://www.housingwire.com/articles/31151-this-new-york-penthouse-can-be-yours-for-just-110-million
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Nat'l Real Estate Post:
The people with more money are buying more houses. (Shocker) More loans are being written because house prices are up. http://thenationalrealestatepost.com/
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Shared and taken by Dominique Dubied, Venice
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Nat'l Real Estate Post:
It costs lenders $5000 to do one loan, which is down from $6000 last year. No wonder lenders don't want to do entry level loans. Lenders are now making $954.00 on a loan where as last year they were loosing that much. (And Dodd-Frank is only 1/2 implemented!)
Now, because so many in the Napa Valley area were jumbo loans, the lenders don't want to do jumbo loans. What to do? Require earthquake insurance for homes built in earthquake prone areas! We require flood insurance in flood prone areas and fire insurance in because of hurricanes.
http://thenationalrealestatepost.com/dodd-frank-part-2-coming-soon/?
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Last year in July, 976,000 homes in the United States were in some stage of foreclosure. In July 2014, a comparatively fewer 640,000 homes are now in the foreclosure inventory, compared to 976,000 in July 2013. -- Jacob Gaffney in HousingWire
http://www.housingwire.com/articles/31178-corelogic-far-fewer-foreclosures-coming-to-market
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Shared and taken by M. Friedrich, Old house in France
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The most active states for mortgage fraud today include California, Nevada, Arizona, Florida and Michigan, reportFreddie Mac's fraud investigators. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/31185-here-are-the-most-active-states-for-mortgage-fraud-schemes
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From the Bureau of Economic Analysis:
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.2 percent in the second quarter of 2014,
according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter,
real GDP decreased 2.1 percent.
(The congressional budget office just said the economic growth for the US will be 1.5% this year.)
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Shared and taken by Edith Kulka, Vienna - St. Stephens - St. Catherine´s chapel
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The pending home sales index gained 3.3 percent after a 1.3 percent decrease in June that was larger than initially reported, the National Association of Realtors said today in Washington. The median projection in a Bloomberg survey of economists called for the index to advance 0.5 percent. -- Lorraine Woellert in Business Week
http://www.businessweek.com/news/2014-08-28/pending-sales-of-u-dot-s-dot-existing-homes-increase-more-than-forecast
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It’s a great time to be a multimillionaire. But then, when is it not?
In New York – like Monaco and Hong Kong – real estate prices have passed high and are trending towards silly. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/31214-manhattan-real-estate-prices-hitting-new-records
-------------------------------------------------Shared and taken by M. Friedrich, France
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The National Urban League and HUD presented the findings of their study earlier this year with an emphasis on how minorities apply for fewer mortgages, and are turned down for mortgages at a much higher rate.
Leave aside that when they say minorities they don’t mean all minorities. They really mean black and Hispanic borrowers and would-be borrowers. (Asians are conveniently shunted aside and tucked in with white borrowers.) --Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/31200-housing-shouldnt-look-at-any-color-but-the-color-of-money
-------------------------------------------------Home prices nationwide, including distressed sales, increased 7.4% in July 2014 compared to July 2013, according to the July report from CoreLogic (CLGX) – a significant slowdown that continues the long-term trend and a 21-month low. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/31220-home-price-growth-slows-to-21-month-low
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