TBSWDaily Show:
When the President appointed Richard Cordray as director to head the CFPB, the Senate was officially in session. However, they, the Senate, were not in town. Without someone in charge, the CFPB is not allowed to pass rules and regulations. These rules and regulations, including QRM, neither would the CFPB be allowed to pull out money from the Federal Reserve to carry out actions that would otherwise require approval of congress. This could completely derail the CFPB and put into question what has been done. This might sound like a good idea, but the question is do we need regulation in mortgage lending and how do we implement that change? Is it better to have a single agency decide the rules and regulations or should we do as before when we had multiple agencies making different rules to the same set of circumstances, many of which seem at odds with each other?
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Georgia, Texas, Michigan and California, Arizona and Nevada are non-judicial foreclosure states. They led the way in the number of foreclosures in 2012. They are seeing a bottom to the massive foreclosure rate. House prices are on the rise in these states. The judicial foreclosure states will take much longer to work their way through the back log of foreclosures. There are only so many courtrooms and judges available. -cmlynski@housingwire.com
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Places to find good foreclosure deals:
Palm Beach and Lakeland, FL
Albany and Rochester NY
Tough places to find foreclosures:
McAllen, TX
Ogden, UT
Little Rock, Ark
Las Vegas
Salt Lake City
--Les Christie
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Foreclosure inventory, as measured by CoreLogic, is the share of all mortgaged homes in any stage of the foreclosure process. Foreclosure activity is down 19.5% from a year ago.
kpanchuck@housingwire.com
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TBWSDailyShow:
The refi business is down 10% from last year and is expected to drop another 40% this year. All real estate agents should call their past clients and suggest refi. That way you will be a hero if they are able to do so and haven't and you will continue to be at the forefront of their minds for future business. But since this is mainly a mortgage lender's website, all the mortgage folks should go after their past clients as well to see if any want to refi.
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The US GDP is worse than the gov't is reporting due to the way they are choosing to report it. So says economist Richard Wiedemer.
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TBWSDaily Show:
Home ownership dropped to 65.4% in Q4 of 2012 down from 66% in Q4 of 2011. Hedge funds are on the rampage to buy up foreclosures and other property for rentals and rent-to-own.
People who had stepped out of the real estate business and mortgage loan business are reentering.
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FHA will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or .1%. And they will force most mortgage holders to have mortgage insurance for the life of the loan.
Through a Federal Register Notice, the FHA will announce a proposal to increase down payment requirements for mortgages that have original principal balances above $625,000. The minimum down payment requirement for these mortgages will increase from 3.5% to 5%.
Additionally, the FHA will require lenders to manually underwrite loans of which borrowers have a credit score below 620 as well as a total debt-to-income ratio greater than 43%. Thus, lenders will be required to document compensating factors supporting underwriting decisions to approve loans where parameters are exceeding. --cmlynski@housingwire.com
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The nation's volume of mortgage applications fell 8.1% for the week ending Jan. 25 as mortgage rates ticked higher, an industry trade group said Wednesday.
The refinance share of mortgage activity declined to 79% of total applications, down from 82% the previous week, according to the Mortgage Bankers Association.
Average interest rate is 3.67% for 30 yr loans, the highest since Sept 2012. Mortgage applications are down 8.1% from 2 wks ago and refi's are down 3% from the prior week.-kpanchuck@housingwire.com
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Rep. Brad Miller (D-NC) says the congress won't bail out any more big banks because the TARP was so unpopular accross the board. That the "market is as dumb as a box of rocks" concerning politics.
The too-big-to-fail banks
should be broken up, said Federal Reserve Bank of Dallas Director Richard
Fisher, in a recent speech.
By Michael Kling in MoneyNews
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The 20-city composite index rose 5.5% during the 12-month period, while the Case-Shiller's 10-city composite index rose 4.5%. Bloomberg noted that November home prices grew the most in six years, suggesting a significant market turnaround in 2012.
Blitzer added, "Housing is clearly recovering. Prices are rising as are both new and existing home sales. Existing home sales in November were 5 million, highest since November 2009. New home sales at 398,000 were the highest since June 2010. These figures confirm that housing is contributing to economic growth."
But seeing strong price growth is not necessarily evidence of a full recovery, according to Josh Tashjian, principal at Centurion Real Estate Partners in New York City.
--kpanchuck@housingwire.com
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From power tools to carpets, appliances and furniture, signs of housing recovery abound. Time to buy stock in HomeDepot and Lowe's.
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Robert Schiller says that home prices are not necessarily set to rise in 2013 or for the next five years due to the inflated money value we have experienced with the QE's.
We'll see who is right.
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Jill Pierce works with RealEstateAuctions.com
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