Small businesses take loans in increments of 10 yrs or so. They pay balloon payments at the end of 2 yrs or so. The banks are now under more regulations than they were even two years ago. Since the banks are under so much pressure from the gov't, they are only taking the businesses with the very best credit. This only portends trouble for small businesses which will have trouble finding financing in this difficult economy.-- Emily Maltby
http://online.wsj.com/article/SB10001424127887323550604578412840972991934.html
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Good news again.
Of the 20 cities covered by the indices, all reported year-over-year increases for at least two consecutive months. Phoenix led the growth with a 23% year-over-year return. San Francisco, Las Vegas and Atlanta took the next three slots with an 18.9%, 17.6% and 16.5% year-over-year return, respectively. -- mhopkins@housingwire.com
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The nation’s supply of homes in some stage of foreclosure plummeted 23% in March, declining from 1.5 million housing units a year earlier to 1.1 million distressed properties, CoreLogic ($27.21 0%) said in a new report Tuesday.
"In March, completed foreclosures were down 52% from the peak in 2010, and almost all of the top 100 major metropolitan areas have declining foreclosure rates," said Dr. Mark Fleming, chief economist for CoreLogic. -- kpanchuck@housingwire.com
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HUD homes will be filling some of the inventory needs. Investors can expect these to increase the housing inventory in the near future.
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Nat'l Real Estate Post:
Congressmen Steven Fincher from TN and Benny Thompson from MS have introduced Preserving Access to Manufactured Homes Act. There are 22 million manufactured homes which under Frank-Dodd would be considered high cost homes and would be difficult to finance. This bill would allow the homes to be financed like regular homes.
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Pending home sales rose more than expected in March following a decline in February. Pending home sales gained 1.5% last month, topping the consensus estimate of a 1.0% gain.-- Brad Hoppman in Uncommon Wisdom Daily
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Large banks are selling their foreclosure inventory quickly and then loaning again to buyers with very good credit. However, smaller banks can't turn around their foreclosures as quickly because of the regulations requiring a certain amount of reserve which would overwhelm the smaller banks' finances. This may change if the home prices continue to rise. The trend continues to be in the favor of those with the best credit get the house.
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Nat'l Real Estate Post:
When Obamacare kicks in (H.R. 3590), if you miss a medical payment, it goes on your credit record. However, Maxine Waters has put forth H.R. 1767 which states that when your medical bill has been paid it should not be marked paid, but be expunged from your record.
The World Trade Center in now the tallest building in our hemisphere.
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The share of Americans who own their homes was 65 percent in the first quarter, down from 65.4 percent a year earlier and the lowest level since the third quarter of 1995, the Census Bureau reported today. The vacancy rate for rented homes dropped to 8.6 percent from 8.8 percent a year earlier, while vacancies for owner-occupied houses fell to 2.1 percent from 2.2 percent.
Diggle said the home ownership rate will continue to fall throughout the year. It peaked at 69.2 percent in June 2004, spurred by easy credit.
“Tight credit, tight for-sale inventory, the challenge of saving for a down payment, and more rental single-family supply all helped lower the home ownership rate,” Jed Kolko, chief economist for Trulia Inc. (TRLA), a San Francisco-based online real estate information service, said today in a statement.
To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net
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Nat'l Real Estate Post:
We succeed where we have passion. So get a blog and blog about your passion. You will get more ROI when you love what you are doing. Even if you think it's stupid. Especially if you think it's stupid. Blogger and Wordpress are free. Look at this link- http://thenationalrealestatepost.com/2013/05/01/the-return-of-patrick/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29 for more information.
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Helpful help is helping others to help themselves.
It is absolutely okay to be self-conscious, also known as self-awareness. Giving is a wonderful expression of love. Knowing when to give and how much to give requires discernment. Therefore, give consciously realizing that you are helping another being grow beyond the need for constant help.
Ah'Nay Satori
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34 states now have rejected Obamacare.
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"Before you have an argument with your boss, take a good look at both sides...his side and the outside."
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The path to your best goals are likely not easy or straightforward but they are achievable. Find a way!...Mat Wachowski
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Herman Cain says we all need someone to love, something to do and something to hope for. I just found a google circle of photographers who's photographs feed my soul. I think Uncle Herman needs to add that we need to feed our souls.
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Economists widely agree it will continue with monthly purchases of $40 billion in mortgage-backed securities (MBS) and $45 billion in Treasuries in an all-out effort to spur borrowing, investing and hiring across the United States.
"MBS probably helps the housing market strengthen and maybe it should be the last to be cut," he said.
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/StreetTalk/fed-mortgage-bond-buying-easing/2013/05/01/id/502171?s=al&promo_code=1353D-1#ixzz2S3pqyQoE
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5 reasons the housing market is still wobbly:
1. Good, fairly priced land is scarce. That's because a lot of land was foreclosed on by banks
2. House flippers are at risk because the interest rates and gov't regulations could change for the worse at a moment's notice
3. The recovery depends deeply on gov't aid because Freddie and Fannie are backing virtually all the mortgages.
4. Foreign buyers driving up prices in Miami, Los Angelas, and New York.
5. We are having a patchy recovery. One place could be on fire and 100 miles away...nothing.
Rick Newman at U.S. News
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Throughout the summer ahead, HUD will sell approximately 20,000 distressed loans via the Distressed Asset Stabilization Program in an attempt to increase recoveries to FHA’s Mutual Mortgage Insurance Fund from non-performing FHA-insured loans, while contributing to stabilization and recovery in communities that took the hardest hit during the housing recovery.
The offerings by HUD will be conducted via two auctions. The auction on June 26th will focus on selling approximately 15,000 notes through 'national pools,' while the one on June 10th will offer approximately 5,000 notes through Neighborhood Stabilization Outcome pools.
In March 2012, HUD sold more than 16,000 seriously delinquent mortgages. -- mhopkins@housingwire.com
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Sales of newly built, single-family homes rose 1.5 percent to a seasonally adjusted annual rate of 417,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau. The inventory of new homes for sale held virtually unchanged at just 151,000 units in March, which amounts to a 4.4-month supply at the current sales pace.
"The latest sales report is right in line with our forecast for continued, modest increases in home prices and sales through 2013," said NAHB Chief Economist David Crowe. "At this point, we are about half-way back to what would be considered a 'normal' level of sales activity as challenges related to supplies of credit, building materials, lots and labor are slowing the pace at which builders can build and sell new homes." National Mortgage Professional reported by Sonja Bullard with Angel Oak Funding
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The CBO says one scenario could save tax payers $2.8 billion.
"The most effective approach would be to offer principal forgiveness only to borrowers who were delinquent at the time the program was announced, thereby excluding borrowers who become delinquent in order to receive principal forgiveness," the report states.
"Another approach would be to forgive a portion of the borrower’s loan in exchange for granting the lender a claim on future equity or home appreciation — that approach is known as a 'shared appreciation' modification."
(I personally think that if reducing the principle is only for the GSE's it is fine, but if it is compulsory for the private lenders as well, it is wrong).
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Home ownership in the U.S. fell to an 18 year low due to a rise in investor-owned rentals and tight credit for buyers.-- Newsmax
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Pocket listings are making a comeback.
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Nat'l Real Estate Post:
http://thenationalrealestatepost.com/2013/05/03/fhfa-scandal-in-the-works/#comments
I think you need to see this for yourself and make a call.
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