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Viewing by month: May 2011

May 30 2011

Survey: Next two years is prime time for real estate investors...

Real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years, according to a nationwide survey from operator Move Inc.


Posted by Suzanne Baker at 5:09 PM - Categories:

May 24 2011

New Homes Sales Rose for a Second Straight Month in April...

NEW YORK (CNNMoney) -- New-home sales rose for a second straight month in April, but sales remain near the lowest levels on record, the government said Tuesday.

The Census Bureau reported an annual sales rate of 323,000 new homes last month.


Posted by Suzanne Baker at 4:21 PM - Categories:

May 19 2011

Foreclosure Deliquencies Level Off...

The percentage of homeowners who are behind on their mortgage payments inched higher in the first quarter while the number of new foreclosures declined, a lobbying group for the home-lending industry says.

"Overall, it's a picture of the market on the mend," Michael Fratantoni, an economist at the Mortgage Bankers Assn., said in an interview.

In a report Thursday, the trade group said 8.32% of homeowners with mortgages had missed at least one payment, up from 8.25% in the final quarter of 2010 -- a change Fratantoni described as more "leveling off" than significant statistical change.

The rate, adjusted for seasonal variances, was well below that recorded a year earlier: 10.06% of borrowers were in some stage of delinquency in the first quarter of 2011.

In a positive sign, the percentage of loans that are more than 90 days delinquent was down compared to the previous quarter and a year earlier, Fratantoni said.

The delinquency rate does not include homes in the foreclosure process. The trade group said 4.52% of all residential mortgages were in foreclosure during the quarter on a nonseasonally adjusted basis, down from 4.64% during the fourth quarter of 2010 and 4.63% during the first quarter of 2010.

The percentage of homes entering foreclosure dropped from 1.27% in the fourth quarter to 1.08% in the first quarter.

Increased scrutiny of foreclosures, triggered by revelations that banks cut legal corners as they took back homes, has dragged the repossession process out to unprecedented lengths, industry data firm  RealtyTrac said in a recent report that looked at data from April, the beginning of the second quarter.

Big banks specializing in customer service on mortgages have agreed to implement new rules imposed by federal regulators in the aftermath of that scandal, including providing a single person to contact for each troubled borrower, while a task force of state attorneys general works to impose more sweeping reforms.

Foreclosure filings, which include initial notices of default, scheduled auctions and bank seizures of property, dropped 9% in April from March and plunged 34% from April 2010 as 219,258 U.S. properties received new filings in April, a study by Irvine-based RealtyTrac showed last week.

California, where the housing picture was once far more grim than the nation's, more closely mirrored the rest of America in the latest report from the Mortgage Bankers Assn.

Delinquent loans made up 8.31% of all residential mortgages in California during the first quarter, down from 10.88% a year earlier. The rate of loans 90 or more days delinquent was 4.84%, down from 6.98%. Loans in foreclosure had dropped from 5.15% to 3.97%, Fratantoni said. Article Courtesy of Los Angeles Times.

Posted by Suzanne Baker at 3:11 PM - Categories:

May 17 2011

Don't Expect Interest Mortgage Deduction to Go Away...

WASHINGTON -- Two Washington insiders, speaking during the National Association of Realtors midyear conference last week, said the debate over changes to the mortgage interest deduction is largely for show, and that major changes are unlikely.


Posted by Suzanne Baker at 4:49 PM - Categories:

May 13 2011

Omama: Homeowners Need More Help...

WASHINGTON (CNNMoney) -- President Obama said that struggling homeowners need even more help from the banks, in a CBS town hall that aired Thursday.


Posted by Suzanne Baker at 1:21 PM - Categories:

May 8 2011

Help for Delinquent Homeowners...

Bank of America plans to triple the number of its assistance offices for homeowners in trouble on their mortgages, including adding seven of the new outreach centers in California.


Posted by Suzanne Baker at 5:52 PM - Categories:

May 3 2011

2010 Housing Market Recap & 2011 Outlook (California Association of Realtors)

As you prepare for the year ahead, it is important to revisit what transpired in the housing market in 2010 in order to help determine what can be anticipated in the coming year.


Posted by Suzanne Baker at 10:23 PM - Categories:

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