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Economists say housing outlook continues to slowly brighten

Henry Yutangco — Fri, 04 May 2012 03:27:09 +0000

Mirroring the uneven economic recovery, the housing market is expected to move in a slow, gradual upward path in 2012, while encountering its share of speed bumps along the road, according to a forecast presented by the National Association of Home Builders (NAHB) on the housing and economic outlook.

While the latest monthly housing data have shown signs of a slight softening, NAHB Chief Economist David Crowe said this is more reflective of typical month-to-month volatility in the numbers and unusual seasonal factors than they are an indication of any significant downward trend in the broader housing market.

Crowe noted that numerous other fundamentals remain positive for housing at this time, including demographic factors (with pent-up household demand expected to ramp up and echo-boomers heading into their prime household formation ages), historically favorable mortgage rates that are not expected to move higher than 5 percent by the end of next year, more than 100 local markets currently listed on the NAHB/First American Improving Markets Index, and the fact that house price-to-income ratio has now returned to its historical average of about three-to-one versus the nearly five-to-one to which it had previously risen during the height of the housing boom.

However, he cautioned that housing still continues to face formidable challenges of its own — such as rising foreclosures, persistently tight lending standards for home buyers and builders and difficulties in obtaining accurate appraisals. Moreover, disappointing job growth numbers in March and uncertainty in the European economy are undermining prospects for a vigorous recovery.

http://www2.realtoractioncenter.com/site/R?i=FZiEfAGjjs2QkvLzlEYLcw

New home sales rise year-over-year in March

Henry Yutangco — Mon, 30 Apr 2012 23:56:19 +0000

Los Angeles Times
The pace of new home sales in March was up 7.5 percent from a year earlier, the Census Bureau and the Dept. of Housing and Urban Development reported this week.
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http://www.latimes.com/business/money/la-fi-mo-new-home-sales-20120424,0,1201517.story?track=rss

Tip of the Week: Mortgage fraud SARs increased in 2011

Henry Yutangco — Fri, 27 Apr 2012 03:44:57 +0000

The Financial Crimes Enforcement Network has released its full year 2011 update of mortgage loan fraud reported suspicious activity reports (MLF SARs), which shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase compared with the 70,472 submitted in 2010. The increase can be primarily attributed to mortgage repurchase demands.

Financial institutions submitted 17,050 MLF SARs in the 2011 fourth quarter, a 9 percent decrease in filings compared with the same period in 2010 when financial institutions filed 18,759 MLF SARs. While too soon to call a trend, the fourth quarter of 2011 was the first time since the fourth quarter of 2010, when filings of MLF SARs had fallen from the previous year. FinCEN also updated its SAR data sets used in the report.

Foreclosure deal credits banks for routine efforts

Henry Yutangco — Mon, 02 Apr 2012 23:45:33 +0000

New York Times

Banks often approve real estate transactions that do nothing to prevent foreclosure. But beginning this month, they can count such activities as part of their new commitment to help people stay in their homes.
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http://www.nytimes.com/2012/03/28/business/foreclosure-deal-gives-banks-credit-for-routine-activities.html?_r=1&ref=realestate

Website aims to stop strategic defaulters

Henry Yutangco — Tue, 27 Mar 2012 00:08:34 +0000

San Diego Union-Tribune
A California real estate agent has launched an awareness website that aims to stop strategic defaults, which are when underwater borrowers choose to walk away from their homes even though they are able to afford their mortgages.

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http://www.utsandiego.com/news/2012/mar/16/website-aims-stop-strategic-defaulters/

Bank of American to reduce principal for up to 200,000 homeowners

Henry Yutangco — Mon, 19 Mar 2012 23:30:39 +0000

The Los Angeles Times
Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers.

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http://www.latimes.com/business/money/la-fi-mo-bank-of-america-mortgages-20120309,0,5615384.story?track=rss

Lowering our expectations for foreclosure settlement

Henry Yutangco — Tue, 13 Mar 2012 03:05:20 +0000

The Los Angeles Times
The shortcomings of the $25-billion deal with five major banks seem to proliferate with each passing day.

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http://www.latimes.com/business/realestate/la-fi-hiltzik-20120307,0,246162.column

Fast Facts

Henry Yutangco — Fri, 09 Mar 2012 03:33:52 +0000

Calif. median home price: January 2012: $268,280 (Source: C.A.R.)
Calif. highest median home price by region/county January 2012: Marin, $694,440 (Source: C.A.R.)
Calif. lowest median home price by region/county January 2012: Tehama, $110,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: January 2012: 102.4, an increase from the revised 93.1 recorded in January 2011

Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)

Mortgage rates: Week ending 3/1/2012 30-yr. fixed: 3.90% fees/points: 0.8% 15-yr. fixed: 3.17 fees/points: 0.8% 1-yr. adjustable: 2.72% Fees/points: 0.6% (Source: Freddie Mac)

Bulk sales of foreclosed homes are a bad solution for California

Henry Yutangco — Tue, 06 Mar 2012 04:02:52 +0000

The Sacramento Bee

The president of the CALIFORNIA ASSOCIATION OF REALTORS® explains why the government’s bulk sales plan for foreclosures is not the right solution for California’s housing market and economic recovery.

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http://www.sacbee.com/2012/02/25/4289176/bulk-sales-of-foreclosed-homes.html

Consumer bureau to unveil monthly mortgage statement prototype

Henry Yutangco — Tue, 21 Feb 2012 04:25:26 +0000

The Los Angeles Times

The Consumer Financial Protection Bureau this week will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer.

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http://www.latimes.com/business/money/la-fi-mo-mortgage-statement-20120213,0,5870776.story