Just another example of how most fraudsters that help to cause the 2008 debacle got away scot-free.Comments »
“LOS ANGELES (AP) — Banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market by early next year, potentially weighing further on home values.
June provided the latest evidence of this trend, as the number of U.S. homes entering the foreclosureprocess for the first time increased on an annual basis for the second month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.”Comments »
“NEW YORK (CNNMoney) — The mortgage market appears to finally be stabilizing — as long as you ignore loans backed by the Federal Housing Administration.
Increasingly, FHA-insured loans are falling into foreclosure or serious delinquency, moving in the opposite direction of loans guaranteed by Fannie Mae and Freddie Mac or those held by banks, which are all showing signs of improvement.”Comments »
“Applications for U.S. home mortgages tumbled last week as demand for refinancing slumped for a second week in a row, though new purchase activity edged up, an industry group said on Thursday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended June 29.
The MBA’s seasonally adjusted index of refinancing applications slumped 8.4 percent, after a more than 8 percent drop the previous week. The gauge of loan requests for home purchases, a leading indicator of home sales, improved modestly, up 0.6 percent.”Comments »
“There’s a whiff of 2005 in the Arizona air. While D.J. Hughes hunts for carpenters to join his team at a Phoenix-area house-framing company, competitors are tracking down his workers at building sites and offering them more money. “Everybody is trying to pull crews from everyone,” says Hughes, a project manager for J.L. Baugh Construction in Gold Canyon, Ariz., who admits to attempted talent raids on rivals. “I’ve been doing this for a quarter of a century, and this is the biggest shortage of skilled laborers I’ve ever seen.”Comments »
Best showing since April of 2010…Comments »
“According to the Mortgage Bankers Association, applications for mortgages declined by -0.8% last week compared with a week earlier. The refinance index rose by 1%, but the purchase index fell by -9%. Here’s the MBA’s take:
Refinance volume increased again last week, but the composition of activity changed markedly. Despite rates remaining near all-time lows, conventional refinance application volume declined, and the HARP share of refinance activity dropped to 20 percent. On the other hand, FHA refinance volume exploded to an all-time high, more than doubling over the week. … Purchase activity fell off last week, but this is likely only a recalibration following the Memorial Day holiday, as the level of activity remains within the narrow band seen for the past 3 years.”
“Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales — scenarios that could further weigh down home values in coming months.
Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That’s an increase of 12 percent from April and up 16 percent versus May last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The firm monitors documents filed on properties with mortgages that have gone unpaid. Once that process begins, homes can end up foreclosed-upon, sold at auction or via a short sale. A short sale is when the bank agrees to accept less than what the borrower owes on their mortgage.”Comments »
Manhattan financial services contraction weighs heavily on REITs
June 13, 2012 12:00PM
By Adam Pincus
The shrinking of Manhattan’s once-robust financial services footprint is dampening the mood among top real estate executives who spoke yesterday during an annual real estate investment trust conference in Midtown. While the CEOs and presidents of firms such as SL Green Realty, Vornado Realty Trust and Boston Properties, generally said the cutbacks had not hurt their own companies, they acknowledged the weak financial services industry hobbled the overall leasing market.
Those REITs were among the more than 100 real estate investment trusts that were scheduled to make public comments and take questions from the audience yesterday and today at the annual conference known as REITWeek, held this year from June 12-14 at the Hilton New York in Midtown. The event is hosted by the Washington, D.C.-based National Association of Real Estate Investment Trusts.
READ THE REST HERE AT THEREALDEAL.COM
[youtube://http://www.youtube.com/watch?v=MRG4kZDIixE 450 300]Comments »
“Editor’s Note: Keith Jurow has been posting articles regularly for the past two years on BUSINESS INSIDER. He is the author of Minyanville.com’s Housing Market Report.
After being the only analyst who was spot-on correct in stating for the past two years that there is no housing bottom in sight, it’s time for me to tell you what I see ahead.
Housing pundits are nearly unanimous in declaring that housing markets are showing signs of bottoming. This is nonsense!”Comments »
Not so good….Comments »