Something funny today.....From the people who brought you The Sequester..... http://www.azcentral.com/arizonarepublic/opinions/benson/
Wednesday, February 27, 2013
Pending home sales rose on both a monthly and an annual basis in January. The National Association of Realtors® (NAR) which compiled the data said January was the 21st consecutive month when its Pending Home Sales Index was higher than one year earlier. Read more... http://www.mortgagenewsdaily.com/02272013_pending_homes_sales.asp
Tuesday, February 26, 2013
The U.S. Census Bureau this morning released data on new single-family home sales for January. Sales rose 15.6% month-over-month, to a seasonally adjusted annual rate of 437,000, from a revised December sales figure of 378,000. Economists had been expecting a seasonally adjusted annual rate of 381,000. The January rate is 28.9% above the rate for January 2012. At the peak in 2005, new home sales posted a seasonally adjusted annual rate of nearly 1.4 million. Read more... http://247wallst.com/2013/02/26/new-home-sales-rise-sharply-in-january-inventory-slides/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29
Home prices rose at their fastest pace since July 2006, according to Standard and Poor's Case-Shiller 10- and 20-city Home Price Indices . At the same time, the Case-Shiller national index, reported quarterly, registered its strongest gain since Q2 2006. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fcase-shiller-indexes-show-fastest-gain-in-6-plus-years-2013-02-26
In an important new book due out next month, "The Bankers' New Clothes," the Stanford University economist warns that the U.S. banking system is as precarious today as it was before the 2008 housing crash. And given the vulnerability of the country's biggest banks, it won't take the kind of gale-force financial winds that blew down the global economy roughly four years ago to trigger another collapse. Read more... http://m.cbsnews.com/storysynopsis.rbml?pageType=moneywatch&catid=57570311&feed_id=76&videofeed=43
Monday, February 25, 2013
Banks Have One Reason To Cheer The Sequester: Big Cuts To Financial Regulation - The Huffington Post
You have to hand it to the banks: No matter how bizarre or dire the crisis hitting the broader economy, they will find a way to take advantage. Read more... http://www.huffingtonpost.com/mobileweb/2013/02/25/sequester-financial-regulation_n_2759085.html?ir=business&utm_campaign=022513&utm_medium=email&utm_source=Alert-business&utm_content=FullStory
Sunday, February 24, 2013
Read more: Redwood Trust booms on jumbo loan market - SFGate
Shares of Tri Pointe Homes LLC, which last month became the first U.S. homebuilder to go public in over a decade, and those of plywood and lumber maker Boise Cascade Co surged in their market debut over the last three weeks.
Read more: Homebuilder Taylor Morrison doubles IPO size | Reuters
Saturday, February 23, 2013
Over the course of last year, nearly 2 million homeowners were released from negative equity, Zillow reported Thursday. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fzillow-19m-homeowners-released-from-negative-equity-in-2012-2013-02-21
Existing-home sales rose 0.4 percent in January to 4.92 million after December sales were revised downward, the National Association of Realtors ( NAR ) reported Thursday. Economists had expected the sales pace to drop to 4.9 million from December's originally reported 4.94 million. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fexistign-home-sales-inch-up-prices-at-10-month-low-2013-02-21
Thursday, February 21, 2013
You can't always believe what you read in the papers.
Earlier this week, it was reported that Housing Starts dropped in January, with some experts positing that the housing market was getting its come-uppance; that last year's gains were too fast, too soon. What got missed in those headlines, though, was relevance.
Yes, Housing Starts dropped in January 2013. However, once we isolate the Housing Starts data for single-family homes -- the dominant home type for buyers like you and me -- the report looks much different. Read more... http://themortgagereports.com/7028/housing-starts-building-permits-truths?utm_source=The+Mortgage+Reports+Blog&utm_medium=email&utm_campaign=77dcc3172c-RSS_EMAIL_TMR
Fannie Mae's economists said on Thursday that, despite the feeble note on which 2012 ended, the economy has the building blocks, including housing, for strong growth. Housing is now on a sustained growth path as are manufacturing and energy production but, given circumstances in Washington, Doug Duncan, Orawin T. Velz, and Brian Hughes-Cromwick said they see no reason to revise their forecast from January. They said, however, that if their forecast is wrong it will be erring on the side of being too conservative. Read more... http://www.mortgagenewsdaily.com/02212013_fannie_mae_forecast.asp
A new report from FBR Capital Markets asserts low rates and high demand will continue to boost profitability in the mortgage banking sector in 2013. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Freport-mortgage-banking-to-stay-profitable-refi-boom-not-over-yet-2013-02-20
Housing starts declined 8.5 percent from December to January but remain 24 percent above last year's rates, according to recent data from the Census Bureau and HUD . Read more.... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fhousing-starts-impacted-by-distressed-inventory-2013-02-20
Wednesday, February 20, 2013
This photo of Crowne Plaza San Marcos Golf Resort is courtesy of TripAdvisor Chandler’s Crowne Plaza San Marcos Golf Resort has a new owner and soon will have a new look. Interwest Capital, which purchased the historical property on Jan.28, plans a top-to-bottom renovation, including revamping guest rooms and meeting spaces and improving the golf course and grounds, said Karl Coleman, president of Interwest Capital. “Our goal is to have that finished this year so we can celebrate the centennial of the hotel,” Coleman said. Read more: Crowne Plaza gets new owner
When it comes to income-tax audits, there’s usually safety in numbers.
In any given year, the odds suggest the Internal Revenue Service will select someone else’s return for a closer look, rather than yours.
The IRS said it audited more than 1million individuals in fiscal 2012 for the sixth year in a row, collecting more than $50 billion for the third consecutive year.
While those numbers might seem high, audit rates are really quite low — affecting just 1.03 percent of all tax returns filed. To put that into perspective, the IRS said it prevented fraudulent refund payments on three times as many returns, 3 million, stemming from the unlawful theft of Social Security numbers and other personal information from legitimate taxpayers.
Read more: Some factors increase chance of audit
Adorned with rebar and the hieroglyphics of freeway artistry, the towers soon will be topped with what planners see as a literal roadway to the future.
The vision includes high-rises just across the street from Phoenix-Mesa Gateway Airport. It includes a 60-gate airport terminal just south of where the freeway will someday cross Ellsworth Road. It embraces the concept of a world-class “aerotropolis” that may become one of the state’s strongest economic nodes.
Read more: Mesa expects freeway to drive development
Amcal Multi-Housing Inc. of Agoura Hills, Calif., is proposing a four-story, 82-unit apartment complex immediately adjacent to the Sycamore Street light-rail station.
Read more: Light rail spurs fourth housing proposal for Mesa
It was very, very tough because you had to have faith in knowing that this was going to get built up,” she said. “It was a learning experience to build a business by yourself when everyone else around you is disappearing.”
The four-building restaurant and retail complex along the south side of the Arizona Canal was hard hit by the recession, as numerous merchants were forced out of business.
Read more: After recession, Downtown Scottsdale's SouthBridge now ‘golden area’
Filings in metro Phoenix fell a further 17.9 percent in January, marking the 24th consecutive month of year-over-year declines. The 1,084 bankruptcies last month reported by the U.S. Bankruptcy Court in Phoenix were down from 1,321 in January 2012 and from a cyclical peak of 3,063 in March 2010.
Read more: Metro Phoenix bankruptcies decline further
Both foreclosures and foreclosure starts have fallen back to levels not seen in the region since 2007. In January, lenders took back 1,339 houses, according to the Information Market. During 2009-11, monthly foreclosures regularly topped 4,000 and often climbed above 5,000.
Read more: Foreclosures no longer driving force in metro Phoenix market
Monday, February 18, 2013
Read more: Fannie and Freddie streamline deeds-in-lieu | Inman News
Thursday, February 14, 2013
Tuesday, February 12, 2013
For all of 2012, servicers completed more than 850,000 loan modifications, while the industry also continued to push for another foreclosure alternative —short sales, according to recent data from HOPE NOW , an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fforeclosure-prevention-continues-with-850k-mods-422k-short-sales-in-2012-2013-02-11
More Than 1.1 Million Homeowners Granted Permanent HAMP Status | Mortgage News | Daily National and State Headlines
The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have jointly released the January edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation's housing market. Data continue to show signs that the housing market is strengthening, with the number of underwater borrowers continuing to decline as home prices continue to improve, although officials caution that there is regional variation and the overall economic recovery remains fragile. Read more.... http://nationalmortgageprofessional.com/news34401/january-housing-scorecard-courtesy-obama-administration
Sunday, February 10, 2013
Steady improvement in metro Phoenix's new-home market has developers and homebuilders scrambling to buy property for dozens of new subdivisions projected to spring up over the next few years. Read more... http://www.azcentral.com/business/realestate/articles/20130129phoenix-housing-land-growth.html
Friday, February 8, 2013
In Fannie Mae's latest housing survey, consumers maintained their expectation for growth in home and rent prices and also expressed more optimism toward the economy. Read more... http://www.dsnews.com/articles/survey-consumers-optimism-toward-home-prices-economy-grows-2013-02-07
Wednesday, February 6, 2013
Tuesday, February 5, 2013
The low rates of the past few years -- which have warmed the hearts of mortgage applicants but been cold comfort to savers -- are unlikely to budge soon. For that, thank (or blame) the Federal Reserve. Read more... http://money.cnn.com/2013/01/01/news/economy/interest-rates.moneymag/index.html
Monday, February 4, 2013
The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap Real Estate Investment Services' recently released National Apartment Report promises another year of expansion in the multifamily market as "the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance." Read more... http://www.dsnews.com/articles/multifamily-sector-to-remain-strong-with-few-hiccups-in-some-markets-2013-02-01
The Internal Revenue Service is offering guidance on mortgage principal reductions in the federal government's program for mortgage modifications for borrowers who have fallen behind on their payments. Read more.... http://www.accountingtoday.com/news/IRS-Provides-Guidance-Mortgage-Modifications-65438-1.html
Friday, February 1, 2013
The Qualified Mortgage (QM) rule, also called the "Ability To Repay" rule, is the first-ever attempt at defining and establishing qualifying standards for borrowers applying for mortgage loans. Read more... http://www.deadlinenews.com/2013/01/31/qa-what-is-the-qualified-mortgage-rule/
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
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