Source: Housingwire
Fannie Mae unveiled three new exit options for borrowers involved in the deed-in-lieu of foreclosure process Wednesday.
The guidelines are part of the servicing alignment initiative and mirror policies previously outlined by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac. Fannie also announced it has renamed the deed-in-lieu of foreclosure process as a 'mortgage release' and is using that term throughout the servicing guidebook.
The government-sponsored enterprise said servicers are required to implement the policies for all loans under consideration for mortgage release on or after March 1, 2013.
Fannie noted the GSE is now offering three exit options for borrowers involved in deed-in-lieu of foreclosure procedures. The first is the standard mortgage release or immediate move process.
The guidelines escalate in terms of borrower flexibility with the initiative also offering a three-month transition option with no rent payment required and a 12-month lease with market rent payment option.
Further, Fannie Mae said servicers are no longer required to obtain written approval when they want to postpone a foreclosure sale on a loan that is more than 12 months delinquent as of the last paid installment date.
URL to original article: http://www.housingwire.com/content/fannie-mae-announces-new-requirements-deed-lieu-process
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, November 29, 2012
Wednesday, November 28, 2012
Realtors: Distressed home sales decline in Central Valley
Source: The Business Journal
Month-to-month and year-over-year distressed home sales fell in Fresno and Madera counties for the month of October, the California Association of Realtors reports. A study by the association showed that in Fresno County distressed home sales -- which include short sale and real estate owned (REOs) homes that are often owned by banks -- stood at 61 percent in October 2011. The percentage fell to 51 percent in September 2012 and to 48 percent in October 2012. In Madera County distressed sales hit 89 percent in October 2011. By September of this year the percentage had fallen to 60 percent and one month later it was at 55 percent. In Kings County, month-to-month distressed home sales rose slightly. The association did not have an October 2011 percentage for Kings Count, but distressed sales climbed from 39 percent in September 2011 to 42 percent in October 2012. Tulare County only had information available for October 2012, which showed 46 percent of home sales were distressed. Statewide, distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011. Also, statewide, the unsold inventory index for real estate owned homes fell from 2.2 months in September to 1.9 months in October. The unsold inventory index for short sales was 3.1 months. Also, California’s pending home sales index rose 4.3 percent from September to October. “The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state," said Don Faught, 2013 California Association of Realtors president in a release. Meanwhile, non-distressed sales have risen sharply, he said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4072-realtors-distressed-home-sales-decline-in-central-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
Month-to-month and year-over-year distressed home sales fell in Fresno and Madera counties for the month of October, the California Association of Realtors reports. A study by the association showed that in Fresno County distressed home sales -- which include short sale and real estate owned (REOs) homes that are often owned by banks -- stood at 61 percent in October 2011. The percentage fell to 51 percent in September 2012 and to 48 percent in October 2012. In Madera County distressed sales hit 89 percent in October 2011. By September of this year the percentage had fallen to 60 percent and one month later it was at 55 percent. In Kings County, month-to-month distressed home sales rose slightly. The association did not have an October 2011 percentage for Kings Count, but distressed sales climbed from 39 percent in September 2011 to 42 percent in October 2012. Tulare County only had information available for October 2012, which showed 46 percent of home sales were distressed. Statewide, distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011. Also, statewide, the unsold inventory index for real estate owned homes fell from 2.2 months in September to 1.9 months in October. The unsold inventory index for short sales was 3.1 months. Also, California’s pending home sales index rose 4.3 percent from September to October. “The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state," said Don Faught, 2013 California Association of Realtors president in a release. Meanwhile, non-distressed sales have risen sharply, he said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4072-realtors-distressed-home-sales-decline-in-central-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mortgage debt at lowest levels since 2006
Source: Housingwire
The non-real estate household debt rose 2.3% to $2.7 trillion for the third quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit. The reduction is a result of a decrease in mortgage debt to $120 billion and home equity lines of credit to $16 billion, despite mortgage originations increase for the fourth consecutive quarter. "The increase in mortgage originations, auto loans and credit card balances suggests that consumers are slowly gaining confidence in their financial position," said senior economist Donghoon Lee at the New York Fed. He added, "As consumers feel more comfortable, they may start to make purchases that were previously delayed." Mortgage debt is at its lowest levels since 2006, at $8.03 trillion. Delinquency rates for mortgages also decreased from 6.3% to 5.9%. Home equity line of credit delinquency rates remain at records highs of 4.9%. About 242,000 consumers had a new foreclosure added to their credit report, which is the lowest is almost six years, indicating new foreclosures are returning to pre-crisis levels. Mortgage originations – measured as the appearance of new mortgages on consumer credit reports – rose $521 billion, which is the fourth consecutive quarterly increase. The report is based on date from the New York Fed’s Consumer Credit Panel, drawn from Equifax credit report data. The increase was due to an increase in student loans to $42 billion, auto loans to $18 billion and in credit card balances to $2 billion. Total consumer indebtedness decreased 0.7% from last quarter, shrinking $74 billion to $11.31 trillion.
URL to original article: http://www.housingwire.com/content/new-york-fed-non-real-estate-household-debt-jumps-23-27-trillion
For further information on Fresno Real Estate check: http://www.londonproperties.com
The non-real estate household debt rose 2.3% to $2.7 trillion for the third quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit. The reduction is a result of a decrease in mortgage debt to $120 billion and home equity lines of credit to $16 billion, despite mortgage originations increase for the fourth consecutive quarter. "The increase in mortgage originations, auto loans and credit card balances suggests that consumers are slowly gaining confidence in their financial position," said senior economist Donghoon Lee at the New York Fed. He added, "As consumers feel more comfortable, they may start to make purchases that were previously delayed." Mortgage debt is at its lowest levels since 2006, at $8.03 trillion. Delinquency rates for mortgages also decreased from 6.3% to 5.9%. Home equity line of credit delinquency rates remain at records highs of 4.9%. About 242,000 consumers had a new foreclosure added to their credit report, which is the lowest is almost six years, indicating new foreclosures are returning to pre-crisis levels. Mortgage originations – measured as the appearance of new mortgages on consumer credit reports – rose $521 billion, which is the fourth consecutive quarterly increase. The report is based on date from the New York Fed’s Consumer Credit Panel, drawn from Equifax credit report data. The increase was due to an increase in student loans to $42 billion, auto loans to $18 billion and in credit card balances to $2 billion. Total consumer indebtedness decreased 0.7% from last quarter, shrinking $74 billion to $11.31 trillion.
URL to original article: http://www.housingwire.com/content/new-york-fed-non-real-estate-household-debt-jumps-23-27-trillion
For further information on Fresno Real Estate check: http://www.londonproperties.com
New home sales fall 0.3% in October
Source: Housingwire
By Megan Hopkins
After a spike in September, new single-family home sales fell 0.3% to 368,000 last month, according to the U.S. Census Bureau. Sales dropped from September’s 389,000, but were 17.2% higher than a year ago when only 314,000 units were sold. In October, the median sales price of a new home was $237,000, while the average sales price was $278,900. “The Commerce Department doesn't note any specific reasons for the downward revision to September but it does note that Hurricane Sandy had only a minimal effect on October, hitting at month end and in an isolated area of the country,” said research firm Econoday. “Sales in the Northeast, which in any case is by far the least active region in the report, fell 32 percent in the month.” At the end of October, the number of new homes for sale reached 147,000, representing a 4.8-month supply of homes at today's sales pace. “Attention turns tomorrow to the pending home sales index which will offer an advanced indication on existing home sales which, like new home sales, have had difficulty gaining much steam,” said Econoday. Barclays Capital analyst Cooper Howes placed the numbers into a forward-looking perspective. "In our view, the pace of new home sales would have to pick up in order to continue the upward trend in housing starts," he said, "given that we believe homebuilders are becoming more comfortable carrying inventory levels that have stabilized a bit above 4.5 months, we expect start activity gradually to plateau unless sales activity increases." "The small fall in new home sales in October, and the downward revision to September’s figures, mean that the recovery in new home sales is looking a little weaker than we were previously led to believe," said Capital Economics. "Nevertheless, we expect activity in the new homes market to improve further next year."
URL to original article: http://www.housingwire.com/news/new-home-sales-fall-03-october
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
After a spike in September, new single-family home sales fell 0.3% to 368,000 last month, according to the U.S. Census Bureau. Sales dropped from September’s 389,000, but were 17.2% higher than a year ago when only 314,000 units were sold. In October, the median sales price of a new home was $237,000, while the average sales price was $278,900. “The Commerce Department doesn't note any specific reasons for the downward revision to September but it does note that Hurricane Sandy had only a minimal effect on October, hitting at month end and in an isolated area of the country,” said research firm Econoday. “Sales in the Northeast, which in any case is by far the least active region in the report, fell 32 percent in the month.” At the end of October, the number of new homes for sale reached 147,000, representing a 4.8-month supply of homes at today's sales pace. “Attention turns tomorrow to the pending home sales index which will offer an advanced indication on existing home sales which, like new home sales, have had difficulty gaining much steam,” said Econoday. Barclays Capital analyst Cooper Howes placed the numbers into a forward-looking perspective. "In our view, the pace of new home sales would have to pick up in order to continue the upward trend in housing starts," he said, "given that we believe homebuilders are becoming more comfortable carrying inventory levels that have stabilized a bit above 4.5 months, we expect start activity gradually to plateau unless sales activity increases." "The small fall in new home sales in October, and the downward revision to September’s figures, mean that the recovery in new home sales is looking a little weaker than we were previously led to believe," said Capital Economics. "Nevertheless, we expect activity in the new homes market to improve further next year."
URL to original article: http://www.housingwire.com/news/new-home-sales-fall-03-october
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, November 23, 2012
The Black Friday advantage for Realtors
Source: Housingwire
With bellies full of turkey (leftovers), millions of shoppers will make their way to crowded malls this Friday in hopes of finding that perfect deal. However, a recent survey by Realtor.com revealed that many Realtors will forgo the mayhem this year and spend their Black Friday working, courting serious homebuyers and sellers for their clients. Of the 344 Realtors polled, more than 40% said they planned to show homes to their clients during the Black Friday weekend, while about 14% plan to actually host an open house. Homebuyers and sellers looking to buy or sell on Black Friday weekend are very serious about their move, according to the surveyed Realtors. So why do Realtors skip the day of shopping to work? More than 40% of the Realtors in the survey believe serious sellers are more likely to accept an offer over the Black Friday weekend. When asked about the advantages of showing homes over the holiday, around 37% of the Realtors stated decreased competition between buyers, while close to 26% appreciate the ample amount of time potential buyers allow on the holiday. So for you Realtors out there who plan to work this Friday, don’t worry. According to dealnews, about three-quarters of the deals offered in store are also available online for the same price or occasionally less. Even further, data found that often the sale prices offered on Thanksgiving Day are better than the day after. Whether you plan to fight the crowds or work over the weekend, good luck!
URL to original article: http://www.housingwire.com/rewired/black-friday-advantage-realtors
For further information on Fresno Real Estate check: http://www.londonproperties.com
With bellies full of turkey (leftovers), millions of shoppers will make their way to crowded malls this Friday in hopes of finding that perfect deal. However, a recent survey by Realtor.com revealed that many Realtors will forgo the mayhem this year and spend their Black Friday working, courting serious homebuyers and sellers for their clients. Of the 344 Realtors polled, more than 40% said they planned to show homes to their clients during the Black Friday weekend, while about 14% plan to actually host an open house. Homebuyers and sellers looking to buy or sell on Black Friday weekend are very serious about their move, according to the surveyed Realtors. So why do Realtors skip the day of shopping to work? More than 40% of the Realtors in the survey believe serious sellers are more likely to accept an offer over the Black Friday weekend. When asked about the advantages of showing homes over the holiday, around 37% of the Realtors stated decreased competition between buyers, while close to 26% appreciate the ample amount of time potential buyers allow on the holiday. So for you Realtors out there who plan to work this Friday, don’t worry. According to dealnews, about three-quarters of the deals offered in store are also available online for the same price or occasionally less. Even further, data found that often the sale prices offered on Thanksgiving Day are better than the day after. Whether you plan to fight the crowds or work over the weekend, good luck!
URL to original article: http://www.housingwire.com/rewired/black-friday-advantage-realtors
For further information on Fresno Real Estate check: http://www.londonproperties.com
California pending homes sales rise, share of equity sales expand
Source: Housingwire
California pending home sales rose from last month and the previous year for the first time in seven months, while share of equity sales also increased, marking a four-year high, according to the California Association of Realtors. The Pending Home Sales Index rose 4.3%, with 120.2 in October compared to 115.2 last month, based on signed contracts. Pending home sales are up 3.6% from the 116.1 index recorded last year. Pending home sales provide information on the future direction of the market and activity within the industry. Non-distressed property sales increased 63.4% in October, up from 63% a month prior, which is the highest level since 2008. Equity sales accounted for 49% of all sales last year. The combined share of all distressed property sales dipped 36.6% this month, down from 37% last month. This is also down from 51% last year. Short sales were 24.4%, up from 22.6% a year ago. Real-estate owned sales dropped from 12.3% in September to 11.8% in October. REO sales were also down from 28% last year. "The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state," said 2013 president Don Faught at CAR. He added, "Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs. The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years."
URL to original article: http://www.housingwire.com/content/california-pending-homes-sales-rise-share-equity-sales-expand
For further information on Fresno Real Estate check: http://www.londonproperties.com
California pending home sales rose from last month and the previous year for the first time in seven months, while share of equity sales also increased, marking a four-year high, according to the California Association of Realtors. The Pending Home Sales Index rose 4.3%, with 120.2 in October compared to 115.2 last month, based on signed contracts. Pending home sales are up 3.6% from the 116.1 index recorded last year. Pending home sales provide information on the future direction of the market and activity within the industry. Non-distressed property sales increased 63.4% in October, up from 63% a month prior, which is the highest level since 2008. Equity sales accounted for 49% of all sales last year. The combined share of all distressed property sales dipped 36.6% this month, down from 37% last month. This is also down from 51% last year. Short sales were 24.4%, up from 22.6% a year ago. Real-estate owned sales dropped from 12.3% in September to 11.8% in October. REO sales were also down from 28% last year. "The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state," said 2013 president Don Faught at CAR. He added, "Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs. The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years."
URL to original article: http://www.housingwire.com/content/california-pending-homes-sales-rise-share-equity-sales-expand
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 14, 2012
Report: Foreclosure activity slows in October
Source: The Business Journal
Foreclosure activity continued to slow in October, according to new data from Foreclosure Radar. Notices of default in the state totaled 13,585 in October compared to 14,759 in September and 26,607 in October 2011. Notices of sale, which service as the homeowner's final warning before their home goes to auction, totaled 16,935, down from 17,221 the prior month and 18,096 last year. Of the 24,320 homes that went to foreclosure auction in October, around 63 percent were cancelled, 21.9 percent went back to the bank and 14.2 percent were sold to a third party. In Fresno County, there were 434 notices of default filed in October compared to 381 the prior month and 700 a year ago. Notices of sale were even with September at 473 and up from 464 last year. Tulare County saw 199 notices of default in the month, up from 189 in September but down from 328 in October 2011. Notices of sale totaled 240 in the month compared to 228 the prior months and 197 last year. There were 68 notices of default filed in Madera County during the month, down from 84 in September and 110 a year ago while notices of default dropped to 82 from 100 and 94 respectively. In Kings County, there were 74 notices of default filed in October, down from 96 the prior month but up from 64 a year ago as notices of sale totaled 78 compared to 104 in October and 64 last year. "The California Homeowner Bill of Rights takes effect in January 2013 is beginning to impact foreclosure trends," said Sean O'Toole, founder and CEO of Foreclosure Radar, in a release. "This is another example of where foreclosure trends are driven by government intervention and not necessarily economic recovery. While the impacts are still unclear, the elimination of dual tracking may avoid some unnecessary foreclosures, but will lengthen the foreclosure process and delay ultimate recovery. Expect further impacts to foreclosure trends in the months ahead."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/3940-report-foreclosure-activity-slows-in-october
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosure activity continued to slow in October, according to new data from Foreclosure Radar. Notices of default in the state totaled 13,585 in October compared to 14,759 in September and 26,607 in October 2011. Notices of sale, which service as the homeowner's final warning before their home goes to auction, totaled 16,935, down from 17,221 the prior month and 18,096 last year. Of the 24,320 homes that went to foreclosure auction in October, around 63 percent were cancelled, 21.9 percent went back to the bank and 14.2 percent were sold to a third party. In Fresno County, there were 434 notices of default filed in October compared to 381 the prior month and 700 a year ago. Notices of sale were even with September at 473 and up from 464 last year. Tulare County saw 199 notices of default in the month, up from 189 in September but down from 328 in October 2011. Notices of sale totaled 240 in the month compared to 228 the prior months and 197 last year. There were 68 notices of default filed in Madera County during the month, down from 84 in September and 110 a year ago while notices of default dropped to 82 from 100 and 94 respectively. In Kings County, there were 74 notices of default filed in October, down from 96 the prior month but up from 64 a year ago as notices of sale totaled 78 compared to 104 in October and 64 last year. "The California Homeowner Bill of Rights takes effect in January 2013 is beginning to impact foreclosure trends," said Sean O'Toole, founder and CEO of Foreclosure Radar, in a release. "This is another example of where foreclosure trends are driven by government intervention and not necessarily economic recovery. While the impacts are still unclear, the elimination of dual tracking may avoid some unnecessary foreclosures, but will lengthen the foreclosure process and delay ultimate recovery. Expect further impacts to foreclosure trends in the months ahead."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/3940-report-foreclosure-activity-slows-in-october
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic: Rising house prices linked to rental demand
Source: Housingwire
By Kerri Ann Panchuk
High levels of investor activity and rising home prices put the housing market in recovery mode this year, but the real estate market for first time homebuyers is far from fully recovered, CoreLogic ($23.56 -0.2%) said in its November MarketPulse report. Mark Fleming, chief economist with CoreLogic and principal economist Sam Khater, put together a housing report that shows short-to medium-term factors driving the improvements in housing. They find the factors lifting home prices and sales correlate directly to rental demand, since investors are keen to acquire properties for rental purposes. In turn, more demand is fueling prices, helping some negative equity borrowers pull themselves out of an upside-down situation. "A full housing recovery will be driven by a healthier economy, fundamental gains in income growth and consumption, and an ongoing increase in home prices," CoreLogic wrote in its November report. Until then, single-family rentals are capturing more consumers' attention. In fact, rental leasing volumes rose each month for the past two years, according to CoreLogic. On average 42,000 new rentals were added to the supply during that period. That's double the average flow prior to the recession. Overall, data by CoreLogic shows a housing finance system that's experiencing fewer defaults and foreclosures overall. The share of outstanding mortgages recorded as seriously delinquent or in foreclosure fell to 6.7% of all mortgages in September. That is down 10.2% from a year ago and marks a full 23 consecutive months of delinquency declines. The national foreclosure rate also is down 9.2% from last year, hovering at 3.3%. About 1.3 million homes, or 3.3% of all homes, went through a completed foreclosure in the yearlong period ending in September. That is down from 1.5 million during the same period a year earlier.
URL to original article: http://www.housingwire.com/news/corelogic-housing-recovery-not-fully-recovered
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
High levels of investor activity and rising home prices put the housing market in recovery mode this year, but the real estate market for first time homebuyers is far from fully recovered, CoreLogic ($23.56 -0.2%) said in its November MarketPulse report. Mark Fleming, chief economist with CoreLogic and principal economist Sam Khater, put together a housing report that shows short-to medium-term factors driving the improvements in housing. They find the factors lifting home prices and sales correlate directly to rental demand, since investors are keen to acquire properties for rental purposes. In turn, more demand is fueling prices, helping some negative equity borrowers pull themselves out of an upside-down situation. "A full housing recovery will be driven by a healthier economy, fundamental gains in income growth and consumption, and an ongoing increase in home prices," CoreLogic wrote in its November report. Until then, single-family rentals are capturing more consumers' attention. In fact, rental leasing volumes rose each month for the past two years, according to CoreLogic. On average 42,000 new rentals were added to the supply during that period. That's double the average flow prior to the recession. Overall, data by CoreLogic shows a housing finance system that's experiencing fewer defaults and foreclosures overall. The share of outstanding mortgages recorded as seriously delinquent or in foreclosure fell to 6.7% of all mortgages in September. That is down 10.2% from a year ago and marks a full 23 consecutive months of delinquency declines. The national foreclosure rate also is down 9.2% from last year, hovering at 3.3%. About 1.3 million homes, or 3.3% of all homes, went through a completed foreclosure in the yearlong period ending in September. That is down from 1.5 million during the same period a year earlier.
URL to original article: http://www.housingwire.com/news/corelogic-housing-recovery-not-fully-recovered
For further information on Fresno Real Estate check: http://www.londonproperties.com
BofA offers 30,000 borrowers $4.75 billion in principal reductions
Source: Housingwire
By Kerri Ann Panchuk
Bank of America ($9.14 -0.19%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program. Bank of America executives participated on a teleconferenced update to the settlement. They said that, through September, BofA completed or approved $15.8 billion in mortgage debt relief for 164,000 homeowners. The progress report comes the same day that four other banks are expected to release their compliance updates with the national mortgage servicing settlement. The $20 bilion-plus settlement, which was reached between the big banks, state attorneys general and the federal government, outlines consumer-relief mandates and servicing requirements for the nation's largest mortgage servicers. BofA said in addition to $4.75 billion in principal reductions, the company has extended $230 million in pre-settlement forebearance. And to date, 45,000 homeowners with mortgages serviced or owned by BofA have received $2.5 billion in relief through programs offering extinguishment of home equity loans and lines of credit. Another 62,000 BofA customers were greenlighted for short-sales or deeds-in-lieu of foreclosure offering another $7.4 billion in relief on unpaid principal balances. By Oct. 31, 23,000 homeowners had been offered assistance via interest rate reductions, with most of that activity occurring in just the past month. Through September, about 1,000 rate reductions were completed with interest-rate aid totaling $250 million in unpaid principal balances. BofA notes that when evaluating the gross amount of forgiveness activity, the relief is not always calculated dollar-for-dollar, so the aid amount is often higher than what is credited.
URL to original article: http://www.housingwire.com/news/bofas-update-30000-borrowers-offered-475-billion-principal-reductions
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Bank of America ($9.14 -0.19%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program. Bank of America executives participated on a teleconferenced update to the settlement. They said that, through September, BofA completed or approved $15.8 billion in mortgage debt relief for 164,000 homeowners. The progress report comes the same day that four other banks are expected to release their compliance updates with the national mortgage servicing settlement. The $20 bilion-plus settlement, which was reached between the big banks, state attorneys general and the federal government, outlines consumer-relief mandates and servicing requirements for the nation's largest mortgage servicers. BofA said in addition to $4.75 billion in principal reductions, the company has extended $230 million in pre-settlement forebearance. And to date, 45,000 homeowners with mortgages serviced or owned by BofA have received $2.5 billion in relief through programs offering extinguishment of home equity loans and lines of credit. Another 62,000 BofA customers were greenlighted for short-sales or deeds-in-lieu of foreclosure offering another $7.4 billion in relief on unpaid principal balances. By Oct. 31, 23,000 homeowners had been offered assistance via interest rate reductions, with most of that activity occurring in just the past month. Through September, about 1,000 rate reductions were completed with interest-rate aid totaling $250 million in unpaid principal balances. BofA notes that when evaluating the gross amount of forgiveness activity, the relief is not always calculated dollar-for-dollar, so the aid amount is often higher than what is credited.
URL to original article: http://www.housingwire.com/news/bofas-update-30000-borrowers-offered-475-billion-principal-reductions
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, November 13, 2012
Calif. bullet train route will be engineering feat
Source: The Business Journal
Written by Associated Press
A bullet train linking Northern and Southern California will be an audacious engineering feat because the line must cross two mountain ranges and a half-dozen earthquake faults, experts said. Planners foresee the 141-mile segment from Bakersfield to Los Angeles running through vast tunnels, delving through the Tehachapi and San Gabriel mountains, plunging 500 feet underground in some places and soaring over canyons on viaducts 200 to 330 feet high, the Los Angeles Times (http://lat.ms/TxjZ4K) reported. "It is the project of the century," said Bill Ibbs, a civil engineering professor at the University of California, Berkeley who has worked on high-speed rail projects around the world. The $68 billion first phase of the project is expected to run more than 500 miles between San Francisco and the Los Angeles and Anaheim areas by 2029. Eventually, supporters hope for high-speed lines running all the way from Sacramento to San Diego. Conditions set for the project say it must be able to reach San Francisco from Los Angeles in no more than 2 hours and 40 minutes. The top speed for the Bakersfield-to-LA segment could be 220 mph. In September, the Federal Railroad Administration approved construction of the first segment, a 65-mile stretch from Merced to Fresno in the Central Valley. Construction is expected to begin next year. California hasn't considered such an immense north-south rail link since the 1870s, when Southern Pacific Railroad bored through the Tehachapis. Thousands of Chinese laborers dug and dynamited the way up and through the mountains, creating 18 tunnels on a route that climbed more than 4,000 feet. Today, only freight trains use the route. Passenger service through the Tehachapis was discontinued in 1971. The high-speed train won't be able to use the twisting loops of that route; it will need a straighter, flatter path to maintain its speed. A corridor for high-voltage lines must be built through the Tehachapis to supply the train, which will need an estimated 2.7 million kilowatt hours of electricity daily, equal to about a quarter of the average daily output of Hoover Dam. On the way between the Central Valley and the south, the bullet train could zoom across the Mojave Desert, pass through an 8-mile-long tunnel under the canyons of Santa Clarita north of downtown Los Angeles and race through northeastern San Fernando Valley neighborhoods, which may require removing some homes and businesses from the route. It would go underground near Glendale, run under the Los Angeles River and probably would hit street level again around Chinatown. The exact route won't be chosen until next year but about 200 people already are working on the southern segment. Among other things, the tracks will have to cross a half-dozen earthquake faults, including the infamous San Andreas, which could produce a 7.5-magnitude temblor. The chances of a quake occurring while a train is going over a fault is "very small" but big temblors could cause a derailment, said C. Michael Gillam, a vice president at engineering company Parsons Brinckerhoff, which is overseeing the design of the southern segment. Ideas being considered are reinforcing viaducts and creating a system that automatically slows or stops trains during quakes. While the engineering challenges are daunting they are not unique. Switzerland is building a 35.4-mile rail tunnel under the Alps. And China has a highway bridge 1,627 feet high.
URL to original article: http://www.thebusinessjournal.com/news/state/3927-calif-bullet-train-route-will-be-engineering-feat
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Associated Press
A bullet train linking Northern and Southern California will be an audacious engineering feat because the line must cross two mountain ranges and a half-dozen earthquake faults, experts said. Planners foresee the 141-mile segment from Bakersfield to Los Angeles running through vast tunnels, delving through the Tehachapi and San Gabriel mountains, plunging 500 feet underground in some places and soaring over canyons on viaducts 200 to 330 feet high, the Los Angeles Times (http://lat.ms/TxjZ4K) reported. "It is the project of the century," said Bill Ibbs, a civil engineering professor at the University of California, Berkeley who has worked on high-speed rail projects around the world. The $68 billion first phase of the project is expected to run more than 500 miles between San Francisco and the Los Angeles and Anaheim areas by 2029. Eventually, supporters hope for high-speed lines running all the way from Sacramento to San Diego. Conditions set for the project say it must be able to reach San Francisco from Los Angeles in no more than 2 hours and 40 minutes. The top speed for the Bakersfield-to-LA segment could be 220 mph. In September, the Federal Railroad Administration approved construction of the first segment, a 65-mile stretch from Merced to Fresno in the Central Valley. Construction is expected to begin next year. California hasn't considered such an immense north-south rail link since the 1870s, when Southern Pacific Railroad bored through the Tehachapis. Thousands of Chinese laborers dug and dynamited the way up and through the mountains, creating 18 tunnels on a route that climbed more than 4,000 feet. Today, only freight trains use the route. Passenger service through the Tehachapis was discontinued in 1971. The high-speed train won't be able to use the twisting loops of that route; it will need a straighter, flatter path to maintain its speed. A corridor for high-voltage lines must be built through the Tehachapis to supply the train, which will need an estimated 2.7 million kilowatt hours of electricity daily, equal to about a quarter of the average daily output of Hoover Dam. On the way between the Central Valley and the south, the bullet train could zoom across the Mojave Desert, pass through an 8-mile-long tunnel under the canyons of Santa Clarita north of downtown Los Angeles and race through northeastern San Fernando Valley neighborhoods, which may require removing some homes and businesses from the route. It would go underground near Glendale, run under the Los Angeles River and probably would hit street level again around Chinatown. The exact route won't be chosen until next year but about 200 people already are working on the southern segment. Among other things, the tracks will have to cross a half-dozen earthquake faults, including the infamous San Andreas, which could produce a 7.5-magnitude temblor. The chances of a quake occurring while a train is going over a fault is "very small" but big temblors could cause a derailment, said C. Michael Gillam, a vice president at engineering company Parsons Brinckerhoff, which is overseeing the design of the southern segment. Ideas being considered are reinforcing viaducts and creating a system that automatically slows or stops trains during quakes. While the engineering challenges are daunting they are not unique. Switzerland is building a 35.4-mile rail tunnel under the Alps. And China has a highway bridge 1,627 feet high.
URL to original article: http://www.thebusinessjournal.com/news/state/3927-calif-bullet-train-route-will-be-engineering-feat
For further information on Fresno Real Estate check: http://www.londonproperties.com
AAA: Thanksgiving travel should increase slightly
Source: The Business Journal
Written by SAMANTHA BOMKAMP, AP Travel Industry Writer
(AP) — Slightly more Americans will hit the road this Thanksgiving, according to AAA. That includes people who are choosing to drive instead of fly as household budgets remain tight. In its annual Thanksgiving travel forecast released Tuesday, AAA predicts 43.6 million Americans will travel at least 50 miles from home over the holiday, up just 0.7 percent from last year. But while more people are traveling, it appears that the pent-up demand seen following the recession has largely dissipated. Demand grew a healthy 8 percent and 6 percent, respectively, in the two previous Thanksgiving holiday periods even though economic growth was moderate. Now, AAA says it will take a stronger economy to spur a significant jump in travel demand going forward. "Despite mild improvements in unemployment, the housing market and greater consumer optimism, the economy is still struggling to keep its head above water," AAA said in its forecast. The number of travelers forecast to drive, fly or hop on a train or bus this holiday is still 26 percent below the peak in 2005 and 14 percent below 2007. Air travel is expected to decline, one sign that many households continue to feel financially pinched. AAA expects 3.14 million people to fly, down from 3.2 million a year earlier. Even with gas at a current national average of $3.44 per gallon, driving the family from New England to the Midwest to see the relatives is still cheaper than flying. And filling up the tank will take less money than people expected when the survey was conducted in early October. That's because of a dramatic drop in gas prices. The national average has declined 35 cents per gallon in the last month. AAA expects further declines through the holiday. Still, the price of gas on Thanksgiving Day should be around last year's record of $3.32 per gallon. Airlines for America, the main trade group for U.S. airlines expects a mild increase in flying over Thanksgiving. The group's prediction covers the 12 days starting Nov. 16. AAA defines the Thanksgiving holiday travel period as Wednesday, Nov. 21 to Sunday, Nov. 25. AAA's forecast, which is produced from a combination of a traveler survey and economic analysis, was done before Superstorm Sandy hit the East Coast. AAA said it doesn't yet know the full impact the storm will have on travel in the Mid-Atlantic region, but it expects it will be significant.
URL to original article: http://www.thebusinessjournal.com/news/national/3930-aaa-thanksgiving-travel-should-increase-slightly
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by SAMANTHA BOMKAMP, AP Travel Industry Writer
(AP) — Slightly more Americans will hit the road this Thanksgiving, according to AAA. That includes people who are choosing to drive instead of fly as household budgets remain tight. In its annual Thanksgiving travel forecast released Tuesday, AAA predicts 43.6 million Americans will travel at least 50 miles from home over the holiday, up just 0.7 percent from last year. But while more people are traveling, it appears that the pent-up demand seen following the recession has largely dissipated. Demand grew a healthy 8 percent and 6 percent, respectively, in the two previous Thanksgiving holiday periods even though economic growth was moderate. Now, AAA says it will take a stronger economy to spur a significant jump in travel demand going forward. "Despite mild improvements in unemployment, the housing market and greater consumer optimism, the economy is still struggling to keep its head above water," AAA said in its forecast. The number of travelers forecast to drive, fly or hop on a train or bus this holiday is still 26 percent below the peak in 2005 and 14 percent below 2007. Air travel is expected to decline, one sign that many households continue to feel financially pinched. AAA expects 3.14 million people to fly, down from 3.2 million a year earlier. Even with gas at a current national average of $3.44 per gallon, driving the family from New England to the Midwest to see the relatives is still cheaper than flying. And filling up the tank will take less money than people expected when the survey was conducted in early October. That's because of a dramatic drop in gas prices. The national average has declined 35 cents per gallon in the last month. AAA expects further declines through the holiday. Still, the price of gas on Thanksgiving Day should be around last year's record of $3.32 per gallon. Airlines for America, the main trade group for U.S. airlines expects a mild increase in flying over Thanksgiving. The group's prediction covers the 12 days starting Nov. 16. AAA defines the Thanksgiving holiday travel period as Wednesday, Nov. 21 to Sunday, Nov. 25. AAA's forecast, which is produced from a combination of a traveler survey and economic analysis, was done before Superstorm Sandy hit the East Coast. AAA said it doesn't yet know the full impact the storm will have on travel in the Mid-Atlantic region, but it expects it will be significant.
URL to original article: http://www.thebusinessjournal.com/news/national/3930-aaa-thanksgiving-travel-should-increase-slightly
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, November 12, 2012
Falling REO inventory dries up foreclosure discounts
Source: Housingwire
By Kerri Ann Panchuk
Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it seems, Zillow said in a new report. The online real estate listing firm said the national-foreclosure discount on distressed properties is about 7.7%, a paltry amount considering how much lower REOs sell for in certain locales. Truth is, there are fewer foreclosures out there. Last month, RealtyTrac the online marketplace for foreclosures, reported a yearly decrease in 131 out of the nation’s 212 metropolitan areas. “Two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem” said Daren Blomquist, vice president at RealtyTrac. Zillow uses a different methodology, of course, and compares the sales price of a foreclosure to the estimated-non-distressed sale level of the exact same property. Metros like Pittsburgh and Cleveland experience foreclosure discounts as steep as 27.4% and 25.8%, respectively. "The smallest foreclosure discount is found in places where competition for homes is so high, people there are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability," said Zillow chief economist Stan Humphries. "Additionally, in areas such as Phoenix and Las Vegas, where not long ago one out of every two homes sold was a foreclosure re-sale, buying a foreclosure is no longer just for investors." Sacramento is a market where the foreclosure discount is a small 0.7% difference from an average property price. In the high-priced Los Angeles and New York markets, foreclosure discounts are now running at 4.2% and 15.5%, respectively. Denver is another market where housing demand is keeping up, and it's foreclosure discount hovers around 6.4%, which is under the 7% national average.
URL to original article: http://www.housingwire.com/news/foreclosure-discounts-not-steep-they-seem-zillow
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it seems, Zillow said in a new report. The online real estate listing firm said the national-foreclosure discount on distressed properties is about 7.7%, a paltry amount considering how much lower REOs sell for in certain locales. Truth is, there are fewer foreclosures out there. Last month, RealtyTrac the online marketplace for foreclosures, reported a yearly decrease in 131 out of the nation’s 212 metropolitan areas. “Two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem” said Daren Blomquist, vice president at RealtyTrac. Zillow uses a different methodology, of course, and compares the sales price of a foreclosure to the estimated-non-distressed sale level of the exact same property. Metros like Pittsburgh and Cleveland experience foreclosure discounts as steep as 27.4% and 25.8%, respectively. "The smallest foreclosure discount is found in places where competition for homes is so high, people there are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability," said Zillow chief economist Stan Humphries. "Additionally, in areas such as Phoenix and Las Vegas, where not long ago one out of every two homes sold was a foreclosure re-sale, buying a foreclosure is no longer just for investors." Sacramento is a market where the foreclosure discount is a small 0.7% difference from an average property price. In the high-priced Los Angeles and New York markets, foreclosure discounts are now running at 4.2% and 15.5%, respectively. Denver is another market where housing demand is keeping up, and it's foreclosure discount hovers around 6.4%, which is under the 7% national average.
URL to original article: http://www.housingwire.com/news/foreclosure-discounts-not-steep-they-seem-zillow
For further information on Fresno Real Estate check: http://www.londonproperties.com
US stocks nearly unchanged as fiscal threat looms
Source: The Business Journal
Written by CHRISTINA REXRODE, DANIEL WAGNER, AP Business Writers
U.S. stocks closed nearly unchanged Monday, after a day of uneven trading plagued by investors' fears about the approaching "fiscal cliff. The Dow Jones industrial average finished down 0.23 point at 12,815.16. It had spent the day trading gains and losses, never rising more than 46 points or falling more than 32. The Standard & Poor's 500 index edged up 0.15 point to 1,380. The Nasdaq composite fell 0.61 to 2,904.26. The closing level of the Dow was revised twice after trading closed. The New York Stock Exchange had experienced a trading glitch during the day, forcing it to alter its normal procedure for determining the closing prices of some stocks. Trading was very light. The federal government and the U.S. bond market were closed for Veterans Day, and no economic reports were released. The fiscal cliff refers to government spending cuts and tax increases that are scheduled to kick in at the beginning of the new year, unless a divided Congress and the White House can work out a compromise before then. Some traders thought the tentative trading action was nearly inevitable because there has been no positive or negative news about the economy or the possibility of a deal to avoid the fiscal cliff. "Nothing good is going on," said Scott Freeze, president of Street One Financial in Huntingdon Valley, Pa. "Everything forward-looking remains dreary." Last week, after voters returned a long-deadlocked and divided government to Washington, the Dow dropped 434 points in two days and had one of its worst weeks of the year. Even if lawmakers work out a compromise, as they usually do, the political fight until then is sure keep investors on edge, pitching the stock market back and forth until it's resolved. Economists say the cliff could cost the economy $800 billion and 3 million jobs and would plunge the U.S. back into recession. President Barack Obama, a Democrat, and House Speaker John Boehner, a Republican, have spoken of compromise but appear to be taking firm stances on some issues. Obama will meet with labor representatives as well as other progressive groups Tuesday. He'll hold separate meetings with the business community Wednesday. The effect on the markets has been widespread. Fiscal cliff worries were blamed for keeping a lid on European markets and Asian markets, which closed mostly lower. In Greece, lawmakers passed a new austerity budget, and the country's international lenders drafted a report saying it had made progress in righting its finances. Greece is hoping the other euro countries will give it another $40 billion in bailout loans. The budget and the report are crucial steps toward that goal. Still, the new bailout isn't a sure thing: Some of the potential lenders must seek approval from their parliaments. Greece's main stock market index closed down 3.6 percent. Freeze was among the underwhelmed. "At this point, all the Greek news is just noise," he said. "None of these bailouts really solve the underlying problem. Now if all of a sudden Spain became incredibly solvent and its unemployment rate went to 5 percent, then you'd see" a reason to buy. Across Europe, there were other reminders that the debt crisis is far from solved. The Banking Association of Spain, a country where hundreds of thousands of borrowers have fallen behind on their mortgages, said it would curb evictions of some struggling homeowners. In Portugal, demonstrators planned protests against a scheduled visit from German Chancellor Angela Merkel. Germany helped bail out Portugal last year and insisted that the government there cut spending as a condition of getting the money, a sore point for some in Portugal.
Among U.S. stocks making big moves:
— Leucadia National announced it would buy the investment banking firm Jefferies Group. Jefferies' chief will run the combined company. Leucadia, a holding company with investments in eclectic industries including beef processing and medical products, dropped 66 cents, or 3 percent, to $21.14. Jefferies soared $2, or 14 percent, to $16.27.
— Sherwin-Williams, the paint company, jumped 5.8 percent after announcing it will buy Consorcio Comex, a privately held rival based in Mexico City. Its stock rose $8.22 to $149.06.
— Best Buy leapt after announcing it had named a new finance chief, a former executive of the upscale kitchen store Williams-Sonoma. Analysts hope the new numbers cruncher can help turn around a chain that has struggled to keep up with online competitors. Best Buy's stock rose 55 cents, or 3.6 percent, to $15.85.
URL to original article: http://www.thebusinessjournal.com/news/national/3908-us-stocks-nearly-unchanged-as-fiscal-threat-looms
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by CHRISTINA REXRODE, DANIEL WAGNER, AP Business Writers
U.S. stocks closed nearly unchanged Monday, after a day of uneven trading plagued by investors' fears about the approaching "fiscal cliff. The Dow Jones industrial average finished down 0.23 point at 12,815.16. It had spent the day trading gains and losses, never rising more than 46 points or falling more than 32. The Standard & Poor's 500 index edged up 0.15 point to 1,380. The Nasdaq composite fell 0.61 to 2,904.26. The closing level of the Dow was revised twice after trading closed. The New York Stock Exchange had experienced a trading glitch during the day, forcing it to alter its normal procedure for determining the closing prices of some stocks. Trading was very light. The federal government and the U.S. bond market were closed for Veterans Day, and no economic reports were released. The fiscal cliff refers to government spending cuts and tax increases that are scheduled to kick in at the beginning of the new year, unless a divided Congress and the White House can work out a compromise before then. Some traders thought the tentative trading action was nearly inevitable because there has been no positive or negative news about the economy or the possibility of a deal to avoid the fiscal cliff. "Nothing good is going on," said Scott Freeze, president of Street One Financial in Huntingdon Valley, Pa. "Everything forward-looking remains dreary." Last week, after voters returned a long-deadlocked and divided government to Washington, the Dow dropped 434 points in two days and had one of its worst weeks of the year. Even if lawmakers work out a compromise, as they usually do, the political fight until then is sure keep investors on edge, pitching the stock market back and forth until it's resolved. Economists say the cliff could cost the economy $800 billion and 3 million jobs and would plunge the U.S. back into recession. President Barack Obama, a Democrat, and House Speaker John Boehner, a Republican, have spoken of compromise but appear to be taking firm stances on some issues. Obama will meet with labor representatives as well as other progressive groups Tuesday. He'll hold separate meetings with the business community Wednesday. The effect on the markets has been widespread. Fiscal cliff worries were blamed for keeping a lid on European markets and Asian markets, which closed mostly lower. In Greece, lawmakers passed a new austerity budget, and the country's international lenders drafted a report saying it had made progress in righting its finances. Greece is hoping the other euro countries will give it another $40 billion in bailout loans. The budget and the report are crucial steps toward that goal. Still, the new bailout isn't a sure thing: Some of the potential lenders must seek approval from their parliaments. Greece's main stock market index closed down 3.6 percent. Freeze was among the underwhelmed. "At this point, all the Greek news is just noise," he said. "None of these bailouts really solve the underlying problem. Now if all of a sudden Spain became incredibly solvent and its unemployment rate went to 5 percent, then you'd see" a reason to buy. Across Europe, there were other reminders that the debt crisis is far from solved. The Banking Association of Spain, a country where hundreds of thousands of borrowers have fallen behind on their mortgages, said it would curb evictions of some struggling homeowners. In Portugal, demonstrators planned protests against a scheduled visit from German Chancellor Angela Merkel. Germany helped bail out Portugal last year and insisted that the government there cut spending as a condition of getting the money, a sore point for some in Portugal.
Among U.S. stocks making big moves:
— Leucadia National announced it would buy the investment banking firm Jefferies Group. Jefferies' chief will run the combined company. Leucadia, a holding company with investments in eclectic industries including beef processing and medical products, dropped 66 cents, or 3 percent, to $21.14. Jefferies soared $2, or 14 percent, to $16.27.
— Sherwin-Williams, the paint company, jumped 5.8 percent after announcing it will buy Consorcio Comex, a privately held rival based in Mexico City. Its stock rose $8.22 to $149.06.
— Best Buy leapt after announcing it had named a new finance chief, a former executive of the upscale kitchen store Williams-Sonoma. Analysts hope the new numbers cruncher can help turn around a chain that has struggled to keep up with online competitors. Best Buy's stock rose 55 cents, or 3.6 percent, to $15.85.
URL to original article: http://www.thebusinessjournal.com/news/national/3908-us-stocks-nearly-unchanged-as-fiscal-threat-looms
For further information on Fresno Real Estate check: http://www.londonproperties.com
Realtors: Homes less affordable in 3Q
Source: The Business Journal
Housing affordability dropped in the third quarter of the year but Valley homebuyers were still more fortunate overall. According to new figures by the California Association of Realtors, the percentage of home buyers who could afford a median-priced home fell to 49 percent compared to 51 percent both in the previous quarter and the third quarter of 2011. On average, California homebuyers needed to make a minimum annual income of $65,810 to purchase a single-family home priced at $339,860 with monthly payments of $1,650 on a 30-year fixed-rate loan. In Fresno County, the affordability index was at 69 percent in the latest quarter, down from 71 percent the previous quarter but even with the third quarter of 2011. Homebuyers in the county needed an income of at least $29,620 to afford a median priced home of $152,970 at monthly payments of $740. The affordability index in Tulare County dropped one percentage point to 73 percent, even with last year. A median priced home of $129,470 in the county was achievable with a minimum annual income of $25,070 on payments of $630. Madera County homebuyers were actually met with good news, with 76 percent able to afford a home in the quarter, up from 74 percent 74 percent both in the previous quarter and last year. For a median priced home of $122,000, those buying a home needed an income of $23,630 to meet monthly payments of $590. Kings County's affordability index dropped to 73 percent from 75 percent in the second quarter and 76 percent a year ago. Homebuyers in the county needed an income of at least $29,320 to make the monthly payments of $730 on a home priced at $151,430. For counties that submitted data, San Bernardino had the highest affordability index in the state at 77 percent while San Mateo just edged out San Francisco for the lowest at 24 percent.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/3914-realtors-homes-less-affordable-in-3q
For further information on Fresno Real Estate check: http://www.londonproperties.com
Housing affordability dropped in the third quarter of the year but Valley homebuyers were still more fortunate overall. According to new figures by the California Association of Realtors, the percentage of home buyers who could afford a median-priced home fell to 49 percent compared to 51 percent both in the previous quarter and the third quarter of 2011. On average, California homebuyers needed to make a minimum annual income of $65,810 to purchase a single-family home priced at $339,860 with monthly payments of $1,650 on a 30-year fixed-rate loan. In Fresno County, the affordability index was at 69 percent in the latest quarter, down from 71 percent the previous quarter but even with the third quarter of 2011. Homebuyers in the county needed an income of at least $29,620 to afford a median priced home of $152,970 at monthly payments of $740. The affordability index in Tulare County dropped one percentage point to 73 percent, even with last year. A median priced home of $129,470 in the county was achievable with a minimum annual income of $25,070 on payments of $630. Madera County homebuyers were actually met with good news, with 76 percent able to afford a home in the quarter, up from 74 percent 74 percent both in the previous quarter and last year. For a median priced home of $122,000, those buying a home needed an income of $23,630 to meet monthly payments of $590. Kings County's affordability index dropped to 73 percent from 75 percent in the second quarter and 76 percent a year ago. Homebuyers in the county needed an income of at least $29,320 to make the monthly payments of $730 on a home priced at $151,430. For counties that submitted data, San Bernardino had the highest affordability index in the state at 77 percent while San Mateo just edged out San Francisco for the lowest at 24 percent.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/3914-realtors-homes-less-affordable-in-3q
For further information on Fresno Real Estate check: http://www.londonproperties.com
Rising home prices lift 1.3 million borrowers above water
Source: Housingwire
By Kerri Ann Panchuk
Rising home prices lifted more than 1.3 million underwater homeowners above water this year, the Obama Administration's said in its October Housing Scorecard report. The latest report shows more signs of a strengthening housing market, but the Treasury is still careful to say the recovery overall remains fragile. The government's Home Affordable Modification Program, which launched in 2009, has been the catalyst for close to 1.3 million homeowner-relief actions in the past three years, the Obama administration said. With so many families in the Northeast now struggling with damaged and inhabitable properties, the Treasury announced that servicers partaking in the Making Home Affordable Programs should review existing guidelines for providing Hurricane Sandy victims with additional housing-related relief. The program guidelines allow servicers to offer qualified, distressed storm victims tied to Home Affordable initiatives with a minimum of 3-months forbearance. The borrower's property has to be in a region designated as a disaster zone to qualify for aid. The New York metro area currently has about 60,000 homeowners partaking in HAMP. "As the October housing scorecard indicates, our housing market is continuing to show important signs of recovery – with the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010," said HUD acting assistant secretary for policy development and research Erika Poethig. "But with so many households still struggling to make ends meet, we have important work ahead. That is why we are asking the Congress to approve the president’s refinancing proposal so that more homeowners can receive assistance." Homeowners who benefited from the government's Making Home Affordable programs over the past three years saved roughly $541 on their monthly mortgage payments, the scorecard said. HAMP also appears to be successful in preventing re-defaults, with 86% of homeowners still performing well two years after receiving a HAMP loan modification, the Housing Scorecard said. To date, the HAMP program has launched 1.1 million modifications. Close to 14,000 new modifications were launched in the in-between period from the last report to Friday's survey. As for what is causing a tepid housing recovery, the Scorecard shows home prices and home sales on the rise, which is buoying the recovery somewhat. The latest Case-Shiller report has the average home price hovering around $145,900, up from $143,000 a year earlier. That figure, to date, is still lower than the $150,500 mark recorded at the beginning of the housing crisis four years ago. New and existing home sales in the most recent period hit 32,400 and 395,800 units, respectively. That is up from 25,500 units and 356,700 units, respectively a year earlier, according to data from the government, the National Association of Realtors and CoreLogic. The supply of houses in the U.S. also fell from 2.4 million a year earlier to 2.320 million in the latest survey period, according to NAR and government data. The housing recovery also is benefiting from record low interest rates, with the average 30-year, fixed-rate mortgage hitting 3.39% in the most recent report, down from 3.41% in the September report and a drop from 4% last year.
URL to original article: http://www.housingwire.com/news/rising-home-prices-lifted-13-million-borrowers-above-water-obama-housing-scorecard
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Rising home prices lifted more than 1.3 million underwater homeowners above water this year, the Obama Administration's said in its October Housing Scorecard report. The latest report shows more signs of a strengthening housing market, but the Treasury is still careful to say the recovery overall remains fragile. The government's Home Affordable Modification Program, which launched in 2009, has been the catalyst for close to 1.3 million homeowner-relief actions in the past three years, the Obama administration said. With so many families in the Northeast now struggling with damaged and inhabitable properties, the Treasury announced that servicers partaking in the Making Home Affordable Programs should review existing guidelines for providing Hurricane Sandy victims with additional housing-related relief. The program guidelines allow servicers to offer qualified, distressed storm victims tied to Home Affordable initiatives with a minimum of 3-months forbearance. The borrower's property has to be in a region designated as a disaster zone to qualify for aid. The New York metro area currently has about 60,000 homeowners partaking in HAMP. "As the October housing scorecard indicates, our housing market is continuing to show important signs of recovery – with the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010," said HUD acting assistant secretary for policy development and research Erika Poethig. "But with so many households still struggling to make ends meet, we have important work ahead. That is why we are asking the Congress to approve the president’s refinancing proposal so that more homeowners can receive assistance." Homeowners who benefited from the government's Making Home Affordable programs over the past three years saved roughly $541 on their monthly mortgage payments, the scorecard said. HAMP also appears to be successful in preventing re-defaults, with 86% of homeowners still performing well two years after receiving a HAMP loan modification, the Housing Scorecard said. To date, the HAMP program has launched 1.1 million modifications. Close to 14,000 new modifications were launched in the in-between period from the last report to Friday's survey. As for what is causing a tepid housing recovery, the Scorecard shows home prices and home sales on the rise, which is buoying the recovery somewhat. The latest Case-Shiller report has the average home price hovering around $145,900, up from $143,000 a year earlier. That figure, to date, is still lower than the $150,500 mark recorded at the beginning of the housing crisis four years ago. New and existing home sales in the most recent period hit 32,400 and 395,800 units, respectively. That is up from 25,500 units and 356,700 units, respectively a year earlier, according to data from the government, the National Association of Realtors and CoreLogic. The supply of houses in the U.S. also fell from 2.4 million a year earlier to 2.320 million in the latest survey period, according to NAR and government data. The housing recovery also is benefiting from record low interest rates, with the average 30-year, fixed-rate mortgage hitting 3.39% in the most recent report, down from 3.41% in the September report and a drop from 4% last year.
URL to original article: http://www.housingwire.com/news/rising-home-prices-lifted-13-million-borrowers-above-water-obama-housing-scorecard
For further information on Fresno Real Estate check: http://www.londonproperties.com
Real estate agents get lucky house prices
Source: Housingwire
As it turns out, there are common number threads among the asking prices of homes in different regions of the country. And not all of these threads are happening by chance. Sellers and agents use many professional or even personal considerations when naming the listing price of a house. Chief Economist at Trulia, Jed Kolko, set out to determine whether certain numbers are more popular than others and if location plays a role in the commonality of numbers in housing prices by studying the asking prices of homes for sale via Trulia since October 2011. Kolko and his team looked at every number in the asking price, but focused in on the last non-zero digit in the price. For example, the last non-zero digit in $200,540 is four. The group of economists found a stark statistic right off the bat. The most common last non-zero digit showing up in home prices is the number nine, 53% of the time to be exact. A few interesting facts were also revealed regarding the number nine. Only 25% of homes listed for one million dollars or higher have a nine as the last non-zero digit. However, on reduced-price homes, nine was the last non-zero number 54% of the time. The Trulia theory is that sellers chose the number nine to make the price of the home appear cheaper. After observing the excessive use of the number nine, Kolko and team dug a bit deeper into numbers that are commonly considered lucky or unlucky. Their research revealed the number 13, often seen as unlucky, appears 13% less often anywhere in home prices than the number 12 and 17% less often than the number 14. As far as lucky number seven, the state of Nevada (Viva Las Vegas!) uses it 37% more that states outside Nevada. What are the odds of that?
URL to original article: http://www.housingwire.com/rewired/very-superstitious-lucky-numbers-housing-prices
For further information on Fresno Real Estate check: http://www.londonproperties.com
As it turns out, there are common number threads among the asking prices of homes in different regions of the country. And not all of these threads are happening by chance. Sellers and agents use many professional or even personal considerations when naming the listing price of a house. Chief Economist at Trulia, Jed Kolko, set out to determine whether certain numbers are more popular than others and if location plays a role in the commonality of numbers in housing prices by studying the asking prices of homes for sale via Trulia since October 2011. Kolko and his team looked at every number in the asking price, but focused in on the last non-zero digit in the price. For example, the last non-zero digit in $200,540 is four. The group of economists found a stark statistic right off the bat. The most common last non-zero digit showing up in home prices is the number nine, 53% of the time to be exact. A few interesting facts were also revealed regarding the number nine. Only 25% of homes listed for one million dollars or higher have a nine as the last non-zero digit. However, on reduced-price homes, nine was the last non-zero number 54% of the time. The Trulia theory is that sellers chose the number nine to make the price of the home appear cheaper. After observing the excessive use of the number nine, Kolko and team dug a bit deeper into numbers that are commonly considered lucky or unlucky. Their research revealed the number 13, often seen as unlucky, appears 13% less often anywhere in home prices than the number 12 and 17% less often than the number 14. As far as lucky number seven, the state of Nevada (Viva Las Vegas!) uses it 37% more that states outside Nevada. What are the odds of that?
URL to original article: http://www.housingwire.com/rewired/very-superstitious-lucky-numbers-housing-prices
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, November 8, 2012
October home prices rise 2.9% as rents soar above 5%
Source: Housingwire
By Kerri Ann Panchuk
Home prices rose 2.9% over last year in October, but had nothing on the rental market which saw rates rise 5.1% from 2011 levels, Trulia said Monday. The numbers show a national real estate market that is experiencing gradual price appreciation. Yet, the impact of potential buyers unable to obtain mortgages is exemplified by climbing rental rents, especially in markets like Houston and Miami, where rents rose 16.5% and 10%, respectively. The online real estate site released this data from its Trulia Price Monitor and Trulia Rent Monitor for the month of October. Prices from September to October edged up 0.7%, according to real estate listing data within Trulia's website. When removing distressed assets from the equation, home listing prices grew 3.6% from October 2011 to last month. Phoenix continued to be the turnaround market, with home listing prices up 24.9% from a year ago. In addition, Cape Coral-Fort Myers, Fla., and San Jose, Calif., saw their prices rise 15.7% and 12.7%, respectively. Phoenix is one of the so-called Sand States that faced a run-up in prices and a dramatic surge in new home construction before the market bust in 2008. While those factors pushed prices down after 2008, the market is experiencing a turnaround as investors snatch up Phoenix area properties with hopes of turning them into rentals. While investors drove sales for much of the year, a study from Arizona State University recently warned that investors are losing interest in the market. As for what gives one particular market strong price and rental rate growth, Trulia credits the expectation of fewer foreclosures, strong job growth and falling vacancy levels.
URL to original article: http://www.housingwire.com/news/october-home-prices-rise-29-rents-soar-above-5
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Home prices rose 2.9% over last year in October, but had nothing on the rental market which saw rates rise 5.1% from 2011 levels, Trulia said Monday. The numbers show a national real estate market that is experiencing gradual price appreciation. Yet, the impact of potential buyers unable to obtain mortgages is exemplified by climbing rental rents, especially in markets like Houston and Miami, where rents rose 16.5% and 10%, respectively. The online real estate site released this data from its Trulia Price Monitor and Trulia Rent Monitor for the month of October. Prices from September to October edged up 0.7%, according to real estate listing data within Trulia's website. When removing distressed assets from the equation, home listing prices grew 3.6% from October 2011 to last month. Phoenix continued to be the turnaround market, with home listing prices up 24.9% from a year ago. In addition, Cape Coral-Fort Myers, Fla., and San Jose, Calif., saw their prices rise 15.7% and 12.7%, respectively. Phoenix is one of the so-called Sand States that faced a run-up in prices and a dramatic surge in new home construction before the market bust in 2008. While those factors pushed prices down after 2008, the market is experiencing a turnaround as investors snatch up Phoenix area properties with hopes of turning them into rentals. While investors drove sales for much of the year, a study from Arizona State University recently warned that investors are losing interest in the market. As for what gives one particular market strong price and rental rate growth, Trulia credits the expectation of fewer foreclosures, strong job growth and falling vacancy levels.
URL to original article: http://www.housingwire.com/news/october-home-prices-rise-29-rents-soar-above-5
For further information on Fresno Real Estate check: http://www.londonproperties.com
Clear Capital: Housing market recovery helped Obama win re-election
Source: Housingwire
By Christina Mlynski
Clear Capital’s Home Data Index Market Report concluded that homeowners' new-found confidence, home price gains and REO declines provided a tailwind for President Barack Obama’s second-term victory. But now the real work begins, the data and real estate valuation firm said. Obama and his GOP rival Mitt Romney spoke very little about the troubled housing market during the election cycle. But now that the rancorous election is over, Obama should handle housing issues head-on, Clear Capital said. "President Obama's housing policies must evolve to turn the recovery’s sprint into a marathon," said Director of Research and Analytics Alex Villacorta. "With a re-election secured, President Obama has the opportunity to stimulate lending activity by being bolder on policy." October housing trends, which continued a quarter-over-quarter home price growth, provided homeowners with confidence that the industry is steadily improving. National home prices were up 4.6% over the year, the highest since 2010. Even though that’s still 37.6% below the peak, it gave voters enough security in housing recovery. REO saturation decreased to 18.1% in October. Since 2009, REO dropped 23 percentage points. The major metro market with the highest REO saturation rate is Atlanta, with 37.8% of the housing market REO. But Atlanta's quarter-over-quarter home price growth of 8% is a clear indication of the housing recovery in diverse cities. Clear Capital believes the most efficient way improve the fledgling economy is for the president to support middle-class homeowners. "Even with the higher than historical annual average returns, lenders are still understandably cautious in the current environment of regulatory uncertainty," Villacorta said. "And that’s left the middle class out in the cold, enticed by record affordability levels but unable to qualify for a loan." Obama should "press policymakers to clear up regulations," he said. Since 2009, more than 1 million loan modifications through Home Affordable Modification Program and 1.5 million refinances of underwater mortgages through the Home Affordable Refinance Program have taken place. Both programs reduce the delinquent loans that inevitability lead to REO inventory.
URL to original article: http://www.housingwire.com/news/clear-capital-housing-market-helps-obama%E2%80%99s-re-election
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
Clear Capital’s Home Data Index Market Report concluded that homeowners' new-found confidence, home price gains and REO declines provided a tailwind for President Barack Obama’s second-term victory. But now the real work begins, the data and real estate valuation firm said. Obama and his GOP rival Mitt Romney spoke very little about the troubled housing market during the election cycle. But now that the rancorous election is over, Obama should handle housing issues head-on, Clear Capital said. "President Obama's housing policies must evolve to turn the recovery’s sprint into a marathon," said Director of Research and Analytics Alex Villacorta. "With a re-election secured, President Obama has the opportunity to stimulate lending activity by being bolder on policy." October housing trends, which continued a quarter-over-quarter home price growth, provided homeowners with confidence that the industry is steadily improving. National home prices were up 4.6% over the year, the highest since 2010. Even though that’s still 37.6% below the peak, it gave voters enough security in housing recovery. REO saturation decreased to 18.1% in October. Since 2009, REO dropped 23 percentage points. The major metro market with the highest REO saturation rate is Atlanta, with 37.8% of the housing market REO. But Atlanta's quarter-over-quarter home price growth of 8% is a clear indication of the housing recovery in diverse cities. Clear Capital believes the most efficient way improve the fledgling economy is for the president to support middle-class homeowners. "Even with the higher than historical annual average returns, lenders are still understandably cautious in the current environment of regulatory uncertainty," Villacorta said. "And that’s left the middle class out in the cold, enticed by record affordability levels but unable to qualify for a loan." Obama should "press policymakers to clear up regulations," he said. Since 2009, more than 1 million loan modifications through Home Affordable Modification Program and 1.5 million refinances of underwater mortgages through the Home Affordable Refinance Program have taken place. Both programs reduce the delinquent loans that inevitability lead to REO inventory.
URL to original article: http://www.housingwire.com/news/clear-capital-housing-market-helps-obama%E2%80%99s-re-election
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 7, 2012
CoreLogic: Fresno home prices jump by 5 percent
Source: The Business Journal
Fresno home prices, including distressed sales, increased by 5 percent in September, compared to September 2011, CoreLogic, a residential property information, analytics and service provider, reports. On a month-over-month basis, home prices, including distressed sales, increased by 0.7 percent in September 2012 compared to August 2012. Excluding distressed sales, year over year prices increased by 4.8 percent in September 2012, compared to September of last year. On a month-over-month basis, prices, excluding distressed sales, grow by 1.2 percent in September, compared to the previous month. On a national basis, the country mirrored Fresno as prices, excluding distressed sales, jumped by 5 percent in September, compared to September 2011. “Home price improvement nationally continues to outpace our expectations, growing five percent year over year in September, the best showing since July 2006,” said Mark Fleming, chief economist for CoreLogic in a release. In the same release, Anand Nallathambi, president and chief executive officer of CoreLogic, said home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand. “So far this year we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market,” Nallathambi said.
URL to original article: http://thebusinessjournal.com/news/real-estate/3844-corelogic-fresno-home-prices-jump-by-5-percent
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno home prices, including distressed sales, increased by 5 percent in September, compared to September 2011, CoreLogic, a residential property information, analytics and service provider, reports. On a month-over-month basis, home prices, including distressed sales, increased by 0.7 percent in September 2012 compared to August 2012. Excluding distressed sales, year over year prices increased by 4.8 percent in September 2012, compared to September of last year. On a month-over-month basis, prices, excluding distressed sales, grow by 1.2 percent in September, compared to the previous month. On a national basis, the country mirrored Fresno as prices, excluding distressed sales, jumped by 5 percent in September, compared to September 2011. “Home price improvement nationally continues to outpace our expectations, growing five percent year over year in September, the best showing since July 2006,” said Mark Fleming, chief economist for CoreLogic in a release. In the same release, Anand Nallathambi, president and chief executive officer of CoreLogic, said home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand. “So far this year we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market,” Nallathambi said.
URL to original article: http://thebusinessjournal.com/news/real-estate/3844-corelogic-fresno-home-prices-jump-by-5-percent
For further information on Fresno Real Estate check: http://www.londonproperties.com
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