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NewsLocal Real Estate NewsWho sold what, published July 4ALMADEN6306 Desert Flame Dr., $400,000, 06-09-09, 2,096 SF, 5 BR, D. Bentley to Bentley Trust6426 Hidden Creek Dr. Debate simmers over plan to increase retail, hotel space in North San Jose Will new retail and hotel rooms wind up siphoning shoppers and guests from downtown? Who sold what, published June 27 ALMADEN 1010 Burlwood Dr., $985,000, 06-08-09, 2,209 SF, 4 BR, Reid Trust to K. Clearkin; 2004:$930,0001109 Casaba Creek Ct. Mortgage rates tick up Rates for 30-year home loans edged up this week, remaining above record lows reached over the spring. Not paying the mortgage, yet stuck with the keys A growing number of American homeowners are falling into financial limbo: They're badly behind on payments, but their banks have not yet foreclosed. May new home sales dip 0.6 percent WASHINGTON — New U.S. home sales fell slightly last month, in another sign that the housing market's recovery is likely to be gradual and prolonged. May existing home sales rose 2.4 percent, missing estimates Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery. Harney: Will tough mortgage rules hurt real estate recovery? Real estate may be showing signs of a turnaround in many local markets, but the nation's largest mortgage players continue to ratchet up their underwriting rules, making home purchases more difficult for some buyers. Foreclosures rising in Santa Clara County Foreclosures increased sharply in Silicon Valley last month, according to a report released Tuesday, and some experts said they are likely to keep climbing despite widespread efforts to keep people from losing their homes.  Databases, more real estate newsWho sold what, published June 20 ALMADEN1087 Fleetwood Dr., $850,000, 05-29-09, 2,191 SF, 4 BR, M. & L. Locatelli to A. Filo; 2008:$750,000856 Hillpoint Court, $783,000, 05-27-09, Home Equity Asset to C. From The Heart Of Silicon Vallley (my blog)Home Owner Affordability and Stability Plan…Home Owner Affordability and Stability Plan… President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes. The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. First is an incen- tive for homeowners who have less than 20% equity in their homes, or who owe more [...] Gorgeous Updated Home Silver Creek Valley Country Club Listing - 3 Bed/2Bath Property Tax Assessments Property Taxes in California Property tax is a tax that is imposed on persons because of their ownership or possession of property and is measured by the market value of the property. It is an important revenue source for public schools, fire protection, libraries, and parks and recreation. Prior to 1978, property tax in California was simply [...] Campbell Realtors Specializes in Huntington Beach Real Estate - List of Campbell Realtors Specializes in Huntington Beach Real Estate Hummm….well I was raised in HB, maybe I should rename this site to Huntington Beach Realtors Specializing in Campbell Real Estate. |
 MortgageToolbox From Local Rates Report:  This week the experts say... More Mortgage NewsMid-Day Recap: Labor Reports Send Markets into Freefall
The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years. “The heavy loss of jobs in June is a warning that the road to recovery will be bumpy, but doesn't yet indicate that we have gone off the track” . . . ...(read more) The Day Ahead: Markets Hesitant Ahead of Employment Data Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependent on the direction of the labor market. Many look for signs of stabilization after last month’s downside surprise, but signs of a recovery have been far from evident in the weekly Jobless Claims numbers or the ADP private employment report. The consensus looks for 325,000 jobs to have vanished this month, with forecasts ranging between 225,000 and 435,00...(read more) HARP Guidelines Allow for 125% LTV. Originators Still Skeptical The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, which has blocked many borrowers from utilizing HARP....(read more) Mortgage Performance: Fighting Rising Rate of Foreclosures with Loan Modifications A joint report from the OCC and OTS, which includes 64% of all outstanding mortgages, shows that instances of delinquency continued to increase in the second quarter. Particularly of note is the increasing growth rate of delinquencies among loans backed by prime borrowers. In general, the rate of increase in delinquencies slowed somewhat, but the report notes this may be partially due to seasonal effects. Unequivocally positive however, was the dramatic increase in the number of loan modifications...(read more) Mixed Data for Real Estate, ISM Index Improves Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes it at historic lows....(read more) Mortgage Applications Nosedive in Late June Demand for mortgage loans simply plummeted in the final week of June, even as mortgage rates once again moderated, according to a weekly industry index. The Mortgage Bankers Association said the Market Composite Index, a measure of loan application volume, fell 18.9% to 444.8 in the week ending June 26. The decline was led by a 30.0% drop in refinance-related loan applications. It seems that homeowners are less than enamored with mortgage rates, which were at multi-decade lows between March and April...(read more) The Day Ahead: Markets Optimistic Ahead of Big Day The first trading session of the third quarter is a heavy one for markets. Just one day ahead of the June employment figures, markets will get the closely watched ISM Manufacturing Index, the Pending Home Sales Index, the ADP private employment report, and more. Prior to any of the data, the U.S. dollar is looking weaker, but equities are poised to recover from the Tuesday sell-off, and WTI crude is up $1.50 to just under $72 per barrel. “Today brings a raft of potential market-moving reports...(read more) Fannie Mae Expands Portfolio, Delinquencies Rising Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights, the agency said it provided nearly $72 billion of liquidity to the market, mostly in the form of Mortgage-Backed Securities ($67.7 billion). Fannie also securitized more than $61 billion of whole loans within their investment portfolio. Fannie...(read more) Case-Shiller Says Pace of Home Price Declines Slowed in April Contrary to expectations, the rapid decline of home prices showed signs of stabilization in April, according to the Case-Shiller Home Price Index, the most influential recorder of prices. The 10-city composite index, which looks at ten major metropolitan areas across the nation, showed an annual price decline of 18.0% in April, compared with an -18.7% print in March. The market consensus prior to release was 18.8%. “For the past three months, the 10-City and 20-City Composites have recorded...(read more) The Week Ahead: Holiday Shortened Calendar The transition from June to July offers a packed schedule for investors. No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy. The S&P 500 has gained 43% since its low in early March, and while some are calling a plateau inevitable, others believe positive data could convince investors that genuine recovery is on the horizon. The biggest release this week will be the Employment figures on Thursday...(read more) |
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