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Welcome to The Outspoken Investor!News Updates““A housing revival is key to any optimism about the broader economy and jobs,” Mark Zandi, chief economist at Moody’s Analytics, writes for The Washington Post. Zandi notes that in every recovery since World War II a strengthening housing market has powered economic growth. “
“More metros were added to this month’s Improving Housing Market list, allowing the index to grow in January to 242 metros out of 361 nationwide. The National Association of Home Builders/First American Improving Market Index identifies areas that have shown growth in housing permits, employment, and home prices for at least six consecutive months. The index was created in September 2011. “
“Short sales reached a record number in the third quarter of 2012 for Fannie Mae and Freddie Mac-backed loans, according to the Federal Housing Finance Agency, the mortgage giants’ regulator. Short sales and deeds-in-lieu of foreclosure were up 23 percent from a year ago, totaling 37,966 for the third quarter, FHFA reports.”
“Ten major banks have agreed to pay more than $8.5 billion in a settlement with federal regulators over lenders’ past mistakes in processing foreclosures. About $3.3 billion of the settlement is to help 3.8 million eligible home owners who were foreclosed upon in 2009 and 2010. About $5.2 billion of the settlement will then be provided in assistance to home owners struggling financially, such as through mortgage modifications. Eligible borrowers will be contacted by the end of March. “
“The U.S. Census Bureau and HUD recently released the 2011 American Housing Survey, a biennual comprehensive national housing survey that provides data on housing inventories, demographics, home improvements, mortgages, and more. The 2011 survey indicates that almost 20 percent of new home owners chose their neighborhood based on convenience to the workplace. “
“Wealthy home owners rushed to take advantage of lower tax rates in the final months of last year, sending luxury home sales soaring at the end of 2012. Sales of homes $1 million or more jumped 51 percent in November compared to one year earlier, according to the National Association of REALTORS(R).”
“With 11 months of data reported, 2012 will clearly go down as a record year for favorable housing affordability conditions, and a great year for buyers who could get a mortgage, according to the National Association of Realtors®. NAR’s national Housing Affordability Index stood at 198.2 in November, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; recordkeeping began in 1970.”
“The Canadians are coming. Pension funds north of the border have poured about $9 billion into U.S. commercial real estate in the past three years, after largely steering clear of owning hotels, office buildings and apartments in the U.S. before then.”
“Monday’s $11.6 billion settlement between Fannie Mae FNMA -1.36% and Bank of America BAC -0.92% is the final chapter to a colorful drama involving the mortgage-finance giant, the major lender, and the starring (but silent) collaborator: Countrywide Financial. BofA ended a long-running feud with Fannie over who should have to bear the cost of loans sold to Fannie that were later found to run afoul of the company’s stated guidelines—mostly after the housing bust deepened and the loans defaulted.”
“A pair of settlements reached between a collection of large mortgage lenders and regulators, and Bank of America and Fannie Mae, respectively, will do well to help lenders atone for the sins of their past. But the continued recovery of housing in general is less dependent today on settlements and payouts for yesterdays abuses, and is instead much more reliant on market conditions here and now. November 2012 marked the 13th consecutive month of national home value increases, according to Zillows Real Estate Market Reports, a streak far more responsible for housings recent successes than even several billion dollars in direct homeowner assistance. Cumulatively, U.S. homes are expected to gain approximately $1.3 trillion in total value in 2012, reversing five years of cumulative declines.”
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