Real Estate News 11.26.2014

Real Estate News 11.26.2014

1. Pending Home Sales Slow in October but Remain Higher Than a Year Ago

"WASHINGTON (November 26, 2014)—Pending home sales declined in October but remained at a healthy level of activity and are above year-over-year levels for the second straight month, according to the National Association of Realtors®."

2. Commercial Real Estate Demand is Holding Steady Despite Overseas Concerns

"WASHINGTON (November 24, 2014) – Despite a slowing global economy, forward economic momentum in the U.S. should keep commercial real estate activity on firmer footing, according to the National Association of Realtors® quarterly commercial real estate forecast."

3. Regulator OKs some Fannie, Freddie foreclosure buybacks at fair value

"The federal regulator overseeing Fannie Mae and Freddie Mac will now allow certain foreclosed borrowers to buy back the homes they lost — so long as they pay the full current value of the property."

4. Loan limits raised in four California counties by Fannie, Freddie

"In the realm of mortgages backed by Fannie Mae and Freddie Mac, California tends to fall into two categories -- high-cost counties where eligible single-family home loans can't be higher than $625,500 (Los Angeles, Orange) or those with the standard limit of $417,000 limit (Riverside, San Bernardino).'

5. High-end home sales are surging in Southern California

"By most measures, the housing market these days is a bit sluggish. Prices are flat. Sales are drooping. A lot of people are priced out."

6. Excessive regulation of mortgage lending drags down bank profit

"Bank earnings climbed to $38.7 billion in third quarter 2014 as institutions saw jumps in trading and other revenue, according to the latest report released today by the Federal Deposit Insurance Corp."

7. Moonlighting No Help to Americans Seeking to Buy a Home

"Yael Ishakis, a loan officer for First Meridian Mortgage, rejected an application three weeks ago from a woman who had a high credit score and a 20 percent down payment."

8. Higher fees proposed for FHA mortgages

"There is a key provision buried in the Transportation, Housing and Urban Development and Related Agencies Appropriations Act for Fiscal Year 2015 that if implemented, is causing lenders to be concerned about the potentially costly impact it could have to them."

9. U.S. economy resilient in Q3 as global growth cools

"(Reuters) - The U.S. economy grew at a much faster pace than initially thought in the third quarter, pointing to strengthening fundamentals that should help it weather slowing global demand."

10. FHFA: Home prices absolutely flat in September

"Home prices were absolutely flat in September, following a weak August, according to the Federal Housing Finance Agency."

11. Refinancing Boom Exposing Risks in U.S. Property Bonds

"A $40 million penalty wasn’t enough to keep the owner of San Francisco’s Parkmerced apartment complex from the chance to lock in record-low interest rates and take advantage of the property’s $1.5 billion value."

12. Chart of the Week: Growth in Housing Markets

"Nov. 26, 2014--Fisher, Lynn lfisher@mba.org; Kan, Joel jkan@mba.org
Recent housing indicators have pointed to growth in the housing market. These developments are likely a result of broader economic growth in the U.S. that is gaining momentum, along with employment conditions secure enough that households are starting to reenter the housing market."

13. Apartments on Pace for Record-Breaking Year

"Nov. 26, 2014--Tucker, Michael mtucker@mba.org
U.S. multifamily investment could surpass 2007’s record this year, exceeding $105 billion, reported CBRE, Los Angeles."

14.  BofA’s $16.65 billion toxic mortgage settlement gets green light

"The record-setting settlement between Bank of America (BAC), the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities has cleared all of the regulatory and legal hurdles and is now finalized, according to a new report from Bloomberg."

15. Freddie Mac: Rates stay frozen heading into holidays

"Mortgage rates remained around 4% as America heads into the holidays, the latest Freddie Mac Primary Mortgage Market Survey found."

16. Mortgage lending reverses yearlong trend

"Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York."

17. Jobless claims jump 21K in one week

"There were 313,000 initial jobless claims in the week ending Nov. 22, a dramatic increase of 21,000 for the week before.'



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