May
1st
Construction Spending Hits Seven Month Low
By Kelly Curtis
Construction Spending Hits Seven Month Low
The US Commerce Department reported Wednesday that construction spending slipped last month, reaching its lowest level in seven months and prompting some economists to lower their estimates for first-quarter economic growth in the world's largest economy. The March slip in spending by builders is the biggest such decline since 2006, when the housing market began a downturn that triggered the worst US recession since the 1930s. According to the report, spending fell 1.7 percent from February's spending to just under $857 billion. The decline came after a previously reported 1.5 percent jump in spending in February. The decline also caught Wall Street by surprise, as a group of economists in a recent Bloomberg survey expected the report to show a 0.7 percent increase, on average.
The US Commerce Department reported Wednesday that construction spending slipped last month, reaching its lowest level in seven months and prompting some economists to lower their estimates for first-quarter economic growth in the world's largest economy. The March slip in spending by builders is the biggest such decline since 2006, when the housing market began a downturn that triggered the worst US recession since the 1930s. According to the report, spending fell 1.7 percent from February's spending to just under $857 billion. The decline came after a previously reported 1.5 percent jump in spending in February. The decline also caught Wall Street by surprise, as a group of economists in a recent Bloomberg survey expected the report to show a 0.7 percent increase, on average.
Apr
5th
Mortgage Lawsuit Against UBS Allowed to Proceed
By Frank Galvano
Mortgage Lawsuit Against UBS Allowed to
Proceed
An Appeals Court judge in New York ruled Friday that a lawsuit against Swedish bank UBS over Fannie Mae and Freddie Mac mortgage-related losses may proceed. Filed by the Federal Housing Finance Agency, the agency that oversees the two mortgage behemoths, the claim is but one of more than a dozen suits brought against banks over massive losses suffered by the mortgage insurers when the housing market collapsed in 2007. According to the FHFA, the two companies lost close to $200 billion on bad mortgages during the recession. UBS asked the judge, presiding over the 2nd US Circuit Court of Appeals, to dismiss the suit, but the judge ruled that the FHFA did not wait too long after taking control of Fannie and Freddie and that it had a basis to bring a case.
An Appeals Court judge in New York ruled Friday that a lawsuit against Swedish bank UBS over Fannie Mae and Freddie Mac mortgage-related losses may proceed. Filed by the Federal Housing Finance Agency, the agency that oversees the two mortgage behemoths, the claim is but one of more than a dozen suits brought against banks over massive losses suffered by the mortgage insurers when the housing market collapsed in 2007. According to the FHFA, the two companies lost close to $200 billion on bad mortgages during the recession. UBS asked the judge, presiding over the 2nd US Circuit Court of Appeals, to dismiss the suit, but the judge ruled that the FHFA did not wait too long after taking control of Fannie and Freddie and that it had a basis to bring a case.
Mar
27th
Pending Home Sales Rise Again in February
By Kelly Curtis
Pending Home Sales Rise Again in February
The National Association of Realtors on Wednesday released its report on pending home sales for February. The report hinted at a gradual slowdown is the sales of previously owned homes across the country, tempering excitement generated by recent trends that show an improving housing sector, something most economists agree is pivotal to the overall economic recovery. According to the report, the number of contracts signed to buy existing homes fell 0.4 percent last month. Of course, the slip came on the heels of January's numbers, which were revised upward 3.8 percent. Both readings were higher than in any month since April 2010, showing the underlying trend is still positive. On a year-over-year basis, the pending home sales index was up 5 percent from February a year ago.
The National Association of Realtors on Wednesday released its report on pending home sales for February. The report hinted at a gradual slowdown is the sales of previously owned homes across the country, tempering excitement generated by recent trends that show an improving housing sector, something most economists agree is pivotal to the overall economic recovery. According to the report, the number of contracts signed to buy existing homes fell 0.4 percent last month. Of course, the slip came on the heels of January's numbers, which were revised upward 3.8 percent. Both readings were higher than in any month since April 2010, showing the underlying trend is still positive. On a year-over-year basis, the pending home sales index was up 5 percent from February a year ago.
Mar
22nd
La Jolla Home Sales Report for February 2013
By Adam Mills
In the latest report for La Jolla, California home sales we saw a
jump in the median price from $1,050,000 in January to $1,675,000 in
February 2013. The average price was $1,800,300, up
from $1,216,960. View
the full report.
View the full report
View the full report
Mar
18th
Home Builder Confidence Falls for Third Straight Month
By Frank Galvano
Home Builder Confidence Falls for Third Straight
Month
The National Association of Home Builders reported Monday that its index of builder sentiment, compiled jointly with Wells Fargo, fell for the third straight month in March, following eight straight months of gains. While home prices are up, and many builders are seeing elevated demand, builders are being hindered by legislative delays in developing lots as well as rising costs for labor and building materials. In addition, many potential buyers are unable to qualify for credit to buy new homes because of lenders' demands for high credit scores or down payments.
The National Association of Home Builders reported Monday that its index of builder sentiment, compiled jointly with Wells Fargo, fell for the third straight month in March, following eight straight months of gains. While home prices are up, and many builders are seeing elevated demand, builders are being hindered by legislative delays in developing lots as well as rising costs for labor and building materials. In addition, many potential buyers are unable to qualify for credit to buy new homes because of lenders' demands for high credit scores or down payments.
Mar
8th
Housing Recovery Driving Job Gains
By Frank Galvano
Housing Recovery Driving Job Gains
Since the onset of America's worst economic downturn since the 1930s, the economy has been in a state of constant recovery. Manufacturing, consumer spending and other parts of the economy have shown signs of solid growth at times, but a couple of US economic sectors have lagged behind: housing and the labor market. Based on recent reports, however, it seems as if both sectors are finally gaining some momentum. To put an even more positive spin on things, the housing recovery actually drives improvement in the labor market, as new homes require workers to build them, so the trend is likely to gain even more steam.
Since the onset of America's worst economic downturn since the 1930s, the economy has been in a state of constant recovery. Manufacturing, consumer spending and other parts of the economy have shown signs of solid growth at times, but a couple of US economic sectors have lagged behind: housing and the labor market. Based on recent reports, however, it seems as if both sectors are finally gaining some momentum. To put an even more positive spin on things, the housing recovery actually drives improvement in the labor market, as new homes require workers to build them, so the trend is likely to gain even more steam.
Mar
8th
Mortgage Application Demand Surges 15 Percent
By Betty
Mortgage Application Demand Surges 15
Percent
The Mortgage Bankers Association reported Friday that applications for home loans surged a whopping 14.8 percent for the week ended March 1st following three straight weeks of declining applications. The report showed significant gains in demand for not only home purchase loans, but also refinance mortgages, as both categories rose about 15 percent. The report underscores the building momentum in the recovery of the housing market, which has essentially held back the broader economy for better than four years. The reported gain in mortgage application levels brought the MBA's index to its highest level since the middle of January.
The Mortgage Bankers Association reported Friday that applications for home loans surged a whopping 14.8 percent for the week ended March 1st following three straight weeks of declining applications. The report showed significant gains in demand for not only home purchase loans, but also refinance mortgages, as both categories rose about 15 percent. The report underscores the building momentum in the recovery of the housing market, which has essentially held back the broader economy for better than four years. The reported gain in mortgage application levels brought the MBA's index to its highest level since the middle of January.
Feb
26th
Home Prices Rise 7.3%
By Adam Mills
Home prices for single-family homes ended 2012 with a bang, after
prices trended upward in December. The yearly gain was the
most in over six years, confirming that the housing market is
indeed on the mend.
The Case-Shiller composite index showed that 19 out of 20 metropolitan areas saw an increase in prices. The overall average was up 0.9% on a seasonally adjusted basis, beating analyst expectations of 0.5%.
For the final quarter of 2012, home prices were up 7.3%. To put things in perspective, in 2011 year-over-year home prices declined in each quarter. In the first quarter of 2012, year-over-year home prices were down 1.2%. Then, each quarter thereafter saw a year-over-year gain: 2Q was +1.5%, 3Q was +3.6%, and 4Q was 7.3%.
The latest numbers can be attributed to a decline in foreclosures as well as inventory, record-low mortgage rates and an economy that has shown some signs of recovery. While the housing market is improving, some analysts warn not to get too far ahead of ourselves. Barclays projects a 6% to 7% through 2013 and a 5% to 6% increase in 2014.
The Case-Shiller composite index showed that 19 out of 20 metropolitan areas saw an increase in prices. The overall average was up 0.9% on a seasonally adjusted basis, beating analyst expectations of 0.5%.
For the final quarter of 2012, home prices were up 7.3%. To put things in perspective, in 2011 year-over-year home prices declined in each quarter. In the first quarter of 2012, year-over-year home prices were down 1.2%. Then, each quarter thereafter saw a year-over-year gain: 2Q was +1.5%, 3Q was +3.6%, and 4Q was 7.3%.
The latest numbers can be attributed to a decline in foreclosures as well as inventory, record-low mortgage rates and an economy that has shown some signs of recovery. While the housing market is improving, some analysts warn not to get too far ahead of ourselves. Barclays projects a 6% to 7% through 2013 and a 5% to 6% increase in 2014.
Feb
25th
Ex-KISS Guitarist Ace Frehley Faces Foreclosure
By Geno
Ex-KISS guitarist Ace Frehley appears to be letting his Yorktown home be repossessed. It has been reported that Frehley hasn't made a mortgage payment on the home in nearly two years. The recent foreclosure filing requests that the court order a sale of the home for the outstanding principal of $703,581.48 plus interest and late charges. In addition to the foreclosure filing, the 'Spaceman' has not been paying his property taxes either. Back taxes include a 2011 lien of $5,131.61 for town and county taxes, plus $13,425.94 for 2012 taxes.
Frehley purchased the home in 2006. It is a 3-bedroom,
3-bath home with 2,441 sqft on just over 3-acres of land.
Although the guitarist hasn't commented on the foreclosure
filing, he could be doing what many homeowners have done in the
last few years. When the housing market took a nosedive in
2008, many people saw their home value drop dramatically.
At that point, many homeowners decided to walk away from
their homes, rather than keep a home that was worth much less
than the purchase price. If that's the case, Ace decided to
stop making payments in 2011 and was just waiting for the
foreclosure process to catch up to him.
Feb
20th
Mortgage Applications Down
By Adam Mills
Mortgage applications fell for the 2nd consecutive week, down 0.6%.
On a seasonally adjusted basis, the purchasing index,
including refinancing and demand, was down 1.7% week-to-week.
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