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Friday, June 19, 2009
10 Cities Most Likely to Bounce Back Quickly
10 Cities Most Likely to Bounce Back Quickly
Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders.
Overall, cities most likely to recover first are those with strong technology capabilities.
Here is Forbes’ top 10:
Austin-Roundrock, Texas
Fayetteville-Springdale-Rogers, Ark.
Boulder, Colo.
Huntsville, Ala.
San Antonio, Texas
Mobile, Ala.
Dallas-Fort Worth-Arlington, Texas
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
McAllen-Edinburg-Mission, Texas
Seattle-Tacoma-Bellevue, Wash.
Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders.
Overall, cities most likely to recover first are those with strong technology capabilities.
Here is Forbes’ top 10:
Austin-Roundrock, Texas
Fayetteville-Springdale-Ro
Boulder, Colo.
Huntsville, Ala.
San Antonio, Texas
Mobile, Ala.
Dallas-Fort Worth-Arlington, Texas
Washington-Arlington-Alexa
McAllen-Edinburg-Mission, Texas
Seattle-Tacoma-Bellevue, Wash.
NAR: FHA Market Share Must Be Supported
NAR: FHA Market Share Must Be Supported
The National Association of REALTORS® urged Congress to invest resources that will ensure FHA’s continued role in stabilizing housing. A large portion of today’s home buyers would be unable to realize their dreams of homeownership without the Federal Housing Administration’s mortgage insurance program, NAR says.
FHA’s market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand.
“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multi-family mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently,” NAR President Charles McMillan says. “FHA is now the primary source of safe affordable mortgage financing for American families. To keep up with increasing demand, FHA must expand its capabilities, but FHA has not yet received the additional staffing and other resources commensurate with its expanded role in financing mortgages.”
REALTORS® have advocated strengthening oversight of and preventing fraud in FHA and other U.S. Housing and Urban Development programs for several years. Despite voiced concerns about its soundness and oversight, studies show that FHA remains financially sound and should remain so in the coming years. The FHA-approved group of lenders maintains strict oversight of loan originators.
“Since FHA has been underinvested in for a number of years, we hope Congress will act now to provide them with resources to increase staffing and invest in technological improvements,” McMillan says. “We believe provisions of what the U.S. Senate has proposed regarding FHA loans in S. 896, the Helping Families Save Their Homes Act of 2009, will be a big step in providing the type of necessary oversight now that FHA is such a major force in the market. We look forward to working with Congress and HUD to make sure that FHA continues to offer stable, affordable, safe options for home buyers across the country.”
Source: NAR (06/18/2009)
The National Association of REALTORS® urged Congress to invest resources that will ensure FHA’s continued role in stabilizing housing. A large portion of today’s home buyers would be unable to realize their dreams of homeownership without the Federal Housing Administration’s mortgage insurance program, NAR says.
FHA’s market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand.
“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multi-family mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently,” NAR President Charles McMillan says. “FHA is now the primary source of safe affordable mortgage financing for American families. To keep up with increasing demand, FHA must expand its capabilities, but FHA has not yet received the additional staffing and other resources commensurate with its expanded role in financing mortgages.”
REALTORS® have advocated strengthening oversight of and preventing fraud in FHA and other U.S. Housing and Urban Development programs for several years. Despite voiced concerns about its soundness and oversight, studies show that FHA remains financially sound and should remain so in the coming years. The FHA-approved group of lenders maintains strict oversight of loan originators.
“Since FHA has been underinvested in for a number of years, we hope Congress will act now to provide them with resources to increase staffing and invest in technological improvements,” McMillan says. “We believe provisions of what the U.S. Senate has proposed regarding FHA loans in S. 896, the Helping Families Save Their Homes Act of 2009, will be a big step in providing the type of necessary oversight now that FHA is such a major force in the market. We look forward to working with Congress and HUD to make sure that FHA continues to offer stable, affordable, safe options for home buyers across the country.”
Source: NAR (06/18/2009)
Can Buying Cheap Foreclosures Make You Rich?
Can Buying Cheap Foreclosures Make You Rich?
Speculators are buying up an uncounted, but certainly significant percentage of homes for sale in cities where the meltdown has hit hardest.
Homes.com reports a 30- to 50-percent year-over-year increase in searches for homes in foreclosure-heavy states, including California, Michigan, and Florida. In these states, helping long-distance investors find and close on properties and close has become a burgeoning real estate specialty.
The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens.
Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
Source: Smart Money, Anne Kadet (06/01/2009)
Speculators are buying up an uncounted, but certainly significant percentage of homes for sale in cities where the meltdown has hit hardest.
Homes.com reports a 30- to 50-percent year-over-year increase in searches for homes in foreclosure-heavy states, including California, Michigan, and Florida. In these states, helping long-distance investors find and close on properties and close has become a burgeoning real estate specialty.
The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens.
Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
Source: Smart Money, Anne Kadet (06/01/2009)
Top 10 Places to Start Over
Top 10 Places to Start Over
Some parts of the United States have been less affected than others by the economic downturn.
"If people are looking for a job and they're in Detroit, they're in the wrong place. They need to be considering geographic mobility," says Ernie Goss, professor of economics at Creighton University in Omaha.
BusinessWeek magazine, with help from staffing firm Manpower, has examined job opportunities all across the country, ranking metropolitan areas based on the percentage of companies planning to hire in the third quarter.
Here are the top 10 places it identified as offering the best opportunities for anyone looking for a fresh start:
1. Anchorage, Alaska
2. Provo-Orem, Utah
3. Kennewick-Richland-Pasco, Wash.
4. Yakima, Wash.
5. Omaha, Neb.-Council Bluffs, Iowa
6. Richmond, Va.
7. Winston-Salem, N.C.
8. Colorado Springs
9. Amarillo, Texas
10. Washington, D.C., Arlington-Alexandria, Va., plus areas in Maryland and West Virginia
Source: BusinessWeek, Prashant Gopal (06/09/2009)
Some parts of the United States have been less affected than others by the economic downturn.
"If people are looking for a job and they're in Detroit, they're in the wrong place. They need to be considering geographic mobility," says Ernie Goss, professor of economics at Creighton University in Omaha.
BusinessWeek magazine, with help from staffing firm Manpower, has examined job opportunities all across the country, ranking metropolitan areas based on the percentage of companies planning to hire in the third quarter.
Here are the top 10 places it identified as offering the best opportunities for anyone looking for a fresh start:
1. Anchorage, Alaska
2. Provo-Orem, Utah
3. Kennewick-Richland-Pasco, Wash.
4. Yakima, Wash.
5. Omaha, Neb.-Council Bluffs, Iowa
6. Richmond, Va.
7. Winston-Salem, N.C.
8. Colorado Springs
9. Amarillo, Texas
10. Washington, D.C., Arlington-Alexandria, Va., plus areas in Maryland and West Virginia
Source: BusinessWeek, Prashant Gopal (06/09/2009)
Tuesday, June 16, 2009
Monday, June 15, 2009
Sunday, June 14, 2009
Commercial Real Estate Might Not Go Bust
Commercial Real Estate Might Not Go Bust
In spite of all the recent gloomy talk, the U.S. commercial real estate market might not endure the belly flop everyone seems to be anticipating. More real estate investment trusts (REITs) have been warming to the concept of deleveraging in recent months, raising approximately $12 billion of equity in the stock market to either fortify their cash positions for the months and years to come or simply to pay off debt.
Analysts expect that the ability of high-profile real estate owners like Brandywine Realty Trust, Highwoods Properties Inc., Forest City Enterprises, and others to raise capital in such a difficult lending environment will help the overall stability of the commercial real estate market, as fewer buildings will have to be sold at bargain-basement prices.
Source: Richmond Times-Dispatch, Andrew Little (06/08/09)
In spite of all the recent gloomy talk, the U.S. commercial real estate market might not endure the belly flop everyone seems to be anticipating. More real estate investment trusts (REITs) have been warming to the concept of deleveraging in recent months, raising approximately $12 billion of equity in the stock market to either fortify their cash positions for the months and years to come or simply to pay off debt.
Analysts expect that the ability of high-profile real estate owners like Brandywine Realty Trust, Highwoods Properties Inc., Forest City Enterprises, and others to raise capital in such a difficult lending environment will help the overall stability of the commercial real estate market, as fewer buildings will have to be sold at bargain-basement prices.
Source: Richmond Times-Dispatch, Andrew Little (06/08/09)
Congress Weighs Buyer Tax Credit Expansion
Congress Weighs Buyer Tax Credit Expansion
Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.
The tax credit passed earlier this year is limited to $8,000 and has income caps.U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.
Source: The Wall Street Journal, Jessica Holzer (06/10/2009)
Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.
The tax credit passed earlier this year is limited to $8,000 and has income caps.U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.
Source: The Wall Street Journal, Jessica Holzer (06/10/2009)
FHA Cracks Down on Mortgage Brokers
FHA Cracks Down on Mortgage Brokers
The Federal Housing Administration is tightening its review of mortgage professionals that are allowed to originate loans.The Department of Housing and Urban Development requires brokers who originate FHA loans to obtain approval through the agency.
People convicted of making fraudulent loans will be barred from the program. Previously, companies were penalized, but individual employees were not.Richard L. Tracy Jr., a board member of the Connecticut Society of Mortgage Brokers and an FHA-approved lender, says the changes “will go a long way toward getting out the marginal players.”
Source: The New York Times, Bob Tedeschi (06/05/2009)
The Federal Housing Administration is tightening its review of mortgage professionals that are allowed to originate loans.The Department of Housing and Urban Development requires brokers who originate FHA loans to obtain approval through the agency.
People convicted of making fraudulent loans will be barred from the program. Previously, companies were penalized, but individual employees were not.Richard L. Tracy Jr., a board member of the Connecticut Society of Mortgage Brokers and an FHA-approved lender, says the changes “will go a long way toward getting out the marginal players.”
Source: The New York Times, Bob Tedeschi (06/05/2009)
Mortgage Rates Reach 7-Month High
Mortgage Rates Reach 7-Month High
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;5.04 percent from 4.81 percent for one-year ARMs.Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;5.04 percent from 4.81 percent for one-year ARMs.Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
Mortgage Rates Reach 7-Month High
Mortgage Rates Reach 7-Month High
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;5.04 percent from 4.81 percent for one-year ARMs.Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;5.04 percent from 4.81 percent for one-year ARMs.Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
Housing to Drive Economic Stability in 2010
Housing to Drive Economic Stability in 2010
The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.
The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.
Source: Reuters News, Ros Krasny (06/08/2009)
The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.
The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.
Source: Reuters News, Ros Krasny (06/08/2009)
Housing to Drive Economic Stability in 2010
Housing to Drive Economic Stability in 2010
The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.
The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.
Source: Reuters News, Ros Krasny (06/08/2009)
The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.
The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.
Source: Reuters News, Ros Krasny (06/08/2009)
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