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  • Wed, Mar 7 2012
  • 2:39 PM » Dataquick: Phoenix Homes Sales Down 17.9% in January
    Published Wed, Mar 07 2012 2:39 PM by DataQuick
    Phoenix Region January Home Sales Phoenix-area January home sales rose to the highest level for that month in five years as several price measures trended higher again on a year-over-year basis, a real estate information service reported.   A total of 7,123 new and resale houses and condos closed escrow during January in the combined Maricopa-Pinal counties metro area. That was down 17.9 percent from the month before but up 3.2 percent from a year earlier, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records.   It's normal for sales to drop between December and January, with that decline averaging 21.7 percent since 1994, when DataQuick's complete Phoenix region statistics begin.   Total January home sales fell 3.1 percent short of the average number sold in January since 1994, but that was only because new-home sales remained very low. Resale volume in January was 17.5 percent higher than the January average, and it was the highest for that month since January 2006. January sales of newly built homes rose 31.3 percent year-over-year, to the highest level for a January since 2009. But this January's new-home sales were still 66.0 percent below average for the month.   January home sales rose year-over-year in most price segments above $100,000. The number of new and resale homes that sold for less than $100,000 fell 7.3 percent from a year earlier, while sales between $100,000 and $200,000 increased 3.3 percent. Deals in the $200,000 to $600,000 range rose 9.0 percent from a year earlier, while above $800,000 sales increased 3.6 percent.   The median price paid in January for all new and resale houses and condos sold in the Phoenix region was $127,500. That was down 1.2 percent from the month before but up 7.1 percent from a year earlier. January marked the second month in a row in which the overall median sale price rose year-over-year. (In December 2011...
  • 2:37 PM » Wells Fargo eyes "selective acquisitions" – CFO
    Published Wed, Mar 07 2012 2:37 PM by Reuters
    March 7 (Reuters) – Wells Fargo & Co can continue to grow through “selective acquisitions” as European banks shed loans and business units, the bank’s chief financial officer said on Wednesday. In 2011, the fourth-largest U.S. bank bought $3 billion in U.S. commercial loans from Irish banks and purchased asset-based lender Burdale Capital Finance Inc. [...]
  • 2:36 PM » Fed weighs new form of quantitative easing: report
    Published Wed, Mar 07 2012 2:36 PM by Market Watch
    WASHINGTON (MarketWatch) -- The Federal Reserve is considering a new kind of bond-buying program that would simultaneously try to limit inflation, according to a report in the Wall Street Journal. The Fed would print new money to buy long-term mortgage or Treasury bonds but effectively tie up that money by borrowing it back for short periods at low rates.
  • 2:35 PM » Parsing Home Prices Proves Precarious
    Published Wed, Mar 07 2012 2:35 PM by CNBC
    Another day, another double-dose of home price reports, a home sentiment survey and a weekly report on mortgage applications. All seem to point in different directions.
  • 2:35 PM » Fannie Mae changing "forced-place insurance" rules
    Published Wed, Mar 07 2012 2:35 PM by Reuters
    (Reuters) - The practice of banks forcing expensive homeowners insurance on borrowers could come to an end after Fannie Mae told lenders it would seek to oversee such policies itself.
  • 2:34 PM » Assistant Attorney General Thomas E. Perez Testifies Before the Senate Judiciary Committee at Hearing on Fair Lending
    Published Wed, Mar 07 2012 2:34 PM by
    "As the 2011 enforcement record illustrates, the Division's Fair Lending Unit uses every possible tool to address the range of abuses seen in the market, in both mortgage and non-mortgage lending," said Assistant Attorney General Perez.
    Click Here to Read the Full Article

  • 10:57 AM » The All-In-One Concept Home
    Published Wed, Mar 07 2012 10:57 AM by
    The new Universal Design Living Laboratory masters universal design, green building, and healthy home practices-all with an eye toward aesthetics.
    Click Here to Read the Full Article

  • 10:53 AM » NY county declares emergency, could roil municipal bond market
    Published Wed, Mar 07 2012 10:53 AM by Reuters
    (Reuters) - The top government official in New York's Suffolk County said on Tuesday he would declare a fiscal emergency, a move that could roil the $3.7 trillion municipal bond market.
  • 10:53 AM » Markets Deserve a Borrowing Rate That Libor Banks Can't Manipulate: View - Bloomberg
    Published Wed, Mar 07 2012 10:53 AM by Bloomberg
    Markets Deserve a Borrowing Rate That Libor Banks Can't Manipulate: View Bloomberg The value of about $360 trillion in financial contracts, ranging from derivatives to adjustable-rate mortgages, depends largely on a benchmark -- known as the London interbank offered rate -- that is demonstrably broken. Regulators and global banks are ... and more »
  • 9:17 AM » Fannie Mae: Consumer Attitudes about Personal Finances and Housing
    Published Wed, Mar 07 2012 9:17 AM by Fannie Mae
    News Release - February 2012 National Housing Survey | Fannie Mae. PrintEmail. News Release. March 07, 2012. Consumer ...
  • 8:20 AM » Real Returns: Investing in Foreclosures
    Published Wed, Mar 07 2012 8:20 AM by CNBC
    Real Returns: Investing in Foreclosures<br/>
  • 8:18 AM » More mortgage rules to come from CFPB
    Published Wed, Mar 07 2012 8:18 AM by NAFCU
    Rules to prevent mortgage servicers from "force-placing" insurance on borrowers unless they have a reasonable basis for doing so are on the list of things to come from the Consumer Financial Protection Bureau, CFPB Director Richard Cordray said Tuesday.
  • 8:18 AM » Mortgage applications dipped last week: MBA
    Published Wed, Mar 07 2012 8:18 AM by Reuters
    NEW YORK (Reuters) - Applications for U.S. home mortgages dipped last week as refinance demand sagged, though activity in home purchases picked up, an industry group said on Wednesday.
  • Tue, Mar 6 2012
  • 6:24 PM » Donovan does the Daily Show, highlights help for homeless vets
    Published Tue, Mar 06 2012 6:24 PM by National Housing Conference
    by Sarah Jawaid, National Housing Conference HUD Secretary Donovan made an appearance last night on Comedy Central's The Daily Show with Jon Stewart where he highlighted the administration's position in dealing with veteran homelessness and families facing foreclosure. In the segment, Donovan explained that getting an individual into housing is cheaper than government paying the costs of emergency services (like EMTs and police) incurred as a result of homelessness. He also brought up President Obama's goal of eradicating veteran homelessness by 2015. In the last year, HUD has helped 20% of homeless veterans find a stable home. This appearance coincides with the administration's plan released today to help homeless veterans. President Obama today announced a plan to help veterans and service members affected by the foreclosure crisis receive relief. This fits into the President's larger plan for housing recovery by helping responsible homeowners families refinance their homes and support communities that are the most impacted by foreclosures. The announcement also included a reduction of fees for FHA borrowers seeking to refinance. The plan to help veterans and service members includes: "compensating service members wrongfully foreclosed upon, compensating service members wrongfully charged higher interest rates, providing relief for service members forced to sell their home at a loss due to a permanent change in station, $10 million for the veterans housing benefit program, foreclosure protections for service members receiving hostile fire/imminent danger pay."
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 6:18 PM » Project Rebuild to Continue Revitalizing Neighborhoods and Creating Jobs
    Published Tue, Mar 06 2012 6:18 PM by
    A foreclosed home not only damages the family who lost their homeowner dream, but also directly affects neighborhoods by immediately decreasing their property value by an average of $5,000. Many homeowners who have struggled to make their payments on time have seen their property values decrease through no fault of their own because of the [...]
  • 6:17 PM » Why Apple Stock Is Better Investment Than a House
    Published Tue, Mar 06 2012 6:17 PM by CNBC
    If you had purchased Apple stock ten years ago instead of putting the same amount of money into a house, you'd have almost $10 million right now.
  • 5:59 PM » ABA Statement on the Administration's FHA Refinance Program
    Published Tue, Mar 06 2012 5:59 PM by American Bankers Assoc.
    Washington, March 6, 2012 -- The President's plan to remove cost impediments for borrowers that refinance FHA loans, broadening the accessibility of mortgage relief, is sensible.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 2:39 PM » Attorney General PeterKilmartin Warns Consumers to be Cautious of Scams Involving the National Mortgage Settlement
    Published Tue, Mar 06 2012 2:39 PM by
    Attorney General Peter F. Kilmartin is warning Rhode Island homeowners to be cautious of scams involving the recent national mortgage settlement. It has been reported that several homeowners across the country have been contacted by phone or by email by individuals claiming to have "a list" of...
  • 2:35 PM » Huge Spike in Repeat Foreclosures
    Published Tue, Mar 06 2012 2:35 PM by CNBC
    Thousands of foreclosures that were stuck in process due to delays over the so-called "Robo-signing" paperwork scandal are working their way through a revamped banking system and heading toward final bank repossession.
  • 12:04 PM » Did The Fed Help Banks While Ignoring The Risks?
    Published Tue, Mar 06 2012 12:04 PM by
    The Federal Reserve shrugged off warnings and let banks pay shareholders billions of dollars in dividends last year, despite warnings from the Federal Deposit Insurance Corp. ProPublica investigative reporter Jesse Eisinger says banks should have been forced to set aside the money as a rainy-day cushion.
  • 10:22 AM » FACT SHEET: President Obama Announces New Steps to Provide Housing Relief to Veterans and Servicemembers and Help More Responsible Homeowners Refinance
    Published Tue, Mar 06 2012 10:22 AM by
    Release Time:  For Immediate Release In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last , calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference. Today, the President is announcing two steps the Administration is taking to support homeowners and their families – providing relief for servicemembers and veterans, including those wrongfully foreclosed upon or denied a lower interest rate on their mortgages, and reducing fees for FHA borrowers looking to refinance. Along with the President’s broader plan to help millions of Americans refinance and save thousands of dollars a year, support the communities hardest-hit by the housing crisis, and help families avoid foreclosure and stay in their homes, this is part of the President’s overall strategy to support responsible homeowners and the housing recovery. Providing Relief for Servicemembers and Veterans: On top of the historic settlement completed by the Federal government and 49 state Attorneys General last month, major servicers will be providing significant relief to thousands of servicemembers and veterans. Under the agreement, they will: • conduct a review of every servicemember foreclosed upon since 2006 and provide any who were wrongly foreclosed upon with compensation equal to a minimum of lost equity, plus interest and $116,785; • refund to servicemembers money lost because they were wrongfully denied the opportunity to reduce their mortgage payments through lower interest rates; • provide relief for servicemembers who are forced to sell their homes for less than the amount they owe on...
    Click Here to Read the Full Article

  • 9:52 AM » FHA to cut refinance fees under White House plan
    Published Tue, Mar 06 2012 9:52 AM by Market Watch
    WASHINGTON (MarketWatch) - The Federal Housing Administration will cut fees for homeowners with FHA-backed mortgages seeking to refinance under a new plan to expand the effectiveness of an existing refinance program, the White House announced Tuesday. An estimated 2-3 million FHA borrowers will be eligible to benefit from the revamped program, the statement said. At the same time, the Obama administration is launching an effort to examine whether veterans and members of the armed forces were hurt by mortgage abuse. Mortgage services will conduct a review overseen by the Justice Department of the mortgages of servicemen and veterans to see if their rights were violated through wrongful foreclosure, high interest rate charges or forced home sales. The two programs are part of an Obama administration effort to help spur recovery of the housing market. The steps do not need Congressional approval. President Barack Obama will announce the moves at an afternoon press conference, his first since last November.
  • 8:37 AM » Lehman bankruptcy's legal tab: $1.6 billion
    Published Tue, Mar 06 2012 8:37 AM by CNN
    Lehman Brothers' bankruptcy is the largest in history, and it's also been the most lucrative one for lawyers and consultants.
  • 8:35 AM » Treasurys gain as Greece worries resurface
    Published Tue, Mar 06 2012 8:35 AM by Market Watch
    NEW YORK (MarketWatch) -- Treasury prices rose on Tuesday, pushing yields down, as renewed worries that Greece won't garner enough participation for its bond swap weighed on stocks and commodities and increased the appeal of the relative safety of U.S. debt. Yields on 10-year notes , which move inversely to prices, fell 4 basis points to 1.97%. "Treasurys were higher on rumors that Greece may push back its PSI deadline from Thursday to next Wednesday -- rumors that have since been denied," said strategists at CRT Capital Group.
  • 8:33 AM » TFCU highlights effective mortgage strategies
    Published Tue, Mar 06 2012 8:33 AM by NAFCU
    NAFCU members should be on the lookout for the March/April issue of The Federal Credit Union magazine, which features strategies to boost mortgage lending, tips on how to leverage new member relationships and a look at challenges and opportunities facing defense credit unions.
  • 8:32 AM » Dallas Fed President Fisher Says Markets Hooked on Monetary Morphine
    Published Tue, Mar 06 2012 8:32 AM by CNBC
    Dallas Fed President Richard Fisher said the markets are hooked on "monetary morphine" and he sees no reason for further easing.
  • 8:31 AM » Stocks Seen Down Ahead of Super Tuesday Primaries
    Published Tue, Mar 06 2012 8:31 AM by CNBC
    U.S. stock index futures pointed to a lower open on Wall Street on Tuesday, ahead of the Super Tuesday primaries in which voters in 10 U.S. states will choose a Republican presidential candidate.
  • Mon, Mar 5 2012
  • 9:16 PM » Consumers weigh in on banks with barrage of comments
    Published Mon, Mar 05 2012 9:16 PM by Reuters
    Last week, a story by Reuters Money columnist Linda Stern was drumming up a more than average reader response on Yahoo! Finance, where it was promoted on March 1. Headlined "When your bank doesn't...
  • 9:16 PM » Florida lawmakers consider accelerating foreclosures
    Published Mon, Mar 05 2012 9:16 PM by Washington Post
    Lawmakers in Florida are considering measures this week to accelerate foreclosures in the state , one of the hardest hit by the mortgage crisis, underscoring the tug-of-war over how to spur a housing recovery while protecting the rights of struggling homeowners. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:15 PM » Housing Landscape 2012: Reframing the housing discussion
    Published Mon, Mar 05 2012 9:15 PM by National Housing Conference
    by Cynthia Adcock, National Housing Conference and Center for Housing Policy The press coverage and interest in the Center for Housing Policy's release of its annual Housing Landscape report, which tracks housing affordability for America's working households, was phenomenal. Close to 100 media outlets from across the U.S. and in four foreign languages wrote about the report and its core finding that despite falling home sale prices, housing affordability worsened between 2008 and 2010. This finding helps counter the widespread belief that our housing affordability problems have been solved by the Great Recession. As Jeffrey Lubell's recent Moving Forward column noted, the continued challenge of housing affordability is only one of several key themes that we must highlight to expand support for affordable housing. A growing body of credible research links affordable housing with other core societal values, including health, education, economic mobility and environmental sustainability. National, state and local advocates and policy makers are taking notice, resulting in a reframing of how we talk about housing. In addition to reminding people of the need, we're offering proof of why and how it matters so much. Thank you all for your ongoing efforts to spread the word about how important affordable housing is to the health and well-being of families and communities.
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 9:13 PM » Big Money Bullish Real Estate
    Published Mon, Mar 05 2012 9:13 PM by CNBC
    Many pension funds may be feeling pain in a low yield world, but one fund is turning the tables.
  • 2:54 PM » Mortgage-Skipping Masters: Couple Lives in $1.29 Million Home Without Making Payments for 5 Years
    Published Mon, Mar 05 2012 2:54 PM by
    Guess what happens when you stop paying the mortgage? For quite some time, the answer is: Nothing much. In many states, while the foreclosure process drags on for years, homeowners who have stopped paying their bills can live in the property in a situation that amounts to “free rent,” as it’s been called. One couple [...]
    Click Here to Read the Full Article

  • 2:52 PM » Buying Foreclosures: One Investor's Key to Success
    Published Mon, Mar 05 2012 2:52 PM by CNBC
    With potentially millions of foreclosed, bank-owned homes coming to the housing market over the next few years, cash-heavy investors are poised to profit, especially when buying in bulk.
  • 10:14 AM » The Architect of Super-Prime
    Published Mon, Mar 05 2012 10:14 AM by WSJ
    Klas Nilsson started his career as a jobbing architectural surveyor. Today, the entrepreneurial Swede is the creator of some of the most luxurious, and expensive, super-prime real-estate in London.
  • 10:13 AM » Lehman Brothers to boost the market?
    Published Mon, Mar 05 2012 10:13 AM by CNN
    In a twist of capitalistic irony, traders are betting that the very banks that are synonymous with the 2008 financial crisis might actually boost the stock and bond markets over the next two months.
  • 10:11 AM » Fannie Mae Provides Single-Family MBS Loan-Level Disclosure
    Published Mon, Mar 05 2012 10:11 AM by Fannie Mae
    h1 text. PrintEmail. News Release. March 05, 2012. Fannie Mae Provides Single-Family MBS Loan-Level Disclosure. Andrew Wilson. 202-752-5168 ...
  • 9:00 AM » Banks press Fed to limit information release: WSJ
    Published Mon, Mar 05 2012 9:00 AM by Market Watch
    NEW YORK (MarketWatch) -- Some big U.S. banks are trying to persuade the Federal Reserve to limit the amount of detail it makes public about them when it announces the results of its latest stress tests, The Wall Street Journal reported on its website late Sunday. The Fed plans to release much more information this time than it did when it published the results of the 2009 stress tests. The Clearing House Association, a bank lobbying group, told the Fed in a letter this month that releasing additional information "could have unanticipated and potentially unwarranted and negative consequences to covered companies and U.S. financial markets," according to the newspaper.
  • 8:07 AM » Stock index futures signal early losses
    Published Mon, Mar 05 2012 8:07 AM by Reuters
    (Reuters) - Stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 0.48 percent, Dow Jones futures down 0.51 percent, and Nasdaq 100 futures down 0.54 percent at 5:52 a.m. ET.
  • Sun, Mar 4 2012
  • 9:01 PM » Getting Ready to Buy a House
    Published Sun, Mar 04 2012 9:01 PM by The Atlantic
    In the comments to my colleague's excellent post, one thing did surprise me: the era of the tiny
  • 9:01 PM » Banks Out of Penalty Box on Foreclosure-Prevention Money
    Published Sun, Mar 04 2012 9:01 PM by WSJ
    The U.S. government is handing back $171 million it had withheld from Bank of America Corp. and J.P. Morgan Chase & Co. after concluding that the lenders fixed problems in how they managed an Obama administration foreclosure-prevention program.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (0-00)
  • |
  • 30YR FNMA 5.0 110-25 (0-00)
  • |
  • 30YR FNMA 5.5 111-27 (-0-03)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%