July 2010 - MND NewsWire

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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USDA Rural Housing Bill Passes; Low-Income Rental Legislation Advances

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by Jann Swanson on July 30 2010, 12:23 PM

The dormant USDA Section 502 rural housing program was revived by Congress yesterday and a House committee approved a bill to encourage owners of HUD and USDA subsidized rental units from converting to market rates. ...
Fannie Mae Preps Investors for Reform. Book of Business Reflects Tight Credit Conditions

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by Jann Swanson on July 29 2010, 12:06 PM

The Administration has begun to telegraph its intentions to move forward with reforms of the housing finance system. A conference will be held next month with stakeholders to provide input and discussion on revamping the GSEs...
Vacancy Rate Near Historic High. America Has a "Home Problem"

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by Jann Swanson on July 28 2010, 1:22 PM

The Census Department released its survey of Residential Vacancies and Homeownership for the second quarter of 2010 which indicated that vacancies of both homeowner and rental properties are hovering near historic highs. The report estimates there were...
FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation

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by Jann Swanson on July 28 2010, 3:18 PM

HUD and FHA opened a public comment period on Thursday on another series of changes to underwriting guidelines, including the reduction of seller concessions, as they Administration continues to try to reduce its risk profile and shore up its capital...
Beige Book: Mixed Reads on Economy. Housing Market Definitely "Sluggish"

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by Adam Quinones on July 28 2010, 2:24 PM

Nearly all Districts reported sluggish housing markets in the months since the homebuyer tax credit expired on April 30. While some Districts, such as Boston and St. Louis, reported an increase in May and June home sales on a year-over-year basis, some...
Refinance Demand Takes a Break While Purchase Apps Search for Bottom

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by Adam Quinones on July 28 2010, 9:25 AM

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. Mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. The Refinance...
FHA Penalizes Over 1,000 Lenders for Violating Regulatory Standards

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by Jann Swanson on July 27 2010, 12:30 PM

FHA has published the names of over 1,000 lenders who have been sanctioned over the past months. Penalties include temporary or permanent suspension from the program to substantial civil penalties...
Housing Finance Reform Now in Focus for Obama Administration

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by Adam Quinones on July 27 2010, 10:26 AM

Housing’s image certainly is as battered as it’s ever been. Responsibility for this last recession is rightfully borne by a mortgage market on steroids that was too often lacking in common sense. Thankfully most of us have done our penance and confessed...
Data Flash: S&P/Case-Shiller Home Price Index +0.5% in May

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by Adam Quinones on July 27 2010, 9:07 AM

US MAY HOME PRICES IN 20 METRO AREAS RISE 0.5 PCT SEASONALLY ADJ (CONSENSUS 0.2 PCT) VS 0.6 PCT IN APRIL - S&P/CASE-SHILLER...
New Home Sales Rebound from Revised Record Low

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by Adam Quinones on July 26 2010, 10:03 AM

New Home Sales in June rebounded from historic lows in May. Attention should be given to the fact that May survey data was revised from 300,000 new home sales to 267,000 new home sales. That is a huge downward revision and makes the rebound seen in June...
Existing Home Inventory Climbs. Several Issues Strain Buyer Demand

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by Adam Quinones on July 22 2010, 10:24 AM

Nothing has changed since last year, the tax credit just covered up structural weakness at the core of housing demand. ...
Administration Issues Second Monthly Housing Scorecard

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by Jann Swanson on July 21 2010, 2:39 PM

The second edition of the administrations composite housing score card covers a number of indices on the state of the housing market. New this month is a report on the progress of the HUD Neighborhood Stabilization Program as well as the usual updates...
Rise in Refinance Demand Confirms Loan Pricing War in Primary Mortgage Market

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by Adam Quinones on July 21 2010, 10:45 AM

"As rates on 30- and 15-year fixed-rate mortgages declined to the lowest levels recorded in the survey, refinance activity increased last week. The refinance index is up almost 30 percent over the past 4 weeks, but is still well below the peak seen...
New Construction of Single-Family Homes Goes Stagnate

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by Adam Quinones on July 20 2010, 6:31 PM

After a huge improvement in May, multi-family housing starts led the overall starts number lower with a 26,000 unit decline. Single-family starts fell only 3,000 units. In terms of building permits, the multi-family category led the way higher with a...
Mortgage Banker Profits Drop as Production Slows and Origination Costs Balloon

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by Jann Swanson on July 20 2010, 10:41 AM

Lower loan volume and a decreased pull-through rate led to higher production costs and reduced profits for independent mortgage companies and subsibiaries according to the MBA's 1st Quarter production survey...

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