The Forbes 2011 All-Star Eateries In New York

The Forbes 2011 All-Star Eateries In New York: Despite the blahs of the economy and Wall Street, these restaurants continue to remind us how outstanding the dining experience can be.

Home refinancing and multifamily demand on the rise: Biege Book

Home refinancing and multifamily demand on the rise: Biege Book: Economic activity increased at a slow to moderate pace across Federal Reserve districts, except the St. Louis district, which reported a decline, according to the latest Beige Book, based on anecdotes from business contacts and economists.
Overall bank lending increased slightly since the previous report, and home refinancing grew at a more rapid pace while residential [...]

Mortgage applications plummet 11.7%

Mortgage applications plummet 11.7%: Mortgage applications fell 11.7% this past week as demand for refinanced loans cooled across the country, an industry trade group said.
The Mortgage Bankers Associated noted that its market composite index – a measure of loan application volume – dropped 11.7%.
The steep drop is tied to a 15.3% decline in the refinancing index. Meanwhile, the seasonally [...]

Home prices ease to 2003 levels

Home prices ease to 2003 levels: National home prices declined on an annual basis in the third quarter, to levels last seen eight years ago -- but the rate of decline slowed from the prior three months, according to a report issued Tuesday.

Kirchmeyer adds appraisal insurance against faulty valuations

Kirchmeyer adds appraisal insurance against faulty valuations: Kirchmeyer & Associates added loss protection for faulty valuations to its appraisal management services, according to a company release.
The new program, operated in partnership with Group9 Insurance Solutions, shields lenders and investors from losses when "a valuation inaccuracy is discovered" in the case of loan default, foreclosure or buyback, the release said.
Kirchmeyer, based in Buffalo, [...]

Hispanic households grow, accounting for more than half of new homeowners

Hispanic households grow, accounting for more than half of new homeowners: Hispanic households accounted for more than half of the nation's homeowners in the third quarter, evidence of the potential purchasing power of Latinos during the housing recovery.
According to Census Bureau data provided by Alejandro Becerra, former senior housing fellow at the Congressional Hispanic Caucus Institute, the number of Hispanic owner-occupiers grew by 288,000 from 6.21 [...]

Zillow Forecast: Case-Shiller Expected to Show 3.2% Decline Yearly

Zillow Forecast: Case-Shiller Expected to Show 3.2% Decline Yearly: By Dr. Stan Humphries, Zillow Chief Economist The Case-Shiller Composite Home Price Indices for September will be released on Tuesday, the 29th of November. Zillow predicts that the 20-City Composite Home Price Index (non-seasonally adjusted, NSA) will decline by 3.2% on a year-over-year basis, while the 10-City Composite Home Price Index (NSA) will show a ...

NAR expects some commercial real estate growth next year

NAR expects some commercial real estate growth next year: The commercial real estate segment could experience some growth in 2012, the National Association of Realtors said Monday.
Still, the association and market analysts remain cautiously optimistic with the economic crisis in Europe, as well as political wrangling and a bleak jobs picture remaining a top concern domestically.
NAR's chief economist Lawrence Yun said, "Vacancy rates are [...]

What housing risk? The FHA says there's nothing for taxpayers to worry about

What housing risk? The FHA says there's nothing for taxpayers to worry about: Before the 2007 housing bust, financial analysts who raised questions about Fannie Mae and Freddie Mac's shaky finances were dismissed as cranks. So it's worrying to see a thoughtful critique of another taxpayer-backed monolith—the Federal Housing Administration—receive a similar brush-off.

Mortgage rates edge down, ARMs reach new lows

Mortgage rates edge down, ARMs reach new lows: Mortgage rates declined this past week, with adjustable-rate mortgages hitting new lows, according to Freddie Mac's latest Primary Mortgage Market Survey.
Adjustable-rate mortgages hit new lows, with the 5-year Treasury indexed ARM averaging 2.91% this past week, down from 2.97% a week earlier. Last year, the same rate hit 3.45%.
The 1-year, Treasury-indexed ARM hovered at 2.79%, [...]

Hotel foreclosures an oncoming ‘train wreck’

Hotel foreclosures an oncoming ‘train wreck’: Steve Van hates being the pessimist, but he can’t help it. The CEO of Prism Hotels & Resorts says comparing the last two years of hotel distress to what’s coming is like comparing “a car wreck and a train wreck.”
He doesn’t see any other way to avoid the oncoming flood of [...]

Buying a Short Sale Home

Buying a Short Sale Home:
You may snag a deal buying a short sale home. Learn more about the process to see if a short sale is right for you.

Lawmaker wants original copies of foreclosure review letters: Rep. Elijah Cummings, D-Md., requested the government oversight committee subpoena mortgage servicers in order to see any previous business completed with the third-party consulting firms responsible for the foreclosure reviews.
The Office of the Comptroller of the Currency approved the third-party firms and released their engagement letters with the servicers Tuesday. Under consent orders signed in [...]

Banks chip away at REO inventory: The inventory of foreclosures held by private banks dropped for the fourth straight quarter to $50.4 billion worth of properties at Sept. 30, according to the Federal Deposit Insurance Corp.
The REO level at the end of the third quarter is down 1.5% from $51.3 billion the previous quarter and 5% lower than $53.1 [...]

Fed considers more easing as housing weighs on recovery

Fed considers more easing as housing weighs on recovery: The exceptionally weak housing market continues to weigh down any significant economic recovery, and the Federal Reserve is considering more monetary accommodation.
The minutes of Nov. 1-2 meeting of the Federal Open Market Committee show central bank policymakers believe recent data continue to point to a tepid economic outlook and "appear to reinforce market expectations that [...]

Florida home and condo sales rise

Florida home and condo sales rise: Florida existing single-family home and condo sales increased 13% and 12% respectively in October from a year ago, according to a release Monday from Florida Realtors.
The median sales price, however, dipped 4% from last year to $131,200 for single-family homes, while the condo median sales price rose 9% to $87,800.
The most noticeable change by city {...}

Existing home sales rise, contracting issues prevent full rebound

Existing home sales rise, contracting issues prevent full rebound: Existing home sales increased 13.5% in October when compared to a year earlier and would be even higher if contract failures and cancellations plaguing the loan application process could subside, the National Association of Realtors said Monday.
Total existing home sales — including single-family townhomes, condominiums and co-ops — rose to a seasonally adjusted annual rate [...]
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Will FHA be the next big bailout?

Will FHA be the next big bailout?: Continued trouble in the housing market has further eroded the Federal Housing Administration's reserves, leaving it with a very thin cushion to protect it against future financial losses.

Housing in 2012: Things are looking up

Housing in 2012: Things are looking up: Last year the economic forecasting firm Fiserv predicted that home values would sink around 5% in 2011, and that prices in three-quarters of the nation's major metro areas would fall. The bad news is, the firm wasn't that far off the mark. The good news: In the coming year, Fiserv thinks 95% of the 384 metro areas it tracks will see prices rise.

Home foreclosures starting to rise again

Home foreclosures starting to rise again: Home foreclosure filings rose in the third quarter, as recent declines in the rate of new foreclosures came to an end, according to an industry trade group.

The government can't fix Fannie and Freddie

The government can't fix Fannie and Freddie: The recent clash between the Federal Housing Finance Agency, Fannie Mae and Freddie Mac and the House Financial Services Committee highlighted precisely why the government can't fix the government-sponsored enterprises.
The purpose of the hearing was meant to question Fannie CEO Michael Williams and Freddie CEO Charles 'Ed' Haldeman on the justification of their compensation. However, [...]
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Freddie clamps down on short sale fraud

Freddie clamps down on short sale fraud: Freddie Mac will force parties involved in a short sale to sign affidavits making them liable for their negligent or intentional misrepresentations in the deal, an effort to be sure it's an arms-length transaction, according to guidance released Friday.
The new affidavit will go into effect Jan. 1, but Freddie is asking servicers to implement the [...]