Today’s News Synopsis:
The NAR claims pending home sales increased 2% in December. Statistics from Freddie Mac show mortgage rates increased to 4.8% this week. According to the Labor Department, initial jobless claims climbed nearly 12.7% last week. The MLS reports sales of existing houses and condos totaled $15.5 billion in 2010.
In The News:
NAR – “Pending Home Sales Continue Uptrend” (1-27-11)
“The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”
Los Angeles Times – “Mortgage rates inch higher, Freddie Mac says” (1-27-11)
“The latest report from mortgage finance giant Freddie Mac says lenders were offering 30-year fixed-rate home loans at an average 4.80% this week to borrowers with solid credit and 20% down payments or home equity. That compared with 4.74% last week.”
Housing Wire – “Jobless claims rose 12.7% last week, well above estimates” (1-27-11)
“The number of people filing initial jobless claims climbed nearly 12.7% last week to 454,000, well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 22 rose by 51,000 from the previous week’s 403,000”
Housing Wire – “Wallison singles out US housing policy for causing financial crisis” (1-27-11)
“Peter Wallison, one of four dissenting members of the Federal Crisis Inquiry Commission, railed against the report on the cause of the financial crisis, and named the government’s housing policy as the culprit behind the meltdown.”
Housing Wire – “Commercial mortgage-backed securities to rebound in 2011” (1-27-11)
“Moody’s Investors Service expects CMBS issuance will grow to $37 billion in 2011, with an estimated $13 billion in the first quarter alone. Four years ago, CMBS issuance reached $230 billion. The firm also said CMBS portfolios will be larger and more diversified than previous years.”
Orange County Register – “Housing a $15.5 billion industry in 2010” (1-27-11)
“Sales of existing houses and condos totaled $15.5 billion in 2010, up for a second straight year, the Southern California Multiple Listing Service has reported.”
Today’s News Synopsis:
One year ago, MDA DataQuick reported that 84,568 Notices of Default were recorded in California during the 4th quarter of 2009. The MBA’s weekly survey showed that mortgage application volume decreased 10.9 percent from the previous week. The Commerce Department reported that new home sales decreased by 7.6 percent last month. The Federal Reserve claimed it would stick to its plan to end the $1.25 trillion program of mortgage-debt purchases in March.
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California Real Estate Investing News is a post from: The Norris Group