Even in the face of a disastrous dip in new home sales in May (down 30%), many banks have hit the restart button on their mortgage lending operation. JP Morgan Chase has announced that it will hire 1,200 new mortgage officers for what it anticipates will be a greater need in the not-so-distant future. Citizens… CONTINUE
California AG Launches Tenant Abuse Investigation
California Attorney General Jerry Brown has opened an investigation to protect tenants of properties that have been foreclosed on – a group he calls “the forgotten victims” of the housing market collapse. Brown said that it is estimated more than one-third of all California foreclosures are rental units and that over 200,000 tenants have been… CONTINUE
Fannie Mae Updates Appraisal Policy
As the result of a post-purchase review of mortgage loan files that identified a number of appraisal issues, Fannie Mae has updated its Selling Guide with additional appraisal guidance. The new policy requirements and clarifications concerning existing lender requirements – which take effect on all mortgage applications dated on or after Sept. 1, 2010 —… CONTINUE
Mortgage Brokers Fight Proposed Lending Rules
The National Association of Mortgage Brokers (NAMB) has sent an alert to its members urging them to urge their congressional representatives to oppose the national financial overhaul legislation that is scheduled for a vote in mid-July. NAMB president Roy DeLoach told his membership that the new legislation would hurt competition in the mortgage market and… CONTINUE
CRE Loans Making a Comeback
Commercial real estate loans – which went from a high of $230 billion in 2007 to just $3 billion two years later – are making a comeback as major bank players cautiously dip their toes back in the market, lured by more conservative underwriting and the perception that property values have bottomed out. In the… CONTINUE
Asian Investors Fill SF Hotel Vacancies
The San Francisco Chronicle reported last week that foreign investors, mostly from mainland China, have their eye on more landmark San Francisco hotel properties, including the famed Sir Francis Drake Hotel, which is currently on the market. Shenzhen New World Group, a Chinese real estate development company, purchased the Los Angeles Marriott Downtown in a… CONTINUE
You Go, Girl
Single women accounted for more 2009 home purchases than single men at a rate of more than 2 to 1, according to a recent National Association of REALTORS report. Unmarried women accounted for 21 percent of home purchases in 2009, compared with unmarried men who were 10% of the buyers. The predominant markets for single… CONTINUE
Going, Going, Gone…Finally!
CNNMoney reports that there is a growing boom in real estate auctions, fueled by the growing number of REOs, new developments that have gone bust and distressed homeowners who are tired of watching their home values continue to decline while awaiting a sale. The National Auctioneers Association notes that real estate auctions have increased by… CONTINUE
Dirty Talk
Lender Processing Services, a technology firm that reports on loan delinquencies, says that its data – based on 40 million first loans and 5 million home equity loans and lines of credit — points to an escalation in prime loan delinquencies across the U.S. According to LPS analyst Steve Berg, there is a huge inventory… CONTINUE
Luxury Home Market Rebounds
A study by MDA DataQuick for the Wall Street Journal has found that sales of homes over $2 million or more in the first quarter of 2010 rose to 2005 peak levels in some areas of the country, including San Francisco, Menlo Park and Beverly Hills. The study showed that in San Francisco during the… CONTINUE
Vegas Realtors Roll Dice With New Credit
The federal tax credit for first-time homebuyers may be over, but one Las Vegas brokerage firm is trying to keep the action going with their own version. Coldwell Banker franchises in Vegas and throughout Nevada’s Clark county are encouraging sellers to participate in a program that offers buyers a credit of 3 percent – up… CONTINUE
More Earth Shaking Real Estate News
Last week California geology officials released an updated seismic activity map that includes more than 50 surface fault lines discovered over the last 20 years. The last seismic map update was 16 years ago. The new maps are much more detailed, and have interactive digital versions that are linked to Google maps. Since 1998, real… CONTINUE
