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Home Sales Sunnier as Spring Buying Season Approaches	1/1/0001 12:00 AM
Filed under: News WASHINGTON -- The housing market is flashing signs of health ahead of the spring buying season. Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher. Sales have now risen nearly 13 percent over the past six months. While they are still well below the 6 million that economists equate with a healthy market, the gains have coincided with other changes in the market that suggest more sales are coming. "The trend is clearly upward," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. Browse through photos of millions of home listings or search foreclosure listings The National Association of Realtors said Wednesday that re-sales increased 4.3 percent last month to a seasonally adjusted annual rate of 4.57 million. Single-family home sales rose 3.8 percent. And the number of first-time buyers, who are critical to a housing recovery, increased slightly to make up 33 percent of all sales. That's still below 40 percent, which tends to signal a healthy market. One concern is that the market is still saturated with homes at risk of foreclosure, which can lower home prices generally. Those increased to make up 35 percent of sales. But the supply of homes on the market has plunged to 2.3 million, the lowest level since March 2005. At last month's sales pace, it would take more than six months to clear those homes, consistent with a healthy housing market. Fewer homes on the market could help boost prices over time. Most economists said the January report was encouraging, especially when viewed with other recent positive housing data. Mortgage rates have never been lower. Homebuilders are slightly more hopeful because more people are saying they might be open to buying this year -- and they responded in January to that interest by requesting more permits to construct single-family homes. %Gallery-147919% "The rise in existing home sales in recent months adds to the indication from housing starts, building permits, and homebuilder sentiment that the sector has improved modestly since the middle of 2011," said John Ryding, an economist at RDQ economics. Much of the optimism has come because hiring has picked up. More jobs are critical to a housing rebound. In January, employers added 243,000 net jobs -- the most in nine months -- and the unemployment rate fell to 8.3 percent, the lowest level in nearly three years. Analysts caution that the damage from the housing bust is deep and the industry is years away from fully recovering. Since the bubble burst, sales have slumped under the weight of foreclosures, tighter credit and falling prices. Many deals are also collapsing before they close. One-third of Realtors say that they've had at least one contract scuttled over the past four months. That's up from 18 percent in September. Realtors say deals are collapsing for several reasons: Banks have declined mortgage applications. Home inspectors have found problems. Appraisals have come in lower than the bid. Or a buyer suffered a financial setback before the closing. Sales rose across the country in January. They rose on a seasonal basis by nearly 9 percent in the West, 3.5 percent in the South, 3.4 percent in the Northeast and 1 percent in the Midwest. Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL. Also see: Delinquency Rate Down, Foreclosure Inventory Up, Report Says Home Affordability at Record High, Builders' Report Says Permalink \| Email this \| Comments
Delinquency Rate Down, Foreclosure Supply Up, Report Says	1/1/0001 12:00 AM
Filed under: News The mortgage delinquency rate fell last month in the U.S., along with the total number of delinquent mortgages, says a report by a leading lender processor. The study by Lender Processing Services found that 6,082,000 mortgages in the U.S. were late by at least 30 days or were in a state of foreclosure, compared to 6,167,000 in December of 2011, about a 1.4 percent drop. The LPS report also shows a drop in the year-over-year January delinquency rate -- which excludes homes in foreclosure -- and a slight rise in the month-over-month foreclosure inventory. Both are signs of a recovering economy and subsiding government action against mortgage servicers, experts say. The total U.S. loan delinquency rate -- which refers to loans of 30 days or more past due, but not loans in foreclosure -- was 7.97 percent, LPS says. That represents a 10.5 percent year-over-year drop from 2011, and a 2.2 percent month-over-month drop from December of 2011. The LPS report examines the just-under 40 million mortgages registered in its loan database. Browse through photos of millions of home listings or search foreclosure listings The fall in the national delinquency rate coincides with a survey released earlier this month by the Mortgage Bankers Association that found delinquencies dropped in the last quarter of 2011. "Mortgage performance continued to improve in the fourth quarter, reflecting the improvement we saw in the job market and broader economy," Jay Brinkmann, chief economist of the Mortgage Bankers Association, told MortgageOrb.com. Also finding that the foreclosure pre-sale inventory increased month-over-month by 1.1 percent, the LPS report seems to substantiate analyses that suggest that -- even as fewer homes are entering a foreclosure danger zone -- foreclosures that government action had previously stalled are now resuming, in the wake of a recently announced $25 billion settlement. 'We continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw," Brandon Moore, CEO of online foreclosure marketplace RealtyTrac said in a statement earlier this month. The rise in foreclosures could accelerate, Moore and other experts say, since the nation's five major servicers and state attorneys general recently settled a $25 billion investigation into illegal foreclosures. During the settlement negotiations, many of the servicers delayed moving forward with foreclosures, wanting to keep a low profile in the face of government scrutiny, experts say. Mortgage servicers like LPS, which handle appraisals, titles and closings, have been among those under investigation for "robo-signing," or falsifying signatures on foreclosures and other real estate documents. The states with the highest percentages of delinquencies and foreclosures combined were Florida, Mississippi, Nevada, New Jersey and Illinois, while the states with the lowest percentages of delinquencies and foreclosures combined were Montana, Arkansas, Wyoming, South Dakota and North Dakota. %Gallery-145816% Also see: Home Affordability at Record High, Builders' Report Says Bank Sold Your Loan? Mortgage Settlement May Deal You Out Foreclosed Homeowners Get More Time to Request a Review Permalink \| Email this \| Comments
FHFA Plan for Government Lenders Could Hike Loan Cost	1/1/0001 12:00 AM
Filed under: News, Financing WASHINGTON -- The government regulator for Fannie Mae and Freddie Mac has submitted a plan to Congress that would shrink the mortgage giants' roles in the housing market. The Federal Housing Finance Agency's proposal for a leaner Fannie and Freddie was released Tuesday and would mean fewer mortgages are backed by the government. That could make buying a home more expensive because it would lead to higher interest rates. Under the plan, Fannie and Freddie could also increase its prices to guarantee loans and establish agreements with private investors to take on added credit risk. The Obama administration last year laid out three options to wind down the government's support for the mortgage market slowly. Rather than making a single recommendation, the administration left the decision to Congress. Fannie and Freddie buy mortgage loans from primary lenders, pool them, and sell them with a guarantee that investors will be paid even if borrowers default. The agencies have helped people buy homes at affordable interest rates. The Risk of Drastic Action But the two nearly collapsed in 2008, after the subprime mortgage market collapsed and defaults and foreclosures piled up. The government seized them in September 2008. The bailouts of Fannie and Freddie have so far cost taxpayers roughly $150 billion, and that figure continues to grow. Republicans have called for Fannie and Freddie to be abolished, and have largely blamed the two for leading the country into the 2008 financial crisis. But there is a growing recognition that drastic action would upend the housing finance system, threatening the broader economy. Since they were taken over by the government, Fannie and Freddie have bought or guaranteed about 3 out of every 4 mortgages in the United States and more than 10 million Americans have refinanced Fannie- and Freddie-backed mortgages. Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL. %Gallery-147919% Also see: Home Affordability at Record High, Builders' Report Says Bank Sold Your Loan? Mortgage Settlement May Deal You Out Foreclosed Homeowners Get More Time to Request a Review **More on AOL Real Estate*: Find out how to calculate mortgage* payments. Find homes for sale in your area. Find foreclosures in your area. Permalink \| Email this \| Comments
House of the Day: Southern Comfort With a Twist of Design	1/1/0001 12:00 AM
Filed under: News South Carolina is famous for its soul food, rapper Young Jeezy and Stephen Colbert, but we think the Palmetto State should be getting some serious love for its houses, too. Exhibit A: This fine creation on the idyllic Spring Island. This $2.895 million home fits so flawlessly into its low-country landscape that it's almost painfully perfect. Warm earth tones, highlighted by deep green detailing on the home's sprawling exterior, blend beautifully into the natural landscape which boasts matching hues. From every window, you can spot willowy, moss-covered oaks and glistening opalescent stretches of the Colleton River. On the inside, it's an architect's dream. From its brick, wood-burning fireplaces, cherry floors, onyx-topped cabinets, custom cantilevered "floating" staircase and soaring wood-paneled ceilings, it deserves an award or something ... like the AIA's Robert Mills Award for Architecture, perhaps? %Gallery-148137% Other features we love? A stunning separate guesthouse boasting four bedrooms, two bathrooms and a private screened porch with waterfront views (now that's Southern hospitality), plus the property's snaking boardwalk, which winds through the oaks to a shared deep-water dock on the Colleton. View the listing here. Click on the images below to see more homes for sale near Spring Island, S.C. See more Houses of the Day on AOL Real Estate. Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.) **More on AOL Real Estate*: Find out how to calculate mortgage* payments. Find homes for sale in your area. Find foreclosures in your area. See celebrity real estate Permalink \| Email this \| Comments
Chase and Nonprofit to Give Homes to Military Members, Vets	1/1/0001 12:00 AM
Filed under: News By Kerri Panchuk Mortgage lender Chase and nonprofit Operation Homefront will partner to place 100 wounded warriors, military members and veterans into Chase-owned homes. Operation Homefront is a nonprofit that provides aid to active military, wounded warriors and veterans. The new program -- Homes on the Homefront -- will provide transitional services for veterans and families chosen to receive the residences. Read the full story on HousingWire. Also see: CoreLogic Report Shows Sharp Drop in Foreclosures for 2011 Bank of America Plaza to Sell at Foreclosure Auction Top Turnaround Housing Markets for 2012 %Gallery-147919% **More on AOL Real Estate*: Find out how to calculate mortgage* payments. Find homes for sale in your area. Find foreclosures in your area. Permalink \| Email this \| Comments

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