Source: http://www.voanews.com/english/news/africa/NATO-Bombs-Libyan-Satellite-Dishes--126448088.html
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Source: http://www.zillow.com/blog/2011-07-29/zillow-search-by-price-cut/
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President Obama urges both Republicans and Democrats to take action to avoid defaulting for the first time in our nation’s history.
Transcript | Download mp4 | Download mp3
Source: http://www.whitehouse.gov/blog/2011/07/30/weekly-address-compromise-behalf-american-people
Today, patients suffering from diseases like Alzheimer’s, Parkinson’s and heart disease and their families got good news when a federal judge ruled in favor of the government in a lawsuit challenging the Obama Administration’s work to support stem cell research.
While we don’t know exactly what stem cell research will yield, scientists believe this research could treat or cure diseases that affect millions of Americans every year. That’s why President Obama has long fought to support responsible stem cell research.
Less than three months after taking office in 2009, the President signed an Executive Order that removed barriers to responsible scientific research involving human stem cells. The previous Administration allowed the National Institutes of Health to fund human embryonic stem cell research on cell lines created before an arbitrary date, August 9, 2001, but prohibited research on cell lines created after that date. The Executive Order signed by President Obama lifted this restriction.
Since then, scientists and experts in the private sector and at the National Institutes of Health have been investigating new responsible research opportunities with stem cell lines that adhere to the new guidelines, but were not available to experts under the old restrictions.
For too long, patients and families have suffered from debilitating, incurable diseases and we know that stem cell research offers hope to millions of Americans across the country. President Obama is committed to supporting responsible stem cell research and today’s ruling was another step in the right direction.
Stephanie Cutter is Assistant to the President and Deputy Senior Advisor
Source: http://www.whitehouse.gov/blog/2011/07/27/victory-stem-cell-research-and-patients
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Source: http://www.voanews.com/english/news/europe/Norway-Terrorist-Had-More-Targets-in-Mind-126453338.html
Consumer and investor expectations for inflation are so important that Federal Reserve Chairman
Ben Bernanke mentioned them 17 times at his first-ever news conference. Congress has charged
the Fed with maintaining price stability, so it is understandable that the Fed Chairman would
watch inflation expectations closely.
The problem is that economists are not certain how inflation expectations are formed, which
stymies efforts to influence those expectations.
Research by Harvard Economics Professor Greg Mankiw found that consumers and investors
often have widely different expectations for inflation and often base those expectations on only
narrow aspects of economic news. Even with these limitations, many experts contend that these
expectations cannot be ignored
In an email, Mankiw writes, "[Inflation expectations] matter because they affect behavior, even
if people are not fully rational in forming their expectations. But it is surely a topic about which
reasonable economists can disagree."
One of those disagreeing economists is Wrightson ICAP's Lou Crandall. Crandall says, "One of
the biggest criticisms of the way the Fed talks about its policies is that it seems to have this very
rigid, unrealistic notion of what inflation expectations are and how they operate. I don't think
they are inflation expectations, I think they are only inflation anxieties."
Crandall says Bernanke and others should factor inflation expectations into their decisions in "a
general way," rather than relying on a specific number derived from a survey.
However inflation expectations are set, Chairman Bernanke is determined to see that they
remain "well anchored," even if it is not always clear what they are anchored in.
Source: http://www.pbs.org/nbr/blog/2011/05/just_how_are_those_inflation_e_2.html
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Source: http://www.homefinder.com/news/opening-doors/2011/06/27/going-green-easier-than-you-think/
Ed. Note: Cross-posted from the USDA blog.
This week, I led a meeting in the Roosevelt Room at the White House with leaders of a host of rural organizations to discuss the White House Rural Council. The White House Rural Council, which was established by President Obama on June 9, 2011, will build on this Administration’s unprecedented efforts to spur job creation and economic growth in rural America. Along with Jon Carson, the Director of the Office of Public Engagement and Doug McKalip of the White House Domestic Policy Council, we discussed the Council’s efforts to improve coordination among federal agencies. We focused in on ways to help better leverage existing federal resources in rural America – and on how to facilitate private-public partnerships that can move the needle in building stronger rural communities.
The meeting was a chance for me to listen to our rural partners on the issues that need to be addressed and discuss potential solutions. Some of the key issues raised included the need to coordinate more with our federal partners on health care, broadband, and other critical infrastructure; how to increase the availability of capital and lending to rural businesses and families; efforts to remove barriers to young and beginning farmers; and strategies for establishing better partnerships with states, tribes, local governments and the private sector. Many of the leaders gathered also expressed appreciation for the renewed focus on rural America and the importance the White House has placed on these issues.
Source: http://www.whitehouse.gov/blog/2011/07/28/white-house-roundtable-meeting-rural-leaders
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Throughout the day, we've seen reports that Congress' switchboards and websites have been overwhelmed by Americans responding to what President Obama said last night:
The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your member of Congress know. If you believe we can solve this problem through compromise, send that message.
"Please continue to work and speak out for an end to the partisanship. Both sides in this bitter battle need to knock it off and work together. Revenue increases as well as intelligent entitlement reforms to cut waste and fraud are needed to deal with the debt and deficit issues.""Mr. President I urge you to consider your place in history, and not merely the moment. You have an opportunity to create an effective, lasting legacy. One in which Americans may be proud. The true mark of some our greatest Presidents is this same issue which now confronts you.Compromise. Please recall that you are a Servant, and it is the will of the people that you compromise- and pass a fair bill regarding the debt of this country.""I support smart increases in taxes, but the cuts you have outlined are insufficient. I don't see a plan from any party that begins to even cover the deficit let alone the debt. Any family knows you have to make more than you spend. I have to balance my budget every month, why doesn't the Federal Government?"
Home Sales Outlook Housing Starts President Obama Hope for home owners
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey* for the week ending July 22, 2011.
Last week the MBA reported a 23.1 percent increase in the number of refinance applications taken during the week of June 15th. This was the largest jump since January 2010 (the fastest week over week change in 2011 was seen in February at just under 18%). Purchase demand on the other hand declined slightly.
This week the MBA reports a modest decline in both refinance and purchase applications.
Excerpts from the Release...
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4.9 percent compared with the previous week. The four week moving average is down 0.3 percent.
The Refinance Index decreased 5.5 percent from the previous week. The four week moving average is down 0.3 percent.
The seasonally adjusted Purchase Index decreased 3.8 percent from one week earlier. The unadjusted Purchase Index decreased 3.4 percent compared with the previous week and was 2.2 percent higher than the same week one year ago. The four week moving average is down 0.5 percent.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.54 percent, with points increasing to 1.14 from 0.98 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.67 percent from 3.66 percent, with points increasing to 1.08 from 0.97 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.
The refinance share of mortgage activity decreased to 69.6 percent of total applications from 70.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent of total applications from the previous week.* ABOUT: The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly payments. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (may boost consumer spending. It also allows debtors to pay down personal liabilities faster. A trend of declining purchase applications implies home buyer demand is shrinking.
...(read more)
Source: http://www.mortgagenewsdaily.com/07272011_mba_applications.asp
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If at first you don’t succeed try and try again. Still looking for ways to cauterize the nationwide foreclosure crisis, the Barack Obama-led administration today announced another plan aimed at keeping roofs over the heads of unemployed homeowners. The latest effort is available to out-of-work homeowners who have FHA-insured loans, which is about 3,500 borrowers [...]Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
Source: http://www.voanews.com/english/news/africa/NATO-Bombs-Libyan-Satellite-Dishes--126448088.html
Yesterday, a group of Wounded Warriors visited the south lawn of the White House to play a game of basketball. Ten Marines arrived from Bethesda Naval Medical Center, donned jerseys, and took some practice layups before the game. As they warmed up, they got pointers from NBA players Greg Monroe and Jeff Green, who came in from Detroit and Boston to show their appreciation for the troops. After a few minutes, the game got underway. It was off to a fast start, but a time-out was called as President Obama walked onto the court.
The President thanked the Marines for the service they had provided and the tremendous sacrifices they had made for their country. He spent some time talking with the Wounded Warriors, and then the group took a picture before the game resumed again.
Wounded Warrior basketball is an important opportunity for injured troops as they return home, according to HM1 Jason Young, a Navy Corpsman who helped organize the game. “What it allows the Wounded Warriors to do is to understand that they can still do some of the stuff that they’ve done before.”
“The guys here all have really great attitudes about everything,” said Corporal Tony Mullis, who played on the Red Team. “They’re not down – that’s why they decided to come here and play basketball at the White House. It’s a great experience.” Mullis was injured by an IED blast while performing combat operations in Afghanistan.
“One of the things I’ve always wanted to do was meet the President,” he added. “It was awesome.”
Ten Wounded Warriors were able to come to the White House yesterday, but all veterans and their families deserve our thanks and our support. To find out what you can do to pitch in, check out joiningforces.gov.
Darienne Page is Assistant Director of the Office of Public Engagement.
Source: http://www.whitehouse.gov/blog/2011/07/27/wounded-warriors-shoot-hoops-south-lawn
Juliet Chung looks at a $175 million ranch listing in Jackson Hole, Wyoming, which may be the most expensive listing in the U.S., as well as a cheaper ranch next door which can be yours for just $100 million. Source: http://online.wsj.com/video/news-hub-2-jackson-hole-ranches-top-100-million/E...
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Source: http://feedproxy.google.com/~r/inmannews/~3/AEM7zUnils4/trulia-launches-agent-recommendation-system
The housing market in South Florida took the downturn in housing hit flush on the chin. Today, it’s among the top regions in the nation for mortgage defaults and foreclosures. As a result, home values came hurtling back to Earth — many as much as 50 percent or more from their pre-crash equity — like [...]
Source: http://feedproxy.google.com/~r/inmannews/~3/A7gp_8HMjaQ/consumers-real-estate-pros-tap-shift-rentals
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Source: http://www.zillow.com/blog/2011-07-29/zillow-ceo-spencer-rascoff-wins-innovator-of-the-year-award/
As a young woman with Cerebral Palsy, I learned at a young age that if I let my disability stop me from reaching my goals, I would be promoting a common misconception that disability is equal to inability. So, when I was offered an internship at the White House working for Kareem Dale doing outreach this summer, I could not let the opportunity pass. I had no idea what my internship would entail, how I would manage my expenses, and most importantly, if this new city would be accessible, but when I got to Washington, what I saw inspired me.
Each day, whether I'm trying to get a seat on the metro, ride an elevator, or cross a busy street on my way to work, I see people from the disability community going places and accomplishing things that would not be possible without the standards that have been set by the Americans with Disabilities Act (ADA). It's amazing to think that just over two decades ago, society put up barriers that prevented people like me from riding a bus, driving a car or doing the things that many take for granted every day.
Source: http://www.whitehouse.gov/blog/2011/07/27/what-americans-disabilities-act-means-me
Source: http://realestate.msn.com/article.aspx?cp-documentid=29546759
Housing Starts President Obama Hope for home owners Fannie Mae
"The time for compromise on behalf of the American people is now," said President Obama during a statement on debt negotiations this morning. On Twitter, people are using the hashtag #compromise in response to his speech. Here @whitehouse, we've been using Twitter all week for our new White House Office Hours series, where senior staff have been answering your questions on the debt debate and the economy in 140 characters or less.
Here are some ways you can stay engaged in the conversation on Twitter:
Source: http://www.whitehouse.gov/blog/2011/07/29/time-compromise-now
Home Sales Outlook Housing Starts President Obama Hope for home owners
Source: http://www.zillow.com/blog/2011-07-27/zillow-speaker-series-gordon-stephenson/
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Source: http://feedproxy.google.com/~r/TruliaBlog/~3/mNO79DbWnxA/
Source: http://www.voanews.com/english/news/africa/Obama-Meets-African-Leaders-at-White-House-126432588.html
Source: http://www.voanews.com/english/news/US-Aid-Groups-Organize-HIVAIDS-camps-in-Africa-126449188.html
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Driven by a dramatic rise in multi-family construction, U.S. housing jumped unexpectedly to of an annualized rate of 629,000 housing units in June. This was an increase of 14.6 percent over May figures which were adjusted down by 11,000 units to 549,000. The +3.5 reported earlier as a May over April increase has now been revised to "unchanged."
According to figures released Tuesday by the Census Bureau, multi-family starts increased by 30.4 percent in June to an annual rate of 176,000 units while single-family starts rose to 453,000, a 9.4 percent increase over May. The Census Bureau said that the June housing starts were the highest seen since January and single-family starts were the highest since last November.
Economists surveyed by Reuters before the data was released had predicted that the June figures would bring the rate to 575,000 units. While June 2011 figures were running 16.7 percent above the rate in June 2010, housing starts still pale in comparison to the two million plus annual housing starts that were common during the peak years of the housing boom.
Other Census data released bodes well for future construction. Housing permits were up 2.5 percent to a 624,000 rate. This is on the heels of an 8.2 percent rise in May. Economists had predicted that June's permitting figures would come in at a much lower rate of 600,000. Single family permits were at a rate of 407,000 only a fractional increase over the revised May figure of 406,000. Permits for units in buildings of five or more units rose substantial from a rate of 134,000 in May to 198,000.
The Commerce Department attributed the rise in housing starts to a growing demand for rental apartments. A press release from the Department said that an overhang of existing homes has "left builders with little appetite to break ground on new projects and is frustrating the housing sector's recovery. But demand for rentals, as Americans shun homeownership because of plummeting home prices, is stemming further declines in the housing market."
READ MORE: Lending Opportunity Seen in Home Rehab Biz
...(read more)
Source: http://www.mortgagenewsdaily.com/07192011_housing_starts_permits.asp
Source: http://www.zillow.com/blog/2011-07-29/zillow-ceo-spencer-rascoff-wins-innovator-of-the-year-award/
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Source: http://feedproxy.google.com/~r/TheRealEstateBookBlog/~3/ZKwSKRa0H2E/
Pending real estate sales had another strong showing in June according to the Pending Home Sales Index (PHSI) released today by the National Association of Realtors® (NAR).
The Index, a forward-looking indicator based on home sales contracts, rose 2.4 percent to 90.9 in June, following an 8.2 percent increase to 88.8 in May. The June figure is 19.8 percent above the 75.9 percent number one year earlier, a trough period immediately following the expiration of the home buyer tax credit.
The PHSI is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
A sale is listed as pending when the contract has been signed but the transaction has not closed and the Index generally assumed to be a predictor of actual sales over the following one or two months as the contracts close. However, earlier this month NAR reported there appeared to be an unusually high cancellation of contracts that were signed in the spring and/or delays of closings. June's existing home sales figures did not reflect the increases predicted by the PHSI and were actually down compared to May.
On a regional basis, the Index fell 0.4 percent to 68.9 in the Northeast and 3.7 percent to 79.7 in the Midwest. Both the South and the West rose, the south by 4.4 percent to 99.2 and the West 6.4 percent to 107.0. All four regions showed strong improvement over June 2010, a month that represented a nadir for home sales. The year-over-year change was 19.4 in the Northeast, 26.4 percent in the Midwest, 19.2 percent in the South and 16.4 percent in the West.
Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales. "For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months," he said. "Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations."
Yun said tight credit and economic uncertainty have been constricting the market. "The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy home buyers can get a mortgage," he said.
"Washington also should not rock the boat with policy changes that would negatively impact affordable credit or otherwise increase the cost of buying or owning a home," Yun added.
Existing-home sales this year are expected to total 5.0 million, slightly higher than 2010. Similarly, little change is forecast for aggregate home prices with several indicators, including NAR's median prices, showing recent signs of stabilization.
READ MORE: Home Sales Sag. Contract Cancellations Cited
...(read more)
Source: http://www.mortgagenewsdaily.com/07282011_home_sales.asp
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Earlier today, Jason Furman, Principal Deputy Director of the National Economic Council, answered your questions on the debt debate and its impact on the economy during White House Office Hours. See a recap of the Twitter Q&A below, or over on Storify.
If you didn't have a chance to join live, Jason will be answering more of your questions tomorrow. Take a look at our full schedule and follow @WhiteHouse for more chances to engage.
Jason Furman, Principal Deputy Director of the National Economic Council, answers questions from the public via Twitter during White House Office Hours. July 28, 2011. (Photo by Deanne Chen)
Source: http://www.zillow.com/blog/2011-07-29/zillow-ceo-spencer-rascoff-wins-innovator-of-the-year-award/
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A quick look at what happened this week on WhiteHouse.gov
President Barack Obama delivers remarks to the Nation in the East Room of the White House on the stalemate in Washington over avoiding default and the best approach to cutting deficits, July 25, 2011. (Official White House Photo by Pete Souza)
Deficit Talks: The President spoke throughout the week on the importance of compromise, telling Congress “it’s important for everybody to step up and show the leadership that the American people expect.” He encouraged the American people to make their voices heard during his Monday address to the nation. Many Americans are wondering how the country is spending $12.7 trillion this year, so we created an infographic that details the impact policies and programs implemented over the last 10 years are having on our nation's bottom line.
White House Office Hours: We've been trying something new on our social networks: Senior administration officials have been holding "Office Hours" to answer questions on the ongoing deficit debate. We've been using the hashtag #WHChat on Twitter, where White House staff have been responding in real-time (using only 140 characters per answer) during Office Hours. Why don't you join us next week?
Source: http://www.whitehouse.gov/blog/2011/07/29/weekly-wrap-every-man-cannot-have-his-way-all-things
Source: http://www.zillow.com/blog/2011-07-28/summer-gourmet-smore-spots/
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The Medicare and Social Security Trustees released their 2011 report today and the outlook is marginally worse. Social Security will run a cash deficit of $110 billion between 2010 and 2014. And Medicare's Hospital Insurance Fund will run out of money five years earlier than expected.
One surprise was the change in life expectancy in the Social Security report. The actuaries now assume men will live six months longer and that women will live about three months longer. That's good news for older Americans, but it also means Social Security has to write more checks to beneficiaries. The change in life expectancy accounted for half of the change in the forecast.
Other than that, the big news was in the Disability Insurance program. That program has a separate trust fund that is now projected to run out in 2018. 10 million people get disability benefits from Social Security. Congress is going to have to address that sooner rather than later.
Source: http://www.pbs.org/nbr/blog/2011/05/the_problem_with_living_longer.html
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Source: http://www.voanews.com/english/news/europe/Europe-Reexamines-Extreme-Right-Groups-126405428.html
In our first session of White House Office Hours, Brian Deese, Deputy Director of the National Economic Council, answered your questions on the President's speech last night and the ongoing deficit debate. Check out the whole Twitter Q&A below or over on Storify.
Missed today's Office Hours? There are lots more opportunities for you to join us live. See the full schedule at WhiteHouse.gov/officehours and follow @WhiteHouse for the latest updates.
Brian Deese, Deputy Director of the National Economic Council, answers questions from the public on the ongoing deficit debate on Twitter in the first session of White House Office Hours - an online Q&A with White House administration officials.
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Today, I was proud to announce that we are making $95 million available in Regional and Community Challenge grants to support local efforts to build more livable and sustainable communities that ensure that all Americans can afford to live in places with access to employment, schools and public transit options.
But that’s not all these efforts represent. They show that President Obama recognizes that in world where flexible workplaces win, where flexible minds win and where flexible economies win, communities need a flexible federal partner that’s responsive to local needs.
With this funding, we’re building on the $170 million in grants we awarded last fall with our partners from the Department of Transportation to offer a different kind of partnership to local communities. Rather than the “one-size-fits-all” rules and regulations that too often ignored the unique needs of every community and created barriers to growth, the Partnership for Sustainable Communities is helping drive innovation at the local level and leveraging the public, private, and philanthropic investment communities need to thrive.
Source: http://www.whitehouse.gov/blog/2011/07/28/winning-future-supporting-local-innovation
An increase in contract cancellations caused a decline in the sales of existing homes in June. Still, according to the National Association of Realtors® (NAR), there was a slight rise in home prices.
Lawrence Yun, NAR chief economist, said that home sales had been trending up over the last few months but there were a lot of issues weighing down the market. The underlying reason for the elevated cancellations of pending sales contracts is unclear "but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was cancelled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year."
Existing home sales, including sales of single family houses, townhomes, condominiums, and cooperatives, declined 0.8 percent from May figures and 8.8 percent from the numbers in June 2010, a month when homebuyers were scrambling to complete purchases under the deadline to qualify for federal tax credits. Sales last month were at a seasonally adjusted annual rate of 4.77 million compared to 4.81 million in May and 5.23 million one year earlier.
The decline in sales was most strongly felt in the condo and coop sectors which were down 7.0 percent to a seasonally adjusted annual rate of 530,000 from 570,000 in May and down 18 percent from one year earlier when the rate was 646,000. Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.24 million in June, but are 7.4 percent below the 4.58 million pace in June 2010.
Condo and coop sales were down, in part, because of a decline in first time buyers which represented 31 percent of purchases in May compared to 36 percent in June and 43 percent in June 2010 when the tax credit had enticed a lot of first-time buyers into the market. First time buyers make up a large part of the market for condos and coops. Repeat buyers accounted for 50 percent of sales, up from 45 percent in May, an increase NAR said was a normal seasonal phenomenon. The remaining 19 percent of sales were to investors, unchanged from May. Investors made up the bulk of the 29 percent of sales that were cash transactions.
NAR President Ron Phipps noted that lower mortgage loan limits, due to go into effect on October 1, already are having an impact. "Some lenders are placing lower loan limits on current contracts in anticipation they may not close before the end of September. As a result, some contracts may be getting cancelled because certain buyers are unwilling or unable to obtain a more costly jumbo mortgage," he said.
Prices of single family homes rose slightly to a median of $184,600, while the median price of a condo was $182,300. The prices were up 0.6 percent and 1.8 percent respectively from June 2010. Foreclosures and short sales which generally sell at deep discounts accounted for 30 percent of sales in June, compared with 31 percent in May and 32 percent in June 2010.
Sales in the Midwest and South regions rose 1.0 percent and 0.5 percent respectively from May while sales in the Northeast were down 5.2 percent and in the West 1.7 percent. The median price in the Northeast was $261,000, up 3.1 percent from a year earlier. In the Midwest the price was down 5.3 percent to $147,700; and in the South there was a small decrease of 0.1 percent to 159,100. In the West, however the median price was up 9.5 percent year-over-year to $240,000.
Total housing inventory at the end of June rose 3.3 percent to 3.77 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, up from a 9.1-month supply in May.
From Reuters: ECONOMISTS REACT...
MICHELLE MEYER, SENIOR ECONOMIST, BANK OF AMERICA MERRILL LYNCH, NEW YORK
"It's still pretty clear that there are still a lot of fundamental problems in the housing market. There is too much supply and there is not enough demand. There are a lot of distressed properties which are putting a lot of downward pressure on housing prices."The housing market is far from normal. We are going to see some signs of improvement in the multi-family sector, but the single family sector is still in a very weak state. There is a long road ahead before we see a well-functioning housing market."PAUL DALES, SENIOR U.S. ECONOMIST, TORONTO, CANADA"It's a disappointment. What has happened in recent months is housing activity appears to be depressed by unusually bad weather in April and May, which prevents people from going to look at homes and buy them. We were hoping we would get a bounce back but that hasn't appeared to happen, which is a concern."People may be put off by economic conditions and outlook. The recent slowdown in the economy might be having a more marked impact on the housing demand and that is a concern for the future."DNR has stated that the cancellation rate of contract signings rose from 4 percent to 16 percent. That is very unusual. Normally when a contract is signed, the house is sold. Something has happened that has led to more cancellations. It may be jitters from the recent economic conditions or because banks may have tightened lending conditions, meaning that the financing a buyer hoped to get was no longer available. We don't know for sure but something seems to have rocked the boat a little bit."BRIAN DOLAN, CHIEF STRATEGIST, FOREX.COM, BEDMINSTER, NEW JERSEY"This is a look at what's really going on in the housing market and we can see the market is still quite anemic. It's going to be a multi-year process to get out of this."SEAN INCREMONA, ECONOMIST, 4CAST LTD, NEW YORK:"It came in on the lower side of expectations. There is really nothing new to say about housing, the market continues to be really soft and demand is really definitely lackluster. There are plenty of headwinds facing housing and this continues to suggest that we are bumping along the bottom."...(read more)
Source: http://www.mortgagenewsdaily.com/07202011_home_sales_house_prices.asp
Source: http://www.voanews.com/english/news/usa/White-House-Blasts-Revised-Boehner-Bill-126420303.html
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=29543756
Home Sales Outlook Housing Starts President Obama Hope for home owners
The housing market in South Florida took the downturn in housing hit flush on the chin. Today, it’s among the top regions in the nation for mortgage defaults and foreclosures. As a result, home values came hurtling back to Earth — many as much as 50 percent or more from their pre-crash equity — like [...]Foreclosures Home Sales Outlook Housing Starts President Obama
The childhood home of Sen. John McCain’s wife, a three-acre spread in Phoenix, Ariz., is in default and headed to the foreclosure auction block on Aug. 15, 2011, according to The Arizona Republic. It’s currently listed for $3 million in a short sale situation, which is $200,000 less than the new owner, an investor, paid [...]Source: http://realestate.msn.com/article.aspx?cp-documentid=29703685
Real Estate Vacation Properties Loans and Mortgages Household Moving
Carnie Wilson, one-third of the popular Wilson Phillips vocal group, is in danger of losing her home in Los Angeles, Calif., to foreclosure, according to TMZ.com. The report indicates that Wilson is owes her lender more than $1.6 million on the property, as well as late fees and penalties for missed payments. And if she [...]I found the timing of this news to be extra interesting. WHY? Because the Consumer Financial Protection Bureau goes live today! Ironic isn't it? I'm sure consumer advocates and attorneys everywhere are loving this headline (note sarcasm). The recovery has to start somewhere....
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States negotiating immunity for banks over foreclosures
By Scot J. Paltrow
(Reuters) - State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents.
A coalition of all 50 states' attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and commitments to follow new rules. In exchange, the banks would get immunity from civil lawsuits by the states, as well as similar guarantees by the Justice Department and Department of Housing and Urban Development, which have participated in the talks.State and federal officials declined to say if any form of immunity from criminal prosecution also is under discussion. The banks involved in the talks are Bank of America, Wells Fargo, CitiGroup, JPMorgan Chase and Ally Financial.REUTERS REPORT PROMPTS LETTERReuters reported Monday that major banks and other loan servicers have continued to file questionable documents in foreclosure cases. These include false mortgage assignments, and promissory notes with suspect or missing "endorsements," which prove ownership. The Reuters report also showed continued "robo-signing," in which lenders' employees or outside contractors churn out reams of documents without fully understanding their content. The report turned up several cases involving individuals who were publicly identified as robo-signers months ago.Reuters found that such activity has continued even after 14 major mortgage lenders signed settlements with federal bank regulators promising to halt such practices and give remediation to some homeowners who were harmed.In response to these disclosures, Sen. Robert Menendez (D-NJ), chairman of the Senate Subcommittee on Housing, Transportation and Community Development, and nine other senators sent a letter to federal bank regulators, asking them to disclose information gathered about banks' foreclosure practices."This is especially important given this week's allegations that mortgage servicers continue to engage in widespread 'robo-signing' despite your assurances that the illegal actions would not continue," said the letter, which also cited a report by the Associated Press.Several senators on the Senate Banking Committee, including Richard Shelby, the ranking Republican, have faulted bank regulators for not conducting a thorough investigation of the banks' handling of foreclosures. Six months ago, the Office of the Comptroller of the Currency and other federal regulators conducted brief "examinations" of banks, during which they looked at a sample of only 2,800 loan files.New York State Attorney General Eric Schneiderman has publicly objected to any wide-ranging grant of immunity by the other states. Schneiderman has launched his own investigations of the banks, including probes of suspected misdeeds in "securitizing" mortgages. Securitization involves packaging large numbers of mortgages into pools and selling securities that give investors income from the mortgages."Attorney General Schneiderman remains concerned by any settlement agreement that would preclude state attorneys general from conducting comprehensive investigations of the mortgage crisis," a spokesman said.Three states' attorneys general -- in Iowa, Illinois and Connecticut -- have been designated to handle the states' negotiations with the banks over protection from civil suits and other issues. Spokesmen for all three declined to comment on the progress of negotiations, or on the evidence of continuing wrongdoing by the banks. But people close to the talks said there is still widespread disagreement over the extent of immunity and the dollar amount of penalties.The banks involved have declined to comment on the talks.-------------------------
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Source: http://www.mortgagenewsdaily.com/07212011_foreclosuregate_settlement.asp
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
The childhood home of Sen. John McCain’s wife, a three-acre spread in Phoenix, Ariz., is in default and headed to the foreclosure auction block on Aug. 15, 2011, according to The Arizona Republic. It’s currently listed for $3 million in a short sale situation, which is $200,000 less than the new owner, an investor, paid [...]Continuing White House Office Hours, Brian Deese, Deputy Director of the National Economic Council, answered your questions on Twitter. Have a look at the Q&A on the ongoing debt debate below or on Storify.
There are two more sessions of White House Office Hours tomorrow -- check out the full schedule at WhiteHouse.gov/officehours and follow @WhiteHouse for the latest updates.
Brian Deese Brian Deese, Deputy Director of the National Economic Council, answers questions from the public on the ongoing deficit debate using the @WhiteHouse Twitter account as part of our new series, Office Hours
Commercial & Investment Homes Foreclosures Home Sales Outlook
America?s number one source for the most up-to-date distressed real estate information to provide national foreclosure listings to the industry’s leading interactive social and business networking site. Foreclosure.com today announced that it will power the foreclosure channel on RealtyJoin.com, an online networking resource that helps real estate investors, service providers and other professionals find relevant [...]Source: http://www.voanews.com/english/news/europe/Norway-Suspect-Re-Questioned-by-Police-126388828.html
Source: http://www.zillow.com/blog/2011-07-27/home-of-the-week-13th-century-castle-look-alike-for-sale/
Foreclosures Home Sales Outlook Housing Starts President Obama
John Wong has designed the grounds of 30 of the world's tallest buildings, including the tallest, Dubai's Burj Khalifa. Figuring out resolutions to tough landscaping projects is his forte. WSJ has a look inside the home he designed on for himself.Source: http://online.wsj.com/video/a-tour-of-john-wong-home/925CD2A6-FB6A-4020-B114-...
On Monday evening, President Obama delivered an address to the nation on the consequences the stalemate in Congress could have on the stability of our economy. Here is what a bipartisan sampling of Governors and Mayors from across the country are saying:
“We hope that at the end of the day, both sides come together and recognize that there does need to be a balanced approach, because a balanced approach is what solves the problem. The reality is the Republicans aren’t going to get 100 percent of what they want and the Democrats aren’t going to get 100 percent of what they want.” – Mayor Scott Smith, Mesa, AZ
“Last night, President Obama once again demonstrated that he clearly understands that the key to winning the future includes a renewed commitment to fiscal responsibility. New Orleanians and residents in cities across our country can’t afford to let the partisan politics of Washington, D.C., dictate whether or not the United States meets its financial obligations and whether we can meet the needs of the future. We in New Orleans certainly cannot afford the consequences of a downgraded credit rating or government shutdown if the country defaults on its debt.” – Mayor Mitch Landrieu, New Orleans, LA
Loans and Mortgages Household Moving House Plans Home Warranties
Every four years -- count on it -- some political reporter will write a story about the odds of a brokered convention. You know, a deadlocked presidential nomination battle that ends when the winner emerges from a smoke-filled room only to find our intrepid reporter has already broken the story!
What could be better for a political reporter than that?
Never happens, but reporters can dream -- and write about it.
The economics reporter must settle for something less cinematic. Our version of the "Odds for a Brokered Convention" story is the "Grand Bargain Struck on Deficit."
There is no smoke-filled room in this narrative, merely a drab conference center at Andrews Air Force Base or some other location where reporters can be kept a respectable distance away. The parties emerge late in the evening to pronounce a deal that turns, not on promises to the Florida delegation, but on adjustments to inflation measurements in the Social Security formula that better reflect the actual rate of change in the cost of living.
(Can you imagine anything better? I thought you could.)
Still, I get excited about talk of Grand Bargains and the odds of this happening -- never good to begin with -- are getting better. The tide is moving to deficit reduction. The last-hour deal to avert a government shutdown can be read as a sign of seriousness and progress.
Next, the President will lay out his long-run budget plan on Wednesday. House Republicans have staked out their position. Our grand bargainers are setting the table.
Or not. The problem with Grand Bargains is that they are rare, in part because they ask too much. Problems are rarely solved in a comprehensive way by a small crowd at the table. More likely, Democrats and Republicans will gather for years at many conference tables, cutting many small and medium-sized bargains along the way. At the end of this -- three years? five? -- we'll look back and declare it adds up to a Grand Bargain. If that happens, it will still be a great story.
Source: http://www.pbs.org/nbr/blog/2011/04/brokered_conventions_grand_bar.html
