Source: http://www.voanews.com/english/news/EU-Expected-to-Lift-Libya-Oil-Sanctions-128814073.html
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When visitors tour the White House, the panels of candid photos featuring White House life on the walls of the East Wing are one of the most popular things to explore. This one is a special favorite, because it reminds people that while the President of the United States shoulders enormous responsibilities, he has an equally important role as just husband and father, and that the family living in the White House celebrates the same milestones and daily joys as families everywhere.
Source: http://www.whitehouse.gov/blog/2011/08/25/look-back-family-life-white-house-years
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This roughly 10,000-square-foot house in Bridgehampton, N.Y., incorporates the footprint of an old barn. The eight-bedroom home, including a square pool and views of a wildlife preserve, is listed for $8.5 million. Source: http://online.wsj.com/video/a-sprawling-estate-in-the-hamptons/9EE03F1C-DBA1-...
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Source: http://www.homefinder.com/news/opening-doors/2011/07/27/celebrating-home-ownership/
Source: http://realestate.msn.com/article.aspx?cp-documentid=30321827
Foreclosures Home Sales Outlook Housing Starts President Obama
Source: http://www.homefinder.com/news/opening-doors/2011/08/10/get-familiar-with-evernote/
Flooding. Drought. Tornadoes. And now, the first major hurricane of the season. Americans have been hard-hit by natural disasters this year, and small businesses are no exception.
Hurricane Irene left thousands of Puerto Rico businesses without power. Now, Irene is fast approaching the East Coast. Businesses owners from Georgia to New England should take time now – if they haven’t already – to ensure that their disaster preparedness plans are up to date.If you’re in the path of Hurricane Irene, make sure to check out the resources and updates available below.
We know that some of the busiest people in America are small business owners. Sometimes it’s hard for them to look beyond the most pressing, immediate business concerns. But an “ounce of prevention” today could mean the difference in whether a business is able to return to regular operations after a disaster.
President Obama today praised the extraordinary decade of service rendered by the 9/11 Generation of our military, the more than five million men and women – all of whom voluntarily joined the armed forces over the past ten years. He also paid special tribute to the more than 6,200 Americans who have given their lives in this hard decade of war.
Speaking before the American Legion National Convention today in Minneapolis, the President said that America’s military is the best it’s ever been, and highlighted the ways in which this new generation has changed the way America fights and wins our wars:
They're a generation of innovators, and they’ve changed the way America fights and wins at wars. Raised in the age of the Internet, they’ve harnessed new technologies on the battlefield. They’ve learned the cultures and traditions and languages of the places where they served. Trained to fight, they’ve also taken on the role of diplomats and mayors and development experts, negotiating with tribal sheikhs, working with village shuras, partnering with communities. Young captains, sergeants, lieutenants -- they've assumed responsibilities once reserved for more senior commanders, and reminding us that in an era when so many other institutions have shirked their obligations, the men and women of the United States military welcome responsibility.
The President touched on some of the most extraordinary achievements of the past ten years, in Iraq and Afghanistan, including “our greatest victory yet in the fight against those who attacked us on 9/11—delivering justice to Osama bin Laden in one of the greatest intelligence and military operations in American history.”
Veterans listen as President Barack Obama delivers remarks to the American Legion 93rd Annual Conference at the Minneapolis Convention Center, Minneapolis, Minnesota, Aug. 30, 2011. (Official White House Photo by Chuck Kennedy)
But much of the President’s remarks were focused on America’s responsibility to the troops and their families when they return home, including health care and support for the specific mental health needs of veterans, disability benefits and ending homelessness among the veteran population. President Obama vowed that in the coming budget negotiations, veterans can rest assured that America will not balance the budget on the backs of our veterans.
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This morning, President Obama urged Congress to pass a clean extension of key transportation programs as soon as possible. I was proud to stand in the Rose Garden with the President as he called for Congress to protect critical jobs and bolster our roads, bridges, runways and railways.
At the end of September, if Congress doesn’t act, the nation's surface transportation program will expire. This provides funding for highway construction, bridge repair, mass transit systems, and other essential projects that keep our people and our commerce moving quickly and safely. It also provides money for thousands of transportation projects currently under construction around the country. When the law expires, those projects will shut down, taking precious jobs with them.
For America's construction workers and their families, it represents the difference between making ends meet or not.
If we allow our transportation law to expire without an extension, almost 1 million construction and other workers will lose their jobs over the coming year. If the extension is delayed for just 10 days, our nation will lose nearly $1 billion in highway funding, and that is money we can never get back. In addition, over 4,000 of our professionals in the Department of Transportation will be immediately furloughed without pay.
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Ed. Note: Cross-posted from the FEMA Blog.
We’re continuing to closely monitor Hurricane Irene as it threatens much of the East Coast, from Florida to Maine. While it’s too soon to tell exactly where Irene will make landfall or have the most significant impacts, Administrator Fugate has an update on the ways you can get prepared:
Source: http://www.whitehouse.gov/blog/2011/08/26/tips-prepare-hurricane-irene
Foreclosures Home Sales Outlook Housing Starts President Obama
Source: http://www.homefinder.com/news/opening-doors/2011/07/25/helpful-home-buying-apps/
Lately, there has been a great deal of inaccurate information about the Obama Administration's record on regulations. I wanted to take the opportunity to clear up the facts, particularly in view of a letter sent by Speaker Boehner to the President today.
President Obama believes that, as our economy recovers and we work to support job creation, it is important to minimize regulatory burdens and avoid unjustified regulatory costs. The President has taken ambitious and strong steps to promote this goal.
Executive Order 13563, issued early this year, calls on all agencies to conduct a thorough retrospective review of existing rules; it also imposes a series of new requirements designed to reduce regulatory burdens and costs. Just this month, twenty-six agencies released regulatory review plans, with over 500 reform initiatives. A mere fraction of the new initiatives will save more than $10 billion over the next five years; as progress continues, we expect to be able to deliver savings far in excess of that figure. Already, we’ve finalized or formally proposed reforms to save more than $4 billion of regulatory costs over that period.
?It is important to note that there has been no significant increase in rulemaking under this Administration. On the contrary, the number of significant rules reviewed by the White House Office of Information and Regulatory Affairs (OIRA) and issued in the first two years of the Obama administration is lower than the number issued in the last two years of the Bush administration. Moreover, in its last two years, the administration of George W. Bush imposed far higher regulatory costs than did the Obama administration in its first two years.
Even more importantly, the net benefits of the final, economically significant regulations reviewed by OIRA in the first two years of the Obama Administration, including not only monetary savings but also lives saved and illnesses prevented, have been over ten times the net benefits during the first two years of the Bush Administration. Smart regulations produce significant benefits in the form of savings for businesses, clean air and water, workplace safety, safe food and consumer and investor protection.
It is important to clarify that the annual regulatory agenda, sometimes cited as evidence of an increase in regulatory burden, is simply a list of potential ideas that agencies may consider pursuing. Under both Republican and Democratic Administrations, the agenda is merely a list of rules that are under general contemplation, provided to the public in order to promote transparency. Before any such rule can be issued, it must be subject to a long series of internal and external constraints, including the rulemaking requirements of the Administrative Procedure Act and the new burden-reducing, cost-saving requirements of the President's January Executive Order on regulation. In any given year, many rules on the agenda do not become final.
The President has said that our regulatory system must "protect public health, welfare, safety, and our environment while promoting economic growth, innovation, competitiveness and job creation.” We look forward to working closely with the public to achieve that goal.
Source: http://www.whitehouse.gov/blog/2011/08/26/facts-about-regulations
The Obama administration has jumped into the never-ending debate between parents, children, and eyes that are too big for tummies. It is clear we are a nation of over-eaters. It begins in childhood, which is why the President wants to limit advertising of unhealthy foods to kids, putting at risk the job security of many an animated cereal mascot.
We live in an age of cut backs. Drive less, spend less, and now, with luck, our kids will eat less too.
To anyone following the debate over kids and food advertising, the discussion about the value of the dollar will sound familiar. For decades, our economic eyes have been too big for our collective tummies. Our trade deficits over the last 18 years total an obscene $7 trillion dollars.
What this means is that we have been living way beyond our means, buying from the rest of the world far more than we can afford. Just as those sugary cereal bowls adds up, so do the debts we have accumulated overseas.
Since things that can't go on forever stop, this too has to stop. But how? One way to stop our foreign buying binge is through protectionism. We can stop trading with the rest of the world. That's not in the cards considering how global markets are now, though polls show Americans are not eager to expand free trade deals. Another way to stop buying more than we can afford is to let our currency depreciate.
A weak dollar acts like a spending diet. The price of consuming foreign goods goes up. An instant economic diet. No advertising censorship needed. That's what is happening now.
The Federal Reserve gets a lot of heat for keeping interest rates low, a policy which discourages investment in the U.S. and weakens the dollar. But the latest readings on the economy show that we are not growing strongly enough now to tolerate higher rates.
The only choice is to go on a dollar diet. We have to live within our means again. That applies to cereal and sugar snacks as well as foreign vacations and fancy imports.
Source: http://www.pbs.org/nbr/blog/2011/04/the_dollar_diet.html
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Source: http://www.zillow.com/blog/2011-08-30/golfer-david-duval-downsizing-lists-two-colorado-mansions/
After posting two strong consecutive months, pending home sales fell in July according to information released Monday by the National Association of Realtors® (NAR). The Pending Home Sales Index (PHDI), a forward-looking indicator of housing market health, registered 89.7 in July, down 1.3 percent from the 90.9 reported in June. The July decline was small but disappointing as it follows a 2.4 percent increase in June and an 8.2 percent jump in May. Despite the weak July results the Index remains 14.4 percent higher than it was one year earlier when the NAR reported it at 78.4.
The PSHI is based on sales of existing homes where a contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined.
Lawrence Yun, NAR chief economist, said sales activity is underperforming. "The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy," he said. "We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process."
All regions show decreases except for the West, which continues to show the highest level of sales contract activity. In that region the index was 110.8, 3.6 percent above June and 20.6 percent higher than last year. Pending sales in the Northeast declined to 67.5 percent, down 2.0 from June but 9.7 percent higher than one year earlier. Midwest figures were down 0.8 percent to 79.1, 18.8 percent higher than July 2010 and in the South the index was 94.4, a drop of 4.8 percent from June but 9.5 percent above the comparable 2010 figure.
"Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April," Yun said. "The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market."
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
...(read more)
Source: http://www.mortgagenewsdaily.com/08292011_pending_home_sales.asp
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Arriving at Ulaanbaatar’s Chinggis Khaan Airport on Monday, Vice President Biden was formally welcomed to Mongolia – the second country on his trip through Asia – by Prime Minster Sukhabaatar Batbold and the sounds of a 32-person honor guard.
From there, it was off to the Government House, set on Ulaanbaatar’s central Sukhbaatar Square, for meetings with Prime Minister Batbold and President Tsakhia Elbegdorj.
Speaking after his meeting with Prime Minister Batbold, Vice President Biden praised Mongolia’s 22 years of democracy. “Mongolia is not just a shining example for other nations in transition,” said the Vice President, “it’s an emerging leader in the worldwide democratic movement, a responsible actor on the world stage, and a close friend and partner of the United States.”
Vice President also thanked Mongolians for their contributions to international peace and security. Over the past decade, Mongolia’s army, trained as peacekeepers, has been deployed to countries around the world, including Sierra Leone, Chad, Darfur, Kosovo and Western Sahara, as well as tours in Iraq and Afghanistan.
Before his meeting with President Elbegdorj, Vice President Biden paid a visit to the President’s ceremonial ger – a traditional tent still used by nomadic Mongolians – set up on the fifth floor of the Government House.
After a morning of official business came the ultimate Mongolian cultural experience – a mini-Naadam festival in a field just outside of Ulaanbaatar at the foot of rolling hills encircling the capitol city. Naadams – traditional Mongolian festivals held throughout the country during the summertime – showcase the “Three Games of Men”: Mongolian wrestling, horse racing and archery. The Naadam for Vice President Biden also included traditional music and dance performances, as well as the ceremonial presentation of a gift horse, which the Vice President named Celtic.
For more information about the Vice President's trip to Asia, check out our photo galleries from China and Mongolia and watch his first travelogue from the road. You can follow the Vice President's trip in real time on Twitter, #VPinAsia
Source: http://www.whitehouse.gov/blog/2011/08/24/vp-asia-highlights-mongolia
Housing Starts President Obama Hope for home owners Fannie Mae
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=30279679
One of the highlights for visitors taking the official tour of the White House is looking at the panels of photos that line the halls of the East Wing. This one features Presidents going about some of their more noteworthy official duties, from honoring a future President with a Distinguished Service Medal to sending a telegraph to open the first ever world's fair.
Click here to see another popular panel on the tour, which features pets that have called 1600 Pennsylvania Ave home
Source: http://www.whitehouse.gov/blog/2011/08/24/look-back-official-life-white-house
In January of this year, the President emphasized that our regulatory system “must measure, and seek to improve, the actual results of regulatory requirements.” With this point in mind, he ordered an unprecedentedly ambitious government-wide review of existing federal regulations. He directed agencies and departments to produce plans to eliminate red tape and to streamline current requirements.
Today, we are announcing that agencies are releasing their final regulatory reform plans, including hundreds of initiatives that will reduce costs, simplify the system, and eliminate redundancy and inconsistency.
As the plans demonstrate, a great deal has been achieved in a short time. Significant burden-reducing rules have been finalized or publicly proposed from the Department of Labor, the Environmental Protection Agency, and the Department of Transportation. These rules are expected to save more than $4 billion over the next five years.
Source: http://www.whitehouse.gov/blog/2011/08/23/final-regulatory-reform-plans-will-save-money-reduce-waste
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Bowen Hills is gearing up to become one of Brisbane's major metropolitan hubs in the next decade - with infrastructure investment in the area totaling around $19 billion and new luxury apartments luring foreign investors. WSJ's Geoffrey Rogow reports. Source: http://online.wsj.com/video/in-australia-betting-on-bowen-hills-property/35CE...
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/qSyM08GAdr0/
Home Sales Outlook Housing Starts President Obama Hope for home owners
After posting two strong consecutive months, pending home sales fell in July according to information released Monday by the National Association of Realtors® (NAR). The Pending Home Sales Index (PHDI), a forward-looking indicator of housing market health, registered 89.7 in July, down 1.3 percent from the 90.9 reported in June. The July decline was small but disappointing as it follows a 2.4 percent increase in June and an 8.2 percent jump in May. Despite the weak July results the Index remains 14.4 percent higher than it was one year earlier when the NAR reported it at 78.4.
The PSHI is based on sales of existing homes where a contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined.
Lawrence Yun, NAR chief economist, said sales activity is underperforming. "The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy," he said. "We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process."
All regions show decreases except for the West, which continues to show the highest level of sales contract activity. In that region the index was 110.8, 3.6 percent above June and 20.6 percent higher than last year. Pending sales in the Northeast declined to 67.5 percent, down 2.0 from June but 9.7 percent higher than one year earlier. Midwest figures were down 0.8 percent to 79.1, 18.8 percent higher than July 2010 and in the South the index was 94.4, a drop of 4.8 percent from June but 9.5 percent above the comparable 2010 figure.
"Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April," Yun said. "The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market."
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
...(read more)Source: http://www.mortgagenewsdaily.com/08292011_pending_home_sales.asp
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending August 19, 2011. With purchase mortgage applications at the lowest level since 1996, the Market Composite Index, a measure of mortgage application volume, decreased 2.4 on a seasonally adjusted basis from one week earlier. On an unadjusted basis it was down 2.9 percent. The changes were driven by the Purchase Index which dropped 5.7 percent on an adjusted basis and 7.3 percent unadjusted and was 7.3 percent lower than the same week one year ago.
The Refinance Index lost 1.7 percent although the market share of refinancing continued to climb, accounting for 79.8 of all mortgage applications, an increase of 1 percentage point and the highest percentage since November 2010. The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent from 5.8 percent of total applications from the previous week.
The four-week moving average for the seasonally adjusted Market Index is up 6.9 percent since last week. The four week moving average for the Purchase Index slipped 2.6 percent while the moving average for the Refinancing Index jumped 9.9 percent.
"Another week of volatile markets and rampant uncertainty regarding the economy kept prospective homebuyers on the sidelines, with purchase applications falling to a 15-year low," said Mike Fratantoni, MBA's Vice President of Research and Economics. This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent, and purchase applications for the government housing programs (FHA, VA, and USDA) falling by 8.2 percent. Although mortgage rates remain quite low, they increased over the week, bringing refinance application volumes down slightly."
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.39 percent from 4.32 percent, with points including the origination fee increasing to 0.88 from 0.86 for 80 percent loan-to-value (LTV) ratio loans. The average rate for 15-year fixed-rate mortgages increased to 3.56 percent with 1.0 point from 3.47 percent with 1.08 points. The effective rate for both types of loan also increased from last week.
The survey covers over 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
...(read more)
Source: http://www.mortgagenewsdaily.com/08242011_mortgage_applications.asp
Cross-posted from the FEMA blog. Get the latest on the FEMA blog and follow FEMA on Twitter, Facebook and YouTube. You can also follow Administrator Craig Fugate @CraigatFEMA on Twitter.
According to United States Geologic Survey, the mid-Atlantic Region of the United States experienced a 5.9 magnitude earthquake this afternoon. Along with the entire federal family, we are closely monitoring the situation and are in close contact and coordination with our federal and state partners in Virginia, the District of Columbia, Maryland and the surrounding areas.
There are no initial reports of significant damages, but we will continue to coordinate closely with our state and local partners to assess their needs.
Today’s earthquake in the mid-Atlantic region is a great reminder that emergencies can strike anywhere and often happen without warning. Be sure your family has an emergency plan and a kit of emergency supplies to sustain yourselves for at least 72 hours.
And as a reminder, here are a few tips on what to do during/after an earthquake:
Source: http://www.whitehouse.gov/blog/2011/08/23/quake-dc-serves-reminder-get-prepared
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UPDATE: President Obama has signed Emergency Declarations for the following states: North Carolina, New York, Virginia, Massachusetts, Connecticut, New Jersey, New Hampshire, Rhode Island , Maryland, Delaware, the District of Columbia, and Puerto Rico.
This morning, President Obama was briefed once again by DHS Secretary Janet Napolitano, FEMA Administrator Craig Fugate, and senior White House officials about preparations being made for Hurricane Irene. Following the briefing, the President urged Americans in the projected path of the hurricane to take precautions now:
Don’t delay. We all hope for the best, but we have to be prepared for the worst. All of us have to take this storm seriously. You need to listen to your state and local officials, and if you are given an evacuation order, please follow it. Just to underscore this point: We ordered an aircraft carrier group out to sea to avoid this storm yesterday. So if you’re in the way of this hurricane, you should be preparing now.
Visit Ready.gov or Listo.gov for resources on how you can prepare your families, home, and businesses for a hurricane. You can get the latest updates on the progression of Hurricane Irene at Hurricanes.gov.
Source: http://www.whitehouse.gov/blog/2011/08/26/president-obama-hurricane-irene-take-storm-seriously
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/a_5dwlDQXQg/
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Source: http://feedproxy.google.com/~r/inmannews/~3/k_YPe0ij3Zs/5-reasons-real-estate-hasnt-recovered
Foreclosure activity dropped significantly again in July according to figures released on Thursday by RealtyTrac, however the Irvine California firm states that this is not as much a sign of economic improvement as it is an indication of a growing problem.
Foreclosure filings were reported on 212,764 U.S. properties in July, one in every 611 housing units. This is a decrease of 4 percent from the June figures and a drop of 35 percent from July 2010. However, according to RealtyTrac CEO James J. Saccacio, "Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond. A stabilizing economy and improving job market are the long-term keys to a housing market recovery."
The foreclosure information is contained in its regular U.S. Foreclosure Market Report, in which RealtyTrac relies on a database derived from a nationwide survey of foreclosure filings in three categories:
Filings in all three categories were down from the previous month and the same period a year earlier. Notices of Default and LIS were filed for the first time on a total of 59,516 properties, down 7 percent from June and a 39 percent decline from June 2010. Default notices have declined 58 percent since hitting a monthly peak of 142,064 in April 2009.
Foreclosure auctions were scheduled for 85,419 homes, a 36 month low. The figure was down 5 percent from June and a year-over-year decrease of 37 percent. Foreclosures were completed on 67,829 properties (REO), down one percent in a month and 27 percent lower than the previous June. REOs were 34 percent below the peak in repossessions (102,134) in September 2010, just before the robo-signing controversy sparked nationwide foreclosure moratoria.
"July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007," Saccacio said. "This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts - including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed - may be allowing more distressed homeowners to stave off foreclosure.
While Saccacio is correct that movement through the foreclosure pipeline has slowed dramatically and the backlog serious delinquencies and shadow inventory of REO are growing, every foreclosure report issued in the last few months regardless of its source, has shown a steady decline of delinquencies, and defaults, and thus fewer homeowners entering that pipeline.
Nevada continues to hold on to first place among states suffering the highest levels of foreclosure filings. A total of 9,930 properties received a filing in July, one in every 115 housing units. This is, however, a 1 percent month-over-month decrease and a 28 percent drop year-over year. This is the 55th straight month Nevada has led the nation in the ratio of filings.
California and Arizona had the second and third highest rates. California logged 56,193 filings, one in every 239 housing units, a 4 percent decrease since June and a 16 percent drop since June 2010. Arizona, which spent the seven previous months in second place, dropped a spot after a 25 percent reduction in filings since June. There were 10,098 filings, one in every 273 housing units a 39 percent decrease in one year.
Other states with foreclosure rates ranking among the top 10 were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.
Foreclosure activity continues to be relatively localized; ten states account for 73 percent of all foreclosures filed. California's total of 56,193 was the highest number reported by any state followed by Florida with 22,377 (but still a 57 percent drop from June 2010), Georgia (11,461), Michigan (10,894), and Illinois (10,571). Georgia and Illinois numbers were driven by large increases in REO activity; 25 percent and 16 percent respectively.
...(read more)
Source: http://www.mortgagenewsdaily.com/08112011_foreclosures_realtytrac.asp
Source: http://www.voanews.com/english/news/asia/Sri-Lanka-to-Lift-State-of-Emergency-128668293.html
President and CEO of the Insurance Institute for Business & Home Safety Julie Rochman joins Wendy Bounds on Lunch Break to tell us what it takes to secure our homes in case of an earthquake. Source: http://online.wsj.com/video/is-your-home-earthquake-ready/43E8824F-E668-4C27-...
Housing starts in July fell from June figures but still came in well ahead of predictions. According to information released by the U.S. Census Bureau and the Department of Housing and Urban Development on Tuesday, July housing starts were at a seasonally adjusted annual rate of 604,000, a drop of 1.5 percent from the revised June estimate of 613,000. The June numbers were also revised downward from the original estimate of 629,000 starts. Reuters had predicted that starts would drop to 600,000 while IFR Markets was expecting 590,000 starts.
Multi-family starts offset what was a larger drop in the single family market. The latter decreased 4.9 percent to 425,000 from the revised June figure of 447,000 while construction was begun in buildings with five or more units at the rate of 170,000, up from 160,000 in June.
Housing permits fell from the June estimates and failed to meet economist predictions, decreasing from an annual rate of 617,000 in June to 597,000 in July. This was a -3.2 change, but still an improvement of 3.8 percent from the 575,000 permit rate in July 2010. Economists from Reuters had predicted that permits in July would be at a rate of 605,000 and 600,000 respectively. Single family permits increased from 402,000 to 404,000 month over month while multi-family permits fell from 194,000 to 171,000, a drop of 11.9 percent.
The backlog of permits, that is permits that have been issued but construction not yet started, diminished from June to July. The inventory of unused permits dropped from 85.1 thousand to 80.9 thousand, a decrease of 4.9 percent...
...(read more)
Source: http://www.mortgagenewsdaily.com/08162011_housing_starts_permits.asp
Ed. Note: Cross-posted from the FEMA Blog.
We’re continuing to closely monitor Hurricane Irene as it threatens much of the East Coast, from Florida to Maine. While it’s too soon to tell exactly where Irene will make landfall or have the most significant impacts, Administrator Fugate has an update on the ways you can get prepared:
Source: http://www.whitehouse.gov/blog/2011/08/26/tips-prepare-hurricane-irene
Builder confidence in the housing market remained unchanged in August according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released Monday. While two of the three indices that make up the HMI improved, the index measuring the future prospects for new homes offset those gains.
The HMI is derived from a monthly survey of new home builders which asks them to assess both current new home sales and their expectations for sales in six months as "good," "fair," or "poor." Builders are also asked to rate the traffic of prospective buyers as "high to very high," "average" or "low to very low." Any score of 50 or more on the three components or on the composite HMI indicates that more builders view conditions as good than view them as poor.
The component gauging current sales conditions gained one point to 16 - its highest level since March of this year - and the component gauging traffic of prospect buyers rose one point to 13 following two consecutive months at 12. However, the component gauging sales expectations for the next six months declined two points to 19. This followed a six-point gain in July...
Bob Nelson, chairman of NAHB said that 41 percent of the builders responding to a special questions section of the HMI indicated they had lost sales contracts due to buyers' inability to sell their current homes. This follows a report last month from the National Association of Realtors (NAR) on existing home sales. In that report Lawrence Yun, NAR chief economist, said that 16 percent of the associations members reported a sales contract was cancelled in June, four times the cancellation rate in May. NAR said those cancellations were the result of tight credit and appraisal problems. Perhaps we are seeing a domino effect with underwriting issues that cancel one type of sale leading to the collapse of new home sales contracts.
"The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time," said NAHB Chief Economist David Crowe. "While buying conditions are very favorable in terms of prices, interest rates and selection, consumers are worried about what the future will bring, and builders are echoing those sentiments in their responses to the HMI survey."
The survey results were mixed on a regional basis. While the Northeast posted a four-point gain to 19, the West registered a one-point gain to 15, the South held even at 17 and the Midwest posted a two-point decline, to 10.
...(read more)
Source: http://www.mortgagenewsdaily.com/08152011_nahb_builders_confidence.asp
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After posting two strong consecutive months, pending home sales fell in July according to information released Monday by the National Association of Realtors® (NAR). The Pending Home Sales Index (PHDI), a forward-looking indicator of housing market health, registered 89.7 in July, down 1.3 percent from the 90.9 reported in June. The July decline was small but disappointing as it follows a 2.4 percent increase in June and an 8.2 percent jump in May. Despite the weak July results the Index remains 14.4 percent higher than it was one year earlier when the NAR reported it at 78.4.
The PSHI is based on sales of existing homes where a contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined.
Lawrence Yun, NAR chief economist, said sales activity is underperforming. "The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy," he said. "We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process."
All regions show decreases except for the West, which continues to show the highest level of sales contract activity. In that region the index was 110.8, 3.6 percent above June and 20.6 percent higher than last year. Pending sales in the Northeast declined to 67.5 percent, down 2.0 from June but 9.7 percent higher than one year earlier. Midwest figures were down 0.8 percent to 79.1, 18.8 percent higher than July 2010 and in the South the index was 94.4, a drop of 4.8 percent from June but 9.5 percent above the comparable 2010 figure.
"Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April," Yun said. "The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market."
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
...(read more)Source: http://www.mortgagenewsdaily.com/08292011_pending_home_sales.asp
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Source: http://www.homefinder.com/news/opening-doors/2011/08/08/condo-sellers-beware/
Perhaps the most recognizable celebrity to emerge from South Florida, Burt Reynolds, is in danger of losing his 4-acre compound in Hobe Sound to foreclosure. WPTV.com reports today that the 75-year-old actor has not paid his mortgage since Sept. 2010 and owes $1.2 million on a luxurious slice of coastal waterfront real estate that he [...]Source: http://blog.foreclosure.com/2011/08/burt-reynolds-house-in-hobe-sound-florida-faces-foreclosure/
Majority Leader Eric Cantor just wrapped up a speech to students and faculty at Stanford today, lauding the private sector as a source of innovation in our economy. Absolutely true. We have the most dynamic private sector in the world.
You can find Cantor's speech here.
Cantor's point is that the people, not the government will generate jobs and growth:
Individual initiative in the private sector has been and always will be the wellspring of America's prosperity provided we don't stifle it.
Also true.
But Cantor, while hailing the innovation that comes out of Stanford's famous labs, failed to mention that federal and state governments lavished $36 billion on university research in 2009. The federal government is the largest source of university research dollars. And Stanford is one of the top universities in the country receiving federal dollars for research.
Turns out a lot of government money is involved in helping along private sector innovation.
Source: http://www.pbs.org/nbr/blog/2011/03/majority_leader_eric_cantor_sp.html
This morning, President Obama announced his intention to nominate Alan B. Krueger as a member of the Council of Economic Advisers (CEA). As one of the nation’s leading economists, Dr. Krueger will bring decades of experience, including serving as chief economist at the Treasury Department, and a wealth of knowledge to the challenge of creating jobs and promoting economic growth. Following his confirmation, President Obama will designate Dr. Krueger as Chairman of CEA.
During his remarks in the Rose Garden, the President first addressed the response to Hurricane Irene:
It’s going to take time to recover from a storm of this magnitude. The effects are still being felt across much of the country, including in New England and states like Vermont where there's been an enormous amount of flooding. So our response continues. But I’m going to make sure that FEMA and other agencies are doing everything in their power to help people on the ground.
President Barack Obama delivers a statement to the press in the Rose Garden of the White House announcing Alan Krueger as his nominee to lead the Council of Economic Advisers, Aug. 29, 2011. (Official White House Photo by Chuck Kennedy)
Even as communities of the Eastern seaboard recover from the hurricane, the country as a whole continues to face the challenge of economic recovery. As the President said today, Dr. Krueger will be a strong addition to his economic team as they work tirelessly to accelerate hiring and spur innovation:
This past January, President Obama called on both the Federal government and the private sector to dramatically increase the success of high-growth entrepreneurs, who are creating jobs and fueling innovation across the country. To help increase their success, the White House-led Startup America initiative has rolled out new policies to benefit fledgling companies (including new efforts to attract and retain immigrant entrepreneurs) in tandem with the independent Startup America Partnership, which has been hard at work mobilizing the private sector to “raise the entrepreneurial game of the United States.”
Today the Startup America Partnership announced two major new developments. First, they appointed their first slate of founding board members, who represent some of America’s most successful entrepreneurs. The board includes Fred Smith, who came up with the idea for FedEx in a college economics class; Lynn Jurich, who grew SunRun into one of the nation’s leading home solar companies in just the last four years; and Earvin “Magic” Johnson, who has built up Magic Johnson Enterprises and the Magic Johnson Foundation since retiring from the NBA. The full current roster of board members includes:
Source: http://www.whitehouse.gov/blog/2011/08/23/entrepreneur-all-stars-join-startup-america-partnership
Source: http://www.homefinder.com/news/opening-doors/2011/07/27/celebrating-home-ownership/
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President and CEO of the Insurance Institute for Business & Home Safety Julie Rochman joins Wendy Bounds on Lunch Break to tell us what it takes to secure our homes in case of an earthquake. Source: http://online.wsj.com/video/is-your-home-earthquake-ready/43E8824F-E668-4C27-...
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Source: http://feedproxy.google.com/~r/TruliaBlog/~3/73s1AP0SZfc/
This morning, President Obama announced his intention to nominate Alan B. Krueger as a member of the Council of Economic Advisers (CEA). As one of the nation’s leading economists, Dr. Krueger will bring decades of experience, including serving as chief economist at the Treasury Department, and a wealth of knowledge to the challenge of creating jobs and promoting economic growth. Following his confirmation, President Obama will designate Dr. Krueger as Chairman of CEA.
During his remarks in the Rose Garden, the President first addressed the response to Hurricane Irene:
It’s going to take time to recover from a storm of this magnitude. The effects are still being felt across much of the country, including in New England and states like Vermont where there's been an enormous amount of flooding. So our response continues. But I’m going to make sure that FEMA and other agencies are doing everything in their power to help people on the ground.
President Barack Obama delivers a statement to the press in the Rose Garden of the White House announcing Alan Krueger as his nominee to lead the Council of Economic Advisers, Aug. 29, 2011. (Official White House Photo by Chuck Kennedy)
Even as communities of the Eastern seaboard recover from the hurricane, the country as a whole continues to face the challenge of economic recovery. As the President said today, Dr. Krueger will be a strong addition to his economic team as they work tirelessly to accelerate hiring and spur innovation:
Real Estate Vacation Properties Loans and Mortgages Household Moving
Source: http://www.voanews.com/english/news/asia/Nepal-Parliament-Elects-Maoist-PM--128555633.html
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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Application Survey for the week ending August 12, 2010. MBA's Market Composite Index, a measure of mortgage application volume, increased 4.1 percent on a seasonally adjusted basis from one week earlier. This follows a jump of 21.7 percent recorded in the previous week. The current increase on an unadjusted basis was 3.6 percent although the index was 13.5 percent lower than during the same period in 2010. The four-week moving average for the seasonally adjusted Market Index is up 6.9 percent since last week.
The increases are being driven by refinancing which accounted for 78.8 percent of the market this week and 75.6 percent in the previous week. The refinancing share is the highest it has been since November 2010. The index measuring refinancing continued its upward move, increasing 8.0 percent from a week earlier. This index has jumped 38.4 points in two weeks. The index is down 16.3 percent year-over-year.
The Purchase Index decreased 9.1 percent from the previous week on a seasonally adjusted basis and down 10.1 percent on an unadjusted basis. The unadjusted index was also down from the same week in 2010 by 1.1 percent. The four-week moving average on the seasonally adjusted Refinancing index rose 10.1 percent while the moving average for the Purchase Index decreased 2.2 percent.
"Unprecedented volatility in the stock market last week amid additional signs that the economy has slowed led to further drops in mortgage rates, with the 15-year rate reaching a new low for the MBA survey," said Mike Fratantoni, MBA's Vice President of Research and Economics. "Purchase application activity fell sharply over the previous week, likely the result of potential homebuyers hesitant to purchase in this highly volatile and uncertain environment."
Fratantoni continued, "Refinance application volume increased substantially for the week, although there was substantial variation across the market. In September MBA's Weekly Applications Survey will transition to an expanded sample that covers 75% of the retail market rather than the current sample that covers roughly 50% of the retail market. That expanded sample showed a significantly larger increase in refinance applications than the current sample, with some lenders reporting increases in refinance applications in excess of 50 percent for the week. The big differences in refinance volumes were likely driven by the decisions of some lenders not to drop rates last week, largely due to the need to manage their pipelines."
Mortgage rates continued a three-week pull back from their pre-debt ceiling increases. The average contract interest rate for a 30-year fixed rate mortgages with an 80 percent loan-to-value (LTV) ratio was 4.32 percent with 0.87 point including the origination fee compared to 4.37 percent with 1.07 points a week earlier. This is a new low for 2011. The effective rate also decreased.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.47 percent from 3.52 percent, with points increasing to 1.08 from 0.96 for 80 percent LTV loans. The effective rate also decreased from last week. The 15-year contract rate is at lowest level in the history of this survey.
The adjustable-rate mortgage (ARM) share of activity decreased to 5.8 percent from 6.1 percent of total applications from the previous week.
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. Base period and value for all indexes is March 16, 1990=100.
...(read more)
Source: http://www.mortgagenewsdaily.com/08172011_mba_applications_survey.asp
