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Author Archives: Brittany Dunn

FHFA Proposes Rule on Conservatorship and Receivership Operations

The Federal Housing Finance Agency has sent a proposed rule to the Federal Register to establish a framework for conservatorship and receivership operations for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Several key issues are addressed within the proposed rule, including the status and priority of claims, the relationships among various classes of creditors and equity-holders, and the priorities for contract parties and other claimants under conservatorships or receiverships.

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Bolstered by Refinance Activity, Mortgage App Volume Jumps 6.7%: MBA

Although purchase applications fell once again, total mortgage loan application volume jumped 6.7 percent for the week ending July 2, 2010, due to a continued uptick in refinance applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index fell 2 percent from one week earlier, but the refinance index soared 9.2 percent on a week-to-week basis.

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Las Vegas Year-Over-Year Home Sales Drop for First Time in 21 Months

As fewer foreclosed properties sold and the impact of the federal homebuyer tax credit began to fade, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level, MDA DataQuick recently reported. According to the property data provider, a total of 4,386 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in May, down 1.7 percent from April and 3.3 percent below last year's level.

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Commercial Real Estate Fundamentals Begin to Stabilize in Q1 ’10: MBA

Though property and mortgage performance remain weak, commercial real estate fundamentals are beginning to show signs of stabilization, according to the first quarter 2010 Commercial Real Estate/Multifamily Finance Quarterly Data Book recently released by the Mortgage Bankers Association (MBA). MBA said the economy showed signs of economic traction in the first quarter - with gross domestic product and job growth both firmly positive. And this economic growth translated into some stability for commercial real estate fundamentals.

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Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS

The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report recently released by Lender Processing Services. The total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April. The foreclosure inventory rate remained stable at 3.18 percent. That means 12.38 percent of the nation's outstanding mortgages are noncurrent.

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President Obama Approves Extension of Tax Credit Closing Deadline

It's official--on Friday morning, President Obama signed legislation to extend the closing deadline for homebuyer tax credit recipients. The estimated 180,000 buyers at risk of missing out on the credit can now breathe a sigh of relief. The president's approval of the Homebuyers Assistance and Improvement Act of 2010 extends the closing date from June 30, 2010 to September 30, 2010, giving qualified buyers an extra three months to complete their closing.

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Unemployment Rate Edges Down to 9.5% in June

The nation's unemployment rate fell to 9.5 percent in June, down slightly from May's rate of 9.7 percent, the U.S. Department of Labor reported Friday. Total nonfarm payroll employment declined by 125,000 in June, reflecting the departure of 225,000 temporary Census 2010 workers from federal government payrolls. Private-sector employment continued to inch up, though, as 83,000 new jobs were added over the month.

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Mortgage Rates Hit Another Record Low

As economic uncertainties continued, mortgage rates inched down even further for the week ending July 1, 2010, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.58 percent this week, and 15-year fixed-rate mortgages came in at 4.04 percent. Bankrate said 30-year fixed-rate mortgages averaged 4.75 percent, while 15-year fixed-rate mortgages fell to 4.2 percent.

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Pending Home Sales Tumble 30% in Wake of Tax Credit Expiration

In an expected but unwelcomed change of events, pending home sales plummeted in May following the expiration of the homebuyer tax credit, the National Association of Realtors (NAR) reported Thursday. NAR's Pending Home Sales Index fell to 77.6 in May as the government incentive to buy a home vanished. The May 2010 index tumbled 30 percent from 110.9 the month prior and dropped 15.9 percent from May 2009's level of 92.3. According to NAR, this significant falloff came on the heels of three strong monthly gains in pending home sales.

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Senate Approves Extension of Homebuyer Tax Credit Closing Deadline

It looks like some would-be homebuyer tax credit recipients who were unable to secure a closing by the original deadline of June 30 may be in luck. Wednesday evening, just hours before the closing deadline for the widely popular tax credit was set to expire, the Senate unanimously approved legislation that pushes the closing date out an extra three months. If the bill is signed into law by President Obama, qualified buyers will have until September 30, 2010 to complete their closing.

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