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  •   U.S. Housing Market Is in Worse Shape than You Think: Altos Research
Real estate data provider Altos Research is taking a very bearish outlook on the housing market. The company says that ominous shadow inventory of distressed properties hanging over the industry will lock home prices into a downward trajectory for the remainder of this year, with property values starting out 2011 even lower than they were in 2009. Add to that the fact that the pool of viable buyers out there is shrinking, and you've got an equation that Altos says is a sign of real market weakness.
DSNews.com,Admin,   07/31/2010

  •   Fannie Mae`s Serious Delinquency Rate Falls for Third Straight Month
The percentage of loans 90 or more days past due held by the nation's largest mortgage company has declined for three months in a row. According to a new monthly summary report released by Fannie Mae on Friday, the GSE's single-family serious delinquency rate dropped 15 basis points to 5.15 percent in May. That follows a decline of 17 basis points in April and 12 basis points in March. The March reading was the first time Fannie’s delinquency rate had dropped since March 2007, when it was a mere 0.62 percent.
DSNews.com,Admin,   07/30/2010

  •   New 3.5% Mortgage Rate Program Introduced in West Virginia
Mortgage rates have hit record lows across the nation, but not as low as the rate being offered through a new program in West Virginia. According to a recent announcement by the state's governor, the West Virginia Housing Development Fund has launched a new mortgage program for West Virginia families that includes a 30-year loan at a fixed rate of approximately 3.5 percent. This historically-low rate is achieved as a result of a $35 million bond issue coupled with a special bond refunding by the Housing Development Fund. However, funds for this program are limited.
DSNews.com,Admin,   07/30/2010

  •   HUD to Award $79 Million in Grants to Housing Counselors Nationwide
HUD recently announced the availability of $79 million in grants for a broad range of housing counseling programs to help families find and preserve housing. This represents an increase of $21 million, or 27 percent, over last year's funding. According to HUD, these grants will be awarded competitively to approximately 550 HUD-approved counseling agencies and state housing finance agencies across the nation to help families stave off foreclosure, avoid mortgage scams, and improve their credit scores.
DSNews.com,Admin,   07/30/2010

  •   Goldman Sachs and Citigroup Ready $788M CMBS Offering
The two corporate names linked in recent weeks to high-profile settlements with the Securities and Exchange Commission (SEC) over questionable practices related to mortgage investments are teaming up to bring to market the year's third multi-borrower bond backed by commercial real estate. Goldman Sachs and Citigroup are putting together a $788.5 million commercial mortgage-backed security (CMBS) offering comprised of debt from 48 retail and office properties.
DSNews.com,Admin,   07/30/2010

  •   Fannie Mae Opens Mortgage Help Center in Chicago
Fannie Mae has opened a mortgage help center in the Windy City in order to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by the GSE. The new center in Chicago is the second facility and third announced partnership in Fannie Mae's planned series of mortgage help centers across the country. The GSE said it partnered on this initiative with Neighborhood Housing Services of Chicago, major mortgage servicers, and civic and community leaders from across the region.
DSNews.com,Admin,   07/30/2010