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NMP News

Nine Million-Plus U.S. Properties Seriously Underwater in Q1

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RealtyTrac has released its U.S. Home Equity & Underwater Report for the first quarter of 2014, which shows that 9.1 million U.S. residential properties were seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value—representing 17 percent of all properties with a mortgage in the first quarter.Click to continue

Monthly Home Sales Rise Nearly 30 Percent in California

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An estimated 32,923 new and resale houses and condos sold in the state of California in the month of March. That was up 28.2 percent from 25,680 in February, and down 12.8 percent from 37,764 sales in March 2013, according to San Diego-based DataQuick.Click to continue

Group Voices Opposition to Congressional GSE Wind-Down

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Council for Citizens Against Government Waste (CCAGW) President Tom Schatz sent a letter to the Senate strongly urging members to oppose a new draft bill unveiled on March 17, 2014 by Sens. Tim Johnson (D-SD) and Mike Crapo (R-ID) addressing the disposition of government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The letter reads as follows:Click to continue

Michigan Man Sentenced to Two Years for Defrauding JPMorgan Chase

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Firas “Russ” Bachi of Waterford Township, Mich. was sentenced to two years in prison and two years of supervised release for defrauding a bank in connection with 10 mortgage loans, United States Attorney Barbara L. McQuade announced. McQuade was joined in the announcement by Paul M. Abbate, Special Agent in Charge, Federal Bureau of Investigation, Detroit Division, and Jeffrey Frost, Special Agent in Charge of the Detroit office of the U.S. Secret Service.Click to continue

Foreclosure Rescue Fraud Epidemic Highlighted In New Report

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During Fair Housing Month, the Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee) issued a comprehensive national report, Foreclosure Rescue, Inc., which examines the foreclosure rescue fraud epidemic, scam trends and efforts to combat these fraudulent activities. The Lawyers' Committee and its coalition partners in the Loan Modification Scam Prevention Network (LMSPN) have been tracking the foreclosure rescue fraud crisis since March 2010.Click to continue

Mortgage Rates Continue Downward Trend, Hit 4.27 Percent for the Week

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates easing further for the second consecutive week helping to increase homebuyer affordability at the onset of the spring home buying season. For the week ending April 17, the 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.34 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent.Click to continue

Southern California Home Sales Down 14.3 Percent Year-Over-Year in March

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Southern California home sales quickened last month compared with February, as they normally do, but remained far below average and at the lowest level for a March in six years. The median sale price rose to a more-than-six-year high, driven up by demand that continues to exceed supply in many areas, as well as a shift toward a greater share of sales in middle and high-end markets, according to San Diego-based DataQuick.Click to continue

Mortgage Apps Climb 4.3 Percent Week-Over-Week

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Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014. The Market Composite Index, a measure of mortgage loan application volume, increased 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased five percent compared with the previous week. The Refinance Index increased seven percent from the previous week.Click to continue

Moody's Sees Finance Reform Provisions Negatively Impacting Home Prices

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Provisions in the comprehensive housing finance reform bill introduced by U.S. Sens. Tim Johnson and Mike Crapo will modestly dampen prices of multifamily properties and increase refinance risk, according to a new report by Moody’s Investors Service, Proposed Housing Finance Reform Will Be A Moderate Credit Negative for Multi-Family CMBS.Click to continue

NAHB: Housing Starts Up Nearly Three Percent in March

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Led by a six percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue