US home sales rise 9.4 percent in September

WASHINGTON -- U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

Source:Associated Press
US home sales rise 9.4 percent in SeptemberBy ALAN ZIBEL , 10.23.09, 10:05 AM EDT

Classic Architecture Perched On A Canyon

$1.2 million, any home buyer should expect a lot of perks packaged into such a price. But this three-bedroom ranch, in the California city of Arcadia, offers none of the baroque bathrooms, elevators and home theaters that characterize many McMansions. Its sellers are betting that buyers will forgo the chintz for a sleek, unembellished example of classic architecture. The stunning view of Big Santa Anita Canyon shouldn't hurt the home's sale, either.

source; http://www.forbes.com/2009/09/23/home-of-the-week-lifestyle-real-estate-arcadia-house.html Francesca Levy,

FHA Announces Several Policy Changes. Adopts HVCC Guidelines

The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve their exposure to risk. The changes, effective January 1, include.


source; http://www.mortgagenewsdaily.com/09182009_drastic_fha_guideline_changes.asp
Adam Quinones

Buyer power is new reality of housing market

The American dream of homeownership is still attainable. Buyers just have to deal with a new set of realities.

source; http://www.msnbc.co/, associated press

http://www.msnbc.msn.com/id/32739806/ns/business-economy_in_turmoil/

Treasury says millions more foreclosures coming

WASHINGTON (Reuters) - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

source; By Glenn Somerville http://www.reuters.com/

http://www.reuters.com/article/newsOne/idUSTRE5883S620090909

Mortgage Applications, Loan Rates Fall

Mortgage applications fell for the first time since July, according to a report released Wednesday by the Mortgage Bankers Association.
Last week's 2.2% seasonally adjusted decline in applications, compared to the week prior, came despite a drop in mortgage rates. Fixed rate 30-year mortgages averaged 5.15% last week, down from 5.24% a week ago, the MBA said. Applications for loans to refinance and purchase also pushed lower, falling 3.1% and 1.0%, respectively, when compared to the week prior.

source; Kathryn Glass
FOXBusiness http://www.foxbusiness.com/story/markets/industries/real-estate/mortgage-applications-loan-rates-fall/s

Unemployment rate jumps to 9.7 percent

WASHINGTON - The unemployment rate jumped almost half a point to 9.7 percent in August, the highest since 1983, reflecting a poor job market that will make it hard for the economy to begin a sustained recovery.

sources; associated presshttp://www.msnbc.msn.com/id/32689068/ns/business-stocks_and_economy/

July pending home sales rise to 2-year high

WASHINGTON - Pending U.S. home sales rose more than expected in July to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

source: www.msnbc.com, associated press

http://www.msnbc.msn.com/id/32641606/ns/business-real_estate/

How Much Debt Is Too Much?

Shouldn't borrow what you can't pay back--that's how we got into this whole economic mess in the first place. But figuring out how much debt you can take on--or, put another way, how much a lender is willing to extend (for they may not be the same thing)--is a bit tricky.

Source: Dileep Rao, Ph.D., 08.28.09, 04:56 PM EDT, forbes.com
http://www.forbes.com/2009/08/28/interest-coverage-ratios-entrepreneurs-finance-dileep.html

Home sales, durable orders buoy recovery hopes

By Lucia Mutikani
WASHINGTON (Reuters) - New U.S. home sales hit their highest level in 10 months in July and orders for long-lasting manufactured goods surged, fresh evidence a modest economic recovery was taking shape.http://www.reuters.com/article/newsOne/idUSN2625932720090826

Fed Extends TALF through June 2010

Appraiser News Online Headlines Last Updated: August 19, 2009 Vol. 10, No. 15/16

In hopes of promoting the flow of credit to businesses and households and to facilitate the financing of commercial properties, the Federal Reserve Board and the Treasury Department on Monday approved an extension of the Term Asset-Backed Loan Facility, or TALF, to keep the government-run program functional beyond its original Dec. 31, 2009, sunset date.

Under the joint Fed- and Treasury-approved extension, TALF loans for newly issued asset-backed securities and legacy commercial mortgage-backed securities has been authorized to run through March 31, 2010. In addition, TALF loans for newly issued CMBS, which can take a significant amount of time to arrange, have been extended to run through June 30, 2010.

According to a joint statement released by the Fed and Treasury, "Conditions in financial markets have improved considerably in recent months. Nonetheless, the markets for asset-backed securities backed by consumer and business loans and for commercial mortgage-backed securities are still impaired and seem likely to remain so for some time.”

As noted in a recent Washington Post story, it appears the Obama administration is not planning to put additional federal resources into the TALF program’s effort to boost the commercial sector, though many analysts believe that’s what is needed as a new wave of defaults on the horizon could impact the $814 billion in commercial real estate loans on pace to mature between now and 2011.

The Fed and Treasury, however, have not ruled out increasing TALF funding or extending the program further into the future. As the government agencies mentioned in their joint statement, “[We] are prepared to reconsider [our] decision if financial or economic developments indicate that providing TALF financing for investors' acquisitions of additional types of securities is warranted.”

For more information on the extension of TALF, visit http://www.federalreserve.gov/newsevents/press/monetary/20090817a.htm.

Source: http://www.appraisalinstitute.org