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

Listed: Meticulous Arts And Crafts Replica

Newly constructed homes that imitate historical styles often miss their mark, capturing the essence of a period from the outside, but leaving the interior devoid of character.
That’s not the case for this recently built, $2.8 million, six-bedroom home in Bedford, N.Y., constructed in the arts and crafts style. The indoor details were attended to as carefully as the stone and shingle exterior: wainscoting, arched doorways and molding galore adorn the place.

Source; http://www.forbes.com/2009/10/09/bedford-luxury-zip-lifestyle-real-estate-house-of-week.html; franseca levy

What You Need to Know About Reverse Mortgages

With today’s retirees living longer than expected, many of them are turning to other sources of income in their golden years. A buzzword among many seniors is “reverse mortgage,” though critics say they’re often too good to be true. So what is a reverse mortgage, and what does it really do?

source; http://www.foxbusiness.com/story/personal-finance/on-topic/need-know-reverse-mortgages-644573935/ ; Kathryn Elizabeth Tuggle

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

Where Home Prices Are Likely To Rise

Though home prices in many areas still have room to drop, economists say some of the country's real estate markets are showing early signs of repair. A two-year slide in values has eased its stomach-turning pace, and some analysts expect the national market to bottom out by mid 2010.

source: www.forbes.com ; Francesca Levy

http://www.forbes.com/2009/09/14/cities-home-prices-lifestyle-real-estate-homes-cities.html

Europe's Most Idyllic Places To Live

Last year, the rising dollar meant European property was becoming more affordable. But even now that the globe is fully in recession, Europe's most idyllic locations have yet to lose any of their charm.

source; http://www.forbes.com/, Parmy Olson, 09.03.09, 06:00 PM

http://www.forbes.com/2009/09/03/europe-most-idyllic-places-lifestyle-real-estate.html

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/

‘Troubled’ banks jumped to 416 from 305

WASHINGTON - With bank failures rising, the government’s deposit insurance fund fell 20 percent to $10.4 billion in the second quarter as U.S. banks lost $3.7 billion.

Source: Associated Press

http://www.msnbc.msn.com/id/32580851/ns/business-stocks_and_economy/

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

Number of Homeowners Late in Paying or in Foreclosure Soars

The number of Americans who are in serious delinquency on their mortgage rose to a record 9.24% last quarter, according to the Mortgage Bankers Association, as the increasing job losses and still-struggling economy forced more people out of their homes.
Meanwhile, the number of people who were in the foreclosure process rose to 4.3% from 3.85% from the previous quarter.

Source: Ken Sweet FOXBusiness

http://www.foxbusiness.com/story/markets/economy/update----homeowners-late-paying-foreclosure/

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

Pace of U.S. existing home sales fastest in 2 years

By Lucia Mutikani

WASHINGTON (Reuters) - Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years, a survey showed on Friday, in a strong sign that housing is pulling out of a three-year slump.

Sales in July rose for the fourth straight month to hit an annual rate of 5.24 million units, the highest since August 2007, the National Association of Realtors said. The total beat market expectations of a 5 million unit pace and June's 4.89 million pace.

Read more at http://www.reuters.com/article/gc03/idUSTRE57K2NV20090821.