The Norris Group Real Estate News Roundup 9/10/10

Sources:
http://www.mortgageorb.com/e107_plugins/content/content.php?content.6632
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-189
http://blogs.wsj.com/economics/2010/09/09/irs-needs-strategy-to-recoup-home-buyer-tax-credit/
http://realtytimes.com/rtpages/20100907_political.htm
http://www.dsnews.com/articles/shadow-inventory-shrinks-for-fifth-consecutive-month-barclays-2010-09-03
http://www.dsnews.com/articles/real-estate-investment-firm-acquires-stake-in-760m-fdic-loan-portfolio-2010-09-07
http://online.wsj.com/public/resources/documents/retro-HOUSINGM08.html
http://realtytimes.com/rtpages/20100907_political.htm
http://jan.ocregister.com/2010/09/05/more-people-leave-california-than-arrive/44597/
http://www.siteselection.com/issues/2010/jul/North-American/
http://www.housingwire.com/2010/09/07/bank-deposit-balances-shrink-for-first-time-since-92

Today’s News Synopsis:

Real Capital Analytics reports distressed commercial properties rose $5.1 billion in July. President Barack Obama appointed Austan Goolsbee as leader of the Council of Economic Advisors. Mortgage servicers completed 65% more permanent modifications on Fannie Mae and Freddie Mac loans through HAMP in the 2nd quarter. According to Harris Trifon, average losses on loans packaged into U.S. CMBS totaled $501 million last month.

In The News:

Housing Wire – “Troubled commercial loans may be near the peak: Real Capital” (9-10-10)

“Distressed commercial properties increased $5.1 billion in July, the lowest addition since October 2008, according to the research firm Real Capital Analytics. The July additions were also less than half the monthly average for all of 2009 and through 2010 so far. The total amount of distressed commercial loans stands at $189.1 billion.”

Housing Wire – “Obama names Goolsbee leader of Council of Economic Advisors” (9-10-10)

“President Barack Obama announced today the appointment of Austan Goolsbee as leader of the Council of Economic Advisors. He will be one of four principal members of the team who’s duties include finding ways to add more jobs to the economy and lower the unemployment rate.”

Housing Wire – “Securities industry takes a beating in 2Q” (9-10-10)

“Issuance of mortgage-related securities in the second quarter totaled $356.5 billion; down 8.4% from the first quarter and 45.7% from the year earlier. Issuance from the government sponsored entities Fannie Mae and Freddie Mac still dominate the space with Ginnie Mae.”

Housing Wire – “CMBS delinquencies pass 8% despite record loan mods” (9-10-10)

“Special servicers modified a record $2.1 billion in loans backing commercial mortgage-backed securities (CMBS) in August, but delinquencies continue to grow, according to the credit-rating agency Fitch Ratings. The delinquency rate on CMBS loans reached 8.48%, a 23 basis point increase from July. There were $3.1 billion in new delinquencies, driven mostly by five loans recent defaults of loans worth more than $100 million.”

Housing Wire – “HAMP modifications on Fannie, Freddie loans up 65% in 2Q” (9-10-10)

“Mortgage servicers completed 88,551 permanent modifications on Fannie Mae and Freddie Mac loans through the Home Affordable Modification Program (HAMP) in the second quarter, a 65% increase from the previous quarter, according to a report from the Federal Housing Finance Agency.”

Housing Wire – “Moody’s: banks to write off another $286 billion in loans through 2011” (9-10-10)

“Moody’s Investors Service expects continued trouble in the domestic banking industry with another $286 billion of loan losses yet to hit the books. Earlier this week, analysts said U.S. banks rated by Moody’s have incurred $476 billion of charge offs since 2008.”

Housing Wire – “ACUMA holds high expectations for credit union mortgage originations” (9-10-10)

“The American Credit Union Mortgage Association expects mortgage volumes for this year to rise above the $90 billion in originations its members completed in 2009.”

Bloomberg – “Commercial Property Losses Mount as Loan Servicers Triage Real Estate Debt” (9-10-10)

“Average losses on loans packaged into U.S. commercial mortgage-backed securities totaled $501 million in August compared with $245 million in April, according to Harris Trifon, a Deutsche Bank analyst in New York who based the estimate on a three-month average. In August 2009, the number was $41 million.”

Inman – “‘Just let housing go'” (9-10-10)

“The Fed’s Beige Book said the obvious: ‘Continued growth … mid-July through the end of August, but with widespread signs of a deceleration.’ Not double-dip, not yet. In the absence of fearful dippers buying bonds, the 10-year T-note rose to a one-month high 2.8 percent, although doing no particular damage to mortgage rates, still near 4.5 percent. The new rage: ‘Just let housing go.’ These people do not seem to remember the benefits of letting Lehman go, the simple life without banks and their deposits.”

Today’s News Synopsis:

One year ago, the Federal Reserve announced the economy was stabilizing. U.S. homebuyers paid 3.3 percent less than listing price in July 2009. Bankruptcy filings increased 22% year over year. Foreclosure filings in the U.S. exceeded 300,000 for sixth straight months.