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UK housing demand and home prices rise strongly, surveyors say

Posted on 15 May 2013 by Laxman  |  Email |Print

The post-recession recovery of the UK housing market revival is in full swing, an industry survey has shown. New buying inquiries soared last month and home prices continued to rise as property investment sentiment benefitted from government initiatives that give potential buyers greater access to mortgages.
The Royal Institution of Chartered Surveyors (RICS) said on Tuesday, May 14 that the combination of the government-backed Funding for Lending and Help to Buy schemes was the reason for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes…………………………………..Full Article: Source

How 30-year mortgages saved the housing market

Posted on 03 May 2013 by Laxman  |  Email |Print

In most of the world, homeownership isn’t seen as a natural step in the progress toward responsible adulthood. Outside the U.S., mortgages are for small amounts, for shorter times, and have adjustable interest rates. The popular U.S. 30-year mortgage with a fixed rate, which makes possible low monthly payments and a more certain future, is an oddity. How did Americans develop such a peculiar financial practice? The New Deal.
In many ways, the mortgages of the 1920s resembled the more exotic ones of today. Balloon loans with terms of just three to five years were common. Homeowners, like those of the 2000s, simply expected to be able to refinance. The money for these mortgages, in an eerie echo of today, came from debt that banks sold to investors, and the bond-repayment periods were equally short………………………………………..Full Article: Source

Canada: The real cost of home ownership

Posted on 02 May 2013 by Laxman  |  Email |Print

The sucker’s analysis of whether it’s affordable to buy a first home is to compare the cost of rent and a mortgage payment.
Any veteran homeowner can tell you that mortgage payments are only a portion of what it costs to own a home. First-time buyers may be familiar with additional costs such as property taxes, but there’s a whole range of other expenses that are sporadic and thus hard to quantify………………………………………..Full Article: Source

15-year mortgage rate hits record low

Posted on 26 April 2013 by Laxman  |  Email |Print

The 15-year fixed rate fell to 2.61% this week from 2.64%, The previous record low of 2.63% was set the week of Nov. 21, 2012.An adjustable-rate mortgage, the 5/1 ARM, also bottomed out at 2.58%. The most popular mortgage, the 30-year fixed-rate, came in at 3.4%, 0.09 percentage point above its record low.
“The housing market is getting a boost, with mortgage rates hovering at or near record lows,” said Frank Nothaft, Freddie’s chief economist………………………………………..Full Article: Source

Australians incite bidding wars as rates spur rebound: Mortgages

Posted on 25 April 2013 by Laxman  |  Email |Print

Australians selling properties are increasingly turning to auctions as interest rates matching the lowest in 50 years fuel demand for homes in the country’s largest cities.
In Sydney, the most-populous city, almost two-thirds of homes offered at a public sale found buyers in February and March, the highest level since April 2010, according to data from researcher Australian Property Monitors. In Melbourne, the second-biggest city and largest market for auctions, the proportion rose to 68 percent in February, the highest since May 2010, the figures show………………………………………..Full Article: Source

U.S. Real estate: 2013′s mortgage trend

Posted on 23 April 2013 by Laxman  |  Email |Print

With the economy recovering from its recent downturn, and the spring season coming on, it’s no surprise that many people are curious as to their current prospects for buying a home.
After a record low in November of 2012, the average mortgage rate has seen a gradual increase to its current rate of 3.51 percent. Coupled with the 0.8 points paid, it would seem that with mortgage rates being lower than what they were at this time last year, now is the time to act………………………………………..Full Article: Source

US regulators see mortgage REITs as source of market vulnerability

Posted on 22 April 2013 by Laxman  |  Email |Print

In the latest sign of Washington’s growing concern with market bubbles US financial regulators are setting their eyes on mortgage real estate investment trust companies as a potential risk to the country’s financial system, the Wall Street Journal reported on Thursday. The Financial Stability Oversight Council is expected to cite mortgage REITs as a point of vulnerability in the real estate market in its annual report next week, according to an inside source quoted by The Journal.
Mortgage REITs (mREITs) are publicly traded companies that borrow funds to invest in real-estate debt. Unlike regular real estate investment trust (firms that invest in physical properties), mREITs buy mortgage securities backed by Fannie Mae and Freddie Mac and offer returns to investors of as much as 15 percent………………………………………..Full Article: Source

EU seeks to avoid housing bubbles with mortgage law deal

Posted on 22 April 2013 by Laxman  |  Email |Print

European Union negotiators are expected to finalize the bloc’s first common rules on mortgage lending on Monday, in an attempt to avoid a repeat of property bubbles that helped fuel the euro zone’s debt crisis.
The legislation will force lenders in Europe’s 6.5 trillion euro ($8.5 trillion) mortgage market to check the creditworthiness of potential customers and their ability to repay, effectively banning self-certified or “liar” loans………………………………………..Full Article: Source

Neediest homebuyers in U.S. lifted by Japan: Mortgages

Posted on 15 April 2013 by Laxman  |  Email |Print

U.S. homebuyers are getting an unexpected boost from the Bank of Japan. As Governor Haruhiko Kuroda’s efforts to spark inflation by doubling the central bank’s bond purchases shrinks the available debt in his country, traders are betting that will bolster demand for U.S-owned Ginnie Mae’s mortgage securities, pushing up prices and lowering yields that guide home-loan rates.
Japanese investors venturing into the U.S. home-loan market typically favor debt from Ginnie Mae, which helps finance borrowers with down payments as low as 3.5 percent, because it carries an explicit government guarantee, unlike Fannie Mae and Freddie Mac notes………………………………………..Full Article: Source

Can UAE’s new mortgage caps check speculation?

Posted on 08 April 2013 by Laxman  |  Email |Print

If Sultan bin Nasser al Suwaidi has his way, by the end of this year it will be that little bit harder for people in the UAE to buy their own homes. The central bank governor is preparing to impose new limits on the amount that anyone can borrow to buy a house or apartment in an effort to prevent a return to the days of uncontrolled property speculation which proved so damaging in the past.
The limits have yet to be finalised, and are part of an ongoing consultation exercise between the central bank and lenders, but expatriates are likely to find them more restrictive than locals………………………………………..Full Article: Source

Banks report increase in UK mortgage availability

Posted on 04 April 2013 by Laxman  |  Email |Print

Survey shows more secured loans on offer to individuals, but situation for small and medium businesses remains tight. Banks’ appetite for lending to individuals grew in the first three months of 2013, but the availability of loans to small and medium businesses remained restricted, according to the Bank of England’s latest credit conditions survey.
Lenders reported an increase in the overall availability of secured credit to households for the third consecutive quarter, citing attempts to increase their market share as the main reason for offering more loans……………………………………….Full Article: Source

Europe’s CMBS pipeline begins to flow

Posted on 28 March 2013 by Laxman  |  Email |Print

Unloved and tarnished – Europe’s crisis-hit market for assets backed by commercial mortgages is now only a fraction of its 2006 peak.
Only a handful of new borrowers have issued commercial mortgage-backed securities since the US subprime crisis and the picture in Europe painted by some bankers is of a product in terminal decline – penalised by regulators and hated by politicians………………………………………..Full Article: Source

UK: Mortgage scheme ‘risks driving up prices’

Posted on 27 March 2013 by Laxman  |  Email |Print

Britain’s fiscal watchdog has challenged chancellor George Osborne’s claims that his new mortgage guarantee scheme, the centrepiece of last week’s Budget, will trigger a spate of housebuilding.
In testimony before parliament’s Treasury select committee on Tuesday , top officials from the Office for Budget Responsibility said the Help to Buy scheme was more likely to drive up house prices than address the shortage of housing in the UK………………………………………..Full Article: Source

Fannie and Freddie no model for UK housing

Posted on 26 March 2013 by Laxman  |  Email |Print

Much is often made of how shrewd the US has been in bringing its financial system through the crisis relatively smoothly, even turning a profit on its bailouts. While UK taxpayers are still sitting on tens of billions of pounds of losses after rescuing the likes of Royal Bank of Scotland, Lloyds and Northern Rock, the US Treasury has sold its investments in nearly everything it bailed out, making money for taxpayers into the bargain.
The key exceptions that often escape mention are the US mortgage finance vehicles Fannie Mae and Freddie Mac, whose bailout cost $190bn – dwarfing the £45bn pumped into RBS in the world’s costliest bank rescue………………………………………..Full Article: Source

Bubble set to form at low end of Thai market

Posted on 26 March 2013 by Laxman  |  Email |Print

Mortgages are to set a new record of 21 to 22 percent of Thailand’s gross domestic product (GDP) over the next two years, reported Live Trading News. The majority of these mortgages are at the low end of the market and increase the risk of a bubble forming in that segment.
Markets have been unsettled due to a recent warning from the Bank of Thailand about growing household debt. Higher household debt has been largely attributed to the Yingluck Shinawatra administration’s policies, including the tax rebate of up to THB100,000 (US$3,416) for first-time car buyers………………………………………..Full Article: Source

Saudi King gifting land undercuts homebuilding promises

Posted on 25 March 2013 by Laxman  |  Email |Print

Saudi Arabia’s King Abdullah is paying the price for his own generosity as past land giveaways undermine his plans to build half a million homes and open up the country’s mortgage market.
State gifts of urban land complete with roads, water and power have left the government with almost no space of its own to develop within Saudi Arabia’s cities, according to Adnan Ghosheh, an adviser to the country’s Housing Ministry………………………………………..Full Article: Source

Freddie Mac failing homeowners, watchdog says

Posted on 22 March 2013 by Laxman  |  Email |Print

Freddie Mac and its regulator are not doing a good enough job bird-dogging complaints by homeowners about the companies handling their mortgages, a federal oversight official said Thursday.
The mortgage giant’s eight largest mortgage servicers resolved more than 25,500 “escalated” complaints from homeowners between October 2011 and November 2012, but failed to take care of 21% of them within the required 30-day window, according to a report from the inspector general overseeing the Federal Housing Finance Agency………………………………………..Full Article: Source

Number of ‘underwater’ homes drops in U.S.

Posted on 20 March 2013 by Laxman  |  Email |Print

With property values rising, more than 200,000 homeowners in the United States returned to positive equity in their homes in the fourth quarter of 2012, according to a new study by CoreLogic. The number of homeowners that are still “underwater,” with negative equity in their homes, now stands at 10.4 million, or 21.5 percent of all residential properties with mortgages, down from 10.6 million at the end of the third quarter, the firm says.
“The scourge of negative equity continues to recede across the country. There is certainly more to do but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen,” said Anand Nallathambi, president and CEO of CoreLogic………………………………………..Full Article: Source

Why higher mortgage rates will help the housing market

Posted on 19 March 2013 by Laxman  |  Email |Print

Mortgage interest rates have been rising on signs that the U.S. economy is improving. Last week, the 30-year fixed rate reached the highest level in more than six months, climbing to an average of 3.63%, compared with 3.52% the previous week and 3.92% a year earlier. The current rate is the highest it’s been since the week of Aug. 23 when the 30-year fixed rate averaged 3.63%, according to Freddie Mac.
With economic prospects improving, rates could rise even higher this year. This increase could mathematically make buying a home more expensive, but it’s unlikely to stall the housing recovery. To the contrary, higher rates could actually support it………………………………………..Full Article: Source

What is an underwater mortgage?

Posted on 15 March 2013 by Laxman  |  Email |Print

What is an underwater mortgage? A mortgage is considered “underwater” when the amount of the mortgage is greater than the current value of the home. Another term for this is “negative equity.” For example, a person decides to buy a home for $200,000. They put 20 percent down, or $40,000, and then get a mortgage for the remaining $160,000. Usually home prices rise, but let’s say prices begin to fall and the home is now valued at $150,000. The mortgage is “underwater” by $10,000.
Why use the term ‘underwater’? Because the value of the home, which the mortgage funds, is below or under the mortgage amount, which could be considered the water line. It is just a metaphor that likely grew out of another metaphor: “drowning in debt.”………………………………..Full Article: Source

U.S. mortgage refi program gains traction as home prices rise

Posted on 14 March 2013 by Laxman  |  Email |Print

A U.S. government effort to help struggling homeowners refinance into cheaper loans gained traction last year, helped by rising home prices and changes to the program that made more borrowers eligible for relief, a report released on Wednesday showed.
Nearly 1.1. million refinances were completed under the Home Affordable Refinance Program, or HARP, in 2012, more than double the year-earlier number, the report from the Federal Housing Finance Agency said………………………………….Full Article: Source

HSBC boosts mortgage rates as Hong Kong cools property market

Posted on 14 March 2013 by Laxman  |  Email |Print

HSBC Holdings Plc increased Hong Kong mortgage rates for the first time in 18 months after the city’s banking regulator tightened risk rules on concern a property bubble may undermine financial stability.
Home loans priced at the best lending rate will rise to a range of 2.85 percent to 3.15 percent, from 2.6 percent to 2.9 percent, starting tomorrow, according to an e-mailed statement from the bank. The increase is the first since September 2011, Yvonne Chuang, a Hong Kong-based spokeswoman for the second- largest mortgage lender in the city, said…………………………………Full Article: Source

Canada: What first-time buyers really need: affordable housing prices

Posted on 13 March 2013 by Laxman  |  Email |Print

While mortgage brokers are pressing the federal government to bring back 30-year mortgages and give first-time buyers a bigger tax break, Globe and Mail readers are not convinced that easing mortgage rules is the answer to the problem.
When the Globe and Mail asked readers in an online poll whether Ottawa should make it easier for first-time buyers to enter the real estate market, only 40 per cent of the nearly 2,500 respondents said yes, first-time buyers deserve a break………………………………………..Full Article: Source

Netherlands weighs national mortgage bank

Posted on 13 March 2013 by Laxman  |  Email |Print

The Netherlands is looking at creating a national mortgage bank, in an effort to spare its battered banking sector and give a boost to a sluggish housing market. Dutch banks are wrestling with the legacy of a housing bubble that has left them with around €650 billion ($848 billion) of mortgage debt on their books. A peculiar feature of the Netherlands’ financial system is causing another headache.
The Dutch are heavy savers, but they have parked much of their money with pension funds that have invested around 85% of their €900 billion in assets outside the Netherlands………………………………………..Full Article: Source

Boomerang buyers return to market after foreclosure

Posted on 12 March 2013 by Laxman  |  Email |Print

Borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac.
While many are still struggling to recover financially, a growing number are starting to bounce back — and they are looking for a new place to call home………………………………………..Full Article: Source

Top 10 places to buy a foreclosed home

Posted on 11 March 2013 by Laxman  |  Email |Print

The demand for foreclosed homes is so high that investors have picked clean some of the most obvious markets – Phoenix and Las Vegas, for example. But there are still deals if you look in other metropolitan areas in the United States, according to RealtyTrac, an online marketplace for foreclosure properties based in Irvine, Calif.
By adding up each metro’s inventory of foreclosed homes, foreclosure sales as a percentage of all sales, average foreclosure discount, and the annual increase in foreclosure activity, RealtyTrac found the Top 10 best places to buy a foreclosed home: 10. Chicago – 46 percent discount on foreclosed homes……………………………………….Full Article: Source

20 most expensive and cheapest markets for foreclosures

Posted on 06 March 2013 by Laxman  |  Email |Print

There’s a reason it’s often the privileged who are flitting off to beach homes along the sandy coast of California: It’s really expensive to own a home near the ocean. (Location, location, location comes with a high price, after all.) So you think you’d be able to afford the same lifestyle if you bought a beachside foreclosure instead? Well, sure, it’d be cheaper — but it’ll still cost you double or more the national median home price.
Yes, foreclosures are often sold at deep discounts, but in the most expensive markets for foreclosures, the money you’d spend on a distressed property could probably buy two non-distressed properties in most other markets………………………………………..Full Article: Source

Don’t rush into housing market just for a low mortgage rate

Posted on 05 March 2013 by Laxman  |  Email |Print

The sucker’s bet on housing is to pounce on that five-year, 2.99-per-cent mortgage deal offered so controversially by Bank of Montreal. Oh, it’s a great rate. There’s next to no chance over the next five years that you’ll kick yourself for having chosen to lock in such a historically low cost of borrowing.
But the low-rate argument for getting into the housing market for the first time just isn’t compelling enough to jump in right now………………………………………..Full Article: Source

China tightens mortgage rules as home prices keep rising

Posted on 04 March 2013 by Laxman  |  Email |Print

China called for higher down payments and interest rates for second-home mortgages in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales as authorities step up a three- year campaign to cool the property market.
The People’s Bank of China’s regional branches may implement the measures in accordance with the price-control targets of local governments, the State Council, or Cabinet, said in a statement on its website yesterday. Cities facing “relatively large” pressure from rising house prices must further tighten home-purchase limits, according to the statement………………………………………..Full Article: Source

Fitch warns on US housing finance reform

Posted on 01 March 2013 by Laxman  |  Email |Print

The profitability and dominance enjoyed by US-backed mortgage giants Fannie Mae and Freddie Mac will limit policy makers’ motivation for winding them down, Fitch Ratings has said.
The warning comes as appetite to transform the state-backed companies into private sector entities wanes in Washington, where wrangling over budget, insurance and tax issues is likely to dominate the legislative calendar in the months to come………………………………………..Full Article: Source

Jumbo mortgages make comeback in U.S. as real estate revival takes hold

Posted on 28 February 2013 by Laxman  |  Email |Print

Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago’s north shore, in the San Francisco Bay area and in the haute Hamptons.
Sales of properties worth between US$750,000 and US$1-million are up 38.7% over a year ago; $1 million-plus property sales are up 25.7%, according to the National Association of Realtors. The luxury real estate revival is being fueled, in part, by another resurgence: so-called jumbo mortgages – those loans, typically over US$417,000, that are too big to qualify for purchase by federal agencies, namely Fannie Mae and Freddie Mac………………………………………..Full Article: Source

Riyadh completes regulations for new mortgage law

Posted on 25 February 2013 by Laxman  |  Email |Print

Saudi Arabia issued final regulations on real estate financing, leasing and supervision of financial firms as the kingdom works to ease a housing shortage by opening up its mortgage market and enacting the country’s first home-loans law. The regulations outlining three of the five laws that make up the package of changes were posted Sunday on the website of the Saudi Arabian Monetary Agency.
Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed………………………………………..Full Article: Source

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Israel sets new mortgage restrictions after home prices jump 5pct

Posted on 20 February 2013 by Laxman  |  Email |Print

On mortgages covering 45% to 60% of the property value, banks will need to set aside 50% in capital instead of 35%, while for those covering more than 60% banks will have to set aside 75%.
The Bank of Israel said Tuesday it was imposing new restrictions on home loans, just hours after the government reported that home prices had jumped 5% last year. In a draft directive presented by banks commissioner David Zaken, lenders will have to boost their capital buffers on mortgages exceeding 45% of the property value…………………………………Full Article: Source

China housing slaves helping property rebound: Mortgages

Posted on 20 February 2013 by Laxman  |  Email |Print

China’s growing middle class reaching for homeownership helped property prices rebound starting in the second half of last year. They rose 1 percent in January from December, the biggest gain in two years, according to real estate website SouFun Holdings Ltd. Home prices in Beijing and Shanghai each rose 2.3 percent from December.
Average per-square-meter prices in 100 cities tracked by SouFun are five times average disposable incomes. A 100-square- meter (1076-square-foot) apartment today costs about 40 years’ income, according to SouFun and government data, even as salaries have more than quadrupled since 1998…………………………………Full Article: Source

Switzerland combats real estate market overheating

Posted on 19 February 2013 by Laxman  |  Email |Print

Switzerland’s Federal Council is taking action against an excessive rise in prices in the real estate market and exorbitant mortgage debt. At a recent meeting, the Federal Council decided to accept the application of the Swiss National Bank (SNB) and to partially activate the countercyclical buffer. This means that from September 30, 2013, banks will be obliged to hold additional capital for residential mortgages.
Based on the Capital Adequacy Ordinance (CAO), the SNB can request the Federal Council to oblige the banks to hold additional capital in the form of a countercyclical buffer. The SNB submitted the corresponding application to the Federal Council on February 5, 2013…………………………………….Full Article: Source

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Housing industry hopes Obama line will soften mortgage rule

Posted on 15 February 2013 by Laxman  |  Email |Print

U.S. Realtors and mortgage bankers say they hope President Barack Obama’s call for streamlined mortgage rules in his State of the Union speech will help them persuade regulators not to set a strict minimum down payment for home loans.
“Right now, overlapping regulations keep responsible young families from buying their first home,” Obama said Feb. 12. “What’s holding us back? Let’s streamline the process, and help our economy grow.”……………………………………….Full Article: Source

UK home repossessions fall to five-year low

Posted on 15 February 2013 by Laxman  |  Email |Print

Home repossessions in the UK last year fell to their lowest level since 2007, the Council of Mortgage Lenders (CML) reported. Over the course of the year a total of 33,900 homes were seized by residential mortgage lenders, a decrease from 37,300 in 2011. As a result, the rate of repossession fell to 0.30% in 2012 from 0.33% a year earlier.
Additionally, the stock of properties in possession held by lenders at the end of 2012 was the lowest recorded for over five years. The CML stressed that lenders try to keep borrowers in their homes and only take possession as a last resort………………………………………..Full Article: Source

Housing industry pins hopes on Obama to soften down-payment rule

Posted on 14 February 2013 by Laxman  |  Email |Print

U.S. Realtors and mortgage bankers say they’re hoping President Barack Obama’s call for streamlining mortgage rules will lend new momentum to efforts to prevent imposing a strict minimum down payment for home loans.
“Right now, overlapping regulations keep responsible young families from buying their first home,” Obama said in his State of the Union address yesterday. “What’s holding us back? Let’s streamline the process, and help our economy grow.”……………………………………….Full Article: Source

Housing market still needs Fannie Mae, says chief economist Doug Duncan

Posted on 08 February 2013 by Laxman  |  Email |Print

No matter what indicator you look at, the housing market is improving. New and existing home sales are rising. So are home prices. Even foreclosures are declining. In the latest housing data release, the National Association of Home Builders Wednesday reported that the housing recovery has spread to 70% of the 361 metro markets tracked by an NAHB/First American index compared to just 3% in September 2011.
Fannie Mae, the government-sponsored enterprise which buys and packages mortgages into securities for investors, says its own survey of consumers shows increasing optimism about the housing market, and the broader economy………………………………………..Full Article: Source

UAE mortgage caps postponed

Posted on 07 February 2013 by Laxman  |  Email |Print

The proposed mortgage cap in the UAE has been postponed while discussions of the plans take place. The limit on lending to foreigners at a maximum of 50 per cent of a property’s value, along with a cap on loans at 70 per cent for citizens, was announced at the end of last year, following 12 months of strong growth.
The plan was criticised by experts, who feared it might cause the market’s strong recovery to slow down, while officials aimed to avoid another bubble as investors return to the economic safe haven of Dubai property………………………………………..Full Article: Source

Australia’s mortgage blackspots, according to Fitch Ratings

Posted on 06 February 2013 by Laxman  |  Email |Print

Rate cuts have helped ease the number of mortgage delinquencies across Australia but many postcodes have retained their dubious title of repayment blackspots.
A major study by Fitch Ratings, the credit ratings agency, revealed that by the end of September 2012 overall mortgage delinquencies across Australia decreased to 1.2 per cent, down from 1.6 per cent at end of March 2012. The current rate of delinquencies is below the five-year average of 1.56 per cent………………………………………..Full Article: Source

U.S. property market had 767,000 completed foreclosures in 2012; Foreclosure inventory fell 19.5pct

Posted on 05 February 2013 by Laxman  |  Email |Print

According to CoreLogic’s latest National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory, there were 56,000 completed foreclosures in the U.S. in December 2012.
This is down from 71,000 in December 2011, a year-over-year decrease of 21 percent. On a month-over-month basis, completed foreclosures fell from 58,000 in November 2012 to the current 56,000, a decrease of 3 percent…………………………………..Full Article: Source

Australian homebuilders can’t give them away: Mortgages

Posted on 05 February 2013 by Laxman  |  Email |Print

Australian homebuilders are resorting to discounts, gift cards and help with mortgage payments to compete for dwindling buyers as home sales slow. Stockland (SGP), Australia’s biggest residential developer, is giving rebates and gift cards of as much as A$30,000 ($31,300) in Victoria, Queensland and New South Wales states.
Devine Ltd. (DVN) is matching deposits in South Australia and taking over mortgage payments for as long as a year in Melbourne. Peet Ltd. (PPC) has been offering discounts of as much as A$50,000 in Western Australia, Queensland and Victoria…………………………………..Full Article: Source

Foreclosure activity increased in 54pct of U.S. markets in 2012

Posted on 01 February 2013 by Laxman  |  Email |Print

According to RealtyTrac’s 2012 Year-End Metropolitan Foreclosure Market Report, foreclosure activity increased from 2011 in 120 (57 percent) out of the nation’s 212 metropolitan statistical areas with a population of 200,000 or more. Foreclosure activity during the year decreased from 2010 — when foreclosures peaked in most markets — in 181 out of the 212 markets tracked in the report (85 percent).
Foreclosure activity in 2012 decreased from 2011 in 12 out of the nation’s 20 largest metro areas, led by Phoenix (down 37 percent), San Francisco (down 30 percent), Detroit (down 26 percent), Los Angeles (down 24 percent), and San Diego (down 24 percent)………………………………………..Full Article: Source

Koreans tapping inheritances with reverse loans: Mortgage

Posted on 31 January 2013 by Laxman  |  Email |Print

Applications for reverse mortgages, which are typically taken out by elderly or retired homeowners who borrow money in the form of monthly payments against the equity in their homes, are surging to the highest in six years.
Loans backed by state- run financing firm Korea Housing Finance Corp. jumped 71 percent in 2012 as retirees like Kim sought a steady income in a nation wracked by personal debt, falling home values and a rapidly aging population………………………………………..Full Article: Source

Fix home lending before the next bubble

Posted on 30 January 2013 by Laxman  |  Email |Print

It’s odd that President Barack Obama didn’t mention housing in his second inaugural address. After all, he spent his first term in the shadow of a housing meltdown, and remaking federal housing policy remains a central piece of unfinished business.
Let’s hope that Obama tells us in his State of the Union speech what his plans are for Fannie Mae, the Federal National Mortgage Association (FNMA), and Freddie Mac, the Federal Home Loan Mortgage Corp. (FMCC) The Federal Housing Administration seems headed for a multibillion-dollar bailout………………………………………..Full Article: Source

10 worst cities for potential mortgage fraud

Posted on 29 January 2013 by Laxman  |  Email |Print

The housing market has been improving significantly for nearly a year at this point, but with those upticks in activity across the board in the last several months, it seems that instances of potential fraud also increased.
The total amount of possible mortgage fraud nationwide rose 1.1 percent from July to September 2012 from the previous quarter, according to new statistics from Kroll Factual Data. And while there were increases in every region across the country, these were caused not by low-level jumps in most places, but rather massive leaps in specific metropolitan areas………………………………………..Full Article: Source

Germany real estate tiptoes on a weak mortgage structure?

Posted on 24 January 2013 by Laxman  |  Email |Print

Germany’s real estate sector is still considered as a safe haven of investments for 2013, but property market analysts are wary of the current mortgage borrowing rules that should be addressed by monetary authorities.
Germany’s central bank is urged to consider some property cooling measures to address an imminent property bubble triggered by price trends and a structural weakness in the German mortgage market………………………………………..Full Article: Source

Russia’s PIK says mass-market housing market strong

Posted on 24 January 2013 by Laxman  |  Email |Print

PIK Group, one of Russia’s largest homebuilders, said on Wednesday the residential housing mass market remains strong as it reported a 31 percent rise in new sales contracts during the fourth quarter.
Mortgage-backed sales were stable during 2012 despite interest rate increases for individual mortgages, PIK said, while average selling prices rose 10 percent in Moscow………………………………………..Full Article: Source

UAE mortgage rule confusion see housing market boom

Posted on 24 January 2013 by Laxman  |  Email |Print

Amid confusion and speculation over upcoming changes in the rules governing mortgages [in the UAE], nationals and expats are rushing to buy homes in the strongest property market since 2006.
According to a Dubai Municipality official, who declined to be named, “We witnessed a hike in sales as of the beginning of this year. As of January 21, 2013, we have witnessed transactions amounting to Dh490 million compared to mere Dh200 million for the same day last year, a rise of 160 per cent.”……………………………………….Full Article: Source

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