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Mortgage Brokers

Welcome to the special Real Estate Industry Bulletin for Mortgage Brokers.

Arizona Lands sells for 8 percent of peak price

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Arizona Lands sells for 8 percent of peak price

From Bloomberg: Arizona Land Sells for 8% of Price Calpers Group Paid at Peak (ht Justin) A 10,200-acre desert site in Arizona sold for .5 million this week, five years after a group with investors including the California Public Employees’ Retirement System paid 0 million for the land. … The site … had been...
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Economic Slowdown: Temporary or Something Worse?

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Economic Slowdown: Temporary or Something Worse?

I’ll have some thoughts on this topic in the next few days, but here are a couple of articles with differing views. From David Leonhardt at the NY TimesThe Economy Is Wavering. Does Washington Notice? The latest economic numbers have not been good. … Macroeconomic Advisers … tries to estimate the growth rate of...
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When Is Cash Better Than Financing?

When Is Cash Better Than Financing?

Using all cash to purchase investment property may be better than financing in two particular situations. The first situation is a short-term deal, that is, you intend to sell the property shortly after you buy it (known as “flipping”). When you have the cash to close quickly, you can generally get a larger discount...
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House subcommittee to hear testimony supporting GSE wind down

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House subcommittee to hear testimony supporting GSE wind down

The U.S. mortgage market does not need Fannie Mae, Freddie Mac, nor a federal government guarantee on mortgage-backed securities, according to one industry expert set to testify before a House subcommittee Wednesday. Anthony Sanders is professor of real estate finance at George Mason University just outside the nation's capital in Northern Virginia. He is...
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NY Times: The Glut of Foreclosed Homes

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NY Times: The Glut of Foreclosed Homes

From Eric Dash at the NY Times: Banks Amass Glut of Homes, Chilling Sales The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery. All told, they own more...
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Glut of distressed properties in San Diego market

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Glut of distressed properties in San Diego market

Affordability is causing a bifurcation of homebuyers in San Diego, as prices continue to drop throughout the metropolitan area. April home sales around the city fell 5% compared to the same month of 2010, according to Fidelity Pacific Real Estate, which released its monthly housing monitor Friday. Sales were up 2.8% from March. However,...
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Warren, CFPB introduce proposed mortgage disclosure forms

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Warren, CFPB introduce proposed mortgage disclosure forms

Elizabeth Warren and the Consumer Financial Protection Bureau revealed two prototypes of mortgage disclosure forms Wednesday as part of the agency's effort to simplify documents for homebuyers shopping for mortgages. The two prototypes combine the federal Truth in Lending Act mortgage disclosure form with the Real Estate Settlement Procedures Act to remove redundant information...
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Housing Data: Making foreclosure and default data publicly available

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Housing Data: Making foreclosure and default data publicly available

The housing bubble and bust exposed the poor quality of publicly available U.S. housing data. One area of improvement is the various house price indexes now available that didn’t exist in January 2005 when I started this blog. But that data isn’t always timely, and the details aren’t always public. There is a long...
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Housing trade groups ask regulators to delay risk-retention rule

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Housing trade groups ask regulators to delay risk-retention rule

A group of 15 housing trade groups representing both consumers and market players sent a letter to federal regulators Friday requesting a delay to the recent risk-retention rule by more than one month. Regulators proposed the rule in March, requiring lenders to maintain 5% of the risk on loans issued into securities. The exception,...
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DataQuick: Southland Home Sales Fall

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DataQuick: Southland Home Sales Fall

From DataQuick: Southland Home Sales Fall, Prices Flat to Down A total of 18,344 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in April. That was down 5.5 percent from 19,412 in March, and down 9.2 percent from 20,205 in April 2010, according...
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