The Financial Times reports: Big bank oversight to stay with Fed Chris Dodd … is set to propose this week that the 23 largest institutions stay under the Fed’s oversight … At issue … was the regulation of several hundred state chartered institutions that also want to remain under the…
From Alejandro Lazo at the LA Times: Short sales grow as a cheaper alternative to foreclosure In a short sale the lender lets a homeowner unload a house for less than what is owed on the mortgage. The transaction recognizes that the home isn’t worth what the owner paid for…
From HotelNewsNow.com: DC leads ADR, RevPAR decreases in weekly numbers Overall, the U.S. hotel industry’s occupancy ended the week with a 2.3-percent decrease to 53.7 percent, ADR dropped 4.7 percent to US$97.12, and RevPAR fell 6.9 percent to US$52.19. The following graph shows the occupancy rate by week since 2000,…
One of the key problems with a short sale is making sure the buyer is an unrelated party; “an arm’s length transaction”. I’m aware of a property being offered as a short sale in SoCal where the agent is the wife of the owner, and she has been, uh, unhelpful…
Here is the Economic Forecast from the Economic Report of the President . The last column is average payroll jobs per month per year. Click on table for larger image in new window. The forecast is for an average of 95,000 non-farm payroll jobs to be added per month in…
Short sales are a hot topic, and Jillayne Schlicke has an interesting post: Predatory Short Sale Negotiators I received a call the other day from a consumer who was in the process of purchasing a short sale home. The homeowner has defaulted on her mortgage and the trustee sale auction…
Yesterday I posted some data from the Census Bureau that suggests there are about 1.8 million excess vacant housing units in the U.S. (above the normal levels). IMPORTANT: The housing stock includes both owner occupied and rental units . I suspect many of the excess units absorbed will be by…
From the Las Vegas Sun: Short sales soar while foreclosure sales slacken (ht sportsfan) Short sales averaged about 7 percent to 8 percent of total [Las Vegas] existing-home closings in early 2009, but averaged 22 percent of the market by the end of the year and in early January ……
As part of the annual budget, the Obama Administration released the underlying economic assumptions too (see Page 13 of PDF) For GDP, they are forecasting real GDP growth of 2.7% in 2010, followed by 3.8%, 4.3% and 4.2% in 2013. For unemployment, the forecast is for an average of 10%…
More from the Q4 GDP underlying detail tables … Note: Residential investment (RI), according to the Bureau of Economic Analysis (BEA), includes new single family structures, multifamily structures, home improvement, broker’s commissions, and a few minor categories. Back in Q4 2008 – for the first time ever – investment in…