from Todd Sullivan at Seeking Alpha on 05/31/2009
The Mortgage Bankers Association came out with their Q1 report Friday and then updated their forecast. [I was going to piece this in, but it really needs to be read in its entirety. Any bold highlights are mine]:
WASHINGTON, D.C. (May 28, 2009) — Foreclosure actions were initiated on 1.37 percent of first mortgages during the first quarter of 2009, according to the Mortgage Bankers Association. This was a 29 basis point increase over the fourth quarter of 2008 and a 36 basis point increase from one year ago. Both the level of foreclosures started and the size of the quarter over quarter increase are record highs.According the MBA’s National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties was 8.22 percent on a non-seasonally adjusted basis, down 41 basis points from 8.63 percent in the fourth quarter of 2008. Delinquency rates always decline in the first quarter of the year due to a variety of seasonal factors. After accounting for these factors, the seasonally adjusted delinquency rate was 9.12 percent of all loans outstanding as of the end of the first quarter of 2009, up 124 basis points from the fourth quarter of 2008, and up 277 basis points from one year ago. for the complete article
Courtesy of the NAR web site.
The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. It is effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac; Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement.
How HVCC Affects the Appraisal Process
REALTORS® and mortgage brokers are prohibited from selecting appraisers. Lenders are may use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from:
For the consumer, the appraisal process has remained largely intact. However, consumers may find the process takes longer than and may be more costly than it has been in the past.
NAR's HVCC Myths and Facts Flyer (PDF: 345K)
Complete Home Valuation Code of Conduct (PDF: 28K)
June 11, 2009 - June 17, 2009Provided by Commercial Real Estate Direct
Rents at small industrial and office properties continued to fall last month, according to Boxwood Means Inc. But the rate of decline has not increased, according to the Stamford, CN research company that specializes in small-capitalization properties. And that could signal that the market might be close to reaching its cyclical bottom. Read Full Story
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