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Business financials advice, reports, and trends for professional home builders and remodelers.
Interest rates on 30-year fixed-rate mortgages fell for the first time in three weeks, offering a glimmer of hope for a housing market that still faces plenty of obstacles. Interest rates are historically low, which may boost home loan refinancing activity and also makes homes more affordable, real estate website Zillow.com said on Tuesday.
Home builder confidence remains at multi-month lows, according to a new report by the National Association of Home Builders. The NAHB/Wells Fargo housing market index remained at 13 in September, tying the August reading for the worst showing since March 2009.
Lennar Corp, the third-biggest homebuilder in the United States, reported a higher-than-expected quarterly profit and a decline in orders that was less severe than Wall Street had feared.
A report from real estate research firm RealtyTrac Inc. said there were 1,629 Hawaii August foreclosure filings, which eclipsed the prior record of 1,534 in December.
Most watchers of the home building industry believe that friends and family networks are an important part of the future of builder financing.
Approximately 1.8 million taxpayers claimed a total of almost $12.5 billion in first-time homebuyer credits in 2009. More than 950,000 taxpayers will be required to repay the credits.
A new program allows government agencies and their partners to have exclusive purchase rights on foreclosed homes before families, investors and the rest of the private market is allowed to bid.
The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market. Shadow inventory is preventing prices from bottoming after a 28 percent plunge from 2006.
A trade group for bond insurers said that Bank of America Corp., the biggest U.S. lender by assets, should repurchase as much as $20 billion in home loans that were based on wrong or missing information.
Distressed loan purchaser Kondaur Capital Corp. is cautioning about housing prices falling further still. Kondaur chief executive Jon Daurio and ratings agency Moody's expect prices to fall another 20 percent.