The Kallhoff Team

Friday, May 10, 2013

Fannie Pays Back Taxpayers From Housing Gains

DAILY REAL ESTATE NEWS | FRIDAY, MAY 10, 2013

Fannie Mae announced on Thursday that it will pay $59.4 billion in dividends to the U.S. Treasury, helping to reduce the net cost of its taxpayer bailout to $21.1 billion, Reuters report.

A strengthening housing market has helped the mortgage giant to record a record profit in the first quarter this year. This also marks the fifth-consecutive quarter for profits for the government-sponsored enterprise (GSE).

In the first quarter of this year, Fannie said it had a pretax income of $8.1 billion, as well as an additional gain of $50.6 billion by reversing a write-down on certain tax assets, Reuters reports. A year earlier, Fannie had reported a $2.7 billion profit.

Since government regulators took over Fannie in September 2008, the GSE has received $116.1 billion in taxpayer funds.

Freddie Mac, which was also placed into FHFA conservatorship in 2008, has received about $71 billion in taxpayer aid since that time. By the end of June, it will have paid $36.6 billion of that back to the Treasury.

Source: “Fannie Mae to Send $59.4 Billion to U.S. Treasury,” Reuters (May 9, 2013)

Read More

Mortgage Giant Surges to Higher Profit

http://realtormag.realtor.org/daily-news/2013/05/10/fannie-pays-back-taxpayers-housing-gains

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Thursday, May 9, 2013

5 States With the Highest Foreclosure Inventories... Is Your State One of These???

DAILY REAL ESTATE NEWS | THURSDAY, MAY 09, 2013

Foreclosures rates are falling, but some states are still battling high levels. According to nationwide averages, the foreclosure inventory as of March represented 2.8 percent of all homes with a mortgage — that’s down from 3.5 percent in February.

In CoreLogic’s latest report reflecting March data, the following five states posted the highest foreclosure inventories (as a percentage of all mortgaged homes):

Florida: 9.7 percent
New Jersey: 7.3 percent
New York: 5 percent
Maine: 4.4 percent
Illinois: 4.4 percent

Meanwhile, the five states with the lowest foreclosure inventories were:

Wyoming: 0.5 percent
Alaska: 0.7 percent
North Dakota: 0.7 percent
Nebraska: 0.9 percent
Montana: 0.9 percent

Source: CoreLogic

http://realtormag.realtor.org/daily-news/2013/05/09/5-states-highest-foreclosure-inventories

Wednesday, May 8, 2013

More Americans Optimistic About Housing Recovery

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 08, 2013

More than half of Americans — 51 percent — now say they expect home prices to increase within the next year, according to a survey by mortgage giant Fannie Mae of about 1,000 Americans’ attitudes toward housing.

“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.”

Last year at this time, only 32 percent said they expected home prices to increase.

More Americans in April also said now is a good time to sell, climbing four percentage points to 30 percent last month compared to 15 percent one year ago.

The number of respondents who expect mortgage rates to rise dropped 3 percentage points to 43 percent in April, while 7 percent said they expect rates to drop fell slightly to 7 percent, according to the survey.

Source: “Survey: Over 50% of Americans Expect Home Prices to Rise,” The Wall Street Journal (May 7, 2013)

http://realtormag.realtor.org/daily-news/2013/05/08/more-americans-optimistic-about-housing-recovery

Tuesday, May 7, 2013

Will 'Missing Households' Reappear After Investors Leave?

DAILY REAL ESTATE NEWS | TUESDAY, MAY 07, 2013

Investors and all-cash home buyers accounted for about 19 percent and 30 percent, respectively, of all sales in March, according to the National Association of REALTORS®. That represents a significant share of the market, and some analysts are concerned that as home prices rise, investor and all-cash demand will start to shrink.

Who will step up in their place?

Robert Dietz, an economist with the National Association of Home Builders, notes in a recent article for U.S. News & World Report that “missing households” in today’s market who have delayed home ownership will eventually play catch up.

Notably, recent college grads who delayed home ownership by moving in with their parents or renting are expected to increase their homebuying activity. Also, surveys show a growth in the number of Americans living together as roommates who are not relatives. Americans have doubled or even tripled up in rental residences to help cut costs. But as more people get married and start families and jobs stabilize, household formation will likely grow, Dietz notes.

The nation’s population has grown, but the number of independent households of renters and owners has not kept pace. The Census Bureau’s American Community Survey shows that the population from 2006 to 2011 grew by more than 4 percent, but there was only about a 3 percent growth in the number of households.

Dietz expects that homebuying demand will come strongly from rental households that were created over the last seven years. In that time, the number of rental households in single-family homes grew by 2.5 million, or 22 percent. Traditional renting households in multifamily units increased by nearly 7 percent, Dietz notes.

Dietz says the “real demand for housing is on the sidelines, particularly among younger Americans. ... For these younger prospective homebuyers, policy debates concerning the future of the housing finance system and home ownership programs like the mortgage interest deduction will have real impacts on their housing and wealth status in the years to come.”

Source: “What Happens to the Housing Market When the Investors Leave?” U.S. News & World Report (May 3, 2013)

http://realtormag.realtor.org/daily-news/2013/05/07/will-missing-households-reappear-after-investors-leave

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Monday, May 6, 2013

Squatters Cite Laws to Stay in Homes for Free

DAILY REAL ESTATE NEWS | MONDAY, MAY 06, 2013

With the number of vacant homes dwindling, house squatters are getting bolder. They're moving into homes and staying for free, citing adverse possession law in some states, which allows a person to claim title to an abandoned property after occupying it for a certain amount of time.

The law has become “an excuse for squatting in foreclosed homes,” AOL Real Estate reports. And squatters are moving into homes and citing the law more frequently. For example, in Miami-Dade County in Florida, adverse possession claims are on the rise, increasing from 30 in 2011 to 70 in 2012. In the first three months of 2013, squatters had already filed 52 applications.

But not all squatters are winning rights to these homes.

For example, Cherie Fields, 25, and her husband Owen Fields, 27, moved into a foreclosed home worth $160,000 in Florida, expecting to stay for free. They even changed the home’s locks, turned on the home’s utilities, and moved in their belongings, AOL Real Estate reports.

The couple filed for “adverse possession,” but they weren’t so lucky: A judge ordered them out and charged them with burglary of a residence, grand theft, and scheming to defraud. The couple’s attempt at citing adverse possession failed because they hadn’t occupied the home for the required seven years.

“Entire communities have been taken over by squatters who claim they're acting under rights of adverse possession,” AOL Real Estate reports. “In Tarrant County, Texas, squatters have been claiming and looting vacant homes in Fort Worth and nearby suburbs—properties with a total value exceeding $8 million. The properties that have been left by owners who recently died, or by owners absent because of job duties or illness, appear to be most at risk of squatters, and some property owners have returned home to find their houses trashed or looted.”

Source: “Squatting in Foreclosed Homes on the Rise?” AOL Real Estate (May 3, 2013)

http://realtormag.realtor.org/daily-news/2013/05/06/squatters-cite-laws-stay-in-homes-for-free

Friday, May 3, 2013

Millennials Poised to Put Their Mark on Housing

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.

“As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports.

Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home.

As this generation gains greater financial security, more millennials will begin to embark on their own.

A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation.

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup.

Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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