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Home prices in Houston broke records in March as the city’s real estate market experienced a 10th straight month of rising sales, according to data from the Houston Association of Realtors. Single-family home median prices climbed 7.8% over March 2011 to $161,750, a record high for a March in Houston. Average prices increased 5.7% year-over-year to $227,270, also the city’s highest level for the month and only $70 below the all-time high reached in June 2008. Declining sales of homes priced below $80,000 and increased activity in the luxury-housing segment […]

Fitch Ratings believes single-family housing starts will increase 10% in 2012, while new home sales will rise 8%, according to the firm’s latest U.S. homebuilding update. Still, the ratings giant sees an erratic homebuilding market after witnessing disappointing results for 2011. “Single-family housing finished well below expectations at the beginning of the year,” Fitch said in its update. “Single-family starts fell 8.5%, while new home sales declined 5.9%. Existing home sales, meanwhile, improved 1.7%.” Despite challenges in the housing market and the expectation that home prices will remain soft, Fitch […]

Wells Fargo CFO Timothy Sloan said the health of the housing market won’t be clear until “we look in the rearview mirror a few months from now,” but did say he felt it was getting a little better, in a televised interview on CNBC. Credit quality for consumers is improving, which Sloan said indicates that “the consumer overall is doing a little bit better.” Though the hardest hit are still  unemployed, the rest of consumers are “doing OK.” The mortgage business is up for the bank, which held a third […]

Ginnie Mae issued $29.2 billion in mortgage bonds in March, up roughly 21% from the same month last year. Ginnie packages Federal Housing Administration and Veterans Affairs home loans into securities and guarantees timely payment of principal and interest to investors. The Ginnie Mae II single-family pools increased to $21.5 billion in March from $15.8 billion last year. Single-family Ginnie Mae I securities dipped to $5.3 billion from slightly more than $6 billion in March 2011. “Ginnie Mae has been a key component of the country’s economic recovery,” said Ginnie […]

The nation’s largest mortgage lenders Wells Fargo ($33.00 -0.12%) and JPMorgan Chase ($42.72 -0.5%) originated more mortgages in the first quarter as each inch toward a cleaner portfolio. Both banks beat earnings estimates during the quarter. Wells’ mortgage originations totaled $129 billion in those three months, up from $84 billion last year. Chase’s originations grew 6% over the same period to $38.4 billion in the first quarter. Wells CEO John Stumpf said in a conference call with investors Friday the bank was seeing improvements in the housing market, specifically parts […]

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When choosing a domain name for their Web site, real estate agents should consider incorporating the name of their market, keeping in mind that domain names with large cities likely have been taken already. Rather than using their own name, they should incorporate keywords to help boost the site’s ranking in Google. In addition to the market or city name, they would be wise to use such terms as condos, homes, real estate, or realty. Once they have created a domain name that has not been taken already, they should […]

The Consumer Financial Protection Bureau announced it will be offering up new rules for mortgage servicers aimed at making monthly mortgage statements more transparent in disclosing fees or changes in a loan. “For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to home owners in distress,” says Richard Cordray, director of the consumer bureau. “It’s time to put the ‘service’ back in mortgage servicing.” Servicers will be required to provide more details in monthly mortgage statements. For example, the […]

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The U.S. economy is sliding sideways with consumer sentiment down on higher gasoline prices and economists realizing a mild winter stimulated early economic activity, according to CoreLogic. A weather-related upswing in economic activity during the winter can result in a sluggish spring since buyers spend earlier, creating a potential drop off in spring activity. Meanwhile, the housing sector continues to reflect two opposing trends: On one hand, household growth increased a slight 0.6% in 2011, said Mark Fleming with CoreLogic. This slow growth suggests the presence of pent-up demand, a […]