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Home prices and sales remained fragile in January even as housing inventory levels and foreclosure starts improved during the same month, the Obama administration said in its latest Housing Scorecard Report. Inventories of existing homes for sale declined from 3.2 million in the second quarter of 2011 to 2.4 million in the fourth quarter, according to data from the U.S. Department of Housing and Urban Development and the Treasury. Overall, housing results were a mixed bag, the scorecard said. Inventory levels improved in the last two quarters while the number […]

The Treasury Department said it expects mortgage servicers to begin evaluating borrowers under an expanded Home Affordable Modification Program in May. The latest program is being referred to as HAMP 2.5. In January, the Treasury extended the application deadline to the end of 2013, eased debt-to-income requirements, allowed investors with rental homes into the program, and announced it would pay investors triple for principal reductions. While the administration wouldn’t estimate how many borrowers could be allowed into the program as a result of the changes, bank analysts said it could net roughly 500,000 extra modifications. Roughly […]

Multifamily loans backing commercial mortgage-backed securities are performing better than expected, but remain weighed down by the influence of rent-stabilized properties in New York, a Fitch Ratings report said Friday. “Multifamily loans, along with hotels, have rebounded by the most strides over the past two years,” said Huxley Somerville, managing director of Fitch Ratings. Somerville claims in a research note that multifamily loans in New York are driving total late-payment rates higher in the segment. In 2006 and 2007, issuers underwrote fixed-rate multifamily loans with stabilization plans, whereby rent stabilized […]

New York Attorney General Eric Schneiderman filed a lawsuit Friday against three of the nation’s biggest banks and Mortgage Electronic Registration Systems over allegedly fraudulent foreclosure actions. In the complaint, Schneiderman said the creation of MERS led to a system that resulted in homeowners and public servants being unable to track their own mortgages. MERS, in response, said that is not operating outside the law and that pass judgement will exonerate the validity of the electonic registry’s actions. Schneiderman, who also named Bank of America ($8.18 0.05%), JPMorgan Chase ($37.86 […]

The Mercury Alliance, LLC was formed in 2005 by Tom DiMercurio who has had a storied career in specialized real estate assets, non-performing real estate loans and REO.

Mission Statement of The Mercury Alliance, LLC:To develop, implement and monetize specialized real estate strategies of benefit to investors/clients focused on liquidity and the time-value of money. Click here to search for a gay or lesbian real estate agent anywhere in the country. Professional/Personal Distinctions: BA, MBA, Member NAREB (Director), NAHREP, NAR, CAR, Denver and Houston Boards, Past President Contra Costa Board of […]

“Cash-out” refinances hit a 26-year low in the fourth quarter at Freddie Mac, as more homeowners looked to maintain or lower their mortgage balance. The mortgage giant said Thursday 85% of borrowers refinanced with the same or lower loan balance, a bump up from 82% in the third quarter. That breaks down to 37% who maintained their balance and 49% who lowered it by paying additional money at closing. Cash-out refinances, or balances increased by at least 5%, made up just 15% in the fourth quarter, a sharp drop from […]

Federal ReserveChairman Ben Bernanke told lawmakers a recovery minus housing growth is hurting the American economy. While testifying in front of a congressional committee, Bernanke acknowledged today’s slow recovery is significantly different from the pro-growth period that followed the early 1980s recession. Bernanke told lawmakers there are key differences in the two recovery periods — one of them being the absence of a housing recovery after the post-2009 recessionary period. Comparatively, other post-recession cycles — including the 1980s upswing — were accompanied by improvements in housing activity. The Fed Chair […]

Forty-three percent of Americans like big, suburban homes, but the majority prefers condos, apartments, and smaller homes, Chris Nelson, who heads the University of Utah’s Metropolitan Research Center, said at a smart growth conference this week. Nelson said that there needs to be less building of large homes and more concentration on constructing smaller houses and attached residences to meet future demand. “Is it any wonder that suburban homes are plummeting in price, because there is far less demand of those homes than in the past?” Nelson told a crowd […]

Beazer Homes USA Inc.  ($16.72 0.09%) turned a first-quarter profit with the homebuilder recording more home orders and closings. The Atlanta-based builder posted earnings of $739,000, or 1 cent a share, on revenue of $188.5 million for the period ending Dec. 31. Beazer bested the concensus estimate that the homebuilder would lose 36 cents a share in the quarter, according to analysts polled by Yahoo Finance. That compares to a net loss of $48.8 million, or 65 cents a share, on revenue of $108 million, for the year-ago quarter. The […]