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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 […]

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The Federal Housing Finance Agency is pulling back from plans to revise the minimum servicing fees paid on Fannie Mae and Freddie Mac loans, and it also reportedly has abandoned a proposal to adopt a “fee for service” compensation model. The planned overhaul had generated much criticism from servicing advisory firms, particularly because no guidance was issued as to what servicers would earn on delinquent loans.   The author of this article is: realtormag.realtor.org  See the original post at: http://realtormag.realtor.org/daily-news/2012/02/02/fhfa-backing-away-servicing-fee-changes At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian […]

The percentage of delinquent mortgages held by Fannie Mae and Freddie Mac ended 2011 below levels seen a year earlier. The 30-plus-days delinquency rate on single-family homes on Fannie Mae’s book fell 0.09 points to 3.91% in December from the previous month after holding steady at 4% for three months, according to its monthly summary. The rate has either fallen or remained constant every month since December 2010 when the single-family delinquency rate was 4.48% The multifamily serious delinquency fate fell 0.01 point to 0.59% in December from the previous […]

Forty-two percent of Americans say they wouldn’t want a celebrity as a neighbor, and they especially wouldn’t want to live anywhere near the cast of the reality TV show “Jersey Shore,” according to the fifth annual Zillow Celebrity Neighbor Survey for 2012. On the other hand, 11 percent of those surveyed, said they’d most like to be neighbors with Tim Tebow, the Denver Broncos quarterback. Tebow had the highest ranking among celebrity neighbor wannabes. Meanwhile, Angelina Jolie and Brad Pitt as well as Jennifer Aniston and Justin Theroux followed close […]

Mortgage applications declined last week as the market braced for another two years of low, short-term interest rates, an industry trade group said Wednesday. The Mortgage Bankers Association’s market composite index — a measure of loan application volume — fell 2.9% on a seasonally adjusted basis from a week earlier. The refinance index fell 3.6% from the previous week and the seasonally adjusted purchase index declined 1.7%. The refinance share of mortgage activity fell to 80% of total applications, compared to 81.3% the previous week. “The Federal Reserve surprised the […]

Do-it-yourself tiny homes is a growing niche among some who desire eco-friendly lifestyles, The Wall Street Journal reports. A series of new books are coming out next month that show aspiring home owners how they can build their own small home. “The appeal is that secretly most people would like to be in the country building their own little house,” says Jonas Kyle, an owner of Spoonbill & Sugargtown Bestsellers in Brooklyn, N.Y., which publishes the “Tiny Homes: Simple Shelter” by Lloyd Kahn. “There’s a builder lurking inside everyone.” “The […]

Ally Financial ($22.93 0.14%) set aside $270 million for expected penalties in “foreclosure-related matters,” which will likely result in a fourth-quarter loss for the company. The Detroit-based bank is among the country’s largest lenders involved in talks with state attorneys general, regarding a potential settlement of up to $25 billion for alleged foreclosure malfeasance. The $270 million charge is an estimate, not a final number, for Ally, according to a regulatory filing. A proposed settlement was sent to the states last week for comment. Ally joins several other banks that […]