Housing: Making Home Affordable mortgage modification plan poll…

Aloha. Please take a second to click the poll below. A few emails have come in requesting an in-depth drilldown of details and expanded coverage of the Making Home Affordable Modification program and I have spent weeks researching for my own interests but before I dive in to more posts on the subject I want to get an idea of how many people want/need the additional info. Gracias.

September 10, 2009. Tags: , , , , , , , , . Economy, Finance, Foreclosures, Housing. 2 comments.

Housing Update: Median Home Price drops 16.8% y/y….MBA makes 700B downward revision to ’09 originations forecast…

Ouch: National Median Home Price at $173,000 for May, a drop of 16.8% year over year….May existing home sales up 2.4%, same as April….much lower than needed for this inventory, especially since roughly 45% of the sales are foreclosure sales to investors….dollar is extending its losses and markets are down, DOW off 40 now to 8298….10 yr yield 3.63%….Gold 918….Oil down to 67…

So taking a closer look at the incredible revisions by MBA yesterday, it appears as though the Making Home Affordable Program has been a failure to date. Not the EPIC FAIL of Hank Paulson’s original plan, but a FAIL nonetheless….

MBA dropped the hammer on the outlook yesterday:

…The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing. The trade group said Monday that it now expects $2.034 trillion of originations of mortgages for one- to four-family homes in 2009, down from a forecast of $2.780 trillion in March, when falling interest rates spurred expectations for huge volumes of refinancing….

Here are the numbers, of the millions of homeowners facing foreclosure, a grand total of 13,000 loans have been modified/refi’d. Yep.

WSJ:

…Meanwhile, the MBA said, the volume of refinancing under the Obama administration’s Home Affordable Refinance Program so far has been “very low.” This program is designed to help borrowers whose loans are backed by government-owned investors Fannie Mae and Freddie Mac, the biggest providers of funding for U.S. mortgages.

“While the number of loans completed under this program is likely to increase, it is difficult to craft a scenario under which origination volumes would come anywhere close to reaching the numbers originally envisioned for the program, particularly under our higher rate environment,” the trade group said.

So how low is it? Let’s check in on the housing beat with Diana Olick of CNBC who has the real scoop:

…Today the Mortgage Bankers Association put out a revision in its 2009 originations forecast. A big revision. A $700 billion revision. “$84 billion of the drop is due to lower purchase originations and the rest is due to lower rate/term refinances and very low volumes in the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP).”

…The MBA had raised its forecast by over $800 billion in March following the drop in interest rates associated with the Fed’s announcement on the Treasury bond and mortgage-backed securities purchases programs as well as the implementation of the HARP….

……The refi’s dropped off for two reasons, one being the interest rate rise, and the second being the poor results on the HARP….While generally accepted estimates were that around 1.5 to 2 million borrowers might avail themselves of this program, with many more potentially eligible, to date only about 13,000 loans have been completed, notes the MBA’s chief economist, Jay Brinkmann.

Did anyone else catch Larry Kudlow get curt and rather harsh with Diana on The Call last week? Diana makes it clear in this blog report her position and reporting on the housing market is based on the facts, not the ‘Goldilocks wannabe green shoots’ scenario we all know Larry wants to find…..the harsh  reality of our housing market, and it is pretty damned harsh here in AZ lemme tell ya:

A lot of folks out there contend that I am overly bearish on the beat I cover. Some go so far as to call me “miserable,” while others claim I choose to see the glass half empty. I am and do neither. I’m not a bear; I’m a realist. It’s your right to have an opinion, but it’s not my job. My job is to gather for you and funnel to you the facts: The numbers, the trends, the industry forecasts and the experts’ analyses. I have no agenda and frankly gain nothing from being either a bull or a bear. If anything, I’d be better off personally as a housing bull. CNBC doesn’t allow me to own stock, but I can own a house, and I do. If you think housing has bottomed, that’s your opinion, but that’s just what it is: Opinion.

June 23, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Music. Comments off.

Update: Team TOTUS Economic Development Plan for Urban ‘Blight’: Tear the City Down…

(more…)

June 13, 2009. Tags: , , , , . Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Unemployment Statistics. Comments off.

Housing Update: WTF?! Give Me My Cheap Loan!

Courtesy of TheStreet.com:

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May 9, 2009. Tags: , , , , , . Housing. Comments off.

Housing Update: AZ : May 2nd Foreclosure Prevention Task Force Workshop with Rep. Mitchell….

housinginyourhands

If you are in Metro Phoenix, Congressman Harry Mitchell has put together a ‘Foreclosure Survival and Prevention Workshop’ with the task force of that name.

The really good news is the list of items to bring includes everything you would need to apply for a loan so it is my hope people will be able to apply for the various Hope for Homeowners, Making Home Affordable and HUD mortgage modification, refinancing plans while there.

Here are the details, everything here is straight from the flyer from Congressman Mitchell:

Saturday, May 2nd 8:30am-11:30am

Granite Reef Senior Center 1700 North Granite Reef Rd, Scottsdale

Featuring HUD-certified housing and finance professionals to counsel one on one about foreclosure problems. To get the most accurate help possible, please bring as many of these documents as are applicable:

  • The closing packet for your mortgage
  • Recent bank statements and mortgage bills
  • Federal tax returns for 2 years and pay stubs (doesnt say but bring two most recent )
  • Unemployment documentation for the last month;

In addition you may need to bring:

  • Pay stubs for last 30 days for each member of household;
  • Social Security/Unemployment/Pension Income statements;
  • Statements/bills for all household expenses;
  • ALL correspondence, letters from banks, courts, or anyone regarding your home or foreclosure;
  • Any Trustee Sale information from your mortgage company or its attorney;
  • Evidence of outstanding judgements or tax liens;

Workshop Agenda:

8:30 am – Registration and One-on-One Counseling Begins

9:00 am – Welcome by U.S. Congressman Harry Mitchell

On going presentations from the Arizona Foreclsoure Prevention Task Force include:

9:15 am – Foreclosure Timeline and Scams to Look Out For

10:00 am – Creating a Crisis Budget

10:45 am – Rebuilding after Foreclosure and Building Your Home’s Value

If you need immediate help, please contact the AZ Foreclosure Helpline at (877) 448-1211, or HOPE NOW, a HUD approved counseling organization at (888) 995-HOPE. For further information on this workshop contact me (Rep. Mitchell if you are in the district) at (480) 946-2411

April 30, 2009. Tags: , , , , , , , , , , . Finance, Foreclosures, Housing, Politics, TARP, Uncategorized. 1 comment.

Market Mover Tuesday: Case-Shiller Housing Index…

Just released Case-Shiller Housing Index:

10 of 29 Metro Areas show record rates of annual decline

15 metro areas showed price declines of over 10% vs Feb of 08

10 city composite posts annual decline of 18.8% in February

20 city composite down 18.6%

here is how CNBC morning crew is spinning this to be a good number:

Annual home price decline did not set a new record for the first time in 16 months

well alrighty then, let me pop my Korbel cork right now, LOL…..

So the Delta is slowing, that would be IMO the foreclosure sales, however we still have a RECORD inventory out there and with the foreclosure moratoriums ending I suspect prices will fall farther as those ‘shadow inventory’ short sales hit the market…but by all means it is good if the rate of decline would frakkin slow or better stop…or you know actually show an increase in value, HA!

Dow futures are sharply lower after the Dow ended yesterday down 50+, futures down -103 before the open…

*VH House of Pain courtesy of 5150EVH5150

*Straight off of the Gene Simmons Demos, the House Of Pain! Its basically just the basic riff from the 1984 HOP, with different choruses, different verses, and a different solo. The Intro and outro to the solo are also in the 198 HOP, although in different places here. Enjoy!

April 28, 2009. Tags: , , , , , , , , , , , , , . Economy, Entertainment, Foreclosures, Housing, Music, Uncategorized, Wall St. 1 comment.

Update: CA Foreclosures up 80% in 1Q y/y…Las Vegas Leads Foreclosure Rates, CA, FL, NV highest – Bloomberg

Update: Diana Olick CNBC reports:

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April 22, 2009. Tags: , , , , , , , . Economy, Housing, Obama Administration, TARP, Uncategorized. Comments off.

Update: American Legion Responds…The Criminalization of Politics and Free Expression Has Begun…..

MM has the response to the DHS report from the American Legion, which objects to the characterization of veterans as potential radicals…

…In spite of this incomplete, and, I fear, politically-biased report, The American Legion and the Department of Homeland Security share many common and crucial interests, such as the Citizen Corps and disaster preparedness. Since you are a graduate of New Mexico Girls State, I trust that you are very familiar with The American Legion. I would be happy to meet with you at a time of mutual convenience to discuss issues such as border security and the war on terrorism. I think it is important for all of us to remember that Americans are not the enemy. The terrorists are….

From AceHQ and MM:

The report, “Rightwing Extremism: Current Economic and Political Climate Fueling Resurgence in Radicalization and Recruitment”, was made available April 7 and then posted by the Liberty Papers.

DHS tends to paint with a rather broad brush. From pages 3 and 4:

Rightwing extremists are harnessing this historical election as a recruitment tool. Many rightwing extremists are antagonistic toward the new presidential administration and its perceived stance on a range of issues, including immigration and citizenship, the expansion of social programs to minorities, and restrictions on firearms ownership and use. Rightwing extremists are increasingly galvanized by these concerns and leverage them as drivers for recruitment. From the 2008 election timeframe to the present, rightwing extremists have capitalized on related racial and political prejudices in expanded propaganda campaigns, thereby reaching out to a wider audience of potential sympathizers.

Try to attend a Tea Party tomorrow, the more Free Expression the better, the sooner the better. All politics ARE ultimately local and the pols will remember they need to be re elected when they see their constituents speaking out against out of control spending…our Constitution protects ALL of our free expression not just ACORN, despite how the new Administration seems to want to reframe us..

Remember the Alinsky method, pick a target, frame it, freeze it. We and our freedom seem to be the target, Guess we are easier to demonize than terrorists for these JUST WORDS tools….

Where are the headbangers? get out to a tea party! where are the. peeps I grew up with in the 80s? Get out to a tea party, Be counted FOR something before you are just a number to the Tax Man and the Acorn nuts both….bring your Boom Box to the Tea Party and get your FREEDOM GROOVE ON!!!!

You know what we need? We need a Jeff Foxworthy-esque video of “You Might Be a Right Wing Radical if”…if you believe in freedom of speech, if you go to Church on Sunday and don’t curse in the sermon, if you believe in the Second Amendment, if you support capitalism, .the possibilities are endless…

what a bunch of maroons we have in DC..scary maroons….in the primaries this was the Race Card they played against fellow Democrats, now it is the Radical Card being played against any American AUDACIOUS enough to freely express their views, sadly now the tools who called us racist and are now calling us radicals actually have jobs in this Administration and apparently no adults who have read and support our Constitution are around to restrain their Alinksy techniques..

April 14, 2009. Tags: , , , , , , , , , , , , . Economy, Immigration, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Terrorism, Uncategorized, Unemployment Statistics, Wall St. 4 comments.

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