Peter Shiff on Markets, AIG, Housing, Interest Only Loans & Health Care
Peter Shiff comments on market news, economy, housing, health care, interest only home loans and Freddie Mac.
San Francisco real estate attorneys
Commercial Real Estate – Storm Clouds Ahead
commercial real estate
Many insiders believe approximately 55% of the $1.4 trillion commercial mortgages that will mature in the next five years and are now underwater.
About half of all commercial mortgages sit on the balance sheets of smaller regional banks.
This why the FDIC is in the process of setting up a vary large office in the Chicago area, to handle the expected bank failures in the Mid-West.
Home Loan Modification Plans Huge Failures
Government loan modifications
Home Loan Modification Plans - Fewer than 5 percent of all trial loan modifications on Freddie Mac loans stuck, that is, were converted to permanent modifications, according to a recent article on CNNMoney.com.
Under the Obama administration plan, qualifying homeowners would have their loans modified to payments that are no more than 31 percent of pretax income. During the trial period, homeowners must supply documentation to verify income and expenses. This appears to be the hitch. Some banks have begun sending servicers door to door to obtain the documentation, or have begun offering $25 gift cards to provide the paperwork.
Dallas Texas real estate lawyers
San Diego Real Estate Prices
San Diego real estate median sales prices for January 2010 vs January 2009.
The San Diego home price data was derived from data published by the San Diego San Diego Association of Realtors and the graphs were produced by Website Traffic Builders
San Diego condominium sales prices
San Diego home sale prices
Austin Texas real estate lawyers
Large Wave of Home Foreclosures Still to Come
home foreclosures
Yesterday, Freddie Mac chief executive, Charles Haldeman, warned of a “potential large wave of foreclosures” still to come.
Freddie Mac lost almost $26 billion last year. Freddie Mac, which has lost a total of almost $80 billion since the housing crisis started in 2007, is bracing for more pain. The company said a record 4 percent of its borrowers are at least three months behind on their payments and facing foreclosure.
New Home Sales in West Drop 11.9%
New Home Sale
The Commerce Department reported today that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century.
Here in the West we saw sales fall 11.9% from December but they were up 13.8% from a year ago.