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Jul 28, 2010, 9:25 am 

Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase…(read more)Forward this article via email:Send a copy of this story to someone you know that may want to read it…. …
www.mortgagenewsdaily.com …Full Story

Jul 28, 2010, 7:29 am 

A local real estate office is getting a new look and a familiar new name…. …
www.pal-item.com …Full Story

Jul 28, 2010, 6:55 am 

Several analysts noted the reported re-default rate appeared too low … it was.Shahien Nasiripour at the HuffPo has the story: HAMP Report Revised After Analysts Question New Metric The Obama administration has revised its latest monthly report on its signature foreclosure-prevention plan, deleting a heavily-criticized performance metric used to measure whether assisted homeowners are re-defaulting on their taxpayer-financed mortgages….”Subsequent to releasing the report, Treasury received inquiries regarding the calculation methodology used in this table,” spokesman Mark Paustenbach said Tuesday. “These inquiries were related to the treatment of modifications that are cancelled from HAMP and ultimately become ineligible for TARP incentives after 90 days delinquency.”In an effort to review and better explain the methodology, we learned from our program administrator, Fannie Mae, that not all cancelled loans were included in the underlying information provided to Treasury,” Paustenbach continued. “The error caused inconsistent reporting of permanent modifications during the snapshots reported. These omissions have impacted our previous analysis… with respect to the performance of HAMP permanent modifications.”…In place of the now-deleted table, in a revised report posted Monday to their FinancialStability.gov Web site, Treasury said:”Since the Making Home Affordable report was posted on July 20th, Fannie Mae, which administers the program, has reported to Treasury an issue in its implementation of the delinquency statistic methodology used to report performance of permanent modifications. Fannie Mae is now revising the data, and Treasury has retained a third-party consultant to provide additional review and validation. Upon completion of that independent review, a revised table will be provided.”.As Nasiripour notes, most analysts think a majority of HAMP modifications will eventually re-default. Nasiripour mentions a Fitch analyst's forecast that 75 percent will re-default; Barclays estimates 60 percent.Last month, the reported median back end DTI1 was 63.7% AFTER modification. That just screams “re-default”.From HAMP: 1 Ratio of total monthly debt payments (including principal and interest on the first mortgage, taxes, insurance, homeowners association and/or condo fees, plus payments on installment debts, junior liens, alimony, car lease payments and investment property payments) to monthly gross income…. …
feedproxy.google.com …Full Story

Jul 28, 2010, 5:51 am 

From the Star Ledger:

Rowan, Rutgers study says N.J. is running out of open space, renews urban sprawl debate

For the first time, New Jersey’s landscape is covered more by housing and shopping malls rather than forests, the real consequence of the “two most sprawling decades” ever, a report being released today concludes.

The study, a collaboration between Rowan and Rutgers universities, analyzed land use data between 1986 and 2007 and estimates the state could run out of open space around 2050 if the pace of development that took place in the sprawl years continued.

“There’s less than a million acres left,” said John Hasse, a professor at Rowan University and a co-author of the report. “We have our last 20 percent.

But at the same time, some real estate observers predict the current recession and underlying demographic trends will radically alter development in New Jersey away from the suburbs, slowing down McMansion-style lots in the future.

Either way, the report has renewed the volatile sprawl debates in the state, already the most densely populated in the country. Builders, environmentalists and planners routinely square off as they confront the fewer acres left open for development.
…
“We’re not running out of land in New Jersey,” said David Fisher of Hovnanian Enterprises Inc., one of the largest builders in the state. “If you look at the regulations and lands that are made off-limits, then, yes, land is less available than just a decade or two ago.”
…
“This sprawl model, we no longer have a foundation for it,” said Jeffrey Otteau, president of Otteau Valuation, a real estate analysis group, in East Brunswick. “Households will need to be more efficient in their spending, which means smaller houses with shorter commute times.”
…
“When the economy comes back on, I think there are these trends of people still wanting large-lot development,” he said. “I don’t think we’ve seen the last of sprawl in the state.”

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