Today’s News Synopsis:
The MBA reports 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter. Jobless claims rose 4.5% last week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believes commercial real estate rents will rise in 2011.
In The News:
Mortgage Bankers Association – “MBA: Commercial Mortgage Originations Continue to Rise in Third Quarter” (11-4-10)
“Third quarter 2010 commercial and multifamily mortgage loan originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”
Mercury News – “Mortgage rates: 30-year fixed loans rise to 4.24 percent, near record low” (11-4-10)
“The average rate for 30-year fixed loans rose from 4.23 percent the previous week, mortgage buyer Freddie Mac said Thursday. It was the third weekly increase in a row.”
Sacramento Bee – “State commercial loan delinquencies steady” (11-4-10)
The statewide commercial loan delinquency rate held steady at 1.28 percent in this year’s third quarter, the Sacramento-based California Mortgage Bankers Association said. The association said that was an increase of only 0.02 percent from the second quarter.”
Housing Wire – “Weekly jobless claims rose 4.5% to 457,000” (11-4-10)
“Initial jobless claims rose 4.5% last week to 457,000, which is well above analysts’ estimates and at the highest rate since the end of last year.”
Housing Wire – “Bank of America first mortgage originations down 24% in 3Q” (11-4-10)
“Bank of America (BAC: 12.155 +5.51%) originated $73 billion in first mortgages in the third quarter, down 24.7% from a year ago, according to a report the bank put out Thursday.”
Housing Wire – “S&P: Repurchase obligations could weigh on banks’ earnings” (11-4-10)
“Repurchase obligations could prove both contentious and costly to banks’ earnings, with an estimated price tag of $43 billion total, according to a report published Thursday by Standard & Poor’s Ratings Services.”
Housing Wire – “JPMorgan Chase to refile foreclosure affidavits in coming weeks” (11-4-10)
“JPMorgan Chase (JPM: 39.38 +4.40%) expects to begin refiling corrected foreclosure affidavits in 40 states and the District of Columbia within a couple of weeks. Charlie Scharf, the bank’s CEO of retail financial services spoke told investors Thursday at the Bancanalysts Association of Boston Conference that recent affidavit problems affected roughly 127,000 mortgage loans.”
Bloomberg – “U.S. Commercial Real Estate Rents to Rise in 2011, Cushman’s Mosler Says” (11-4-10)
“Commercial real estate rents are poised to rise in 2011 after reaching a low this year, according to Bruce Mosler, co-chairman of Cushman & Wakefield Inc., the largest closely held property services company.”
Bloomberg – “U.S. Commercial Property `Substantially’ Off Bottom, Vornado’s Roth Says” (11-4-10)
“U.S. commercial property prices are recovering and ‘substantially’ off the bottom after more than a year of decline, said Steven Roth, chairman of real estate investment firm Vornado Realty Trust.”
Looking Back:
One year ago, the MBA’s weekly mortgage survey showed that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from the previous week. The FHA expected 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it would not buy the full $200 billion debt amount that it had previously planned to take. BarCap reported that the 30-plus day delinquency rate increased to 5.5 percent in October 2009.
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California Real Estate Investing News is a post from: The Norris Group