Jude's Real Estate Rumblings

U.S. home prices rise 0.8% in April: S&P - Prices have moved up 3.8% in the past year, marking the third consecutive year-over-year gain.  Prices rose in 18 of the 20 metropolitan areas tracked by Case-Shiller in April compared with March.  Over the past year, prices rose 4.4% in Denver.  Read full article:
http://www.marketwatch.com/story/us-home-prices-rise-08-in-april-sp-2010-06-29?reflink=MW_news_stmp

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House votes to extend home buyer credit 3 months - Yesterday, the House overwhelmingly passed a bill, which would give homebuyers an extra three months to complete their purchases and qualify for a generous tax credit.  The extended deadline only applies to people who signed purchase agreements by April 30.  The bill now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure.  More than 2.6 million taxpayers claimed the tax credit through April, according to the Internal Revenue Service.  Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-29-homebuyer-tax-credit_N.htm    

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Case-Shiller: Denver home values rise 6th consecutive month - Denver-area home prices rose an average of 4.4% in April from a year ago - marking the sixth consecutive month of year-over-year gains, shows the latest S&P Case-Shiller Home Price Index.  The 4.4% gain was the largest since the trend began in November 2009.  Each month, the percentage gain has grown.  “I think the increases are sustainable,” said Gary Bauer, an independent broker who completes his own monthly report using Metrolist data.  “I think we are going to see much lower increases going forward.  I do think the Denver market should get a lot of credit for six continuous months of year-over-year increases."  Read full article:
http://insiderealestatenews.com/2010/06/case-shiller-denver-home-values-rise-6th-consecutive-month/

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Fannie Mae gets tough on homeowners who walk away - Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for 7 years.  Troubled borrowers who do not try in good faith to work out a deal, but have the capacity to pay, are targeted by the policy.  "Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," said Terence Edwards, executive vice president for credit portfolio management.  Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-23-fannie-mae-walk-aways_N.htm

Banks: We're hiring so we can make more home loans - Several banks are gearing up to do a whole lot more mortgage lending in the future.  These banks are hiring hundreds of loan originators, getting ready for what they believe will be a significant pick-up in lending.  JPMorgan Chase is in the midst of hiring 1,200 mortgage officers.  "We may not be inundated with applications tomorrow, but we are confident the the need will be there," said Christine Holevas, a spokeswoman for JPMorgan Chase.  Read full article:
http://money.cnn.com/2010/06/24/news/economy/mortgage_lending/index.htm

Record-low mortgage rates boon for housing - Mortgage rates fell this week to the lowest level on record, motivating consumers to lock in low payments for home purchases and refinanced loans.  It's the best news the market has seen since the tax credits expired.  The average rate for 30-year fixed- rate loans dropped to 4.69%, Freddie Mac said Thursday.  The high-end market is seeing a surge in sales as a result of the lower interest rates.  A year ago, the rate for a jumbo loan ranged from 6.25% to 6.75%.  Today, it's about 5.75% for a 30-year fixed-rate.  Read full article:
http://www.denverpost.com/business/ci_15371813