Tuesday, February 28, 2012

Housing News Digest, February 28

U.S. housing secretary says FHA faces big risks

Feb 28 (Reuters) - The U.S. Federal Housing Administration faces "considerable risks" to its finances and the Obama administration will continue to scale back the agency's presence in the mortgage market, the top U.S. housing official said on Tuesday.

Housing and Urban Development Secretary Shaun Donovan told Congress that efforts to protect the FHA's dwindling capital reserves were not only important in their own right, but that they could open the door to more private mortgage funding.

Housing Prices Dip For the Fourth Time in Three Years

After the Great Recession, there were some pundits who theorized that real estate would make a “W-shaped” recovery. With the S&P/Case-Shiller housing prices out this morning, it’s now clear that there are not one, but two “Ws” in the chart — and that’snot a good thing. Index prices fell 1.1% from November to December. In other words, we’ve now experienced a quadruple dip.

Manhattan Lures REITs Capitalizing on Soaring Rents
Tom Toomey, chief executive officer of real estate investment firm UDR Inc. (UDR), is betting the best rental deal in Manhattan is owning the whole building.

“Financing and underwriting are much tighter,” Toomey said in a telephone interview. With purchases requiring larger down payments, “people are going to stay renters for a long time,” said Toomey, who’s based in Highlands Ranch, Colorado.

Denver’s Latest New Home Community, the Lakes at Westwoods
Denver, CO, February 28, 2012 --(PR.com)-- Denver’s latest Taylor Morrison community, the Lakes at Westwoods, opens in grand fashion on March 17 with brand new Denver homes for sale, giveaways and the popular Denver Cupcake Truck on hand with free gourmet cupcakes.

The Lakes at Westwoods will offer new Denver homes for sale that include 3 to 5 bedrooms with 2 to 3.5 baths and will range from 2,638 to 3,534 square feet. The Lakes at Westwoods offers great views of the Rocky Mountains and is bounded by Broad Lake to the north and Hyatt Lake to the south with plenty of open space surrounding the community. Retail shopping, restaurants, and a newly remodeled supermarket are also located nearby.

NJ Supreme Court rules firms must list lender on foreclosure notice

The New Jersey Supreme Court says foreclosing parties must list the lender's name and contact information in addition to a loan servicer's information to comply with New Jersey Law when giving a party notice to foreclosure.

The court issued that opinion in the US Bank v. Guillaumes case, which drew friends of the court briefs from the state's banking association and numerous financial firms that considered the processing burdens that could stem from a decision in the case.