Attorneys & Title Companies
By Ryan Schuette | 05/17/2012
Interest rates for mortgage loans saw new, all-time lows this week as investors fled debt crises in Europe. Freddie Mac found the 30-year fixed-rate mortgage sliding to 3.79 percent, down from 3.83 percent last week and a far cry from 4.61 percent last year. The 15-year loan fell from 3.05 percent to 3.04 percent. Adjustable-rate mortgages went up. The finance Web site Bankrate.com likewise saw new record lows for mortgage rates, with the 30-year fixed-rate mortgage dropping below 4 percent for the first time by arriving at 3.97 percent.
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By Mark Lieberman, Five Star Institute Economist | 05/17/2012
First time claims were unchanged at 370,000 for the week ended May 12 after the number of initial claims filed for the previous week was revised upward, the Labor Department reported Thursday. Economists had expected initial claims would decrease to 365,000. The Labor Department had initially reported 367,000 claims filed for the week ended May 5. The revision turned that report to an increase of 2,000 from a previously reported decline of 1,000. Continuing claims – reported on a one week lag – increased 18,000 to 3,265,000.
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By Abby Gregory | 05/16/2012
Colorado-based RE/MAX is being recognized for the expertise and efficiency of its agents. According to statistics from the 2012 REAL Trends 500 survey and the RIS Media Power Broker Report, RE/MAX's agents were the most productive in the business during 2011.
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By Mark Lieberman, Five Star Institute Economist | 05/16/2012
Housing permits dipped in April for the first time in four months, the Census Bureau and Department of Housing and Urban Development reported jointly Wednesday but housing starts improved. Both indicators remained far above year-earlier levels. The month-over-month increase in starts in April appeared still larger because of a downward revision to March's report. Economists surveyed by Bloomberg expected permits to drop month-over-month and starts to increase over the same time.
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By Ryan Schuette | 05/15/2012
The Federal Housing Finance Agency unveiled new additions to the strategic plan it released in February this year, with many changes focused on moving the secondary mortgage market back to private capital sources and creating infrastructure needed to replace Fannie Mae and Freddie Mac. The additions include four principles, such as safety and security for the residential mortgage market, stability and liquidity in housing finance, and preservation of current enterprise assets. The plan, due for enactment if passed by Congress between the years 2013 and 2017.
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By Ryan Schuette | 05/15/2012
After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.
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By Abby Gregory | 05/15/2012
In New York and Florida, sellers appear to be gaining an advantage in the marketplace. According to data Manhattan Miami Real Estate, both states demonstrated significant pricing increases during the first quarter.
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By Abby Gregory | 05/15/2012
Morrison & Foerster has announced a new partner in the firm's financial services group. The company has added Thomas J. Noto to the division, which specializes in finance-related regulatory, litigation, and transactional practices for Morrison & Foerster.
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By Mark Lieberman, Five Star Institute Economist | 05/15/2012
Builder confidence jumped five points in in May to 29, its highest level since the same month in 2007, the National Association of Home Builders said Tuesday. Economists had expected the index to edge up to 26 in May. The month-over-month increase was the largest since April 2009. The total index in May was up 13 points from May 2011, the strongest year-over-year gain since April 2004. All three components of the index – current sales, sales six months out and buyer traffic – showed strong increases in May.
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By Ryan Schuette | 05/14/2012
Three federal regulatory agencies finalized stress-testing guidance Monday for financial institutions with total assets worth more than $10 billion. The Federal Reserve, FDIC, and Office of the Comptroller of the Currency released the guidance after receiving 17 comment letters from banks, financial advisory firms, and trade groups. The agencies stressed the importance of capital and liquidity, saying that systemically important financial institutions should apply stress tests to these areas on a regular basis as the rule moves forward.
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