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March 13th, 2011

Weekly Recap (03/07/11-03/12/11)

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Calender1Saturday

Can you afford to buy a home in your metro area?”

How much more money would you have to make to be able to afford a home in San Francisco as opposed to St. Louis? Here’s a hint: a lot more. What about cities like Philadelphia or Cleveland, Los Angeles or New York City?

Our latest infographic tells you just that.

HSH.com crunched some numbers to determine how much money homebuyers in 25 major metro areas need to earn in order to purchase the median-priced home in each market. The median price is the halfway point for the market, meaning half the properties sold for less and half sold for more during the period we compared. The price amounts come from the National Association of Realtors quarterly survey of existing single-family home sales…

Friday

Fed declares: No wrongful foreclosures found

After an investigation that lasted several months, the Fed has declared that they found no wrongful foreclosures. Brought to light by the infamous robo-signing scandal, mortgage servicers have been raked over the coals and accused of wrongful foreclosures and improper practices.

While the banks continue to stand behind the Fed’s findings, saying that the borrowers who were foreclosed upon were already delinquent and thus deserving of foreclosure, consumer advocates have fired back saying that banks, and everyone else for that matter, needs to reevaluate what the definition of “wrongful foreclosure” actually is

Thursday

Mortgage delinquencies numbers: Not quite the whole story

With all the complaining about Fannie Mae and Freddie Mac, it turns out that they’re doing about as well as banks and thrifts when it comes to delinquent mortgages.

The Mortgage Bankers Association (MBA) looked at delinquency rates based on the unpaid principal balance (UPB) of loans at the end of the fourth quarter of 2010 and found that some loan holders seem to be doing better than others…

Wednesday

Which MLB players hit home runs in their new housing markets?

With spring training in full swing, some professional baseball players aren’t just working on their swings or their conditioning, some are also taking the time to get to know their new teammates and coaches. Part of playing the game of baseball is realizing that the sport is also a business; and the business end of it means contracts, trades and new signings.

HSH.com took a look at nine notable Major League Baseball players who switch markets this offseason and compared their housing costs in their old and new cities…

Tuesday

Warren Buffett & the secret of subprime mortgage success

Beginning this week, long-time financial expert and author Peter G. Miller will be contributing some original posts to blog.HSH.com. Below is Miller’s first post for HSH:

Probably the smartest person in finance is Warren Buffett. So when Buffett has something to say about real estate and mortgages, it can be worth listening.

Forbes magazine says Buffett is the second-richest person in America with a personal fortune of $45 billion. That money comes almost entirely from Berkshire Hathaway, a diversified financial company that Buffett heads and a company that just happens to make a lot of subprime loans through its Clayton Homes subsidiary…

Monday

Mortgage rates fall back slightly

Mortgage rates managed another drop last week as the push and pull of economic recovery and global events continue to weigh on the markets. Yet for the moment, the Fed’s plan seems to be succeeding at keeping interest rates low:

The Fed’s economic tonic — low interest rates and plenty of liquidity — does seem to be having the long-awaited desired effect of boosting growth to more self-sustaining levels. As Spring fast approaches, so does hope for a recovery expanding in breadth and depth. How long these policies can be maintained without fueling inflation remains to be seen, but the Fed maintains that they will be able to effectively deal with it when it returns. Fed Chairman Bernanke said as much in his testimony before Congress this week: “We have all the tools we need to achieve a smooth and effective exit at the appropriate time”…

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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