Home prices barely moved in August on a sequential basis, but compared to a year ago values declined 3.8%, according to new figures compiled by Standard Poor’s Corp.
The Standard Poor’s/Case-Shiller house price index inched up just 0.2% in August but managed to post its fifth consecutive monthly gain.
Overall, values are down 31% from their 2006 peak and it likely will take years before a true recovery is in sight.
According to the latest measurement, today’s prices match values established back in mid-2003 levels. (In March, values were at mid-2002 levels.)
Although the new results were not particularly encouraging, SP’s index committee chairman David Blitzer pointed out that the Midwest “really stands out in terms of recent relative strength. Chicago, Detroit and Minneapolis have all posted very sharp monthly increases going back to May.”
In contrast, the August HPI report shows that prices in Atlanta and Las Vegas have fallen 6.3% and 5.8% respectively, since August 2010.
Daily Briefing | Tuesday, October 25, 2011
Ocwen Agrees to Buy Saxon BC MSRs Will Top $108 Billion
Ocwen Financial Corp., late Monday disclosed that it will buy Saxon Mortgage for almost $60 million in cash, a deal that will push its subprime servicing-related contracts to almost $110 billion.
Ocwen Has Strong 3Q with Earnings of $20 Million
Ocwen Financial Corp., Atlanta, the nation’s largest servicer of subprime loans, reported net earnings of $20.2 million in the third quarter, compared to a year ago loss of $8.8 million.
Houston-Area Court Delays Vote to Approve MERS Lawsuit
A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.
California Single-Family Housing Starts Sag
Housing starts rose 10% in California in September, but all of the gain — and then some — was registered in the multifamily sector.
CU MI Firm With Ties to PMI Says It’s Okay
CUNA Mutual Group assured credit unions Monday that its CMG Mortgage Insurance joint venture remains financially viable and can pay claims despite the financial troubles of its joint venture partner, PMI Group, San Francisco.
JCR Will Fund Bridge Loan
JCR Capital, Denver, will be originating, underwriting and managing a $100 million commercial real estate bridge loan fund for an unnamed institutional investor.
Rep. Garrett to Release Plan to Overhaul Secondary Market
Rep. Scott Garrett, a New Jersey Republican who chairs the House subcommittee with jurisdiction over Fannie Mae and Freddie Mac, plans to unveil a comprehensive bill to reform the secondary mortgage market on Thursday.
Will the Obama Refi Program Have Much Impact?
A revised plan to help underwater borrowers refinance into historically low interest rates is likely to boost competition among mortgage lenders and roughly double the number of people already helped by the government program, according to analysts and industry representatives.
More Texas Counties Targeting MERS
Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.