Did You Know: State Employment Trends
March 26, 2010
By: Arun Barman, Research Economist
* Alaska, DC, and North Dakota were the only three states that saw year-over-year increases in employment between January 2009 and January 2010 according to data from the Bureau of Labor Statistics.
* Nevada, Arizona, Wyoming, and California had the largest percentage yearly decreases in January 2010.
For more information on state employment trends, see State Employment Trends (PPT: 826KB).
http://www.realtor.org/research/economists_outlook/didyouknow/dyk032610ab
Friday, March 26, 2010
Wednesday, March 24, 2010
D.C. area's population is still blooming!!!- Wasington Post 3/24/2010
Great news for those of us living and working here! D.C. has weathered the economic storm the past couple of years better than any where else in the country.....D.C. area's population is still blooming : Data shows brisk growth 163,000 gain in 2 years; people...
Washington area population rises faster than other regions
By Carol Morello
Wednesday, March 24, 2010
New census statistics released Tuesday show that the Washington region's population has continued to grow at a brisk pace since the onset of the economic downturn, another indicator that the area has weathered the recession better than other parts of the country. In the two years preceding July 1, 2009, the region added 163,000 people, bringing the total to almost 5.5 million residents -- a growth rate of about 3 percent that is faster than that of any other Eastern Seaboard city. Metropolitan New York, Philadelphia and Baltimore all grew by less than 1 percent during the same period, and the Boston area's population increased by about 2 percent.
FOR the entire article, click on the following link:
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/23/AR2010032301808.html?referrer=emailarticlepg
Washington area population rises faster than other regions
By Carol Morello
Wednesday, March 24, 2010
New census statistics released Tuesday show that the Washington region's population has continued to grow at a brisk pace since the onset of the economic downturn, another indicator that the area has weathered the recession better than other parts of the country. In the two years preceding July 1, 2009, the region added 163,000 people, bringing the total to almost 5.5 million residents -- a growth rate of about 3 percent that is faster than that of any other Eastern Seaboard city. Metropolitan New York, Philadelphia and Baltimore all grew by less than 1 percent during the same period, and the Boston area's population increased by about 2 percent.
FOR the entire article, click on the following link:
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/23/AR2010032301808.html?referrer=emailarticlepg
Friday, March 19, 2010
FHA Policy Changes Effective April 30, 2010
Article from WWW.TREXGLOBAL.COM as provided to us by The Gregg Busch Team (http://www.greggbusch.com/loanOptions/Featured/FHA%20Policy%20Changes%20Effective%20April%2030%2C%202010/)
Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
* The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
* If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
* This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
* The initial up-front increase is included in a Mortgagee Letter released, January 21st, and will go into effect in the spring.
1. Update the combination of FICO scores and down payments for new borrowers.
* New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
* This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
* This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
1. Reduce allowable seller concessions from 6% to 3%
* The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
* This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
1. Increase enforcement on FHA lenders
* Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
o This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
* Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
o Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
o This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
* Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
o Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
* HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
o Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
o Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
Article from WWW.TREXGLOBAL.COM
Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
* The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
* If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
* This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
* The initial up-front increase is included in a Mortgagee Letter released, January 21st, and will go into effect in the spring.
1. Update the combination of FICO scores and down payments for new borrowers.
* New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
* This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
* This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
1. Reduce allowable seller concessions from 6% to 3%
* The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
* This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
1. Increase enforcement on FHA lenders
* Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
o This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
* Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
o Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
o This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
* Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
o Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
* HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
o Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
o Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
Article from WWW.TREXGLOBAL.COM
Wednesday, March 17, 2010
D.C.-area homes sold faster, yielded higher prices in February 2010
Monday, March 15, 2010, 3:49pm EDT | Modified: Monday, March 15, 2010, 5:39pm
D.C.-area homes sold faster, yielded higher prices in February
Washington Business Journal - by Sarah Krouse Staff Reporter
http://washington.bizjournals.com/washington/stories/2010/03/15/daily16.html
D.C.-area homes sold faster, yielded higher prices in February
Washington Business Journal - by Sarah Krouse Staff Reporter
http://washington.bizjournals.com/washington/stories/2010/03/15/daily16.html
A NEW condo project? Really? LANCE QUOTED......
Friday, March 5, 2010
Commercial Real Estate
The JBG Cos. preparing to start on 14th Street condo project
Washington Business Journal - by Sarah Krouse Staff Reporter
The 14th Street NW corridor has seen a slew of new retail in the last three years some of the citys hottest restaurants, the ever-popular gelato shop and several furniture stores.
View full article
http://washington.bizjournals.com/washington/stories/2010/03/08/story2.html?surround=etf&ana=e_article&b=1268024400^2979111
LANCE'S CONTRIBUTION:
The 14th Street corridor from Logan Circle to U Street has continued to be one most stable residential markets in the city.
“Now that Logan Circle and U Street have converged, it has become an even greater neighborhood,” said Lance Horsley, a Realtor with Long & Foster Real Estate Inc. “The demand there is huge given the retail and all the activity of boutiques and restaurants. People love it. New construction is gone, so we are going to have to deal with a lot of resale in the next few years. We’ve got a shortage and it will only get tighter.”
Commercial Real Estate
The JBG Cos. preparing to start on 14th Street condo project
Washington Business Journal - by Sarah Krouse Staff Reporter
The 14th Street NW corridor has seen a slew of new retail in the last three years some of the citys hottest restaurants, the ever-popular gelato shop and several furniture stores.
View full article
http://washington.bizjournals.com/washington/stories/2010/03/08/story2.html?surround=etf&ana=e_article&b=1268024400^2979111
LANCE'S CONTRIBUTION:
The 14th Street corridor from Logan Circle to U Street has continued to be one most stable residential markets in the city.
“Now that Logan Circle and U Street have converged, it has become an even greater neighborhood,” said Lance Horsley, a Realtor with Long & Foster Real Estate Inc. “The demand there is huge given the retail and all the activity of boutiques and restaurants. People love it. New construction is gone, so we are going to have to deal with a lot of resale in the next few years. We’ve got a shortage and it will only get tighter.”
Subscribe to:
Posts (Atom)