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SUBSCRIBE ? Volume 11 | Issue 225 | Friday, November 16, 2012
The Lede
MBA: Mortgage Delinquency, Foreclosure Rates Decrease in Third Quarter
Mortgage delinquency and foreclosure rates fell during the third quarter, with the foreclosure start rate at its lowest level since 2007, the Mortgage Bankers Association reported yesterday.
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Top National News

Residential Finance News

Commercial/Multifamily News

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Article Abstracts

Top National News

Mortgage Rates at All-Time Low
Philly.com (11/16/12)
Long-term fixed mortgage rates fell to unprecedented lows this week, reports Freddie Mac. Average interest on 30-year loans hit 3.34 percent--the lowest since record keeping began in 1971--down from 3.40 percent a week ago. The 15-year mortgage, meanwhile, dropped to 2.65 percent from 2.69 percent.
(More)

Bernanke Says Credit Woes Continue to Plague Housing
Wall Street Journal (11/16/12) P. A4 Hilsenrath, Jon
In a Nov. 15 speech, Federal Reserve Chairman Ben Bernanke played down the budding housing rebound, warning that tight credit, underwater borrowers and delinquent loans remain issues. He did not address looming concerns about monetary policy; central bank officials will meet Dec. 11-12 to chart a course on interest-rate policies.
(More)

Foreclosure Filings Ticked Up in October: Report
American Banker (11/16/12) Browdie, Brian
Foreclosure filings rose slightly last month versus September, reports RealtyTrac, but they are still falling year over year. The firm counted default notices, scheduled auctions and bank repossessions on 186,455 homes in October -- 3 percent more than the previous month but down 19 percent from October 2011. Florida, Nevada, Illinois and California led the nation.
(More)

Taxpayers Face Rescue of F.H.A.
New York Times (11/16/12) P. B4 Lowrey, Annie
For the first time in more than 80 years, the FHA could require taxpayer financing. An independent audit out today projects the agency will not have the cash reserves to pay all of its obligations, with a shortfall of about $16.3 billion. FHA reserves slipped below $3 billion in 2011. The agency blames its woes in part on slower-than-expected home appreciation and low interest rates that have weakened its books.

(More)

NAHB: Nationwide Housing Affordability Improves in Third Quarter
Huntington News (11/15/12) Kinchen, David M.
The National Association of Home Builders and Wells Fargo report that lower interest rates made housing more affordable even as residential prices bumped up in the third quarter. Nationwide, 74.1 percent of all homes sold during the period were within financial reach of families earning the U.S. median income of $65,000. That is up from 73.8 percent in the second quarter.

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Residential Finance News
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Fannie Mae: Single-Family Housing Demand Rises For Rentals
A report from Fannie Mae said homeownership rates continue to decline, particularly among young households; and that single-family housing is absorbing a "disproportionate share of new rental demand."
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October Consumer Prices Ease
The Consumer Price Index increased by just 0.1 percent in October on a seasonally adjusted basis, the Bureau of Labor Statistics reported yesterday.
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Commercial/Multifamily News
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Institutional-Quality Loan Returns Grow in 3Q
Institutional-grade commercial mortgage loans returned 1.15 percent in the third quarter, up from 0.74 percent in the second, reported the Giliberto-Levy Commercial Mortgage Performance Index.
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Dealmaker of the Day
Newmark Realty Capital arranged $75 million in construction and permanent financing for borrower Vulcan Real Estate's Stack House Apartments and Supply Laundry Building in Seattle.
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MBA News
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MBA National Mortgage Servicing Conference & Expo Feb. 19-22
The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2013, Feb. 19-22 at the Gaylord Texan in Dallas, is the premier event for servicing professionals.
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MBA 2011 Annual Originations DataBook Available
To learn more about the various origination reports the Mortgage Bankers Association offers at the national/state/county/metro level, obtain your copy of the 2011 MBA Annual Originations DataBook.
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CampusMBA Accepting Applications for Path to Diversity Scholarship Program
CampusMBA, the education division of the Mortgage Bankers Association, is accepting applications for its Path to Diversity Scholarship Program.
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"We see continued improvement, working through the backlog of distressed loans and a more robust turnaround in the housing market."
--MBA Vice President of Research and Economics Michael Fratantoni, discussing the MBA 3rd Quarter National Delinquency Survey.

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