http://memphisminute.com The Pulse of the Memphis Real Estate and Mortage Market Tue, 30 Nov 2010 16:29:48 +0000 http://backend.userland.com/rss092 en Link to source The average price of a single-family home fell 0.7% in September from August, as prices dropped in 18 of the 20 largest metropolitan areas during the month, according to the Standard & Poor's/Case-Shiller index. For the third quarter, the ratings agency's benchmark 20-city composite index showed a 1.5% decline ... http://memphisminute.com/sp-and-case-shiller-home-price-index-shows-0-7-drop-in-september Link to source NEW YORK (CNNMoney.com) -- Any possible housing market recovery hit a snag during the three months ended September 30, as a government tax credit for homebuyers wound down. Home prices fell only slightly during the quarter, according to a report from the National Association of Realtors (NAR), but the ... http://memphisminute.com/home-sales-fall-25 Read the rest at HousingWire.com Ginnie Mae bonds carry the full faith of the United States government, but investors should not take that to mean the risks are lower, according to two recent mortgage-backed securitization market reports. Barclays Capital notes that the amount of previously delinquent and now-cured mortgages in Ginnie Mae ... http://memphisminute.com/bank-reports-highlight-growing-risks-in-ginnie-mae-mortgage-pools Full Story Tom Hoenig, the Fed banker who has said at seven straight Federal Open Market Committee meetings that he believes the Fed's current policy is a mistake, repeated Friday that he believes the Fed should raise interest rates to put the economy on a path to balanced growth. This is not ... http://memphisminute.com/feds-hoenig-hammers-housing-subsidies Link to source NEW YORK (CNNMoney.com) -- The robo-signing controversy is just another issue that the already sluggish housing market didn't need -- but most analysts do not think it will have far-reaching impact. Nevertheless, the housing market still faces many problems: a weak economy, sluggish hiring, tight mortgage underwriting, falling home ... http://memphisminute.com/home-prices-expected-to-slide-another-8 Link to source NEW YORK (CNNMoney.com) -- Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases, the company said Monday. The company said the first of the new affidavits will be submitted ... http://memphisminute.com/bank-of-america-resumes-foreclosures-in-23-states Link to source NEW YORK (CNNMoney.com) -- Major mortagage servicers are broadening their investigations into the possible mishandling of foreclosures. Ally Financial said Tuesday it has hired outside accounting and legal firms to examine its foreclosure procedures in all 50 states. That effort will not look at individual cases. Ally also said it ... http://memphisminute.com/broader-investigation-into-mortgage-servicing-industry Link to source Special servicers modified a record $2.1 billion in loans backing commercial mortgage-backed securities (CMBS) in August, but delinquencies continue to grow, according to the credit-rating agency Fitch Ratings. The delinquency rate on CMBS loans reached 8.48%, a 23 basis point increase from July. There were $3.1 billion in new ... http://memphisminute.com/cmbs-loan-delinquencies-exceed-8 Link to source Home prices gained 5.7% over the three months ending in August, according to real estate data provider Clear Capital. But analysts added price growth has slowed and will drop to a new low in 2011. The price gain through August is down 240 basis points from the July report, ... http://memphisminute.com/double-dip-in-home-prices-coming-in-2011-clear-capital Link to source Tennessee will get about $10.2 million in Neighborhood Stabilization Program grants as part of $1 billion U.S. Housing and Urban Development earmarked for states struggling to reverse the effects of the foreclosure crisis. State and local governments can use the neighborhood stabilization grants to buy land and property; to ... http://memphisminute.com/tennessee-granted-10m-to-fight-foreclosures