The Washington Post
With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals.
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http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2
The Conference Board Consumer Confidence Index, which had declined slightly in March, was virtually unchanged in April. The Index now stands at 69.2 (1985=100), down slightly from 69.5 in March. The Expectations Index declined to 81.1 from 82.5, while the Present Situation Index improved to 51.4 from 49.9 last month.
Consumers’ assessment of current conditions improved in April, with those claiming business conditions are “good” increasing to 15.3 percent from 14.3 percent. However, those claiming business conditions are “bad” edged up to 33.5 percent from 33.2 percent. Consumers’ appraisal of the job market remained mixed. Those stating jobs are “hard to get” declined to 37.5 percent from 40.7 percent, while those stating jobs are “plentiful” decreased to 8.4 percent from 9.0 percent.
http://www2.realtoractioncenter.com/site/R?i=P6nSEjfrh-oMmj9teJGwbg
San Diego Union Tribune
An estimated 35 percent of the U.S. home-loan defaults in late 2010 were considered strategic, increasing from 26 percent in March 2009, based on figures from the University of Chicago’s business school.
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http://www.utsandiego.com/news/2012/apr/14/why-people-walk-away-home-loans/
San Diego Union-Tribune
The regulator of Fannie Mae and Freddie Mac is getting heat from California congressional memebers over a pilot plan to sell 600-plus foreclosed homes in Riverside and Los angeles counties to investors in bulk on condition they will convert them to rentals.
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http://www.utsandiego.com/news/2012/apr/10/more-push-back-demarco/
CalHFA has announced it will end its School Facility Fee Down Payment Assistance Program, which has been responsible for providing more than 14,000 grants totaling more than $61 million. Associated with this down payment assistance was more than $3.3 billion in first mortgage loans for people purchasing newly constructed homes throughout California. The program currently has approximately $700,000 left in funds, and CalHFA anticipates the final funds being expended by the end of April.
CalHFA will continue to accept applications for SFF until funds are exhausted. Applications will be accepted on a first come, first served basis.
