October 21, 2011
- According to Lawrence Yun, Chief Economist for NAR, vehicle sales are currently about 12 million per year. In 2008 they were 17 million per year. New home sales in 2005 were 1.2 million and currently are 300,000. Existing home sales in 2005 were 7.1 million and will be around 5 million this year.
- VA home loans have the lowest default rate of any loans in the U.S.
- A continuing resolution passed by Congress on October 4th provided a short term extension of the National Flood Insurance Program to November 18th.
- From Fox Business: Bank officials working with state attorneys general and the Department of Justice are close to wrapping up a $20 billion settlement over improper mortgage practices and robo-signing. A deal could help restart a clogged foreclosure system that is keeping the housing market down and the economy stalled.
- An article by Ken Harney in Inman News notes that when the House Financial Services Committee looked at the performance of the Obama Administration’s foreclosure prevention programs, the numbers weren’t pretty. All achieved only tiny fractions of goal: HAMP – 20%, EHLP – 12%, Short ReFi – .02% and HARP – 17%. There were inherent design flaws, poor performance by federal agencies, and general unwillingness by private lenders and servicers to participate.