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The number of applications for home mortgages jumped higher for the week as mortgage rates fell, according to the Mortgage Bankers Association. The composite index, a figure compiled from both new purchase applications and refinances increased 8.2 percent.
Refinancing led applications as homeowners with mortgages were trying to get a lower rate on saw falling rates as the time to lock-in rates.
Home prices continued to fall during the first quarter of 2011, decreasing 4.6 percent from a year before.
The U.S. average home price, according to the National Association of Realtors (NAR), dropped to $158,700 for a single family house. Condo prices fell even harder – 10.4 percent to $152,900.
Hawaii legislators followed hard hit Nevada to become only the second state in the nation to approve one of the toughest foreclosure consumer aid laws in the U.S., passing the bill as the legislature closed its latest session.
Senate Bill 651 is touted as a windfall for customers, requiring mortgage lenders to conduct mitigation with loan borrowers who feel they are being dealt with dishonestly. Roughly 30 legislative proposals were made during the session by state lawmakers trying to come up with a solution for the foreclosure crisis in Hawaii.
Lot of investors and other would-be purchasers have been trying to ascertain whether the time is proper to invest in distressed hotels. The improving U.S. economy and hotel market show that the hotel industry’s severe decline has bottomed out, which has investors asking whether they should invest in the near term before prices rise and the steep discounts vanish.
The number of U.S. bank failures jumped to 13 in April, the highest monthly total since July 2010, according to New York-based commercial mortgage information and analytics firm Trepp LLC. While the reasons for failure were different, commercial real estate loans represented the largest source of nonperforming loans.
After a global financial crisis started and crippled the mortgage-backed lending business, the Federal Deposit Insurance Corp. (FDIC) made a great splash by productively selling what many called real estate “toxic debt” into the open market.
The sale of toxic real estate debt by the Federal Deposit Insurance Corp. began in earnest in September 2009. These poorly underwritten loans were created — and in some cases securitized — between 2005 and 2008.
A clear and present danger is challenging the U.S. and it’s not the stuff that politicians in Washington, D.C. drudge up to drive fear emotionally charging the masses to sway public opinion. It’s the reality of our times – 7 million foreclosures that have already been formally repossessed by the banks, a national unemployment rate that averages 9 percent once again and another 8 million forecast foreclosures.
Carey Watermark Investors Inc. has closed on a joint venture investment of nearly $88 million with Ensemble Hotel Partners LLC, the owner of two hotel properties in Long Beach, Calif. Carey Watermark Investors’ investment is about $43.6 million.
The hotel properties — the Hotel Maya, a Doubletree by Hilton, and the Residence Inn by Marriott — are the only sea front hotels in the Long Beach market.