Mortgage delinquencies fell in the fourth quarter compared to the third, but are still higher than they were a year ago. Even so, some mortgage industry economists think we may be seeing the beginning of the end of the mortgage delinquency tidal wave. Continue reading Mortgage Delinquencies Down in Third Quarter, but Still Up from 2008 Mortgage Delinquencies Down in Third Quarter, but Still Up from 2008 originally appeared on DailyFinance on Fri, 19 Feb 2010 14:38:00. Filed Under: Economy , Real Estate Permalink | Tweet this! | Comments

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Mortgage Delinquencies Down in Third Quarter, but Still Up from 2008

Filed under: General Electric , Comcast In July 2007 , I joined a group of journalists at the General Electric ( GE ) offices in Rockefeller Center to ask CFO Keith Sherin some questions. At the end of the meeting, a few executives took me aside and asked me what I thought GE should do to boost the company’s perception among investors. I told them they ought to prune the portfolio and focus on growing industries where GE had a competitive advantage. GE is certainly taking steps to prune the portfolio. Of course, investors have been pushing GE to dump NBC and lighten up on financial services for years. Unfortunately, GE is not getting top dollar for NBC, since its ratings have fallen off dramatically since the 1990s when it enjoyed top ranking thanks to Seinfeld and Friends . I estimated in 2007 that NBC was worth between $40 billion and $45 billion. Based on the $5.8 billion GE will pay for Vivendi’s 20% stake, NBC Universal is now worth about $29 billion. Continue reading As GE prepares to dump NBC, is what remains the right bet? As GE prepares to dump NBC, is what remains the right bet? originally appeared on DailyFinance on Tue, 01 Dec 2009 09:50:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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As GE prepares to dump NBC, is what remains the right bet?

Filed under: Economy , Real Estate Now that the Federal Housing Administration’s cash reserves are below the legally required 2% of loans outstanding , the FHA has proposed new regulations to increase the net worth requirements of FHA-approved lenders and strengthen lender criteria . The agency will also make lenders liable for the practices of their correspondent mortgage brokers. That’s a relief for taxpayers because the FHA could become a financial black hole without improved risk management. In a related case, the FHA withdrew its approval of Ideal Mortgage Brokers , doing business as Lend America and Lending Key, and is seeking $512,000 in civil penalties related to its lending practices. Continue reading The FHA wants a bigger stick for keeping mortgage lenders in line The FHA wants a bigger stick for keeping mortgage lenders in line originally appeared on DailyFinance on Tue, 01 Dec 2009 10:00:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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Filed under: Economy The nearly year-long positive trend in the U.S. housing sector is continuing. Existing home sales surged 10.1% in October to a seasonally adjusted annual rate of 6.1 million units, the National Association of Realtors announced Monday. That’s the highest level for existing home sales in more than two years. The consensus of economists surveyed by Bloomberg News had been for October existing home sales to come in at a 5.7 million unit annualized rate. The annualized existing sales number for September was revised to a 5.54 million units, and for August to 5.1 million units. Existing home sales are also up 23.5% in the past 12 months. Continue reading Existing home sales jump 10.1% in October Existing home sales jump 10.1% in October originally appeared on DailyFinance on Mon, 23 Nov 2009 12:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Real Estate There have been a number of attempts to come up with a figure about how many U.S. home mortgages are underwater — in other words, the value of the home loan is more than the value of the house. All estimates are bound to be wrong because no one has had the time or money to appraise every house in America and match it with the value of its mortgage plus any second mortgages. But, The Wall Street Journal has asked First American CoreLogic, a real estate research company, to give it a try. The report, which is available free online , says that that 23% of mortgages were underwater at the end of the third quarter. Continue reading Nearly a quarter of all U.S. home mortgages are underwater Nearly a quarter of all U.S. home mortgages are underwater originally appeared on DailyFinance on Tue, 24 Nov 2009 05:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Economy , People The nation’s deep economic woes continue to hit U.S. homeowners hard as more of them fell behind on their mortgages in the third quarter, a report released Tuesday showed. The percentage of homeowners more than 60 days past due on their mortgage payments rose to a record 6.25% nationwide in the three months ending Sept. 30, according to credit-reporting firm TransUnion. The rise was the 11th straight quarterly increase in the number of households delinquent on mortgage payments, TransUnion said. Being two months behind is traditionally viewed as a precursor to foreclosure as homeowners by that time find it difficult to make up overdue payments. Year-over-year, the rate was up about 58%, from slightly less than 4%. Continue reading Mortgage delinquencies in U.S. hit record high in third quarter Mortgage delinquencies in U.S. hit record high in third quarter originally appeared on DailyFinance on Tue, 17 Nov 2009 09:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Economy , Investing The percentage of Americans owning homes that are underwater is falling, according to Zillow’s third-quarter Real Estate Market Reports, which focus on 156 metropolitan areas. The other good news is that home values were relatively flat between the second and third quarters, so the price declines may be over for most homeowners. Zillow found that 21% of homeowners with single-family homes were underwater on their mortgages at the end of the third quarter, down from 23% in the previous quarter. Two factors play into the drop. One is that many underwater homeowners have already lost their homes to foreclosure. The second is that home values have stabilized in some areas of country and have even started going back up in other areas. Continue reading Fewer home mortgages are underwater as values stabilize Fewer home mortgages are underwater as values stabilize originally appeared on DailyFinance on Mon, 09 Nov 2009 10:10:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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Filed under: Economy Lending money to people to build and buy real estate is a risky business that periodically costs taxpayers huge amounts of money. Not only do taxpayers lose as a result of all the tax incentives associated with real estate, but they also pay when the banks that make bad real estate loans go bankrupt. While there are clear benefits to owning real estate, the business of real estate lending costs America so much that I think we ought to let real estate prices drop to a level at which people can afford it without borrowing. Continue reading Should the U.S. ban real estate lending? Should the U.S. ban real estate lending? originally appeared on DailyFinance on Sat, 24 Oct 2009 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Retirement , Economy , Investing So much for la dolce vita . The number of older Americans who believe they’ll be working after the age of 65 rose to 57 percent from 47 percent between 2008 and 2009, according to a new University of Michigan study . Early retirement? Yeah, right. The financial crisis has dimmed that dream too, with the percentage of older workers expecting to work past 62 increasing to 65 percent from 60 percent in the same period, says the national study on health and retirement. “This study is the first to show a clear change in work expectations among the same group of older Americans,” says study director David Weir, an economist at the university’s Institute for Social Research. “The findings provide compelling evidence that people have changed their retirement plans as a result of the financial crisis.” Continue reading Early retirement? Economic crisis leads older Americans to say fuggedaboutit Early retirement? Economic crisis leads older Americans to say fuggedaboutit originally appeared on DailyFinance on Thu, 17 Sep 2009 17:15:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Early retirement? Economic crisis leads older Americans to say fuggedaboutit

Filed under: Company News , Economy , Investing , American Express Oklahoma small businessman Willie Rosseett was recently stunned when he learned that Discover Financial Services Inc. ( DFS) had canceled his credit card. “We have never been late and always paid them more than the minimum,” said Rosseett, who owns ARDCO, a maker of circuit boards. “There is nothing I can do. I feel very helpless.” Rosseett, whose case is being reviewed by Discover, said he is current on his credit card bills. He’s not the only one in a bind. Anecdotes about credit card companies cutting credit card limits even for prime borrowers have abounded in the media. The situation is causing a serious problem for companies across the nation. That’s because credit cards are a common way for small businesses to fund themselves. Continue reading One year later: Many consumers feel the credit pinch One year later: Many consumers feel the credit pinch originally appeared on DailyFinance on Mon, 14 Sep 2009 19:40:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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One year later: Many consumers feel the credit pinch