Institutions insured by the Federal Deposit Insurance Corporation (FDIC) recorded their second-highest annual earnings ever in 2012, according to the FDIC's Quarterly Banking Profile for the fourth quarter of 2012. High noninterest income and declining loan loss provisions contributed to the increase, according to the FDIC. Net income for all FDIC-insured institutions over the year was $141.3 billion, a 19.3 percent increase from net income recorded in 2011.
Read More »Mortgage Applications Continue Steady Decline
Mortgage application volume continued to fall last week even as interest rates declined, according to the Mortgage Bankers Association.
Read More »Guaranteed Rate Introduces Technology to Streamline Loans
Guaranteed Rate announced sweeping changes to its website that will affect how borrowers apply for, track, and receive their home loans.
Read More »Hearing Examines Treasury-Approved Executive Compensation
Following a recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which charged that Treasury has not appropriately limited compensation for executives at companies bailed out by TARP, a House subcommittee held a hearing on the matter.
Read More »FHFA Reports Continued Price Gains in Q4
Home prices rose 5.5 percent year-over-year in 2012's final quarter, the Federal Housing Finance Agency (FHFA) reported Tuesday. FHFA's seasonally adjusted purchase-only Home Price Index(HPI) increased 1.4 percent on a quarter-to-quarter basis in Q4. Month-over-month, December's index was 0.6 percent up from November, marking the 11th straight month of increases. The index rose in Q4 in 38 states and the District of Columbia, FHFA said.
Read More »Consumer Confidence Rebounds in February
After taking a hit from January's payroll tax hike, consumer confidence recovered somewhat in February, according to The Conference Board's Consumer Confidence Index. The overall index climbed more than 10 points in February, settling at 69.6 from January's 58.4. Lynn Franco, director of economic indicators at The Conference Board, said February's increase reflects the fading "shock effect" from January's fiscal cliff uncertainty and the expiration of payroll tax cuts.
Read More »NAR Forecasts Strong Demand, Falling Vacancy in CRE Sectors
Major commercial real estate (CRE) sectors continue to improve, albeit at a slow pace, the National Association of Realtors (NAR) said in its latest quarterly CRE forecast. The outlook, published by NAR's Research Division, projects national vacancy rates to decline across all commercial sectors in the next year, with the largest drop hitting the office sector as "gradual economic improvement and job creation [drive] absorption of space." The multifamily market is forecast to see the smallest decline in vacancy rates as space remains tight.
Read More »New Home Sales Jump to 4 1/2-Year High in January
New home sales jumped 15.6 percent in January--the strongest gain in 20 years--to a seasonally adjusted annual rate of 437,000, the Census Bureau and HUD reported Tuesday. The sharp increase in sales combined with steep price drops suggests builders are taking aggressive actions to pare inventories. Housing completions (as reported separately by Census and HUD) routinely exceed new home sales, and the gap between completions and sales has been widening.
Read More »NAHB: Appraisal Reform Necessary for Sound Market
As regulatory institutions provide some clarity to the mortgage market, the National Association of Home Builders insists the market is in need of a sound and functional appraisal system.
Read More »LPS: Prices Flat in December, Up 5.8% in 2012
Home prices in December were mostly flat from the month before, according to the latest Home Price Index (HPI) released by Lender Processing Services (LPS). LPS' index shows prices climbed 0.1 percent in December, staying at a rounded-off $207,000. November's HPI was also reported at $207,000. While December's index was little changed from the prior month, it was up 5.8 percent from $196,000 in December 2011. January 2012's index was also an estimated $196,000, meaning the year-to-date change throughout 2012 was also 5.8 percent.
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