Philadelphia Real Estate And Beyond September 2, 2011

Philadelphia Real Estate And Beyond September 2, 2011

White House Housing Refinance Plan Supported – A possible White House effort to kick-start the moribund housing market by allowing homeowners to refinance won wide support from leading economists attending the Federal Reserve’s summer policy retreat. Support for the plan in Jackson Hole, Wyoming may reflect a bit of resignation from the participants that the Federal Reserve and Congress are out of traditional ammunition to battle the slowdown and help must come in new forms. (www.MarketWatch.com)

Spring Buyers Boost Home Prices Nationally – Spring buying pushed home prices up for a third straight month in most major U.S. cities in June. The Standard & Poor’s/Case-Shiller home-price index showed that prices increased in June from May in 19 of the 20 cities tracked. Prices rose 3.6 percent in the April-June quarter from the previous quarter. (www.finance.yahoo.com)

Housing Analyst David Goldberg Says New Home Market Has Hit Bottom – After declining by an average of approximately 20% since mid July—vs. the S&P 500 -9%—the HB stocks now trade at 0.9x tang BV, at the low end of their range the last few years. Although we’d readily admit that the recent macro news has increased the potential for further downside in the broader housing market, we believe new homes are less susceptible to meaningful declines off current levels. (UBS Investment Research)

US Government To Sue 17 Big Banks Over Mortgages – The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and others. (www.HousingWire.com)

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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623  Direct
610.636.4364  Cellular
888.308.1148  Fax
[email protected]
www.CenterCityTeam.com