By Brady Dennis
Washington Post Staff Writer
Friday, July 16, 2010
Congress gave final approval Thursday to the most ambitious overhaul of financial regulation in generations, ending more than a year of wrangling over the shape of the new rules and shifting the government's focus to the monumental task of implementing them... read more
Friday, July 16, 2010
Tuesday, June 29, 2010
Housing Industry Poised to Recover in 2010
Written by: David Lereah Thu, December 17, 2009
Market Activity, Market Commentary
As we approach the New Year, we are more hopeful about prospects for 2010 compared to the dismal performance of 2009. This past year was a year of crises. The economy was on the brink of Depression, shedding 8 million jobs during the past two years, while the unemployment rate climbed sharply to 10 percent (as of this writing) from 4.9 percent. The U.S. credit markets and banking system virtually collapsed, foreclosures became rampant and the housing sector crashed with home values plummeting 10 to 15 percent in most metropolitan areas across the nation.
Government bailouts were commonplace, with taxpayer dollars replenishing the coffers of Wall Street companies, large financial institutions, insurance companies and even the automobile industry. As 2009 draws to a close, we collectively breath a sigh of relief; acknowledging that the economy and housing markets somehow survived. The convoluted maze of government programs and subsidies, a multi-billion stimulus package and an overly accommodative monetary policy conducted by the Federal Reserve heroically kept the economy from falling into the abyss. For all the criticism directed at government decision making throughout the year, something worked. We are in a much better place today than we were yesterday.
As we enter 2010, the economy is rebounding, the credit markets thawing and the housing sector recovering. Read more...
Market Activity, Market Commentary
As we approach the New Year, we are more hopeful about prospects for 2010 compared to the dismal performance of 2009. This past year was a year of crises. The economy was on the brink of Depression, shedding 8 million jobs during the past two years, while the unemployment rate climbed sharply to 10 percent (as of this writing) from 4.9 percent. The U.S. credit markets and banking system virtually collapsed, foreclosures became rampant and the housing sector crashed with home values plummeting 10 to 15 percent in most metropolitan areas across the nation.
Government bailouts were commonplace, with taxpayer dollars replenishing the coffers of Wall Street companies, large financial institutions, insurance companies and even the automobile industry. As 2009 draws to a close, we collectively breath a sigh of relief; acknowledging that the economy and housing markets somehow survived. The convoluted maze of government programs and subsidies, a multi-billion stimulus package and an overly accommodative monetary policy conducted by the Federal Reserve heroically kept the economy from falling into the abyss. For all the criticism directed at government decision making throughout the year, something worked. We are in a much better place today than we were yesterday.
As we enter 2010, the economy is rebounding, the credit markets thawing and the housing sector recovering. Read more...
Friday, June 25, 2010
Thursday, June 24, 2010
Fairfax County supervisors authorize transformation of Tysons Corner
By Kafia A. Hosh and Derek KravitzWashington Post Staff Writers
Wednesday, June 23, 2010
Fairfax County officials on Tuesday approved a landmark proposal to allow the transformation of Tysons Corner from a sprawling, auto-dependent office park into vibrant, walkable city. Read more...
Fairfax County officials on Tuesday approved a landmark proposal to allow the transformation of Tysons Corner from a sprawling, auto-dependent office park into vibrant, walkable city. Read more...
Housing sales decrease in May, dashing hopes of quick recovery
By Dina ElBoghdadyWashington Post Staff Writer
Wednesday, June 23, 2010
Sales of previously built homes dropped in May after huge gains the previous two months, a sign that the federal tax credit that helped energize sales at the start of the selling season has sputtered out sooner than expected.
The National Association of Realtors reported Tuesday that sales of existing single-family homes, townhouses, condominiums and cooperatives fell 2.2 percent, to a seasonally adjusted rate of 5.66 million units, in May from April, snapping hopes of a robust housing recovery anytime soon. Analysts surveyed by Bloomberg had expected an increase of 6 percent. Read more...
Monday, June 14, 2010
TOP News: Week of June 14th, 2010
Lenders go after money lost in foreclosures
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, June 16, 2010
After the bank foreclosed on Fernando Palacios's Gainesville home in March, he thought he was done with what he described as the most stressful financial situation of his life.
The bank sold the home for far less than Palacios owed on it, as often happens with foreclosures. What Palacios did not see coming was the letter from his lender demanding that he pay the shortfall: $148,064.02. "I really thought I was through with this house," said Palacios, who fell behind on payments when the economy soured and his cleaning business stumbled.
MD homeowners gain protection in foreclosure process
By Ovetta Wiggins
Washington Post Staff Writer
Thursday, May 20, 2010; 4:10 PM
Maryland Gov. Martin O'Malley signed legislation Thursday that creates a foreclosure mediation program designed to help beleaguered homeowners stay in their homes.
The bill gives homeowners the legal right to mediation with their lender during foreclosure proceedings.
House Passes FHA Reform Bill Authorizing Higher Premiums
In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA).
The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan says will increase FHA’s capital reserves and reduce risks to the FHA insurance fund.
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, June 16, 2010
After the bank foreclosed on Fernando Palacios's Gainesville home in March, he thought he was done with what he described as the most stressful financial situation of his life.
The bank sold the home for far less than Palacios owed on it, as often happens with foreclosures. What Palacios did not see coming was the letter from his lender demanding that he pay the shortfall: $148,064.02. "I really thought I was through with this house," said Palacios, who fell behind on payments when the economy soured and his cleaning business stumbled.
MD homeowners gain protection in foreclosure process
By Ovetta Wiggins
Washington Post Staff Writer
Thursday, May 20, 2010; 4:10 PM
Maryland Gov. Martin O'Malley signed legislation Thursday that creates a foreclosure mediation program designed to help beleaguered homeowners stay in their homes.
The bill gives homeowners the legal right to mediation with their lender during foreclosure proceedings.
House Passes FHA Reform Bill Authorizing Higher Premiums
In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA).
The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan says will increase FHA’s capital reserves and reduce risks to the FHA insurance fund.
Thursday, June 10, 2010
Subscribe to:
Posts (Atom)