Joseph & Cheryl Melendez's (melendezteam) Blog

When the market has a "normal equilibrium", unsold inventory approaches a five month's supply. But the housing market is dynamic with many factors influencing the flow of unsold inventory, marketability, and sale of homes. "Normal" is difficult to identify let alone explain. Supply Side - Where ...

Federal Reserve - On housing sector and creditFed Governor Randall Kroszner recently said the U.S. housing sector will gradually recover as an excess of home inventory is reduced. So far this year banks have raised $80 billion in capital, according to Kroszner. "While the recent ability of many ...

Fannie Mae - On housing pricesAt their recent annual shareholders meeting in New Orleans Fannie Mae's president and CEO, Daniel Mudd said he expects U.S. home prices to fall as much as 25% from their highs of mid-2005. Fannie Mae expects losses from defaulted mortgages to worsen in 2009. Comment...

   GREAT Media News    If you don't already have one, go out and get a copy of the Orange County Register today.  Go to the Marketplace section on page 11.  GREAT article on the demand for Orange County homes now being above the 2006 demand.  The article also states the "market time" or time it w...

WHAT WERE THE ACTUAL NUMBERS...  The total number of sales was 2,166 for all properties including single- family resale, condominiums and new homes.  The median price hit $500,000 and the median price for a condo was $390,000.  The most significant of the numbers is where the sales fall by price ...

FORECLOSURES ARE UP AND BANK OWNED PROPERTIES ARE HERE FOR A WHILE... The total number of foreclosures for April, the latest complete month available was 898, including houses and condominiums. That number was up 29% from March and 284% from a year ago.  Now obviously all those homes did not hit ...

SALES REBOUND AS PRICES FALL... That was the headline of the Orange County Register on Tuesday, May 20th 2008.  The accompanying photo was a very crowded entry to an open house.  What's happening?  The bottom of this market is approaching, that's what.  This is exactly what was reported in this n...

  If it wasn't so serious, it would be laughable. New York Attorney General Andrew Cuomo has taken the lead in an effort to institute an appraisal code of conduct. The assumption is that the current wave of housing foreclosures is partially driven by inflated home appraisals. It is also assumed t...

  The bipartisan mortgage bill recently passed by the Senate will allow the Federal Housing Administration (FHA) to insure up to $300 billion new loans for at-risk borrowers. LendersLenders must write down (a loss to the lender) the loan principle to 90% of the new appraised value, roughly the am...

Fannie Mae News   Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages in a gambit that could hit the mortgage finance company with upfront losses but stave off massive hemorrhage from foreclosures.The program by the largest U.S. financier...