One of Real Estate’s 50 Most Influential People Blogs Here
I’m usually not one to talk about myself, but this morning I found out that I was named by Inman News as one of Real Estate’s 50 Most Influential Online: 2009 & I wanted to share the news.
This list of individuals selected for this report includes real estate agents and brokers, technologists, economists, enthusiasts and analysts. They are luminaries in the online world of real estate whose insight and commentary inspires others, provokes debate and incites change.
Wow!
Thanks to the Inman crew for including me & thanks to my partners Glen and Norm for making this all possible. It’s quite the honor to be included in that list.
It’s been a great five years for MEBA so far and I’m looking forward to seeing what we can do in the coming years.
Thanks again.
Are Fannie & Freddie Quietly Shopping $250 Billion in Non Performing Notes?
From Will Fannie and Freddie Tap the NPL Auction Market?
“There’s been lots of meetings and they’re talking to a lot of people about it,” said one veteran investment banker, requesting his name not be used because of the sensitivity of the matter, “but they’re a long way away from doing anything yet.”
One idea the two are said to be contemplating involves the securitization of NPLs. The GSEs would hire third-party vendors to gather broker price opinions on the properties collateralizing the mortgages. Fannie and Freddie might then issue a security backed by the NPLs based on the new BPO value. “If they could get 80% of the current BPO value they’d be ecstatic,” said one investment banker.
A few things:
1. 80% of BPO (Broker Price Opinion) value is a pipe dream.
2. If this DOES happen, it will put significant downward pressure on the market & for this reason alone, I’m skeptical…. but at the same time curious to see how this could be structured.
3. That’s A LOT of BPOs. (On a semi interesting, possibly related side note, we had a flood of BPO requests on Wednesday. We usually get around 5-10 a day from various servicers, but on Wednesday we had over 30.)
Glen's November East Bay Housing Numbers
Here’s the latest numbers for the 38 San Francisco Bay Area Cities that I follow. Change from the last month was minimal.
We’ve heard encouraging news from NAR recently referring to the October housing numbers; “Nine Consecutive Gains for Pending Home Sales”
We’ve experienced the same trend in the San Francisco East Bay Area. However, we finally showed a drop in Pending Home Sales for November. I think we can attribute this more to seasonal factors. Inventory levels have come down, as well, but at a faster pace.
The Pending/Active Ratio is at its highest levels since I began tracking numbers in 2005, while Inventory levels are now at their lowest. Depending on where you buy, your choices are limited.
Month Supply is now at 1.8 months for this area, again, very low considering that 6 months is considered normal.
Download a pdf of Glen’s Numbers
Fannie Mae Sends Investor REO Buyers to the Back of the Line
If you’re an investor looking to purchase Fannie Mae REO properties, then their new First Look initiative will be of interest to you.
To provide owner occupants and public entities an advantage in purchasing Fannie Mae-owned foreclosed properties, the company has created the First Look initiative. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.
Ready, Set, Wait 15 Days
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