In a “Mortgage Market Outlook” presentation, Mike Fratantoni, VP of single-family research for the MBA pointed to the 2012 forecast of 4.391 million existing home sales, up 2.3% from 2010. The forecast for 2013 is for 4.646 million.
Orlando, Fla. -- Federal Reserve Chairman Ben Bernanke, addressing a crowd of home builders on the last day of the International Builders' Show here, did his best to explain how low mortgage rates -- his chief weapon to stimulate the housing market -- have fallen short of their goals. But Bernanke’s speech before a crowd of more than 200 attendees was not an apologie; on the contrary, Bernanke seemed a little frustrated about a lack of action in other government and business sectors and seemed worried about the overall effect of the housing crisis on the general economy.
The Federal Reserve, in a Jan. 4 report sent to members of Congress who sit on banking committees, warned that mortgage lending standards are holding back the nation’s economy.
The 26-page white paper was an unusual foray into the housing sector for an agency concerned primarily with monetary policy. But Federal Reserve Chairman Ben Bernanke stated: “Restoring the health of the housing market is a necessary part of a broader strategy for economic recovery.”
The Home Builders Institute (HBI) has named John Courson, the former president and CEO of the Mortgage Bankers Association (MBA), as its new president and CEO. Courson is a nationally recognized housing industry spokesperson and government affairs expert who served as MBA's president and CEO from 2008 to 2011. His initial priorities at HBI will be to identify new revenue streams and create new programs for the non-profit organization.
Bloomfield Hills, Mich.-based PulteGroup has announced that Pulte Mortgage president and CEO Debra Still was named chairman-elect of the Mortgage Bankers Association (MBA) at its 98th Annual Convention & Expo in Chicago this week. She currently serves as vice chairman of the MBA and will become chairman of the 2012-2013 MBA board.
Arlington, Va. -- Key housing metrics are in for a slow ride in 2011, and a quick upturn in 2012, according to the forecast from the Mortgage Bankers Association (MBA).
Delivering the MBA's forecast here at the Home Improvement Research Institute's (HIRI's) Spring Conference, Michael Fratantoni, the MBA's VP single-family research and policy development, said that along with pent-up demand for housing, "there's a lot of pent-up supply out there."
In what could be called a sign of recovery, some long-dormant commercial and multi-family projects have kicked back into gear thanks to an infusion of new lending, according to an article in the Wall Street Journal.
Some of the largest U.S. banks are slowly wading into commercial lending, including J.P Morgan Chase & Co., which has financed as much construction in the first six weeks of 2011 as it did in all of last year.
New Britain, Conn.-based Stanley Black & Decker President and CEO John Lundgren will present at the Bank Of America Merrill Lynch Global Industrials Conference on Wednesday, Dec. 15th, 2010 at 1:25 pm eastern standard time.
The webcast will be available on the company’s website.