Fewer homebuyers are considering a foreclosure when they purchase a new home, according to RealtyTrac and Trulia.com. The results of a new survey conducted by the two companies shows that 43 percent of Americans are at least somewhat likely to consider purchasing a foreclosed home in the future - that's down from 55 percent earlier this year. Eighty-one percent of the survey respondents indicated they have a negative sentiment towards purchasing foreclosed properties.
Big banks are racing to pay back their bailout money and start the new year non-beholden to the American taxpayer or U.S. government. Wells Fargo is the last of the nation's major institutions to announce that it is severing its ties to the Troubled Asset Relief Program (TARP). In order to increase capital levels so it can reimburse the Treasury for the $25 billion in financial aid received last year, Wells Fargo plans to raise $10 billion through the sale of common stock, and sell off $1.5 billion of its assets.
The value of commercial real estate is still falling, but across the country, the pace has slowed compared to earlier in the year, says Integra Realty Resources. The New York-based company completed more than 25,000 commercial valuations in 2009, and its fourth quarter index shows that the office, industrial, and multifamily sectors lost only 3 percent of their value in the past three months. The lodging and retail sectors recorded a 5 percent drop. Integra says these rates of decline show a leveling off that sets the stage for a slow recovery.
The FDIC's board approved an advance notice of proposed rulemaking Tuesday regarding its safe harbor provision for securitized loans seized from failed banks, which would restrict the protection to loan bundles that meet certain regulatory criteria. Since 2000, the FDIC has taken a hands-off approach to securitized assets, but new accounting rules force banks to move these loans back onto their books, leading the agency to revisit how to handle them in receiverships.
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