More bad news for Southern California builders holding a large inventory of finished lots: Land prices have plunged by more than half in the region, dropping to levels not seen since 2002, according to a report by The Hoffman Co., a land brokerage firm based in Irvine, Calif.And prices may still have further to fall, said company principal Norm Scheel. "The decline in the price of land has happened rapidly; in the past two years we've lost five years of appreciation," Mr. Scheel said. "We may see prices drop a few more percentage points in the first half of 2008, but land values already have taken the 'big hit' and whatever comes next will be minor in comparison." The largest decline, 52%, was recorded in the French Valley near Murietta. In West Palmdale and East Lancaster in the Antelope Valley north of Los Angeles, the value of finished lots have shrunk by 38%. In Riverside County, finished lot prices are down 42%; in San Bernardino, they are off by an average of 37%. According to the company, the lower prices are starting to bring investors and speculators back into the market. "After months of stalemate, it's suddenly a competitive environment," said Mr. Scheel, whose firm has more than $100 million in sales closed or under contract in the last three months.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18