ORLANDO, Fla. – May 6, 2009 – More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That’s not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).“When you begin to see people willing to fight for a property, that’s a good sign,” she says. “We are beginning to see the beginning of the end of a disaster time.”The competition is driven by prices – California’s are down 39 percent from a year ago, CAR says – low mortgage rates and a new federal tax credit of up to $8,000 for some first-time buyers.Other hard-hit regions are also seeing more multiple offers, mainly on:• Lower-end homes. In Phoenix, where prices have dropped 50 percent from their 2006 peak, competition has heated up for homes under $150,000, says Realtor Michael Orr, who publishes the Cromford Report on the Phoenix-area market. He recently considered bidding on one house for $70,000. It had received 14 offers, and Orr was told to bid $110,000 to be considered.• Good values. Holt just handled a closing on a Tarpon Springs home close to schools that was listed at $185,000. It won three bids and sold at $192,000. Three years ago, the home would have sold for $280,000, Holt says. Higher-price homes are also getting more multiple bids. “People who always wanted to live on the water are realizing it is time to buy before prices go up,” Holt says.Some bidders may think foreclosure bargains are waning, says Mike Lyon, CEO of Lyon Real Estate in Sacramento. That market has 1,600 bank-owned properties for sale, vs. 2,800 a year ago, he says.He says banks have lured multiple bids by setting below-market prices. Lyon cautions that government steps to curb foreclosures have delayed some.“People are perceiving that they are running out. But there will be more,” he says.2009 © USA TODAY. All rights reserved.
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TALLAHASSEE, Fla. – May 27, 2009 – Gov. Charlie Crist signed the budget bill (SB 2600) today that lays out how the state will spend its $65.6 billion in the fiscal year that starts July 1. Included is $30.1 million for the Florida Homebuyer Opportunity Program, which will help with downpayment assistance.Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out.The state spending plan passed today also includes the following for real estate-related programs:• Up to $400,000 to prevent, combat and publicize the dangers of unlicensed real estate activity in Florida.• $540,000 to continue and complete a study to make recommendations on passive strategies on nitrogen reduction that complement the use of onsite wastewater treatment systems.• $3 million in the Real Estate Trust Fund for the Education and Research Foundation.• A reduction in the eviction filing fees from $265 to $180 – the only fee reduction in the 2009-10 budget, and one with a negative fiscal impact of up to $36 million.© FLORIDA ASSOCIATION OF REALTORS
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.
The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.
For instance, fewer will qualify to take advantage of a key component of the Obama administration's plan to stabilize the housing market. Under the plan, announced in February, as many as five million homeowners whose loans are owned or guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac can refinance their mortgages, but only if the mortgage loan is a maximum of 105% of the home's value.
Government officials are considering an increase in that limit. "It's a question that we're looking at," said James Lockhart, director of the Federal Housing Finance Agency, which regulates Fannie and Freddie.
Real-estate Web site Zillow.com said that overall, the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter from 16.3 million at the end of the fourth quarter. The latest figure represents 21.9% of all homeowners, according to Zillow, up from 17.6% in the fourth quarter and 14.3% in the third quarter.
"What's going on here is that you don't have any markets that have turned around and you have new markets, like Dallas, that have joined the ranks" of communities where home prices have fallen, said Stan Humphries, a Zillow.com vice president.
Borrowers who owe far more than their home is worth may also be less likely to participate in another part of the government's housing plan, which provides incentives for mortgage companies to modify loans to make payments more affordable. Thomas Lawler, an independent housing economist, said borrowers who owe 30% more than their homes are worth are far more likely to walk away from their property than those who owe just 5% or 10% more and expect prices to rebound. More than one in 10 borrowers with a mortgage owed 110% or more of their home's value at the end of last year, according to First American CoreLogic.
There are some recent indications that the housing market could be beginning to stabilize. The National Association of Realtors pending home-sales index, for instance, increased 3.2% in March.
Just how many borrowers are underwater is a matter of some dispute, with the answer depending in part on assumptions regarding home values and mortgage debt outstanding. Variations in home-price estimates can make a major difference in the number of borrowers who are underwater. In addition, borrowers who are already in the foreclosure process may be counted as being underwater if the title to their property hasn't changed hands.
Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, said underwater estimates can be too high if they use price data that includes a large number of foreclosures. Foreclosed homes tend to sell at a discount, he said, making it appear that prices have fallen more than they actually have.
Moody's Economy.com estimates that of 78.2 million owner-occupied single-family homes, 14.8 million borrowers, or 19%, owed more than their homes were worth at the end of the first quarter, up from 13.6 million at the end of last year.
Part of the reason Zillow's numbers are higher may be that it looks at mortgage debt taken out at the time the home was purchased and doesn't adjust for any payments since made toward the outstanding mortgage balance. It also assumes that borrowers who took out home-equity lines of credit at the time of purchase have fully tapped the amount they can borrow. That approach can overstate the portion of borrowers who are underwater, Mr. Zandi said.
Mr. Humphries of Zillow calls his methodology conservative and said Zillow's use of pricing for individual homes provides a better measure of home valuations than Mr. Zandi's approach, which relies on market-level estimates of home values. He adds that Zillow doesn't include foreclosures in its pricing models.
Source: Yahoo news by Ruth Simon and James R. Hagerty Monday, May 18, 2009
WASHINGTON – May 8, 2009 – The House voted Thursday to outlaw “liar loans,” ballooning mortgage payments and other bank practices that lawmakers say preyed on consumers who couldn’t afford their homes.The proposal, by North Carolina Democratic Reps. Brad Miller and Melvin Watt, is one of several that Democrats are pushing to tighten controls on an industry that critics say undermined the economy by underwriting risky loans, then passing them off to investors.The bill passed 300-114, with many Republicans contending it would limit consumers’ options and restrict credit.Democrats said it would ban only the most egregious lending practices and wouldn’t keep most people from getting a mortgage they can afford.“The simple fact is that our laws and enforcement efforts did not keep pace with the complexities of a global economy and a financial industry where the greed of some trumped common sense,” said House Speaker Nancy Pelosi, D-Calif.Under the bill, banks offering other than traditional fixed-rate mortgages would have to verify a person’s credit history and income and make a “reasonable and good faith determination” that a loan can be repaid. This provision is aimed at eliminating high-risk credit lines that became known as “liar loans” because they required little or no documentation.Banks also would have to make sure the loan provides a “net tangible benefit” for the consumer.Mortgage brokers and loan officers would lose incentive to steer consumers to more costly loan options. Under the bill, a broker would receive the same compensation for selling a 30-year, fixed-rate loan as he would a riskier adjustable-rate mortgage.The legislation also would place new restrictions on banks wanting to sell nontraditional mortgages to Wall Street by requiring they retain at least a 5 percent stake in the loan. Proponents say doing so would further deter banks from lending to people with risky credit.Another measure would prohibit mortgage payments from adjusting to more than twice their average amount.The Senate does not have a similar bill in the works, leaving in question when final legislation could reach the president.Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said he plans to take up in June a broader overhaul of the nation’s financial regulations. That bill is expected to decide who in government should monitor risk across the financial system and who should be able to shutter firms whose failure poses too much risk.Copyright © 2009 The Associated Press, Anne Flaherty, Associated Press Writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
WASHINGTON – May 8, 2009 – Rates on 30-year mortgages inched up this week after matching an all-time record low a week earlier.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.84 percent this week, down from an average of 4.78 percent last week. Rates have been below 5 percent for eight consecutive weeks.The all-time low of 4.78 percent was first recorded on the week of April 2 and again last week. Freddie Mac’s survey dates back to 1971.Low rates have sparked a surge in refinancing activity, with about 75 percent of new home loan applications coming from borrowers seeking to refinance.Frank Nothaft, Freddie Mac’s chief economist, said in a statement that the slight rise came amid news that “the economy may be approaching the bottom of the recession.”Mortgage rates fell dramatically over the winter. They fell further after the Federal Reserve said earlier in March that it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.Qualifying for a loan, however, is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.The average rate on a 15-year fixed-rate mortgage rose to 4.51 percent this week from 4.48 percent last week, according to Freddie Mac.Rates on five-year, adjustable-rate mortgages rose to 4.9 percent from 4.8 percent last week. Rates on one-year, adjustable-rate mortgages rose to 4.78 percent from 4.77 percent.The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages and averaged 0.6 point for five year and one-year adjustable rate loans.Copyright © 2009 The Associated Press, Alan Zibel (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
WASHINGTON – May 7, 2009 – Trying to curb home foreclosures, the Senate voted on Wednesday to make it easier for homeowners with risky credit to switch to a lower-cost mortgage backed by the government.The bill, passed 91-5, also would give banks a break by reducing fees they must pay for the government to insure deposits.While both steps put taxpayer money on the line, lawmakers say the legislation is needed to prevent the economy from getting worse.“Given the size and scope of the struggles too many Nevadans and Americans endure, it will take more time before housing normalizes again,” said Senate Majority Leader Harry Reid, D-Nev. “But with this bill, we are working to hasten that day so that no family will ever accept losing its home as the way it is.”Also on Wednesday, Democratic leaders in the House and Senate hashed out a plan to establish a $5 million, independent commission that would investigate the cause of the financial crisis and chart a path forward.The Senate bill would expand an existing $300 billion program called “Hope for Homeowners,” which encourages lenders to write down an individual’s mortgage if the homeowner agrees to pay an insurance premium. The program, which is set to expire in 2011, is intended to swap out a homeowner’s high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.So far, the program has been a dud.When it was established last year, Congress envisioned helping some 400,000 troubled homeowners. But because eligibility requirements were so strict, one borrower has completed the refinancing process and only 51 more are in the works, according to statistics released last week.The program also has been stymied by high fees, complex regulations and a requirement that banks volunteering to participate absorb large losses. The Obama administration supports easing restrictions.Republicans also have swung behind the latest proposal to expand the program using $2 billion from the $700 billion Wall Street bailout fund. Sen. Richard Shelby of Alabama, the top Republican on the Banking Committee, co-sponsored the bill with panel chairman Sen. Chris Dodd, D-Conn.Still, some Republicans warned that increasing the burden of the government to insure risky mortgages – even if it saves people from foreclosure – could backfire. Sen. David Vitter, R-La., who called the Federal Housing Administration a potential “ticking time bomb,” proposed letting the administration suspend any programs that threaten its solvency.His effort was defeated 36-56.Another issue is whether Hope for Homeowners will be enough to keep people in their homes, considering other voluntary efforts haven’t worked that well. According to a report released last month by federal regulators, fewer than half of the loan modifications made by lenders at the end of last year reduced payments by more than 10 percent.Without a guaranteed steep discount, homeowners are still considered at risk of defaulting.Instead, the Senate bill focuses on expanding eligibility. For example, the program currently bans participants who intentionally defaulted on a mortgage or other substantial debt. The Senate bill would narrow that prohibition to defaults within the last five years.The government also could waive the requirement that the home be an individual’s primary residence. And, the bill allows for the homeowner to pay lower insurance premiums associated with the modified loan.The bill also would permanently increase the borrowing authority for the Federal Deposit Insurance Corporation from $30 billion to $100 billion. Increasing the FDIC’s credit would allow the agency to reduce large new premiums it has begun charging banks to insure deposits.Lawmakers also want to soothe investor fears by keeping an increase in government insurance for bank deposits. Under the Senate bill, deposits up to $250,000 would be insured by the Federal Deposit Insurance Corporation through 2013.The House in March had approved a similar version of the bill; the two chambers will have to work out their differences before a final bill is sent to the president to sign.Copyright © 2009 The Associated Press, Anne Flaherty, Associated Press Writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
MANASSAS, Va. – May 4, 2009 – While it may seem crazy to bet on real estate for a steady retirement income these days, that is exactly what Edward and Olivia Green are doing.With their golden years fast approaching – he is 64 and she is 60 – the husband and wife have snapped up five investment homes in the past three years. They hope to buy more as the struggling real estate market continues to produce cheap properties. Their portfolio includes a condominium apartment in Manassas; two houses in Prince William County; and two houses in Memphis, Tenn. Their goal is to buy cheap foreclosure properties, fix them up and rent them out.The Greens said they prefer real estate to stocks and bonds because they can touch it, drive by it on a weekend and look at it – which gives them a level of comfort in the midst of a volatile economy.Buyers such as the Greens seeking long-term cash flow from their holdings are emerging as the new investors of the bust. In many ways, they are reclaiming the term “investor” from the speculators who bought homes during the boom years with intentions to flip them for quick gains.“At the peak of the bubble, you had a lot of people who called themselves investors but were really only buying a property with the hopes of selling it at a higher price to a greater fool later,” said Michael D. Larson, a real estate and interest rate analyst at Weiss Research in Florida. “The long-term way to invest in real estate is to buy cheap and buy at a level where it is profitable to rent; traditionally, anything you got from appreciation was icing on the cake, not the cake itself.”In areas such as Prince William County, where sales of foreclosure properties have dragged down home prices but rents remain relatively strong, the Greens’ strategy has become particularly popular, local real estate agents said. Nevertheless, these are not easy times for those looking to profit from the bust. Lending standards have tightened, making mortgages for investors harder to come by. There is also no guarantee that home prices will end their free-fall. Buying a foreclosed-on home, fixing it up and then becoming a landlord requires patience, vigilance and capital, and success is not certain.The Greens have had their stumbles. Their first investment property was a two-bedroom, two-bath condominium apartment not far from Interstate 66 in Manassas that they bought from their daughter in 2006 for $250,000. At the time, they anticipated that the housing market would take only a mild hit, and so they financed the property with a mortgage but rented it out for less than their costs. They expected to sell as home prices appreciated. That didn’t work out, so they’re taking a hit to their cash flow – a mistake they don’t intend to repeat with the other places they own.Glenn Kelman, chief executive of Redfin.com, an online brokerage based in Seattle, said one of the first questions to consider as a potential investor is whether you want to become a hands-on landlord.“If they don’t want to become a landlord, then they have to hire a property management professional, and that is going to cut into their investment,” Kelman said. “That is the fundamental decision that somebody has to make when going from a very liquid asset [such as stocks] to something that is not all that liquid – and will make their phone ring in the middle of the night when the toilet clogs up.”While rental income ideally provides a steady stream of cash, a tenant’s finances can fall prey to the souring job market. With the recent wave of foreclosures, potential tenants may also have shoddy credit ratings, meaning landlords need to decide whether they’re worth the risk.Kelman said the best investors are often the “fix-it” types who can quickly size up how much they need to spend on a property to make it rentable. They are also the ones who are willing to spend their weekends and evenings making those repairs and maintaining the homes over time.“They are often wearing a tool belt on the weekend and doing it all themselves,” he said.Last month, Michael McNally of Chantilly paid $53,000 for a three-bedroom, 2 1/2 -bath house in Dumfries. To make the purchase, he cashed in a $60,000 certificate of deposit that was earning interest at about 3 percent, he said.McNally initially estimated that he would need about $7,000 to get the property in shape. He now expects to come in about $1,500 over that by his self-imposed deadline of June 1. He has already redone some walls, added fresh paint, gutted and refurbished all three bathrooms, and put down new carpet.McNally, an information technology manager for a government contracting firm, said he was inspired to get into real estate investment by his 85-year-old grandfather, who started buying properties as a side job in Pennsylvania in the 1970s. He now owns about 45 such homes that have been paid off, McNally said.“He just rakes in all kinds of money,” he said.Danielle Babb, a real estate investor and a co-author of the book “Finding Foreclosures,” said she has been approached in recent weeks by many people looking for such properties. Many are getting discouraged, she said, because banks are taking a long time to close on offers and finding financing has grown increasingly difficult.Banks are turning down some would-be buyers, even those with pristine credit, if they have risky loans on their credit reports. Credit card debts are also causing problems at closing, with some banks asking buyers to pay off such accounts, she said.The best way to close a deal quickly is to pay cash, Babb said. If you need financing, make sure you’re satisfied with the mortgages you have on the properties you already own – your residence and any vacation homes – because it will become difficult to refinance once you start borrowing for other properties, she said.The Greens bought their second property in 2007 using cash from a home-equity loan on the house where they live. The property is a three-bedroom townhouse in the Lake Ridge subdivision of Woodbridge that had gone into foreclosure. Olivia, who is a real estate agent, had been showing the home to a military client who was interested in buying foreclosures.“We opened the door, and it was a disaster inside,” she recalled. “Even though she was looking for a foreclosure, she couldn’t see the potential in that one; she couldn’t see what could be done.”That evening, Olivia spoke with her husband, who runs a home repair business. They went together to view the property. They decided that with some work, the home could fetch a good rent, so they paid $235,000 in cash for it. Edward undertook about $16,000 worth of improvements – new paint, appliances, countertops, hardwood floors and more. Once the work was done, Green called her client and told her about the improvements. The buyer who originally balked agreed to rent it for $1,695 a month, Green said. That translates to a monthly profit.In search of cheaper properties, the Greens researched other hard-hit parts of the country. They considered Detroit, looked into some communities in upstate New York and settled on Memphis. They hired a local real estate agent through a family friend. The agent e-mailed photographs and descriptions of homes.During a week-long trip last year, the couple selected two houses. They bought one for $16,000; it needed another $16,000 in repairs. They paid $35,000 for the other; it needed just minor touch-ups. Given the distance, they hired a property manager to rent those homes.Their latest purchase was a three-bedroom, 2 1/2 -bathroom townhouse in Dumfries they bought out of foreclosure for $60,000. They are making some repairs and hope to rent it this month.“We are baby boomers, and we are looking for another way to have income,” Edward Green said. “It provides good cash flow if you have income coming in from rent, and with what is out there now, this is probably our best bet.”Copyright washingtonpost.com
WASHINGTON – May 4, 2009 – Pending home sales rose in March with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors® (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and it’s 1.1 percent higher than March 2008’s 83.7.“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” says Lawrence Yun, NAR chief economist. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”NAR’s Housing Affordability Index remained near record highs. The affordability index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. Tracking began in 1970.The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago. In the West the index increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent to 82.3 but is 8.2 percent higher than March 2008.NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he said. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900.© 2009 FLORIDA ASSOCIATION OF REALTORS®
WASHINGTON (AP) – May 1, 2009 – Rates on 30-year mortgages tied a record low this week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday.Average rates on 30-year fixed mortgages, the most popular loan among home buyers, slid to 4.78 percent from 4.8 percent last week, Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.06 percent.The all-time low of 4.78 percent was recorded the week of April 2. Freddie Mac’s annual survey dates back to 1971.Low mortgage rates have led to more refinancing activity since rates first fell dramatically in the winter. Rates slid again after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.Frank Nothaft, Freddie Mac’s chief economist, said the low rate means that those who refinance a $200,000 loan would save almost $212 in monthly mortgage payments and more than $2,500 per year.Borrowers who refinanced during this year’s first quarter reduced their mortgage payments by about $2.5 billion over the coming year, and half of borrowers who refinanced lowered their annual interest rate by at least 20 percent, according to Freddie Mac’s quarterly Refinance Report.With inventories apparently dropping and affordability rising, there are some positive signs, Freddie Mac said.“The housing market may be edging toward a bottom,” Nothaft said.Freddie Mac also said the average rate on a 15-year fixed-rate mortgage was 4.48 percent this week, unchanged for the third straight week.Rates on five-year, adjustable-rate mortgages fell to 4.80 percent from 4.85 percent last week – the lowest since Freddie Mac began tracking it in January 2005.Average rates on one-year, adjustable-rate mortgages fell to 4.77 percent from 4.82 percent last week.The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for every type of mortgage mentioned in Freddie Mac’s survey except for the five-year adjustable rate mortgage, which averaged 0.6 point.Freddie Mac collects mortgage rates from lenders around the country. Rates can fluctuate significantly.Copyright 2009 The Associated Press.
WASHINGTON – May 1, 2009 – The housing market is looking healthier, but U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday that it is too early to tell if the recovery has taken hold.“We do have some early signs, I think, that the market is stabilizing. Since January, what we’ve seen is both prices and sales volumes moving up and down around a relatively stable number,” Donovan said.Donovan said he was optimistic that President Obama’s policies are bolstering the market.“I think in particular when you get below the national level what you see is that in markets like California that were the hardest hit, that is where the signs (of recovery) are the strongest,” he said.Source: Reuters News (04/29/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD
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