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Mortgage mess could delay South Florida housing market rebound
The subprime mortgage mess could delay a much-anticipated rebound this year in the housing market across South Florida and the nation, industry officials said Thursday.
David Seiders, chief economist for the National Association of Home Builders, said the subprime fallout has caused him to change his overall housing forecast. The increasing threat of mortgage foreclosures could put even more homes on the market. Nationwide there are already 1.4 million excess vacant units for sale, Seiders said.
"Some markets will really be in the doldrums for quite awhile," he said during a conference at the Westin Diplomat in Hollywood.
Seiders expects further price declines in South Florida and other areas. But he said he doesn't expect the slumping housing industry to drag the nation into a recession.
Beazer Homes in the red in Q2
The lower demand and higher inventory plaguing the U.S. housing market continued to drag down Beazer Homes USA Inc. in the second quarter. The Atlanta-based homebuilder (NYSE: BZH) posted a net loss of $43.1 million on $826.3 million in revenue, compared with net income of $104.4 million on $1.3 billion in revenue in the second quarter of 2006. Loss per share was $1.12, compared with earnings of $2.35 a share in the second quarter of 2006. .
Fitch Rates C-BASS Mortgage Loan Asset-Backed Ctfs, Series 2007-CB4
The 'AAA' rating on the senior certificates reflects the 23.75% initial credit enhancement provided by the 3.60% class M-1, the 3.30% class M-2, the 2.05% class M-3, the 1.80% class M-4, the 1.65% class M-5, the 1.50% class M-6, the 1.50% class B-1, the 1.30% class B-2, the 1.20% class B-3, the 1.55% class B-4, the 1.10% privately offered class B-5 and over-collateralization (OC). The initial and target OC is 3.20%. All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capability of Litton Loan Servicing LLP (rated 'RPS1' by Fitch) as servicer. The collateral pool consists of 2,533 fixed- and adjustable-rate mortgage loans and totals $497.86 million as of the cut-off date.
State senate OKs bill on mortgage counseling
The state Senate voted 26-5 on Monday to approve a pared-down measure that would require financial counseling for some people taking out home loans of $125,000 or less that contain relatively risky and complex features. The bill, by Sen. Eddie Lucio Jr., D-Brownsville, had been stalled on the Senate floor for a week because of opposition from bankers' associations and some mortgage broker groups that said the measure could slow lending and force counseling onto people who do not need it. .
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