Bloomberg News is reporting on a proposal from Federal
Housing Finance Agency (FHFA) Director Melvin Watt regarding the future of
Fannie Mae and Freddie Mac (the GSEs).
The two former companies, which have been in conservatorship under FHFA
since 2008, are at the heart of the current debate on housing finance reform. Watt's proposal, titled "Federal Housing Finance Agency Perspectives on Housing
Finance Reform," was sent to Senate Banking Chairman Michael
Crapo (R-ID) and the committee's ranking member, Sherrod Brown (D-OH). In the proposal's cover letter Watt said that
he and the FHFA staff feel they should provide their views "independently and
transparently to those who have requested them while continuing to provide
technical assistance to the committee and its members on other proposals that
may be introduced."
The bidding wars are back. With home
prices and sales back to or above pre-crisis levels and the inventory of available
homes at records lows, CoreLogic's Shu Chen says that a large and increasing share
of homes sold at or above their listing prices in 2017. In September that share was back to
early 2004 levels, up almost three times from the 2008 level. Those at-and-above
list sales represented more than one-fifth of all transactions. Of course, under the "all real
estate is local" rule, there is a wide range in the level of bidding activity. In San Francisco 76 percent of sales were at the
asking price or higher, while in Miami only 16 percent of sales reflected pressure
from buyer bidding.
Welcome to Feedback Friday Episode 1
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