Today’s News Synopsis:
Builder confidence increased this month for the sixth month in a row and is now at 41. Vikram Pandit has stepped down from his position as Citigroup’s CEO and is being replaced by Michael Corbat. The California Association of Realtors reported the median home price in California is now at its highest in four years at $345,000 last month.
In The News:
NAHB- “Builder Confidence Edges Higher in October” (10-16-12)
“Builder confidence in the market for newly built, single-family homes edged slightly higher for a sixth consecutive month in October, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The latest, one-point gain brings the index to 41, its strongest level since June of 2006.”
Housing Wire – “Citi CEO Vikram Pandit steps down” (10-16-12)
“Citigroup ($36.97 0.31%) announced Vikram Pandit is stepping down as CEO and board member, effective immediately.”
DS News – “Fitch Forecasts Continued Improvements for Housing “ (10-16-12)
“Fitch Ratings is predicting a continued recovery into 2012, according to a recent report titled U.S. Homebuilding and Construction: The Chalk Line.”
Bloomberg – “Investors Abandon Home Loan REITs Under Fed Assault: Mortgages” (10-16-12)
“Wellington Denahan-Norris helped deliver returns of 99 percent to investors in Annaly Capital Management Inc. (NLY) over the past five years. Now, after becoming co-chief executive officer, she’s being forced to play defense. ”
Los Angeles Times – “Most consumer default rates hit post-recession lows in September” (10-16-12)
“Consumers did a better job making on-time payments for mortgages and credit cards last month than at any point since the end of the Great Recession.”
DS News- “Kroll Factual Data Finds Possibility of Fraud in Applications Rising” (10-16-12)
“Kroll Factual Data, Inc. found risks in mortgage applications appears to be increasing. The company recently revealed that the loans it processes had a 1.3 percent increase in the possibility of fraudulent activity in the second quarter compared to the previous quarter.”
Housing Wire – “FHFA: HARP leaps forward, 99,000 refinancings in August” (10-16-12)
“Close to 99,000 homeowners refinanced their mortgages through the Home Affordable Refinance Program in August, according to the Federal Housing Finance Agency.”
DS News – “California’s Median Home Price at Four-Year High: C.A.R.” (10-16-12)
“The California Association of Realtors (C.A.R.) continued to report a shortage of inventory in September, which is limiting home sales but seems to be pushing up median home prices.”
Hard Money Loan Closed
Highland, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $222,000.
Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.
The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
About Bruce Norris
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.
Tags: bruce norris, California Association of Realtors, Citigroup, fitch ratings, harp, Kroll Factual Data, median home price, National Association of Home Builders, the norris group, Vikram Pandit, Wells Fargo Housing Market Index