Today’s News Synopsis:
A big story in the world of real estate is the decrease in existing home sales by 3%. Freddie Mac recently announced 30-year mortgage rates are continuing to remain steady at just a little over 4%. The San Francisco Chronicle reported a slowdown in the commercial real estate market, as well as jobless claims declined slightly last week.
In The News:
Housing Wire - “Existing home sales fall 3% in September” (10-20-11)
“Existing home sales fell 3% in September, but remain above year ago levels, the National Association of Realtors said Thursday.”
NAHB - “Presidential Hopefuls Must Address Housing Issues” (10-20-11)
“As noted by the Wall Street Journal, MSNBC and other media outlets, the Republican presidential candidates let a great opportunity slip away during Tuesday night’s presidential debate to explain how they would address the nation’s housing problems in order to get the housing market and economy back on track, according to the National Association of Home Builders (NAHB).”
Bloomberg - “Wells Sees ‘Opportunity’ as BofA Cuts Loans” (10-20-11)
“Wells Fargo & Co. (WFC), the biggest U.S. home lender, may earn higher profits in the U.S. mortgage market as rivals flee from angry homeowners, more powerful regulators and billions of dollars in losses.”
Los Angeles Times - “Average 30-year mortgage rate remains above 4%, Freddie Mac says” (10-20-11)
“The typical rate for a 30-year mortgage has leveled off at a bit over 4%, a widely watched survey shows. Lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from 4.12% last week, Freddie Mac said Thursday.”
San Francisco Chronicle - “Commercial Real Estate Deals Decline in U.S. as Rebound Cools” (10-20-11)
“The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California.”
Housing Wire – “Poverty rates continue to rise, southern states hardest hit” (10-20-11)
“Poverty rates rose to 15.3% in 2010 from 14.3% 2009 as the nation’s economic malaise and housing crisis persist, according to Census Bureau data released Thursday.”
DS News - “Proposed Bill Would Offer Visas to Foreign Homebuyers in U.S.” (10-20-11)
“Foreigners may get an added bonus when they invest in residential real estate in the U.S. – a visa. Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.”
Los Angeles Times - “New jobless claims continue modest decline” (10-20-11)
“The number of workers filing for new unemployment benefits dipped slightly last week, a sign the job market is improving, albeit very slowly. The Labor Department said Thursday initial jobless claims filed in the week ending Oct. 15 dropped to 403,000 from an upwardly revised 409,000 in the prior week. That’s down from the summer high of more than 430,000, but still far from comforting given that employers haven’t stepped up their hiring much.”
Mortgage application volume decreased 10.5% from the previous week, said the Mortgage Bankers Association. RealPoint reported CMBS delinquencies increased 1.3% in August 2010. The Federal Reserve’s Beige Book showed economic growth continued in September 2010. Fannie Mae expected total economic growth for 2010 to equal approximately 2.5%.
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 event 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.
Tags: Bank of America, bruce norris, Capital Economics, Census Bureau, Charles Schumer, freddie mac, JP Morgan Chase, labor department, Mike Lee, National Association of Home Builders, national association of realtors, National Bureau of Economic Research, Real Capital Analytics, the norris group, Wells Fargo