Today’s News Synopsis:
This week’s video is I Survived Real Estate 2011, which can be seen on the Norris Group website and YouTube. The housing market is continuing to show signs of weakness according to the latest CoreLogic report. According to the Los Angeles Times, the unemployment rate is showing signs of improvement as it decreased below 12% in September with the creation of 12,000 new jobs.
In The News:
Bloomberg - “MGIC Leads Mortgage Insurer Slump as Loss Widens on Home Borrower Defaults” (10-21-11)
“MGIC Investment Corp. (MTG) led a mortgage insurer slump after reporting a wider third-quarter loss as the cost of claims from mortgage delinquencies rose.”
Housing Wire - “Recent housing data shows only weakness: RadarLogic” (10-21-11)
“The housing market continues to be very weak and is unlikely to improve in the near term, according to the August 2011 RPX monthly housing report from New York-based Radar Logic Inc.”
“The National Association of Home Builders commends the Senate for approving an amendment offered by Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) that is essential to help mend the struggling housing market, provide affordable mortgages for creditworthy home buyers and move the economy forward. The 60-to-38 vote demonstrates bipartisan support for pro-housing policies that will help our industry to create jobs and spur economic growth.”
Los Angeles Times - “California’s unemployment rate dips in September” (10-21-11)
“California’s unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created. The jobless rate fell to 11.9%, from 12.1% in August, and was the best performance since June.”
Realty Times - “Existing-Home Sales Down Again” (10-21-11)
“Existing-homes sales were unable to keep up the momentum seen in August according to recent figures from the National Association of Realtors ®. The rate of existing-home sales was down 3.0 percent last month, though this rate is still 11.3 percent above September 2010.”
Housing Wire – “Senate votes to extend the conforming loan limits” (10-21-11)
“The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.”
CNN Money - “Foreign buyers scooping up U.S. homes” (10-21-11)
“International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.”
Rismedia - “Rising Rents Improve Investors Returns” (10-21-11)
“With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to the founder of a leading internet platform for investors and real estate professionals.”
Realty Times - “Fixed Mortgage Rates Hold Steady” (10-21-11)
“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates relatively unchanged for the week amid mixed economic and consumer sentiment reports. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.”
According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September 2010. The government estimated that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America sued the FDIC for $1.75 billion. The Labor Department reported jobless claims decreased 4.8% the previous week.
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: Bob Nielsen, bruce norris, Charles Schumer, fannie mae, federal housing administration, fixed mortgage rates, freddie mac, MGIC Investment Corp., Mike Lee, National Association of Home Builders, Primary Mortgage Market Survey, radar logic, the norris group