Today’s News Synopsis:
The number of bank closures has reached 47 with another closure in Pennsylvania. LPS reported profit increased 44% in the third quarter with the increase in demand for mortgage technology as well as refinancing. Consumer spending increased 0.8% last month, double what income increased at 0.4% the same month.
In The News:
Housing Wire- “Foreclosures wipe out $2 trillion in neighborhood equity” (10-29-12)
“During the past few years, properties located next to foreclosures lost an estimated $1.95 trillion in value, according to the Center for Responsible Lending.”
DS News – “Pennsylvania Bank Failure Raises Tally to 47″ (10-29-12)
“The FDIC closed another Pennsylvania institution, bringing the state’s year-to-date tally to two and the national tally to 47.”
Bloomberg- “Hedge Funds Drawn to Fannie-Freddie Risk-Sharing Plan” (10-29-12)
“Bond buyers are vying with insurers to strike deals with Fannie Mae (FNMA) and Freddie Mac as their regulator seeks to draw private capital to the government- dominated mortgage market.”
Realty Times – “Real Estate Outlook: Existing-Home Sales” (10-29-12)
“Existing-home sales may have experienced a slight dip in the month of September, but national median home prices are continuing their upward movement.”
Housing Wire- “CoreLogic: Hurricane Sandy threatens damage to 284,000 homes” (10-29-12)
“As Hurricane Sandy pushes through the Northeast, data firm CoreLogic ($23.12 -0.46%) estimates 284,000 properties with an approximate value of $87 billion remain at risk from high winds and storm surge. ”
DS News- “September Spending Outpaces Income” (10-29-12)
“Consumer spending rose $87.9 billion, 0.8 percent, in September, twice the 0.4 percent growth in personal income, $48.1 billion, the Bureau of Economic Analysis reported Monday.”
Housing Wire – “Refinancing, mortgage tech demand pushes LPS third-quarter profit” (10-29-12)
“A refinancing craze and increased demand for mortgage technology solutions pushed Lender Processing Services- ($27.33 -0.84%) third-quarter profit 44% higher than year ago levels.”
DS News – “Agents Suggest Banks May Be Holding onto REOs” (10-29-12)
“A sharp drop in distressed sales is one of the main drivers behind the steady rise in home prices seen in certain areas throughout the country, according to the monthly Campbell/Inside Mortgage Finance HousingPulse survey. ”
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $126,000 on a 3 bedroom, 2 bathroom home appraised for $197,000.
Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.
The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 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.
Tags: bruce norris, Bureau of Economic Analysis, Center for Responsible Lending, consumer spending, CoreLogic, existing home sales, fannie mae, FDIC, freddie mac, hedge funds, Hurricane Sandy, income, Pennsylvania, the norris group