Today’s News Synopsis:
In a big news story, foreclosures are at their lowest level since 2007, according to RealtyTrac. Another thing at a record low right now is 30-year fixed mortgage rates, which are now at almost 4%. Realty Times reported that Freddie Mac extended the forbearance for mortgage servicers.
In The News:
Bloomberg – “Home Seizures May Jump 25% This Year” (1-11-12)
“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, RealtyTrac Inc. said.”
CNN Money - “Foreclosures fall to lowest level since 2007″ (1-12-12)
“Foreclosure filings and repossessions fell to their lowest level since 2007 last year. Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.”
Realty Times - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-12-12)
“If you are struggling to pay your mortgage, but can see a light at the end of the tunnel, don’t overlook the forbearance option. Freddie Mac recently gave mortgage servicers of its loans authority to provide you with up to a year of forbearance – as much as four times the previous term.”
Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record Low of 3.89%” (1-12-12)
“Rates for 30-year U.S. mortgages fell to the lowest level on record after Federal Reserve Chairman Ben S. Bernanke urged lawmakers to do more to revive housing.”
Housing Wire – “FICO warns mortgage, student loan delinquencies may rise” (1-12-12)
“Bank risk professionals believe Americans who are over leveraged on mortgage, student loan and credit card debt remain a risk to the broader economy, according to a FICO report.”
Inman - “Trulia offers agents insights into consumer behavior” (1-12-12)
“Trulia today launched a new subscription-based lead-generation service that provides real estate professionals with insight into the search preferences of visitors to the popular listing portal.”
Bloomberg - “Fed Detection of Housing Weakness in August 2006 Triggered Rate-Rise Pause” (1-12-12)
“Federal Reserve officials detected growing weakness in the U.S. housing market in August 2006, deciding to pause after a two-year campaign raising the benchmark interest rate.”
Housing Wire – “NeighborWorks invests $1.3 billion into rental homes” (1-12-12)
“NeighborWorks America, which finances community development around the country, invested more than $1.3 billion in rental housing over its fiscal year ending Sept. 30.”
DS News - “Foreclosures in Most of Top 20 Metros Decline From Past Two Years” (1-12-12)
“With Atlanta as the exception, all of the metro areas on RealtyTrac’s top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosures from both of the previous two years.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.
The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.
According to CoreLogic, in November 2010 the price of homes fell once again for the fourth month in a row. Moody’s Investor Services reported a 79% increase in delinquncies for commercial mortgage-backed securities. The Mortgage Banker’s Association also reported that applications for mortgage refinancing increased that week 2.2%. Mortgage News Daily gave an update that the conventional 30-year fixed mortgage increased again to 4.875%.
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: Ben S. Bernanke, Brandon Moore, bruce norris, Daren Blomquist, Federal Housing Finance Agency, Federal Open Market Committee, Federal Reserve, FICO, forbearance, foreclosure, freddie mac, hamp, harp, home repossession, mortgage servicer, NeighborWorks America, Notice of Default, Professional Risk Managers' International Association, RealtyTrac, short sale, the norris group, trulia