Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System
Today’s News Synopsis:
In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs. In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets. New York and New Jersey are among the worst hit states for foreclosures.
In The News:
Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)
“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”
Housing Wire – “LPS reports mortgage delinquencies are going nowhere” (1-6-12)
“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”
Mortgage Bankers Association – “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)
“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market. The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“
Realty Times – “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”
DS News – “Unemployment Rate Falls to 8.5%” (1-6-12)
“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”
Bloomberg – “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)
“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”
Housing Wire – “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)
“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”
San Francisco Chronicle – “Apartment vacancies at decade low as rents climb” (1-6-12)
“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter, allowing for rent increases that are likely to continue this year, property research firm Reis said.”
Bloomberg – “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)
“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”
Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012” (1-6-12)
“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.
The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.
According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.
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: Arizona, bruce norris, Department of Labor, fitch ratings, foreclosure, freddie mac, Lender Processing Services, mortgage rate, New Jersey, New York, Primary Mortgage Market Survey, REIS, Richard Cordray, the norris group, Veros Real Estate Solutions