The Norris Group Real Estate News Roundup 2/17/12

U.S. foreclosure filings decline in January
Delinquencies and Foreclosures Decline in Latest MBA Mortgage Delinquency Survey
Foreclosure Sales Up for West Coast States Except Washington
Initial and Continuing Claims for Unemployment Fall Again
Builder Confidence Increases for Fifth Consecutive Month in February
Purchase Applications Decrease in Latest MBA Weekly Survey
Southern California home sales inch higher, prices dip lower
Deadline for foreclosure review submission extended
Military members may get six-figure payday for wrongful foreclosures
Citigroup pays $158M to settle mortgage fraud
Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness
AGs weeks from filing foreclosure settlement documents

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 news of the week. In spite of a decrease in home prices, the market actually saw an increase in housing inventory.  The rate for 30 year mortgages continues to remain steady at an all-time low.  The unemployed will soon only have 73 days to collect benefits for unemployment.

In The News:

Housing Wire“Home prices fall, but inventory levels improve” (2-17-12)

“The national inventory of single-family homes, condos and town homes declined 23.2% in January from a year earlier, as more markets benefited from an influx of investors and buyers looking for deals, said.”

DS News“Property Fraud Valuation Rises Following Decline” (2-17-12)

“The risk for property valuation fraud rose nearly 8 percent for this fourth quarter following a period of decline, according to the Mortgage Fraud Risk Report released by Interthinkx.”

Realty Times“Average 30-Year Fixed-rate Mortgage Unchanged From All-time Record Low for 3rd Consecutive Week” (2-17-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates remained unchanged amid mixed consumer sentiment data.”

Inman “Prudential Douglas Elliman pledges $100k for real estate scholarship fund” (2-17-12)

“The New York University Schack Institute of Real Estate, founded in 1967, announced its first-ever scholarship from a residential real estate firm earlier this month.”

CNN Money“Congress restructures unemployment benefits” (2-17-12)

“Beginning later this year, the maximum number of weeks the jobless can collect unemployment benefits will be reduced to 73 weeks.  The legislation, which Congress approved Friday, calls for unemployment insurance to be reduced in two stages. States with lower jobless rates will see federal benefits trimmed starting in June. The full cut will go into effect in September.”

Housing Wire“Colorado foreclosure activity drops to five-year low” (2-17-12)

“Foreclosure activity in Colorado for January fell to lowest level in about five years, but the mortgage servicing settlement deal could spark additional activity, the Colorado Division of Housing said.”

Bloomberg“Gillard Urged to Copy Bernanke as Australia’s Lenders Squeezed: Mortgages” (2-17-12)

“Australia’s Prime Minister Julia Gillard may be forced to follow U.S. Federal Reserve Chairman Ben S. Bernanke by increasing mortgage purchases as house prices slump and the nation’s biggest banks extend their grip on the home-loan market.”

San Francisco Chronicle“New housing construction exceeds January forecast” (2-17-12)

“Builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the residential real estate market is stabilizing.”

Housing Wire“TARP banks pushed Treasury over executive pay and won” (2-17-12)

“Executives at the largest financial institutions pressured the Treasury Department in 2009 to allow higher executive pay and threatened to hold off paying back bail outs if the demands weren’t met.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

The Norris Group posted a news event.  Bruce Norris of The Norris Group will be at the Riverside Escrow Association on February 21, 2012.

Looking Back:

4,966 new and resale houses and condos sold in the Bay Area, according to MDA DataQuick. Statistics from the MBA showed the delinquency rate for mortgages decreased to 8.22% in the 4th quarter of 2010. The Labor Department said jobless claims increased 6.5% 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 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.

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