The Norris Group Real Estate News Roundup 3/16/12

Number of Failed Banks Rises to 13 After Illinois Bank Closing
Southern California Home Sales Rise on Investor Purchases
San Francisco Area Home Sales Climb on Investor Purchases
Jobless claims decline by 14,000 filings
Unemployment rate drops in 45 states
Home prices rise for first time in 18 months: RE/MAX
Foreclosures Fall 8% in U.S. With Seizure Increase Coming
Consumer sentiment lags as gas prices rise
Robo-signing settlement may boost short sales
After More Than a Month, $25B Settlement Filed in Court
Ally Will Write Some Borrowers’ Principal Down to 85% LTV
FOMC Votes 9-1 to Keep Rates Low, Housing Sector Still ‘Depressed’
Fed’s Stress Test Shows 15 out of 19 Banks Would Weather Storms
New York Reacehs $25M Settlement Over MERS Actions
Mortgage Rates Rebound

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big news of the week. .

In The News:

Housing Wire“US account deficit widens, positive housing trends emerge” (3-16-12)

“The United States account deficit widened in the fourth quarter, showing another area of economic weakness for the nation. Still, signs of a housing turnaround are emerging, analysts with Capital Economics say.”

San Francisco Chronicle“Foreclosure filings down, but ‘tide’ is coming” (3-16-12)

“Foreclosure filings in the United States fell 8 percent in February, the smallest year-over-year decrease since October 2010, as lenders began working through a backlog of seized properties, RealtyTrac said Thursday.”

DS News“First and Second Lien Holders to Share Losses Through Settlement” (3-16-12)

“Details of the $25 billion settlement involving state and federal officials and the five largest servicers will change how liens are prioritized, and in turn, opponents say, will benefit banks but hurt investors.”

Realty Times“Fixed-rate Mortgages Remain at or Near All-time Lows” (3-16-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates moved higher amid positive jobs data and increasing bond yields. Despite the increase, the average 30-year fixed rate mortgage has been below 4.00 percent for 15 consecutive weeks helping to keep homebuyer affordability high.”

Housing Wire “Consumer sentiment lags as gas prices rise” (3-16-12)

“Higher gas prices and inflationary fears pushed consumer sentiment downward in a preliminary March report, according to the latest Thomson Reuters/University of Michigan Consumer Sentiment Index.”

DS News“HUD Grants $42M to Housing Counselors” (3-16-12)

“AHUD Secretary Shaun Donovan announced Friday the distribution of $42 million in grants to 468 housing counseling agencies nationwide. In his announcement Friday, Donovan called housing counseling programs ‘nothing less than indispensable’.”

Housing Wire“SEC finalizing Dodd-Frank CEO pay ratio rule within two months” (3-16-12)

“Under pressure from restless lawmakers awaiting action, Securities and Exchange Commission Chairwoman Mary Schapiro said her agency will implement the federally mandated CEO-to-employee pay ratio disclosure requirement ‘in the next couple of months’.”

Housing Wire“Cleveland prepares demolition projects under AG settlement” (3-16-12)

“The Cuyahoga County Land Bank and the City of Cleveland pledged $14 million toward vacant home demolition, and expect a match from the state foreclosure settlement coffers.”

Hard Money Loan Closed

Desert Hot Springs, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 2 bathroom home appraised for $67,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 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.

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