Today’s News Synopsis:
Sales of existing homes decreased 0.9% last month; although year-over-year they increased over 8%. Mortgage applications are down 7.4% from last week, although mortgage rates are increasing slightly to above 4%. In addition, the number of mortgages 30 days overdue decreased last 5% month-over-month and 14% year-over-year.
In The News:
Los Angeles Times – “Average 30-year mortgage rate edges up, above 4%, Bankrate says” (3-20-12)
“Those 30-year fixed home loans that have rates starting with a “3” are getting harder to find. Bankrate’s running survey of average mortgage rates has edged into the 4%-plus range over the past week and was at 4.05% on Tuesday. It had spent more than three months in the once unimaginable range below 4%, Bankrate senior analyst Greg McBride said.”
Housing Wire – “Existing home sales dip 0.9% in February” (3-21-12)
“Existing home sales fell 0.9% in February from January but rose 8.8% from a year earlier, according to the National Association of Realtors.”
Mortgage Bankers Association – “Interest Rates Highest Since December, Applications Decrease in Latest MBA Weekly Survey” (3-21-12)
“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.”
Realty Times – “Bank Mortgage Refinance Rates At Risk of Increasing” (3-21-12)
“Now that headlines out of Europe have calmed down, the focus has been on the economy here in the U.S. Although there are some mixed signals coming out of data reports, investor confidence is evident in the direction that markets are moving.”
San Francisco Chronicle – “Treasuries Rebound a 2nd Day as U.S. Equities Fall on Housing” (3-21-12)
“Treasury 10-year notes rose for a second day, while U.S. stocks retreated, amid concern that the American housing market is struggling to recover. The Dollar Index and commodities were little changed.”
DS News – “Zillow Survey: Prices Projected to Fall This Year, Rise in 2013” (3-21-12)
“Home prices are projected to fall 0.7 percent this year, a more negative expectation than the 0.2 percent decline economists previously anticipated, according to the March 2012 Zillow Home Price Expectations Survey.”
Housing Wire – “Buying cheaper than renting in nearly 100 major U.S. markets: Trulia” (3-21-12)
“Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia’s rent vs. buy index.”
CNN Money – “Stocks: More housing data on tap” (3-21-12)
“U.S. stocks were poised to move higher Wednesday, as investors pushed aside worries of a cooling Chinese economy ahead of more U.S. housing market data.”
Housing Wire – “LPS: Mortgage deliquencies decline in February” (3-21-12)
“Mortgages at least 30 days past due dropped 5% in February from a month earlier and declined 14% from February 2011”
CNN Money – “Buyout season is back for private equity” (3-21-12)
“The private equity buyout market is back! A combination of the hot stock market and interest rates near all-time lows has created the perfect conditions for many public companies to put “for sale” signs up in hopes of enticing private equity attention.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2 bathroom home appraised for $188,000.
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.
Existing home sales dropped 9.6%, according to the NAR. A San Joaquin County investor pleaded guilty to rigging foreclosure auctions, and was facing a federal prison sentence and $1 million in fines. LPS claimed the then-current mortgage delinquency rate was 8.8%.
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: bankrate, bruce norris, Home Price Expectations Survey, Lender Processing Services, mortgage bankers association, mortgage delinquencies, national association of realtors, the norris group, treasury, trulia, Weekly Mortgage Applications Survey, zillow