Two More Bank Failures, National Tally Now at 15
Pending home sales down monthly but up yearly
Case-Shiller Indexes Down for Fifth Straight Month
Home prices drop in 16 metro areas: Case-Shiller
Consumer Confidence in U.S. Holds Close to One-Year High
Sales of Distressed Properties Down in California, Equity Sales Up
Home Prices Have Been Rising for Three Months: Report
Mortgage Applications for FHA Loans Increase Ahead of Higher Fees
Foreclosure initiations declined in 4Q: OCC
Mortgage Rates for 30-Year U.S. Loans Fall From Five-Month High
Fourth-quarter GDP grows 3%
Initial Unemployment Claims Drop To New Four Year Low
CoreLogic: Number of Completed Foreclosures Down For February
Deutsche Bank to Pay $32.5 Million to Settle Mortgage Suit
Fannie Mae finds Americans remain committed to homeownership
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. With the upswing in the housing market, 30-year fixed mortgage rates decreased this week after being at a five-month high. Goldman Sachs, who made bets on the housing market and thus survived the subprime mortgage crisis, is taking advantage of the improving real estate market by purchasing home-loan bonds.
In The News:
Housing Wire – “NY judge throws out investor lawsuit against BofA, Countrywide” (3-29-12)
“A New York state judge threw out a lawsuit filed by a group of mortgage bond investors against subprime mortgage lender Countrywide Home Loans and Bank of America ($9.45 -0.085%).”
Bloomberg – “Goldman Bets on Property Rebound With New Fund: Mortgages” (3-30-12)
“Goldman Sachs Group Inc. (GS), which survived the subprime mortgage crisis by making bets on a housing decline, is raising money for a new fund that will buy home-loan bonds to benefit from an improving real-estate market.”
DS News – “Spending Growth Outpace Income in February; Savings Rate Declines” (3-30-12)
“Consumer spending grew 0.8 percent in February, the Bureau of Economic Analysis reported Friday, fueling expectations for a stronger first quarter economic surge than economists had forecast. Personal spending grew faster than the 0.6 percent market consensus.”
San Francisco Chronicle – “Mortgage rates fall as housing market picks up” (3-30-12)
“Mortgage rates for 30-year U.S. loans fell from an almost five-month high, lowering borrowing costs as the housing market gains strength. The average rate for a 30-year mortgage declined to 3.99 percent in the week ended Thursday, from 4.08 percent, which was the highest since Oct. 27, according to Freddie Mac.“
Housing Wire – “Consumer sentiment hits 13-month high in March” (3-30-12)
“Consumer sentiment improved in March, approaching a level not seen in more than a year. The Thomson Reuters/University of Michigan index rose to a final reading of 76.2, up from a mid-March mark of 74.3 and 75.3 in February. It’s the highest index reading since 77.5 in February 2011.”
DS News – “Preventing ‘Moral Hazzard’ Issue for Principal Reduction” (3-30-12)
“They say foreclosure harms everyone – the lenders, the borrowers, and even the neighbors. While avoiding foreclosure has been established as an unwavering goal for the benefit of everyone, the question that is creating tension between policy makers, advocacy groups, and analysts is how to best prevent foreclosure.”
Inman- “Foreclosure rates down in most markets” (3-30-12)
“Foreclosure rates are lower than they were a year ago in 61 of the nation’s 100 largest housing markets, according to a new analysis of loan data by CoreLogic.”
Bloomberg – “CIM, Macklowe to Build Tallest New York Residential Tower” (3-30-12)
“CIM Group and developer Harry Macklowe are planning to build a Manhattan residential tower that would be the tallest in New York City.
Housing Wire – “States with double-digit unemployment now down to three” (3-30-12)
“Three states held double-digit unemployment rates in February, down from nine one year ago, according to the latest Bureau of Labor Statistics data.”
Inman – “Sales of second homes soar to highest level since 2005″ (3-30-12)
“Sales of second homes, which include vacation and investment homes, soared in 2011 to their highest market share since the height of the housing boom, according to an annual report from the National Association of Realtors.”
Housing Wire – “Mortgage insurance business slightly higher in February” (3-30-12)
“Members of trade group Mortgage Insurance Companies of America wrote $5.4 billion of primary new insurance in February, up from $5 billion in January and $4.2 billion from February 2011, the group reported on Friday..”
Hard Money Loan Closed
Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $138,000 on a 3 bedroom, 2 bathroom home appraised for $220,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.
The NAR said vacation home sales accounted for 10% of all transactions in 2010. A new proposal forced lenders to allow short sales for delinquent homeowners. The House voted 252 to 170 to end funding for HAMP. CoreLogic estimated there were 1.8 million homes in the shadow inventory.
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: Bank of America, bruce norris, Bureau of Economic Analysis, Bureau of Labor Statistics, CIM Group, CoreLogic, Countrywide Home Loans, foreclosure, Goldman Sachs, Harry Macklowe, Mortgage Insurance Companies of America, national association of realtors, New York City, Principal Reduction, the norris group, Thomson Reuters/University of Michigan