Today’s News Synopsis:
This week has seen many changes in the real estate economy. The number of foreclosures filed is at its lowest in over four years since 2007. Unfortunately, the number of claims of unemployment increased 13,000 last week to a level not experienced since January. Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.
In The News:
Bloomberg – “Foreclosure Filings Decline in U.S. to Lowest Since 2007” (4-11-12)
“Foreclosure filings in the U.S. fell in the first quarter to their lowest level in more than four years after lenders under legal scrutiny slowed actions against delinquent homeowners, according to RealtyTrac Inc.”
Housing Wire – “Jobless claims rise, dampening signs of economic optimism” (4-12-12)
“More Americans stood in line for jobless benefits in early April, reaching a level not seen since late January. Jobless claims edged up again last week after experiencing a minor drop a week earlier, the U.S. Labor Department said Thursday.”
DS News – “Strategic Default Here to Stay Despite Improvements, Risk Managers Say” (4-12-12)
“With reports that around 20 percent of mortgages are underwater, about 46 percent of bank risk professionals surveyed by FICO expect to see the volume of strategic defaults in 2012 exceed 2011 levels.”
Inman – “MRED adds 12th Realtor association” (4-12-12)
“Midwest Real Estate Data (MRED), the Chicago-area multiple listing service that serves northern Illinois, southern Wisconsin and northwest Indiana, has added a 12th Realtor association as a member, and said it hopes to capitalize on inquiries it has received from other associations.”
CNN Money – “Investors to banks: Show me the growth” (4-12-12)
“Investors want something new from banks this earnings season: growth. To justify the high double-digit stock price increases of 2012, investors want to see whether banks have bolstered lending, investment banking services and trading activity and what kind of growth they’re forecasting for the next several quarters.”
Housing Wire – “FHFA REO-to-rental bid deadline extended, sources say” (4-12-12)
“Investors will have an extra month to bid on Fannie Mae REO properties as part of a pilot program to rent out these homes, according to sources familiar with the process.
Los Angeles Times – “Mortgage rates drop, Freddie Mac says; 15-year fixed at record low” (4-12-12)
“Mortgage rates are sharply lower on news of a weakening job market, with the 30-year fixed loan averaging 3.88% this week and the 15-year fixed at a record low of 3.11%, according to Freddie Mac.”
Realty Times – “Commercial Real Estate Forecasted to Improve” (4-12-12)
“The latest National Association of Realtors quarterly commercial real estate forecast indicates that all major commercial real estate sectors are seeing improved fundamentals.”
Mortgage Bankers Association – “Mortgage Bankers’ Commercial/Multifamily Originations up 55 Percent to $184.3 Billion in 2011” (4-11-12)
“A planned initial public offering for Ally Financial appears on track after the bank filed a prospectus Thursday morning. The Securities and Exchange Commission filing does not offer any pricing or a date, but says the Detroit company has applied to list their common stock on the New York Stock Exchange under the symbol ‘ALLY’.”
Hard Money Loan Closed
Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 2.5 bathroom home appraised for $135,000.
Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.
81 percent of respondents to a Pew Research Center’s survey believed housing was the best investment a person could make. California foreclosure sales increased 35.1% in March 2011, according to ForeclosureRadar. Altos Research claimed home sale inventory rose 2.97% the previous month. HUD was sued over a rule requiring a property heir to pay the full mortgage balance to keep the home, even if it exceeded the value of the property.
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: Ally Financial, bruce norris, fannie mae, FICO, foreclosure, freddie mac, labor department, Midwest Real Estate Data, mortgage rates, national association of realtors, RealtyTrac, reo, Securities and Exchange Commission, the norris group