Multifamily Bonds Surging to Record U.S. as CMBS Fade: Mortgages
Rentals Continue to Outshine Purchase Market, Home Values Still Plagued By Foreclosures
Labor-Market Worries Rise With Jobless Claims
FHA Delaying Disputed Debt Rule Until July
DeMarco Says Principal Writedowns May Save FHFA $1.7 Billion
Making Government More Efficient
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. JP Morgan and Wells Fargo exceeded analysts’ expectations with high first-quarter earnings. Consumer sentiment decreased 1/2 a percent in April after being at its highest in a year. 15-year mortgage rates are at an all-time low.
In The News:
Housing Wire – “Consumer sentiment takes slight dip from year-high” (4-13-12)
“Consumer sentiment dipped slightly in a preliminary reading for April, according to a report released Friday.”
Bloomberg – “Wells Fargo Profit Rises as Results Improve on Mortgages” (4-13-12)
“Wells Fargo & Co. (WFC), the largest U.S. home lender, reported a 13 percent rise in first-quarter profit, setting a record as the bank made more money on new mortgages and curbed losses from old ones.”
DS News – “RE/MAX Joins With eMerge to Create Online Marketing Program” (4-13-12)
“RE/MAX LLC partnered with technology firm eMerge to provide an innovative online marketing program to service its nearly 90,000 agents and brokers worldwide.”
Realty Times – “15-Year Fixed-Rate Mortgage Hits New All-Time Record Low” (4-13-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates declined for the third consecutive week on the heels of a weaker than expected employment report.“
Housing Wire – “JPMorgan Chase reports $5.4 billion 1Q profit“ (4-13-12)
“JPMorgan Chase ($44.84 0%) reported a $5.4 billion profit in the first quarter of 2012, or $1.31 per share, a 3.6% decline from a year earlier when the bank earned $5.6 billion.”
San Francisco Chronicle- “Historical $25B Settlement Approved by Federal Judge” (4-13-12)
“Wells Fargo faces a U.S. probe over allegations it neglects bank-owned homes in minority communities, according to a person briefed on the matter.”
Bloomberg – “JPMorgan, Wells Fargo Beat Estimates on Surge in Mortgage Fees“ (4-13-12)
“JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), the two most profitable U.S. banks last year, reported first-quarter earnings that topped analysts’ estimates on a surge in mortgage fees.
Hard Money Loan Closed
Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 4 bedroom, 3 bathroom home appraised for $350,000.
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.
MDA DataQuick reported 19,412 houses and condos sold in Southern California the previous month. Freddie Mac believed home sales would rise 5% in 2011. President Barack Obama revealed the White House’s deficit reduction plan, which aimed to reduce the nation’s deficit by $4 trillion in 12 years. Home Depot sales showed Americans were doing more home improvement.
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: Aaron Norris, bruce norris, Econoday, freddie mac, JPMorgan Chase, National Green Building Conference, Primary Mortgage Market Survey, ReMax, the norris group, Thomson Reuters/University of Michigan, Wells Fargo