The Norris Group Real Estate News Roundup 4/15/11

March sales and price report
Southland Home Sales Still Slow, Prices Edge Down
Calif. Mortgage Defaults on the Rise
Self-Evident Truth in Market Variables: Longer Foreclosure Timelines
Fitch reports slowing subprime delinquencies, foreclosure sales
Sales up, Prices Down for Bay Area Housing Market
California March Home Sales
Jobless claims unexpectedly rise to 412,000 last week
Banks to Pay Victims of Botched Foreclosures in Settlement With Regulators
Feds announce partial settlement with ‘robo signing’ servicers
OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices
2011 Enforcement Actions
Bill introduced to speed up short sales

Today’s News Synopsis:

Bank of America expects a 25% downturn in the mortgage origination market, and has laid off 1,500 mortgage workers. Standard & Poor predicts the new risk-retention rule will further depress the housing market.

In The News:

Daily Bulletin“Casting a shadow: Housing market’s hidden inventory looms” (4-15-11)

“The shadow inventory is leading to the sentiment that any stability in today’s market is a false one, said Bruce Norris, president of The Norris Group, a Riverside-based real estate investment firm. Some delinquent homes will avoid foreclosure through loan modifications or short sales, but many will also go up for sale.”

Bloomberg “Fed Policy Makers Differ Over Policy as Inflation Accelerates” (4-15-11)

“Fed Governor Elizabeth Duke said in Washington yesterday that rising commodity costs aren’t resulting from U.S. monetary policy and don’t warrant higher interest rates, while Fed Governor Daniel Tarullo said he sees no sign of inflation spreading more broadly. Richmond Fed President Jeffrey Lacker and Philadelphia’s Charles Plosser indicated they’re more concerned about prices, with Lacker saying the central bank must tighten credit before inflation gains speed.”

Housing Wire“New Democrat Coalition unveils housing finance reform priorities” (4-15-11)

“The New Democrat Coalition wants to wind down Fannie Mae and Freddie Mac and increase private-sector involvement in the residential mortgage market, according to a new document the group released Friday. The proposal includes preserving access to affordable loans, including the 30-year, fixed-rate loan, and strengthening taxpayer protections.”

Housing Wire“Bank of America lays off 1,500 mortgage workers” (4-15-11)

“Bank of America (BAC: 12.82 -2.36%) laid off 1,500 associates nationwide as the bank anticipates a 25% downturn in the mortgage origination market.”

Housing Wire“Risk retention will produce higher quality mortgages, depress housing: S&P” (4-15-11)

“The new risk-retention rule will produce higher quality originations, as intended, but will also constrict lending and further depress the housing market, according to Standard & Poor’s.”

Jacksonville “Bank gives man foreclosed Jacksonville house for free” (4-15-11)

“Perry Laspina was in the middle of foreclosure with the possibility of losing the house he owned in Jacksonville. Then the mail came one day in late January telling him that the house was his. Despite the $72,000 mortgage that he barely paid anything on, despite the foreclosure … the house was his.”

Realty Times“Sell Your Home Now With These Tips” (4-15-11)

“That means that any and all pictures of your home should create web appeal — an instant attraction — drawing the buyer into your home for an in-person look. If your photos or videos are not properly composed with pleasant lighting and free of clutter and distractions, they won’t appeal to buyers browsing the web.”

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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