Sources:
Builder Confidence Slips Three Notches in April
Housing starts fall 5.8%, disappointing analyst estimates
Short Sales Surpass Foreclosures as Banks Agree to Deals
U.S. Previously Owned Home Sales Unexpectedly Fell in March
California Home Prices Rise for First Time in 16 Months
California March Home Sales
Fannie Mae and Freddie Mac to Streamline Short Sales to Help Borrowers and Communities
RealtryTrac acquires online data aggregator Homefacts
Calif. drops property tax deduction campaign
Understanding the Real Estate Tax Deduction
California Homeowner Bill of Rights Passes Out of Committees
Attorney General Kamala D. Harris Announces Passage of Bills to Protect
Tenants, Alleviate Blight and Allow More Prosecutions of Mortgage Fraud
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. Home prices increased for the second month in a row according to a recent survey by RE/MAX. Home sales in the Bay Area are at their highest in five years.
In The News:
CNN Money – “Housing recovery still sputters” (4-19-12)
“The housing market continued to struggle in March, despite low home prices and record low interest rates, an industry report revealed Thursday.”
Bloomberg – “Bank of America Beats Analyst Estimates as Trading Jumps” (4-20-12)
“Bank of America Corp.’s backlog of pending demands for refunds on soured loans reached a record $16.1 billion as a dispute deepened between the second-largest U.S. lender and Fannie Mae.”
DS News – “RE/MAX Survey of 53 Metros Finds Home Prices Up Again” (4-20-12)
“According to a March 2012 housing report released by RE/MAX, home prices have risen for the second month in a row now on a year-over-year basis.”
Realty Times – “Fixed Mortgage Rates Edge Slightly Higher” (4-20-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates are holding relatively stable this week amid signs that inflation remains in check with the 30-year fixed up slightly at 3.90 percent and 15-year fixed at 3.13 percent.“
Housing Wire – “Regional, state unemployment rates hold steady“ (4-20-12)
“Thirty states recorded unemployment rate decreases in March from February while eight states posted rate increases, the U.S. Bureau of Labor Statistics reported Friday.”
Inman – “FHA postpones rule change for borrowers in debt disputes” (4-20-12)
DS New- “Alabama Man Pleads Guilty to Role in Rigging Bids and Mail Fraud” (4-20-12)
“An Alabama real estate investor agreed to plead guilty and serve prison time for his role in rigging bids and mail fraud at real estate foreclosure auctions, the Department of Justice announced Friday.”
Housing Wire – “California Bay Area home sales hit 5-year high” (4-20-12)
“March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $82,000 on a 4 bedroom, 3 bathroom home appraised for $133,000.
California Real Estate Investor Events:
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.
Looking Back:
Mortgage application volume rose 5.3%, according to the MBA. The NAR said existing home sales increased 3.7%. Economists from CSU Fullerton believed O.C. home prices would rise by less than 5% in 2011.
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.
About Bruce Norris
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.
Tags: Aaron Norris, Alabama, Bank of America, bruce norris, DataQuick, Department of justice, fannie mae, FHA, fixed mortgage rates, freddie mac, Primary Mortgage Market Survey, ReMax, the norris group, U.S. Bureau of Labor Statistics