Today’s News Synopsis:
According to the National Association of Realtors, more people are able to afford houses. Home prices decreased in March with the increase in distressed properties. Mortgage payments are also at low levels not seen in several decades. Americans fear job losses and rising gas prices more than household debt.
In The News:
Housing Wire – “Americans more secure with debt, fear job losses” (4-23-12)
“Americans today are more secure with their debt levels and net worth, but fear job losses and escalating gas prices, according to Bankrate.”
Realty Times – “Real Estate Outlook: Affordability High” (4-23-12)
“Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.”
DS News – “Survey: High Share of Distressed Properties Keeps Prices Down” (4-23-12)
“Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March.”
CNN Money – “Mortgage payments at lowest level in decades” (4-23-12)
“For today’s homebuyers, the weight of the monthly mortgage bill is the lightest it’s been in decades. Put 20% down on a median-priced ($154,400) existing home, and your payment will come to $616 a month, only 12.1% of the median U.S. family income.”
Housing Wire – “FDIC expects healthy deposit insurance fund by 2018″ (4-23-12)
“The Federal Deposit Insurance Corp. board expects bank failures to cost the fund $12 billion over the next five years, down from $88 billion in losses between 2008 and 2011.”
Inman – “Proxio signs up more brokerages” (4-23-12)
“Global marketing and networking platform operator Proxio Inc. has signed San Francisco-based brokerage Pacific Union International to its roster of affiliates.”
Bloomberg – “D.R. Horton Beats Estimates as Builder’s Home Sales Rise” (4-23-12)
“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, beat analysts’ earnings estimates as it increased sales in the second quarter.”
Housing Wire – “Freddie directs servicers to use Hardest Hit Fund in short sales” (4-23-12)
“Freddie Mac wants mortgage servicers to use funds from an underutilized federal program to help homeowners through short sales and other foreclosure alternatives.
San Francisco Chronicle – “New York City Rent Limits Left Intact by U.S. Supreme Court” (4-23-12)
“The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.”
Hard Money Loan Closed
Banning, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $95,000.
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.
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: bankrate, bruce norris, D.R. Horton, fannie mae, Federal Deposit Insurance Corp., freddie mac, IRA, national association of realtors, New York City, private money, real estate investing, the norris group