Today’s News Synopsis:
The FHFA reported a 0.3% increase in home prices last February. At the same time, home sales decreased 7.1% last month to their lowest in over a year. March also saw a decrease in the mortgage delinquency rate by 8.8% according to the Lender Processing Services.
In The News:
DS News – “March New Home Sales In Steepest Drop in 13 Months” (4-24-12)
“New homes sales fell 7.1 percent in March to a seasonally adjusted annual rate of 328,000, the steepest percentage decline since February 2011, the Commerce Department and Department of Housing and Urban Development reported jointly Tuesday.”
Housing Wire – “FHFA: Home prices rise 0.3% in February” (4-24-12)
“The nation’s home prices rose 0.3% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency’s monthly house price index.”
Realty Times – “Housing Finance Reform” (4-24-12)
“It’s been no secret that the today’s struggling housing market is being further hampered by decreased access to financing, both for buyers and builders. This is why the National Association of Home Builders (NAHB) has announced new framework for reforming the housing finance system.”
DS News – “Case Shiller Indexes Down 6th Straight Month” (4-24-12)
“The Case Shiller Home Price Indexes fell for the sixth straight month in February with the 10- and 20-city indices each dropping 0.8 percent from January, Standard & Poor’s, which compiles the indexes, reported Tuesday morning.”
Bloomberg – “California Defaults Drop to Five-Year Low on Short Sales” (4-24-12)
“California mortgage defaults fell to their lowest level in almost five years as banks cut their backlog of distressed property with more short sales, in which homes are sold for less than the amount owed, DataQuick said.”
Los Angeles Times – “New foreclosure actions in California drop to 2007 level” (4-24-12)
“The number of new foreclosure actions on California homes dropped to its lowest level in close to five years during the first three months of the year.”
DS News – “Call for GSEs to Apply Principal Reduction Continues” (4-24-12)
“In a written speech to the National Council of State Housing Agencies on Monday, a Treasury official named a number of measures to address challenges in the housing market, and stressed one solution that has not been applied by Fannie Mae and Freddie Mac: principal reduction.”
Housing Wire – “LPS: Mortgage delinquency rate falls 8.8% in March” (4-24-12)
“The loan delinquency rate for the 40 million mortgages analyzed by Lender Processing Services fell 8.8% annually in March, and 6.3% from the previous month, according to LPS’ latest First Look Mortgage Monitor Data.
Bloomberg – “Millions More U.S. Homeowners to Rent, Pimco’s Simon Says” (4-24-12)
“The U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon.”
Hard Money Loan Closed
Tustin, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $335,000 on a 4 bedroom, 2 bathroom home appraised for $529,000.
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.
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: bruce norris, Case-Shiller Home Price index, DataQuick, Department of Housing and Urban Development, Federal Housing Finance Agency, foreclosures, Lender Processing Services, NAHB, ommerce Department, Pacific Investment Management, Standard & Poor's, the norris group, treasury