Today’s News Synopsis:
Big day for mortgages. The Mortgage Bankers Association reported a decrease in mortgage applications by 3.8% even though rates continue to stay low. Freddie Mac’s mortgage portfolio also showed a decrease of 2.9%. Realty Times believed troubles in Europe are one of the things keeping mortgage rates steady.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease Despite Survey Low Rates in Latest MBA Weekly Survey” (4-25-12)
“Mortgage applications decreased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 20, 2012.”
Housing Wire – “Freddie Mac mortgage portfolio shrinks in March” (4-25-12)
“Freddie Mac, the government-sponsored enterprise, released its March 2012 monthly summary showing that its mortgage portfolio contracted at an annualized rate of 2.9% in the month, while loan modification and delinquency rates held steady.”
Realty Times – “Euro Zone Troubles Continue to Help Low Mortgage Rates Remain Firm” (4-25-12)
“It was a mixed week for investors who dealt with corporate earnings here in the U.S. and more disappointing news coming from Europe. Many corporate earnings were better than expected and had investors optimistic, as least for a little while. Euro zone troubles are continuing to help low mortgage rates remain firm as more countries in Europe are having difficulty with austerity plans.”
“With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate. After the meeting, the FOMC released its quarterly forecast of the economy and interest rates with more members of the Committee seeing higher rates in 2014 than in the prior forecast.”
Bloomberg – “Housing Declared Bottoming in U.S. After Six-Year Slump” (4-25-12)
“The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.”
Inman – “Rent Rite Directory adds tenant screening” (4-25-12)
“A national website that offers a free, searchable database of problem tenants for real estate brokers, agents, property managers, and landlords is now offering tenant screening services.”
CNN Money – “Companies see slower growth ahead” (4-25-12)
“In what could be yet another sign that the recovery is losing momentum, a new survey shows medium-sized companies are still not confident enough to hire. Mid-sized firms — which have between $10 million and $1 billion in revenue — expect their sales to grow 7% over the next 12 months, according to a new economic indicator released Wednesday by Ohio State University’s National Center for the Middle Market.”
Housing Wire – “Senate concerned HARP restricts mortgage servicer competition” (4-25-12)
“Leaders of a Senate banking subcommittee renewed a push to keep expanding the Home Affordable Refinancing Program, but they raised concerns over big-bank domination of HARP.
CNN Money – “Forecast for teen summer job market: Mostly sunny” (4-25-12)
“If your teenage kids are yearning to earn some pocket money or save up for college, here’s some happy news. Companies are stepping up their summer hiring. This year’s wages will hold steady with last year’s at an average of $10.90 an hour. Moreover, most hiring managers (57%) say a teen’s greatest competition for a job will come from other high school and college students.”
Hard Money Loan Closed
Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $340,000 on a 3 bedroom, 2 bathroom home appraised for $550,000.
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.
The Commerce Department reported new home sales increased 11% in March 2011. A study showed that short sales and foreclosures equally damaged FICO scores. A survey from Pew showed 81% of adults believed purchasing a home was the best long-term investment a person could make. Morgan Stanley believed home prices would fall 6-11% 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.