The Norris Group Real Estate News Roundup 4/6/12

Michigan Bank Closes, Raising Tally to 16
Private mortgage modifications drop 20% in February
LPS: Foreclosure starts, sales decline
Loan Performance Improves, Foreclosure Starts Down, LPS Reports
Residential construction flat in February
Private sector adds 209,000 jobs in March
When Excluding Distressed Sales, Home Prices Continue to Rise
Home Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages
FHFA Report

Today’s News Synopsis:

In our 100th episode, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  With the number of new jobs for March totalling 120,000, the number of jobs added fell drastically short of expectations of 200,000.  Banks have been given the ok to rent out REO properties. 

In The News:

Housing WireFed lays out rules for banks to rent REOs (4-6-12)

“A new release from the Federal Reserve shows the agency is ready for banks to launch mass real estate owned rental programs to revive distressed assets clinging to their books.”

DS News – “Economy Adds Disappointing 120,000 Jobs in March” (4-6-12)

“The nation added 120,000 jobs in March, far below expectations of the fourth straight month of 200,000-plus payroll gains.”

Realty Times – “Banks Upbeat About Mortgage Performance, Looser Credit Looms “ (4-6-12)

“Mortgage lenders aren’t rolling out the red carpet on home loans just yet, but with fewer delinquencies and defaults, there’s optimism looser credit for home loans has become a topic of board room chatter.”

CNN Money – “Federal deficit so far: $777 billion” (4-6-12)

The federal government racked up an almost $780 billion deficit in the first six months of the fiscal year, according to new data from the Congressional Budget Office.

Housing WireRBS outlines why HARP 2.0 failed to deliver in March (4-6-12)

“The latest version of the government’s Home Affordable Refinance Plan, or HARP 2.0, failed to “hit its full stride” in March as prepayment speeds remained well below projections, analyst Sarah Hu with the Royal Bank of Scotland ($8.01 -0.28%) said.”

San Francisco Chronicle – “Seattle’s Construction boom threatens rent growth” (4-6-12)

“The biggest surge of Seattle-area apartment construction in a quarter century is threatening to undercut the growth in rents, a trend that’s also emerging in such cities as Washington and Houston.”

DS News“Historical $25B Settlement Approved by Federal Judge” (4-6-12)

“The $25 billion settlement received approval from a federal judge Wednesday, but the announcement was not made public until Thursday, according to a Reuters’ article published Thursday evening.”

Housing Wire – Mortgage settlement oversight begins in North Carolina (4-6-12)

“The Office of Mortgage Settlement Oversight officially opened Thursday to monitor the $25 billion agreement between the largest servicers and the 49 state attorneys general.

DS News – “SEC Charges Former CEO and CFO of Franklin for Hiding Loan Quality” (4-6-12)

“The Securities and Exchange Commission (SEC) filed a complaint against former executives of Franklin Bank for using loan modification programs to cover its non-performing loans.”

Hard Money Loan Closed

Thousand Oaks, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $300,000 on a 4 bedroom, 2 bathroom home appraised for $500,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

Looking Back:

Mortgage applications dropped 2% from the previous week, according to the MBA. CoreLogic developed a tool to determine whether borrowers were overstating their income. A small business tax rule was reversed by Congress. Borrowers would no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.

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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