Today’s News Synopsis:
Sales of investment and vacation properties increased considerably in 2011, according to the National Association of Realtors. Despite the number of new jobs falling below expectations last month, the number of people searching for jobs and part-time workers searching for full-time work was actually at its lowest in three years. Fannie and Freddie backed mortgage bonds linked to apartments is also at a record high.
In The News:
Realty Times – “Real Estate Outlook: Vacation Sales Surge” (4-9-12)
“According to the National Association of Realtors’ 2012 Investment and Vacation Home Buyers Survey, there was a surge in sales of both investment in vacation homes in 2011.”
Housing Wire – “Delinquent properties redraw regional real estate” (4-9-12)
“The overhang of distressed properties and strength of the regional economy will cause various housing markets over the next few years to look increasingly different.”
CNN Money – “Silver lining in weak jobs report – underemployment” (4-9-12)
“Friday’s March jobs report was widely seen as a big disappointment, but there was one key aspect in it that showed a big improvement. The so-called underemployment rate, which counts jobless people looking for work, part-time workers who need full-time jobs and discouraged job seekers, fell to a three-year low of 14.5% from 14.9% in February.”
DS News – “Mortgage Litigation Reaches All-Time High, Mortgage Daily Reports” (4-9-12)
“Mortgages are becoming more and more of a litigious matter, with the number of mortgage-related cases reaching an all-time high, according to Mortgage Daily’s 2011 fourth quarter Mortgage Litigation Index, which first began in 2007.”
Bloomberg – “Multifamily Bonds Surging to Record U.S. as CMBS Fade: Mortgages” (4-9-12)
“Bonds backed by Fannie Mae and Freddie Mac tied to apartments soared to a record as the government-supported mortgage companies made low-cost loans on rental properties amid a continued slide in home values.”
San Francisco Chronicle – “U.S. Stock-Index Futures Decline as Jobs Report Misses Estimates” (4-9-12)
“U.S. stock futures fell, signaling more Standard & Poor’s 500 Index losses following the biggest weekly retreat of the year, after American employers added fewer jobs than forecast in March.”
Housing Wire – “Clear Capital predicts modest home price gains for 2012” (4-9-12)
“Ally Financial made another dividend payment to its largest shareholder — the federal government. The Treasury Department will receive $134 million as part of the quarterly payment, Ally said Monday. The Detroit-based bank made a similar payment in January to the Treasury, which owns 73.8% of company stock.”
DS News – “FHA Delaying Disputed Debt Rule Until July” (4-9-12)
“The FHA rule preventing potential borrowers with outstanding collections debt of $1,000 or more from getting an FHA-insured loan is on hold until July 1.”
Inman – “Lenders settle discrimination claims by new, expectant moms” (4-9-12)
“Lenders can’t deny mortgage loans to women solely because they are pregnant or on temporary maternity leave, federal regulators said in announcing settlements with two lenders who were accused of doing so.”
Hard Money Loan Closed
Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $52,000 on a 3 bedroom, 1 bathroom home appraised for $85,000.
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.
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: Ally Financial, Bank of America, bruce norris, fannie mae, FHA, freddie mac, Investment and Vacation Home Buyers Survey, Mortgage Daily, Mortgage Litigation Index, national association of realtors, Standard & Poor's 500 Index, the norris group, Treasury Department