Today’s News Synopsis:
Mortgage rates are at their lowest on record for the second week in a row at 3.8% for 30-year loans. Builder confidence increased in the first quarter according to the NAHB. Jobless claims decreased by 1,000 to 367,000 for the week ended May 5. The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.
In The News:
Housing Wire – “Mortgage rates hit all-time lows for second straight week” (5-10-12)
“Fixed mortgage rates hit new all-time lows for the second straight week, following declining long-term Treasury bond yields. The Freddie Mac survey showed the 30-year, FRM averaged 3.83% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.84%. Last year at this time, the 30-year FRM averaged 4.63%.”
DS News – “Initial Unemployment Claims Dip” (5-10-12)
“First time claims for unemployment insurance resumed their steady decline, dipping 1,000 to 367,000 for the week ended May 5, the Labor Department reported Thursday after the previous week’s total was revised upward by 3,000 to 368,000.”
“Builder confidence in the 55+ housing market for single-family homes had a significant increase in the first quarter of 2012 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”
Housing Wire – “AG robo-signing settlement monitor puts complaint forms online” (5-10-12)
“Borrowers will get a chance to file complaints electronically with the monitor of the $25 billion foreclosure settlement with the largest mortgage servicers.”
Los Angeles Times – “Bernanke: Banks are stronger, but mortgage lending is sluggish” (5-10-12)
“American banks have made significant strides in boosting their financial health since the recession, but the same cannot be said of their lending activity, especially for home mortgages, Federal Reserve Chairman Ben S. Bernanke said.”
DS News – “LPS: Home Prices Increased, but We’ve Been Down This Road Before” (5-10-12)
“For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution.”
Bloomberg – “Rise in Residential Investment May Help Home Depot-Lowe’s” (5-10-12)
“Spending on construction of new residential housing and improvements to existing homes is at a three-year high, a trend that may boost sales at Home Depot Inc. (HD) and Lowe’s Cos. (LOW).”
DS News – “HAMP Changes Can Expand Eligibility to More Military Members” (5-10-12)
“Starting June 1, military homeowners who are permanently displaced by a job-related move may still be able to be considered owner-occupants when applying for the Home Affordable Modification Program (HAMP).”
Housing Wire – “Deutsche Bank settles FHA suit for $202.3 million” (5-10-12)
“Deutsche Bank ($40.53 1.13%) settled a lawsuit filed against it by the U.S. government for $202.3 million that alleged a Deutsche subsidiary failed to meet Federal Housing Administration underwriting guidelines.”
CNN Money – “U.S. records first monthly budget surplus since 2008″ (5-10-12)
“For the first time in more than three years, Washington took in more money than it paid out last month. The Treasury Department on Thursday recorded a $59 billion surplus. Tax receipts were higher and spending lower than they were last April.”
RealtyTrac – “New Fed Rule Could Reduce Foreclosure Prices” (5-10-12)
“The federal government has proposed new rules that would significantly limit mortgage loan origination fees and possibly result in reduced foreclosure prices.”
Hard Money Loan Closed
Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 2012.
The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Cutting Edge Financial Tactics Brunch on Saturday, June 02, 2012.
The NAR stated that home sales rose in 49 states during the first quarter of 2011. A study from the NAHB showed 72.8% of all U.S. homes sold in 2010 were affordable for families earning the national median income. The Financial Crimes Enforcement Network said reports of mortgage fraud reached a record high. Trulia found that third-party syndicators of listings data which did not come from an MLS had an error rate of 21.3 percent for either a listing’s price or status.
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: Aaron Norris, Ben Bernanke, bruce norris, Deutsche Bank, federal housing administration, Federal Reserve, fixed mortgage rates, freddie mac, hamp, Home Depot, Housing Market Index, labor department, Lender Processing Services, Lowes, NAHB, robo-signing, the norris group, treasury, Treasury Department, unemployment