Today’s News Synopsis:
According to NAHB, builder confidence increased this month by five points to a level of 29. However, at the same time the amount of homes remodeled decreased in March 1%, although they are still at high levels. The number of listed homes on sale decreased 21% from last year.
In The News:
NAHB – “Builder Confidence Rises Five Points in May” (5-15-12)
“Builder confidence in the market for newly built, single-family homes gained five points in May from a downwardly revised reading in the previous month to reach a level of 29 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This is the index’s strongest reading since May of 2007.”
DS News – “Pro Teck Valuation: Home Listings Drop 21 Percent Nationwide” (5-15-12)
“Nationwide, the number of homes listed for sale has fallen 21 percent from a year ago, according to Pro Teck Valuation Services’ May Home Value Forecast.”
Housing Wire – “Home remodeling falls for March: BuildFax” (5-15-12)
“Residential remodeling projects dipped in March but remained at elevated levels, according to BuildFax. The seasonally adjusted, annual index measured by building permits fell 1% from a month earlier to 2.78 million. February’s total was adjusted downward as well to 2.81 million from an initially reported 2.89 million.”
Bloomberg – “Ally Pays $750 Million in ResCap Bankruptcy to ‘Avoid the Noise’” (5-15-12)
“Ally Financial Inc. (ALLY) contributed $750 million to cover legal claims on soured loans tied to its bankrupt mortgage unit, even though the firm calls them meritless, “to avoid the noise,” according to its leader.”
CNN Money – “Inflation, retail sales flat in April” (5-15-12)
“American consumers got the same bang for their buck in April as they did a month earlier, as falling gas prices gave them some relief.”
Realty Trac – “Will Short Sales Finally Save the Housing Market?” (5-15-12)
“Short sales, where a distressed property (often in foreclosure) is sold for less than what is owed on the mortgage, have long been viewed as an elegant solution to the nation’s foreclosure problem — at least in theory.”
Housing Wire – “Consumer credit defaults stay on post-recession lows” (5-15-12)
“Consumer credit defaults continued to decline in April, marking fresh post-recession lows. The composite Standard & Poor’s/Experian index dropped to 1.86%, it’s lowest level since July 2007, from 1.96% in March. It’s the fourth monthly decline in a row after defaults ticked up at the end of last year.”
DS News – “Barclays Advocates Short Sales to Lower Loss Severities” (5-15-12)
“With vacant homes stretching the capacity of banks’ balance sheets and homebuyer demand lackluster at best, short sales are becoming a top loss mitigation choice for private lenders and investors, particularly in especially hard-hit markets.”
Housing Wire – “FHFA revamps strategic plan to incorporate goals for GSEs” (5-15-12)
“The Federal Housing Finance Agency revamped its own strategic plan for 2013-2017 to incorporate some of the ambitious goals set out for the government-sponsored enterprises.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.
California Real Estate Investor Events:
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.
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.
About Bruce Norris
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.
Tags: Ally Financial, bruce norris, builder confidence, BuildFax, Federal Housing Finance Agency, foreclosure, NAHB, Pro Teck Valuation Services, short sales, Standard & Poor's, the norris group, Wells Fargo Housing Market Index