Today’s News Synopsis:
The Mortgage Bankers Association reported a .1% increase in mortgage applications from last week. Only 119,000 new jobs were added to the private sector last month, showing that businesses are not hiring as many people. This number fell way below economists predictions of 170,000 new jobs. Foreclosures are still at their highest on record despite delinquencies being at their lowest since August 2008.
In The News:
Bloomberg – “Wells Fargo’s Market Share of U.S. Mortgages Tops 33%” (5-2-12)
“Wells Fargo & Co. (WFC), already the largest U.S. home lender, widened its lead in the first quarter by originating a third of all residential mortgages in the nation as some of its biggest rivals retreated.”
Mortgage Bankers Association – “Purchase Applications Increase in Latest MBA Weekly Survey” (5-2-12)
“Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 27, 2012.”
Realty Times – “More Consumers Seek a Home Purchase with Low Mortgage Rates” (5-2-12)
“With a week of mixed reports being released, it was clear that more consumers are seeking a home purchase with low mortgage rates at this time. According to the National Association of Realtors, Pending Home Sales which are actual contract signings, increased 4.1 percent for the month of March.”
DS News – “Foreclosure Inventory Still High, but its Much Lower in Judicial States” (5-2-12)
“While delinquencies saw a decline and reached their lowest level since August 2008, foreclosure inventory stayed near historic highs, according to data from the March Mortgage Monitor report released by Lender Processing Services (LPS).”
CNN Money – “Private sector job growth slows” (5-2-12)
“Private companies are pulling back on hiring. Businesses added just 119,000 jobs in April, according to a report issued Wednesday by payroll-processing company ADP. The number fell far short of the 170,000 jobs economists were expecting.”
RealtyTrac – “REO Properties Devoured by Investors” (5-2-12)
“Investors have been snapping up REO properties. Investment homes sales soared a whopping 66 percent in 2011, with investors purchasing 1.23 million properties compared to 749,000 in 2010, according to the National Association of Realtors’ 2012 NAR Investment And Vacation Home Buyers Survey. Many of those purchases were REO properties.”
Inman – “Nondistressed home prices fall for 7th straight month” (5-1-12)
“A rising share of distressed home sales pushed down prices on nondistressed homes for the seventh month in a row in February, according to a price index from FNC, a provider of real estate collateral management software.”
Housing Wire – “Zillow to buy RentJuice, returns to profit” (5-2-12)
“Online real estate marketplace Zillow ($35.70 1%) reported record first-quarter net income of $1.7 million, or 6 cents a share, on strong mobile and website traffic.”
DS News – “Equifax Reports Delinquencies Decline in March” (5-2-12)
“Total delinquent first mortgage balances are under $500 billion in March 2012, the lowest since January 2009, according to Equifax’s March National Consumer Credit Trends Report and Creditforecast.com, a joint product of Equifax and Moody’s Analytics.”
Hard Money Loan Closed
Lake Forest, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 1 bathroom home appraised for $140,000.
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 Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at South Bay on Thursday, May 03, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 2012.
The Commerce Department reported construction spending increased 1.4% in March 2011. Mortgage modification completions dropped nearly 20% in the first quarter, according to Hope Now. Maury Harris believed 750,000 to 1 million new households would be created 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.
Tags: Aaron Norris, bruce norris, Equifax, foreclosure, Lender Processing Services, Moody's Analytics, mortgage bankers association, national association of realtors, pending home sales, reo, the norris group, Weekly Mortgage Applications Survey, Wells Fargo, zillow