Today’s News Synopsis:
30-year mortgage rates are at their lowest on record at 3.78% for the fourth week in a row. Jobless claims decreased by 2,00o to 370,000 last week. Good news for banks: the number of banks in trouble decreased in the first quarter, while at the same time earnings increased.
In The News:
Housing Wire – “Zillow: Nearly one-third of mortgaged homes underwater” (5-23-12)
“The negative equity problem for U.S. homeowners might be worse than previously thought, at least according to a new measure from Zillow ($40.53 0.339%).”
Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to a Record-Low 3.78%” (5-24-12)
“U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold.”
Realty Trac – “REOs Short Circuited by Short Sales” (5-24-12)
“During a frenetic one-day New York media tour last week, I got the chance to sit down with Fred Katayama of Reuters to discuss the foreclosure numbers, which show that bank repossessions (REOs) dropped to a 49-month low in April.”
Housing Wire – “FDIC-insured institutions on the mend, report says” (5-24-12)
“Earnings rose and the numbers of troubled banks declined during the first quarter, indicative of a banking sector on the mend, according to a report from the Federal Deposit Insurance Corp”
San Francisco Chronicle – “Crunch time for housing in San Francisco” (5-24-12)
“Housing in San Francisco is notorious for its scarcity, cost and complexity. Mayor Ed Lee is willing to try his hand at brokering a deal that will aid both low-income renters and moderate-level homeowners, two groups squeezed hard as construction slows and prices remain high.”
Housing Wire – “Senate Republicans may be on board with more HARP expansions” (5-24-12)
“Senate Republicans are considering some Democrat proposals to expand refinancing to even more Fannie Mae and Freddie Mac borrowers.”
Bloomberg – “Wall Street CMBS Allure Fades as Volatility Surges: Mortgages” (5-24-12)
“Wall Street’s on-again, off-again love affair with commercial-mortgage-backed securities is on the rocks as markets get whipsawed by Europe’s debt crisis.”
Housing Wire – “Jobless claims fall by 2,000 to 370,000 filings” (5-24-12)
“The number of Americans filing for unemployment insurance fell by 2,000 to 370,000 filings for the week ending May 19, the government said Thursday.”
Bloomberg – “Commercial-Property Recovery Slowed in March, Moody’s Says” (5-24-12)
“U.S. commercial-property price gains slowed in the past three months as concern over Europe’s debt crisis reduced the availability of financing for real estate transactions, Moody’s Investors Service said.”
Hard Money Loan Closed
Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $136,000.
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 Temecula Valley Chamber of Commerce Economic Forecast on Thursday, May 31, 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 2, 2012.
According to the Census Bureau, home sales rose 7.3% in April 2011. NAR expected the national economy to add 1.5 million and 2 million jobs annually both in 2011 and in 2012. Borrowers who defaulted on mortgages were less likely to develop long-term poor credit in comparison to those who defaulted on credit cards and auto loans. Ginnie Mae guaranteed over $26.4 billion in mbs during April 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: bruce norris, commercial property, fannie mae, Federal Deposit Insurance Corp., Federal Housing Finance Agency, freddie mac, Moody's Analytics, Moody's Investors Service, mortgage rates, reo, San Francisco, short sales, the norris group, unemployment, zillow