Today’s News Synopsis:
For the year ended March, values of homes decreased 2.6% in 20 U.S. cities, the slowest pace that values have ever fallen. Interest rates for conventional 30-year fixed rate mortgages increased slightly to 4.21% according to FHFA. Consumer confidence also decreased this month for the third month in a row to 64.9 from 68.7.
In The News:
Housing Wire – “Feds expected to loosen QRM down payment requirement” (5-29-12)
“A group of federal regulators will likely lower the proposed 20% down payment requirement for home-loan lenders who wish to avoid holding added credit risk on the securitization of mortgages.”
Bloomberg – “Home Prices in U.S. Fell at Slower Pace in Year Ended March” (5-29-12)
“Home values in 20 U.S. cities fell in the 12 months ended March at the slowest pace in more than a year as lower borrowing costs and an improving job market gave sales a boost.”
DS News – “CFPB Proposes Rules to Supervise Nonbanks” (5-29-12)
“The Consumer Financial Protection Bureau (CFPB) proposed on Thursday a rule that would install procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers.”
Realty Times – “Homebuyer Survey Contains Valuable Informatio For Agents and Sellers” (5-29-12)
“One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers.”
Housing Wire – “KBW: Commercial real estate vacancy rates trend lower across markets” (5-29-12)
“Vacancy rates in commercial real estate are trending lower and showing signs of stability in metropolitan statistical areas across the nation, according to the latest report from Keefe, Bruyette & Woods.”
DS News – “Consumer Confidence Drops Third Consecutive Month in May” (5-29-12)
“The Conference Board Consumer Confidence Index declined for the third straight month in May, dropping down from 68.7 in April to 64.9.”
Housing Wire – “FHFA: Average interest rate for 30-year mortgage inches up” (5-29-12)
“The Federal Housing Finance Agency reports the average interest rate on a conventional, 30-year fixed-rate mortgage of $417,000 or less grew 9 basis points to 4.21% in April.”
DS News – “National Servicing Settlement Funds Expand Connecticut Programs” (5-29-12)
“Connecticut attorney general George Jepsen announced Friday that programs of benefits resulting from a $25 billion mortgage foreclosure servicing settlement are moving forward in the state.”
Hard Money Loan Closed
La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 1 bathroom home appraised for $226,000.
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.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Predictive Methods Conference on Tuesday, June 5, 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: bruce norris, Case-Shiller Home Price Indices, Conference Board, Connecticut, Consumer Financial Protection Bureau, Federal Housing Finance Agency, national association of realtors, Standard & Poor's, the norris group