Today’s News Synopsis:
Parts of the California Homeowner Bill of Rights were passed yesterday by the state Assembly and Senate according to an announcement by California attorney general Kamala Harris. RealtyTrac reported short sales were at their highest in three years in the first quarter at 109,521. This is a 25% increase year-over-year and 16% increase from the previous quarter. Unemployment claims increased for the fourth week in a row and are now at 383,000.
In The News:
DS News – “Initial Jobless Claims Up for 4th Straight Week for First Time Since 2008″ (5-31-12)
“First time claims for unemployment insurance rose to 383,000, up from the prior week’s 373,000, revised up from the previously reported 370,000, the Labor Department reported Thursday.”
Housing Wire – “RealtyTrac: Short sales hit three-year high in 1Q” (5-31-12)
“Short sales increased dramatically during the first quarter, rising 25% over year-ago figures and reaching a three-year high, according to foreclosure research firm RealtyTrac.”
Realty Times – “Optimism Returns to Market “ (5-31-12)
“According to the latest HomeGain survey, optimism has returned to the market. The 1st quarter National Home Values Survey found that 37 percent of real estate professionals expect to see home values increase. This is up from 15 percent last quarter.”
DS News – “First-Quarter GDP Growth Dips to 1.9%; Corporate Profit Growth Slows “ (5-31-12)
“The U.S. economy grew at a disappointing 1.9 percent in the first quarter – slower than the initially calculated 2.2 percent annualized rate, the Bureau of Economic Analysis reported Thursday.”
Bloomberg – “Mortgage Rates in the U.S. Decline to Lowest on Record” (5-31-12)
“Mortgage rates for 30-year U.S. loans fell to a record low for a fifth straight week as concern about Europe’s worsening financial crisis drove investors to the safety of the government bonds that guide borrowing costs.”
Housing Wire – “Nearly $350 billion in mortgage debt shed in last year” (5-31-12)
“Consumers trimmed nearly $350 billion in mortgage debt, by foreclosure, payoffs or some other forfeiture in lieu of eviction, over the last 12 months, according to the Federal Reserve Bank of New York.”
DS News – “California Passes Parts of ‘Homeowner Bill of Rights’” (5-31-12)
“California attorney general Kamala Harris announced Wednesday that the state Assembly and Senate each passed components of the California Homeowner Bill of Rights designed to protect homeowners from scams.”
CNN Money – “Federal government unloads real estate” (5-31-12)
“The federal government, the nation’s top property owner, said Thursday that it is on track to save $8 billion by the end of the fiscal year by consolidating its real estate holdings and selling off the excess.”
DS News – “Homeownership Still Holds High Emotional Value” (5-31-12)
“Despite the economic downturn, a study conducted by Coldwell Banker and psychotherapist Dr. Robi Ludwig found that even though people’s feelings about homeownership have changed, owning a home is still very much a goal for many Americans.”
CNN Money – “Foreclosures made up 26% of U.S. home sales in first quarter” (5-31-12)
“Homes in some stage of foreclosure accounted for more than one in four home sales during the first three months of the year, according to a report released Thursday.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $76,000 on a 2 bedroom, 2 bathroom home appraised for $122,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Temecula Valley Chamber of Commerce Economic Forecast on today.
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.
Looking Back:
S&P claimed home prices fell 5.1% year over year. Freddie began to allow servicers to reduce or suspend mortgage payments for up to 12 months for borrowers in disaster areas. AOL Real Estate became one of the most popular real estate websites.
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: bruce norris, Bureau of Economic Analysis, California Homeowner Bill of Rights, Coldwell Banker, Federal Reserve Bank of New York, foreclosure, Freddie Mac’s Primary Mortgage Market Survey, kamala harris, labor department, mortgage rates, norris group, RealtyTrac, unemployment