California Real Estate Headline Roundup

The Norris Group Real Estate News Roundup 5/4/11

Today’s News Synopsis:

A survey shows that 45% of homebuyers think they should always buy mortgage discount points. Freddie Mac ended the first three months of the year with a positive net worth of $1.2 billion, and will need no additional funding from Treasury for the first quarter. Automatic Data Processing Inc said the private sector added 179,000 jobs in April.

In The News:

Mortgage Bankers Association“Latest MBA Weekly Survey Shows Increase in Mortgage Applications, Driven by Refinances” (5-4-11)

“Mortgage applications increased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association”

Washington Post“House GOP set to move ahead with legislation to limit new consumer bureau” (5-4-11)

“The political tug of war over the new Consumer Financial Protection Bureau will enter another round Wednesday, when House Republicans forge ahead with legislation aimed at curbing the fledgling watchdog’s powers even before it officially opens its doors in July.”

Sign On San Diego“Quiz: Homebuyers lack mortgage know-how” (5-4-11)

“Forty-five percent of those surveyed think they should always buy mortgage discount points, which are prepaid interest. The fact is, the decision hinges on how long you plan to own the property. It would not be worthwhile to buy them in certain cases.”

Bloomberg - “U.S. May Pursue More Lenders After Suing Deutsche Bank on Faulty Mortgages” (5-4-11)

“The U.S. Department of Justice may pursue claims against other lenders after suing Deutsche Bank AG for more than $1 billion, alleging the firm lied while arranging federal insurance on faulty mortgages.”

DSNews - “Trepp Reports Jump in CMBS Delinquencies to New Record-High” (5-4-11)

“The New York-based research firm says the percentage of loans 30-plus days delinquent, in foreclosure, or REO climbed 23 basis points last month to hit 9.65 percent. That number is, once again, the highest reading in the history of the CMBS market, according to Trepp.”

DSNews - “Freddie Mac Turns $676M Profit in Q1, Needs No Taxpayer Funding” (5-4-11)

“The nation’s second largest mortgage company reported Wednesday that it pulled in net income of $676 million during the first three months of this year. Freddie Mac closed the quarter with positive net worth of $1.2 billion. As a result, no additional funding from Treasury was required for the first quarter of 2011.”

Housing Wire“Private sector added 179,000 jobs in April” (5-4-11)

“Automatic Data Processing Inc. reported the private sector tacked on 179,000 jobs last month. The payroll giant conducts the monthly survey, which excludes federal jobs, in conjunction with Macroeconomic Advisers.”

Housing Wire“FDIC study blames mortgage servicing mess on big banks” (5-4-11)

“The Federal Deposit Insurance Corp. took a look into the foreclosure operations at the largest mortgage servicers and found significant breakdowns at almost every stage of the process. However, these issues are largely isolated to the servicers that hold the largest share of the mortgage finance business.”

Housing Wire“Revival in commercial real estate, mortgage finance needs more jobs” (5-4-11)

“absent strong improvement in U.S. job markets and demand for business space, the nation’s commercial real estate sector will likely continue its slow, bifurcated recovery over the coming year — with top urban markets outpacing recovery in secondary, non-gateway markets.”

Looking Back:

One year ago, pending home sales increased by 5.3 percent in February. Statistics from PMI indicated the home price reduction risk was significantly decreasing across most U.S. regions. The percentage of loans 30+ days delinquent, in foreclosure or real estate owned (REO) status increased to 8.02 percent in March 2010. McGraw-Hill reports the residential sector is up 35% in the first three months of 2010 compared to the same time one year ago.

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 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.

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