The Norris Group Real Estate News Roundup 5/4/12


Failed Bank List
Homeownership Rate Falls to 15-Year Low
American family rentals reach 15-year high
Consumer Spending Slows Sharply in March; Savings Rate Edges Up
Residential construction grows slightly in March
Foreclosures Down to 69,000 in March, Inventory Also Down
2012 NAR Investment and Vacation Home Buyers Survey: Sales
Uh-oh: Big banks shrink lending
FHFA delays principal reduction ruling

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  Only 115,000 new jobs were added last month, disappointing numbers for the Bureau of Labor Statistics.  Mortgage modifications for HAMP decreased 33% from last year.

In The News:

Housing Wire – “NY Fed opens bid on more AIG CDOs” (5-4-12)

“The Federal Reserve Bank of New York opened more American International Group ($32.79 -1.35%) CDOs for bidding.”

Realty Times“Fixed Mortgage Rates Average New All-Time Record Lows” (5-4-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates found new all-time record lows, continuing to help keep homebuyer affordability high.”

DS News – “Slow Growth: 115,000 Jobs Added In April, Unemployment Rate Down” (5-4-12)

“The nation added 115,000 jobs in April, far below expectations and a drop from March’s revised payroll growth of 159,000, the Bureau of Labor Statistics reported Friday.”

RealtyTrac – “Foreclosure Loan Modifications Helping or Hurting?” (5-4-12)

“Pressure is mounting in Washington to allow loan modifications with principal balance write-downs to bail out struggling homebuyers who borrowed too much money during the housing boom or took out a second mortgage to buy Hummers or take expensive vacations they couldn’t afford.

CNN Money – Postal Closures Likely to Start This Summer (5-4-12)

“Last December, the Postal Service agreed to back off closing any more post offices and postal plants until May 15. The moratorium was aimed at giving Congress time to pass legislation to help the service get back on firmer financial footing. The service lost $5 billion in its most recent year and is $12 billion in debt to the Treasury Department.”

Housing Wire – “Ohio AG begins $75 million demolition program” (5-4-12)

“Ohio Attorney General Mike DeWine will begin granting $75 million to local governments for the demolition of abandoned homes.”

DS News“Treasury to Sell Investments in Small Banks Still in TARP Program” (5-4-12)

“While Treasury has stated it recovered $264 billion of the $245 billion invested in TARP, Treasury Assistant Secretary Timothy G. Massad announced 343 banks still remain in TARP’s taxpayer-funded bank programs.”

Housing Wire“HAMP mortgage modifications down 33% from last year” (5-4-12)

“Reginald Harper, former CEO of First Community Bank of Hammond, La., pleaded guilty to defrauding the firm out of millions of dollars in phony mortgages.

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

California Real Estate Investor Events:

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.

Looking Back:

A survey showed that 45% of homebuyers thought 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 needed no additional funding from Treasury for the first quarter 0f 2011. Automatic Data Processing Inc said the private sector added 179,000 jobs in 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.

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