Today’s News Synopsis:
Fannie Mae reported higher confidence in both the economy and value of homes improving. However, Lewis Ranieri believes the housing market is reaching its lowest level. Loan modifications decreased 31% in the first quarter of 2012 according to HOPE NOW. Third party reviews of FHFA REO-t0-Rental program applications are expected to come to a close shortly.
In The News:
Bloomberg – “UBS Bets on Toxic Debt Demand After Fed’s Record Sale: Mortgages” (5-7-12)
“UBS AG (UBSN), which had more than $57 billion of losses and writedowns after the U.S. real-estate crash, is betting there’s enough demand for toxic commercial property assets to sell debt created at the height of the boom.”
DS News – “Fannie Mae: Confidence in Economy and Home Values Increasing” (5-7-12)
“Both the expectation for home prices and the percentage of those who think the U.S. economy is on the right path reached record highs in Fannie Mae’s April 2012 National Housing Survey.”
Housing Wire – “MBA: Regulatory environment to dominate mortgage sector” (5-7-12)
“Rulemakings will dominate the mortgage industry this year as the sector continues its “slow, bumpy road to recovery,” keynote speakers said as the Mortgage Bankers Association’s secondary conference got into full swing Monday in New York City.”
Bloomberg – “Ranieri Says Housing Market in U.S. Is Reaching Bottom” (5-7-12)
“The U.S. housing market is reaching a bottom, according to Lewis Ranieri, the mortgage-bond pioneer. While “broad” concern that home prices have further to fall is restraining sales, “many, myself included, think we are at a bottom,” Ranieri said today at a conference hosted by the Mortgage Bankers Association in New York.”
Realty Times – “Real Estate Outlook: Green Construction Predicted to Grow “ (5-7-12)
“According to the latest McGraw-Hill construction SmartMarket Report the share of green homes on the market is expected to grow by leaps and bounds in the next four years.”
Housing Wire – “HOPE NOW: Loan mods down 31% in Q1 2012″ (5-7-12)
“HOPE NOW’s March mortgage modification data shows an estimated 207,000 homeowners received permanent modifications in the first quarter of 2012, representing a decline of 31% from Q1 2011.”
NAHB – “100 Housing Markets on Improving List in May” (5-7-12)
“The list of housing markets showing measurable and sustained improvement held virtually unchanged in May at 100, down from 101 in April, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released today. The number of states represented on the list also held firm from the previous month, at 35 (including the District of Columbia).”
DS News – “HAMP Activity Slides, HAFA Holds Steady” (5-7-12)
“The government’s Home Affordable Modification Program (HAMP) continues to add borrowers to its roster each month, but the pace has slowed. Data released Friday by Treasury and HUD shows 19,940 permanent HAMP mods were granted during the month of March.”
Bloomberg – “Mortgages Beat Corporates With Fed Q3 Discounted” (5-7-12)
“Government-backed mortgage bonds are beating corporate notes even as investors see shrinking odds the Federal Reserve will expand its holdings of U.S. housing debt.”
Housing Wire – “FHFA wrapping up REO-to-rental program bidder reviews” (5-7-12)
“A third party review of bidder applications to the Federal Housing Finance Agency’s REO-to-rental program will conclude in the next few weeks, said Meg Burns, FHFA senior associate director for housing and regulatory policy.”
DS News – “More than 200 Banks Pose High Risk of Failure: Trepp” (5-7-12)
“While the pace of bank closing has slowed this year compared to the year before, in its bank failure report, Trepp noted that there are still more than 200 banks at high risk of failure as of the first quarter of 2012.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $60,000 on a 4 bedroom, 2 bathroom home appraised for $105,000.
California Real Estate Investor Events:
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 Cutting Edge Financial Tactics Brunch on Saturday, June 02, 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.
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: Aaron Norris, bruce norris, fannie mae, Federal Housing Finance Agency, Federal Reserve, FHFA, First American Improving Markets Index, HAFA, hamp, home prices, Hope Now, HUD, mortgage bankers association, National Association of Home Builders, the norris group, treasury, UBS