Today’s News Synopsis:
Home prices increased 0.6% from February to March as a result of inventory decreasing. More people are able to afford homes today with payments on conventional mortgages representing 12% of median-family income. Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.
In The News:
Housing Wire – “Fiserv Case-Shiller: Home affordability at record levels” (5-8-12)
“Payment on a conventional mortgage for a median-priced home now represents just 12% of median-family income; the lowest percentage since records began in 1971, according to data from the Fiserv ($66.68 -0.38%) Case-Shiller Index released Tuesday.”
Inman- “Shrinking inventory boosts home prices” (5-8-12)
“A national home-price index maintained by data aggregator CoreLogic showed prices edging up from February to March — the first month-over-month increase since last summer.”
DS News – “DataQuick Releases Valuation Tool for Assessing Portfolio Risks” (5-8-12)
“DataQuick launched a valuation tool to help portfolio risk managers with correctly assessing default and loss severity risk.”
NAHB – “Builders Urge Congress to Improve Lacey Act to Protect Consumers, Businesses” (5-8-12)
“The National Association of Home Builders (NAHB) today called on Congress to amend the Lacey Act so that individuals and businesses that unknowingly purchase illegal wood products from overseas do not have their property seized and are not exposed to civil and criminal liability.”
Los Angeles Times – “Feds may seek fines against Wells Fargo in mortgage bias probe” (5-8-12)
“Federal authorities have advised Wells Fargo & Co. that they may seek damages and fines for alleged discrimination in mortgage lending.”
Housing Wire – “Ginnie Mae to tighten MBS standards” (5-8-12)
“Lenders applying for Ginnie Mae mortgage-backed approval will find it more challenging in the coming months, according to one official.”
Bloomberg – “Ally Gets Nod for ResCap Filing as U.S. Seeks Repayment” (5-8-12)
“Ally Financial Inc. (ALLY), the auto lender majority-owned by taxpayers, received U.S. Treasury Department approval to put its Residential Capital unit into bankruptcy as the government seeks to recover bailout funds.”
Housing Wire – “Freddie Mac refinancings reduce mortgage interest rates 27% on average” (5-8-12)
“Freddie Mac borrowers who refinanced reduced interest rates by 27% in the first quarter, a high in the 27-year history of the government-sponsored enterprise’s analysis.”
Los Angeles Times – “HUD Secretary Donovan urges Congress to make refinancing easier” (5-8-12)
“Congress should quickly pass legislation to make it easier for more homeowners to refinance their mortgages, a move that could help households save money on their monthly payments and boost the housing market, Housing and Urban Development Secretary Shaun Donovan said Tuesday.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $78,000.
California Real Estate Investor Events:
The Norris Group posted a new event. Bruce Norris of the Norris Group will be speaking at 7 Profit Centers for 2012 and Beyond, tomorrow May 8, 2012.
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: Ally Financial, bruce norris, Case-Shiller, CMV-Portfolio, CoreLogic, DataQuick, Fiserv, freddie mac, Ginnie Mae, HUD, Lacey Act, National Association of Home Builders, Shaun Donovan, the norris group, U.S. Treasury, Wells Fargo