Today’s News Synopsis:
The Mortgage Bankers Association reported a 1.7% increase in mortgage applications from last week. Single-family home prices increased in almost half of the cities in the U.S. with the median price increasing in 74 of 146 metropolitan areas. The Florida Supreme Court is set to make a decision regarding fraud in foreclosure proceedings. Fannie Mae reported they made enough profit in the first quarter and will not have to be bailed out by the Treasury or taxpayers.
In The News:
Bloomberg – “FHA New Foreclosures Jump as Modified Loans Default” (5-8-12)
“The number of Federal Housing Administration-insured home loans entering foreclosure jumped in March after half the mortgages it modified to ease repayment terms were in default again a year or more later.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-9-12)
“Mortgage applications increased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 4, 2012.”
Housing Wire – “Fannie Mae profits, avoids Treasury bailout in 1Q” (5-9-12)
“Fannie Mae reported enough profit in the first quarter to offset dividend payments to the Treasury and avoid another bailout from taxpayers.”
Bloomberg – “Home Prices Rise in Half of U.S. Cities as Markets Stabilize” (5-9-12)
“Prices for single-family homes rose in about half of U.S. cities in the first quarter as property markets stabilized. The median price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today. In the fourth quarter, only 29 areas had gains.”
Inman – “Phoenix tops list of 10 turnaround markets” (5-9-12)
“It’s sunny and international in Realtor.com’s “Top Turnaround Towns” for the first quarter of 2012. Seven of the top 10 metros on the list are found in Florida. Seven also made the cut in a recent Inman News analysis of public records that identified the top 10 U.S. hotspots for global buyers.”
Housing Wire – “MBA housing forecast: Some stability amid continued uncertainty” (5-9-12)
“The housing market should continue its gradual recovery this year but plenty of uncertainty remains, according to economists from the Mortgage Bankers Association.”
Bloomberg – “Bank of America Meets Shareholders as Protests Swirl” (5-9-12)
“Bank of America Corp., the second- biggest U.S. lender, is following a “disciplined” strategy to rebuild profit, Chief Executive Officer Brian T. Moynihan said today as protests swirled outside the company’s annual meeting.”
DS News – “Profile of a Refinanced Loan in the First Quarter” (5-9-12)
“According to Freddie Mac’s first quarter refinance analysis, 79 percent of homeowners who refinanced their first-lien mortgage either maintained or reduced their mortgage debt.”
Housing Wire – “Florida Supreme Court to hear game-changing foreclosure case” (5-9-12)
“The Florida Supreme Court will decide whether financial firms can escape or remedy allegations of fraud in foreclosure proceedings by voluntarily dismissing the case.”
Wall Street Journal – “Freddie Mac Chooses CEO” (5-9-12)
“Freddie Mac is preparing to name Donald Layton, the former chief executive of online brokerage E*Trade Financial Corp., as its next CEO, according to people familiar with the matter.”
San Francisco Chronicle – “Rental competition fierce in S.F.’s market” (5-9-12)
“San Francisco rents rose 15.8 percent in the first quarter of this year compared with the same time last year, to an average of $2,663 for all size units, according to RealFacts.”
Hard Money Loan Closed
Downey, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 3 bedroom, 1 bathroom home appraised for $312,000.
California Real Estate Investor Events:
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 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.
Looking Back:
Clear Capital reported REO properties accounted for 34.5% of the real estate market. According to Zillow, U.S. home prices fell 3% in the 1st quarter of 2011. Fannie Mae said half of its mortgages were registered under MERS, and was concerned that MERS would cause trouble for the company. A study from LexisNexis showed that California was the worst state for mortgage fraud.
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, Bank of America, bruce norris, fannie mae, federal housing administration, Florida Supreme Court, freddie mac, mortgage applications, mortgage bankers association, national association of realtors, Phoenix, RealFacts, San Francisco, the norris group, treasury, Weekly Mortgage Applications Survey