The Norris Group Real Estate News Roundup 6/13/11

Today’s News Synopsis:

The Mortgage Bankers Association nominated E.J. Burke as the vice-chair elect of KeyBank Real Estate Capital and Corporate Banking Services.  According to the Wall Street Journal, fourteen banks are given an extra 30 days to correct the problems with they way they handle foreclosures.  Rismedia reported that Freddie Mac released their latest Primary Mortgage Market Survey, which showed that the job market did not grow as expected and brought fixewd and adjustable-rate mortgages to a new yearly low.

In The News:

Bloomberg – “New York, Delaware Said to Probe Trustee Banks for Mortgage Securities” (6-13-11)

“New York has broadened its probe of the U.S. mortgage industry, requesting information from at least five financial institutions that act as trustees for pools of mortgages, a person familiar with the matter said.”

CNN Money – “How the housing depression spells QE3” (6-13-11)

The double dip in U.S. house prices is raising fears of another recession. But by one measure housing and consumer spending never bounced back in the first place. ”

RisMedia “Obama Administration Releases May Housing Scorecard Featuring New Making Home Affordable Servicer” (6-13-11)

“The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the May edition of the Obama Administration’s Housing Scorecard. New to this month’s report are detailed assessments for the 10 largest mortgage servicers participating in the Administration’s Making Home Affordable Program, setting a new industry benchmark for disclosure on servicer assistance to struggling homeowners.”

Orange County Register – “O.C. home sales run 31% below average” (6-13-11)

“Orange County homebuying continues to run well below historical trends, plummeting 18% from a year ago as a slow spring shopping season had to compete with a tax-incentive-fueled market of 2010.”

Housing Wire  “Distressed sales account for 62.5% of Orlando-area home sales” (6-13-11)

“Sales of distressed properties continues to dominate the market in the Orlando, Fla., area this year, according to a local trade association.”

RisMedia – “Mortgage Rates Move Lower Featuring Weak Jobs Report” (6-13-11)

“Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), which showed weaker than expected job growth in May pushing both fixed and adjustable-rate mortgages to new lows for the year.”

The Wall Street Journal “Banks Get 30 More Days to Fix Foreclosure Practices” (6-13-11)

“U.S. bank regulators said they will give 14 financial institutions an additional 30 days to submit plans to fix problems with their home-foreclosure practices, allowing more time to complete a broader settlement with state and federal agencies.”

Realty Times – “Real Estate Outlook: The American Dream” (6-13-11)

“According to the National Association of Home Builders (NAHB), owning your home still remains ‘essential to the American Dream’.”

Inman “Late to peak, Portland real estate market still mired in downturn” (6-13-11)

“While housing markets around the country were sinking several years ago, Portland, Ore., was a holdout, relatively speaking. It has, unfortunately, made up for lost time.”

Mortgage Bankers Association  “MBA Announces Nomination of E. J. Burke as 2012 Vice Chair-Elect” (6-13-11)

“The Mortgage Bankers Association (MBA) today announced the nomination of E. J. Burke, Executive Vice President and Group Head of KeyBank Real Estate Capital and Corporate Banking Services, to be its Vice Chair-Elect.”

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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