Today’s News Synopsis:
In The News:
Los Angeles Times – “Freddie Mac: Mortgage rates edge up from record lows” (6-14-12)
“Fixed mortgage rates ended a six-week string of record lows, with the latest Freddie Mac survey showing lenders were offering 30-year home loans at an average 3.71% this week, up from 3.67% a week earlier.”
DS News – “New York AG Introduces Bill to Punish Fraudulent Foreclosures ” (6-14-12)
“New York Attorney General Eric Schneiderman announced Thursday the introduction of his bill in the state Legislature that would protect New Yorkers from fraudulent business practices in the foreclosure process.”
Bloomberg – “Americans See Biggest Home Equity Jump in 60 Years: Mortgages” (6-14-12)
“Americans are digging themselves out of mortgage debt. Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008 as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal.”
Housing Wire – “CoreLogic: Shadow inventory shrinks” (6-14-12)
“The number of properties pending foreclosure or REO, but not yet on the market to sell, is down year-over-year in April. The shadow inventory supply now stands at 1.5 million units, representing a four-month supply, according to CoreLogic ($16.97 0.03%).”
DS News – “Foreign Housing Market Continues to Grow in U.S.: Realtor Report” (6-14-12)
“The combination of low housing prices and the comparative weakness of the dollar continues to push foreign buyers to the United States raising international home sales to $82.4 billion up from $66.4 billion last year, according to the National Association of Realtors (NAR) 2012 Profile of International Home Buying Activity.”
Realty Times – “Volatility Keeping Low Mortgage Rates on Track “ (6-14-12)
“There is a lot of volatility happening in markets these days as Europe continues to battle its financial crisis.”
Bloomberg – “U.S. Housing Rebound Evident in Bond Yield Gap: Credit Markets” (6-14-12)
“Investors are accepting the lowest yields since the real estate boom peaked in 2005 on the debt of U.S. homebuilders relative to the rest of the junk-bond market as evidence mounts that housing is on the rebound.”
DS News – “Jobless Claims Climb for 5th Time in 6 Weeks” (6-14-12)
“First time claims for unemployment insurance rose to 386,000 for the week ended June 9, from the prior week’s 38,000, (revised from the originally reported 377,000) the Labor Department reported Thursday.”
Bloomberg – “U.S. Foreclosure Filings Fall 4% as Lenders Increase Short Sales” (6-14-12)
“Foreclosure filings in the U.S. fell 4 percent in May from a year earlier as lenders disposed of more properties through short sales, where the price is less than the amount owed, according to RealtyTrac Inc.”
Los Angeles Times – “Inland Empire posts highest foreclosure rate of big metro areas” (6-14-12)
“The Inland Empire had the highest foreclosure rate out of the nation’s 20 biggest metropolitan regions last month, a new report shows, underscoring that distressed property remains elevated in California despite an improving housing market.”
Hard Money Loan Closed
Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $73,000 on a 2 bedroom, 1 bathroom home appraised for $122,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 19, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.
Looking Back:
Inman News reported that Zillow updated their database to increase the number of properties and decrease their margin of error to 8.5%. RE/MAX was optimistic of a recovering economy as they reported positive statistics for home sales. Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient.
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: bruce norris, CoreLogic, Eric Schneiderman, freddie mac, inland empire, labor department, mortgage debt, national association of realtors, RealtyTrac, shadow inventory, the norris group, unemployment