Today’s News Synopsis:
In The News:
DS News – “Delinquency Rate Increases Again, Overdue Mortgages=5,569,000: LPS” (6-20-12)
“Lender Processing Services, Inc. (LPS) offered a peak into mortgage performance in May 2012 and revealed the delinquency rate increased for the second month in a row after declines.”
Mortgage Bankers Association – “Government Refinance Applications More Than Double in Latest MBA Survey” (6-20-12)
“Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 15, 2012.”
Realty Trac – “Octomom’s Home Foreclosed” (6-20-12)
“Following multiple postponed foreclosure auctions over the past three months, the La Habra, Calif., home where “Octomom” Nadya Suleman lives was foreclosed on yesterday.”
Housing Wire – “Ellie Mae: Upswing in 95%-plus LTV suggest HARP traction” (6-20-12)
“Mortgages with loan-to-value ratios of 95% and above in May experienced a refinancing spike, suggesting the Home Affordable Refinancing Program is gaining traction, according to the latest Ellie Mae mortgage origination report.”
DS News – “FOMC Moves Modestly, Actions Expected to Keep Mortgage Rates Low” (6-20-12)
“With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate but agreed to expand its program to stimulate the economy by purchasing Treasury securities.”
Inman – “Fannie Mae forecasts ‘continued gradual healing’ for housing” (6-20-12)
“Despite signs of a slowdown in global economic growth, recent single-family housing data suggest the housing recovery is “on track” and is set for “continued gradual healing,” according to a monthly economic outlook released this week by Fannie Mae’s Economic & Strategic Research Group.”
San Francisco Chronicle – “Forecast: CA economy will pick up speed; US lags” (6-20-12)
“California will make steady gains in employment and its jobless rate will dip below double digits next year as the housing market finally halts its plunge, UCLA forecasters said Wednesday.”
DS News – “Why Rental Activity Remains ‘A Bright Spot’ for Housing” (6-20-12)
“While the lights of the housing market continue to flicker, rental market activity has been a bright spot, said Freddie Mac’s U.S. Economic and Housing Market Outlook for June.”
Housing Wire – “Fed will extend Twist through end of 2012″ (6-20-12)
“The Federal Reserve will continue to extend the average maturity of its securities holdings through end of the year, but it elected not to provide further stimulus to the economy.”
Hard Money Loan Closed
Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $231,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.
The Norris Group posted a new event. Craig Hill of the Norris Group will be interviewed by Shawn Watkins at the Investors Workshops Wednesday, June 27, 2012.
Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.
Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.
Looking Back:
According to a risk assessment released by the PMI Group, the chance of the prices of Orange County homes declining was almost 90%. According to Housing Wire, HUD started a new program to provide loans interest-free to borrowers who were unemployed and could not afford to pay their mortgages.
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, Economic & Strategic Research Group, Ellie Mae, fannie mae, Federal Open Market Committee, Federal Reserve, freddie mac, Lender Processing Services, mortgage bankers association, Octomom, the norris group, Weekly Mortgage Applications Survey