Today’s News Synopsis:
In The News:
Housing Wire – “Mortgage servicers complete more foreclosures in 1Q” (6-27-12)
“Mortgage servicers completed nearly 123,000 foreclosures in the first quarter, the most since the middle of 2010, according to the Office of the Comptroller of the Currency.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-27-12)
“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 22, 2012.”
DS News – “Pending Home Sales Index Jumps in May” (6-27-12)
“The Pending Home Sales Index (PHSI) rose a strong 5.9 percent in May to 101.1, returning to its level of March, the National Association of Realtors (NAR) reported Wednesday.”
San Francisco Chronicle – “Contracts to buy US homes rise, match 2-year high” (6-27-12)
“Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years. The increase suggests consumers are gaining confidence in the housing market and a modest recovery will continue.”
DS News – “REO-to-Affordable Housing Bill Passes in New Jersey Senate” (6-27-12)
“The New Jersey State Senate approved on Monday a bill allowing towns to buy foreclosed vacancies to resell or rent them out as housing units.”
Bloomberg – “Housing Exuberance Led by Shiller’s U.S. Glamorous Cities” (6-27-12)
“Home prices are beginning to rise after a six-year slump in cities from San Francisco and Seattle to Miami with jobs and lifestyles that appeal to younger and affluent buyers.”
Housing Wire- “Lennar profit shows slow and steady recovery” (6-27-12)
“Lennar ($27.39 0%) second quarter earnings surged on an increase of the homebuilder’s deliveries and new orders, as well as a tax adjustment that boosted gains.”
DS News – “Hardest Hit Markets ‘Overshot on the Downside’: Report” (6-27-12)
“Although the Phoenix market doesn’t have the appeal bustling coastal cities such as Boston, Los Angeles, and Miami claim, it has still drawn interest from foreign investors and is one of the fastest growing metros, according to a report from Pro Teck Valuation Services.”
Housing Wire – “Servicers cut principal on 10% of mortgage mods, numbers expected to rise” (6-27-12)
“Mortgage servicers included principal reduction on 10.2% of modifications in the first quarter, up from 3% one year ago, according to the Office of the Comptroller of the Currency”.
Hard Money Loan Closed
Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 4 bedroom, 2 bathroom home appraised for $222,000.
The Norris Group posted a new event. Craig Hill of the Norris Group will be interviewed by Shawn Watkins at the Investors Workshops today, 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:
Realty Times reported mixed results for the market in June 2011: an increase in housing starts but a 3.8% decrease in existing-home sales. Analysts at Capital Economics found that cheaper and lower-quality homes would steadily decrease faster than homes at the higher end of the market. The Wall Street Journal reported that more mortgage applications were being rejected due to banks being extra careful about lending.
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, home prices, Lennar, mortgage applications, Mortgage Applications Survey, mortgage bankers association, national association of realtors, New Jersey State Senate, Office of the Comptroller of the Currency, Pending Home Sales Index, REO-to-Affordable Housing Bill, the norris group