Today’s News Synopsis:
In The News:
Housing Wire – “Mortgage rates hardly move: Freddie Mac” (6-28-12)
“Mortgage rates barely moved, hovering at or near the record lows set last week. The Freddie Mac survey showed 30-year, fixed-rate mortgages averaged 3.66% for the week ending Thursday, matching the previous week’s record low. Last year at this time, the 30-year FRM averaged 4.51%.”
CNN Money – “Jobless claims fall slightly” (6-28-12)
“The number of Americans filing for first-time unemployment benefits fell last week, after matching the highest level of the year the week before.”
Bloomberg – “Housing Rebound Accelerated by State Agencies: Mortgages” (6-28-12)
“State housing agencies are contributing to the nascent housing recovery in the U.S. by making more grants and loans to cover costs such as origination fees, third-party appraisals and insurance premiums that have jumped about 9 percent since the U.S. housing collapse that has brought average home prices down 34 percent from their July 2006 peak.”
Housing Wire – “FHLBanks violated unsecured credit limits: FHFA-OIG” (6-28-12)
“Several Federal Home Loan Banks violated regulatory credit limits in 2010 and 2011, even as the risks associated with doing so intensified, according to a recent federal investigation.”
DS News – “Treasury Projecting $204M in Proceeds from TARP Bank Sale” (6-28-12)
“In May, Treasury announced exit strategies to wind down on the remaining investments it still holds from the Troubled Asset Relief Program (TARP).”
Bloomberg – “Mortgage Seizures Create ‘Very Serious Concerns,’ Sifma Says” (6-28-12)
“Wall Street’s largest lobbying group is objecting to the use of eminent domain by municipalities to seize mortgages packaged into bonds so the loans can be shrunk to aid homeowners who owe more than their properties’ values.”
Inman- “Realogy-affiliated brokerages in Houston merger” (6-28-12)
“Two brokerages affiliated with Realogy Corp. franchise brands have merged their operations, positioning the combined company as a market leader in Northeast Houston.”
DS News – “GDP Growth at 1.9% in Q1 as Expected” (6-28-12)
“The US economy grew at an annual rate of 1.9 percent in the first quarter, the Bureau of Economic Analysis reported Thursday in its third estimate of economic performance in the first quarter.”
Los Angeles Times – “Consumer bureau, interest groups offer tips on reverse mortgages” (6-27-12)
“As the Consumer Financial Protection Bureau released a reportThursday warning of the risks of reverse mortgages, it also offered tips for people considering taking one out”.
Hard Money Loan Closed
Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 4 bedroom, 2 bathroom home appraised for $342,000.
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 in Los Angeles Tuesday, September 18, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.
Looking Back:
The prices of homes increased in April 2011 for the first time in eight months. However, for the whole year prices actually decreased 4% in 20 cities from April 2010 to April 2011. DS News reported that reports of mortgage fraud increased 31% in the first quarter of 2011. The passage of Senate Bill 510 was pushed back, which would have increased the amount of legal work required for appointing a branch manager for a large real estate company.
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, Bureau of Economic Analysis, Consumer Financial Protection Bureau, Federal Home Loan Banks, Federal Housing Finance Agency, Federal Housing Finance Agency Office of Inspector General, freddie mac, gdp, labor department, Realogy Corp., the norris group, Troubled Asset Relief Program, unemployment