The Norris Group Real Estate News Roundup 6/29/11

Today’s News Synopsis:

Bloomberg reported an increase of 8.26% in pending sales for existing homes.  Bank of America and RMBS investors have reached a settlement in their recent suit regarding a loss of money for investors.  Mortgage applications saw a decrease of of 2.7%, according to the Mortgage Bankers Association.  Ally Financial has been subpoenaed by Federal Regulators in hopes to obtain information connected to a current investigation by the Justice Department.

In The News:

Bloomberg – “Pending Sales for U.S. Existing Homes Rise 8.2%” (6-29-11)

“More Americans than forecast signed contracts in May to buy previously owned homes, signaling the residential real estate market may be rebounding from a slump earlier in the year.”

Housing Wire – “Bank of America settles with RMBS investors for $8.5 billion (6-29-11)

“Bank of America (BAC: 11.175 +3.28%) agreed to pay $8.5 billion to investors who lost money on soured residential mortgage-backed securities that were assumed by the banking giant after it acquired Countrywide Financial Corp.”

Realty Times – “Case-Shiller Index Indicates Home Value Boost” (6-29-11)

“According to the latest S&P/Case-Shiller Home Price Index, April experienced a seasonal boost in home prices. Both the 10- and 20-City Composites were up 0.8% and 0.7% month over month, the first rise in eight months.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-29-11)

“Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 24, 2011.”

Los Angeles Times “KB Home posts second-quarter loss” (6-29-11)

“Los Angeles home builder KB Home widened its loss in its second quarter as the housing market stalled and the company continued to suffer the fallout from the bankruptcy of a Las Vegas development.”

RisMedia “Brokerage Veteran Louis Farina Joins Jordan Baris, Inc. Rentals” (6-29-11)

“Louis Farina has taken the reins and is running Jordan Baris, Inc. Rentals. Farina has an extensive background as the former owner of Signature Homes and Estates in Morris County, an award winning manager running a large office for a franchise and as a top producing Realtor.”

Housing Wire – “Early-stage mortgage delinquencies drop to 3-year low” (6-29-11)

“The amount of mortgages in the earliest stage of delinquency at the end of March dropped to the lowest level since the first quarter of 2008, federal banking regulators said.”

Realtor Magazine – “Fannie to Fine Lenders for Foreclosure Delays” (6-29-11)

“Mortgage servicers who have delayed the foreclosure process for delinquent borrowers may now get fined. Fannie Mae announced it will retroactively fine mortgage servicers for failing to process severely aged loans in foreclosure, HousingWire reports.”

DQ News – “Las Vegas Metro Area May Home Sales” (6-29-11)

Las Vegas region home sales held at a five-year high last month, rising modestly from both April and a year earlier as sales of distressed properties continued to account for nearly 70 percent of the resale market.”

Housing Wire“Regulators subpoena Ally Financial in mortgage probe” (6-29-11)

“Federal regulators subpoenaed Ally Financial Inc. this month, asking the lender for documents tied to mortgage deals and information related to a Justice Department investigation.”

Looking Back:

One year ago, Standard & Poor claimed U.S. home prices rose 0.8 percent in April 2010. According to the MBA, independent mortgage bankers and subsidiaries made an average profit of $1,135 on each loan they originated in 2009. Congress debated over legislation that would eliminate the HVCC in 90 days if passed. The House voted 409-5 to extend the closing deadline for the tax credit to Sept. 30 2010.

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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