The Norris Group Real Estate News Roundup 7/15/11


Southland Home Sales Quicken, Median Price Highest This Year

Jobless claims drop, remain higher than 400,000

Distress Claims $181 Billion in Commercial Real Estate Sector

FTC Will Not Enforce Provisions of MARS Rule Against Real Estate Professionals Helping Consumers Obtain Short Sales

FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams

Bernanke Says Fed ‘Prepared to Respond’ If Stimulus Needed

U.S. Tackles Housing Slump

FDIC Files Suit Against IndyMAC

Foreclosure Roulette Revisited

Foreclosure Time Decreases in Three West-coast States in June

Today’s News Synopsis:

In this week’s video, Aaron Norris of The Norris Group gives the news of the week in the world of real estate and other big events.  Freddie Mac released their latest report showing a decrease in mortgage rates and an increaes in unemployment.  According to Inman, NAR just hired research firm 10K Research and Marketing to put together all of their statistics for the real estate market. 

In The News:

Realty Times“Mortgage Rates Fall After Weak Jobs Report” (7-15-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates following long-term bond yields lower amid weaker than expected jobs gains and an increase in the unemployment rate.”

Bloomberg – “Zillow Raises Price Range for IPO” (7-15-11)

“Zillow Inc., the Seattle-based online real-estate information service, raised the proposed price range for its initial public offering to as much as $18 a share.”

Inman – “Research firm 10k to produce NAR’s quarterly real estate market reports” (7-15-11)

“The research arm of the National Association of Realtors has chosen research firm 10K Research and Marketing (10K) to produce its local market statistics reports, the firm announced this week.”

DS News “Senate Bill Aimed at Helping Underwater Homeowners Gains Support” (7-15-11)

“The Helping Responsible Homeowners Act (S. 170), which aims to help underwater homeowners refinance their loans at historically low interest rates, is gaining support.”

Housing Wire “S&P warns downgrade on US credit possible” (7-15-11)

“Standard & Poor’s put the country’s triple-A sovereign credit rating on negative watch, as politicians continue to spar over the debt ceiling.”

The Wall Street Journal – “Stocks Fall as Bernanke Sinks Stimulus Hopes” (7-15-11)

“U.S. stocks fell to their lowest close this month after Federal Reserve Chairman Ben Bernanke deflated investors’ stimulus hopes and a thawing of frozen debt negotiations in Washington failed to draw in more bullish traders.”

San Francisco Chronicle – “Bay Area home sales, prices drop from year earlier” (7-15-11)

“Home sales in the Bay Area fell 4.5 percent in June from a year earlier as tight credit restrained purchases, according to DataQuick.”

Housing Wire – “Lawmakers introduce bipartisan bill to extend conforming loan limits” (7-15-11)

“Rep. John Campbell (R-Calif.) and Rep. Gary Ackerman (D-N.Y.) introduced a bill Friday that would extend the current conforming loan limit for government-backed mortgages for another two years.”

Bloomberg“U.S. Consumer Confidence Unexpectedly Declines to 63.8 From 71.5 in Index” (7-15-11)

“Confidence among U.S. consumers unexpectedly fell in July to the lowest level in more than two years, adding to concern that weak employment gains and falling home prices may keep households from spending.”

Realtor Magazine – “Short Sale Fraud Rampant, Investigators Say” (7-15-11)

Lenders are losing out on thousands of dollars–sometimes within just mere hours–due to short sale fraud, which is skyrocketing and plaguing the housing market, investigators say.”

Looking Back:

According to MDA DataQuick, 8,373 homes closed escrows in the Bay Area the previous month. Freddie Mac announced the average rate for 30-year fixed loans the week of July 12 was 4.57 percent. The Federal Open Market Committee expected economic expansion to increase considerably slower over the next couple years than was previously expected. California was at that time the second most popular place for foreign home buying.

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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