The Norris Group Real Estate News Roundup 7/29/11


Pending Sales of Previously Owned Homes in the U.S. Increased 2.4% in June
USB Is Sued for Mortgage Losses
Homeownership Falls to Lowest Since 1998
Case-Shiller Index Posts Second Straight Increase
84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011
Trulia Launches Social Search, Bringin Word-Of-Mouth Refferals Online for the Real Estate Industry
BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures
Ocwen Financial Offers New Loan Modification Program

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. According to Bloomberg, homeownership rates are at their lowest level since 1998.  Wells Fargo and National Urban League are teaming up together to help homeowners who are behind on their mortgage payments

In The News:

Bloomberg“U.S. Homeownership Rate Hits Lowest Level in 13 Years on Stricter Lending” (7-29-11)

“The U.S. homeownership rate fell to the lowest level since 1998 in the second quarter as stricter lending standards blocked purchases and foreclosures forced people out of their residences.  The ownership rate through June was 65.9 percent, the lowest since the same rate 13 years ago, the U.S. Census Bureau said in a report today.”

Housing Wire – “Fixed-rate CMBS defaults near 13%” (7-29-11)

“Defaults on loans in fixed-rate, commercial mortgage-backed securities continue to grow, with the default rate hitting 12.9% at the end of the second quarter, up 228 basis points from Dec. 31, Fitch Ratings said.”

DS News – “Wells Fargo Teams with National Urban League to Aid Homeowners” (7-29-11)

“Wells Fargo and the National Urban League have released the second edition of ‘The Foreclosure Workbook: The Complete Guide to Understanding Foreclosure and Saving Your Home’.”

Realty Times “30-Year Fixed-Rate Mortgage Follows Treasury Yields Higher” (7-29-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage changing little for the week amid mixed macroeconomic data. The 30-year fixed averaged 4.55 percent, while the 15-year remained unchanged from its previous week average of 3.66 percent.”

Inman “Consumers, real estate pros tap shift to rentals” (7-29-11)

“In a sluggish economy, diversification into renting can provide new income streams for both consumers and real estate professionals, according to two speakers at Real Estate Connect Thursday.”

The Wall Street Journal – “Mortgages Hold Steady” (7-29-11)

“Mortgage rates in the U.S. were again little changed over the past week, as readings on the U.S. economy continued to show mixed signals, according to Freddie Mac’s weekly survey of mortgage rates.”

San Francisco Chronicle – “BofA turns bulldozer on glut of abandoned homes” (7-29-11)

“Bank of America Corp., faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.”

Housing Wire – “Mortgage insurers write $4.8 billion in new business in June” (7-29-11)

“Private mortgage insurers, who are fighting for a place in the future mortgage finance space, wrote $4.8 billion in new insurance on mortgage loans originated in June, up from $3.92 billion in May.”

Realtor Magazine – “To Save Home Values, Bill Asks Banks to Rent Foreclosures” (7-29-11)

“As a glut of foreclosures on the market weighs down home values across the country, a bipartisan bill introduced this week in the House proposes a solution to reducing the high inventories: Rent the properties out.”

DS News – “Community Land Trusts Have Lower Delinquency and Foreclosure Rates” (7-29-11)

“A recent report by the Lincoln Institute of Land Policy found that delinquency and foreclosure rates among owner-occupants living in homes in Community Land Trusts (CLT) were consistently lower than rates among owner-occupants in the market overall.”

Looking Back:

RealtyTrac reported foreclosure filings increased in 75% of the nation’s metro areas during the first 2 quarters of 2010. Statistics from the Department of Labor showed unemployment insurance claims fell by 11,000 the previous week. According to Freddie Mac’s weekly survey, the average rate for a 30-year fixed-rate mortgage decreased to 4.54%. Fiserv predicted that single-family home prices would fall 4.9 percent during 2010-2011.

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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