Today’s News Synopsis:
Freddie Mac’s claims the average rate for 30-year fixed loans this week fell to 4.44 percent. RealtyTrac reports that national foreclosures increased 3.6% from last month. Initial unemployment insurance claims increased this week by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June, and notices of trustee sale fell 18.9%.
In The News:
NAHB - “Active Adult Home Builder Activity, Confidence Drop” (8-12-10)
“Builder confidence in the mature-housing market retreated during this year’s second quarter, according to data from the National Association of Home Builders’ 55+ Housing Market Index (55+ HMI) – a quarterly survey of the association’s builder members engaged in the production of mature-market housing. This past quarter’s index values dropped for all areas surveyed, compared to the previous year’s second quarter.”
Associated Press – “Mortgage rates hit low of 4.44 pct.” (8-12-10)
“Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971.”
Inman - “FHA premium changes pushed to Oct. 4″ (8-12-10)
“FHA Commissioner David Stevens announced last week that upfront premiums for FHA mortgage insurance would be rolled back from 2.25 percent to 1 percent on Sept. 7, while annual premiums would nearly double. FHA had raised upfront premiums from 1.75 percent to 2.25 percent in April, to cope with rising losses on FHA-guaranteed loans. The Obama administration promised to reduce upfront premiums if Congress gave it the authority to raise annual premiums beyond their statutory limit of 0.55 percent.”
CNN - “Foreclosures rise in July” (8-12-10)
“The latest foreclosure numbers carried a mixed message: They’re up 3.6% from the month before but down 9.7% from 12 months earlier. In July there were more than 325,000 foreclosure filings — including notices of default, auctions notices and bank repossessions. That is the 17th month in a row total filings exceeded 300,000, said RealtyTrac’s CEO, James Saccacio.”
Sacramento Bee – “42,000 of California’s jobless will get help with mortgages” (8-12-10)
“More than 42,000 laid-off California homeowners are about to get a break. Starting Nov. 1, the government will help them make mortgage payments while they look for another job. Wednesday, the U.S. Treasury Department added $476.2 million to a $64 million state program that will pay jobless homeowners up to $1,500 a month.”
Housing Wire – “Weekly Jobless Claims Swell to 484,000″ (8-12-10)
“The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week’s initial figure was revised upward. The four-week moving average rose to 473,500, from the previous week’s revised average of 459,250, according to new data today from the US Department of Labor (DOL).”
Housing Wire - “California Foreclosure Activity Remains Mixed in July” (8-12-10)
“California mortgage defaults and foreclosure activity remained mixed in July, according to ForeclosureRadar, which tracks filings across the state. Foreclosure filings and cancellations dropped in July after rising in June while foreclosure sales rose after dropping last month. Notices of default filings slipped 4.8% from June and 47% from the same month last year. Notices of trustee sale fell 18.9% from June and 30.5% from July 2009″
Housing Wire – “Freddie Mac Economist Finds Growing Investor Preference for Hard Cash” (8-12-10)
“In Freddie Mac’s report, ‘Where Have All the Originations Gone?’ released Wednesday, the government sponsored entity (GSE) said that 25% of 2010 existing home sales are all-cash transactions. This proves to be a growing trend in home buying as the percentage of cash transactions was between 5% and 10% just a few years ago.”
Wall Street Journal - “Foreclosed On—By the U.S.” (8-12-10)
“The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring mortgage portfolio it took over when it helped bail out Bear Stearns in 2008.”
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.
Tags: auction, Bear Stearns, bruce norris, David Stevens, Department of Labor, employment, FHA, foreclosure, Foreclosure Radar, ForeclosureRadar, freddie mac, gse, home builder, homeowner, insurance, James Saccacio, jobless, mortgage, NAHB, Notice of Default, Obama, real estate, RealtyTrac, repossession, Treasury Department