Today’s News Synopsis:
The National Association of Realtors reported pending home sales increased again in July for the 15th month in a row. The Mortgage Bankers Association reported a 4.3% decrease in mortgage applications last week. In another big story, over $10 billion has been provided by the largest mortgage servicers to troubled borrowers as part of a recent settlement.
In The News:
Housing Wire – “Pending home sales rise for 15th straight month” (8-29-12)
“Pending home sales rose in July to the highest level since April 2010 when the homebuyer tax credit was about to close, according to the National Association of Realtors.”
Bloomberg – “U.S. Lenders Provided More Than $10 Billion in Mortgage Aid” (8-29-12)
“The five largest U.S. mortgage servicers say they have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices, according to a report released today by a court-appointed monitor.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-29-12)
“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 24, 2012.”
DS News – “Report: Homeownership at Lowest Rate in Nearly 50 Years” (8-29-12)
“Whether by choice or circumstance, it seems fewer and fewer people are sharing in the American dream.”
Inman- “Re/Max sells Chinese franchise rights” (8-29-12)
“Real estate franchisor Re/Max has sold franchise rights for China, including the mainland, Hong Kong and Macau, to an unnamed ownership group based in Hong Kong.”
DS News – “Q2 GDP Growth Pegged at 1.7%, Bank Profits Drop” (8-29-12)
“The U.S. economy grew in the second quarter at 1.7 percent, slightly faster than the originally estimated 1.5 percent, the Bureau of Economic Analysis reported Wednesday.”
Realty Trac – “Sacramento Area Officials Look at Eminent Domain to Aid Homeowners” (8-29-12)
“Government officials in Sacramento and Elk Grove are giving a good look at the possible use of eminent domain as a way of helping out struggling homeowners who are still making their mortgage payments despite being underwater on their loans.”
DS News – “July Home Sales Up in Massachusetts As Prices Stay Flat “ (8-29-12)
“Sales of single-family homes in the Bay State continued their steady rise in July, The Warren Group reported Tuesday.”
Inman – “Survey: Buyers think market is shifting against them” (8-29-12)
“A survey of 982 prospective buyers in 19 markets by tech-based brokerage Redfin shows an increasing conviction that home prices are on the rise, and a growing reluctance to get into multiple-offer situations.”
Hard Money Loan Closed
Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 5 bedroom, 3 bathroom home appraised for $123,000.
Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum tomorrow, August 30, 2012.
Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.
Looking Back:
Despite pending sales of homes decreasing in July 2011, a report by the National Association of Realtors showed they actually increased significantly from the prior year. New home sales, however, continued to decline for the third month in a row, leading some to fear it would be the worst year for home sales. Property insurance companies were also facing their worst year with the recent hurricane Irene and the increase in natural disasters in the United States that year.
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, China, JPMorgan Chase, Massachusetts, mortgage applications, mortgage bankers association, mortgage servicer, national association of realtors, Office of Mortgage Settlement Oversight, ReMax, Sacramento, the norris group, Weekly Mortgage Applications Survey, Wells Fargo