Today’s News Synopsis:
The number of REOs repossessed by the government decreased 18% from last year. Just as reported yesterday with Freddie Mac, Fannie Mae announced they made enough profit in the second quarter to not require government funding. The number of mortgage applications decreased 1.8% from last week.
In The News:
Housing Wire – “Fannie Mae earns $5.1B in 2Q, pays $2.9B to Treasury” (8-8-12)
“Fannie Mae earned high enough profits to avoid drawing further bailouts from the Treasury Department or the second quarter in a row.”
DS News – “FHFA Expresses ‘Significant’ Concern Over Eminent Domain Proposal” (8-8-12)
“FHFA issued a notice Wednesday to warn of the controversial use of eminent domain recently proposed in San Bernardino County.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-8-12)
“Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 3, 2012.”
Bloomberg – “Fannie Regulator May Seek to Block Eminent Domain Seizures” (8-8-12)
“The overseer of Fannie Mae (FNMA), Freddie Mac and the Federal Home Loan Banks said it may take action in an attempt to block municipalities’ use of eminent domain to seize mortgages backing securities.”
CNN Money – “Real recovery in home prices not expected until spring” (8-8-12)
“Even though home prices are rebounding in some parts of the country, the overall housing market won’t start turning the corner until next spring, according to the latest forecast from Fiserv.”
Housing Wire – “Government-held REO drops 18% from last year” (8-8-12)
“Government agencies shed their inventory of repossessed homes by more than 18% over the past year, according to an analysis of their financial reports.”
AOL Real Estate – “An End to Bush-Era Tax Cuts Could Push High-End Properties Onto Market” (8-8-12)
“Some well-heeled homeowners are reportedly scrambling to offload luxury properties by the end of the year or else risk having a serious bite taken out of their bottom lines.”
DS News – “Report: Sacramento Showing Signs of Market Rebound” (8-8-12)
“A new report suggests that Sacramento, California, may follow Phoenix as the next hard-hit metro to rise out of the ashes.”
Norco, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 3 bedroom, 2 bathroom home appraised for $286,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.
Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.
Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
In the wake of the U.S. credit rating being dropped, stocks decreased and the Dow was below 11,000, the lowest it had been since November 2011. Bloomberg reported Bank of America was sued by AIG in regards to false information regarding mortgage-bond investments. Inman reported rentals were increasing while homeownership is decreasing.
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.