Today’s News Synopsis:
Home prices grew 3.8% in July, the highest in six years. Construction on new homes, however, decreased month-over-month in July after showing gains for six months straight. Freddie Mac is helping people affected by Hurricane Isaac by offering relief policies to those affected in Louisiana and Mississippi.
In The News:
Housing Wire – “July construction levels break months of gains: Commerce Department” (9-4-12)
“The construction of new residences fell from June to July as overall construction spending contracted after six months of gains, the Commerce Department said Tuesday.”
DS News – “Freddie Mac Offers Disaster Relief for Borrowers Affected by Isaac” (9-4-12)
“Freddie Mac announced it has relief policies for borrowers impacted by Hurricane Isaac. The relief polices are specifically for Freddie Mac borrowers located in Louisiana and Mississippi jurisdictions declared by President Barack Obama as disaster areas”
Inman – “Home prices post strongest growth in 6 years” (9-4-12)
“A home price index based on multiple listing service data showed national home prices were up 3.8 percent from a year ago in July, the biggest annual increase since August 2006.”
Housing Wire – “Credit union mortgage lending doubles in California” (9-4-12)
“California credit unions took advantage of the Home Affordable Refinance Program and originated twice as many home loans in second quarter than the previous three months.”
Realty Trac – “How Real Mortgage Fraud Causes Foreclosures” (9-4-12)
“Mortgage fraud is on the rise and that’s a trend which should thrill no one. According to Experian, “a total of 39 in every 10,000 mortgage applications were identified as fraudulent between April and June 2012, up from 32 in during the same period in 2011.’”
DS News – “Foreclosure-Focused Reality TV Show to Debut in October” (9-4-12)
“Next 1 Interactive, Inc., a media company focused on travel and real estate, announced Tuesday that the pilot episode of a new home improvement reality show focused on foreclosure renovation saw some success in a test market in New York.”
CNN Money – “Wal-Mart cuts layaway fee” (9-4-12)
“Wal-Mart Stores said Tuesday it is cutting the upfront fee it charges customers who use its layaway plan.”
DS News – “Mortgage Industry Nets 1,335 Jobs: Mortgage Daily” (9-4-12)
“For the fourth consecutive quarter, the mortgage industry posted a net gain in jobs, according to Mortgage Daily’s Second Quarter 2012 Mortgage Employment Index.”
Lomita, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $248,000 on a 2 bedroom, 1 bathroom home appraised for $390,000.
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.
Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.
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: bruce norris, Commerce Department, CoreLogic, credit union, fannie mae, foreclosure, freddie mac, Home Affordable Refinance Program, home-price index, Hurricane Isaac, mortgage, mortgage fraud, reality tv, the norris group, Wal-Mart