Today’s News Synopsis:
Foreclosure activity was down last month to its lowest in 74 months, despite foreclosures increasing in several judicial states. Mortgage rates increased to 3.42% and 2.61%, marking their first increase in six weeks. At the same time, delinquency rates for mortgages also increased to 7.25%. The National Association of Realtors reported home prices increased to their highest in 7 years.
In The News:
Mortgage Bankers Association - “Mortgage Delinquency Rates Increase, But Foreclosure Inventory Rate Down Sharply” (5-9-13)
“The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.25 percent of all loans outstanding at the end of the first quarter of 2013, an increase of 16 basis points from the previous quarter, but down 15 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”
DS News – “Foreclosure Filings Drop to 74-Month Low, Judicial State Auctions Rise” (5-9-13)
“Foreclosure activity in April fell to a 74-month low across the country, but many judicial states are experiencing rising foreclosures. Furthermore, judicial foreclosure auctions reached a 30-month high, according to RealtyTrac’s April U.S. Foreclosure Market Report.”
Bloomberg - “Mortgage Rates in U.S. Rise for First Time in Six Weeks” (5-9-13)
“Mortgage rates in the U.S. rose for the first time in six weeks after borrowing costs near all-time lows spurred demand for home loans.”
Inman - “Home prices post highest gain in more than 7 years” (5-9-13)
“The median existing single-family home price posted its highest annual gain in more than seven years in the first quarter of 2013, as market conditions for home sellers continued to improve and home sales increased, the National Association of Realtors (NAR) reported today.”
NAHB - “Builder Confidence in the 55+ Housing Market Shows Strong Growth in First Quarter” (5-9-13)
“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”
Housing Wire - “Fannie Mae profit soars, posts largest pre-tax quarterly income to-date” (5-9-13)
“Mortgage finance giant Fannie Mae reported first-quarter pre-tax net income of $8.1 billion on Thursday morning, compared to $7.6 billion from the previous quarter, as a result of strong credit results driven by an improving housing market and the enterprise’s resolution agreement with Bank of America.”
DS News – “Fed: 96K Foreclosure Review Checks to Be Sent to Underpaid Borrowers” (5-9-13)
“About 96,000 borrowers who received a check under the foreclosure review settlement should expect a second payment since their checks were for a lesser amount than what they should have received, the Federal Reserve announced in a statement.”
Realty Times – “Housing Recovery A Return To ‘Good Times’” (5-9-13)
“The housing recovery comes with an economic boost, more jobs and higher incomes, but it can also help create a higher level of “good times” in the neighborhood.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 3 bedroom, 2 bathroom home appraised for $137,000.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.
Looking Back:
The Mortgage Bankers Association reported a 1.7% increase in mortgage applications from the previous week. Single-family home prices increased in almost half of the cities in the U.S. with the median price increasing in 74 of 146 metropolitan areas. The Florida Supreme Court was set to make a decision regarding fraud in foreclosure proceedings. Fannie Mae reported they made enough profit in the first quarter and would not have to be bailed out by the Treasury or taxpayers.
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.