Today’s News Synopsis:
170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people. In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years. Both mortgage rates and applications continue to stay low.
In The News:
DS News – “Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)
“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”
Housing Wire – “Homeownership rate falls to 14-year low” (1-31-12)
“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years. U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”
CNN Money – “Job growth slows in January” (2-1-12)
“Companies slowed their hiring in January, according to a report by payroll processor ADP. The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)
Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”
Housing Wire – “Housing construction spending hit 16-year low” (2-1-12)
“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”
Realty Times – “Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)
“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December. For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”
Los Angeles Times – “White House details mortgage refinancing plan for homeowners” (2-1-12)
“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”
Housing Wire – “FHFA will pre-qualify investors for bulk REO program” (2-1-12)
“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”
DS News – “Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)
“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”
Realtor Magazine – “Where List Prices Have Fallen the Most in a Year” (2-1-12)
“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com. But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”
Hard Money Loan Closed
Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2 bedroom, 1 bathroom home appraised for $242,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
Looking Back:
The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 2011.
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.
