Today’s News Synopsis:
According to the latest Realty Trac report, the number of foreclosures filed last month decreased and are now at their lowest in six years. Barclays Capital reported the U.S. Bank Tower in Los Angeles is in danger of a loan default. The number of bank closures is now at 51 with the recent closure of the Missouri Division of Finance.
In The News:
DS News- “Zillow Announces HotPads Acquistion Completed for About $16M Cash” (12-17-12)
“Zillow, Inc. announced the completion of its acquisition of HotPads for approximately $16 million in cash. In late November, Zillow revealed plans to purchase the map-based rental and real estate search site.”
“A HomeServices of America Inc. brokerage that’s the largest franchisee in the Prudential Real Estate network has partnered with Realtor.com to “enhance” its listings on the portal with agent contact details and photos, and other information sought by consumers.”
Realty Times- “Real Estate Outlook: RealtyTrac’s November Foreclosure Report” (12-17-12)
“There’s more evidence that the worst of the foreclosure problem is over. Foreclosure filings in November dropped to their lowest level since December 2006, according to RealtyTrac.”
Housing Wire – “Barclays: US Bank Tower at risk of default” (12-17-12)
“The tallest building on the West Coast U.S. Bank Tower in Los Angeles (pictured, right) is at risk of loan default, according to Fitch Ratings in a report from Barclays Capital.”
DS News- “Missouri Bank Closing Raises 2012 Tally to 51″ (12-17-12)
“Sunset Beach, Missouri, was the site of this year’s 51st bank collapse as the Missouri Division of Finance shut down Community Bank of the Ozarks.”
CNN Money- “Tax bite on the rich if rates go up” (12-17-12)
“The fiscal cliff may not be resolved yet. But after House Speaker John Boehner’s latest offer to the White House, it’s fair to assume now that tax rates will be going up on the rich in some fashion.”
DS News- “Groups Gather to Assist New York Homeowners Impacted by Sandy” (12-17-12)
“Over the weekend, key players gathered in Long Island to assist struggling homeowners affected by Hurricane Sandy.”
Housing Wire- “BofAML: Subprime best performing private mortgage bond” (12-17-12)
“Prices are up about one to two points over the last two-week period in subprime, which continues to be the best performing sector in non-agency mortgage-backed securitization, according to analysts of Bank of America Merrill Lynch ($10.90 0.3193%).”
Hard Money Loan Closed
Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 2 bathroom home appraised for $311,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 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.