Today’s News Synopsis:
Builder confidence increased drastically this month by 8 points to 52 according to the National Association of Home Builders. California home prices increased again and are at their highest level in over thirty years. The median price for single-family homes is up 32% at $417,350. The risk for people defaulting on mortgages is at its lowest level in ten years.
In The News:
NAHB - “Builder Confidence Hits Major Milestone in June” (6-17-13)
“Builder confidence in the market for newly-built single-family homes hit a significant milestone in June, surging eight points to a reading of 52 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”
Housing Wire – “Ex-BofA employees allege mishandling of HAMP applications” (6-17-13)
“Bank of America is prepared to address allegations from former employees who claim the mega bank routinely stalled the application process for the government’s Home Affordable Modification Program and wrongfully informed homeowners about the status of documents already on file.”
Bloomberg – “California Home Prices Up Most in 33 Years, Realtors Say” (6-17-13)
“California home prices rose by the most in three decades as a shortage of houses on the market spurred competition among buyers, the California Association of Realtors said today.”
DS News - “Report: Risk of Mortgage Default at Lowest Level in Nearly 10 Years” (6-17-13)
“The risk of default for more recently originated mortgages is close to levels seen seen 10 years ago, according to the findings from the University Financial Associates (UFA) of Ann Arbor, Michigan.”
CNN Money - “Stocks: Optimism ahead of Fed meeting” (6-17-13)
“Investors are cautiously optimistic Monday as they wait for Federal Reserve chairman Ben Bernanke to provide more clarity about when the central bank may start to cut back on its bond-buying program.”
Bloomberg - “Ranieri’s Shellpoint Said to Plan First Mortgage-Bond Deal” (6-17-13)
“Shellpoint Partners LLC, the home lender backed by mortgage-bond pioneer Lewis Ranieri, is planning a $251 million transaction in its first deal in the reviving market for securities without government backing.”
Housing Wire - “Builder confidence buoys homebuilder stocks” (6-17-13)
“Homebuilder stocks soared Monday – edging up as high as 4% in some cases – after the National Association of Home Builders/Wells Fargo Housing Market Index was released, showing homebuilder confidence at a seven-year high.”
DS News - “Fed Report: Housing Market in Texas Poised for Growth” (6-17-13)
“The steady influx of out-of-state transplants, along with stronger than average employment growth, should keep the housing and apartment sectors in Texas strong, a report from the Dallas Federal Reserve concluded.”
Hard Money Loan Closed
Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 3 bedroom, 2.5 bathroom home appraised for $171,000.
Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.
Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.
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.