Today’s News Synopsis:
DS News reported both 15-year and 30-year mortgage rates are at their lowest on record. Foreclosures increased over 20% from last quarter despite mortgage delinquencies holding steady. Bank of America just settled their recent lawsuit with the Justice Department over unfair lending practices. Claims of unemployment are also at their lowest since April 2008.
In The News:
Housing Wire – “OCC: New foreclosures climb 21.1% in third quarter” (12-22-11)
“Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.”
DS News – “Mortgage Rates…How Low Can They Go?” (12-22-11)
“Mortgage interest rates continue to head south. Freddie Mac reported Thursday that the 30-year fixed-mortgage rate as well as adjustable rate products all sank to new all-time record lows this week, while the 15-year fixed rate settled in to match its historic low.”
Bloomberg – “Foreclosures May Push U.S. Housing Rebound to 2013″ (12-22-11)
“Prices for resold homes are down 31 percent since the July 2006 peak, based on the S&P/Case-Shiller Index that tracks 20 major metropolitan areas.“
CNN Money – “BofA settles unfair lending claims for $335 million” (12-22-11)
“The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.”
Housing Wire – “Jobless claims down to lowest level since April 2008” (12-22-11)
“The number of initial jobless claims fell further last week to the lowest level in more than three years. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 17 declined by 4,000 to 364,000 from 368,000 the previous week, which was revised upward 2,000.”
Los Angeles Times – “Key consumer confidence index up for fourth straight month” (12-22-11)
“A leading consumer confidence index rose in December, the fourth straight monthly increase, but the stalemate in Washington over extending the payroll tax cut could cut into those gains. Consumers were much more positive about the overall economic prospects this month compared to November, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Thursday.”
“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued a statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac.”
Inman – “Zillow: US home values to drop about $681B in 2011” (12-22-11)
“The value of overall homes nationwide has likely dropped just over $681 billion this year, according to property search and valuation site Zillow.”
Housing Wire – “Fitch: US could lose AAA rating by end of 2013” (12-22-11)
“The United States could lose its AAA sovereign debt rating by the end of 2013 if policymakers fail to make inroads in cutting the federal deficit in the next year and a half, Fitch Ratings said Thursday.”
Hard Money Loan Closed
Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $205,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.
The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.
According to Veros, San Diego home prices were expected to rise 3.5% in 2011. November 2010 saw an increase in home sales since decreasing significantly in July 2010. In other news, fewer people were applying for mortgages most likely due to higher rates. Fannie Mae expected home prices to decline in 2011, although they expected the sale of new homes to decrease and existing sales to increase. The Obama administration believed the recent robo-signing had resulted in a decrease in foreclosures.
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.