Today’s News Synopsis:
Construction on new homes increased 2.3% according to the National Association of Home Builders. At the same time, remodeling on homes increased 15% in July to 3,144,000. Existing home sales also increased 7.8% last month to their highest level since May 2010.
In The News:
“Nationwide housing production rose 2.3 percent to a seasonally adjusted annual rate of 750,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau.”
Housing Wire – “Home remodeling activity spikes 15% in July: BuildFax” (9-19-12)
“Residential remodels authorized by building permits rose 15% in July to 3,144,000 from the year-ago figure of 2,725,000, according to real estate data provider BuildFax.”
DS News – “Existing Home Sales at 27-Month High in August “ (9-19-12)
“Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday.”
Realty Times – “Feds Release QE3 To Keep Mortgage Rates Down” (9-19-12)
“Last Thursday, the Feds announced their latest plan to aid economic growth and the stagnant unemployment rate.”
Bloomberg – “Wells Fargo, Morgan Stanley Faulted on RMBS Servicing” (9-19-12)
“A law firm that won an $8.5 billion settlement from Bank of America Corp. (BAC) tied to faulty mortgage bonds said Wells Fargo (WFC) & Co. and Morgan Stanley (MS) failed to service $73 billion of similar securities, creating a default.”
Mortgage Bankers Association – “Mortgage Rates Drop to New Survey Lows” (9-19-12)
“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 14, 2012.”
DS News – “Mortgage Default Rates Down in August: S&P/Experian” (9-19-12)
“Default rates across four categories were down in August, hitting their lowest rates since the end of the 2007/2009 recession, according to data from the S&P/Experian Consumer Credit Default Indices.”
DS News – “2011 Lending Data Reveals Declining Conventional, FHA Activity” (9-19-12)
“The Federal Financial Institutions Examination Council (FFIEC) released Tuesday data on mortgage lending transactions in 2011 at 7,632 financial institutions in the United States.”
Fullerton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $420,000 on a 4 bedroom, 3 bathroom home appraised for $752,000.
Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County today, September 19, 2012.
Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012.
Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012
Confidence in building new homes in the U.S. was at the lowest it had been in three months. The International Monetary Fund released a study showing an increase in foreclosures and unemployment happening as a result of banks not having enough restrictions and tighter regulations on loans. According to DS News, properties owned by the bank now totaled about 476,000, a decrease of about 17% from almost a year earlier.
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.