Today’s News Synopsis:
DS News reported optimism in the housing market as housing prices are showing signs of reaching their lowest and stabilizing despite continuing price declines. According to Housing Wire, a settlement was reached between Morgan Stanley and MBIA regarding credit default swaps. In addition, the Realty Times reported housing will play a big part in the upcoming 2012 election.
In The News:
Realty Times – “Housing to Be Key Factor in 2012 Election” (12-13-11)
“HouseLogic, the consumer website for the National Association of Realtors® has released the results from their latest survey. They found that when it comes to the upcoming 2012 election, jobs and housing are at the forefront of voters’ minds.”
Housing Wire - “Morgan Stanley and MBIA reach settlement over CDS” (12-13-11)
“Morgan Stanley (MS: 15.74 +2.34%) said Tuesday that it has reached a comprehensive settlement with MBIA (MBI: 11.52 +1.05%) over credit default swaps that better positions the firm for Basel III compliance by resolving outstanding legacy exposures.”
DS News - “Prices Decline Slightly But Show Signs of Stabilizing” (12-13-11)
“While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report, released Tuesday.”
Bloomberg - “Mortgage Bonds Rally as Fed Backstop Seen” (12-13-11)
“Relative yields on mortgage-backed securities that guide new loan rates fell to the lowest in five months as investors wager the Federal Reserve is on standby to expand its holdings if the U.S. economy or Europe’s sovereign debt crisis worsens.”
San Francisco Chronicle - “Real estate recovery likely to be slow” (12-13-11)
“Fair warning to U.S. real estate players: Resign yourselves to “a slowing grind-it-out recovery” in 2012, as “enduring economic doldrums” continue to weigh heavily on the market.”
Hard Money Loan Closed
Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.
In The News:
Housing Wire – “Optimism rises among small businesses” (12-13-11)
“Small businesses grew more confident again in November, though optimism remains well below the pre-recession average. The National Federation of Independent Business reported an increase to 92 in its optimism index, up from 90.8 in October. That’s still lower than the 100 score the index averaged before 2008.”
DS News – “Attorneys General Expect to Reach Settlement Before Christmas” (12-13-11)
“The state attorneys general and the nation’s five largest mortgage servicers have been supposedly close to a settlement for quite some time. The latest estimate, according to the Des Moines Register is that they are likely to reach a settlement before Christmas.”
Wall Street Journal - “Home Bargains Abound, But Willing Lenders Are Rare Breed” (12-13-11)
“Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Barton—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.”
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.
22.5% of all mortgages were underwater in the 3rd quarter of 2010, according to CoreLogic. The FHA extended deadlines for condo projects seeking to renew their mortgage insurance. Altera Real Estate reported demand for O.C. homes decreased by 12%.
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 event 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 200 podcasts in our free investor radio archive.