Today’s News Synopsis:
In a big week for foreclosures, RealtyTrac said 24% of all home sales in the fourth quarter of 2011 were homes in foreclosure. In other news, a bill was just passed by the Florida House of Representatives that will help speed up several foreclosure processes. Mortgage rates are back again to their 60-year lows after dropping a little last week. Unemployment claims also decreased last week by 2000.
In The News:
Bloomberg – “U.S. Banks Increase Commercial-Property Lending for First Time Since 2010″ (2-29-12)
“U.S. banks increased financing for commercial real estate in the fourth quarter for the first time in almost two years as default rates dropped and lenders shed more foreclosed properties, Chandan Economics said.”
Housing Wire – “Florida House passes bill to speed foreclosures” (2-29-12)
“The Florida House of Representatives passed a bill Wednesday to accelerate some foreclosures. The state House voted 94-17 to approve H.B. 213. The Senate still needs to pass the legislation.”
DS News – “Initial, Continuing Unemployment Claims Fall Again” (3-1-12)
“First time claims for unemployment insurance edged down by 2,000 for the week ended February 25, the Department of Labor reported Thursday (March 1).”
Realty Times – “Home Loan Modification Scams Persist” (3-1-12)
“Maria Lozano, a Los Banos, CA homeowner, recently struggled to pay her mortgage so she hired who she thought was a real estate broker. The broker charged her more than $2,000 for a loan modification she never received.”
Housing Wire – “Mortgage rates hover near 60-year lows” (3-1-12)
“Fixed mortgage rates fell slightly for the week ending March 1, keeping interest rates near their 60-year lows, Freddie Mac said Thursday.”
Bloomberg – “Construction Spending in U.S. Declined in January as Some Projects Slowed” (3-1-12)
“Construction spending in the U.S. unexpectedly fell in January as commercial and government projects slowed, a sign the building industry will take time to rebound.”
DS News – “Personal Income, Spending Up in January Shy of Expectations” (3-1-12)
“Personal Income rose 0.3 percent in January, compared with market expectations for an increase of 0.5 percent. Personal income grew 3.6 percent in the last year, the Bureau of Economic Analysis reported Thursday.”
Housing Wire – “Foreclosures account for 24% of 4Q home sales: RealtyTrac” (3-1-12)
“Homes in some state of foreclosure represented 24% of all U.S. home sales in the fourth quarter, up from 20% of all sales in the third quarter and down 26% from a year earlier, RealtyTrac said Thursday.”
CNN Money – “Bernanke: Economic recovery ‘uneven’” (3-1-12)
“It’s day two of Ben Bernanke’s semi-annual testimony before Congress, and the Federal Reserve Chairman remains cautious on the economy.”
DS News – “Foreclosure Notification Needs Name of Lender, Says New Jersey Court” (3-1-12)
“In a New Jersey Supreme Court ruling Monday, it was determined that the name of the company which owns a loan and its contact information must be included in notifications related to foreclosure action.”
Housing Wire – “Number of underwater homeowners grows: CoreLogic” (3-1-12)
“The number of underwater homeowners grew to 11.1 million, or 22.8% of all mortgaged properties, during the fourth quarter, CoreLogic said Thursday.”
Hard Money Loan Closed
Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 3 bedroom, 2 bathroom home appraised for $206,000.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.
The CBIA reported housing production decreased 56% from December 2010, and the Commerce Department reported construction spending dropped 0.7%. A survey from Equity-Trax showed that short sales were taking around 4 to 9 months to complete. Lender Processing Services claimed foreclosure starts fell 11.4% in January 2011.
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.