Today’s News Synopsis:
A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times. There are now 80 failed banks with the recent seizure of four more institutions. The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.
In The News:
Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)
“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”
Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)
“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”
DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)
“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”
Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)
“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”
San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)
“California voters approved Proposition 13 to rein in property taxes that had doubled in 10 years. More than three decades later, that rebellion has mortgaged the state’s future, saddling it with the nation’s highest debt and lowest credit rating.”
Housing Wire – “Different mortgage types default at different times” (10-17-11)
“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”
O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)
“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”
DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)
“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”
Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)
“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory. There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”
Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)
“There’s no question that as a society we are more mobile than we have ever been. With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”
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