Today’s News Synopsis:
Mortgage rates decreased again slightly for the second week in a row. 30-year rates are at 3.55%, while 15-year rates are at 2.86%. However, with this has come a recovery in home prices with a 1.2% increase in the second quarter. Jobless claims decreased to 365,000 last week.
In The News:
Housing Wire – “San Bernardino housing market improves without eminent domain” (9-5-12)
“The San Bernardino County, Calif. housing market showed signs of improvement in August even without a controversial eminent domain plan, according to Clear Capital.”
Bloomberg – “Private-Equity Firms Drive Up Select-Service Hotel Prices” (9-6-12)
“Private-equity firms including Starwood Capital Group LLC and Clearview Capital LLC have been the top buyers of select-service hotels this year, pushing up prices for the properties, Jones Lang LaSalle Hotels said.”
Realty Times – “Home Prices Rebounding With Low Mortgage Rates” (9-6-12)
“Over the course of several months, home prices in many markets have been rebounding with the consistent level of low mortgage rates.”
DS News – “First-Time Unemployment Claims in Surprise Drop” (9-6-12)
“First-time claims for unemployment fell to 365,000 for the week ended September 1, the Labor Department reported Thursday, surprising economists who had expected a smaller decline to 370,000.”
Inman – “Mortgage rates down again” (9-6-12)
“Mortgage rates eased for a second week in a row on mixed economic news, but could be poised for a rebound after the European Central Bank announced a new round of bond purchases today that undermined prices of U.S. Treasurys, pushing up yields.”
Housing Wire – “Rural affordable housing struggles with oil and gas boom” (9-6-12)
“Waves of highly paid oil and gas drilling employees into rural areas is causing strain on local governments to provide affordable housing for locals who can no longer afford skyrocketing rents, according to a government study released Thursday.”
Los Angeles Times – “Six years after crash, builders of new homes enjoy an upswing” (9-6-12)
“After six long years, the home-building sector is back in business: sales of newly built residential homes are climbing strongly this year, according to a report by John Burns Real Estate Consulting.”
Housing Wire – “Redefaults on private modifications cut by more than half” (9-6-12)
“The percentage of mortgages that redefaulted within six months after receiving a private modification fell by to the lowest level since the industry began reporting the data in 2009.”
DS News – “CMBS Delinquency Rate Falls Sharply After Increases: Trepp “ (9-6-12)
“The CMBS delinquency rate made a steep drop in August, marking the first fall since February 2012, according to Trepp.”
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $96,000 on a 4 bedroom, 2 bathroom home appraised for $160,000.
Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.
Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.
The Federal Housing Finance Agency, who acted as regulator for Fannie Mae and Freddie Mac, sued 17 banks in an attempt to recover billions of dollars worth of money lost due to mismanagement of the money by the bank. However, in another story, FBR Capital Markets said the plan would not work and that it would only risk the banks losing more capital. Bloomberg reported that retailers were planning to open more stores in response to the lower rents.
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.