Today’s News Synopsis:
The NAHB reported builder confidence for new single-family homes increased by four points to 58. The increase in home prices has led to 791,000 properties being brought out of negative equity, although 6.4 million remain underwater. The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest rates.
In The News:
Housing Wire - “Federal Reserve raises the bar on stress tests” (12-17-13)
“The bar banks have to achieve in order to abide by next year’s stress tests is about to get higher as the Federal Reserve redefines the limits top banks need to reach to pass.”
DS News- “Holidays Cause Slowdown in Foreclosure Activity” (12-17-13)
“In California, notices of default, notices of trustee sale, and foreclosure sales declined in November to their lowest levels since January 2007. Analysts point to the holidays likely being a contributing factor.”
NAHB - “Builder Confidence Rises Four Points in December” (12-17-13)
“Builder confidence in the market for newly built, single-family homes improved four points to a 58 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for December, released today.”
Los Angeles Times - “Bay Area home prices rise, sales plunge in November” (12-17-13)
“Bay Area home prices rose while sales tumbled last month as buyers struggled to afford homes amid tight supply. The median sales price in the nine-county San Francisco Bay Area increased 1.9% from October to $550,000, research firm DataQuick said Tuesday.”
Housing Wire – “HARP refinances fall amid rising rates” (12-17-13)
“Total refinancing volume, including refinances through the Home Affordable Refinance Program, dipped in the third quarter of 2013 amid rising interest rates, the Federal Housing Finance Agency’s third-quarter 2013 Refinance Report revealed.”
DS News- “Full Housing Recovery Hinges on Young Adults Getting Jobs” (12-17-13)
“While the housing market is showing some signs of promise, a few major indicators continue to lag, according to the latest Trulia Housing Barometer.”
Housing Wire- “CoreLogic: 791,000 underwater homes return to positive equity” (12-17-13)
“Rising home prices continue to pull underwater homeowners into positive equity positions, with 791,000 additional properties returning to a situation in which the borrower no longer owes more than the home is worth in the third quarter, CoreLogic (CLGX) said Tuesday.”
Hard Money Loan Closed
Long Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 2 bedroom, 1 bathroom home appraised for $282,000.
Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.
Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.
Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.
According to the latest Realty Trac report, the number of foreclosures filed the previous month decreased and were at their lowest in six years. Barclays Capital reported the U.S. Bank Tower in Los Angeles was in danger of a loan default. The number of bank closures was at 51 with the recent closure of the Missouri Division of Finance.
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.