Today’s News Synopsis:
According to the latest S&P/Case-Shiller Index, home prices increased 12.2% and are now at their highest in 7 years. Foreclosures, on the other hand, decreased by 20% last month. The Mortgage Bankers Association reported a 7% increase in commercial and multifamily mortgage originations in the second quarter of 2013.
In The News:
Bloomberg - “Home Prices in U.S. Increased by Most Since 2006 in May” (7-30-13)
“Home prices rose in May by the most in more than seven years as the recovery in U.S. residential real estate gained momentum.”
HousingWire - “CoreLogic: Foreclosures in June drop 20%” (7-30-13)
“The number of foreclosures recorded in the U.S. fell 20% year-over-year in June, with only 55,000 homes completing the process, CoreLogic said.”
DS News - “Weak Household Formation Hampers Housing” (7-30-13)
“The number of households owning homes rose a scant 32,000 in the second quarter, but the homeownership rate remained at 65.0 percent, the lowest level in 18 years, the Census Bureau reported Tuesday.”
Inman – “FHA’s proposes new workaround for condo market” (7-30-13)
“Good news for potentially thousands of condominium unit owners and homeowners association boards around the country: FHA has backed off a controversial policy that had threatened to force large numbers of condo projects out of compliance with the agency’s certification and recertification rules.”
Bloomberg - “American Capital Agency Rises as Mortgage REIT Minimizes Losses” (7-30-13)
“American Capital Agency Corp. (AGNC), the second-largest real estate investment trust that buys mortgage debt, rose as much as 6.8 percent after reporting a smaller drop in its book value than some analysts estimated.”
DS News – “Bay State Foreclosure Starts Down to Lowest Level on Record” (7-30-13)
“Foreclosure starts in Massachusetts plunged 84 percent in June to the lowest level since the Warren Group began keeping track in 2006.”
Mortgage Professional America - “Americans choose cash over real estate” (7-30-13)
“A new study has found that more Americans prefer cash investments than real estate in a 10-year investment horizon.”
DS News - “Survey Finds School Boundaries Huge Factor in Purchase Decisions” (7-30-13)
“With summer drawing to a close and a new school year approaching, a new survey from Realtor.com shows school boundaries factor in heavily for many homebuyers when they consider their purchasing decision.”
Mortgage Bankers Association - “Q2 Commercial/Multifamily Originations Up 7 Percent from Last Year; 36 Percent from Q1″ (7-30-13)
“Commercial and multifamily mortgage origination volumes during the second quarter of 2013 were seven percent higher than during the second quarter of 2012 and 36 percent higher than during the first quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 4 bedroom, 2 bathroom home appraised for $170,000.
Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.
Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.
Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate
Another bank closed in Georgia the prio weekend, bringing the new total to 39. More mortgage investors were concerned about the amount of money being charged for government-backed securities and were instead reverting to using more expensive but less risky bonds. Only 1/3 of mortgage bond investors interviewed by JP Morgan Securities expected to see growth in the housing market despite promising signs.
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.