Today’s News Synopsis:
In some good news for jobs, the number of unemployment claims decreased last week, while at the same time 325,000 new jobs were added in December for the private sector. Mortgage rates start the year off at the lowest on record according to Bloomberg. Vacancy rates for apartments are also at their lowest levels since 2001.
In The News:
Housing Wire - “Private sector adds 325,000 jobs in December” (1-5-12)
“Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report.”
CNN Money - “Consumer bureau: Now, it can do something” (1-5-12)
“With President Obama’s recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks — including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.”
Wall Street Journal - “Apartment-Vacancy Rate Tumbles to 2001 Level” (1-5-12)
“The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.”
Housing Wire - “Jobless claims drop to 372,000 last week” (1-5-12)
“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”
DS News - “Mortgage Modifications Scams Make Top Ten Scam List for 2011″ (1-5-12)
“Mortgage modification scams made the list of “Top Ten Scams of 2011,” assembled by the Better Business Bureau (BBB) Wednesday.”
Inman - “Top 10 US places with a net influx of movers” (1-5-12)
“Only Washington, D.C., and nine states — primarily in the Southwest and Mid-Atlantic regions — were labeled “inbound” by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines’ 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.”
Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Match the Record Low of 3.91%” (1-5-12)
“Mortgage rates (NMCMFUS) for 30-year U.S. loans declined, matching the lowest level on record amid signs that demand for housing may be recovering.”
Bloomberg - “Wells Fargo Faces Scrutiny by Investors on Mortgage Bonds” (1-5-12)
“A bondholder group that won an $8.5 billion settlement (BAC) from Bank of America Corp. (BAC) on securities backed by soured home loans may also seek payments from Wells Fargo & Co. (WFC), the nation’s biggest mortgage lenderion.”
Housing Wire – “Fannie Mae to provide loan-level data on single-family MBS” (1-5-12)
“In a push for increased transparency, Fannie Mae plans to provide loan-level data on single-family mortgage-backed securities to help investors.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.
The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.
Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.
Altera Real Estate forecasted an increase in interest rates for 2011. Hope Now reported mortgage lenders completed nearly 1.65 million permanent loan modifications in November 2010. President Obama signed the National Credit Union Stabilization Act.
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.