Today’s News Synopsis:
The number of improving markets increased drastically this month and is now at 242. The number of closures for mortgage related businesses was less in 2012 at only 82. The IRS announced they will begin accepting tax returns as early as the end of this month.
In The News:
Bloomberg– “BofA Escaping Countrywide Helps Moynihan Build: Mortgages” (1-8-13)
“Bank of America Corp. yesterday struck deals to settle lending complaints, sell rights to service $300 billion of mortgages and repair relations with regulators. For Chief Executive Officer Brian T. Moynihan, it offers his best chance to rebuild the home lending business.”
Inman– “Re/Max takes control of franchising in Texas” (1-8-13)
“Denver-based franchisor Re/Max LLC will now have the right to sign up Re/Max franchisees in Texas after taking ownership of the “master franchise” region.”
DS News– “Number of Improving Markets Spikes in January, Hits 242” (1-8-13)
“The National Association of Home Builders (NAHB)/ First American Improving Markets Index (IMI) continued its trend of marked monthly improvements in January, according to a release from the NAHB.”
CNN Money – “IRS will accept tax returns starting Jan. 30” (1-8-13)
“The Internal Revenue Service will start processing tax returns for the vast majority of filers on Jan. 30. The agency had planned to open the tax season on Jan. 22, but had to push back the date because Congress took until New Year’s Day to pass needed tax provisions.”
Housing Wire– “Fitch: QM and QRM resolution will restart private RMBS market” (1-8-13)
“The recent announcement by the Consumer Finance Protection Bureau’s intention to issue a final rule on the ability to repay requirement as part of the final Qualified Mortgage definition are key milestones for the private-label residential mortgage-backed securitization market.”
DS News– “Mortgage Daily: Mortgage Business Closings Finish 2012 at 82” (1-8-13)
“Fewer businesses in the mortgage industry went under in Q4 2012, according to data from Mortgage Daily.”
Bloomberg– “NYC Midtown South Office-Vacancy Rate Rises as Rents Jump” (1-8-13)
“The office-vacancy rate in New York’s midtown south climbed for a fourth straight quarter as rents rose faster than some of the area’s technology and media tenants could pay, Cushman & Wakefield reported.”
Hard Money Loan Closed
Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $136,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.
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.