Today’s News Synopsis:
CoreLogic reported homes prices increased 7.4% last November to their highest in seven years. An $8.5 billion foreclosure settlement with JP Morgan Chase has finally come to an end, but with it came the layoff of 839 employees. The housing market is recovering faster than anyone originally thought, leading to many homeowners coming out from underwater.
In The News:
Housing Wire – “Home prices up the most since 2006″ (1-15-13)
“Home prices nationwide, including distressed sales, rose 7.4% year-over-year in November, according to the latest home price index from CoreLogic ($26.34 0%).”
DS News- “Retail Activity Beats December Forecasts” (1-15-13)
“Total retail sales rose 0.4 percent in December, the Department of Commerce reported Tuesday.”
Bloomberg- “Recovery in U.S. Saving 8 Million Underwater Homeowners” (1-15-13)
“The housing market is rebounding faster than anyone thought possible, according to Blackstone Group LP (BX)’s global head of real estate Jonathan Gray, as the Federal Reserve buys mortgage bonds to keep rates near record lows and investors sop up a diminishing supply of properties for sale.”
Inman- “New mortgage rules could crimp lending” (1-15-13)
“Though the new “ability to pay” (aka Qualified Mortgage or QM) rules released last week by the Consumer Financial Protection Bureau drew extensive media coverage, there are still widespread misunderstandings about how they’ll work in practic.”
Housing Wire- “Carrington offers 203K loans for fixer-uppers” (1-15-13)
“Lender and servicer Carrington Mortgage Services has not been shy about expanding at a time when the basic nature of lending and servicing remains in transition.”
CNN Money – “Construction jobs: Not quite a comeback yet” (1-15-13)
“Some construction firms expect to hire more workers in 2013, but don’t call it a comeback just yet. About 31% of construction companies plan to hire workers this year, while only 9% of firms plan to cut jobs.”
Bloomberg- “Appraisal Standards for Higher-Risk Mortgages Approved by FDIC” (1-15-13)
“U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms.”
DS News- “End of Foreclosure Review Leads to 839 Layoffs at JPMorgan” (1-15-13)
“The $8.5 billion foreclosure settlement on January 7 led to the conclusion of the Independent Foreclosure Review, and it also led to the layoff of more than 800 contract workers at JPMorgan Chase, according to a report from the Wall Street Journal.”
Hard Money Loan Closed
Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2 bathroom home appraised for $375,000.
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.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 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.