Today’s News Synopsis:
Claims for unemployment decreased by 2,000 with claims now at 386,000 compared to 388,000 the week prior. Existing home sales also decreased 2.6% last month for the third time in the last four months. Mortgage rates increased to 3.9% this week, the first time in four weeks mortgage rates have seen an increase.
In The News:
Housing Wire – “Jobless claims drop by 2,000″ (4-19-12)
“Roughly 386,000 Americans filed for unemployment benefits in the week ending April 14, down from a revised 388,000 during the previous week, according to the Department of Labor.”
Bloomberg – “U.S. Previously Owned Home Sales Unexpectedly Fell in March” (4-19-12)
“Sales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market. Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported today in Washington.”
DS News – “Bank of America Reports Net Income of $653M for Q1″ (4-19-12)
“Bank of America reported a net income of $653 million, or $0.03 cents per share for the first quarter of 2012. This includes charges of $4.8 billion, or $0.28 cents a share, from accounting adjustments due to a rise in the value of its debt.”
CNN Money – “New rules will speed up short sales” (4-19-12)
“The Federal Housing Finance Agency laid out new rules aimed at speeding up the short sale process, a move that could keep many homes from falling into foreclosure.”
Housing Wire – “Multifamily home building to beef up 30% in 2012″ (4-19-12)
“Describing the performance of multifamily homebuilding as better than most recoveries, Fannie Mae forecasts that the sector will expand by nearly a third in 2012..”
Bloomberg – “Mortgage Rates in U.S. Increase for First Time in Four Weeks” (4-19-12)
“Mortgage rates in the U.S. rose for the first time in four weeks, increasing borrowing costs as demand for housing is slow to recover.”
Los Angeles Times – “Bay Area housing market improves in March” (4-19-12)
“Bay Area home sales notched their best March in five years as prices appeared to level off, new data show. Sales rose 9.1% from March 2011, totaling 7,694 across the nine-county region.
Inman – “RealtyTrac acquires online data aggregator Homefacts” (4-19-12)
“Foreclosure data company RealtyTrac has acquired Homefacts, a website that allows users to research homes for nearby health and safety hazards, the company announced today.”
Hard Money Loan Closed
Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $38,000 on a 2 bedroom, 2 bathroom home appraised for $68,000.
Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.
68,239 Notices of Default (NoDs) were recorded at county recorders offices in the 1st quarter, according to MDA DataQuick. Statistics from the Commerce Department showed housing starts increased 7.2% in March 2011. A California bankruptcy court said MERS could not help a trustee establish legal standing to foreclose on a securitized mortgage. The FDIC closed six banks on April 15th, 2011.
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.