Today’s News Synopsis:
Home sales increased again in November for the fifth month in a row, increasing 8% from last year. The latest data from the Lender Processing Services showed that the number of loans delinquent at the end of last month had increased almost 3% on a monthly basis. In another big story, homebuilder confidence increased for the third month in a row.
In The News:
Realty Times - “Real Estate Outlook: Distressed Properties’ Far Reaching Effects” (12-19-11)
“The number of distressed properties across the nation has resulted in a range of effects. Most notably, though, has been the effect on non-distressed homes in neighboring areas and communities.”
“November home sales in the 53 largest metro areas rose 8.1% from last year, the fifth-straight month of increases from a year earlier, according to the real estate network RE/MAX.“
Los Angeles Times - “4 House members got Countrywide VIP loans, Rep. Darrell Issa says” (12-19-11)
“Four current House members received special VIP loans from Countrywide Financial Corp., and their names have been forwarded to the Ethics Committee for possible action, Rep. Darell Issa (R-Vista) said.”
DS News - “Delinquencies on the Rise as Loans Languish in Pipeline” (12-19-11)
“Lender Processing Services (LPS) has released new data detailing mortgage performance at November month-end. The most troubling statistic shows a nearly 3 percent month-over-month increase in the number of loans 30 or more days past due but not yet in foreclosure.”
NAHB - “Builder Confidence Rises for the Third Consecutive Month” (12-19-11)
“Builder confidence in the market for newly built, single-family homes edged up two points from a downwardly revised number to 21 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for December, released today. This marks a third consecutive month in which builder confidence has improved, and brings the index to its highest point since May of 2010.”
Bloomberg - “Industrial Property Delinquencies Hit 22-Year High, Standard & Poor’s Says” (12-19-11)
“Delinquencies on industrial-property loans that were packaged into commercial mortgage-backed securities rose to a 22-year high amid a decline in rental income from warehouses, Standard & Poor’s said.”
Housing Wire – “Home remodeling activity continues record rise: BuildFax” (12-19-11)
“The BuildFax residential remodeling index reached a record high in October, extending its 23-month climb another month, as homeowners opt to stay put and remodel rather than buy a new home.”
DS News – “Year’s Failed-Bank Tally Rises to 92 with Closings in Arizona and Florida” (12-19-11)
“Following a month without a single bank failure, state and federal regulators stepped in over the weekend to seize community-based lenders in Arizona and Florida after losses pushed the institutions’ capital levels below acceptable thresholds.”
Bloomberg - “Single-Family Home Building Headed for Worst Year on Record” (12-19-11)
“More than two years after the U.S. recession ended in June 2009, construction of single-family homes is heading for its worst year on record. The CHART OF THE DAY shows that while total housing starts bottomed in 2009, construction of one-family houses will probably post a new low this year at around 419,100, about 11 percent less than in 2010, according to Bloomberg News calculations.”
Inman – “NAR to release revised home-sale stats” (12-19-11)
“The National Association of Realtors on Wednesday will issue revised estimates for existing-home sales going back five years, saying the formula it had been using to adjust the sales data it collects from multiple listing services had drifted out of whack and was overestimating sales.”
Hard Money Loan Closed
Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.
The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 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.