California Real Estate Headline Roundup

Posts Tagged ‘DQ98’

By Bruce Norris .

The Norris Group Real Estate News Roundup 11/18/11

Friday, November 18th, 2011

Sources:

As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter
Delinquencies Decrease, Foreclosures Rise in Latest MBA Mortgage Delinquency Survey
Hope Now servicers complete 5 million loan modifications since 2007
Southern California Home Prices Fall 4.8%
NAR overestimated home sales
Gradual Recovery for Housing and the Economy Expected in 2012
AIG Resists Concessions to Banks for Obama Refinancing Plan
Selling Guide Announcement SElL-2011-12
FHA Reserves Sink Further Below Legal limit Amid Talk of Bailout

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  According to the Los Angeles Times, the unemployment rate in California dropped to almost 12% in October.  Lawmakers are pushing to increase the size of loans issued by FHA.  Housing Wire reported a slight decrease in mortgage delinquencies in the month of October.

In The News:

Housing WireObama signs extension for higher FHA loan limits” (11-18-11)

“President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.

Realty Times - “30-Year Fixed-Rate Averages at or Below 4 Percent for 3rd Consecutive Week” (11-18-11)

“Freddie Mac (OTC: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little and remaining at or near 4.00 percent for the past three weeks amid positive economic and consumer confidence data.”

NAHB - “Home Builders Applaud Congress for Restoring Higher FHA Loan Limits” (11-18-11)

“The National Association of Home Builders (NAHB) today applauded Congress for reinstating for another two years the higher conforming loan limits for the Federal Housing Administration (FHA), noting that this is an important step to help mend the struggling housing market.”

Wall Street Journal - “Congress Increases the Ceiling on Size of Mortgages” (11-18-11)

“U.S. lawmakers moved Thursday to increase the maximum size of loans that can be guaranteed by the Federal Housing Administration.”

O.C. Register - “U.S. home sales, pricing at 5-month lows” (11-18-11)

“One index of U.S. homebuying shows sales activity and pricing at five-month lows.  The national homebuying index from DataQuick and its analysts at DQNews attempts to give a weekly snapshot into most-recent trends, using “not modeled” home sales counts and median selling prices. This math — we’ve dubbed it the “DQ98″ — tracks on a weekly basis the freshest homebuying patterns in 98 out of the 100 largest U.S. markets (sorry, Louisville and Wichita!) to compile a national benchmark.”

Housing Wire - “Foreclosure inventory rises in October: LPS” (11-18-11)

“Mortgage delinquencies declined slightly to 7.93% in October from the previous month, according to the Lender Processing Services (LPS: 17.88 +0.11%) first look at the monthly statistics in its loan-level database of nearly 40 million mortgages.”

Los Angeles Times“California unemployment rate edges downward in October” (11-18-11)

“California’s unemployment rate fell by two-tenths of a percentage point to 11.7% in October as the state created 25,700 new jobs, the Employment Development Department reported. The agency also reported Friday that it had revised job growth in September upward, to 39,200, from about 12,000.”

Housing Wire“Supreme Court to hear fair housing case that could impact mortgage industry” (11-18-11)

“A fair housing case headed to the Supreme Court could have direct and indirect impacts on mortgage lending and regulatory enforcement.”

Looking Back:

Delinquencies on residential properties dropped 9.13% in the third quarter of 2010, according to the MBA. MDA DataQuick’s monthly statistics released showed that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reported California housing affordability increased 1.7% in the 3rd quarter of 2010. Jobless claims increased by 2,000, said the Labor Department.

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.