Today’s News Synopsis:
The National Association of Realtors reported a 2.3% increase in existing-home sales last month and a 9.4% increase in median home prices year-over-year. A new bill was just signed into law by Governor Brown that will allow more time for homeowners to correct any code violations prior to a local agency coming in to enforce the codes. The Commercial Real Estate market is improving at a slow but sure pace with the slow increase in jobs and loans not being as available.
In The News:
Bloomberg – “Homebuilding Revival Sparks Rush for Best California Land” (8-27-12)
“Guy Asaro, president of McMillin Homes LLC, bought three land parcels in Texas this year while coming up empty in the San Diego area, where the closely held builder is based.”
DS News – “California Anti-Blight Bill Signed into Law “ (8-27-12)
“California governor Edmund G. Brown signed into law a bill to help combat neighborhood blight, state attorney general Kamala Harris announced Monday.”
Inman – “Equator offers agents training on short sales, REOs” (8-27-12)
“In a move it says will speed closings, Los Angeles-based Equator is now offering mortgage servicers a way to train real estate agents on servicers’ separate processes and requirements for handling short sales and real estate owned (REO) properties.”
Housing Wire – “Federal Reserve increases agency mortgage bond investments amid falling profits” (8-27-12)
“The Federal Reserve bought more Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds during the first six months of the year. However, Fed profits also declined on the investments.”
Realty Times – “Real Estate Outlook: Existing Homes Sales and Prices Rise” (8-27-12)
“When it comes to existing-home sales and the national median home price, rates are on the rise.”
DS News – “Investor Demand Aiding Home Improvement Sector: Report “ (8-27-12)
“The home improvement sector is seeing a lot more activity thanks to investors who are demanding homes in need of repair and homeowners who are tackling renovations they once avoided.”
Inman – “Realtors to offer new measure of home prices” (8-27-12)
“Florida’s state Realtor association will soon begin publishing a home price index that’s based on repeat sales, rather than median home price, and the National Association of Realtors has a similar project in the works.”
DS News – “NAR: CRE Recovery Slow but Steady” (8-27-12)
“Slow job creation and tight loan availability are hindering otherwise positive growth in commercial real estate, the National Association of Realtors (NAR) reported.”
Housing Wire – “Analysts predict more economic challenges for private mortgage insurers” (8-27-12)
“The ability of private mortgage insurer Radian ($3.32 -0.04%) to write new business is starting to pique investor interest, analysts say. Fellow insurer MGIC, by way of comparison, remains in a tougher position.”
Hard Money Loan Closed
Baldwin Park, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $171,000 on a home appraised for $285,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum tomorrow, August 28, 2012.
Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.
Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
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.