Today’s News Synopsis:
According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May. Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007. New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.
In The News:
Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)
“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy. Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”
Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)
“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”
NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)
“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”
Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)
“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”
DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)
“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”
Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)
“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”
Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)
“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”
DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)
“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”
Hard Money Loan Closed
Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 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.