Today’s News Synopsis:
The total number of closed banks is now at 12 with the recent closure of two banks in North Carolina and Georgia. Freddie Mac announced today their modification program for delinquent borrowers is ready and will make streamlined loan mods available much more quickly. Home prices are continuing to increase up into the double-digit numbers as more consumers are trying to purchase homes in a market with less inventory.
In The News:
Housing Wire - “Freddie Mac speeds up availability of streamlined loan mods” (5-13-13)
“Freddie Mac announced the immediate availability of its streamlined modification program for delinquent borrowers on Monday, pushing up the roll out from its originally scheduled launch date of July 1.”
DS News – “Two Banks Collapse, Bringing 2013 Tally to 12″ (5-13-13)
“Pisgah Community Bank (Asheville, North Carolina) and Sunrise Bank (Valdosta, Georgia) became the 11th and 12th federally insured banks to fail in the nation this year, FDIC announced.”
Realty Times – “Competition For Low Inventories Generating Double Digit Price Increases” (5-13-13)
“Buyers scrambling for homes in housing market with too few homes for sale continue to drive up prices by percentages that run well into double-digits.”
DS News - “Autos Boost April Retail Sales; Retail Space Under Siege” (5-13-13)
“Driven by stronger auto sales (but held back by falling gasoline prices), total retail sales increased an unexpected 0.1 percent in April, the Census Bureau reported Monday. Economists had expected sales to fall 0.3 percent.”
Housing Wire - “Reperforming, nonperforming mortgage bonds may fill investor appetite” (5-13-13)
“Some investors may find nonperforming and reperforming loan securitizations as an attractive alternative to private-label residential mortgage-backed securitization deals.”
DS News - “NAR: Median Income for Realtors Recovering with Housing Market” (5-13-13)
“As the housing market improves, so has the income for Realtors, according to a report from the National Association of Realtors (NAR).”
Hard Money Loan Closed
Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $231,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.
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.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 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.