Today’s News Synopsis:
In The News:
Housing Wire – “ADP job numbers better than expected, jobless claims fall” (7-5-12)
“The U.S. private sector added 176,000 jobs from May to June while filings for unemployment insurance declined, according to data released Thursday.”
DS News – “FAS Exiting Out of Contract with GSE due to Lack of Profitability” (7-5-12)
“Field Asset Services (FAS) has decided to transition out of a large property services agreement with a government sponsored entity (GSE), FirstService Corporation announced in a release Thursday.”
Realty Trac – “Can the States Legislate Robo-Signing Away?” (7-5-12)
“With the signing of the $25 billion foreclosure settlement done and over with, state officials are looking for ways to protect their citizens from future abuse of the foreclosure process.”
Bloomberg – “Apartment Rents in U.S. Rise Most Since 2007 as Vacancy Falls” (7-5-12)
“Apartment rents in the U.S. climbed the most in almost five years in the second quarter as shrinking vacancies allowed landlords to charge more, Reis Inc. (REIS) said.”
CNN Money – “Mortgage rates smash old record” (7-5-12)
“Mortgage rates fell again this week, smashing previous record lows, according to a regular weekly release from mortgage giant Freddie Mac.”
DS News – “Gains in Asking Prices Threatened by Foreclosures, Rent Up Again: Trulia” (7-5-12)
“After falling flat in May, asking prices went up in June, while rent prices continued to see significant increases, according to reports from Trulia released Tuesday.”
Housing Wire – “OCC warns of rising HELOC risks” (7-5-12)
“A significant amount of home equity lines of credit will reach the end of their draw period beginning in 2014, about the same time the Federal Reserve plans to end its downward pressure on interest rates.”
DS News – “Reverse Mortgage Lenders Commit to Help Settle Confusion” (7-5-12)
“Following a CFPB report that linked foreclosures to confusion over reverse mortgages, the National Reverse Mortgage Lenders Association (NRMLA) is seeking to help seniors make responsible decisions about their mortgages.”
Bloomberg – “Countrywide Loans Sought Favor With Fannie Mae, Report Says” (7-5-12)
“Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress and executives at Fannie Mae as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report released today by House Oversight and Government Reform Committee Chairman Darrell Issa.”
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 2 bedroom, 2 bathroom home appraised for $224,000.
Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.
Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.
Washington Mutual and other defendants agreed to pay $208.5 million to settle a lawsuit involving money lost in the 2008 financial crisis. RisMedia reported a decline in foreclosure sales ever since the addition of new foreclosure standards put into place during last year’s Robogate Scandal. According to Bloomberg, credit scores were improving, having risen 696 points in May 2011, the most it’s been in four years.
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.