Today’s News Synopsis:
This week’s videos is a promotional video for the upcoming California Comeback 2: Fast, Furious, and Dangerous on July 13. In the news, 175,000 new jobs were added to the economy last month, although unemployment increased to 7.6%. NAHB reported the number of improving housing markets increased this month after having shown signs of decrease in April and May. According to the latest S&P Case Shiller Home Price Index report, home prices for the nation increased 12%.
In The News:
DS News - “Economy Adds 175K Jobs in May; Unemployment Rate Ticks Up” (6-7-13)
“The economy added 175,000 jobs in May, and the unemployment rate ticked up to 7.6.percent, the first month-over-month increase since January, the Bureau of Labor Statistics (BLS) reported Friday.”
Housing Wire – “Florida AG rips Bank of America over lingering servicing issues” (6-7-13)
“Another attorney general is snapping back at Bank of America over its mortgage servicing practices.”
Realty Times – “National Home Prices Jump 12 Percent” (6-7-13)
“A week after the S&P Case Shiller Home Price Indices reported home prices rose by more than 10 percent for the year ending in March, another report says home prices are up 12 percent on the year ending in April.”
DS News - “List of Improving Markets Trends Upward After Falling” (6-7-13)
“After falling in April and May, the National Association of Home Builders (NAHB)/ First American Improving Markets Index (IMI) resumed its upward trend in June, NAHB reported.”
Bloomberg - “Mortgage-Bond Yields Approach 14-Month High After Jobs Report” (6-7-13)
“Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates approached a 14-month high as May employment data failed to allay concern that the Federal Reserve will pare back its unprecedented stimulus.”
DS News - “Trulia: Asking Prices Accelerate in Least Affordable Housing Markets” (6-7-13)
“Asking prices are rising at an especially fast pace in the least affordable housing markets, according to Trulia.”
Inman - “Carrington introduces 21-day loan closing program” (6-7-13)
“Carrington Mortgage Services LLC is upping the ante in its ongoing push to streamline loan closings. The wholesale lending division of the company recently announced that it is expanding a program that guarantees a loan closing within 30 days to include another that promises a closing in just 21 days.”
DS News - “Bay State Foreclosure Starts, Completions See Dramatic Declines in April” (6-7-13)
“Massachusetts foreclosure starts and completions plummeted over the last year in April, the Warren Group reported.”
Hard Money Loan Closed
Newport Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $1,453,000 on a 3 bedroom, 3 bathroom home appraised for $2,422,000.
Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with TODAY, June 7, 2013.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.
Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.
Mortgage rates decreased again for the sixth week in a row and were at their lowest on record at 3.67%. Unemployment claims decreased to 377,000 from 389,000 for the week ended June 2. With the economic recession at its worst since the Great Depression, more Americans were being cautious about leaving their jobs and starting new ones. In addition, they were also wary about purchasing a new home.
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.