Pending Sales of U.S. Existing Homes Rise Less than Forecast
Today’s News Synopsis:
This week’s video is a slideshow of the news of the week in the world of real estate. HUD announced today they will be giving $109 million in grant to go towards rebuilding communities in disrepair. The latest analysis from Fitch Ratings showed home prices may be increasing too much and could lead to the market either stalling or declining.
In The News:
Housing Wire - “HUD grants $109 million to transform housing and communities” (5-31-13)
“The U.S. Department of Housing and Urban Development announced Friday that it will provide $109 million in grants to revitalize public and HUD-assisted housing in order to revitalize communities.”
DS News – “Stats Show Troubling Trends for Reverse Mortgages” (5-31-13)
“While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says recent trends show trouble in the market that may cost taxpayers billions of dollars.”
Inman – “Buyers won’t rush to beat rising mortgage rates” (5-31-13)
“Tough, strange week. On Tuesday the trading and investment world returned from golf and beaches with one thought in mind: Sell bonds.”
Bloomberg - “American Realty Property to Grow Eightfold in Deal Spree” (5-31-13)
“American Realty Capital Properties Inc. (ARCP), an owner of U.S. single-tenant buildings, is poised to own eight times the properties it had at the end of 2012 after a buying spree that included two major deals this week.”
DS News - “Fitch: Price Gains May Be Too Rapid in Certain Markets” (5-31-13)
“In some markets, the recent home price gains may actually be too rapid, leading to concerns of a market imbalance that could eventually stall or reverse the positive trend, according to an analysis from Fitch Ratings.”
Housing Wire - “BofA, MBIA settlement is credit positive for military housing bonds” (5-31-13)
“A recent settlement between Bank of America and MBIA Insurance Corp in regards to MBIA’s suit against the mega bank over sour mortgage-backed securities is credit positive for the military housing sector, analysts claim.”
Realty Trac - “Fannie Mae Kickbacks ‘a Natural Part of Business,’ Ex-Worker Says” (5-31-13)
“A former foreclosure specialist at mortgage giant Fannie Mae’s Irvine office was caught accepting an $11,000 kickback from an Arizona real estate broker in exchange for steering foreclosure listings to brokers while a second employee of that office claims she was fired for trying to expose the illegal payments, according to the U.S. Department of Justice.”
Hard Money Loan Closed
Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 4 bedroom, 2 bathroom home appraised for $165,000.
Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange TOMORROW, June 1, 2013.
Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, 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.
Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 the previous week. The number of people who could afford to buy a home was at its highest on record at 77.5%. At the same time, foreclosures were at their lowest in five 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.