Today’s News Synopsis:
Both foreclosure starts and sales decreased 15% and 19% from last month, although the inventory of foreclosures is still at a high. The prices of homes are expected to decrease 10% due to being uncared for a year during foreclosure investigations. The Federal Reserve is requiring Morgan Stanley to conduct a thorough review of Saxon Mortgage Services as well as be fined for mishandled foreclosures.
In The News:
Inman – “Real estate professionals optimistic about home values” (4-2-12)
“A survey conducted by home valuation website HomeGain found that the number of real estate professionals who expect home values to increase has more than doubled over just one quarter.”
Housing Wire – “LPS: Foreclosure starts, sales decline” (4-3-12)
“Foreclosure starts and sales were down 15% month-over-month, while foreclosure sales fell 19%, according to a report on loan level data from Lender Processing Services ($25.51 -0.03%).”
“Across the board, loan performance improved for February, and foreclosure starts were down compared to the month before in January, according to a report from Lender Processing Services (LPS) Applied Analytics.”
Bloomberg – “Home Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages” (4-3-12)
“As many as 1.25 million of America’s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market. Sales of repossessed properties probably will rise 25 percent this year from 1 million in 2011, according to Moody’s Analytics Inc.”
CNN Money – “IMF’s Lagarde: ‘Recovery is still very fragile’” (4-3-12)
“The global economy remains fragile and it should be the United States that takes the lead on creating a lasting recovery, the head of the International Monetary Fund said Tuesday.”
Bloomberg – “Office Rents Increase 5.6% in Manhattan’s Midtown South” (4-3-12)
“Rising demand for space from Internet and media firms helped boost rents at office buildings south of midtown Manhattan by 5.6 percent in the first quarter, according to a report by Cushman & Wakefield Inc.“
San Francisco Chronicle – “Manhattan Apartment Prices Decline as Buyers Seek Starter Units” (4-3-12)
“Manhattan apartment prices dropped in the first quarter as new buyers seeking refuge from rising rents drove purchases of lower-cost studios and one-bedroom units to a two-year high.”
Housing Wire – “Fed to fine Morgan Stanley for Saxon foreclosure problems” (4-3-12)
“The Federal Reserve will force Morgan Stanley ($19.67 -0.14%) to conduct a review of its previously owned Saxon Mortgage Services files and will issue a fine for alleged foreclosure abuses.”
Realty Times- “Borrowing Adjustments: What are CMHC & OSFI Doing For You or To You?” (4-3-12)
“Recently, CMHC reported that it would reduce its role as a national mortgage insurance lender. Although CMHC is no longer the sole source, its broader approval criteria for mortgage insurance allows borrowers from rural and small communities, and self-employed borrowers access to mortgage funds which they might otherwise not qualify for.”
Bloomberg – “U.S. Mortgage-Bond Sale Surge Will Prove Fleeting, Fitch Says” (4-3-12)
“A surge in sales of securities backed by new U.S. home loans will probably be short-lived, according to Fitch Ratings.”
Housing Wire – “FHA eases new rule on collections accounts” (4-3-12)
“The Federal Housing Administration will allow borrowers to provide a written explanation of some disputed collections accounts in order to qualify for a government-backed mortgage, according to a rule clarification sent to lenders.”
DS News – “BofA to Invest $15M for Programs Addressing Housing Crises” (4-3-12)
“The Bank of America Charitable Foundation is inviting nonprofit organizations to submit funding proposals for programs addressing housing market challenges.”
Housing Wire – “Economic confidence rises again: Gallup” (4-3-12)
“The Gallup economic confidence index reached -20 in March, up from -22 in February — its highest level since Gallup daily tracking began in January 2008.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $84,000 on a 4 bedroom, 2 bathroom home appraised for $141,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.
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.