Tight inventories weigh on prospects for 2013 growth
U.S. home prices crawl upward
U.S. Home Vacancies Fell in 4th Quarter From Prior Year
U.S. Mortgage Rates Rise With 30-Year Highest in 4 Months
Economy Adds Another 157,000 Jobs; Rate Up to 7.9%
Q4 GDP Falls for First Time Since Recession Ended
San Bernardino County Rejects Eminent Domain Proposal
Housing Recovery Hit by Low Inventory
FHA to hike premiums on mortgages
LPS Resolves ‘Robo-Signing’ Allegations in $127M Multistate Settlement
Today’s News Synopsis:
Aaron Norris gives the news of the week in the world of real estate in this week’s video. The Labor Department reported 157,000 jobs were added last month, showing an increase in jobs but slower rate month-over-month when 196,000 jobs were added in December. The multifamily market has showed tremendous progress across the nation with the housing crisis and stronger economic climate.
In The News:
CNN Money- “Jobs report: Steady hiring continues” (2-1-13)
“The jobs recovery continued to crawl forward at a slow pace in January, and there’s little hope it will pick up any time soon. The U.S. economy added 157,000 jobs in January, according to a Labor Department report released Friday. That’s slower growth than in December, when employers hired 196,000 workers.”
Housing Wire – “RBS: 10-year Treasury yield will grow despite bond-buying strategy” (2-1-13)
“The 10-year Treasury yield rose by 2% this week, its highest level since the Federal Reserve announced the continuation of an open-ended third round of quantitative easing on Sept. 13.”
DS News- “Report: Foreclosure Inventory Down Nearly 20% from Year Ago” (2-1-13)
“In December, the number of homes in some stage of the foreclosure process continued to shrink, and fewer homes were lost to foreclosure, according to the National Foreclosure Report from Corelogic.”
Housing Wire- “NRLB decision brings out CFPB opponents” (2-1-13)
“Opponents of the Consumer Financial Protection Bureau introduced legislation this week that would prevent the CFPB from enforcing or implementing regulations without a constitutionally confirmed director in place.”
Realty Times - “Mortgage Rates Trending Higher” (2-1-13)
“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market.”
Inman – “IRS provides guidance on HAMP principle reductions” (2-1-13)
“The Home Affordable Modification Program (HAMP) was established a few years ago by the Departments of the Treasury and Housing and Urban Development to help homeowners who are underwater avoid foreclosure.”
DS News- “Multifamily Sector to Remain Strong with a Few Hiccups in Some Markets” (2-1-13)
“The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap Real Estate Investment Services’ recently released National Apartment Report promises another year of expansion in the multifamily market as ‘the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance’.”
Housing Wire – “Lawmakers request more transparency in foreclosure settlement” (2-1-13)
“In an attempt to boost transparency, two lawmakers requested documents related to the $8.5 billion foreclosure settlement intended to compensate homeowners who allegedly experienced improper foreclosures.”
Hard Money Loan Closed
Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 3 bathroom home appraised for $289,000.
Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.
170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people. In updated news from the previous day, the home ownership rate decreased for 7 years straight and was at levels that had not been seen in almost 14 years. Both mortgage rates and applications continued to stay low.
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.