Today’s News Synopsis:
In the latest survey released by the National Association of Realtors, existing home sales increased for the third month in a row. At the same time, the latest Case-Shiller Index expects home prices will decrease another 1% this year, but they predict an overall 3.8% in the economy by 2013. Construction on private nonresidential homes is also expected to be on the rise with the growing demand for more construction jobs.
In The News:
Bloomberg – “Construction Rises as Architects Show U.S. Nonresidential Bounce” (1-29-12)
“Private nonresidential construction may pick up this year, as demand grows for new U.S. projects. The Architecture Billings Index held at 52 last month, a sign of expansion, according to the American Institute of Architects. The commercial and industrial component — a proxy for private building activity — climbed to 54.1 in December, the highest in 10 months, the Washington-based association said Jan. 18.”
Los Angeles Times – “Industrial property leases jumped nationally in 2011″ (1-29-12)
“New industrial real estate leases signed in 2011 returned to levels not seen since prior to the recession of 2008-09, according to year-end statistics for the nation’s industrial market compiled by a real estate brokerage.”
Housing Wire – “Home prices to fall 1% in 2012, rebound in 2013: Fiserv Case-Shiller” (1-30-12)
“The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv (FISV: 62.61 -0.70%) Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.”
Bloomberg – “Commercial-Mortgage Bond Rally May Have Run Out of Steam, Citigroup Says” (1-30-12)
“A rally in risky commercial-mortgage bonds may have run its course after a surge in trading, according to Citigroup Inc. (C) Values on so-called AM and AJ securities, some of which have been cut to junk after being assigned top grades at issuance, increased “remarkably” during the first half of January, Citigroup analysts led by Jeffrey Berenbaum said in a Jan. 27 report.”
Realty Times – “Real Estate Outlook: Existing-Home Sales Rise Again” (1-30-12)
“The National Association of Realtors latest existing-home sales survey shows that sales are on the rise again. This is the third straight month of increases as well the rate rising above year ago levels.”
DS News – “Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers” (1-30-12)
“Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain, a provider of online marketing programs that connect agents and brokers with home buyers and sellers.”
San Francisco Chronicle – “Bernanke Beats Obama for Mortgage-Bond Investors: Credit Markets” (1-30-12)
“Mortgage-bond investors have been betting that Federal Reserve Chairman Ben S. Bernanke will do more to aid housing than President Barack Obama. Government-backed mortgage bonds are poised to return the most this month since October relative to Treasuries, with the Fed helping push yields on lower-coupon notes that guide loan rates to record lows.”
Inman – “Report: Freddie Mac bets against homeowner refinancings” (1-30-12)
“In 2010 and 2011, mortgage giant Freddie Mac invested billions of dollars on bets that homeowners with high-interest mortgages would not be able to refinance at today’s lower interest rates, according to a joint investigation conducted by NPR and ProPublica, a nonprofit, independent news agency.”
Wall Street Journal – “Warehouses Fill, Brightening Industrial Space” (1-30-12)
“One often-overlooked corner of commercial real estate showed signs of stabilizing in the fourth quarter, as healthy demand for warehouse space helped push down the industrial vacancy rate.”
Bloomberg – “CBRE Drops on Investors’ Transaction-Volume Scrutiny: San Francisco Mover” (1-30-12)
“CBRE Group Inc., the world’s largest commercial real estate services firm, fell the most in six weeks as investors focus on fourth-quarter transaction volumes ahead of earnings reports.”
Housing Wire – “New York 2011 home sales off pace, prices stabilize” (1-30-12)
“Fueled by a strong fourth quarter, home sales in New York state rebounded somewhat but still finished 3.9% behind 2010 figures. The New York State Association of Realtors said the more positive 2010 numbers likely reflect the boost from the federal homebuyers’ tax credit.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 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.