Pending home sales increased by 2.1%, according to the NAR. Interthinx claims California’s fraud risk decreased last year. A cash for keys program was recently proposed to Congress members, but has been strongly ridiculed. California had the largest gain in construction jobs in the nation during February.

In The News:

NAR - “February Pending Home Sales Rise” (3-28-11)

“The Pending Home Sales Index,* a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010.”

DSNews - “Fraud Criminals Migrate to Hardest Hit Areas” (3-28-11)

“California’s overall risk index value actually decreased to 180 points, from 222 in 2009. According to California-based Interthinx, this can be explained by a migration of fraudulent criminals to more vulnerable areas, such as Nevada, which saw its overall risk index value increase more than 30 points last years.”

Housing Wire – “Monday Morning Cup of Coffee” (3-28-11)

“The Federal Deposit Insurance Corp. is expected to unveil suggested guidelines for the new qualified residential mortgage rule on Tuesday.”

Housing Wire – “Electronic mortages: There is a way, but not enough will, tech panel finds” (3-28-11)

“Moving mortgage documents onto entirely electronic platforms provides numerous cost and operating efficiencies. It also doesn’t help that the industry is slow to adopt the necessary technology, experts say.”

Housing Wire – “‘Dreamed up’ cash for keys proposal draws heavy criticism” (3-28-11)

“Sources are downplaying discussions over a mandatory cash-for-keys program that would pay a reported $21,000 to a delinquent borrower, with one prominent Republican quickly shooting down the idea.”

Bloomberg - “Fed Should Weigh Curtailing $600 Billion in Bond Purchases, Bullard Says” (3-28-11)

“St. Louis Federal Reserve Bank President James Bullard said policy makers should review whether to curtail a plan to buy $600 billion in Treasury securities, noting that the U.S. recovery may not need that much stimulus.”

Housing Wire – “ALTA reports increases in FY, Q4 2010 title insurance premiums” (3-28-11)

“According to ALTA’s preliminary 2010 year-end market share analysis, the title insurance industry generated $9.61 billion in title insurance premiums in 2010 — up 0.2% from 2009.”

Orange County Register – “Calif. tops in new construction jobs” (3-28-11)

“California had the largest construction gain in the nation in February — adding 15,500 jobs, or 2.7 percent, from January, says an Associated General Contractors of America analysis of state employment data from the U.S. Labor Department.”

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.

The national unemployment rate remained at 10 percent during December. LPS reports that 1 in every 7.5 fell into foreclosure or delinquency during November. According to Fitch Ratings, 2009 commercial delinquency rates ended at 4.71%.

In The news:

Bloomberg - “Shrinking U.S. Labor Force Keeps Unemployment Rate From Rising” (1-9-09)

“An exodus of discouraged workers from the job market kept the U.S. unemployment rate from climbing above 10 percent in December, economists said.”

Housing Wire – “More than 13% of Mortgages Delinquent or Foreclosed in November: LPS” (1-11-09)

“One in every 7.5 homeowners either fell into delinquency or foreclosure as of November 30, 2009, according to the December mortgage monitor report from Lender Processing Services (LPS), a mortgage data provider. The total amount of delinquencies reached a record high 9.97%, a 5.46% increase from the previous month and a 21.29% increase from November 2008. In a sign that homeowners continue their struggle to meet their monthly mortgage payments, loans falling into more severe delinquent categories reached 5.01% through November, compared to 1.52% of loans improved toward a current status.”

Housing Wire – “$47bn of Interest-Only RMBS Loans to Recast This Year, Fitch Says” (1-11-09)

“More than $47bn of collateral backing prime and Alt-A residential mortgage-backed securities (RMBS) is scheduled to recast over the next 12 months from an interest-only (IO) payment to a fully amortizing payment, Fitch Ratings said in market commentary Monday.”

Housing Wire – “Financial, Mortgage Hirings Up as Overall Employment Dips” (1-11-09)

“The DOL’s Bureau of Labor Statistics (BLS) on Friday said the national unemployment rate was 10% in December, unchanged from November. Despite the overall loss, the financial-activities sector gained a net 4,000 jobs in December, the first gain since summer 2007, according to a search of the Bureau of Labor Statistics online database. Jobs increased from November (7,691,000) to 7,695,00 in December.”

Housing Wire – “Q409 Losses on the Way for Banks: Citi” (1-11-09)

“Citigroup (C: 3.63 +1.11%) analysts expect Q409 losses for Morgan Stanley (MS: 32.04 -0.65%), Goldman Sachs (GS: 171.56 -1.58%), Bank of America (BAC: 16.93 +0.89%) and JPMorgan Chase (JPM: 44.53 -0.34%) due to a “substantial” decline in fixed-income, commodities and currencies (FICC) trading, according to a 2010 Outlook report.”

Housing Wire – “CMBS Delinquencies May Double by 2012, Says Fitch” (1-11-09)

“An increase in defaults across property types pushed total commercial mortgage-backed securities (CMBS) delinquencies 42 bps higher, closing 2009 at 4.71% delinquent, according to credit-rating agency Fitch Ratings. The rate of growth in delinquent CMBS looks set to continue in coming years, with a potential peak at 12% in 2012.”

Housing Wire - “Redefault Rates ‘Tragic’, Says Amherst” (1-11-09)

“According to Amherst Securities Group, default and prepayment rates on non-agency, private-label mortgage-backed securities (MBS) were constant in November. However, re-performance rates, where payments return to less than two months delinquent, were down and re-default rates “tragic” in November, according to market commentary provided by the firm.”

Bloomberg - “Fed’s Bullard Says Asset-Purchase Adjustments Main Policy Issue” (1-11-09)

“Federal Reserve Bank of St. Louis President James Bullard said the main challenge for U.S. policy makers will be to adjust the asset-purchase program so as to continue supporting economic growth without stoking inflation. ”

Looking Back:

One year ago, some Realtors forecasted that condo prices would not bottom in 2009. Congressional budget analysts anticipated a $1.2 trillion deficit for 2009.