Today’s News Synopsis:
Apartments are the driving force for economic recovery right now as more and more people are choosing to live here. On a monthly basis, mortgage applications increased in January, although on a weekly basis they actually decreased from last week. 216,000 new jobs were added to the private sector last month.
In The News:
DS News – “When Excluding Distressed Sales, Home Prices Show Monthly Gain” (3-7-12)
“While prices declined on a year-over-year basis in January, a month-over-month gain was seen for January 2012 when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).”
Housing Wire – “FHFA, Freddie faulted for overlooking mortgage servicers” (3-7-12)
“Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report.”
Bloomberg – “Apts Driving Commercial-Property Recovery” (3-7-12)
“Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.”
Realty Times – “FHA Mortgage Applications Increase While FHA Mortgage Rates Remain Low” (3-7-12)
“FHA mortgage applications increased in January while FHA mortgage rates continued to remain low. According to FHA’s Single Family Outlook report, FHA purchase applications increased 7.5% which was 11.1% higher than last year.”
Inman – “LeaseRunner updates suite of paperless tools” (3-7-12)
“As the home rental market rises, a consequence of the foreclosure crisis that has led to a glut of vacant homes across the U.S., services to fill those homes with renters are ramping up. LeaseRunner, a company founded in 2011 that digitizes the rental process for property managers and renters, has launched a streamlined version of its service.”
Bloomberg – “Wells Fargo Branches May Be Closed, Merged” (3-7-12)
“Wells Fargo & Co. (WFC), the most valuable U.S. lender, may close or consolidate branches as it examines ways to trim costs, according to its chief financial officer. Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said today at a New York investor conference.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-7-12)
“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 2, 2012.”
CNN Money – “Private sector adds 216,000 jobs in February” (3-7-12)
“Hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP. Private employers added 216,000 jobs in the month, ADP said, roughly in line with forecasts for 218,000 jobs gained.”
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Delinquencies Down; Best Performing Bank Loans During Recession” (3-7-12)
“Commercial and multifamily mortgage delinquency rates declined during the fourth quarter of 2011, and an analysis of data from the Federal Deposit Insurance Corporation (FDIC) shows that commercial and multifamily mortgages have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts, according to two reports released today by the Mortgage Bankers Association (MBA).”
CNN Money – “‘End bank payday lending now,’ consumer groups urge” (3-7-12)
“Some of the nation’s biggest banks are offering short-term loans with sky-high fees that consumer groups say are just as predatory as payday loans.”
Hard Money Loan Closed
Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.
Results from an NAHB survey showed builders expected homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expected the economy to grow up to 4% by 2013. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators were attempting to push new rules that would require lenders to offer borrowers more principal write-downs.
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.