Today’s News Synopsis:
Freddie Mac said mortgage rates increased to 4.81% last week. The Federal Bureau of Economic Analysis reports California income levels rose 2.5% in 2010. Jobless claims fell 1.3% last week, according to the Labor Department. Freddie Mac told servicers managing its loans to stop foreclosing in MERS’ name.
In The News:
San Francisco Chronicle – “Rate on 30-year fixed mortgage rises to 4.81 pct.” (3-24-11)
“Freddie Mac said Thursday the average rate on the 30-year fixed mortgage rose to 4.81 percent from 4.76 percent the previous week. It hit a 40-year low of 4.17 percent in November.”
The Sacramento Bee – “California incomes rose 2.5% in 2010″ (3-24-11)
“Californias’ incomes rose 2.5 percent in 2010, a year after the state’s first year-to-year decline in personal income since World War II, the federal Bureau of Economic Analysis reported Wednesday. The bureau said 2010 income statewide was more than $1.6 trillion, up from 2009′s $1.56 trillion and a return to 2008 levels.”
Bloomberg - “Wells Fargo Chief Sees Home-Equity Losses as Top Concern, Bernstein Says” (3-24-11)
“Wells Fargo & Co. (WFC) Chief Executive Officer John Stumpf said home-equity losses remain his ‘top concern’ because unemployment in the U.S. is still high, according to Sanford C. Bernstein & Co.”
Orange County Register – “FBI informant charged in Lennar stock scam” (3-24-11)
“An ex-con turned fraud crusader accused of defaming homebuilder Lennar Corp. and its chief Orange County-based executive was accused in federal court Thursday of using his status as an FBI informant to get insider information used in his stock trades.”
Housing Wire – “New CoreLogic tool automates the decision-making in loan mods” (3-24-11)
“CoreLogic says the tool allows servicers to bypass manual loan modification calculations by submitting borrower profiles through IntelliMods, which is designed to determine a borrower’s loan modification eligibility.”
Housing Wire – “Jobless claims fall for second week in a row” (3-24-11)
“The number of initial jobless claims filed by unemployed Americans fell 1.3% last week to 382,000 claims submitted on a seasonally adjusted basis, the Labor Department said Thursday morning.”
Housing Wire – “Freddie Mac tells servicers not to foreclose in MERS name” (3-24-11)
“Freddie Mac told servicers managing its loans this week that they can no longer foreclose in the name of Mortgage Electronic Registration Systems.”
One year ago, CBIA reported that 3,404 building permits were pulled in February. Governor Schwarzenegger is expected to sign the $10,000 home buyer tax credit bill soon. According to the Commerce Department, home sales fell 2.2 percent last month. UCLA does not expect to see a second dip in economic performance.
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.