Today’s News Synopsis:
The Treasury Department sold the last of its $225 billion portfolio of Fannie Mae and Freddie Mac mortgage-backed securities, generating $25 billion. Builder confidence has remained consistent this month at 28, meaning confidence is at its highest level since June 2007. Lawrence Yun of NAR warned a fear of rising mortgage rates could have an effect on the housing market.
In The News:
NAHB – “Builder Confidence Unchanged in March” (3-19-12)
“Builder confidence in the market for newly built, single-family homes was unchanged in March from a revised level of 28 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This means that following five consecutive months of gains, the HMI is now holding at its highest level since June of 2007. Lawrence Yun of the NAR warned fear of rising mortgage rates could have an effect on the housing market.”
Housing Wire – “Home remodeling rises to 2006 mark” (3-19-12)
“Residential remodeling rose 11% in January from a year earlier in a seasonally adjusted measure, according to BuildFax. Projects grew to roughly 3 million on an annual basis, up 13% from 2.65 million in December.”
DS News – “Treasury Announces a $25B Return Through its MBS Portfolio” (3-19-12)
“Through $225 billion in mortgage backed securities (MBS) investments, the U.S. Department of the Treasury announced a return of $25 billion for taxpayers through its portfolio.”
Realty Times – “Personal, Financial Investment Returns Make Short-term Rentals Ever More Popular” (3-19-12)
“The short-term rental market – largely seconds homes and vacation rentals – is alive and well, thanks largely to online portals thrusting this unique form of accommodations into the limelight.”
Inman – “NAR: Fear of rising mortgage rates could spur buyer demand” (3-19-12)
“If mortgages rates are headed up — and not everyone agrees that they are — that could create a drag on housing markets, warns Lawrence Yun, chief economist with the National Association of Realtors.”
Housing Wire – “Fannie, Freddie suffer Florida foreclosure woes” (3-19-12)
“Florida lawmakers never voted on a chance to speed up the foreclosure process for Fannie Mae, Freddie Mac and the taxpayers who support the mortgage giants.”
DS News – “Capital Economics Expects Recovery to Continue Even with Higher Rates” (3-19-12)
“Even with recent reports of rising mortgage rates and falling home prices, Capital Economics stated it still expects the housing recovery to be underway.”
Los Angeles Times – “Federal Reserve to fine eight more banks on foreclosure violations” (3-19-12)
“Eight large banks face will be fined by regulators for foreclosure abuses, the Federal Reserve official said Monday.”
Housing Wire – “HARP 2.0 changes go unnoticed in December” (3-19-12)
“Fewer underwater homeowners worked through the Home Affordable Refinance Program in December than in any other month in more than a year, despite changes that removed previous barriers.”
DS News – “Violence Against Real Estate Pros Prompts Trade Group to Take Action” (3-19-12)
“The National Association of Real Estate Brokers (NAREB) has signed a memorandum of understanding (MOU) with Agent Alarm LLC, a national security company. The agreement between the two parties is intended to address and curb the recent wave of attacks and acts of violence against real estate professionals in America.”
Bloomberg – “Barclay Brothers Claridge’s Bid Was Improper, Developer Says” (3-19-12)
“David and Frederick Barclay, the billionaire owners of the Daily Telegraph newspaper, acted improperly in an attempt to take over a luxury hotel company, including making a large payment to the wife of a shareholder, lawyers for an Irish developer said.”
Hard Money Loan Closed
San Clemente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $540,000 on a 4 bedroom, 3 bathroom home appraised for $905,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 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.