Today’s News Synopsis:
The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from last week but an increase in Commercial and multifamily mortgage origination volumes. New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion. The FDIC is planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-11-12)
“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 6, 2012.”
Housing Wire – “Average mortgage amount increases by $20,000” (4-11-12)
“The average loan size lenders issued to borrowers in the past three months grew by $20,000, suggesting a thawing in mortgage lending, Capital Economics said Wednesday.”
DS News – “FDIC to Auction Off Midwest Properties” (4-11-12)
“Micoley Auctions is hosting an FDIC online auction, with pre-bidding beginning Thursday, April 12.”
Inman – “Study finds disparity in marketing, maintenance of REOs” (4-11-12)
“An evaluation of more than 1,000 homes repossessed by lenders in nine markets found properties in African-American and Latino neighborhoods were not maintained or marketed as diligently as homes in predominantly white neighborhoods.”
NAHB – “Mortgage Interest Deduction Softens Blow as “Tax Day” Approaches” (4-11-12)
“With the April 17 tax-filing deadline right around the corner, the most important tax deduction for tens of millions of middle-class families could be on the chopping block as early as next year’s tax season if some policymakers get their way.”
Housing Wire – “Returns for REO-to-rental investors could reach $100 billion” (4-11-12)
“The rental market for real estate owned properties could reach $100 billion in 2012 with single-family REO investors in Florida and the Midwest reaping the most profit.”
Bloomberg – “Lehman Creditors to Get $22.5 Billion, 53% Over Top Estimate” (4-11-12)
“Lehman Brothers Holdings Inc. (LEHMQ), which is preparing its first payment to creditors after more than three years in bankruptcy, said the initial distribution will be $22.5 billion, or 53 percent more than it previously estimated was possible.”
Los Angeles Times – “Foreclosures to rent are a hot investment” (4-11-12)
“A new report predicts the market for foreclosed homes that are turned into rentals will be worth more than $100 billion this year. Rents are on the rise as home prices fall. That has policymakers promoting the idea that selling foreclosed homes to investors as rentals could be a positive for the housing market — helping take down the inventory of distressed properties and putting a floor on prices”
Mortgage Bankers Association – “Mortgage Bankers’ Commercial/Multifamily Originations up 55 Percent to $184.3 Billion in 2011” (4-11-12)
“Commercial and multifamily mortgage origination volumes increased 55 percent in 2011, with mortgage bankers reporting $184.3 billion of closed commercial and multifamily loans, according to the Mortgage Bankers Association’s (MBA) 2011 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.”
Hard Money Loan Closed
Pomona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $149,000 on a 3 bedroom, 2 bathroom home appraised for $240,000.
Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.
RealtTrac reported military towns experienced an increased in foreclosure activity from 2008 to 2010. Congress agreed to a budget late Friday. Fannie Mae was creating more home ownership incentive by offering up to 3.5% in closing cost assistance. Federal Trade Commission settled with mortgage relief scammers Monday for $2.2 million in refunds to homeowners who were tricked into mortgage relief scams.
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.