Today’s News Synopsis:
According to the latest Standard & Poor’s/Case-Shiller Index, the prices of homes decreased 3.7% from last year. In other news, the Conference Board reported consumer confidence declined again this month after having increased at the end of 2011. The Congressional Budget Office expects taxpayers will pay $27 billion to aid Fannie and Freddie from 2013 to 2022.
In The News:
CNN Money – “Freddie Mac: A mess, and likely to stay that way” (1-30-12)
“It’s not tough to find critics of Freddie Mac and Fannie Mae on either the right or the left. But there has been little progress made in rehabilitating the mortgage giants.”
Housing Wire – “S&P/Case-Shiller Nov. home prices down 3.7% from year earlier” (1-31-12)
“The average price of a single-family home fell again in November, with decreases in 19 of the 20 largest metropolitan areas during the month, according to the Standard & Poor’s/Case-Shiller index.”
Realty Times – “California Association of REALTORS® To Build Ethics Violations Data Base” (1-31-12)
Approve that C.A.R. build a system, to be developed by staff, to create a database that contains all final findings – within the last three (3) years – of a member’s Code of Ethics and membership duty violations, including whether the member fulfilled the sanction imposed, for use by local Associations in making their decision on membership applications.”
Housing Wire – “CBO slashes cost of Fannie, Freddie over next decade” (1-31-12)
“Taxpayers will spend another $27 billion between 2013 and 2022 subsidizing Fannie Mae and Freddie Mac, according to the Congressional Budget Office estimates released Tuesday.”
DS News – “Appraisal Institute Offers Guidance on Distressed Comparables” (1-31-12)
“The Appraisal Institute recently released new guidelines to instruct its members on how to deal with distressed sales and foreclosures when seeking comparables.”
Housing Wire – “Consumer confidence retreats in January” (1-31-12)
“Consumer confidence slumped in January after rebounding in the final months of 2011, The Conference Board said in its consumer sentiment index.”
Bloomberg – “Foreclosures Draw Private Equity as U.S. Rents Homes” (1-31-12)
“Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.”
Inman – “LPS asks Nevada court to throw out consumer fraud suit” (1-31-12)
“Lender Processing Services Inc., provider of real estate technology, services, and mortgage performance data, today filed a motion to dismiss a consumer fraud lawsuit against the company filed by the state of Nevada that alleges the company falsified foreclosure documents.”
Housing Wire – “Foreclosure claims dominate CFPB mortgage complaints” (1-31-12)
“More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.”
Hard Money Loan Closed
Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2.5 bathroom home appraised for $200,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
Looking Back:
Rismedia reported that new home sales increased 17.5% in December of 2010. However, the Obama Administration reported that sales were still lower than levels at the beginning of the year. According to Bloomberg, the rate of unoccupied homes increased to 2.7%, making the number of people who own homes the lowest it had been in 10 years. Standard and Poor’s announced that home prices were still declining and most likely would continue, according to the Realty Times.
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.