Today’s News Synopsis:
According to the latest Case-Shiller index from Standard & Poors, home prices decreased in 16 metropolitan areas for the fifth month in a row in January. After a year, consumer confidence is still at its highest level at 70. Sales of distressed properties decreased in California, while at the same time equity sales increased last month after having been at a two month low.
In The News:
Housing Wire – “Home prices drop in 16 metro areas: Case-Shiller” (3-27-12)
“Standard & Poor’s/Case-Shiller home price indices for the month of January show prices falling in most major metro areas. The latest report shows annual price declines of 3.9% and 3.8%, respectively, for the 10- and 20-city composite indexes in the month of January.”
DS News – “Sale of Distressed Properties Down in California, Equity Sales Up” (3-27-12)
“In California, the sale of distressed properties slowed down as equity sales picked up in February after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reported Monday.”
Bloomberg – “Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls” (3-27-12)
“Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers.”
Housing Wire – “FHFA sees falling mortgage rates across the board” (3-27-12)
“The average mortgage rate for the purchase of an existing home by combined lenders fell from 4.18% in January to 4.08% in February, according to a new report from the Federal Housing Finance Agency.”
DS News – “CFPB Files Amiscus for Borrowers’ Right to Cancel Certain Loans” (3-27-12)
“The Consumer Financial Protection Bureau (CFPB) filed an amicus brief on behalf of borrowers for their rights to cancel home equity-loans or second mortgages if they did not receive important disclosures required by the Truth in Lending Act (TILA).”
San Francisco Chronicle – “Consumer Confidence in U.S. Holds Close to One-Year High” (3-27-12)
“Confidence among U.S. consumers in March held close to the highest level in a year, underpinned by an improving labor market. The Conference Board’s confidence index dropped to 70.2 from a revised 71.6 reading in February that was higher than initially reported, figures from the New York-based private research group showed today.”
Bloomberg – “Lennar Hits Highest Since 2007 as Income Beats Estimates” (3-27-12)
“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose to its highest since September 2007 after reporting net income that beat estimates and a 33 percent increase in new home orders.”
Housing Wire – “Fannie Mae finds Americans remain committed to homeownership” (3-27-12)
“Home values may be down nationwide, but the majority of Americans surveyed by Fannie Mae in the fourth quarter still prefer homeownership as opposed to renting.”
CNN Money – “White House: Jobs recovery isn’t ‘statistical fluke’” (3-27-12)
“President Obama’s chief economic adviser continued to defend the strength of the latest jobs data on Tuesday, even though other economists have suggested that the economy is still in a slow recovery despite job gains.”
Housing Wire – “Freddie Mac delinquency rate, loan mods remain relatively flat” (3-27-12)
“Loan modifications and the overall delinquency rate on Freddie Mac-backed mortgages remained relatively flat during February.”
Hard Money Loan Closed
Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $45,000 on a 3 bedroom, 1.75 bathroom home appraised for $73,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 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.