Today’s News Synopsis:
In this week’s video, Aaron Norris talks about upcoming I Survived Real Estate 2012 event. Bank of America announced they are planning on donating 1,000 homes to vets who were injured. Mortgage delinquency rates improved greatly having decreased 15% year-over-year.
In The News:
DS News – “Mortgage Delinquency Rate Sees Significant Improvement: Equifax” (8-24-12)
“The percentage of first-mortgages 30 days or more past due saw a double digit year-over-year decline, according to a report from Equifax.”
Housing Wire – “Senators press for tax relief on principal reductions, short sales” (8-24-12)
“A group of senators are pressing Majority Leader Harry Reid, D-Nev., to allow a vote on a package of tax relief extensions set to expire this year, including one involving mortgage principal forgiven in loan modification or short sale.”
Bloomberg – “U.S. Existing-Home Sales Rise From Eight-Month Low: Economy” (8-24-12)
“Sales of existing homes climbed in July from an eight-month low, showing the cheapest mortgage rates on record are underpinning a market struggling to join the U.S. economic recovery that began three years ago.”
Realty Times – “Fixed Mortgage Rates Move Higher For Fourth Consecutive Week” (8-24-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey®, it showed fixed mortgage rates following long-term Treasury yields higher amid continued positive data on the housing market.”
Inman – “ListHub restricting use of listings for agent tools” (8-24-12)
“Listing syndicator ListHub has instituted a policy of restricting the use of listings in agent tools including mobile apps designed for real estate agents, a policy it is implementing as it signs new syndication agreements with Trulia and other third-party listing portals.”
DS News – “BofA Announces Plans to Donate Up to 1,000 Homes to Injured Vets “ (8-24-12)
“Bank of America announced Friday that it’s donating up to 1,000 properties for injured military veterans and first responders.”
Housing Wire – “Freddie delinquency rate down to lowest level in nearly 3 years” (8-24-12)
“The delinquency rate on Freddie Mac guaranteed mortgages fell to 3.42% in July, the lowest level since August 2009, according to its monthly report.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $202,000 on a 3 bedroom, 1 bathroom home appraised for $337,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.
Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.
Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
Looking Back:
The Mortgage Bankers Association reported mortgage applications were at their lowest level in 15 years. Members of Vintage East Condominium Association sued JPMorgan Chase & Co in order to take back a property they said JP Morgan was taking too long to foreclose on. Rents were still on the rise as they continued to increase in July for the 11th straight month.
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.