Today’s News Synopsis:
According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing. The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number. CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.
In The News:
Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)
“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”
DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)
“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”
Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)
“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”
Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)
“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”
DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)
“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”
CNN Money - “Home prices heading for triple-dip” (10-31-11)
“The besieged housing market has even further to fall before home prices really hit rock bottom. According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”
Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)
“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”
Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)
“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade. That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 years.”
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 event 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.