Today’s News Synopsis:
Another bank closed today in Illinois, bringing the new total now to 43. The inventory of homes for sale was lower in August than it was at the same time last year, which is preventing many wanting to purchase homes. Taxes could increase by an average of $3,500 if Congress does not step in to stop the fiscal cliff.
In The News:
Housing Wire- “Bank of America to extinguish up to 150,000 second liens” (10-1-12)
“Borrowers with second liens owned and serviced by Bank of America ($8.83 0%) may qualify to get their subordinate debt extinguished entirely.”
Realty Times – “Real Estate Outlook: Housing Starts Rise” (10-1-12)
“New housing starts were on the rise for the month of August according to HUD and the U.S. Census Bureau. This 2.3 percent rise was prompted by gains seen in the single-family sector.”
CNN Money – “Americans face $3,500 fiscal cliff tax hit” (10-1-12)
“American households face an average tax increase of $3,500 if Congress doesn’t act to avert the fiscal cliff, according to a new analysis from the Tax Policy Center.”
DS News – “Where the Single-Family Rental Market Is Heading: Capital Economics” (10-1-12)
“No doubt, the potential of the REO to rental market has caught the attention of both individual and institutional investors. ”
Housing Wire – “MGIC stock shoots up after cutting new deal with Freddie” (10-1-12)
“The stock of MGIC ($1.77 0.24%) shot up 18% in morning trading after Freddie Mac proposed a new deal that would let the mortgage insurer write new business in states where it still lacks waivers on capital requirements.”
DS News – “Illinois Bank Failure Raises 2012 Tally to 43 “ (10-1-12)
“The fall of an Illinois bank brought the year’s national bank failure tally to 43, FDIC announced Friday.”
CNN Money – “Student loan default rates jump” (10-1-12)
“Borrowers are having a harder time repaying their student loans. The percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9.1% in fiscal year 2011, up from 8.8% the previous year, according to U.S. Department of Education data released Friday.”
Inman – “Low inventories thwarting buyers” (10-1-12)
“Homebuyers nationwide are discovering their self-appointed task is not for the faint of heart. Nearly every major market has seen double-digit declines in inventories of for-sale listings, making multiple-bid situations common.”
CNN Money – “Bernanke: Stimulus helps savers, too” (10-1-12)
“The Federal Reserve’s efforts to keep interest rates exceptionally low are in the best interest of those living off their savings, Fed Chairman Ben Bernanke argued Monday.”
DS News – “Illinois to Use $1.4M in Settlement Funds to Help Renters” (10-1-12)
“Illinois will set aside nearly $1.4 million from the national mortgage settlement to provide legal representation for renters who reside in buildings that may go into foreclosure.”
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.
Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.
The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 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.