Today’s News Synopsis:
According to a recent survey released by Freddie Mac, fixed mortgage rates are at their lowest on record with 30-years at 3.84% and 15-years at 3.07%. First time claims for unemployment decreased by 27,000 last week according to the Labor Department. Mortgage servicers also reported filing less than half the number of mortgage modifications they filled out last year for Freddie Mac loans.
In The News:
Housing Wire – “Freddie Mac mortgage modifications down as fewer loans go delinquent” (5-3-12)
“Mortgage servicers modified roughly 14,000 Freddie Mac-guaranteed home loans in the first quarter, less than half the 35,000 workouts one year ago as a new program begins.”
DS News – “Initial Unemployment Claims Drop Sharply” (5-3-12)
“First time claims fell a surprising 27,000 to 365,000 for the week ended April 28, the Labor Department reported Thursday after revisions drove the prior week’s report up by 4,000 to 392,000, the highest level in five months.”
Bloomberg – “Commercial Real Estate Hindered by Tight Credit, Realtors Say” (5-3-12)
“A “major portion” of small commercial-property deals in the U.S. have fallen through because of stricter lending standards, according to a National Association of Realtors survey.”
RealtyTrac – “Foreclosure Home Auctions Giving Way to Short Sales” (5-3-12)
“As this is written the stock market is around 13,000, a remarkably high level powered in some measure by renewed strength in the financial sector. Total industry profits for the fourth quarter were $26.3 billion — but that’s a number which may be far less certain than it seems.”
CNN Money – “Buying a home won’t get much cheaper” (5-3-12)
“Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.”
Bloomberg – “Freddie Mac Says Mortgage Buyback Requests Rose to $3.2 Billion” (5-3-12)
“Freddie Mac, the mortgage-finance company operating under U.S. conservatorship, said its pending requests to lenders for refunds on faulty mortgages rose about 19 percent in the first quarter to $3.2 billion.”
Housing Wire – “Fort Myers, Miami, Phoenix house prices surge past other markets” (5-3-12)
“The San Francisco-based real estate information provider, Trulia, found that annual asking prices for homes in Miami and Phoenix rose 16.1% and 15.8%, respectively, in the three-month moving average from February to April.”
Housing Wire – “Mortgage rates hit all-time low” (5-3-12)
“Fixed mortgage rates hit new all-time lows this week as anemic economic growth and inflation took rates to unheard depths.”
Bloomberg – “Wells Fargo Dominates Home Lending as BofA Retreats: Mortgages” (5-3-12)
“Wells Fargo & Co. (WFC), already the largest U.S. home lender, won the biggest market share ever recorded as competitors led by Bank of America Corp. (BAC) pulled back after suffering more than $65 billion in combined mortgage losses.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $61,000 on a 3 bedroom, 2 bathroom home appraised for $102,000.
California Real Estate Investor Events:
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at South Bay on Thursday, May 03, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 2012.
Looking Back:
The federal government claimed Deutsche Bank commited mortgage fraud, and was suing the bank. LPS said 500,000 borrowers became current on their loans in the first quarter of 2011. Michael Fratantoni of the MBA predicted a full housing recovery was 3 to 4 years away. The combined sales of all broker-run transactions fell $226 million year over year.
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.