Sources:
30-Year Mortgage Falls Below 4% for First Time
CoreLogic Records First Drop in Home Prices in Four Months
Remodeling Double-dip Offers Opportunity for Homeowners
Congress Scrutinizes Federal Housing Programs
Private mortgage mods perform worse than HAMP
Homeownership rate experiences biggest drop in 70 years
BofA May Face Fraud Claims for Soured Loans
Today’s News Synopsis:
In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. The job market showed signs of improvement last month with the addition of 103,000 net jobs. Apartment vacancies are at the lowest they have been in five years, enabling landlords to raise rents on the apartments. For the fourth week in a row now mortgage rates are at an all-time low according to the Realty Times.
In The News:
MSNBC.com - “Nation’s labor market perked up in September” (10-7-11)
“The nation’s labor market perked up last month, according to the government’s latest jobs report. U.S. employers added 103,000 net jobs in September, the government said Friday — that’s better than economists had expected, but barely enough to keep up with population growth. The nation’s unemployment rate held steady at 9.1 percent”
Housing Wire - “GSE mortgage prepayments surge in September” (10-7-11)
“Prepayments, mostly through refinancing, on mortgages backing Fannie Mae and Freddie Mac securities increased substantially
in September, higher than what some analysts expected.”
DS News - “Two CA Investors Plead Guilty to Bid Rigging” (10-7-11)
“Two real estate investors are pleading guilty to mail fraud and bid rigging at public foreclosure auctions in Northern California, according to the Department of Justice.”
Realty Times - “Mortgage Rates Fall, Housing Opportunities Getting Better” (10-7-11)
“For four weeks in a row, mortgage rates are seeing historic lows. The 30-year fixed average interest rate fell from 4.09% to 4.01% in the end of September. This marks the lowest rate since 1951.”
O.C. Register - “Where will mortgage rates head next?” (10-7-11)
“In October 1981, the average U.S. interest rate on the traditional, 30-year fixed-rate loan was 18.6%. This past week, it fell below 4% for the first time in history, according to Freddie Mac.”
Inman – “New Zillow service allows agents to advertise real estate discounts, deals” (10-7-11)
“Online real estate portal Zillow has launched a new service, Zillow Special Offers, that allows agents to promote incentives for working with them in a home-sale transaction.”
Housing Wire - “NY Fed opens Operation Twist with $3.95 billion in agency MBS buys” (10-7-11)
“The Federal Reserve Bank of New York began its latest effort to stimulate the economy and force borrowing rates even lower this week with $3.95 billion in mortgage-backed securities guaranteed by the government.”
Rismedia - “Better Homes and Gardens Real Estate Expands Internationally” (10-7-11)
“Better Homes and Gardens Real Estate LLC, a subsidiary of Realogy Corporation, recently announced that it has entered its first international market with the signing of a 25-year-long master franchising agreement for the development of the Better Homes and Gardens Real Estate brand in Canada.”
San Francisco Chronicle - “Apartment rents rise as vacancies fall” (10-7-11)
“U.S. apartment vacancies fell to a five-year low in the third quarter, enabling landlords to increase rents even as tepid job growth slowed leasing in what is usually a strong season for demand, Reis Inc. said.”
Looking Back:
Former Governor Schwarzenegger signed a bill protecting homeowners, with lender approval, from deficiency judgments. 30-year mortgage rates dropped to 4.27%, said Freddie Mac. President Obama refused to sign the Interstate Recognition of Notarizations Act, which would have allowed federal and state courts to recognize notary signatures from other states. Realtytrac users were expected to soon be able to view sales prices, sale dates, and other sorts of information on foreclosure sales.
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.