RealtyTrac reports foreclosure notices decreased 14% in January. The House of Representatives voted to end FHA’s Short Refi program. According to a Zillow survey, 51% of Americans said the housing crisis has not affected their overall willingness to buy a home. The U.S. government posted the largest monthly deficit ever last month.

In The News:

USA Today – “Foreclosure activity slows sharply in February” (3-10-11)

“Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year, foreclosure listing firm RealtyTrac said Thursday.”

NAHB - “Optimistic Outlook for Multifamily Development, NAHB Indices Show” (3-10-11)

“The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8 –up more than 5 full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7 – the first time this component of the index has been above 50 since the second quarter of 2007.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans ticks up to 4.88 percent” (3-10-11)

“Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “House votes to end FHA Short Refi” (3-10-11)

“The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services Committee cleared the bill, H.R. 830, last week. The House voted 256 to 171 to kill the program.”

Housing Wire – “Zillow accommodates growing pool of renters” (3-10-11)

“Although 51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Securitization investors plan increased activity in 2011: survey” (3-10-11)

“Principia said 70% of investors and issuers said they plan to increase involvement in the ABS markets over the next year, with 50% expecting to ramp up activity in the next six months.”

Housing Wire – “Jobless claims rose 7% last week to 397,000″ (3-10-11)

“Initial jobless claims rose 7% last week, moving away from the nearly three-year low of the prior week although remaining lower than 400,000 once again. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended March 5 increased by 26,000 to 397,000.”

Housing Wire – “Mortgage modifications down 9% in January: Hope Now” (3-10-11)

“Mortgage servicers, investors and insurers participating in the Hope Now alliance completed 101,000 permanent modifications in January, down 9% from the month before. Of those that were completed, 73,000 were proprietary modifications, nearly three times the 27,957 done through the government’s Home Affordable Modification Program.”

Housing Wire – “Two mortgage trade groups suing Fed over loan originator compensation” (3-10-11)

“The National Association of Independent Housing Professionals sued the Fed for its final rule on loan originator compensation and yield spread premium disclosure under Regulation Z. The NAIHP states the rule will put mortgage brokers ‘at a significant and a permanent competitive disadvantage and will stifle competition in the mortgage lending industry to the detriment of consumers.’”

Bloomberg - “U.S. Posts a Record $222.5 Billion Monthly Budget Shortfall” (3-10-11)

“The U.S. government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled $222.5 billion last month compared with a $220.9 billion shortfall in February 2010, according to the Treasury Department”

Bloomberg - “Home Remodeling to Rebound in U.S. as Rising Confidence Spurs Renovations” (3-10-11)

“Spending on remodeling probably will rise 9.2 percent to $125.1 billion in the first quarter from $114.6 billion a year earlier, according to Harvard University’s Joint Center for Housing Studies. A 13 percent increase forecast for April through June would be the largest jump in five years, a report by the Cambridge, Massachusetts-based center shows.”

Looking Back:

One year ago, the MBA reported that mortgage loan application volume had increased by 0.5 percent. The percent of first-time buyers increased to 47 percent in 2009. FHFA was sued over attempts to secure records of political contributions from Fannie Mae and Freddie Mac. John Burns claimed that the real estate market was still in bad shape.

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.

RealtyTrac reports foreclosure filings increased in 75% of the nation’s metro areas during the first 2 quarters. Statistics from the Department of Labor show unemployment insurance claims fell by 11,000 last week. According to Freddie Mac’s weekly survey, the average rate for a 30-year fixed-rate mortgage decreased to 4.54%. Fiserv predicts that single-family home prices will fall 4.9 percent during the next 12 months.

In The News:

NAHB - “Remodeling Dips but Shows Signs of Stabilization” (7-29-10)

“The remodeling market slid backward during the second quarter, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The RMI (combining current and future market indicators) sunk to 40.7 from 43.8 in the first quarter. Current market conditions slid back to 42.6 from 44.5 in the previous quarter. Future indicators of remodeling business declined to 38.9 from 43.1 in the last quarter.”

CNN - “Foreclosures climb in 75% of metro areas” (7-29-10)

“Foreclosure filings climbed in 75% of the nation’s metro areas during the first half of 2010, according to a report issued Thursday. RealtyTrac, an online marketer of foreclosed homes, said that California, Florida, Arizona and Nevada continue to lead the nation in the rate of foreclosures. Las Vegas was the worst-hit city.”

San Francisco Chronicle – “Feds put up $1 billion more for mortgage relief” (7-29-10)

“Congress has just come up with an extra $1 billion to help people who can’t pay their mortgage because of unemployment or a medical problem. Under this new Emergency Mortgage Relief program, eligible homeowners who are at least three months delinquent can get up to $50,000 apiece in federal loans to pay their mortgages.”

Housing Wire – “Weekly Jobless Claims Beat Consensus, Slip to 457,000″ (7-29-10)

“Initial unemployment insurance claims fell 11,000 in the week ending July 24, beating the market consensus of a 4,000-claim drop. Jobless claims slipped to a seasonally adjusted 457,000 from the previous week’s upwardly revised figure of 468,000, according to new data today from the US Department of Labor. The four-week moving average slipped 4,500 to 452,500 this week.”

Housing Wire – “Weekly Mortgage Rates Hit New Lows” (7-29-10)

“The Freddie Mac survey put the average rate for a 30-year fixed-rate mortgage (FRM) at 4.54% with an average 0.7 origination point for the week ending July 29, down from last week’s average of 4.56% and a year ago, when the average was 5.25%. It’s a new record low for the survey, which began in 1971.”

Housing Wire – “Fiserv Sees More Pain Ahead in House Prices, Projects 4.9% Decline” (7-29-10)

“Fiserv (FISV: 49.22 +0.70%), financial services technology provider, found that national average house prices rose 2% in Q110 from a year before — the first yearly gain since 2006. Fiserv projects that single-family house prices are likely to fall another 4.9% over the next 12 months as tight economic circumstances continue. Continued high unemployment and a large number of distressed properties remaining in markets like Florida, Arizona and Nevada are weighing on the housing market.”

Housing Wire – “SEC Charges Citigroup $75m for Misrepresentation of Subprime Assets” (7-29-10)

“The Securities Exchange Commission (SEC) today charged Citigroup Inc. with misleading investors about the company’s exposure to subprime mortgage assets targeting two Citi executives for their roles in the incident that will cost the company $75m. Citigroup will not dispute the fine, the SEC said, and will pay the full amount.”

Looking Back:

One year ago, the MBA reported that mortgage application volume decreased by 6.3 percent within a week. A bill was being supported by 276 members of the House, which would have audited central banks. About $2.2 trillion of U.S. commercial properties bought or refinanced since 2004 became less valuable than their original price, said Real Capital Analytics in 2009.

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.