Today’s News Synopsis:
According to the FHFA, home prices continue to increase as inventory continues to decrease. Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%. New home sales increased 1.5% last month to 417,000, despite having decreased almost 5% in February. CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.
In The News:
Inman - “Best loan prospects may desert FHA” (4-23-13)
“It’s a catchy marketing pitch: “720 and above, don’t go gov.”And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.”
Housing Wire – “FHFA: Home shortage pushing prices” (4-23-13)
“Supply shortages in some housing markets continue to place upward pressure on prices. As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.”
DS News – “Non-Current Inventory Hits 5-Year Low, Slips Below 5M Mark” (4-23-13)
“The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services (LPS), Inc.”
Housing Wire - “Fannie Mae economist: Housing recovery faces rough road ahead” (4-23-13)
“The year 2012 was a turning point for housing with the sector contributing to overall economic growth for the first time in years.”
DS News - “House Financial Services Committee Refuses Cordray’s Testimony” (4-23-13)
“A day before Consumer Financial Protection Bureau director Richard Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs to deliver his semi-annual report, Rep. Jeb Hensarling (R-Texas), chair of the House Committee on Financial Services—which was also slated to hear from Cordray—announced his committee cannot accept Cordray’s testimony as Cordray’s appointment is not legal.”
Housing Wire - “Census Bureau: New home sales turnaround” (4-23-13)
“New home sales made a U-turn after falling 4.6% in February to 411,000 homes sold. The sales of new single-family homes inched up 1.5% in March to 417,000 homes sold.”
DS News - “DataQuick’s REO-to-Rental Rankings Provide ZIP-Level Data” (4-23-13)
“Before deciding on an REO-to-rental investment, it’s important to understand distressed property trends on a neighborhood-level, according to DataQuick.”
Bloomberg - “Washington Faces Apartment Glut After Boom: Real Estate” (4-23-13)
“Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $159,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.
According to the National Association of Realtors, more people were able to afford houses. Home prices decreased in March 2012 with the increase in distressed properties. Mortgage payments were also at low levels not seen in several decades. Americans feared job losses and rising gas prices more than household debt.
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.