Today’s News Synopsis:
RealtTrac reports military towns experienced an increased in foreclosure activity from 2008 to 2010. Congress agreed to a budget late Friday. Fannie Mae is creating more home ownership incentive by offering up to 3.5% in closing cost assistance. Federal Trade Commission settled with mortgage relief scammers Monday for $2.2 million in refunds to homeowners who were tricked into mortgage relief scams.
In The News:
Sacramento Bee – “Southern California’s military towns have taken a crushing blow in real estate collapse” (4-11-11)
“Foreclosures rose 32 percent in ZIP codes near military towns over the last three years, from 2008 to 2010, compared with 23 percent nationwide, said Rick Sharga, senior vice president of RealtyTrac in Irvine.”
Housing Wire - “Monday Morning Cup of Coffee” (4-11-11)
“With hours to spare Friday night, Congress agreed to a budget that would keep the government from shutting down for the first time since 1995.”
Housing Wire – “Fitch reports slowing subprime delinquencies, foreclosure sales” (4-11-11)
“The percentage of borrowers with mortgages classified as 30 or more days delinquent fell by 5.3% in March from February and the percentage of borrowers who are 60 days or more delinquent fell by 4.4%, according to a report composed by Fitch Solutions director David Austerweil.”
Daily Bulletin – “Casting a shadow: Housing market’s hidden inventory looms” (4-11-11)
“A nine-month supply of distressed homes in the U.S., about 1.8 million units as of January, are waiting to make their way onto the market, according to data released last week from Santa Ana-based CoreLogic.”
Housing Wire – “Fannie Mae offers help with closing costs on HomePath properties” (4-11-11)
“As the housing market continues to lag in sales, Fannie Mae is laying the groundwork to entice buyers by announcing it will offer up to 3.5% in closing cost assistance on Fannie Mae-owned HomePath properties. To qualify, the buyer’s initial offering on the HomePath property must be submitted on or after April 11 and the sale must close by June 30.”
My Budget 360 – “The housing gamble: What if home prices remained stagnant until 2020?” (4-11-11)
“Given the current domestic and global trends, it is likely that housing will be suffering another troubled decade from 2011 to 2020 just like it experienced from 2001 to 2010.”
Housing Wire – “FTC settles with mortgage relief scammers for $2.2 million” (4-11-11)
“The Federal Trade Commission settled with two companies and three individuals Monday to provide $2.2 million in refunds to homeowners allegedly duped into mortgage relief scams.”
Housing Wire – “Ellie Mae, CoreLogic join forces to please Fannie Mae” (4-11-11)
“A new feature through Ellie Mae’s Encompass360 loan origination platform designed by CoreLogic (CLGX: 17.92 -0.28%) aims to reduce repurchase risk on agency loans by assessing fraudulent information before a mortgage is originated.”
Bloomberg - “IMF Cuts U.S. Growth Forecast on Oil, ‘Lackluster’ Jobs Pace” (4-11-11)
“The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery. The world’s largest economy will expand 2.8 percent this year, down from the 3 percent projected in January, the IMF said today, citing the need to reduce deficits and boost exports.”
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