Today’s News Synopsis:
In a big news story, 30-year mortgage rates are increasing slightly once again after being at an all-time low. The number of people filing unemployment claims is at its lowest in four years. The fourth quarter of 2011 saw a decrease in home prices overall, but an increase in prices for 27 states plus Washington D.C.
In The News:
DS News – “After Hitting Record Low, 30-Year Fixed Rate Inches Up” (2-23-12)
“After hitting near record lows last week, the 30-year fixed-rate mortgage moved up for the first time in three weeks, according to the Primary Mortgage Market Survey from Freddie Mac.”
CNN Money – “Jobless claims stick at nearly four-year low” (2-23-12)
“First-time claims for unemployment benefits were unchanged — at a relatively low level — last week, in another sign of strength for the U.S. economy.”
Housing Wire – “HUD mortgage servicer scorecard due in 2Q” (2-23-12)
“The Department of Housing and Urban Development will release its mortgage-servicing scorecard during the second quarter of this year, according to a senior department official.”
Bloomberg – “JPMorgan Places $72B Bet on Homeowners” (2-23-12)
“JPMorgan Chase & Co. (JPM) has more than tripled its holdings of mortgage securities without U.S. government guarantees to $72 billion as the nation’s biggest bank bets on borrowers from outside the country it calls home.”
CNN Money – “Million-dollar foreclosures rise as rich walk away” (2-23-12)
“Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.”
Wall Street Journal – “Sears Is Having a Sale: Property and Stores Available” (2-23-12)
“Sears is holding a sale, and not just in the Kenmore appliance section. The struggling department-store giant has announced a plan to sell 11 store locations to General Growth Properties for $270 million.”
Housing Wire – “MBA: Rising rental costs may drive home sales up” (2-23-12)
“Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association.”
DS News – “Home Prices Decline Q4, but for 27 States Plus D.C., Prices Rose” (2-23-12)
“The Federal Housing Finance Agency (FHFA) released a report showing U.S. home prices fell slightly in the fourth quarter of 2011, but overall, 12 states plus the District of Columbia saw prices increase, according to the seasonally adjusted purchase-only house price index (HPI).”
Inman – “Redfin: Sellers lose in dual agency” (2-23-12)
“Homes sell at a greater discount from their listing price when the same agent represents both the buyer and seller as a “dual agent,” according to an analysis of 230,000 home sales in 22 markets around the country by technology-based real estate brokerage Redfin.”
The NAR said existing home sales rose 2.7% in January 2011. The FHA’s REO inventory increased 47% year over year. A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicted the government would soon provide an alternative to the national homebuyer tax credit.
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.
Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach today, February 23, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Coference on March 8, 2012.
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.