Today’s News Synopsis:
Another bank closed in Georgia last Friday, bringing the total up to 12 for bank closures. DS News reported a higher number of foreclosures in January than loan modifications, the first time this has occurred since October 2009. Pending home sales are increasing this month, according to the National Association of Realtors. Fitch fears home prices could drop again another 9.1%.
In The News:
DS News – “Foreclosure Sales Outpace Modifications for January” (3-5-12)
“During January, 73,767 homeowners received permanent loan modifications from mortgage servicers, according to modification data released by HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.”
Housing Wire – “Consumers shed debt, cut mortgage balances” (3-5-12)
“The total balance of outstanding home loans fell by $1 trillion, or 10.4%, in the past four years as consumers continue to shed debt. The latest numbers come from a report produced by Moody’s Analytics and Equifax.”
DS News – “One Georgia Bank Closed Friday; Tally Is Now 12” (3-5-12)
“State regulators closed Global Commerce Bank of Doraville, Georgia on Friday, marking the first bank closing for March and the second Georgia bank to close in two weeks. So far this year, twelve FDIC-insured banks have closed.”
Realty Times – “Real Estate Outlook: Pending Home Sales Trend Upward” (3-5-12)
“The latest Pending Home Sales Index from the National Association of Realtors showed promising results this month, with pending sales in upward movement. ”
Housing Wire – “MountainView: More second liens in marketplace” (3-5-12)
“MountainView Capital Group, which advises mortgage firms and financial institutions on the trading of home loans, saw a pool of 7,100 secured and unsecured, nonperforming, second-lien loans sold recently.”
Bloomberg – “Boom-Era Property Speculators to Get Foreclosure Aid: Mortgages” (3-5-12)
“The Obama administration will extend mortgage assistance for the first time to investors who bought multiple homes before the market imploded, helping some speculators who drove up prices and inflated the housing bubble.”
Inman – “Green homes that give back to the grid” (3-5-12)
“A rising trend of super-efficient, solar-powered new homes allows homeowners to combat rising energy costs by giving back to the power grid. Some owners are even realizing a small profit from their home’s power-generating capacity.”
San Francisco Chronicle – “US service firms grow at fastest pace in a year” (3-5-12)
“U.S. service companies expanded in February at the fastest pace in a year, helped by a rise in new orders and job growth.”
CNN Money – “Investors target property tax deadbeats” (3-5-12)
“Now big institutional investors have joined individual investors. But like any investment offering tempting yields, the potential pitfalls of tax lien investing are pretty huge: Those who lose out could either end up saddled with a worthless property or with nothing at all.”
Housing Wire – “Fitch sees home prices as overvalued with potential for another 9.1% drop” (3-5-12)
“Fitch Ratings said U.S. home prices are still overvalued and could fall another 9.1%, despite inching toward a point of sustainability. After evaluating data from the third quarter, Fitch said prices still have more room to fall with unemployment and gross domestic product numbers showing only marginal growth.”
Hard Money Loan Closed
Bellflower, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 3 bedroom, 2 bathroom home appraised for $375,000.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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.