Today’s News Synopsis:
CoreLogic reported home prices increased 9.7% in January, the highest in seven years. Asking prices for homes increased 7% in February according to Trulia, although at the same time inventory decreased 23%. The California Department of Real Estate will be no more as of July 1, 2013.
In The News:
DS News- “Asking Prices Rise in February; Inventory Falls” (3-5-13)
“National asking home prices have risen 7.0 percent year-over-year since bottoming out last February, Trulia revealed in its February Price Monitor Report.”
Realty Times – “No More Department of Real Estate in California” (3-5-13)
“The days of California’s Department of Real Estate (DRE) are numbered. Effective July 1, 2013, it will cease to exist.”
Housing Wire – “Housing demand to grow as new immigrants arrive” (3-5-13)
“Rental and homeownership demand from new U.S. immigrants is expected to grow as more foreign-born citizens settle into the U.S, according to a new report.”
Inman- “Home prices take biggest leap in 7 years” (3-5-13)
“National home prices in January were up 9.7 percent from a year ago, the biggest annual increase since April 2006, according to data aggregator CoreLogic’s home price index.”
Mortgage Bankers Association - “Commercial/Multifamily Mortgage Delinquency Rates Continued Down in Fourth Quarter” (3-5-13)
“Delinquency rates continued to decline for commercial and multifamily mortgage loans in the fourth quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”
Housing Wire - “MBS investors call for transparency in creating new securitization platform” (3-5-13)
“The call for the end of both Fannie Mae and Freddie Mac along with a trend by the government to sever ties with public sector entities and promote a single securitization platform has prompted investors to wonder about the potential effects on securitized markets.”
DS News - “Fannie Mae Announces 2012 Servicer Scorecard Results” (3-5-13)
“Fannie Mae unveiled 2012 program results for the Servicer Total Achievement and Rewards (STAR) scorecard.”
Hard Money Loan Closed
La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 4 bedroom, 1.5 bathroom home appraised for $297,000.
The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR TOMORROW.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.
Another bank closed in Georgia on Friday, bringing the total up to 12 for bank closures. DS News reported a higher number of foreclosures in January 2012 than loan modifications, the first time this had occurred since October 2009. Pending home sales were increasing this month, according to the National Association of Realtors. Fitch feared home prices could drop again another 9.1%.
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.