Today’s News Synopsis:
The Mortgage Bankers Association reported mortgage applications increased 4.8% from last week. Home builder sentiment increased by three points to 53, the highest in six years. Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.
In The News:
DS News - “Fed: ‘Problems’ with Cashing Foreclosure Settlement Checks Corrected” (4-17-13)
“Although about 50,000 checks from the recent foreclosure settlement have been cashed or deposited as of Monday, April 15, according the Federal Reserve and the Office of the Comptroller of the Currency (OCC), not all recipients were able to cash their checks.”
Housing Wire – “BofA posts 1Q profit, mortgage banking a mixed bag” (4-17-13)
“Bank of America posted a profit of $2.6 billion, or 20 cents a share, for the first quarter of 2013.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-17-13)
“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2013.”
Inman - “Trulia survey casts light on homeowner regrets” (4-17-13)
“In a nod to today’s acute inventory shortage, Trulia recently conducted a “regrets survey,” saying in a blog post that the survey’s results are particularly relevant because the tight supply of the current market is likely to rush buyers into making purchases without doing proper due diligence.”
Bloomberg - “Student Debtors Retreat From Home Buying, NY Fed Data Show” (4-17-13)
“Student-loan borrowers under 30 are retreating from the housing and auto markets, an analysis of data by the Federal Reserve Bank of New York shows.”
Realty Times - “Home Builder Sentiment Highest in Six Years” (4-17-13)
“Although U.S. home builders are concerned about the rising costs of building materials, home builder sentiment for future sales expectations in the next six months climbed three points to 53 and is at the highest level reached in more than six years, February of 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”
Housing Wire - “Housing moves forward despite economic setbacks: Fannie Mae” (4-17-13)
“The fiscal headwinds from tax hikes and sequestration should restrain economic growth and counter the tailwinds from housing as well as the continued Federal Reserve ultra-easy monetary policy.”
Housing Wire – “HUD Secretary sounds alarm on FHA taxpayer bailout” (4-17-13)
“Members of the House Committee on Appropriations fired off questions Wednesday to Shaun Donovan, secretary of the Department of Housing and Urban Development, seeking answers to how the Federal Housing Administration will avoid a potential $943 million first-time Treasury draw.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $63,000 on a 3 bedroom, 2 bathroom home appraised for $98,000.
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 TIGAR on Thursday, May 16, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.
Housing starts showed disappointing numbers the prior month with a 5.8% drop from February 2012. The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount. Housing permits increased 4.5% in March 2012, bringing them to their highest level in four years.
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.