Today’s News Synopsis:
The recent Case Shiller Home Price Index showed new lows for the year ended 2011 with home prices being at their lowest since 2006. The FHFA reported mortgage rates increased slightly to 4.25% last month. Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled foreclosures.
In The News:
Housing Wire – “January mortgage rates up slightly from December” (2-28-12)
“The Federal Housing Finance Agency said national mortgage rates for January rose to 4.25% from 4.15% the previous month.”
DS News – “Case Shiller Indexes End 2011 With New Lows” (2-28-12)
“The Case Shiller Home Price Indexes dropped to new index lows at the end of 2011, Standard & Poor’s, which compiles the indices, reported Tuesday morning. Prices are at their lowest level since before the housing crisis began in 2006.”
Los Angeles Times – “Fannie Mae, Freddie Mac regulator defends write-down opposition” (2-28-12)
“Under increasing pressure from Democrats to do more to stem foreclosures, the regulator for Fannie Mae and Freddie Mac on Tuesday strongly defended his opposition to allowing the government-owned housing finance companies to write down mortgage principal for “underwater” homeowners.”
Housing Wire – “Galante assures Congress FHA ‘not broke'” (2-28-12)
“Federal Housing Administration Commissioner Carole Galante assured lawmakers again the agency would not need a taxpayer-funded bailout.”
Bloomberg – “JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures” (2-28-12)
“JPMorgan Chase & Co. and Bank of America Corp. told regulators they were straining last year to hire and keep enough qualified people who could clear a backlog of foreclosure complaints.”
DS News – “South Carolina Signs Bill to Ban Third Party Fees on Home Sale Contracts” (2-28-12)
“South Carolina Governor Nikki Haley signed a bill to ban Wall Street Home Resale Fees, which require a percentage of the sale of a home to go to a third party.”
Bloomberg – “FHA to Increase Cost of Up-Front Mortgage Premiums for New 30-Year Loans” (2-28-12)
“The Federal Housing Administration will increase the cost of up-front mortgage insurance premiums by 75 basis points as part of efforts to rebuild the agency’s insurance fund.”
Housing Wire – “Consumer confidence posts sizable increase in February” (2-28-12)
“Consumer confidence rose 9.3 points in February as the outlook for the nation’s economy improved. The Conference Board said its consumer confidence index rose to 70.8 in February, up from 61.5 in January.”
DS News – “HUD Secretary Questioned on Improper Foreclosure Numbers” (2-28-12)
“During a Senate subcommittee hearing, HUD Secretary Shaun Donovan was prodded with questions on investigation results regarding how many and what percentage of people actually suffered from wrongful foreclosures.”
CNN Money – “Housing settlement details due out this week” (2-28-12)
“Final details are due out this week in the $26 billion settlement to help struggling homeowners and settle charges of abusive and negligent foreclosure practices, according to President Obama’s housing chief.”
DS News – “Capital Economics Disappointed in Pilot for REO Rental Initiative” (2-28-12)
“While the REO Rental Initiative was supported by Capital Economics when first proposed last year, a report released by the analytics company stated that the news was disappointing upon the discovery that 85 percent of the REO properties to be sold were already occupied by tenants.”
Realtor Magazine – “FHA Hikes Fees on Mortgages” (2-28-12)
“Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday.”
Hard Money Loan Closed
Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.
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.
MDA DataQuick reported 30.9% of all houses and condos sold in California during January 2011 were bought without a mortgage. The NAR claimed pending home sales fell 2.8% in January 2011. Approximately 25% of homeowners who sought assistance from Obama’s mortgage assistance program successfully had their payments reduced. A survey from Fannie Mae showed 19% of delinquent borrowers were considering a strategic default.
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.