Today’s News Synopsis:
Bill H.R. 2056 was recently passed by the House of Representatives to look into failing banks and see if the Federal Deposit Insurance Corp’s regulations are actually hurting the economy. RealtyTrac has come out with a new tool that will allow users to go through their database of foreclosed homes more quickly and create their own list of distressed, foreclosed, and bank-owned homes. Realty Times reported an increase in pending homes for June, making it the second month in a row to see an increase.
In The News:
Housing Wire - “House legislation would launch FDIC investigation” (8-2-11)
“The U.S. House of Representatives passed a bill in recent days that would allow authorities to study the causes of high level bank failures and to determine whether “overzealous” Federal Deposit Insurance Corp. regulatory actions are stifling economic activity by constricting bank lending.”
DS News – “RealtyTrac Tool Proveds Targeted Lists of Defaults, Auctions, and REOs” (8-2-11)
“RealtyTrac on Tuesday unveiled its new bulk foreclosure data search and download tool, known as MEGA Data. This new product gives users the ability to sift through RealtyTrac’s database of more than 2 million foreclosure records to create targeted lists of distressed homeowners, scheduled foreclosure auctions, and bank-owned properties.”
Bloomberg - “Radian Jumps as Mortgage Insurer Swings to Profit, Has Fewer Delinquencies” (8-2-11)
“Radian Group Inc. (RDN), the second-largest U.S. mortgage insurer, climbed the most in 16 months after the company swung to a profit on derivative gains and said there was a drop in delinquencies on home loans.”
San Francisco Chronicle - “Key US markets with “pending” signs of life” (8-2-11)
“Certainly, some parts of the U.S. are looking pretty doomed right now, with massive foreclosures, property values tanked, construction halted, and unemployment up. But that is not the whole picture. Other parts of the country are doing relatively well– San Francisco among them– or are at least showing signs of improvement. And we can believe this ray of hope, at least a little bit, because it’s backed by actual data.”
Realty Times - “June Pending Home Sales Rise” (8-2-11)
“For the second consecutive month, pending home sales figures have increased. According to the National Association of Realtors® (NAR) all regions are showing “strong double-digit” gains over last June and the index itself was up 2.4 percent for the month.”
Housing Wire – “Smaller banks push for mortgage servicing standards exemption” (8-2-11)
“Smaller banks are pushing rulemakers for an exemption to the upcoming mortgage servicing standards, claiming recent problems in the industry are almost entirely restricted to the larger firms.”
Inman - “Re/Max ranks first among buyers, sellers in JD Power survey” (8-2-11)
“Home sellers surveyed by JD Power and Associates expressed greater satisfaction with the way their properties were marketed than a year ago. But frustrated buyers seem to be blaming agents for problems that interfered with them closing a deal.”
Mortgage Bankers Association - “MBA Files Comment on Proposed Risk Retention/Qualified Residential Mortgage Rule” (8-2-11)
“On Monday, the Mortgage Bankers Association (MBA) filed a comment letter with six federal regulators in response to proposed credit risk retention regulations implementing section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.”
DS News - “Witnesses Express Concerns at Hearing on National Servicing Standards” (8-2-11)
“At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing Tuesday, industry leaders voiced opinions on the creation of national mortgage standards. While there was support for national standards on the grounds that it would protect homeowners and improve customer experience, witnesses expressed a variety of concerns.”
Rismedia - “Alliance to Save Energy Hails 25-30% Advance in 2012 Energy Code for New & Renovatede Residential, Commercial Buildings” (8-2-11)
“The Alliance to Save Energy recently hailed a newly released model building energy code upgrade that will improve energy use in commercial and residential buildings in the United States by as much as 30%.”
Looking Back:
Alan Greenspan expressed concern that a decrease in home prices might cause the U.S. to slip back into recession. The Census Bureau estimated the homeownership rate would fall to 62% in 2012. Moody’s reported strategic delinquencies were falling on jumbo mortgages. Construction spending remained relatively flat with just a 0.1 percent increase the previous month.
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