Today’s News Synopsis:
According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels. Zillow predicted home prices would continue to declien through 2013, according to Bloomberg. Housing Wire reported an increase in mortgage debt last month in every U.S. region.
In The News:
Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)
“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”
Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)
“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”
Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)
“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another. But what about the association suing a homeowner? Maybe it’s one of those “only in California” things; but, yes, it has happened in California. (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”
Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)
“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“
DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)
“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”
Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)
“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies. The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”
Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)
“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”
CNN Money - “Home building spikes higher” (12-20-11)
“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity. Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”
Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)
“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”
DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)
“Florida’s mandatory foreclosure mediation program has come to an end. State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.
The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.
Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt. In October 2009, pending home sale prices rose 10.4%, according to Realty Times. Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service. According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West. In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 2010.
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.