Today’s News Synopsis:
Capital One Home Loans has chosen not to foreclose on any California mortgages. The government applauded TALF for netting $600 million in income. According to S&P, lenders need 13 months on average to foreclose in a judicial state. Altos Research claims home prices decreased 2% in February.
In The News:
Washington Post - “Obama officials, attorneys general closer to possible deal with banks in foreclosure mess” (3-4-11)
“Senior Obama administration officials, newly joined by state attorneys general, were on the brink Thursday of finalizing major elements of a possible settlement with large U.S. banks accused of flawed and fraudulent foreclosure practices, sources familiar with the discussions said.”
Housing Wire – “Capital One slows foreclosures to a trickle in California” (3-4-11)
“Capital One Home Loans is determined to not foreclose on any of the mortgages it services in California, according to sources inside the company.”
Housing Wire - “Pending home sales down everywhere, except the South: S&P” (3-4-11)
“Pending home sales nationwide are down for the second consecutive month, except for in the South where sales rose 1.4% between the months of December and January, according to a new report from Standard & Poor’s.”
Housing Wire – “Fed touts TALF for generating $600 million in income” (3-4-11)
“Government officials testifying before Congress Friday applauded the Term Asset-Backed Securities Loan Facility program, known as TALF, for netting $600 million in income.”
Housing Wire - “S&P: Foreclosures take twice as long in judicial states” (3-4-11)
“Lenders need 13 months on average to foreclose in a judicial state, more than twice the six months it takes in a nonjudicial state, according to research from Standard & Poor’s.”
Housing Wire – “Altos Research shows February home prices down 2%” (3-4-11)
“Home prices fell another 2% in February with declines in all 27 markets tracked by Altos Research. The company said prices are slowly improving and housing inventory is up 3.75% nationwide as the market moves into a much-anticipated spring selling season.”
Econoday - “Employment Situation” (3-4-11)
“Overall payroll employment in February grew by 192,000, following a revised 63,000 rise in January and a 152,000 gain in December. The February advance came in marginally lower than the updated consensus forecast for a 200,000 gain”
One year ago, Bruce Norris claimed the government’s aid would not be enough to prevent the U.S. economy from sliding back into recession. The NAR reported that national pending home sales decreased by 7.6 percent in January. Commercial real estate delinquencies decreased in February. The delinquency rate for Fannie Mae loans increased to 5.38% in February.
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.