February Job Openings Near 5-Year High
Home Prices Seen Falling in Some Areas as Rates Increase
Consumer groups push states to strengthen foreclosure prevention
First Wave of Payments from Foreclosure Settlement Set for April 12
Catfish inspectors among $25 billion cuts in Obama’s budget
Fannie Mae Regulator Extends HARP Refinance Program Through 2015
Today’s News Synopsis:
Aaron Norris gives the news of the week in the world of real estate in this week’s video. The number of foreclosures increased 73% from January. Both Wells Fargo and JPMorgan reported first quarter profits were some of the best on record.
In The News:
Housing Wire - “Sen. Boxer: Servicing standards fall short of settlement” (4-12-13)
“U.S. Sen. Barbara Boxer, D-Calif., sent a letter to federal officials urging them to investigate allegations that banks are not fully complying with servicing standards laid out in the National Mortgage Settlement.”
Bloomberg - “Economy Bears Turn Bulls Seeing 3% U.S. GDP Few Saw in 2012″ (4-12-13)
“Bearish forecasts for the U.S. economy are giving way to more upbeat views of the nation’s ability to weather federal spending cuts and tax increases.”
DS News – “Wells Fargo, JPMorgan Report Record Profits in Q1″ (4-12-13)
“Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks.”
Inman – “Mortgage rules may put chill on Canada’s spring buying season” (4-12-13)
“Home sales in the metro Montreal market fell 18 percent during the first quarter compared to a year ago, the latest evidence that new mortgage rules introduced by Canadian regulators last summer have cooled markets there.”
DS News - “California Foreclosure Starts Up 73% from January” (4-12-13)
“Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported.”
Housing Wire - “Colorado bill to end dual-tracking dies in committee” (4-12-13)
“Proposed legislation designed to end the practice of dual tracking in Colorado died in committee this week.”
Inman - “Redfin: Feels like a bubble, but it’s not” (4-12-13)
“An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble.”
DS News - “Foreclosure Timelines Are Lengthening” (4-12-13)
“Foreclosure timelines are lengthening, according to recent reports from Moody’s Investors Service and RealtyTrac. In addition to this trend, Moody’s highlighted the importance of net present value (NPV) models in the loss mitigation process for residential mortgage-backed securities.”
Hard Money Loan Closed
Yucca Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 3 bathroom home appraised for $370,000.
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.
This week saw many changes in the real estate economy. The number of foreclosures filed was at its lowest in over four years since 2007. Unfortunately, the number of claims of unemployment increased 13,000 the previous week to a level not experienced since January. Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.
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.