Today’s News Synopsis:
The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week. Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department. According to TransUnion, delinquency rates showed their biggest improvement since 1992.
In The News:
Housing Wire – “Suspicious loan activity reports shrink first time in a decade” (5-8-13)
“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”
DS News – “Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)
“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”
Bloomberg – “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)
“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”
DS News – “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992” (5-8-13)
“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)
“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”
Housing Wire – “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)
“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”
DS News – “Home Prices on Path to Stabilization This Year” (5-8-13)
“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”
Hard Money Loan Closed
Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 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 Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.
Home prices increased 0.6% from February to March as a result of inventory decreasing. More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income. Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.
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.