Sources:
HOPE NOW: Loan mods down 31% in Q1 2012
HAMP Activity Slides, HAFA Holds Steady
Shrinking inventory boosts home prices
Home Prices Rise in Half of U.S. Cities as Markets Stabilize
Fannie Mae profits, avoids Treasury bailout in 1Q
Feds may seek fines against Wells Fargo in mortgage bias probe
FHFA wrapping up REO-to-rental program bidder reviews
Deutsche Bank settles FHA suit for $202.3 million
Stockton couple pleads guilty to stripping foreclosure of fixtures
Today’s News Synopsis:
In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week. Even though market conditions improved in the first quarter for commercial real estate, investors are still concerned about consumers not being interested in sub-A assets and overall how some commercial mortgages will mature in the future. Consumer sentiment is at its highest since the economy first went into recession, showing positive signs for the economy.
In The News:
DS News – “NAR Finds Income to Qualify for Mortgage Well-Below U.S. Median” (5-11-12)
“Interest rates continue to slide further down alongside the decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the U.S.”
Housing Wire – “Consumer sentiment marks post-recession high” (5-11-12)
“A preliminary reading of May consumer sentiment hit its highest level since the recession, suggesting a more positive public outlook of the U.S. economy.”
NAHB – “New Website Helps Home Owners, Buyers Protect the American Dream” (5-11-12)
“ Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market and the nation’s economy.”
Realty Times – “Second Consecutive Week Of Record-Low Fixed Mortgage Rates” (5-11-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey, the average fixed mortgage rates hit a new all-time record low for the second consecutive week as they followed bond yields lower.“
CNN Money – “JPMorgan suffers big loss“ (5-11-12)
“JPMorgan Chase, in a surprise announcement, said Thursday that it has suffered trading losses of $2 billion since the start of April. The group that suffered the losses is part of the bank’s so-called corporate unit, and had been making trades designed to hedge against risk.”
Housing Wire – “Conditions improve in commercial real estate, but confidence is fleeting” (5-11-12)
Wall Street Journal- “Pointed Spat Over World Trade Spire “ (5-11-12)
“As construction of One World Trade Center in Lower Manhattan moves toward completion, the building’s owners are sparring with their architects over what goes on top of the 104-story tower—a dispute that could stop the structure being recognized as America’s tallest.”
San Francisco Chronicle – “Twitter deal helps fuel office rental boom in SF” (5-11-12)
“Frank Fudem, a San Francisco broker for office tenants, realized that commercial rents were about to spike when Twitter Inc. decided to move to a gritty neighborhood, and leasing by technology companies started to accelerate.
Housing Wire – “Shadow banking emerging from the shadows” (5-11-12)
“Investors interested in money market funds, government-sponsored enterprises and asset securitizations are seeing signs of shadow banking emerging from the shadows, but more work has to be done to create transparency and oversight of the segment, Standard & Poor’s said in a new report.
DS News – “Three Refinancing Bills Propose Cutting Red Tape to Expand Eligibility” (5-11-12)
“At a time when mortgage rates have hit record-low numbers, HUD Secretary Shaun Donovan stressed urgency in passing housing refinance bills on President Barack Obama’s “to-do” list for Congress.
Hard Money Loan Closed
Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.
California Real Estate Investor Events:
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 2012.
The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Cutting Edge Financial Tactics Brunch on Saturday, June 02, 2012.
Looking Back:
A study from Redfin showed that REOs and short sales sold for closer to their listed value than non-distressed homes. 44% of Americans claimed their housing expenses were significantly higher from the previous. According to Fannie Mae, the housing finance system was going to be a $1 trillion market in 2011, down from $1.5 trillion in 2010. Irvine Co. planned to build 1,677 more apartments in Orange County.
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.
