The Norris Group Blog

California Real Estate Headline Roundup

The Norris Group Real Estate News Roundup 11/23/11

Sources:

LPS “First Look” Mortgage Report: October Month-End Data Shows an Increase in Foreclosures
Bureau of Economic Analysis National Income and Product Accounts
FDIC’s list of problem banks shrinks
Mortgage Servicers Make Progress to Fix Flawed Foreclosures
Freddie Mac Bulletin
Obama signs extension for higher FHA loan limits
Realtors hike dues to play politics
California attorney general’s office subpoenas Fannie, Freddie

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 events.  In the world of mortgages, mortgage rates and applications are both down according to the most recent Primary Mortgage Market Survey.  Mores stores are preparing for Black Friday by opening even earlier than usual and lowering more prices.

In The News:

Housing WireMortgage rates edge down, ARMs reach new lows” (11-23-11)

“Mortgage rates declined this past week, with adjustable-rate mortgages hitting new lows, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-23-11)

“Mortgage applications decreased 1.2 percent from one week earlier (which included the Veterans Day holiday), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2011.”

Bloomberg - “Friday Deals Show Stores Bowing to Buyers” (11-23-11)

“Every Black Friday, there’s a staring contest between retailers and shoppers over price. This year, the stores may have blinked first.  Chains such as Toys “R” Us Inc. and Gap Inc. (GPS) are opening earlier and offering more markdowns than ever on the day after Thanksgiving, said Mary Delk, a director at Deloitte Consulting.”

DS News - “Investors Increase Market Share, Especially in Distressed Sector” (11-23-11)

“Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to a HousingPulse Tracking Survey released Tuesday by Campbell Surveys and Inside Mortgage Finance.”

CNN Money - “First-time unemployment filings edge higher” (11-23-11)

“The number of Americans filing for first-time unemployment benefits crept back up last week, after easing to a 7-month low in the previous week, but remained below a key threshold for gauging the job market.”

Housing Wire“S&P: 45 months to clear shadow inventory” (11-23-11)

“Changing default and liquidation rates in various regions prompted Standard & Poor’s Ratings Services to reduce its projection of how many months it will take to clear the nation’s shadow inventory.”

DS News - “Mortgage Insurer PMI Files Bankruptcy” (11-23-11)

“The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.”

Housing Wire“Freddie Mac single-family delinquency rate edges up in October” (11-23-11)

“Government-sponsored enterprise Freddie Mac reported Wednesday that its single-family seriously delinquent rate edged up in October, hitting 3.54%, compared to 3.51% in September.”

Looking Back:

One year ago, the NAR reported that existing-home sales increased by 10.1 percent in October 2010. Statistics showed that California workers, who earned the national median income, could afford 59.1 percent of the new and existing homes during the 3rd quarter of 2009. Multifamily lenders provided $88 billion in new financing for apartment buildings with 5 or more units during 2008.

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.

About

Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.

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