Sources:
Foreclosures Now Take 20 months
Mortgage rates hover around all-time lows
Home prices decline in 40 states
Working Together for Strong Communities
New GSE appraisal database to tighten scrutiny on mortgage lenders
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. Realty Times reported again that mortgage rates are at their lowest on record. Housing Wire reported that 17 banks that sold bad mortgage-backed securities to Fannie Mae and Freddie Mac are being sued by the Federal Housing Finance Agency.
In The News:
Housing Wire – “U.S. sues 17 banks over MBS sold to Fannie, Freddie” (9-2-11)
“The Federal Housing Finance Agency sued 17 banks Friday, seeking damages from the sale of soured mortgage-backed securities to Fannie Mae and Freddie Mac.”
Inman - “10 metros with greatest 5-year gain in real estate values” (9-2-11)
“Online real estate valuation and search company Zillow has calculated the 10 U.S. metro areas that have experienced the largest gains in home values over the past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates.”
Bloomberg - “U.S. Employment Stagnated in August” (9-2-11)
“Employment in the U.S. unexpectedly stagnated in August, increasing pressure on Federal Reserve Chairman Ben S. Bernanke and President Barack Obama to spur an economy that’s barely growing two years into the recovery.”
Realty Times - “Making Home Affordable Program” (9-2-11)
“It made headlines when it emerged on the market in early 2009, but here’s a refresher on President Obama’s Making Home Affordable Program. This program was designed to help up to 9 million families restructure or refinance their mortgages in an attempt to stave off foreclosure.”
DS News - “HUD Awards $10M to Housing Counseling Agencies” (9-2-11)
“HUD announced Friday that it will distribute more than $10 million to housing counseling agencies throughout the country.”
Housing Wire - “Hurricane Irene could cause home refinancing, purchasing issues” (9-2-11)
“Damage from Hurricane Irene could make it difficult for homeowners in the Northeast to close on pending home refinancing and mortgage purchase applications.
Los Angeles Times - “Long-term interest rates plunge on hopes for new Fed stimulus” (9-2-11)
“Long-term Treasury bond yields tumbled Friday as investors bet that the grim employment picture will force the Federal Reserve to launch a new bond-buying economic stimulus program.”
Realty Times - “Mortgage Rates Remain at or Near Historic Lows” (9-2-11)
“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.”
O.C. Register - “Home prices up in 24 ZIPs! Yours?” (9-2-11)
“For the 22 business days ending August 16 – DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -2.8% vs. a year ago.”
Looking Back:
Servicers made over 120,000 proprietary loan modifications in July 2010, and 36,695 HAMP modifications. Pending home sales increased 5.2 percent in July 2010, according to the NAR. MBA reported 30+ day commercial delinquencies increased to 8.22 percent in the second quarter of 2010. Freddie Mac’s weekly survey showed mortgage rates dropped again to a rate of 4.32%.
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
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.
Tags: Aaron Norris, barack obama, Ben Bernanke, bruce norris, fannie mae, Federal Housing Finance Agency, Federal Reserve, freddie mac, HUD, Hurricane Irene, I Survived Real Estate 2011, Making Home Affordable Program, Orange County, Primary Mortgage Market Survey, the norris group, treasury, zillow