Bruce Norris is joined this week by Erik Hernandez. Erik is a commercial real estate agent and a senior vice president and principal with Lee and Associates in Ontario specializing in industrial real estate. Erik’s specialties include active tenant-buyer representation, landlord representation, land sales and development, build-to-suit assignments, and investment sales and analysis. Erik’s real …
Research from the Construction Industry Research Board shows that the number of home building permits taken in August was down 5 percent from July. The NAR reports that existing home sales decreased by 2.7 percent from July to August. A study showed that foreclosure prevention laws in California have failed to significantly help home owners. The Federal Reserve intends to continue its stimulus plan and will continue to buy mortgage securities.
A study from NAR shows that realtors are seeing a 13.6 percent decline in their median income. According to the MBA’s weekly survey, the mortgage loan application volume increased 12.8 percent from the previous season. Fed Chairman Ben Bernanke is expected to announce the end of the recession, and plans to keep rates at the record low. A report shows that state foreclosure prevention programs have failed to keep borrowers from losing their homes.