Today’s News Synopsis:
Join us tonight for I Survived Real Estate 2012. The event will feature speakers from all over the country, including Gary Thomas, Sara Stephens, Sean O’Toole, and many more. Together we have raised over $350,000. In the news, existing home sales decreased 1.7% last month, although this has not had a huge impact on housing trends. Recovery is not looking like it will be a quick one for the commercial real estate sector. Mortgage rates continue to stay at record lows with 30-years at 3.37% and 15-years 2.66%.
In The News:
DS News – “Program in City of Reading Aims to Revitalize Community” (10-19-12)
“The city of Reading in Pennsylvania is taking the issue of vacant properties into their own hands through a program called CORE.”
Housing Wire– “Fannie Mae takes finger off automatic repurchase trigger” (10-19-12)
“Fannie Mae said it won’t require lenders to automatically repurchase loans with early payment defaults, reversing course on a key provision in the government-sponsored enterprise’s new representation and warranty framework.”
Realty Times– “Mortgage Rates Near Record Lows As Home Construction Builds Up Steam” (10-19-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates edged slightly lower with the 30-year fixed averaging 3.37 percent, just above its all-time record low of 3.36 percent, and the average 15-year fixed dipping to a new all-time record low at 2.66 percent.”
Los Angeles Times– “Existing homes sales fell 1.7% in September, but trends still good” (10-19-12)
“Sales of existing homes fell 1.7% in September after a big increase the previous month, but the trends in the housing market remain positive, the National Assn. of Realtors said Friday.”
Housing Wire– “FDIC sold $1.5 billion in real estate assets in 2011: OIG” (10-19-12)
“The Federal Deposit Insurance Corp.’s resolution and receivership division (DRR) managed to sell off 2,259 real estate assets from failed depository institutions for a sales price of $620 million last year, according to a new report from the FDIC Office of Inspector General.”
DS News – “Slow, Steady Recovery Expected for Commercial Real Estate: Report” (10-19-12)
“The commercial real estate sector is improving, but investors need to be patient and not expect “quick wins,” according to findings from Emerging Trends in Real Estate 2013, which was jointly released by PwC and the Urban Land Institute (ULI).”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 3 bedroom, 1 bathroom home appraised for $149,000.
The Norris Group is holding its fifth annual I Survived Real Estate 2012 tonight in Yorba Linda at the Nixon Library.
Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.
Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.
A big story in the news was construction on homes increased 15% as of the previous month, according to NAHB. The Mortgage Bankers Association released their latest survey showing that mortgage applications decreased week-over-week. A new bill was introduced putting new standards on issuing a government-backed mortgage, at that time considering energy costs.
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.