The Norris Group Real Estate News Roundup 10/29/10

Sources:
California Housing Starts Post Decline in September, CBIA Announces
September Existing-Home Sales Show Another Strong Gain
Foreclosures increase in 65% of MSAs in 3Q: RealtyTrac
Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says
California Mortgage Defaults Rise in Third Quarter
Banks `Want to Sit Down’ With States to Discuss Foreclosures
Wells Fargo Will File More Foreclosure Affidavits After Lapses
NYC Judge Foreclosure Smackdown Shows Problems With Bank “Technicalities” Defense
Title insurers seek to insulate themselves from foreclosure losses
Insurers Ease on Amnesty
FICO Mortgage Score

Today’s News Synopsis:

Fannie Mae intends to end the Payment Reduction Plan. McGraw-Hill Construction (MHP: 37.65 +0.32%) expects construction starts in 2011 to increase 8%. According to a survey from the Washinton Post, 1/3 of Americans are concerned about their ability to continue making their housing payments. The U.S. economy grew at a 2 percent annual rate in the 3rd quarter.

In The News:

Inman “Most are worried about housing payments” (10-29-10)

“More than half of Americans are worried about not having enough money to pay their mortgage or rent, according to a survey from the Washington Post released today. A third of respondents were ‘very concerned’ about their ability to make housing payments, while a fifth were ‘somewhat concerned,’ adding up to 53 percent of respondents. This contrasts to the results of similar surveys the newspaper conducted in February 2009 and December 2008.”

San Francisco Chronicle“U.S. Economy Picked Up in Third Quarter on Consumer Spending” (10-29-10)

“The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months, Commerce Department figures showed today in Washington.”

The Sacramento Bee“$8.3 million available in Cash for Appliances” (10-29-10)

“California’s Cash for Appliances program had about $8.3 million in rebate funds remaining as of Tuesday night.”

Housing Wire“LPS: no defects in related foreclosures, no fee-splitting” (10-29-10)

“Lender Processing Services (LPS: 28.84 +4.87%) began reducing its foreclosure signing services back in 2008 and stands by its mortgage processing services. Further, when the firm caught a manager robo-signing foreclosure documents, the only such case it says it found, that manager was immediately dismissed and documents remediated.”

Housing Wire“Fannie Mae retires HAMP option for mortgage payment reductions” (10-29-10)

“Fannie Mae will end its Payment Reduction Plan (PRP), a program designed to give borrowers ineligible for the Home Affordable Modification Program temporary payment relief while the servicer works toward another foreclosure alternative.”

Housing Wire“Construction market to rise 8% in 2011: McGraw-Hill” (10-29-10)

“McGraw-Hill Construction (MHP: 37.65 +0.32%) said construction starts in 2011 are expected to advance 8% to $445.5 billion, with single-family and multifamily starts leading the way.”

Housing Wire“Barclays Capital sees limited impact to CMBS from MERS litigation” (10-29-10)

“Barclays Capital analysts don’t expect potential lawsuits against Mortgage Electronic Registration Systems to result in any significant issue in commercial mortgage-backed securities valuations.”

Inman “Risk and rewards in Fed’s plan” (10-29-10)

“Monetary ‘easing’ is a central bank’s standard antidote to recession, tried and effective hundreds of times here and elsewhere. The central bank cuts its cost of money and ‘injects’ reserves into banks by buying Treasurys from them with invented money. These operations ignite lending and borrowing, and we recover.”

Looking Back:

One year ago, Moody’s estimated that prices would continue to decline until Q3 of 2010. According to Freddie Mac, interest rates on 30-year fixed rate loans increased to 5.03 percent. The U.S. Census Bureau reported that the number of vacant properties rose to 18.7 million, but the homeownership rate maintained at 67.6 percent.

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 event 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.

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