Today’s News Synopsis:
The Mortgage Bankers Association reported another increase in mortgage applications at 16.6%. The Lender Processing Services reported foreclosures still remain high at 6.49% for judicial states and 2.28% for non-judicial states. At the same time, prepayment rates are at their highest since 2005 with the decrease in borrowing costs.
In The News:
Mortgage Bankers Association– “Mortgage Refinance Applications Highest Since 2009 as Rates Reach Record Lows in Latest MBA Weekly Survey” (10-3-12)
“Mortgage applications increased 16.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 28, 2012.”
DS News– “Foreclosures Decline but Remain High, Prepayments Surge: LPS ” (10-3-12)
“Foreclosure inventory continues to decline but remains more than eight times what it was in the decade prior to the housing crisis, according to the latest report from Lender Processing Services (LPS).”
Housing Wire – “Ocwen buys Homeward Residential from WL Ross” (10-3-12)
“Ocwen Financial Corporation ($28.96 0%) will buy Homeward Residential Holdings from private equity firm WL Ross & Co. for around $750 million total.”
Realty Times – “Fannie Mae Tightens Underwriting Rules for Condo, Refinance Loans, Borderline Borrowers” (10-3-12)
“Fannie Mae is putting the squeeze on underwriting guidelines this fall, making it tougher for some condo, borderline and refinancing borrowers to land a home loan. ”
Inman – “Top 4 property search apps dominate” (10-3-12)
“During the second quarter, 9 percent of U.S. iPhone users used real estate property search apps, according to an analysis by Onavo Mobile Ltd.”
Bloomberg – “Landlord Gains Slow as Homebuying Tops Renting: Mortgages” (10-3-12)
“Apartment occupancies rose in the third quarter at the slowest pace in more than two years as record low mortgage rates in the U.S. spur would-be renters to purchase homes instead.”
CNN Money – “September jobs report probably won’t sway election” (10-3-12)
“Only two monthly jobs reports remain before the presidential election, but don’t expect either of them to swing undecided voters.”
Housing Wire – “California AG: Dual tracking halves in September” (10-3-12)
“Dual tracking, the process of launching a foreclosure while a borrower is still pursuing a loan modification, is down by almost half in California, according to law University of California Irvine professor Katherine Porter, who serves as a monitor for the national mortgage servicing settlement.”
Realty Trac– “Foreclosures Impact Presidential Election Swing States” (10-3-12)
“The big debate in the 2012 presidential election concerns the question of who will win the swing states.”
Bloomberg– “Mortgage Prepayment Rate Reaches Highest Level Since 2005” (10-3-12)
“Mortgage prepayment rates have soared to the highest in seven years as homeowners take advantage of the lowest borrowing costs on record to refinance.”
Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2/3 bedroom, 2/2 bathroom home appraised for $240,000.
Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.
The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.
Bloomberg reported spending on construction increased in August 2011, the most it had been in two years. Foreclosures were also increasing again, accoring to the Realty Times. Despite this, a new study was released by CoreLogic showing that there were still positive numbers for equity in the country, showing that more homeowners were doing well than it seemed.
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.