The Norris Group Real Estate News Roundup 11/17/11

Today’s News Synopsis:

The National Association of Home Builders announced record highs for housing affordability with the stabilizing markets.  Foreclosures have risen for the first time since last year, according to Bloomberg News.  DS News reported delinqunecies in the U.S. decreased to a level not seen in three years, displaying signs of improvement for people behind on mortgage payments.

In The News:

NAHB “As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter” (11-17-11)

“Buoyed by stabilizing home prices and sustained low interest rates, nationwide housing affordability during the third quarter of 2011 hovered near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.”

Bloomberg – “Foreclosures in U.S. Rise for First Time in a Year as Lender Backlogs Ease” (11-17-11)

“U.S. lenders started foreclosures on more properties in the third quarter, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease.”

Housing Wire “House rejects bill allowing modified mortgages to count as performing” (11-17-11)

“A House subcommittee rejected a bill Thursday morning that would have allowed banks to count a recently modified mortgage as an accrual or repaid.  The Common Sense Economic Recovery Act of 2011, or H.R. 1723, was sponsored by several House Republicans.”

Realty Times – “Remodeling Activity Reaches Record High” (11-17-11)

“Many of today’s homeowners find themselves unable or unwilling to enter the housing market. Some may have unsteady jobs or are upside down in their home loans.”

Wall Street Journal“Refinancing Guidelines Reassure Investors” (11-17-11)

“Mortgage-backed securities issued by Fannie Mae and Freddie Mac jumped Wednesday, as investors grew more confident that new incentives to boost refinancing for borrowers stuck with high-interest-rate loans would have a limited impact.”

O.C. Register – “Mortgage rates still near record lows” (11-17-11)

“From Freddie Mac’s weekly survey the average 30-year fixed rate remained virtually unchanged, moving up a single hundreth of a percentage point (or, a basis point) — to 4 percent and .7 point.”

DS News – “National Delinquency Rate Falls to Lowest Level in Three Years: MBA” (11-17-11)

“Industry data released Thursday indicates the number of borrowers in the United States behind on their mortgage payments is showing signs of improving.”

Bloomberg “Housing Starts in U.S. Declined 0.3% in October” (11-17-11)

“Builders broke ground on more homes than forecast in October and construction permits climbed to the highest level since March 2010, signs that housing may become less of a laggard in the third year of the U.S. recovery.”

Inman “Coldwell Banker rolls out agent learning portal” (11-17-11)

“Global franchise company Coldwell Banker Real Estate has launched an online learning portal for its approximately 87,000 agents, the company announced today.”

Looking Back:

The MBA reported mortgage application volume decreased 14.4% the week of August 17, 2010. According to CoreLogic, home prices fell 2.8% from September 2009. Mortgage fraud increased 20% from early 2009. Mortgage lenders were raising their minimum credit score requirements on FHA-insured loans.

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 200 podcasts in our free investor radio archive.

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