Today’s News Synopsis:
The U.S. Commerce Department reported housing starts increased 3.6% last month. Consumer default rates also increased last month after nine months of steady improvement due to more consumers failing to pay their bills on time. The housing market is continuing to show improvement; however, home sales are not expected to increase dramatically any time in the near future.
In The News:
DS News– “Report: Repurchase Requests Stay High, but New Claims Move Past Peak ” (11-20-12)
“An analysis released by Keefe, Bruyette & Woods (KBW) found representation and warranty costs for loan repurchases remained elevated in Q3.”
NAHB– “Housing Starts Up 3.6 Percent in October” (11-20-12)
“Nationwide housing production rose 3.6 percent in October to a seasonally adjusted annual rate of 894,000 units, according to the U.S. Commerce Department. This is the highest pace of new-home construction since July of 2008.”
Los Angeles Times– “Consumer default rates rose in October for first time this year” (11-20-12)
“After nine-straight months of improvement, consumers slipped in October in keeping up with their bills. A closely followed composite index of defaults on mortgages, credit cards and auto loans increased last month after hitting a post-recession low in September.”
Inman – “Forecast for steady growth, but no boom in home sales” (11-20-12)
“The national outlook for home sales next year looks “very good,” though tight credit means housing will not see rapid growth anytime soon.”
Bloomberg– “Banks Hiring for Home Loans as U.S. Rebounds” (11-20-12)
“U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.”
DS News– “Mortgage Insurers Report Q3 Refis and Modifications” (11-20-12)
“Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means.”
Housing Wire– “Attorneys general request extended tax relief for distressed homeowners” (11-20-12)
“Four attorneys general are leading the fight to extend tax relief to homeowners who faced financial hardship such as a foreclosure and were granted mortgage debt forgiveness.”
DS News– “New York AG Targets Credit Suisse in Second RMBS Task Force Suit “ (11-20-12)
“New York Attorney General Eric Schneiderman announced a complaint was filed Tuesday against Credit Suisse Securities (USA) LLC and its affiliates for allegedly misrepresenting residential mortgage-backed securities (RMBS) sold to investors.”
Housing Wire– “SBA: Hopeful housing signs in an uncertain economy” (11-20-12)
“Loan origination and default data suggest that a recovery in the housing industry has been in effect since 2010, according to the Small Business Administration.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $192,000 on a 4 bedroom, 3.5 bathroom home appraised for $324,000.
Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.
Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.
Bruce Norris of The Norris Group will be presenting the 7 Profit Centers for 2012 and Beyond with SDCIA at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.
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.