The Norris Group Real Estate News Roundup 1/17/13


Today’s News Synopsis:

According to the latest report from the National Association of Home Builders, housing starts increased 12.1% last month.  1.4 million homeowners have been rescued from negative equity with the increase in home prices.  Mortgage rates increased ever so slightly from record lows to 3.38%.

In The News:

NAHB“Housing Starts Up 12.1 Percent in December” (1-17-13)

“Solid gains in both single-family and multifamily housing production resulted in nationwide housing starts rising 12.1 percent to a seasonally adjusted annual rate of 954,000 units in December, according to newly released data from the U.S. Commerce Department.”

Housing Wire“Rising prices lift 1.4 million homeowners out of negative equity” (1-17-13)

“Rising home prices pulled more than 100,000 homeowners out of negative equityin the thirdquarter of 2012, bringing the total number of borrowers rebounding from ‘upside-down status’ to 1.4 million through the first three quarters of the year, CoreLogic said.”

Los Angeles Times“Freddie Mac: Average 30-year mortgage rate eases to 3.38%” (1-17-13)

“Mortgage rates fluttered slightly above their record lows this week, with lenders offering 30-year fixed home loans at an average 3.38% compared to 3.4% last week, the Federal Home Loan Mortgage Corp. said in its latest survey.”

CNN Money“America’s hardest hit foreclosure neighborhoods” (1-17-13)

“Total foreclosure filings, including default notices, scheduled auctions and bank repossessions, were down 3% in 2012 compared with a year earlier, according to RealtyTrac’s year-end foreclosure report.”

Bloomberg“Florida Defies Housing Rebound as Foreclosures Soar” (1-17-13)

“Florida’s foreclosure crisis just won’t end. More than six years after subprime lending and overbuilding led to the worst U.S. real estate slump, the state had the biggest increase in home seizures last year, and the highest foreclosure rate, RealtyTrac Inc. said.”

Inman“New group proposes ‘syndication bill of rights’ for listings” (1-17-13)

“The National Association of Real Estate Professionals, a Dallas-based nonprofit, has released a syndication bill of rights meant to establish industry standards for the display of listings on national real estate search portals.”

Housing Wire“BofA legacy issues burn, looks to increase mortgage production” (1-17-13)

“Bank of America’s ($11.38 -0.405%) revenue decreased $2.8 billion from the fourth quarter of 2011 to $468 million in the fourth quarter of 2012, due largely in part to higher representation and warranty provisions as well as lower servicing income, driven by less favorable mortgage servicing rights.”

Los Angeles Times“Citi profit climbs 25% but disappoints Wall Street” (1-17-13)

“Citigroup Inc. posted a 25% jump in fourth-quarter profit as its new management struggles to restructure the bank and overcome lingering woes from the mortgage meltdown.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $570,000 on a 3 bedroom, 3 bathroom home appraised for $1,035,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association today.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

Looking Back:

According to Housing Wire, Wells Fargo reported the highest recorded income of $4.1 billion in the fourth quarter of 2011.  At the same time, Citigroup reported the lowest earnings for the fourth quarter.  The new executives of Fannie Mae and Freddie Mac were expected to be facing significant pay cuts.  Home sales increased in December 2011 by 14%, according to DataQuick.

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.

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