The Norris Group Real Estate News Roundup 12/01/10

Today’s News Synopsis:

Freddie Mac announced it will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reports the U.S. economy added 93,000 private-sector jobs during November. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% last week.

In The News:

NAR “Realtors® Say Mortgage Interest Deduction Vital to Home Ownership, Economy” (12-1-10)

“The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by NAR and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.”

Wall Street Journal“Deficit-Panel Chiefs Urge Tax, Spending Changes” (12-1-10)

“A 59-page proposal from the co-chairmen of the White House’s deficit-reduction commission, which they labeled ‘The Moment of Truth,’ calls for sweeping changes in how the country spends money and collects taxes, the starting point for a long debate about how to tackle the U.S. debt.”

Inman “Move Inc. launches mortgage site” (12-1-10)

“Like other sites and services that enable consumers to shop for mortgages online, employs an automated pricing engine that allows consumers to see the loan products and rates offered by multiple lenders.”

Mortgage Bankers Association“Refinance Activity Continues to Decline as Rates Rise in Latest MBA Weekly Survey” (12-1-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 16.5 percent on a seasonally adjusted basis from one week earlier. This week’s results include an adjustment to account for the Thanksgiving holiday. On an unadjusted basis, the Index decreased 34.2 percent compared with the previous week.”

Mortgage Bankers Association“MBA: Commercial and Multifamily Mortgage Delinquency Rates Mixed in Third Quarter” (12-1-10)

“Delinquency rates for different commercial/multifamily mortgage investor groups were mixed in the third quarter, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. The delinquency rate for loans held in CMBS is the highest since the series began in 1997. Delinquency rates for other groups remain below levels seen in the early 1990’s, some by large margins.”

Housing Wire“Freddie Mac to suspend foreclosure evictions this holiday season” (12-1-10)

“Freddie Mac will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011, the company announced Wednesday. Freddie Mac’s mortgage portfolio stands at $39.6 billion as of October, according to its monthly summary report. Its serious delinquency rate stood at 3.82% in October as well.”

Housing Wire“November employment increase largest in three years” (12-1-10)

“The U.S. economy added 93,000 private-sector jobs in November from the previous month, the largest gain in three years and a sign of a ‘brightening’ employment situation, according to the Automatic Data Processing report Wednesday. However, the improvement will not be enough to lower the unemployment rate, which according to ADP will likely remain above 9% for all of 2011.”

Housing Wire“Bair says more regulation needed to restore integrity of mortgage servicing” (12-1-10)

“Bair said the robo-signing scandal spawned from misaligned incentives in the servicing industry, and called on the Financial Stability Oversight Council to fill in the regulatory gaps left by the Dodd-Frank Act. Regulation is needed to track the title of a loan and to properly document the foreclosure process, she said.”

Housing Wire“Secret’s out: Federal Reserve reveals who got help in midst of financial crisis” (12-1-10)

“The Federal Reserve Board on Wednesday posted detailed information about more than 21,000 individual transactions that provided $3 trillion in liquidity to stabilize markets during the nation’s financial crisis.An analysis of the data by The Wall Street Journal showed Goldman Sachs used an emergency overnight loan program from the Fed 84 times for a total of nearly $600 billion. The Primary Dealer Credit Facility, announced in March 2008, was used 212 times by Morgan Stanley”

Bloomberg “Fannie, Freddie Spar With Regulators on Foreclosures” (12-1-10)

“Acting Comptroller of the Currency John Walsh said in testimony prepared for a congressional hearing today that his agency is directing national bank servicers to suspend foreclosures for borrowers actively seeking to qualify for loan modifications.”

Looking Back:

One year ago, the NAR reported that pending home sales increased during October by 3.7 percent. The California Board of Equalization claimed that most homeowners would see a decline in property tax after a deflation of 0.237 percent.  According to Real Estate Econometrics LLC, the commercial mortgage default rate on loans held by U.S. banks increased to 3.4 percent in the third quarter of 09.

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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