Today’s News Synopsis:
U.S. bank credit is seeing its fastest growth in three years, leading the Federal Reserve to believe the economy will continue to expand. Housing Wire reported that more security analysts prefer the large mortgage servicers despite their reported difficulties. The Realty Times gave an overview of the current market, citing a decrease in unemployment but not much improvement in construction employment.
In The News:
Realty Times – “Real Estate Outlook: Improving Markets, Difficult Credit” (12-12-11)
“The unemployment rate is on the decline, at least it was for the month of November, according to the Bureau of Labor Statistics. It is now at 8.6 percent, as employment rose by 120,000.”
San Francisco Chronicle – “Bank Credit Highest Since Before Lehman as U.S. Growth Continues” (12-12-11)
“U.S. bank credit is growing at the fastest pace in three years, giving the Federal Reserve confidence in the economic expansion’s staying power. Financial institutions increased commercial and industrial loans by an average annual pace of almost 10 percent in the third quarter, the highest since the comparable quarter in 2008, compared with a 1.7 percent decline in the past four years, according to Fed data.”
Bloomberg – “Shelia Bair Said to Be Top Pick for Foreclosure Accord Monitor” (12-12-11)
“Ex-Federal Deposit Insurance Corp. Chairman Sheila Bair is a top candidate among state officials to ensure banks comply with any settlement of a nationwide foreclosure probe, a person familiar with the matter said.”
Housing Wire – “Detroit home sales up fifth straight month” (12-12-11)
“Home sales in metropolitan Detroit rose the fifth consecutive month from figures a year earlier and were up 5.6% in November, according to local multiple listing service Realcomp.”
The Wall Street Journal – “Homing in on Fannie, Freddie” (12-12-11)
“When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $80,000.
In The News:
Housing Wire – “Secondary market still favors large mortgage servicers” (12-12-11)
“The too-big-to-fail mortgage servicing model may be beset with difficulties, yet despite fewer mortgage modifications and slower foreclosure timelines, some securities analysts prefer the big guys because they can still move the cash.”
DS News – “USFN Names Director of Education and Marketing” (12-12-11)
“USFN-America’s Mortgage Banking Attorneys announced Friday that Alexis Haughton has joined the organization as director of education and marketing.”
Housing Wire – “Surging student loan debt threatens homeownership” (12-12-11)
“College graduates may not be able get onto the property ladder as soon as they’d like due to the costs associated with funding higher education. According to Rick Palacios, a senior research analyst at John Burns Real
Estate Consulting, student loan debt now totals $865 billion, which is an average of $25,000 per student.”
The Norris Group will be at the Real Estate Investor Rewind at SDCIA on December 13, 2011.
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 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 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.