Today’s News Synopsis:
Mortgage rates are at new record lows again at 3.47% according to the latest Mortgage Bankers Association survey, although applications are up 6.2%. The Treasury, HUD and the Ad Council are seeking ways to offer hope to homeowners in crisis through their Foreclosure Prevention Assistance Public Service Advertising Campaign. Delinquency rates are expected to remain at high levels in 2013.
In The News:
Housing Wire– “CoreLogic: Rental income profit, demand remain strong for investors” (12-12-12)
“Rental income on residential properties shot up 12% over last year during the month of September as rents continued to rise on new demand, CoreLogic ($27.35 0.1%) said in its latest December MarketPulse report.”
DS News– “New PSAs Seek to Deliver Message of Hope to At-Risk Borrowers” (12-12-12)
“Treasury, HUD and the Ad Council are reaching out to struggling homeowners with a message of hope.”
Mortgage Bankers Association– “Mortgage Rates Drop to New Lows in Latest MBA Weekly Survey” (12-12-12)
“Mortgage applications increased 6.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 7, 2012.”
Realty Times – “End of Year Surge in Refinances While Mortgage Rates Remain Low “ (12-12-12)
“As we head towards the end of the year 2012, many homeowners are making a move to refinance before heading into the new year.”
DS News– “Short Sales in Southern Nevada Remain High: GLVAR “ (12-12-12)
“In Southern Nevada, short sales still proved to be a popular trend as the housing market moves further away from foreclosures, according to data from the Greater Las Vegas Association of REALTORS (GLVAR).”
USA Today– “Mortgage delinquencies to remain high in 2013” (12-12-12)
“If not for all the homeowners who haven’t paid their mortgages in more than a year, the nation’s home loan delinquency rate would be only slightly higher than normal, shows new research from credit monitor TransUnion.”
Inman– “Group warns against return of ‘dual credit’ mortgage market” (12-12-12)
“The spillover impacts of foreclosures have wiped out nearly $2 trillion in household wealth, and the housing downturn resulted in the largest documented wealth gap between white households and families of color, the Center for Responsible Lending says in a report released today.”
Bloomberg– “BofA Seeks to Knock Out MBIA Claims Tied to Countrywide” (12-12-12)
“Bank of America Corp., the second- biggest U.S. lender, began an effort today to defeat bond insurer MBIA Inc. (MBI)’s bid to force the bank to pay billions of dollars over home loans.”
Hard Money Loan Closed
Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $91,000 on a 3 bedroom, 2 bathroom home appraised for $143,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2012.
U.S. bank credit saw its fastest growth in three years, leading the Federal Reserve to believe the economy would continue to expand. Housing Wire reported that more security analysts prefered 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.
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.