Today’s News Synopsis:
Aaron Norris of The Norris Group presents the real estate news of the week. If you want to read the full stories, check out the news stories featured below. Some highlights of the week include a case reopened against Wells Fargo, the Federal Reserve’s increased balance sheet, Bruce Norris’ prediction of the California median price, and much more.
In The News:
DS News– “Consumers More Optimistic About Housing in Fannie Mae Survey” (12-10-12)
“Consumers’ perceptions of housing and the economy are growing more and more positive, according to responses in Fannie Mae’s November 2012 National Housing Survey.”
Housing Wire– “Barclays Capital projects rising home prices, fewer mortgage defaults” (12-10-12)
“Barclays Capital updated its home price scenario to feature additional home price data through September, underlying the RMBS prepayment and credit models with CoreLogic ($27.14 -0.17%) home price index data through the third quarter, reflecting continued momentum in the housing market.”
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.”
DS News– “Foreclosure Starts Plunge to 71-Month Low, REO Activty Increases” (12-13-12)
“A significant drop in foreclosure starts brought down foreclosure activity in November, according to a foreclosure report from RealtyTrac.”
Bloomberg– “Homebuilders Boom as Lending Masks Uneven U.S. Recovery” (12-10-12)
“Construction is taking a back seat to lending for some U.S. homebuilders, turning the uneven housing recovery into an earnings boom.”
DS News – “Rental Income Rises 12% Over the Year in September” (12-13-12)
“After growing just 1.3 percent in the second quarter of this year, the economy grew 2.7 percent in the third quarter—falling more in line with market predictions, according to CoreLogic.”
Los Angeles Times– “Wells Fargo not modifying mortgages as required, lawsuit says” (12-11-12)
“Accusing Wells Fargo & Co. of reneging on a sweeping mortgage-modification deal, a lawyer for troubled homeowners is trying to reopen a case involving risky “pick-a-pay” loans written during the housing bubble.”
Bloomberg– “Fed Seen Pumping Up Assets to $4 Trillion in New Buying” (12-11-12)
“The Federal Reserve will amplify record accommodation tomorrow by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.”
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.”
DS News– “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.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 6 bedroom, 4 bathroom home appraised for $310,000.
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.
In a big news story, mortgage applications increased 4.1% according to the most recent MBA Weekly Survey. Home sales in Southern California increased the previous month from October and from the same time the year before according to Housing Wire. In other news, mortgage fraud was the highest in California despite mortgage activity being down in the third quarter of 2011.
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.