Today’s News Synopsis:
The California Homeowner Bill of Rights is expected to go into effect the first of the year. Both home prices and existing home sales showed improvement last month with sales increasing 5.9% and prices increasing 0.5%. Home values also increased for the first time in six years.
In The News:
DS News– “GDP Up 3.1% in Q3; Banks Lead Corporate Profit Surge” (12-20-12)
“Real GDP growth for the third quarter was revised up again, the Bureau of Economic Analysis reported Thursday, reaching a 3.1 percent annualized growth rate.”
Housing Wire– “Existing-home sales and prices continue upward trend” (12-20-12)
“Existing home sales continued to improve in November as lower inventory levels eased pricing pressures across the housing market.”
Bloomberg– “U.S. Home Values Rose in 2012 for First Gain in 6 Years” (12-20-12)
“Home values gained an estimated 6 percent in the U.S. this year, the first increase since 2006, as the housing market began to recover from its worst slump since the 1930s, Zillow Inc. (Z) said today.”
NAHB– “Housing Remains on Growth Track for 2013, but Challenges Remain” (12-20-12)
“Upward trends in recent months among a number of housing indicators point to a slow and steady growth in the nation’s housing market in 2013, but several challenges remain, according to the latest economic and housing forecast by David Crowe, chief economist for the National Association of Home Builders (NAHB).”
Realty Times – “Freddie Mac Bullish on 2013 Housing Market” (12-20-12)
“Home prices are rising, interest rates are stuck at record lows, employment is improving and the economy is growing – albeit slowly.”
Inman– “Cheap home loans provide bedrock for housing” (12-20-12)
“The cost of taking out a 30-year fixed-rate mortgage edged up slightly this week, while rates on 15-year loans popular with borrowers who are refinancing registered an almost imperceptible drop.”
DS News– “California Homeowner Bill of Rights to Take Effect January 1, 2013” (12-20-12)
“Attorney General Kamala D. Harris issued a statement Thursday that served as a reminder that the California Homeowner Bill of Rights will soon take effect.”
Housing Wire– “Moody’s: Potential fiscal cliff recession weakens private-label RMBS” (12-20-12)
“f the fiscal cliff were to occur, policy tightening would lead to a recession in early 2013, posing catastrophic risks to domestic economic activity, which is a major driver of securitization performance, according to Moody’s Investors Services.”
Hard Money Loan Closed
Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 4 bedroom, 2 bathroom home appraised for $270,000.
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.
According to CNN Money, the number of new homes being built increased 9.3% the previous month from October and over 20% from this time the previous year, putting housing starts at their highest levels. Zillow predicted home prices would continue to declien through 2013, according to Bloomberg. Housing Wire reported an increase in mortgage debt last month in every U.S. region.
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.