Today’s News Synopsis:
According to the latest Zillow Home Value Index, values increased 5.9% in 2012 and are at their highest since 2006. Sales for existing homes decreased back in December month-over-month 1% in addition to inventory decreasing 8.5%. However, year-over-year, existing home sales actually increased 12.8%.
In The News:
Los Angeles Times – “Home sales slip nationally in December as inventory drops” (1-22-13)
“Sales of previously owned homes fell slightly in December from the previous month, an industry group said, but the national median home price rose the most in seven years.”
DS News– “Home Values See Largest Annual Gain Since 2006” (1-22-13)
“U.S. home values in 2012 rose 5.9 percent over 2011, according to data in Zillow’s latest Home Value Index (HVI).”
Bloomberg– “Biggest Banks Back to Black in Fed-Fueled Recovery: Mortgages” (1-22-13)
“Mortgage revenue at the four largest U.S. lenders is surpassing the costs of faulty home loans and foreclosures from the housing boom as Federal Reserve and government policies help fuel the recovery.”
Housing Wire– “KB Home, Nationstar form new mortgage company” (1-22-13)
Realty Trac– “Foreclosure Weakness Translates to Home Price Strength” (1-22-13)
“Foreclosure activity in 2012 was a Jekyll and Hyde affair, with the numbers up in 25 states compared to 2011 but down in the other 25 states.”
DS News – “Fitch: U.S. RMBS Delinquencies Improve in Q4” (1-22-13)
“Serious delinquencies for U.S. RMBS improved across all sectors in the fourth quarter of 2012, according to a new mortgage market index from Fitch Ratings.”
Bloomberg– “Morgan Stanley Finds Opportunity in Distressed Property Assets” (1-22-13)
“Distressed property markets where deals are difficult to finance and yield spreads are at all-time highs provide attractive investment opportunities, according to Morgan Stanley’s real estate unit.”
Housing Wire– “Housing likely to contribute to 2013 GDP” (1-22-13)
“Housing will contribute to gross domestic product in 2013, barring some unforeseen double-digit recession or economic downturn, Fitch managing director Robert Curren said Tuesday.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 3 bedroom, 1 bathroom home appraised for $223,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.
The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 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 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.