The Norris Group Real Estate News Roundup 2/15/11

Today’s News Synopsis:

Statistics from MDA Dataquick show 4,458 new and resale houses and condos sold in Southern California last month. The CAR reports California home sales rose 5% in January. CoreLogic claims national home sales fell 12% year over year. FHA intends to raise its mortgage premiums by 1/4 of a point.

In The News:

Bloomberg “U.S. Homebuilder Confidence Stagnates in February on Slow Sales” (2-15-11)

“The National Association of Home Builders/Wells Fargo sentiment index registered a reading of 16 for the fourth consecutive month, in line with the median forecast of economists surveyed by Bloomberg News, data from the Washington- based group showed today. Readings below 50 mean more respondents said conditions were poor.”

MDA DataQuick“Southern California Home Sales, Median Sale Price Edge Lower” (2-15-11)

“Last month 14,458 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was down 26.0 percent from 19,528 in December, and down 5.9 percent from 15,361 in January 2010, according to DataQuick Information Systems of San Diego.”

CAR “January sales and price report” (2-15-11)

“Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 546,420 in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide, representing 90 percent of the market. January’s sales were up 5.1 percent from December’s revised pace of 520,080 and up 2.5 percent from the 532,870 sales pace recorded in January 2010.”

USA Today“Builders offer MPG-like home efficiency labels” (2-15-11)

“KB Home, one of the nation’s largest builders, announced Monday its plans to have an EPG (Energy Performance Guide) on each of its U.S. homes by the end of this month, and other production builders plan to follow.”

Housing Wire “Majority of Freddie Mac borrowers refinanced to fixed-rate loans in 4Q” (2-15-11)

“More than 95% of borrowers refinanced to a fixed-rate mortgage, with a strong trend toward shorter-term deals, according to the agency’s quarterly Product Transition Report. Of the borrowers who refinanced from a 30-year FRM, almost one-third chose a 15- or 20-year loan, the highest share since the first quarter of 2004.”

Housing Wire“Home sales fell 12% in 2010: CoreLogic” (2-15-11)

“U.S. home sales totaled 3.6 million in 2010, a 12% drop from the year before that pulled prices down with it, according to data provider CoreLogic”

Housing Wire – “FHA to increase mortgage insurance premiums one quarter of one point” (2-15-11)

“The Federal Housing Administration is increasing its annual mortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed by the agency.”

Housing Wire“Even with bank-constricted pipeline, some foreclosures auctions rise” (2-15-11)

“Foreclosure auction sales grew as much as 50% in some states during January as foreclosure moratoriums came to an end, sending hundreds of distressed properties back to the auction block”

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.

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