Today’s News Synopsis:
The Mortgage Bankers Association reported a decline in delinquency rates for one-to four unit residential property mortgage loans. Claims for unemployment insurance also decreased to the lowest level since March 2008. However, the market did see the highest level increase since October 2008 in housing starts for the month of January.
In The News:
Los Angeles Times – “U.S. foreclosure filings decline in January” (2-15-12)
“Foreclosure activity in the U.S. in January declined 19% from a year earlier, according to a report by RealtyTrac of Irvine.”
Mortgage Bankers Association – “Delinquencies and Foreclosures Decline in Latest MBA Mortgage Delinquency Survey” (2-16-12)
“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 7.58 percent of all loans outstanding as of the end of the fourth quarter of 2011, a decrease of 41 basis points from the third quarter of 2011, and a decrease of 67 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”
DS News – “Initial and Continuing Claims for Unemployment Fall Again” (2-16-12)
“First-time claims for unemployment insurance fell 13,000 for the week ended February 11 to 348,000, hitting their lowest level since March 2008, the Department of Labor reported Thursday.”
Housing Wire – “Housing starts up to 699,000 in January” (2-16-12)
“Housing starts rose 1.5% in January, according to Commerce Department data, to the highest level since October 2008. On a seasonally adjusted basis, starts increased to 699,000 from 689,000 for December, which was revised upward by 32,000.”
Bloomberg – “Mortgage Rates for 30-Year U.S. Fixed Loans Unchanged at Record-Low 3.87%” (2-16-12)
“Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans to buy homes. The average rate for a 30-year fixed loan was unchanged in the week ended today at 3.87 percent, the lowest in records dating to 1971 and the third straight week at that level, Freddie Mac (FMCC) said in a statement.”
“Nationwide housing affordability, as measured by the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), rose to a record level during the fourth quarter of 2011, while prospective home buyers continued to feel the constraints of tighter credit standards and a soft economy.”
Housing Wire – “Health of community banks improves, Bernanke says” (2-16-12)
“Federal Reserve Chairman Ben Bernanke said community banks are improving. The long maligned sector has accounted for a majority of bank failures since the 2008 financial crisis. Of the 392 bank failures between January 2008 and September 2011, 326 were community banks, according to the Federal Deposit Insurance Corp.”
San Francisco Chronicle – “New U.S. Housing Construction Exceeds Forecast in January” (2-16-12)
“Builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the U.S. residential real estate market is stabilizing.”
Realty Times – “Refinances Increase as Low Mortgage Rates Remain Consistent” (2-16-12)
“Current mortgage rates have become dependent on news from here and around the world that influences market changes according to investor sentiment.”
Hard Money Loan Closed
Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.
The Norris Group will be holding their monthly REO Boot Camp, February 14-16, 2012.
Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
The Commerce Department said home construction rose 14.5% in January 2011. Mortgage delinquencies decreased 6.41% in the 4th quarter of 2011, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.
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.