The Norris Group Real Estate News Roundup 2/25/11

Today’s News Synopsis:

The NAR has been caught inflating home sales statistics, and the Commerce Department says new home sales decline 13% in January. FHA REO Inventory has increased 47% from last year. First time homebuyers who received the $7,500 tax credit will be expected to pay it back.

In The News:

Bloomberg “Home Prices in U.S. Decline 4% on Foreclosures, FHFA Says” (2-24-11)

“U.S. home prices fell 4 percent in the fourth quarter from a year earlier as record foreclosures sapped the confidence of homebuyers, according to the Federal Housing Finance Agency.”

Bloomberg “Sales of New U.S. Homes Dropped More Than Economists Forecast in January” (2-24-11)

“Sales declined 13 percent to a 284,000 annual pace, figures from the Commerce Department showed today in Washington. The median estimate of economists surveyed by Bloomberg News projected a decrease to a 305,000 rate. Demand dropped 37 percent in the West and 13 percent in the South.”

Housing Wire“FHA REO inventory up 47% from one year ago” (2-22-11)

“The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.”

Housing Wire“MERS rights upheld in largest foreclosure state” (2-23-11)

“An appellate judge in California last week upheld the rights of the Mortgage Electronic Registration Systems to the deed of trust, giving MERS the right to foreclose, according to court documents.”

Time “Did Realtors Inflate Home Sales by 1.6 million in 2010?” (2-22-11)

“The National Association of Realtors said that existing home sales rose 2.7% in January from December, and were up 5.3% from a year ago. It was the first time in seven months that sales rose from the same month a year before. But before you put your home on the market, consider this: It appears the NAR may be inflating homes sales numbers, and not just for this January, but for years.”

Wall Street Journal“Realtors’ Former Top Economist Says Don’t Blame the Messenger” (2-12-09)

“Mr. Lereah, who says he left NAR voluntarily, says he was pressured by executives to issue optimistic forecasts — then was left to shoulder the blame when things went sour.”

Yahoo “Obama pushes multibillion-dollar mortgage pact: report” (2-23-11)

“The Obama administration is trying to push a settlement that could force the largest U.S. banks to pay for reductions in loan principal worth billions of dollars following breakdowns in mortgage servicing”

Bloomberg “U.S. House Republicans Move to End Foreclosure Aid Programs” (2-24-11)

“U.S. House Republicans plan to move forward with bills that would end anti-foreclosure programs put in place by the administration of President Barack Obama, saying they are doing more harm than good.”

New York Daily News“Payback time for first-time homeowners who took advantage of 2008 tax credit” (2-23-11)

“It sounded like a great deal: become a first-time homebuyer and pocket up to $7,500 in a tax credit. But if you bought that house in 2008 and received the credit, you’re required to start paying it back – now.”

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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