Today’s News Synopsis:
Statistics from the MBA show outstanding commercial/multifamily mortgage debt fell by 0.5% in the 4th quarter of 2010. FHA mortgage delinquencies decreased about 7% year over year. According to MDA DataQuick, 4,991 new and resale houses and condos sold in the Bay Area during February. Also, 27,320 new and resale houses and condos were sold statewide last month.
In The News:
“The level of commercial/multifamily mortgage debt outstanding decreased by 0.5 percent in the fourth quarter of 2010, to $2.4 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2010 was $67 billion lower than at the end of 2009, a decline of 2.7 percent.”
Housing Wire – “Senate committee delays foreclosure mediation bill again” (3-17-11)
“The Senate Judiciary Committee delayed voting on a bill that would authorize bankruptcy courts to establish a mediation program in foreclosure cases nationwide. It is the second delay in as many months.”
Housing Wire – “FHA delinquencies drop due to higher quality mortgage origination” (3-17-11)
“The serious delinquency rate for mortgages in the Federal Housing Administration portfolio declined about 7% in the first quarter of 2011 from one year ago. The 8.29% rate dropped from 8.9% a year earlier, according to a quarterly update from the FHA. In the fourth quarter of 2010, the delinquency rate was 8.84%.”
MDA DataQuick – “Bay Area Housing Market Stuck In Neutral; Investors, Cash Buyers Active” (3-17-11)
“A total of 4,991 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 0.5 percent from 4,966 in January but down 0.9 percent from 5,035 in February 2010, according to San Diego-based DataQuick Information Systems.”
MDA DataQuick – “California February Home Sales” (3-17-11)
“An estimated 27,320 new and resale houses and condos were sold statewide last month. That was down 1.4 percent from 27,706 in January, and down 2.8 percent from 28,111 for February 2010. California sales for the month of February have varied from a low of 20,153 in 2008 to a high of 48,409 in 2004, while the average is 32,117. DataQuick’s statistics go back to 1988.”
Housing Wire – “Jobless claims drop 4%” (3-17-11)
“The number of initial jobless claims filed by unemployed Americans fell 4% last week to 385,000 initial claims filed on an seasonally adjusted basis, according to the most recent Labor Department survey.”
Housing Wire – “Small investors play big role in healing housing market” (3-17-11)
“Small, local investors who earn less than $100,000 a year are playing a major role in the housing recovery by acquiring distressed REO properties, fixing them up and renting them out to future buyers.”
NAHB – “Young Home Buyers Will Lead Housing Market Recovery, Says NAHB” (3-17-11)
“Generation X –young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders”
Housing Wire – “RE/MAX: February home sales down 3%” (3-17-11)
“February home sales dropped 3% from one year ago, but increased from January, according to the RE/MAX national housing report.”
One year ago, the CBIA reported that new home sales decreased by 12 percent from January of 2009. Mortgage loan applications decreased by 1.9 percent from the previous week. HOPE NOW made over 99,000 modifications in January 2010, and HAMP made over 50,000.
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.