The Norris Group Real Estate News Roundup 3/22/11

Today’s News Synopsis:

The CBIA reports home production has dropped 41% from last year. MacroMarkets believes a double dip in housing prices may soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January. U.S. home prices fell 3.9% year over year, according to FHFA.

In The News:

Housing Wire“Cleveland Fed president says housing remains weak link in recovery” (3-22-11)

“Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, says the housing sector remains one of the most ‘unforgiving aspects’ of the recession.”

Housing Wire“Elizabeth Warren aims to cut regulatory costs for community banks” (3-22-11)

“Elizabeth Warren, the special adviser to the Treasury Department, told an audience of community bankers Tuesday that the Consumer Financial Protection Bureau she is working to construct will look to cut regulatory costs for smaller financial institutions.”

CBIA “California Housing Production Continues Decline in February, CBIA Announces” (3-22-11)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,088 total housing units in February, down 41 percent from the same month a year ago and down 26 percent from January. Permits for single-family homes totaled 1,204, down 34 percent from February 2010 and down 26 percent from the previous month, while multifamily permits totaled 884, down 48 percent from a year ago and down 24 percent from January.”

Housing Wire“Housing double dip could be coming: MacroMarkets” (3-22-11)

“A double-dip in housing could arrive this year with national home prices only 1% away from a new ‘post-crash low,’ MacroMarkets said in its March 2011 Home Price Expectation Survey.”

Housing Wire“Fannie Mae expects home sales to remain soft through spring season” (3-22-11)

“Home sales are expected to remain soft in the near term after mortgage applications fell 7.9% in January and another 3.3% in February, Fannie Mae said in its March Economic Outlook report.”

Bloomberg “U.S. Commercial Property Prices Fell for Second Straight Month in January” (3-22-11)

“The Moody’s/REAL Commercial Property Price Index slumped 1.2 percent from the previous month and 4.3 percent from a year earlier. It’s up 4.2 percent from an eight-year low in August, Moody’s said in a statement today.”

Bloomberg “Home Prices in U.S. Declined 3.9% in January From Year Earlier, FHFA Says” (3-22-11)

“U.S. home prices fell 3.9 percent in January from a year earlier as the housing market struggled to recover from the worst crash in seven decades, according to the Federal Housing Finance Agency.”

Housing Wire“Federal Reserve’s balance sheet grows on MBS, Treasury securities” (3-22-11)

“At Dec. 31, the Fed reported total assets of $2.43 trillion, up $193 billion from 2009, the Federal Reserve said in its consolidated 2010 financial report released Tuesday. The expanded balance sheet includes an $86 billion increase in mortgage-backed securities acquired from government-sponsored enterprises and federal agencies.”

Housing Wire“HUD updates Chinese drywall remediation guidance” (3-22-11)

“The Department of Housing and Urban Development and the Consumer Product Safety Commission recently released an updated version of their guidance on Chinese drywall remediation. The change comes after a study by Sandia National Laboratories found there were no correlating hazardous effects.”

Looking Back:

The total number of failed banks so far in 2010 has now reached 37. Geithner suggests that government officials listen more to harmed families and businesses than to large financial institutions while considering a financial overhaul bill. Lennar is investing over $3 billion into distressed real estate assets. California will offer about $3.1 billion in taxable debt sales this week.

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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