The Norris Group Real Estate News Roundup 3/28/12

Today’s News Synopsis:

Conflicting reports have come out about the housing market with Standard and Poor’s reporting a 5-month decline in prices, while John Burns Real Estate Consulting actually reported an increase in home prices.  Foreclosures initiated by banks decreased 16% in the fourth quarter according to the Office of the Comptroller of the Currency.  A recent survey from the Mortgage Bankers Association showed a 2.7% decrease in mortgage applications from last week.

In The News:

DS News“Home Prices Have Been Rising for Three Months: Report” (3-27-12)

“Standard & Poor’s reported Tuesday that it’s closely watched Case-Shiller index declined in January for the fifth straight month, with both the 10-city and 20-city composite readings slipping 0.8 percent from December.  But according to John Burns Real Estate Consulting (JBREC), that’s stale news and doesn’t reflect what’s actually happening in the market right now. In fact, the independent research company says home prices are rising.”

Housing Wire“Foreclosure initiations declined in 4Q: OCC” (3-28-12)

“The number of foreclosures launched by banks and financial firms registered with the Office of the Comptroller of the Currency fell 16% in the fourth quarter to 292,173, the agency said Wednesday. Compared to levels from a year earlier the number is down 17.9%, the federal regulator said.”

DS News“Experts Expect to See Broad Improvements, Home Prices to Rise in 2013” (3-28-12)

“The Urban Land Institute released its Real Estate Consensus Forecast Wednesday morning, and overall, the 38 real estate economists and analysts surveyed projected broad improvements for the economy.”

Bloomberg“Private Lenders Forgive Home Debt as U.S. Lenders Balk” (3-28-12)

Non-government holders of delinquent mortgages are offering more payment plans with debt forgiveness as Fannie Mae (FNMA) and Freddie Mac resist, according to the U.S. Office of the Comptroller of the Currency.”

Housing Wire“Freddie Mac economist sees housing emerging from winter dormancy” (3-28-12)

“A variety of encouraging indicators suggest the housing market is awakening, “much like the garden flora reemerging from their winter dormancy,” Frank Nothaft, Freddie Mac chief economist said Wednesday.”

Bloomberg“Subprime Bulls Trim Bets as Rally Raises 2011 Specter: Mortgages” (3-28-12)

“A rally in the mortgage securities that blew up in the crash of 2008 is leading firms to trim bets in the $1.1 trillion market for home-loan bonds without government backing after similar gains a year ago evaporated.”

Mortgage Bankers Association“Refinance Applications Drop for Sixth Consecutive Week” (3-28-12)

“Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 23, 2012.  The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier.”

Los Angeles Times“Vegas home sales surge as cash buyers flood market” (3-28-12)

“Las Vegas-area home sales are on the mend as cash rules supreme.  The long-suffering Las Vegas housing market last month had its strongest sales for a February in six years, according to San Diego real estate research firm DataQuick.”

DS News“Little Change in Performance of Servicers, OCC Reports” (3-28-12)

“Overall, little change was reported in the performance of first-lien mortgages serviced by national and federal savings banks during the 2011 fourth quarter, but the percentage of initiated foreclosures did see a steep drop, according to the Office of Comptroller of the Currency (OCC) Mortgage Metrics report.”

Bloomberg“Redwood Sells Fifth Mortgage Bonds Since 2008 as Sales Thaw” (3-28-12)

“Redwood Trust Inc. (RWT) sold bonds tied to about $325 million of new home loans in the fifth offering of securities without government backing since the market froze in 2008, according to a person with knowledge of the transaction.”

Inman“Charting U.S. real estate desires of Canadian buyers” (3-28-12)

“Homebuyers from Ontario — Canada’s wealthiest and most populous province — were among the most active in 10 U.S. real estate markets identified as international hot spots in an Inman News report released this month.”

Realty Times“Mortgage Applications for FHA Loans Increase Ahead of Higher Fees” (3-28-12)

“It is not unusual for mortgage applications to increase during the spring season since more people begin to house hunt during that time. According to the U.S. Mortgage Market Index report from Mortech, Inc. and Mortgage Daily, activity for FHA loans increased 11 percent from the previous week.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

Looking Back:

Pending home sales increased by 2.1%, according to the NAR. Interthinx claimed California’s fraud risk decreased in 2010. A cash for keys program was proposed to Congress members, but was been strongly ridiculed. California had the largest gain in construction jobs in the nation during February 2011.

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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