Today’s News Synopsis:
In a big news story, housing starts increased 7% last month, exceeding expectations. The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans. The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.
In The News:
NAHB – “Housing Starts Rise on Strength in Multifamily in March” (4-16-13)
“Soaring production of multifamily apartments pushed nationwide housing starts beyond the million-unit mark for the first time since 2008 in March, according to newly released figures from HUD and the U.S. Census Bureau.”
DS News – “Greystone Originates $43M for 4 Multifamily Properties” (4-16-13)
“Greystone, a national provider of multifamily and healthcare mortgage loans, originated more than $43 million in loans for four properties.”
Housing Wire – “Foreclosure aid programs lifted by $70.1 million in NeighborWorks funds” (4-16-13)
“NeighborWorks America, a nonprofit that focuses on homeownership and aiding distressed borrowers, awarded state housing finance agencies and counseling organizations $70.1 million in funding, enough to aid roughly 193,000 troubled homeowners.”
Bloomberg – “J.C. Penney Said to Seek Ways to Split Real Estate for Cash” (4-16-13)
“J.C. Penney Co. (JCP) is exploring ways to borrow against its real estate holdings to help raise cash, two people with knowledge of the situation said.”
DS News – “Foreclosure-Prevention Scams Rise, Overall Mortgage Fraud Declines” (4-16-13)
“The Financial Crimes Enforcement Network reported a 25 percent decline in mortgage loan fraud suspicious activity reports (SARs) last year.”
“Mortgage fraud is on the rise. However, these silently-perpetrated crimes are preventable.”
Housing Wire – “Housing recovery energizes agency MBS issuance: JPMorgan Chase” (4-16-13)
“The housing rebound underway is lifting home sales volume and prices, leading to a greater supply of agency mortgage-backed securities.”
DS News – “National Mortgage Default Rates Fall in March” (4-16-13)
“Mortgage default rates moved lower along with the overall national default rate in March, according to the Consumer Credit Default Indices released by S&P Dow Jones Indices and Experian.”
Realty Trac – “President’s 2014 Budget Foresees $943 FHA Bailout” (4-16-13)
“The Obama administration’s proposed fiscal budget for 2014 estimates that the cash-strapped Federal Housing Administration (FHA) will need a $943 million taxpayer bailout this year to cover losses from shaky loans the agency insured as the housing market collapsed in 2007.”
Housing Wire – “Prudential regulators defend too-big-to-fail efforts” (4-16-13)
“Financial regulators are confident steps they took to protect the nation from too-big-to-fail banks are enough to curtail excessive risk-taking.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $154,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.
NAHB reported a decline in builder confidence this month, bringing it down to 25. According to Bloomberg, prices for homes increased 1.6% last month for the first time in over a year. Remodeling jobs on homes also increased in February to 2.89 million, marking that month the third month in a row for increased remodeling.
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.