The Norris Group Real Estate News Roundup 4/27/12

Sources:
FHFA: Home prices rise 0.3% in February
Steepest Drop in 13 Months for New Home Sales in March
Pending Sales of U.S. Existing Homes Increased 4.1% in March
Survey: High Share of Distressed Properties Keeps Prices Down
LPS: Mortgage delinquency rate falls 8.8% in March
Mortgage payments at lowest level in decades
54 Percent of U.S. Metros Post Quarterly Increase in Foreclosure Activity in First Quarter
Donovan: No Fannie, Freddie reform ‘any time soon’
Senate concerned HARP restricts mortgage servicer competition

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  GDP growth was slow in the first quarter at 2.2%.  The default rate for commercial mortgage-backed securities is now at almost 13%, according to Fitch Ratings.

In The News:

DS News“Q1 GDP Growth Slows to 2.2% With Drop in Govt. Spending” (4-27-12)

“The U.S. economy grew at a disappointing 2.2 percent rate in the first quarter, the Bureau of Economic Analysis reported Friday, down from the 3.0 percent growth rate in the fourth quarter and below expectations.”

Realty Times“Fixed Mortgage Rates Hold Near Record Lows” (4-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates were down slightly and hovering just above their record lows as markets waited for the Federal Reserve’s monetary policy announcement.”

Inman“ListHub revamps listing syndication dashboard” (4-27-12)

“Real estate listing syndicator and website analytics provider ListHub has rolled out new dashboard filters brokers can use to decide which websites they will send listings to.”

Housing Wire“Fitch: CMBS default rate nears 13%” (4-27-12)

Fitch Ratings reported 12.96% of the $564 billion fixed-rate commercial mortgage-backed securities market is in default as of March 31.

DS NewsWhat an Extension of the Mortgage Debt Relief Act Could Mean (4-27-12)

“According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater, according CoreLogic.”

Bloomberg“Manhattan Apartment Building Prices at Peak as Rents Jump” (4-27-12)

“Real estate investors competing to buy Manhattan apartment buildings have sent prices to record highs as rental demand surges, reducing yields on the properties to the lowest in more than six years.”

Realtytrac“Short Sales Outpace Foreclosure Sales in Many Markets” (4-27-12)

“An important shift is occurring in the real estate market: Short sales are outnumbering foreclosure sales in many markets.”

Housing Wire“Former TARP bank exec pleads guilty to mortgage fraud” (4-27-12)

“Reginald Harper, former CEO of First Community Bank of Hammond, La., pleaded guilty to defrauding the firm out of millions of dollars in phony mortgages.

Hard Money Loan Closed

Torrance, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $398,000.

California Real Estate Investor Events:

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

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

Looking Back:

A new California bill was being considered that would require lenders to make a decision on mortgage modifications before beginning the repossession process. According to the Census Bureau, the national home vacancy rate fell to 2.6% in the first quarter of 2011. A study from the University of Chicago’s Booth School of Business showed that 35% of mortgage defaults in the U.S. were strategic during September 2010.

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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