Today’s News Synopsis:
NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed. Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%. Unemployment claims are now at 360,000, their highest in six weeks.
In The News:
NAHB – “Housing Starts Slip with Multifamily Correction in April” (5-16-13)
“A correction from an unsustainably high level of production on the volatile multifamily side was largely responsible for a 16.5 percent dip in nationwide housing starts to a seasonally adjusted annual rate of 853,000 units in April, according to newly released figures from HUD and the U.S. Census Bureau.”
Housing Wire – “California continues to gain steam” (5-16-13)
“The California housing market continued to gain steam in April, with both home sales and prices experiencing strong increases due to high demand and tight inventory.”
DS News – “Inventory Finally Shows Signs of Growth in April, Rises Monthly” (5-16-13)
“While low inventory continues to curb home sales, April may have seen the first signs that the supply situation is turning around, RE/MAX says in its latest National Housing Report.”
Bloomberg – “Mortgage Rates in U.S. Rise to Highest Level in Six Weeks” (5-16-13)
“U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks. The average rate for a 30-year fixed mortgage climbed to 3.51 percent in the week ended today, up from 3.42 percent and the highest since early April, McLean, Virginia-based Freddie Mac (FMCC) said in a statement.”
DS News – “First-Time Jobless Claims Hit Six-Week High” (5-16-13)
“First-time claims for unemployment insurance for the week ended May 11 rose 32,000 to 360,000, the highest level since the end of March, the Labor Department reported Thursday.”
“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”
DS News – “Report: Foreclosure Timelines Lengthen with Higher Loan Amounts” (5-16-13)
“Among California homeowners encountering foreclosure, those with higher loan amounts tended to hold on to their homes longer than those with lower loan amounts, according to this month’s report from ForeclosureRadar.”
Inman – “NAR committee endorses public-facing MLS sites as ‘basic’ service” (5-16-13)
“Multiple listing services should be able to charge all members for the costs of establishing and promoting public-facing websites, a National Association of Realtors policy committee has ruled.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $148,000.
Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with TIGAR TODAY.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.
Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.
Southern California saw a 3.6% increase in home prices, an increase not seen in 16 months. This came with the decrease in distressed properties to their lowest level in four years. The Mortgage Bankers Association reported a 9.2% increase in mortgage applications. Star Wars creator George Lucas proposed a plan to build low-income housing on his ranch after having been denied to build a digital production studio there.
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.