Today’s News Synopsis:
Existing home sales increased 12.9% to 5.18 million in May. This is up 12.9% year-over-year and 4.2% month-over-month. Unemployment claims surprisingly increased by 18,000 t 354,000 this past week. This is up from 336,000 in the week ending June 8. Freddie Mac reported fixed-rate mortgages decreased slightly with 30-year rates now at 3.93% and 15-year rates at 3.04%.
In The News:
Inman – “Agents target unlisted foreclosures with more success” (6-20-13)
“More than 8 in 10 real estate owned (REO) properties — 500,000-plus homes that could ease today’s sharp inventory shortage — are unlisted, according to an estimate provided to Inman News by data aggregator RealtyTrac.”
Mortgage Professional America – “Foreclosure buyers would have to offer assistance under new ordinance” (6-20-13)
“A Chicago ordinance passed June 5 will force purchasers of foreclosure properties to offer either rental renewals or more than 10,000 in relocation assistance.”
Housing Wire – “Zillow: Home values to increase 4.1% by May 2014” (6-20-13)
“National home values continued to increase in May, up 0.5% from April, to a Zillow Home Value Index of $159,000. Year-over-year, home values rose 5.4%, marking the second-highest annual rate of national appreciation registered in the past 12 months.”
Inman – “Existing-home sales increase as inventory shortage persists” (6-20-13)
“Existing-home sales in May hit their highest level since November 2009 when a tax stimulus was fueling sales, according to the National Association of Realtors.”
DS News – “First-Time Jobless Claims in Surprise Jump” (6-20-13)
“First-time claims for unemployment insurance jumped a surprising 18,000 to 354,000 for the week ending June 15, the Labor Department reported Thursday.”
Housing Wire – “Fixed-mortgage rates reverse directions, move lower” (6-20-13)
“Fixed-mortgage rates moved slightly lower for the first time in almost two months as markets awaited the Federal Reserve’s monetary policy decision to continue its bond-buying program Freddie Mac said in a report Thursday.”
Bloomberg – “Bernanke Faith in Housing Seen in Mortgage Bonds: Credit Markets” (6-20-13)
“Mortgage rates in the U.S., after increasing at the fastest pace in a decade, are poised to rise even further with Federal Reserve Chairman Ben S. Bernanke saying the central bank is ready to slow its purchases of Treasuries and bonds backed by housing loans.”
DS News – “International House Hunters Stay Active in U.S. Market” (6-20-13)
“While the level of search activity from international house hunters changed little year-over-year, Trulia found trends are changing among foreigners who are shopping for homes in the U.S.”
Hard Money Loan Closed
Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 2 bedroom, 1 bathroom home appraised for $211,000.
Bruce Norris of The Norris Group will be speaking at the Real Estate Industry Update in Rancho Cucamonga TODAY.
Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.
In an interesting news story, the home of “Octomom” Nadya Suleman recently went into foreclosure after several delayed foreclosure auctions in the previous three months. The Mortgage Bankers Association reported a 0.8% decrease in mortgage applications from the previous week, although the volume of government volume increased that week. The Lender Processing Services reported a 1.1% increase in the delinquency for the second month in a row after having been on the decline for 9 months.
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.