Today’s News Synopsis:
Construction on new homes increased 6.9% and are now at the highest level not seen since 2008. Mortgage applications increased 16.9% from last week as a result of decreasing interest rates and more people choosing to refinance their mortgages. According to a recent survey by RE/MAX, both home sales and prices increased in 31 out of 53 large metropolitan areas.
In The News:
Housing Wire – “FHA opens bids on 9,000 delinquent mortgages” (7-18-12)
“The Federal Housing Administration began taking bids from qualified investors for 9,000 delinquent loans.”
Bloomberg – “Home Starts in U.S. Rise to Highest Level Since 2008: Economy” (7-18-12)
“New U.S. home construction rose in June to the highest level in almost four years, indicating the residential real estate market is strengthening even as other parts of the economy cool.”
Realty Times – “Record Low Mortgage Rates Improve Housing Market Confidence” (7-18-12)
“As record low mortgage rates continue to remain stable, housing market confidence amongst American consumers has shown improvement even as optimism in the overall economy and personal finances has stalled.”
DS News – “RE/MAX Survey: 31 Out of 53 Metros Report Increases in Sales and Prices” (7-18-12)
“Rising home prices and sales signal that the housing recovery may finally be underway, according to RE/MAX.”
Housing Wire – “Mortgage applications rise nearly 17% on refinancing activity” (7-18-12)
“Plummeting interest rates prompted more U.S. borrowers to refinance their mortgages for the week ending July 13, pushing overall mortgage applications up 16.9% from the previous week.”
DS News – “DataQuick: Southland Home Sales Up for Sixth Straight Month in June” (7-18-12)
“California received sunny news Tuesday as DataQuick’s latest home sales report showed an increase in sales in the state’s Southland region.”
Bloomberg – “BofA Profit Rebound Marred by $22.7 Billion in Mortgage Claims” (7-18-12)
“Bank of America Corp.’s second- quarter profit report was marred by record demands for refunds on faulty mortgages, casting doubt on whether improvements in the company’s real estate operations will last.”
Inman – “Mobile game ad campaign deemed a success” (7-18-12)
“Last year, franchisor Century 21 Real Estate launched an advertising campaign on We City, a social, mobile online game where users build SimCity-like virtual metropolises. This year, it was recognized as a success.”
Housing Wire – “U.S. Bank passes on overheated commercial property markets” (7-18-12)
“Top-ten mortgage originator U.S Bank ($10.67 -0.0001%) is passing on commercial real estate opportunities in certain markets at risk of overheating because of new construction.”
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 5 bedroom, 3 bathroom home appraised for $427,000.
Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.
Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.
According to NAHB index, confidence for newly-built single-family homes increased two points. DS News reported former Ohio attorney genereal had been nominated by Obama as the new head of the Consumer Financial Protection Bureau. Republicans John Campbell and Gary Ackerman introduced a new bill that would increase the loan limits on mortgages backed by Fannie Mae and Freddie Mac.
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.