The Norris Group Real Estate News Roundup 7/19/11

Today’s News Synopsis:

In a big storym, the construction of new homes increased 14.6% in the month of June.  Unfortunately, mortgages are down to a new low in four years with a 19% decrease in the second quarter.  A new law, SB 458, was signed into law on Friday and will bring changes to short sales. 

In The News:

Los Angeles Times – “California foreclosure starts fall to lowest level in four years” (7-19-11)

“The number of Californians entering foreclosure dropped steeply in the second quarter to hit its lowest level since 2007, a sign the foreclosure crisis in the Golden State could be easing amid a more stable housing market and increased scrutiny from regulators.”

Realty Times – “Top Remodeling Projects” (7-19-11)

“Remodeling Magazine’s latest Cost Versus Value Report 2010-2011 has been released and it revealed that the recent declines in housing are having substantial effects on the remodeling market.”

DS News “California Law Offers Deficiency Protections to Short Sellers” (7-19-11)

“A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed.”

NAHB – “Housing Production Regains Some Strength in June” (7-19-11)

“Nationwide housing starts rose 14.6 percent to a seasonally adjusted annual rate of 629,000 units in June, according to figures released by the U.S. Commerce Department today. This was the best pace of housing production since the beginning of the year, and was attributable to significant gains registered in both the single-family and multifamily segments as well as every region of the country.”

Bloomberg – “California Mortgage Defaults Decline 19% to Lowest Level in Four Years” (7-19-11)

“Home-mortgage defaults in California fell 19 percent in the second quarter from a year earlier to the lowest in four years as lenders changed foreclosure policies and price declines slowed, according to DataQuick.”

RisMedia “RE/MAX Reports Inventories are Sinking” (7-19-11)

“Inventories in 53 markets surveyed last month by RE/MAX are down nearly fifteen percent from a year ago, when the tax credit boom was winding down, another indication that housing markets have recovered from the tax credit-induced sales boom and the bust that followed it.”

Housing Wire “More firms bet on incoming wave of REO” (7-19-11)

“The past few weeks of acquisitions and deals among REO asset managers shows more bets are being made that a long-awaited supply of these properties may finally be hitting the market.”

Bloomberg – “Office Prices in California’s Subprime Center Leapfrog Real Estate Rebound” (7-19-11)

“Investors are bidding up prices for top-tier office buildings in Orange County, California, even as vacancies stand at almost 20 percent after the collapse of the
subprime-mortgage industry that once made the region its home.”

Housing Wire – “Moody’s: CMBS delinquency rate falls to 9.02% for June” (7-19-11)

“The rate of delinquent loans in commercial mortgage-backed securities declined in June but remains higher than 9%, as it has for all of 2011, according to Moody’s Investors Service.”

DS News “Bank of America to Scale Back Servicing Portfolio” (7-19-11)

“Bank of America says it is looking to downsize its mortgage servicing portfolio.”

Looking Back:

The NAHB reported that builder confidence in the singe-family home market decreased to the lowest point in a year. Builders began work on 580,000 houses the previous month, according to the Commerce Department. A survey from REMAX showed that existing home sales increased in June 2010 by 5.6% in comparison to the same month in 2009. The Bay Area lost more than 10,000 jobs in June of 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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