Today’s News Synopsis:
The total number of closed banks is now at 38 with the closure of five more banks over the weekend. The Census Bureau reported housing starts increased 6.9% from May to June and are now at their highest level in four years. Fannie Mae, Freddie Mac, and the Federal Home Loan Banks will be taken into receivership with new contingency plans being created by a consulting firm.
In The News:
Housing Wire – “California notices of default down to lowest level since early 2007” (7-23-12)
“Second quarter Notices of Default in California dropped to their lowest level since early 2007, according to a report from real estate data provider DataQuick.”
Realty Times – “Real Estate Outlook: Will Recovery Continue?” (7-23-12)
“The economy has been making strides towards recovery, but are these steps enough to ramp up both the housing and labor market? Federal Reserve Chairman Ben Bernanke reports there are two risk factors that could cripple a recovery.”
Bloomberg – “Goldman Sachs Sees ‘Strong’ Recovery Starting for Housing” (7-23-12)
“U.S. homebuilders are an attractive investment as the housing market starts a “strong” recovery that may drive a surge in new-home sales, Goldman Sachs Group Inc. (GS) said in a report today.”
CNN Money – “Citigroup earnings bolstered by lending” (7-23-12)
Inman – “Housing starts at highest level in nearly 4 years” (7-23-12)
“Housing starts jumped 6.9 percent from May to June to the fastest pace in nearly four years, according to the latest numbers from the Census Bureau.”
DS News – “Fannie Mae Revises Growth Estimates Downward” (7-23-12)
“A weakened second quarter may indicate a slowdown in economic activity for the rest of the year, Fannie Mae reported Monday.”
Bloomberg – “Fannie Mae, Freddie Mac Getting Receivership Contingency Plan” (7-23-12)
“The U.S. regulator overseeing Fannie Mae, Freddie Mac and the Federal Home Loan Banks has hired a consulting firm to create contingency plans for taking the mortgage-finance firms into receivership, according to contract documents.”
DS News – “Five Banks Fall Over Weekend, National Tally at 38” (7-23-12)
“The FDIC’s Deposit Insurance Fund (DIF) is an estimated $151.3 million dollars lower after Friday claimed five more banks nationwide.”
Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $235,000.
Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 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.
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.