Today’s News Synopsis:
Foreclosures increased 2% last month to 130,888, although they are still down year-over-year by 32%. Unemployment claims decreased by 15,000 to 320,000 last week, the lowest since January 2008. The Federal Reserve announced it may be making more cuts, starting with the Treasurys.
In The News:
Housing Wire – “Arizona loses spot as foreclosure-riddled state” (8-15-13)
The nation’s foreclosure landscape is changing rapidly. While it looks like foreclosure activity continued to boil over in a select group of markets in July, Arizona slid out of its top 10 highest foreclosure rate slot for the first time since the zenith of the housing boom.”
Mortgage Professional America – “Foreclosures creep up” (8-15-13)
“Foreclosure filings jumped to 130,888 in July, a 2% increase from June’s 78-month low, but still down 32% from 12 months ago.”
DS News – “First-Time Jobless Claims at Pre-Recession Levels” (8-15-13)
“First-time claims for unemployment insurance for the week ending August 10 fell to the lowest level since January 2008, the Labor Department reported Thursday.”
NAHB – “Builder Confidence Rises Three Points in August” (8-15-13)
“Builder confidence in the market for newly built, single-family homes rose three points to 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today.”
Realty Times – “Originators Largely Responsible For Higher Closing Costs” (8-15-13)
“It’s not enough that home prices are rising and mortgage interest rates are trending up. Closing costs are on the rise, also cutting into affordability for buyers.”
Housing Wire – “Homeowners ‘securitization theory’ BofA claim dismissed” (8-15-13)
“The Nordeens fell on hard times in Las Vegas. The couple fell behind on their $140,000 Countrywide loan backed by a rental investment..”
DS News – “Mortgage Rates Stabilize, with 30-Year Unchanged from Prior Week” (8-15-13)
“Having spent the last several months bouncing around, average fixed mortgage rates were little changed over the last week as market speculation settled.”
Housing Wire – “Treasurys may face Fed chopping block before MBS” (8-15-13)
“As secondary markets continue to walk on eggshells around Federal Reserve unpredictability regarding when it will begin tapering its quantitative-easing bond-buying program, analysts believe Treasurys will be the first on the chopping block.”
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 2 bathroom home appraised for $106,000.
Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.
Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.
Bruce Norris will be presenting InvestClub for Women Poised to Pop on Tuesday, September 17, 2013.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.
Builder confidence increased for the fourth month in a row and was at its highest since February 2007 with a two point gain. New rules were being established for conducting appraisals for loans that had a higher risk. An investigation into mortgage fraud by the combined action of the federal and state agencies was eminent.
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.