Today’s News Synopsis:
According to the National Association of Realtors, existing home sales increased 2.3% for the first time in eight months. Mortgage applications decreased 7.4% last week according to the latest survey released by the Mortgage Bankers Association. Home builder confidence increased by 2 points to 37 and is now at the highest it has been since February 2007.
In The News:
Bloomberg – “Sales of U.S. Existing Homes Increase From Eight-Month Low” (8-22-12)
“Sales of existing homes climbed in July from an eight-month low, adding to signs U.S. housing may pick up in the second half.”
DS News – “Households Climb Out of Financial Distress in Q2: CredAbility” (8-22-12)
“U.S. households have found their way out of financial distress for the first time in nearly four years, with housing as the main reason for the improvement, according to the CredAbility Consumer Distress Index released Wednesday.”
Housing Wire – “Nearly half of Fannie Mae REO unable to reach market” (8-22-12)
“Only half of the previously foreclosed homes owned by Fannie Mae are either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system.”
Inman – “Home prices post strongest growth since 2006” (8-22-12)
“Demand for homes grew faster than the inventory of homes for sale in July, helping push the national median price of existing homes up for the fifth month in a row despite a modest increase in sales that fell short of some analysts’ expectations.”
DS News – “Analysis: Investors Driving Recovery as Activity Surges” (8-22-12)
“A recent analysis from John Burns Real Estate Consulting suggests that investors may be the biggest driving force in the housing recovery.”
Realty Times – “Home Builder Confidence Improves as Mortgage Rates Stay Low” (8-22-12)
“As mortgage rates have continued to stay low, builders’ confidence has improved for the fourth consecutive month in August according to the National Association of Home Builders/Wells Fargo Housing Market Index.”
Mortgage Bankers Association – “Refinance Applications Decline as Rates Increase” (8-22-12)
“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 17, 2012.”
Housing Wire – “FOMC minutes show lower economic expectations” (8-22-12)
“The Federal Reserve declined to provide more stimulus after its last meeting, but minutes released Wednesday show more members of the Federal Open Market Committee lowered their outlook for the economy.”
Bloomberg – “Fannie Mae Tightens Mortgage Standards for Some Home Buyers” (8-22-12)
“Fannie Mae, the largest source of money for U.S mortgages, told lenders that it’s tightening some of its qualification standards for people buying homes or refinancing loans.”
Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $178,000 on a home appraised for $296,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.
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 Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.
The mortgage Bankers Association reported an increase in delinquency rates for 1-4 unit homes, and also an decrease in foreclosures. According to the latest Moody’s survey, the prices for commerical real estate properties rose .9% in June 2011. Also, Fannie Mae warned of another potential double-dip recession, according to Housing Wire.
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.