Today’s News Synopsis:
Several large banks are facing a lawsuit on terms that they lead to the failure of two credit unions by selling them faulty mortgages. Home prices increased in July by 1.9% month-over-month and 12.3% year-over-year according to the latest Case Shiller Index. At the same time, consumer confidence decreased this month to 79.7.
In The News:
Housing Wire – “Positive earnings build up Lennar, KB Home” (9-24-13)
CNN Money – “Big banks charged with causing credit union failures” (9-24-13)
“The federal regulator that oversees credit unions has filed suits against eight of the nation’s largest banks, charging they sold faulty mortgages to two credit unions that later failed.”
DS News – “Low Expectations Weigh Down Consumer Confidence” (9-24-13)
“Consumer confidence dipped in September as Americans expressed doubt over the current direction of economic conditions.”
Inman – “Real Estate deductions on the chopping block?” (9-24-13)
“Media attention has been focused on Congress’ partisan food fight over shutting down the government and defunding Obamacare – See more at: http://www.inman.com/2013/09/24/real-estate-deductions-on-the-chopping-block/#sthash.Tat2NqTn.dpuf.”
Housing Wire – “Housing begins to see signs of normalcy, but will it last?” (9-24-13)
“Several reports were released Monday that implied continued success for home prices in the U.S. — a sign that the housing market is back on its feet. The Federal Housing Administration house price index and the Standard & Poor’s/Case-Shiller HPI, both out Tuesday, followed suit.”
Bloomberg – “Southern California Apartment Rents to Rise for Two Years” (9-24-13)
“Southern California residential rents are likely to rise for two years as home prices climb and apartments remain in short supply, according to a study by the University of Southern California’s Lusk Center for Real Estate and the state’s Realtors group.”
Housing Wire – “Blame Citi layoffs on shifting mortgage landscape” (9-24-13)
“As demand falls for new loans, especially refinancings, banking institutions are cutting back and letting go of workers who specialize in originations.”
DS News – “July Case Shiller Indices Improve More Slowly” (9-24-13)
“Home prices rose in July by less than two percent for the first time since March but still reached their highest level since August 2008, according to the Case Shiller Home Price Indexes released Tuesday.”
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $377,000 on a 3 bedroom, 2.5 bathroom home appraised for $580,000.
Bruce Norris will be speaking at the Big “Million Dollar” Trade Show & Landlording Conference on Thursday, September 26, 2013.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013
Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.
The Mortgage Bankers Association reported a 0.4%, or $10.4 billion, decrease in the second quarter in commercial/multifamily mortgage debt. Shadow inventory had decreased by 1.2 million so far that year according to JP Morgan Chase. Mortgage litigation decreased that same year with a recent $25 billion mortgage settlement, although legal activity was still at a high.
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.