The Norris Group Real Estate News Roundup 9/26/11

Today’s News Synopsis:

The sale of new homes dropped 2.3% in August, according to NAHB.  For the second day in a row, U.S. Treasury bond yields increased.  The Federal Reserve is hoping to work together with the White House to coordinate efforts to keep interest rates down by purchasing longer-term mortgage-backed securities and Treasuries.

In The News:

NAHB – New-Home Sales Decline 2.3 Percent in August” (9-26-11)

“Sales of newly built, single-family homes declined 2.3 percent to a seasonally adjusted annual rate of 295,000 units in August, according to newly released data from the U.S. Commerce Department. The decline is from an upwardly revised, 302,000-unit rate in the previous month.”

DS News “Mortgage Litigations More Than Double Year-Over-Year” (9-26-11)

“Mortgage litigations in the second quarter of 2011 have more than doubled since last year, according to the Mortgage Litigation Index released Monday by MortgageDaily.com.”

Housing Wire – “Survey shows first-time homebuyers growing weary of short sales” (9-26-11)

“First-time homebuyers are growing tired of short sales, which take nearly 17 weeks to complete, according to the latest Campbell/Inside Mortgage Finance housing survey.”

Realty Times – “Real Estate Outlook: Jobs Key to Recovery” (9-26-11)

“Jobs are more than a pressing concern in today’s economy. Their rebound is inextricably linked to a housing recovery. Even President Obama’s proposed jobs legislation includes $15 billions dollars allotted towards the purchase and refurbishment of vacant and foreclosed homes. These homes will then be sold at no profit, or at the price it cost to acquire and fix up.”

Bloomberg – “Obama Says Jobs Proposal Would ‘Jump Start’ Economic Growth” (9-26-11)

“President Barack Obama said his $447 billion jobs proposal will give the U.S. economy the “jump start” it needs to revive job growth.”

Los Angeles Times – “Treasury bond interest rates jump for second day” (9-26-11)

“U.S. Treasury bond yields are rising for a second straight day as some investors and traders take profits after last week’s big bond rally.  A rebound in stocks also is pulling some money out of bonds and into equities”

Housing Wire “Federal Reserve stimulus may connect with White House refinance tweaks” (9-26-11)

“The latest effort by the Federal Reserve to keep interest rates down through the purchase of longer-term Treasurys and agency mortgage-backed securities may be coordinated with recent White House efforts to boost refinancing activity.”

DS News “SEC Considering Legal Action Against S&P for Rating of Mortgage Debt” (9-26-11)

“The nation’s foremost financial securities regulator is considering bringing a civil injunction against Standard & Poor’s (S&P) for its rating of a collateralized debt obligation (CDO) linked to high-risk mortgages.”

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 event 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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