The Norris Group Real Estate News Roundup 2/24/12

Sources:
Delinquency rate falls in January but foreclosure starts rise: LPS
January Home Sales Up Again
Construction Jobs Rebound Amid U.S. Home Remodeling Pick-Up
Jobless claims stick at nearly four-year low
January Pending Home Sales Index
January sales and price report
Housing regulator wants Congress to shrink Fannie Mae, Freddie Mac
Treasury to cap HAMP mods to property investors
Million-dollar foreclosures rise as rich walk away

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The sale of new homes decreased almost 1% last month after a strong forth quarter.  However, despite this Bloomberg reported the market overall is showing signs of stabilizing.  At the same time, short sales are the highest they have been in three years at 102.4.

In The News:

DS News – “California Short Sales Reach Highest Level in 3 Years” (2-23-12)

“Pending homes sales in California were higher for January compared to the previous month and year, and short sales rose to the highest level in three years, according to the California Association of Realtors (C.A.R.).”

Bloomberg – “New Home Sales Data Point to Stabilizing Market” (2-24-12)

“Purchases of new homes in the U.S. exceeded forecasts in January after climbing a month earlier to a one-year high, more evidence the housing market is stabilizing.”

Realty Times – “Average 30-Year Fixed-Rate Mortgage Up From All-Time Record Low” (2-17-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed mortgage rates moved off their at- or-near record lows for the first time in three weeks amid recent data showing the housing market continues to improve.”

Housing Wire – “Treasury to cap HAMP mods to property investors” (2-24-12)

“The Treasury Department will cap the amount of mortgage modifications property investors can receive under a revamped Home Affordable Modification Program, officials said this week, to no more than a handful.”

CNN Money – “Why the Federal Reserve can’t fix housing” (2-24-12)

“Housing is still one of the biggest drags on U.S. economic growth, but don’t look to the Federal Reserve for help. The central bank may have few tools left to fix it.”

Housing Wire – “Bank of America stops selling mortgages to Fannie Mae” (2-24-12)

“Bank of America ($8.02 0%) is faced with numerous reps and warrants challenges on the mortgage front, and as a result of growing uncertainty, it will no longer sell certain mortgage refinances into Fannie Mae mortgage-backed securities.”

Bloomberg – “Housing Declines May Have Cost a Generation of Buyers, Fed’s Bullard Says” (2-24-12)

“Federal Reserve Bank of St. Louis President James Bullard said the 30 percent drop in U.S. housing prices since 2006 may prompt a generational shift to apartment rentals.”

DS News – “Moody Analytics Outlines Settlement Impact for Banks and Borrowers” (2-24-12)

“After more than a year of intense negotiations, 49 state attorneys general and the nation’s five largest mortgage services reached a $25 billion settlement on February 9.”

San Francisco Chronicle – “New-home sales dip after 4 straight monthly gains” (2-24-12)

“Sales of new homes dipped in January but the final quarter of 2011 was stronger than first estimated.  The Commerce Department said Friday that new-home sales fell 0.9 percent last month to a seasonally adjusted annual rate of 321,000 homes. That followed four straight months of gains in which home sales rose 10 percent.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 5 bedroom, 2 bathroom home appraised for $383,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012

Looking Back:

The FHFA claimed 30-year interest rates averaged 4.85% in January 2011, and home prices fell 4% year over year. House Republicans intended to end anti-foreclosure programs put in place by President Obama. The Commerce Department said new home sales decreased 13 percent in Janurary 2011.

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.