The Norris Group Real Estate News Roundup 3/28/13

Sources:

Today’s News Synopsis:

This week’s video is a slideshow of the top news stories in real estate.  Unemployment claims made a surprise increase by 16,000 to 357,000 last week.  This is the biggest increase since mid-February according to the Labor Department.  The Bureau of Economic Analysis reported GDP increased 0.4% annually in the fourth quarter of 2012.  Several large banks have all filed a petition together to have several rulings against them overturned.

In The News:

DS News – “OCC: Mortgage Performance Improves in Q4” (3-28-13)

“A higher share of mortgages were current and performing at the end of the fourth quarter, while the number of new foreclosures hit a record low, the Office of the Comptroller of the Currency (OCC) in its Mortgage Metrics Report.”

DS News – “Jobless Claims in Surprise Jump” (3-28-13)

“First-time claims for unemployment insurance jumped 16,000 to 357,000 for the week ended March 23, the strongest jump since mid-February, the Labor Department reported Thursday.”

Realty Times – “Home Values Near Public Transit Better At Riding Out The Recession” (3-28-13)

“The next time you squawk about higher gasoline prices and that dreadful commute, consider this: during the last recession, home values near high-frequency public transit performed nearly 42 percent better than homes away from transit lines.”

Housing Wire – “Big banks request intervention in FHFA lawsuits” (3-28-13)

“More than a dozen banking giants filed a joint petition, urging a U.S. Appeals Court to step in and reverse several rulings by U.S. District Court Judge Denise Cote, who is accused of depriving the companies of evidence to defend their cases.”

Bureau of Economic Analysis – “Gross Domestic Product, 4th quarter and annual 2012 (third estimate)” (3-28-13)

“Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 0.4 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “third” estimate released by the Bureau of Economic Analysis.”

Housing Wire – “CFPB ups the transparency, launches consumer complaint data” (3-28-13)

“The Consumer Financial Protection Bureau launched the nation’s largest public database of federal consumer financial complaints Thursday, giving researchers and the public-at-large a first-hand look at how servicers and lenders handled various complaints from customers.”

Inman – “Number of homes in foreclosure down 21 percent in February” (3-28-13)

“The 1.2 million homes in some stage of foreclosure in February, about 2.8 percent of all homes with a mortgage, represents a 21 percent drop from year-ago foreclosure inventory, a monthly report from data company CoreLogic shows.”

Bloomberg – “U.S. Mortgage Rates Climb With 30-Year Fixed at 3.57%” (3-28-13)

“Mortgage rates in the U.S. rose slightly, holding near record lows as cheap borrowing costs help fuel the housing recovery.”

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

Conflicting reports were being released regarding the housing market with Standard and Poor’s reporting a 5-month decline in prices, while John Burns Real Estate Consulting actually reported an increase in home prices.  Foreclosures initiated by banks decreased 16% in the fourth quarter according to the Office of the Comptroller of the Currency.  A recent survey from the Mortgage Bankers Association showed a 2.7% decrease in mortgage applications from the previous week.

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.