Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores
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 Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011. LPS reported a 30 year-over-year decrease in new loan originations in November. At the same time, loan delinquencies also decreased 25% last month. In other news, Freddie Mac reported an increase in the average mortgage rate.
In The News:
Bloomberg – “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)
“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”
Housing Wire – “New originations drop 30%, loan delinquencies decline” (1-27-12)
“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics. New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”
CNN Money – “SEC to step up scrutiny of private equity firms” (1-27-12)
“The private equity world is struggling to stay in the shadows. It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”
Realty Times – “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)
“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”
San Francisco Chronicle – “Unexpected dip in U.S. new home sales in December” (1-27-12)
“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”
DS News – “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)
“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”
Housing Wire – “GDP growth rate of 2.8% for 4Q” (1-27-12)
“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”
DS News – “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)
“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”
Housing Wire – “January consumer sentiment posts 11-month high” (1-27-12)
“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”
CNN Money – “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)
“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
Looking Back:
The NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.
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.
California Real Estate Investing News is a post from: The Norris Group