Sources:
Home Prices Rise in 88% of U.S. Cities as Recovery Gains
Pent-up demand fuels home sales: NAR
Mortgage delinquency rate drops nearly 14%: TransUnion
Retail sales up despite payroll tax hike
RealtyTrac: Foreclosure Starts Slow to 79-Month Low
Senators Reintroduce Refi Bill
Job growth in housing lingers near post-bubble lows
CoreLogic: QM, QRM Rules Remove 60% of Loans and 90% of the Risk
Restarting Mortgage Finance: Step 1
FHA considered ‘high-risk’ by government oversight group
Today’s News Synopsis:
Aaron Norris gives the news of the week in the world of real estate in this week’s video. RE/MAX reported median home prices increased 8% year-over-year, although monthly they continued to show signs of decline. Non-judicial foreclosing decreased drastically in California this month, although this could be due to a change in the legal politics rather than distressed homeowners finding a way out.
In The News:
DS News– “RE/MAX: Prices Up 8% from Year Ago; Inventory Falls Again” (2-15-13)
“Median home prices in January continued to stay above year ago levels while falling month-over-month, according to a recent report from RE/MAX. At the same time, inventory remained low, causing a shortage in supply while pushing up home prices, RE/MAX explained.”
Housing Wire – “CFPB rules give some mortgage and housing companies more options” (2-15-13)
“The nature of new regulations is typically meant to be restrictive in nature. However, the new rules will give some mortgage and housing companies more options.”
Realty Times – “Seasonal Flip-Flop Hallmarks Housing Recovery, Tough Times For First-Time Buyers” (2-15-13)
“Just as home price gains are moving up against the traditional seasonal grain, inventories are going down at a time when they typically turn up.”
Housing Wire– “REITs announce $1.7 billion in new capital offerings: BofAML” (2-15-13)
“Mortgage real estate investment trusts will announce $1.7 billion in new capital offerings in 2013, said analysts at Bank of America Merrill Lynch ($12.13 0%).”
Housing Wire – “California falling foreclosures may be a mirage in the desert” (2-15-13)
“The second month of 2013 brought news that non-judicial foreclosure filings fell significantly in California.”
Bloomberg – “Wells Fargo Turns to U.K. as European Banks Retreat” (2-15-13)
“Wells Fargo & Co., the lender that’s expanding its securities unit to challenge Wall Street competitors, is broadening U.K. commercial property lending as European banks are forced to retreat.”
DS News– “Report: Price Recovery Appears Unsustainable in Arizona, Nevada” (2-15-13)
“Certain states are seeing stronger, above average gains in home prices, but concerns have been raised that some states are seeing “unsustainable, investor-fueled” increases, Capital Economics pointed out in a recent report.”
Housing Wire – “Housing recovery momentum continues to build” (2-15-13)
“Momentum continued to grow in a snowball effect manner, with prices rising to a two-year high in December, according to the latest FNC report.”
Hard Money Loan Closed
Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $156,000 on a 4 bedroom, 2 bathroom home appraised for $226,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.
Looking Back:
In a big news story, for the fifth month in a row there was an increase in builder confidence for single-family homes. In other news, according to the Mortgage Bankers Association applications for mortgages decreased 1% from the previous week. For anyone wanting to submit a foreclosure review, they the deadline was extended to July 31 from the original date of April 30.
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
