Today’s News Synopsis:
In a big news story, 30-year mortgages decreased to below 4%, matching with the lowest ever recorded. Housing Wire reported an improvement in housing prices for the whole year, despite a month-over-month decrease in prices. Unemployment claims decreased to 366,000, the lowest on record since May 2008.
In The News:
Mortgage Bankers Association – “Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter “ (12-15-11)
“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”
Housing Wire – “California home sales show year-over-year improvements” (12-15-11)
“Home sales in the San Francisco area edged up in November over year-ago figures, although they dipped from October. Statewide, sales across California also declined month-over-month, but showed an increase from year-ago figures, DataQuick said.”
Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched” (12-15-11)
“Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds.”
Los Angeles Times – “New jobless claims drop to lowest level since 2008” (12-15-11)
“Initial claims for unemployment insurance dropped to 366,000 last week, the lowest level since May of 2008, in another sign that the job market is making a significant improvement. ”
Housing Wire – “FHFA extends loan data implementation deadline for GSEs” (12-14-11)
“The Federal Housing Finance Agency extended the deadline for changes to how lenders will submit mortgages to Fannie Mae and Freddie Mac.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.
In The News:
Wall Street Journal – “Related Switches Condos to Rentals” (12-15-11)
“For at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its new apartment tower in Midtown to be condominiums, sitting atop 663 rental units in the building’s first 50 stories. Now, with construction finishing up on the final apartments in the bulky 63-story MiMA building on 42nd Street and 10th Avenue, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit.”
Housing Wire – “Wells Fargo, Citi top Fannie list of mortgage servicers” (12-15-11)
“Wells Fargo (WFC: 25.86 0.00%) and Citigroup (C: 26.21 +0.61%) continue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.”
CNN Money – “Foreclosures fall, but outlook isn’t bright” (12-15-11)
“Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.”
California Real Estate Investor Events:
The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.
The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.
Looking Back:
16,208 new and resale houses and condos sold in Southern California in November 2010. The NAR claimed 9 of the 10 most cost-effective home repair projects in terms of value recouped were exterior replacement projects. Keefe, Bruyette & Woods expected revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.
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 200 podcasts in our free investor radio archive.
California Real Estate Investing News is a post from: The Norris Group