Today’s News Synopsis:
In a big news story, mortgage applications are up 4.1% according to the most recent MBA Weekly Survey. Home sales in Southern California increased last month from October and from the same time a year ago according to Housing Wire. In other news, mortgage fraud is the highest in California despite mortgage activity being down in the third quarter.
In The News:
Mortgage Bankers Association – “Refinance Applications Increase as Rates Drop to 2011 Lows in Latest MBA Weekly Survey” (12-14-11)
“Mortgage applications increased 4.1 percent from one week earlier, driven by a surge in refinance applications, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2011.”
Housing Wire – “California ranks No. 1 for mortgage fraud” (12-14-11)
“Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.”
Los Angeles Times – “New signs of trouble for Goldman Sachs” (12-14-11)
“Goldman Sachs, the once-mighty king of Wall Street, appears to be losing employees, market share and the confidence of investors. One of the most outspoken Wall Street analysts. Richard Bove, announced this week that he is cutting his outlook for Goldman’s fourth-quarter earnings by 66%, estimating that the bank will earn 79 cents a share.”
San Francisco Chronicle – “U.S. Stock-Index Futures Rise; S&P 500 May Snap Two-Day Decline” (12-14-11)
“U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will snap a two-day decline, amid mounting optimism that the world’s largest economy will remain insulated from the euro-area debt crisis.”
Housing Wire – “Foreign homebuyers clicking on depressed US housing markets” (12-14-11)
“Foreigners looking to purchase homes in the U.S. are increasing their online search activity for bargains, as sliding home prices continue to attract investors from around the globe — especially Canada.”
Hard Money Loan Closed
Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.
In The News:
Bloomberg – “Morgan Stanley Real-Estate Fund Said Likely to Win New Deadline” (12-14-11)
“Morgan Stanley’s (MS) $4.7 billion real-estate fund, known as MSREF VII, will probably win approval to extend the deadline for finding new investments into 2013, aperson familiar with the discussions said.”
Housing Wire – “SoCal home sales rise on declining prices” (12-14-11)
“The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000.”
Bloomberg – “San Francisco Bay Area Home Prices Fall as Distressed-Property Sales Gain” (12-14-11)
“San Francisco Bay Area home pricesfell 4.3 percent last month from a year earlier as distressed properties made up a greater share of sales, DataQuick said.”
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:
Robo-signing took an effect on foreclosures in the Western states, which decreased almost 40%. Oustanding debt on commercial/mulitfamily mortgages decreased 1.3% in the third quarter of 2010. In the first half of 2010, suspicious activity reports for mortgage fraud increased 7% from one earlier.
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
