Sources:
Shadow Inventory falls to 6-month supply
Consumers Firming Up Faith in Recovery: Survey
Mortgage Rates in the U.S. Increase From Record Lows
Foreclosure filings drop to five-year low in September
First-Time Jobless Claims Hit Lowest Level Since February 2008
U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo
REAL ESTATE: C.A.R. says no to eminent domain
FHFA Releases Updated Strategic Plan
California Rep Introduces Homeowner Refi Bill
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. Both Wells Fargo and JP Morgan Chase reported record profits for the third quarter. Home prices are showing gains in Southern California with the decrease in foreclosures. Rates for commercial mortgage-backed securities decreased again for the fourth month in a row.
In The News:
Housing Wire– “Wells Fargo mortgage originations grow, profit climbs” (10-12-12)
“Mega bank Wells Fargo & Co. ($34.01 -1.1699%) posted a third-quarter profit of $4.9 billion, or 88 cents a share, up from $4.6 billion, or 82 cents a share, last year.”
CNN Money– “JPMorgan Chase posts record profits” (10-12-12)
“JPMorgan Chase reported record profits for the third quarter, with increased revenue in every business line.”
DS News – “Reports: Refi Numbers Low Despite Low Mortgage Rates” (10-12-12)
“It was no surprise when mortgage rates dropped in the weeks following the Fed’s announcement that it would purchase $40 billion of agency mortgage-backed securities (MBS) each month until the labor market shows substantial improvement.”
Los Angeles Times– “Major dip in foreclosure sales drives Southland home price gains” (10-12-12)
“Foreclosed homes made up just a sixth of the Southland’s resale market last month – a level not seen in nearly five years and a major reason the market is rebounding so rapidly.”
Housing Wire – “Fed’s Lacker sees QE3 mortgage bond buys as wrong economic cure” (10-12-12)
“Federal Reserve Bank of Richmond President Jeffrey Lacker admitted Friday that he dissented at all six of the Federal Open Market Committee meetings this year because he remains opposed to specific parts of the Fed’s quantitative easing policies.”
DS News – “CMBS Delinquency Rate Falls Again for Fourth Straight Month: Fitch” (10-12-12)
“Although the improvement was slight, the drop in the delinquency rate for commercial mortgage-backed securities (CMBS) in September was still an improvement, and the decline marks the fourth straight monthly drop, Fitch Ratings reported Friday.”
Housing Wire– “Wells Fargo lightens contributions to mortgage putback risk buffer” (10-12-12)
“The provisions set aside to cover potential loan repurchase requests at Wells Fargo & Co. ($34.01 -1.1699%) grew 15% during the third quarter, according to the company’s earnings report.”
Los Angeles Times– “Median home price in Southland climbs as supply is squeezed” (10-12-12)
“Southern California’s median home price climbed to a high not seen in more than four years even as sales plummeted — the latest sign that the housing market is becoming increasingly competitive, with fewer homes available.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $73,000 on a 3 bedroom, 1 bathroom home appraised for $121,000.
Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.
The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.
Looking Back:
According to Housing Wire, mortgage applications went up over 1% with the incease of purchase activity and refinancing. DS News reported the Supreme Court would not be reviewing its case to reconsider the ruling in its recent court case. According to Zillow’s latest data report, home values continued to remain the same as foreclosures began to slow.
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.