Today’s News Synopsis:
The MBA’s weekly survey shows mortgage application volume increased 3.2% this week. Mortgage bankers estimate the housing market will not recover until 2012 at least. HUD reports only 24,000 houses sold last month.
In The News:
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-27-10)
“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 22, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.1 percent compared with the previous week.”
Wall Street Journal – “Mortgage Bankers Push Housing Recovery to 2012” (10-27-10)
“Remember the 2010 housing recovery? The Oracle of Omaha said that by the end of this year things would get better. He wasn’t the only one. Fitch also promised us stability in late 2010. Well, as the foreclosure mess spirals us toward Dec. 31, the chances for a happy housing new year seem pretty remote. On Tuesday, the nation’s mortgage bankers released a report saying that they expect the housing market to continue limping along into next year. Things could pick up, they say, in 2012.”
CNN – “New home sales in slow recovery” (10-27-10)
“Sales of newly built single-family homes rose to an annual rate of 307,000 units in September from 288,000 units the month before, the Commerce Department said. The sales figure was higher that the annual rate of 299,000 expected by analysts surveyed by Briefing.com.”
Housing Wire – “BarCap: MERS foreclosure issues may be spreading to commercial real estate” (10-27-10)
“Possible foreclosure issues with loans processed through the Mortgage Electronic Recording System, or MERS, may be spreading to commercial real estate, but the effect on securitizations could be minimal, according to Barclays Capital analysts.”
Housing Wire – “September new home sales drop to yearly low along with market inventory” (10-27-10)
“According to data released by the U.S. Census Bureau and the Department of Housing and Urban Development Wednesday, only 24,000 houses sold last month. Year-to-date, 257,000 new homes have been sold, down 11.7% from the same period in 2009.”
Bloomberg – “Mortgage Bankers Bristle at Notion of Giving Foreclosed Debtors Free Homes” (10-27-10)
“‘Everybody wants to believe in this Robin Hood scenario, where everyone is going to get a free house,’ Seares said yesterday during a panel discussion at the mortgage group’s conference in Atlanta. ‘That’s not really plausible.'”
Orange County Register – “UCLA: O.C. home prices to surge 49%” (10-27-10)
“Orange County will have a half-million-dollar housing market again by 2012, and home sales volume will rebound by a whopping 43% over the next two years, according to the latest UCLA Anderson Forecast for the O.C. housing market.”
Looking Back:
One year ago, the Senate considered a proposal to extend and cap the tax credit at $7,290. Interthinx estimated that mortgage fraud risk increased by 11 percent from quarter 2 to quarter 3 of 2009. Goldman Sachs claimed that home price stabilization would not last, but Bank of America claimed that the outlook for home prices was more positive.
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 170 podcasts in our free investor radio archive.
California Real Estate Investing News is a post from: The Norris Group