Today’s News Synopsis:
22.5% of all mortgages were underwater in the 3rd quarter, according to CoreLogic. The FHA extended deadlines for condo projects seeking to renew their mortgage insurance. Altera Real Estate reports demand for O.C. homes decreased by 12%.
In The News:
Associated Press – “Fewer homeowners underwater in the third quarter” (12-13-10)
“About 10.8 million households, or 22.5 percent of all mortgaged homes, were underwater in the July-September quarter, housing data firm CoreLogic said Monday. That’s down from 23 percent, or 11 million households, in the second quarter.”
ZipRealty – “Prices cut on nearly half of for-sale homes” (12-13-10)
“The share of homes for sale that had experienced at least one price reduction in November jumped 24.1 percent compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national brokerage ZipRealty.”
Housing Wire – “BarCap: Private sector to boost MBS purchases in 2011” (12-13-10)
“Private investors could buy as much as $365 billion in agency mortgage-backed securities in 2011, taking over the government’s role in the secondary market, according to the analysts at Barclays Capital.”
Housing Wire – “FHA extends deadlines for condos to recertify mortgage insurance” (12-13-10)
“The Federal Housing Administration extended deadlines for condominium projects seeking to renew their mortgage insurance with the federal agency. New guidelines established by the FHA in 2009 require that condo projects be recertified and approved every two years.”
Housing Wire – “Fed expands TILA scope to loans up to $50,000” (12-13-10)
“Loans or leases written to consumers for up to $50,000 will be subject to protections under the Truth in Lending Act, up from $25,000, according to a new rule announced by the Federal Reserve Monday. The raised exemption threshold will go into effect July 21, the same day the Consumer Financial Protection Bureau is set to launch. Under the Dodd-Frank Act, the Fed was required to set a new threshold for exempt loans in order expand the protections of TILA.”
Housing Wire – “Amherst Securities: Number of modified, reissued Ginnie Mae loans remains high” (12-13-10)
“The level of Ginnie Mae loans modified and reissued in mortgage-backed securities remains high but probably won’t increase in 2011 from this year, according to one MBS broker-dealer.”
Housing Wire – “Monday Morning Cup of Coffee” (12-13-10)
“In a November letter to regulators, Wells said only mortgages with a more than 30% downpayment should be exempt from the risk-retention rule under Dodd-Frank. Under the reform, federal regulators must determine which mortgages an originator should still be on the hook for after being packaged and sold in the secondary market.”
Orange County Register – “Demand for O.C. homes falls 12%” (12-13-10)
“After remaining the same for the better part of a month, demand dropped by 12% (in the past two weeks), or 311 homes, to 2,382 homes. Last year at this time, demand was at 2,646 pending sales, 264 additional homes compared to today. For the remainder of the year and the first few weeks of the New Year, demand will continue to drop. This is cyclically the slowest time of the year for Orange County real estate.”
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California Real Estate Investing News is a post from: The Norris Group