Today’s News Synopsis:
In The News:
Housing Wire – “Banks take on ‘investment grade’ duties under final OCC rule” (6-26-12)
“The Office of the Comptroller of the Currency finalized a rule prohibiting banks from relying on credit ratings agencies to determine whether a security is ‘investment grade’.”
Bloomberg – “Home Prices in U.S. Cities Fall at Slowest Pace Since ’10” (6-26-12)
“Residential real estate prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market was firming.”
DS News – “Bay State Home Sales Continue to Rise as Prices Drop” (6-26-12)
“Bay-state home sales were up almost 35 percent in May making it the highest level of transactions since June 2010, according to The Warren Group.”
CNN Money – “Consumer confidence falls for 4th straight month” (6-26-12)
“Consumer confidence fell for the fourth consecutive month, hitting the lowest levels since January, according to a survey that measures Americans’ optimism regarding the state of the economy released Tuesday.”
San Francisco Chronicle – “Homebuilders lead stocks up on Wall Street” (6-26-12)
“Homebuilders led stocks up on Tuesday, helping major indexes recoup some losses from the day before. Rupert Murdoch’s News Corp. surged after the media conglomerate said it may split into two companies.”
DS News – “Mortgage Loan Fraud Reports Decrease 31% Yearly: FinCEN “ (6-26-12)
“For the first quarter of 2012, the number of Mortgage Loan Fraud (MLF) Suspicious Activity Reports (SARs) submitted decreased 31 percent to 17,651 over a one-year period, according to a Financial Crimes Enforcement Network (FinCEN) report.”
Housing Wire – “Mortgage bankers ask Congress to pass HUD funding bill” (6-26-12)
“The Mortgage Bankers Association asked Congress to pass a Department of Housing and Urban Development spending bill and avoid a stalemate that could undermine a still fragile housing recovery.”
DS News – “SEC Settlement Against Former Bear Stearns Managers Approved” (6-26-12)
“A civil litigation case brought on by the Securities and Exchange Commission (SEC) against two former portfolio managers with Bear Stearns was settled and received approval from the U.S. District Court for the Eastern District of New York.”
Realty Trac – “Is Real Estate “Affordability” An Illusion?” (6-26-12)
“With mortgage rates at their lowest levels in decades and home values down almost 18 percent from 2007 there shouldn’t be much of a debate regarding real estate affordability.”
Hard Money Loan Closed
Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $130,000 on a 6 bedroom, 3 bathroom home appraised for $239,000.
Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.
Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.
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.
California Real Estate Investing News is a post from: The Norris Group