Today’s News Synopsis:
According to CoreLogic, shadow inventory levels increased to 2.1 million units in August. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys shows the current foreclosure problems are significantly delaying closings.
In The News:
Orange County Register – “Calif. ranked 3rd best U.S. home market” (11-20-10)
“Tops on the list for year-over-year price gains for all transactions — distressed sales, included — was New York (up 2.67 percent) then North Dakota (a 1.73 percent gain.) After California came Nebraska (+.78 percent), and Virginia (+.77 percent).”
Inman – “Lenders scoring lower on customer satisfaction” (11-22-10)
“Customer satisfaction with mortgage originators is on the decline as the time from loan application to approval has grown to 27.5 days, up from 20 days last year, according to a study by J.D. Power and Associates.”
Wall Street Journal – “Shadow Inventory of Homes Rising” (11-22-10)
“The ‘shadow inventory’ of unlisted bank-owned homes and potential foreclosures increased to 2.1 million units in August, up 10% from one year earlier, according to new estimates from CoreLogic, a real-estate research firm.”
Housing Wire – “Investors eye opportunities in distressed properties and loans” (11-22-10)
“Market indications, not just living on rumors of a billion dollar Pimco fund for distressed loans and properties, are such that global investors are also looking more at the U.S. According to a global distressed property monitor from the Royal Institute of Chartered Surveyors, investor interest in distressed sales is now double that of a year ago.”
Housing Wire – “Moody’s: CRE prices rose 4.3% in Sept. to highest since May” (11-22-10)
“Commercial real estate property prices increased for the first time since May with a 4.3% gain for September, according to Moody’s Investors Service.”
Housing Wire – “Mortgage delinquency rate tumbles 3.5% in 3Q: TransUnion” (11-22-10)
“The national mortgage delinquency rate fell 3.5% from the second to the third quarter to a rate of 6.7%, according to a report released Monday by TransUnion. This is the largest quarterly drop the firm witnessed since the fourth quarter of 2006. The rate still remains 3% higher than the third quarter of 2009, however.”
Housing Wire – “Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance” (11-22-10)
“Servicing problems disrupted both short sales and REO sales. Survey results show that 24% of closings scheduled for October were delayed or canceled due to issues with short sales, while 12% were delayed or canceled due to REO title issues.”
Bloomberg – “Mortgage Documentation Failures Extend Past Securitizations, Cantor Says” (11-22-10)
“In some cases faulty files are lowering loan prices or extending the time it takes to complete sales, said Jason Kopcak, the head of whole-loan trading at the New York-based broker. Residential and commercial mortgages owned by banks looking to sell often lack the papers required by buyers, including documents needed to foreclose, Kopcak said.”
Orange County Register – “O.C. homes: 4th costliest vs. income” (11-22-10)
“FiServ’s recent home-price outlook contained intriguing stats on 212 markets and the relationship between the median selling price of homes (for second quarter 2010) in major metropolitan areas across the nation and the local household median incomes from 2009.”
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California Real Estate Investing News is a post from: The Norris Group