Today’s News Synopsis:
Mortgage application volume rose 5.3%, according to the MBA. The NAR said existing home sales increased 3.7%. Economists from CSU Fullerton believe O.C. home prices will rise by less than 5% this year.
In The News:
Bloomberg – “Meyer Interview About U.S. Housing Market” (4-20-11)
“Michelle Meyer, a senior economist at Bank of America Merrill Lynch, talks about the outlook for the U.S. housing market. Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors.”
Mortgage Bankers Association – “Press Release – Weekly Application Survey” (4-20-11)
“mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The Refinance Index increased 2.7 percent from the previous week.”
NAR – “Existing-Home Sales Rise in March” (4-20-11)
“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.”
Orange County Register – “CSUF: O.C. home prices to rise by less than 5%” (4-20-11)
“Business School economists at California State University, Fullerton, are sticking to their earlier forecast that Orange County home prices won’t gain much ground this year.”
DSNews – “Moody’s: Commercial Real Estate Prices Just 0.8% Above Cycle Low” (4-20-11)
“commercial real estate (CRE) prices as measured by the Moody’s/REAL Commercial Property Price Index (CPPI) fell 3.3 percent at the national level in February. The index is down 4.9 percent from 12 months earlier and only 0.8 percent above its post-peak low set in August 2010.”
Looking Back:
One year ago, 81,054 Notices of Default were recorded at county recorder offices during the January-to-March period in California. Marcus & Millichap Real Estate Investment Services claimed that the gap between monthly rents and mortgage payments was at its lowest level in almost 20 years. Cushman & Wakefield estimated the commercial real estate market would take the longest to recover. HAMP completed 230,000 permanent modifications over 12 months.
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