Today’s News Synopsis:
The Commerce Department reports construction spending increased 1.4% in March. Mortgage modification completions dropped nearly 20% in the first quarter, according to Hope Now. Maury Harris believes 750,000 to 1 million new households will be created in 2011.
In The News:
Sacramento Bee – “March construction spending rose 1.4 percent” (5-2-11)
“Construction spending rose 1.4 percent in March, the Commerce Department said Monday. It was the biggest advance since last April”
CNN – “Your Home: How to sell in tough times” (5-2-11)
“Many give in to the temptation to list the property above fair market value to see what happens. Big mistake. About a quarter of sellers in the past year initially listed too high and were forced to knock the price lower, according to Trulia.com. Even in cities that have held up well, such as Charlotte, 25% of sellers resort to at least one price cut, and often two.”
Orange County Register – “Slow spring: Home demand off 5%” (5-2-11)
“Demand, the number of new pending sales over the past month, decreased by 5% over the past month, shedding 169 pending sales and now totals 3,189. This year, the height in demand was reached on March 31st with 3,358 pending sales. Two weeks prior, on March 17th, demand had increased to 2,982.”
Housing Wire – “Private mortgage modifications drop 20% in first quarter” (5-2-11)
“Mortgage servicers completed 209,806 private modifications in the first quarter, down 19.7% from the previous period, according to data from the Hope Now alliance.”
Housing Wire – “Freddie Mac provides mortgage forbearance for victims of southern storms” (5-2-11)
“Freddie Mac will provide borrowers affected by recent storms in the South with a forbearance on mortgage payments for up to one year.”
Bloomberg – “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.” (5-2-11)
“Between 750,000 and 1 million new households will be created in 2011, predict UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. That compares with just 357,000 added in the year ended March 2010, the lowest on record, according to the Census Bureau. As employment picks up, new households are likely to rise above the past decade’s average of 1.3 million a year, according to Newport.”
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California Real Estate Investing News is a post from: The Norris Group