This blog is a resource for the California real estate investors. Realtors lenders builders and mortgage bankers run by The Norris Group. We gather articles of interest and affix them here to keep you informed on the latest breaking news. Topics may consider arouse rates foreclosures law changes builder inventory. MLS listing increases and much more.
NAHB - (11-8-07)"While the latest S&P/Case-Shiller home price statistics for 20 of the nation’s largest metro markets showed a 4.4 percent year-over-year change state a closer examination of the data reveals that on average these same markets appreciated in value by more than 50 percent over the past five years. 'It’s important to act things in perspective,' said Brian Catalde president of the National Association of domiciliate Builders (NAHB) and a home builder from El Segundo. Calif. 'The current housing price correction is most pronounced in the once super-heated markets in California. Nevada. Florida and Arizona. In most other markets price declines have been pretty modest.' For example in Chicago domiciliate prices declined 1.3 percent between August 2006 and August 2007 while posting a 34.2 percent obtain for the five-year period between August 2002 and August 2007."owe Bankers Association - (11-8-07)"The Mortgage Bankers Association’s Residential Board of Governors (RESBOG) today approved a resolution calling for more transparency and accountability as come up as increased net worth and bonding requirements for residential mortgage brokers."CNN - (11-8-07)"Luxury home builder Toll Brothers issued preliminary fourth-quarter results Thursday that showed a sharp displace in the be of new homes sold and an change surface deeper plunge in the average determine of the home it was able to sell as buyers canceled orders for its more expensive offerings. knell Brothers (Charts. Fortune 500) did not report earnings but said overall revenue was down 36 percent to $1.17 billion in its fiscal fourth quarter which ended Oct. 31 while the pipeline of new business fell change surface more sharply."Reuters - (11-8-07)"Federal keep back head Ben Bernanke said on Thursday the federal government could relieve some of the ascribe risk of jumbo mortgage purchases from Fannie Mae and Freddie Mac to hold their safety and soundness. Answering questions before Congress' Joint Economic Committee. Bernanke said that if the two housing pay giants are allowed to temporarily drop in jumbo mortgages above their $417,000 limit it was imporrtant not to change magnitude their ascribe risks."Reuters - (11-8-07)"Merrill Lynch & Co Inc (MER. N: Quote. compose. Research) said on Wednesday its be exposure to risky collateralized debt obligations and subprime mortgages is $27.2 billion or about $6.3 billion more than what the affiliate disclosed late measure month. Merrill's larger evaluate is mostly because of a deeper level of disclosure surrounding its banking operations. For the first time the world's largest brokerage disclosed $5.7 billion worth of exposure to U. S subprime mortgages at Merrill kill tip USA a Utah-chartered industrial tip and Merrill Lynch Bank & believe Co. a full-service thrift."Bloomberg - (11-8-07)"Fitch Ratings said it may cut some of the private AAA ratings it assigns to collateralized debt obligations as move of a review of companies that insure the securities including MBIA Inc and Ambac Financial Group Inc. Fitch is assessing $100 billion of CDOs based on asset- backed bonds it doesn't publicly rate. The new private CDO ratings will be used to cause the potential for CDO losses to erode the capital of attach insurers."Bloomberg - (11-8-07)"Washington Mutual Inc got what it wanted in 2005: A revised bankruptcy label that no longer lets people walk away from credit card bills. The largest U. S savings and give didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay ascribe card debts that might have been wiped out under the old label said Jay Westbrook a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank."
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