The Norris Group Blog

California Real Estate Headline Roundup

Julian Castro Officially Sworn In as HUD Secretary

July 30th, 2014

  Today’s News Synopsis: Julian Castro has just been sworn in as Secretary of HUD, although he will have a lot of work to do if he wants to see progress.  According to the latest Home Price Index, home prices increased 0.9% last May and are continuing to rise despite a slowdown

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Homeownership Rate Lowest in Almost Twenty Years

July 29th, 2014

  Today’s News Synopsis: The latest Case-Shiller Index showed a 0.3% decrease in home price gains.  A bank in Illinois closed this week, bringing the new total for closed banks this year to 14.  The U.S. homeownership rate decreased to 64.8% from 65% in the first quarter, bringing it to its lowest

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Pending and New Home Sales Decrease Month-Over Month

July 28th, 2014

  Today’s News Synopsis: Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB is scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations. In

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Morgan Stanley Reaches Settlement Over Misrepresentation of Mortgage Bonds

July 25th, 2014

Sources: RMBS Liquidations Increase for the First Time in Almost Two Years Regulators Take Possession of Georgia Bank Previously Owned U.S. Home Sales Rise to Eight-Month High U.S. Home Prices Increased More Than Estimated in May Sales of U.S. New Homes Fell in June After Large Revision Republicans Release Report Assessing Dodd-Frank Fitch Projects Positive Economic Growth

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Erik Hernandez Joins Bruce Norris on the Real Estate Radio Show #392

July 25th, 2014

  Erik Hernandez Lee and Associates (Full Bio) Bruce Norris is joined this week by Erik Hernandez. Erik is the senior vice president with Lee and Associates. He specializes in commercial real estate, his exact specialty being industrial real estate. He specializes in land sales and development representation, landlord representation, and investment sales and

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New Home Sales Decrease Again in June

July 24th, 2014

  Today’s News Synopsis: New home sales decreased again in June by 8.1%, the largest revision on record.  The number of homes seriously underwater decreased to 9.1 million, totaling 17.2% of homes in the nation.  Unemployment claims decreased by 19,000 to 284,000, the lowest in 8 years. In The News: Housing Wire - “Home price

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Mortgage Purchase Demand Remains Flat

July 23rd, 2014

  Today’s News Synopsis: Mortgage applications increased 2.4% from last week according to the latest survey by the Mortgage Bankers Association.  The latest Fitch Ratings showed positive numbers for the upcoming year with housing starts expected to increase 9.5% and multifamily volume to increase 12%.  Mortgage purchase demand is still slow, having

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Total Bank Failures Now at 13 with Closing of Georgia Bank

July 22nd, 2014

  Today’s News Synopsis: The total number of failed banks this year is now at 13 with the recent closure of Conyers-based Eastside Commercial Bank in Georgia.  Existing home sales increased 2.6% month-over-month and now stand at 5.04 million.  Home prices increased 0.4% month-over-month in May, exceeding expectations. In The News: DS News – “Regulators

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New Report on Dodd-Frank Act Released Four Years After Its Inception

July 21st, 2014

  Today’s News Synopsis: A new report was released by Congressional Republicans regarding the status of the Dodd-Frank Act, four years after its inception.  Ellie Mae said they will be moving their headquarters to Pleasonton, California due to their workforce continuing to grow and them experiencing strong growth.  The latest report from

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Analysts More Optimistic About Housing Market

July 18th, 2014

Sources: Consumers Expect Economic Improvement NAR: One chart shows widening affordability gap Builder Confidence Surpasses Key Benchmark in July South Pushes Nationwide Housing Starts Down 9.3 Percent in June Foreclosure Activity Falls below Pre-Crisis Levels Freddie Mac: Mortgage rates level off, 30-year loans average 4.12% Yellen to Testify before Congress this Week Yellen: Housing recovery still too slow Treasury

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