The Norris Group Blog
California Real Estate Headline Roundup
Archive for December, 2007
By Bruce Norris Bruce Norris.
Sunday, December 30th, 2007
To wrap up 2007, Bruce Norris takes some time to interview TNG team members Craig Hill (hard money loan officer at The Norris Group), Andrea Jennings (Realtor), and Greg Norris (Property Buyer). Together the four talks about what they’ve seen in 2007 and how quickly the market has shifted. Craig talks about how long he’s been in the business and how he came to work at TNG, what he’s hearing every day from investors calling in, why access to cash is important in this California real estate market, misconceptions in the marketplace, investors sitting on the sidelines in 2007 and 2008, the transition of deals, and recent auctions. Greg and Bruce discuss his background and what he brings to the table at TNG, recent real estate auctions, important skills to have, trustee sales, how he preps for a trustee sale, how title companies have made mistakes, target inventory, and how many home owners have equity. Andrea talks with Bruce about prices dropping, buyer babysitting, banks and appraisals, BPOs, repairs, REOS then and now, inventory numbers, change in agents’ attitudes, and misconceptions between investors and agents. They also warn of investors trying to play catch up 2008 and tie breakers.
The Norris Group officially started in 1997 when Craig Hill joined The Norris Group to open up the hard money loan division. Since inception, The Norris Group has added several team members including full-time Realtor Andrea Jennings and full-time property buyer Greg Norris. Together The Norris Group team has almost a century of combined experience.
Listen to Show
http://www.thenorrisgroup.com/
Tags: Andrea Jennings, appraisals, auction, BPOs, bruce norris, Craig Hill, equity, Greg Norris, hard money, inventory, investor, loan, real estate, realtor, reos, repairs, TNG, trustee
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Friday, December 21st, 2007
Ward Hanigan
Foreclosure Specialist
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Bruce Norris is joined once again by California foreclosure expert Ward Hanigan. Bruce and Ward in this session discuss new litigation which could mean big trouble for lenders, the bill being introduced that would allow “cram downs,” the lost art of assumptions, selling real estate today in San Diego, what Ward’s students are doing now, why the real estate industry at large was so unprepared for the downturn, percentage hit in price in San Diego so far, the rental market, predicted bottom of the market, Ward’s favorite title holding entity, the Land Trust, three different entities to hold properties, and subject to.
Ward Hanigan is a full-time foreclosure specialist and trainer in San Diego County. He brings you over 37 years of real estate experience, with a degree in Economics and a Doctorate in Law. He has worked in California’s foreclosure market exclusively since 1982, and as a consequence he has extensive experience finding cash, researching title, handling evictions, rehabbing, reselling, consulting, and is a “one-on-one” trainer and mentor to some of the most successful foreclosure practitioners in the Western United States.
Tags: bruce norris, consulting, eviction, foreclosure, Foreclosure Forum, foreclosureforum.com, investment, lending, real estate, rehabbing, reselling, subprime, trustee, Ward Hanigan
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Saturday, December 15th, 2007
Ward Hanigan
Foreclosure Specialist
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Bruce Norris is joined by Southern California foreclosure expert and president of ForeclosureForum.com, Ward Hanigan. Bruce and Ward discuss how Ward got started in the forclosure business, investing in the 1980s, why Ward went for a law degree, Ward’s early mentors, California trustee sale market in the 1980s, what the trustee sale market is doing now, Ward’s Dingbat Retirement Program, how he has set up a reoccurring income stream, what properties he finds attractive, why tenants can make or break an investment, finding your customer and finding out what they want, Section 8, how San Diego has changed since late 2005, current conversion rates of trustee sales, deal breakers when looking at trustee sale properties, Ward’s take on the new subprime solutions, what lenders will be dealing with in 2008.
Ward Hanigan is a full-time foreclosure specialist and trainer in San Diego County. He brings you over 37 years of real estate experience, with a degree in Economics and a Doctorate in Law. He has worked in California’s foreclosure market exclusively since 1982, and as a consequence he has extensive experience finding cash, researching title, handling evictions, rehabbing, reselling, consulting, and is a “one-on-one” trainer and mentor to some of the most successful foreclosure practitioners in the Western United States.
Tags: bruce norris, consulting, eviction, foreclosure, Foreclosure Forum, foreclosureforum.com, investment, lending, real estate, rehabbing, reselling, subprime, trustee, Ward Hanigan
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Friday, December 7th, 2007
Steve Silva
REO Agent, Market Point Realty Services
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Bruce Norris is joined by REO agent and owner of Market Point Realty, Steve Silva. Steve and Bruce talk about how busy Steve has quickly become, how fast the market has changed compared to the 90s, the willingness of lenders to work out deals with borrowers, why the borrower and lender can’t seem to make it work, how the chain of command has made things worse, inventory this cycle compared to the last downturn, the new phenomenon of builders packing up and waiting for the market to return, the requirements of being an REO agent, what an REO agent is very busy doing these days, the REO process, why comparable sales aren’t always a good benchmark to use when deciphering real value, vacancy rates, and the recent purchase of an auction property that was Steve’s listing that he’s managed for almost one year and the journey he took with the bank.
Listen to Show
http://www.thenorrisgroup.com/
Tags: agent, auction, bruce norris, lender, Market Point, property, real estate, realty, reo, Steve Silva
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Saturday, December 1st, 2007
Christopher Thornberg
Principal at Beacon Economics
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In this second interview, Christopher Thornberg and Bruce Norris discuss how builders are adjusting to the new California real estate reality, how builders are notoriously optimistic, why builders continue to build, inflation pressure and why it’s hard to predict, consumer spending, when the subprime peak will occur, possible policy changes and the presidential elections, how property taxes will cause problems for cities around the nation, employment, out migration, and the commercial market.
Christopher Thornberg is a founding partner of Beacon Economics. Dr. Thornberg is an expert in the study of regional economies, real estate dynamics, labor markets and business forecasting. He has been involved in a number of special studies measuring the impact of important events on the economy, including the NAFTA treaty, the California power crisis, port security, California water transfer programs and the September 11th terrorist attacks. Prior to launching Beacon he worked with the UCLA Anderson Forecast where he regularly authored the outlooks for California, Los Angeles and the East Bay as well as performing a number of specialized forecasts for regions and industries. Dr. Thornberg lectures on a regular basis at a variety of public and private events, has appeared on CNN, Fox News and CNBC and is widely quoted in the press. He received his Ph.D in Business Economics from The Anderson School and his B.S. in Business Administration from the State University of New York at Buffalo. He specializes in International and Labor Economics. Dr. Thornberg continues to teach in the MBA program at UCLA and previously held a faculty position in the economics department at Clemson University.
Tags: Beacon economics, bruce norris, California, Christopher Thornberg, forecast, foreclosure, investing, investor, market, podcast, Radio, real estate, the norris group, update
Posted in Radio | No Comments »
