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The Norris Group Real Estate News Roundup 6/14/13

Friday, June 14th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Zillow reported housing inventory has shown positive signs this year alone despite having decreased year-over-year.  The west saw a decrease in foreclosure sales this month.

In The News:

Housing Wire - “Zillow: Housing inventory turnaround begins” (6-14-13)

“Although year-over-year, housing inventory was down in June, it has improved since the beginning of the year as the spring selling season brought with it an increased inventory, according to Zillow.”

DS News – “Report: Mortgage Rates Too Low to Add Serious Threat to Recovery” (6-14-13)

“The recent rise in mortgage rates is not enough to pose any real threat to the housing recovery, but that’s not to say the increase doesn’t come with any risk, according to a recent analysis from Capital Economics.”

Inman – “Demand for architects recovers along with housing market” (6-14-13)

“Apparently feeding on a stream of new buyers, architects are reporting that business is better than it’s been in eight years, with demand for their services in designing move-up homes, custom or luxury homes, and starter homes sharply increasing in the first quarter of 2013, the American Institute of Architects’ first-quarter 2013 Home Design Trends Survey suggests.”

Housing Wire - “Ocwen enters massive MSR agreement with OneWest Bank” (6-14-13)

“Ocwen Loan Servicing entered into a mortgage servicing rights purchase and sale agreement with OneWest Bank.”

DS News - “Fannie Mae: Economy on Path to Normal Growth” (6-14-13)

“While fiscal headwinds have held back economic growth for the first half of 2013, Fannie Mae’s Economic & Strategic Research Group maintains in its newest Economic and Housing Outlook that the recovery should pick up the pace as it heads into the year’s second half.”

Housing Wire - “Agency MBS hit bumps due to Fed tapering” (6-14-13)

“May witnessed heightened volatility, scattered demand and an overall move to higher yields and lower prices amidst a backdrop of Federal Reserve tapering uncertainties, analysts claim.”

DS News - “Foreclosure Sales in West Down in May; Likely to Increase in June” (6-14-13)

“Foreclosure sales decreased in all five Western states tracked by PropertyRadar —Arizona, California, Nevada, Oregon, and Washington—over the month of May.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $123,000 on a 6 bedroom, 2 bathroom home appraised for $180,000.

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Looking Back:

Unemployment insurance claims increased to 386,000 for the week ended June 9.  Shadow inventory was at its lowest level since 2008 according to CoreLogic.  New York Attorney General Eric Schneiderman introduced a bill that would punish foreclosure fraud more harshly.  Foreclosures decreased 4% from the previous month, although despite this the Inland Empire showed the highest rate of foreclosures.

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.

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The Norris Group Real Estate News Roundup 6/7/13

Friday, June 7th, 2013

 

 

Today’s News Synopsis:

This week’s videos is a promotional video for the upcoming California Comeback 2: Fast, Furious, and Dangerous on July 13.  In the news, 175,000 new jobs were added to the economy last month, although unemployment increased to 7.6%.  NAHB reported the number of improving housing markets increased this month after having shown signs of decrease in April and May.  According to the latest S&P Case Shiller Home Price Index report, home prices for the nation increased 12%.

In The News:

 

DS News - “Economy Adds 175K Jobs in May; Unemployment Rate Ticks Up” (6-7-13)

“The economy added 175,000 jobs in May, and the unemployment rate ticked up to 7.6.percent, the first month-over-month increase since January, the Bureau of Labor Statistics (BLS) reported Friday.”

Housing Wire – “Florida AG rips Bank of America over lingering servicing issues” (6-7-13)

“Another attorney general is snapping back at Bank of America over its mortgage servicing practices.”

Realty Times – “National Home Prices Jump 12 Percent” (6-7-13)

“A week after the S&P Case Shiller Home Price Indices reported home prices rose by more than 10 percent for the year ending in March, another report says home prices are up 12 percent on the year ending in April.”

DS News - “List of Improving Markets Trends Upward After Falling” (6-7-13)

“After falling in April and May, the National Association of Home Builders (NAHB)/ First American Improving Markets Index (IMI) resumed its upward trend in June, NAHB reported.”

Bloomberg - “Mortgage-Bond Yields Approach 14-Month High After Jobs Report” (6-7-13)

“Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates approached a 14-month high as May employment data failed to allay concern that the Federal Reserve will pare back its unprecedented stimulus.”

DS News - “Trulia: Asking Prices Accelerate in Least Affordable Housing Markets” (6-7-13)

“Asking prices are rising at an especially fast pace in the least affordable housing markets, according to Trulia.”

Inman - “Carrington introduces 21-day loan closing program” (6-7-13)

“Carrington Mortgage Services LLC is upping the ante in its ongoing push to streamline loan closings.  The wholesale lending division of the company recently announced that it is expanding a program that guarantees a loan closing within 30 days to include another that promises a closing in just 21 days.”

DS News - “Bay State Foreclosure Starts, Completions See Dramatic Declines in April” (6-7-13)

“Massachusetts foreclosure starts and completions plummeted over the last year in April, the Warren Group reported.”

Hard Money Loan Closed

Newport Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $1,453,000 on a 3 bedroom, 3 bathroom home appraised for $2,422,000.

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with TODAY, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Looking Back:

Mortgage rates decreased again for the sixth week in a row and were at their lowest on record at 3.67%.  Unemployment claims decreased to 377,000 from 389,000 for the week ended June 2.  With the economic recession at its worst since the Great Depression, more Americans were being cautious about leaving their jobs and starting new ones.  In addition, they were also wary about purchasing a new home.

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.

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The Norris Group Real Estate News Roundup 5/31/13 | Bruce Norris, The Norris Group, tng trust deeds, hard money, hard money lender, private money, Labor Department, unemployment, pending home sales, RealtyTrac, foreclosure, Freddie Mac, Mortgage rates, Department of Housing and Urban Development, Treasury Department, Commerce Department, SCIC, Bureau of Economic Analysis, ForeclosureRadar

Friday, May 31st, 2013

 

Sources:

Bruce Norris, The Norris Group, tng trust deeds, hard money, hard money lender, private money, Labor Department, unemployment, pending home sales, RealtyTrac, foreclosure, Freddie Mac, Mortgage rates, Department of Housing and Urban Development, Treasury Department, Commerce Department, SCIC, Bureau of Economic Analysis, ForeclosureRadar

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate.   HUD announced today they will be giving $109 million in grant to go towards rebuilding communities in disrepair.  The latest analysis from Fitch Ratings showed home prices may be increasing too much and could lead to the market either stalling or declining.

In The News:

 

Housing Wire - “HUD grants $109 million to transform housing and communities” (5-31-13)

“The U.S. Department of Housing and Urban Development announced Friday that it will provide $109 million in grants to revitalize public and HUD-assisted housing in order to revitalize communities.”

DS News – “Stats Show Troubling Trends for Reverse Mortgages” (5-31-13)

“While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says recent trends show trouble in the market that may cost taxpayers billions of dollars.”

Inman – “Buyers won’t rush to beat rising mortgage rates” (5-31-13)

“Tough, strange week. On Tuesday the trading and investment world returned from golf and beaches with one thought in mind: Sell bonds.”

Bloomberg - “American Realty Property to Grow Eightfold in Deal Spree” (5-31-13)

“American Realty Capital Properties Inc. (ARCP), an owner of U.S. single-tenant buildings, is poised to own eight times the properties it had at the end of 2012 after a buying spree that included two major deals this week.”

DS News - “Fitch: Price Gains May Be Too Rapid in Certain Markets” (5-31-13)

“In some markets, the recent home price gains may actually be too rapid, leading to concerns of a market imbalance that could eventually stall or reverse the positive trend, according to an analysis from Fitch Ratings.”

Housing Wire - “BofA, MBIA settlement is credit positive for military housing bonds” (5-31-13)

“A recent settlement between Bank of America and MBIA Insurance Corp in regards to MBIA’s suit against the mega bank over sour mortgage-backed securities is credit positive for the military housing sector, analysts claim.”

Realty Trac - “Fannie Mae Kickbacks ‘a Natural Part of Business,’ Ex-Worker Says” (5-31-13)

“A former foreclosure specialist at mortgage giant Fannie Mae’s Irvine office was caught accepting an $11,000 kickback from an Arizona real estate broker in exchange for steering foreclosure listings to brokers while a second employee of that office claims she was fired for trying to expose the illegal payments, according to the U.S. Department of Justice.”

Bruce Norris, The Norris Group, tng trust deeds, hard money, hard money lender, private money, Labor Department, unemployment, pending home sales, RealtyTrac, foreclosure, Freddie Mac, Mortgage rates, Department of Housing and Urban Development, Treasury Department, Commerce Department, SCIC, Bureau of Economic Analysis, ForeclosureRadar

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 4 bedroom, 2 bathroom home appraised for $165,000.

 

Bruce Norris, The Norris Group, tng trust deeds, hard money, hard money lender, private money, Labor Department, unemployment, pending home sales, RealtyTrac, foreclosure, Freddie Mac, Mortgage rates, Department of Housing and Urban Development, Treasury Department, Commerce Department, SCIC, Bureau of Economic Analysis, ForeclosureRadar

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange TOMORROW, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 the previous week. The number of people who could afford to buy a home was at its highest on record at 77.5%. At the same time, foreclosures were at their lowest in five years.

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.

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The Norris Group Real Estate News Roundup 5/24/13

Friday, May 24th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Sales in which foreclosures and short sales were involved continued to decline to their lowest levels since 2009.  The Troubles Asset Relief Program is not costing the federal government as much money as they initially expected it would.

In The News:

Housing Wire - “TARP transactions cost the federal government less than expected” (5-24-13)

“The Troubled Asset Relief Program, which launched more than four years ago to stabilize both banks and the mortgage finance market, is costing the federal government less than initially expected.”

DS News – “Survey: Distressed Sales Fall, Investors Increase Short Sale Activity” (5-24-13)

“In April, the share of sales involving foreclosures and short sales stayed on its downward path, falling to the lowest level since 2009, according to the Campbell and Inside Mortgage Finance HousingPulse Tracking survey.”

Bloomberg – “Fannie Mae Profiting as Market Middleman Angers Lenders” (5-24-13)

“Fannie Mae (FNMA) is snatching potential profits away from mortgage lenders as it posts record earnings that are fueling industry concern the government-backed company is regaining its swagger even as lawmakers plot its demise.”

Inman - “Years of slow recovery, low rates lie ahead” (5-24-13)

“During the Inquisition, the first step in extracting a confession or recantation of heresy was to show the accused the instruments to be used in the next stage. A glance at tongs, or the rack, and many would sing on the spot.”

DS News - “Ally to Contribute 2.1B in ResCap Agreement” (5-24-13)

“Residential Capital (ResCap), Ally Financial’s former mortgage subsidiary, announced Thursday it had filed a motion with the U.S. Bankruptcy Court for approval of the previously announced agreement with Ally and ResCap’s major creditors.”

Housing Wire - “Forthcoming RMBS deal feeds appetite of private-label market” (5-24-13)

“A sizeable $8.7 billion nongency bid list for a structured-finance deal submitted by Lloyds Banking Group to various securities dealers is due out May 28, with the company looking to benefit from a recent rally in private-label residential mortgage-backed securities valuations, analysts claim.”

CNN Money - “Poor hit hardest by Washington budget cuts” (5-24-13)

“Forced federal spending cuts intended to be equal and across-the-board have lately fallen harder on the nation’s poor, sick and elderly.”

Inman - “Survey reveals communities with low levels of tax compliance” (5-24-13)

“Are taxpayers in some parts of the country more honest than those in others? If you said yes, you’d be right.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $123,000 on a 6 bedroom, 2 bathroom home appraised for $180,000.

 

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Looking Back:

30-year mortgage rates were at their lowest on record at 3.78% for the fourth week in a row.  Jobless claims decreased by 2,00o to 370,000 the previous week.  Good news for banks: the number of banks in trouble decreased in the first quarter, while at the same time earnings increased.

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.

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The Norris Group Real Estate News Roundup 5/17/13

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Redfin reported a strong housing market for the month of April with increases in inventory, home sales and prices.  The National Association of Realtors is in danger of experiencing losses in the next three years.

In The News:

Housing Wire - “Bid list indicates first signs of GSE risk reduction” (5-17-13)

“The Federal Housing Finance Agency plans to sell 5% of the illiquid portion of its retained portfolio assets by the end of the year, meaning the collateral Freddie Mac and Fannie Mae had before the conservatorship.”

DS News – “CoreLogic Case-Shiller Forecasts Waning Price Appreciation” (5-17-13)

“With housing prices on the rise across the nation, and double-digit increases in some markets, CoreLogic quashes any fears of another housing bubble forming any time soon.”

Bloomberg – “Wells Fargo Cites New Facts in Bid to Disband Plaintiffs” (5-17-13)

“Wells Fargo & Co. (WFC), citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.”

Inman - “NAR could be in the red for the next 3 years” (5-17-13)

“A budget proposal for the National Association of Realtors projects the trade group will run at a loss for the next three years.”

Realty Times - “Mortgage Rates Move Higher for Second Consecutive Week” (5-17-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending.”

DS News - “Redfin Reports Gains in Inventory, Sales, and Prices for April” (5-17-13)

“The housing market came out of April in a particularly strong position, according to Redfin’s latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country.”

Housing Wire - “FHFA director nomination may be pushed to back burner” (5-17-13)

“The IRS scandal brewing in Washington D.C. may prompt Senate Republicans to put Rep. Mel Watt’s nomination to lead the FHFA on the back burner for now, analysts with Compass Point Research & Trading said this week.”

Realty Times - “Here We Go: Building Booming and Home Prices Rising” (5-17-13)

“In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it’s still a sign of better times, according to Corelogic.com.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $133,000 on a 3 bedroom, 2 bathroom home appraised for $194,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with Chino Valley TODAY.

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Looking Back:

Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 the previous week.  The number of people who could afford to buy a home was at its highest on record at 77.5%.  At the same time, foreclosures were at their lowest in five years.

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.

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The Norris Group Real Estate News Roundup 5/10/13

Friday, May 10th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The OCC reported that 2.2 million out of 3.9 million foreclosure review checks sent out have been cashed.  Home prices in metropolitan areas continue to increase according to the NAR and are continuing to stay consistent.

In The News:

Housing Wire - “Bernanke: Homeowners remain shaken, financial oversight improves” (5-10-13)

“With the economy four years beyond the most intense part of the financial crisis, traces of its aftermath remain.  As a result, the Federal Reserve has made efforts by greatly increasing the resources devoted to monitoring the financial markets as well as taking a more systematic and intensive approach, said Ben Bernanke, chairman of the Federal Reserve, on Friday at the Federal Reserve Bank of Chicago Conference.”

DS News – “REO, Short Sale Fraud Continue to Evolve” (5-10-13)

“Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic.”

Realty Times – “Consumers Confused About Credit Counseling” (5-10-13)

“Counseling, whether it be for homeownership, foreclosure, credit, bankruptcy or other financial issues, is supposed the clear the air and prepare consumers for a given financial condition.”

Housing Wire - “Obama Scorecard details loss mit actions” (5-10-13)

“The Obama Administration’s foreclosure mitigation programs provided relief to millions of distressed borrowers recovering from the housing market over the past four years.”

DS News - “More than 2.2M Foreclosure Review Checks Cashed, 3.9M Sent” (5-10-13)

“As the stream of foreclosure review settlement checks continue to be released, the Office of the Comptroller of the Currency (OCC) provided another update on the status of the checks’ whereabouts.”

CNN Money - “Where the mortgage deduction really pays” (5-10-13)

“The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts.”

Housing Wire - “Twin Cities home prices soar” (5-10-13)

“The Twin Cities metropolitan area, which includes the cities of Minneapolis and St. Paul, continues to see rapid year-over-year home price appreciation as the market experiences a mix of higher listings and more consumers searching for inventory as sellers re-enter the market.”

DS News - “NAR: Metro Area Home Price Gains Stay on Course in Q1″ (5-10-13)

“Metro areas continued to post price gains in the first quarter, rising alongside national median price increases, the National Association of Realtors (NAR) reported.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $156,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

Mortgage rates were at their lowest on record for the second week in a row at 3.8% for 30-year loans.  Builder confidence increased in the first quarter according to the NAHB.  Jobless claims decreased by 1,000 to 367,000 for the week ended May 5.  The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.

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.

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The Norris Group Real Estate News Roundup 5/3/13

Friday, May 3rd, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of a few big news stories of the week.  Employment for the the 18-34 year old demographic decreased 75.2% in December, making it only a little higher than it was last year.  This occurred despite the unemployment rate decreasing 7.5% month-over-month.  The home ownership rate continues to decline with the increase in foreclosures and stricter lending standards.

In The News:

Housing Wire - “April job gains dampened by weaker outlook for young Americans” (5-3-13)

“Despite overall growth in the employment situation in the month of April, employment for 18- to 34-year olds slipped to 75.2% from 75.6% in December, creating the potential for drag on the housing market.”

DS News – “Tight Lending, Foreclosures to Prompt Homeownership Declines” (5-3-13)

“With the homeownership rate already at its lowest point since 1995, Capital Economics predicts further decline before a rebound occurs.”

CNN Money – “Obama’s pick for housing agency head faces big headaches” (5-3-13)

“The next head of the Federal Housing Finance Agency will have quite the task waiting.  President Obama nominated Mel Watt, a Democratic congressman from North Carolina, this week to be the next head of the FHFA. Should Watt be confirmed by the Senate, he will play a critical role in shaping the future of the U.S. housing market.”

Housing Wire - “Carol Galante: FHA multifamily volume production nears its peak” (5-3-13)

“Federal Housing Administration Commissioner Carol Galante told HousingWire in an exclusive interview that the FHA’s multifamily refinancing volume is most likely at its peak, with low interest rates encouraging refis on existing loans insured by agency.”

DS News - “Fourth Round of Foreclosure Review Checks Sent, Bringing Total to 3.9M” (5-3-13)

“The Office of the Comptroller of the Currency (OCC) announced the fourth round of checks from the foreclosure review settlement was sent Friday, May 3.”

Inman - “Home construction continues to add jobs” (5-3-13)

“Builders continued to hire more workers in April, though employment among an age cohort important to household formation slipped, according to today’s jobs report, which showed more overall growth than expected.”

Housing Wire - “Nevada lawmakers push for local Homeowner Bill of Rights” (5-3-13)

“The California Homeowner Bill of Rights shifted how foreclosure attorneys, banks and homeowners view the default process in the state.”

DS News - “Payrolls Up 165k in April; Unemployment Rate Drops to 7.5%” (5-3-13)

“The economy added 165,000 jobs in April—rebounding from a weak report for March—and the unemployment rate dropped to 7.5.percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 3 bedroom, 2 bathroom home appraised for $107,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

According to a recent survey released by Freddie Mac, fixed mortgage rates were at their lowest on record with 30-years at 3.84% and 15-years at 3.07%.  First time claims for unemployment decreased by 27,000 the previous week according to the Labor Department.  Mortgage servicers also reported filing less than half the number of mortgage modifications they filled out the previous year for Freddie Mac loans.

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.

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The Norris Group Real Estate News Roundup 4/26/13

Friday, April 26th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Shaun Donovan of HUD announced a new plan to put $1.7 billion into a recovery act for those hit hardest by Hurricane Sandy.  GDP increased 2.5% in the first quarter, slower than expected but drastically higher than the previous quarter.

In The News:

Housing Wire - “San Francisco housing market becomes nearly unaffordable” (4-26-13)

“At a recent real estate conference in Dallas, Trulia Chief Economist Jed Kolko discussed how his hometown, San Francisco, was experiencing unreasonably high prices as a result of extremely limited potential land development and tight inventory.”

DS News – “Moody’s: Home Prices to Increase, Loss Severities to Remain High” (4-26-13)

“Home prices will increase over the next three years as the economy expands and servicers work through their distressed inventories, according to a report from Moody’s Analytics.  However, the firm predicts rising prices will not be enough to offset anticipated rising loss severities.”

Bloomberg – “Investor Passion Cooling for Private Mortgage Securities” (4-26-13)

“Investors’ rekindled passion for sales of private mortgage securities is cooling.  Yields on $397.3 million of top-rated securities sold yesterday by Redwood Trust Inc. (RWT) were 175 basis points more than benchmark swap rates, up from 170 basis points on bonds it sold earlier this month and 97 basis points, or 0.97 percentage point in January.”

Housing Wire - “Hardest-hit communities receive funding to rebuild” (4-26-13)

“Policymakers are taking further action to help homeowners and neighborhoods devastated by the aftermath of super storms.”

DS News - “Non-Investor Homebuyers also Driving Market Recovery, Survey Finds” (4-26-13)

“Investors aren’t the only major players driving the housing recovery. According to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey for March, first-time homebuyers and current homeowners are also building a strong presence as they dominate the non-distressed market.”

CNN Money - “When will the debt ceiling need to be raised?” (4-26-13)

“If you enjoy the spectacle of lawmakers fruitlessly fighting over the budget, then you’re in luck. Congress is expected to have even more time to chase its tail this summer before it must do something concrete — raise the country’s legal debt limit.”

Realty Times - “Short Sale Lease Back Alternative to Foreclosure Available” (4-26-13)

“Some lenders will allow you to buy a home immediately after a short sale in certain circumstances and others will give you a mortgage two to three years after a short sale.”

DS News - “Q1 GDP Shows Sharp Gain Over Previous Quarter” (4-26-13)

“The nation’s economy rose at a seasonally adjusted annual rate of 2.5 percent in the first quarter, slightly slower than economists had expected but more than six times the growth rate in the fourth quarter, the Bureau of Economic Analysis (BEA) reported Friday.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 3 bedroom, 2 bathroom home appraised for $199,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The National Association of Realtors reported a 4.1% increase the previous month in the purchases of pending homes.  More and more homes were being foreclosed on after having been put on hold due to the recent robo-signing issues.  Jobless claims declined by 9,000 from the previuos week, but they were still at levels higher than wanted.  Fixed mortgage rates were still at their lowest on record at 3.00% for 30-year and 3.12% for 15-year.

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.

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The Norris Group Real Estate News Roundup 4/19/13

Friday, April 19th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The amount of homes flipped in California increased by almost three times the amount from last year and are now at their highest level since September 2005.  According to a recent announcement by the OCC, the second wave of foreclosure checks was sent out last week.

In The News:

Housing Wire - “The gap between large and small homebuilders widens” (4-19-13)

“The 14% increase in land values during the first three quarters of 2012 was four times greater than the rise in house prices, Capital Economics said in a new report.”

CNN Money - “Inflation is very, very low. Time to worry?” (4-19-13)

“Prices aren’t going up very much. Should we celebrate?  Not really. Inflation that’s too low could be a bad sign for the U.S. economy, and some Federal Reserve officials are starting to get concerned.”

DS News – “California Flipping Activity at Highest Level Since 2005″ (4-19-13)

“Real estate sales have been weakening in California, but ForeclosureRadar found flipping activity in the state reached its highest level since September 2005.”

Bloomberg – “Deutsche Bank Loan Signals Rental Home Bond Dreams” (4-19-13)

“Deutsche Bank AG (DBK) is moving closer to turning U.S. rental home payments into bonds, which would be one of the first new types of securitization since the 2008 credit crisis, and pave the way for an infusion of capital.”

Realty Times - “Welcome Back Vacation Homes” (4-19-13)

“Vacation home sales improved in 2012 by 10 percent and the outlook for second-home sales continues to look good because of favorable conditions, according to the National Association of Realtors.”

Housing Wire - “FDIC sues Florida law firm over failed bank” (4-19-13)

“Several law firms in Florida became the center of an intense attorney generals investigation after the financial crisis for their handling of foreclosures.”

Inman - “Census Bureau infographic shines light on home investment” (4-19-13)

“The Census Bureau has released an infographic that illustrates the level of commitment among many homeowners to improving their homes, highlighting some of the most common-remodeling projects and tallying up $359 billion in total investments from 2009 through 2011.”

DS News - “Second Wave of 1.4M Foreclosure Review Checks Sent” (4-19-13)

“The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $440,000 on a 2 bedroom, 2 bathroom home appraised for $71,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

Claims for unemployment decreased by 2,000 with claims being at 386,000 compared to 388,000 the week prior.  Existing home sales also decreased 2.6% the previous month for the third time in the previous four months.  Mortgage rates increased to 3.9% at this time last year, the first time in four weeks mortgage rates saw an increase.

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.

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The Norris Group Real Estate News Roundup 4/12/13

Friday, April 12th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The number of foreclosures increased 73% from January.  Both Wells Fargo and JPMorgan reported first quarter profits were some of the best on record.

In The News:

Housing Wire - “Sen. Boxer: Servicing standards fall short of settlement” (4-12-13)

“U.S. Sen. Barbara Boxer, D-Calif., sent a letter to federal officials urging them to investigate allegations that banks are not fully complying with servicing standards laid out in the National Mortgage Settlement.”

Bloomberg - “Economy Bears Turn Bulls Seeing 3% U.S. GDP Few Saw in 2012″ (4-12-13)

“Bearish forecasts for the U.S. economy are giving way to more upbeat views of the nation’s ability to weather federal spending cuts and tax increases.”

DS News – “Wells Fargo, JPMorgan Report Record Profits in Q1″ (4-12-13)

“Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks.”

Inman – “Mortgage rules may put chill on Canada’s spring buying season” (4-12-13)

“Home sales in the metro Montreal market fell 18 percent during the first quarter compared to a year ago, the latest evidence that new mortgage rules introduced by Canadian regulators last summer have cooled markets there.”

DS News - “California Foreclosure Starts Up 73% from January” (4-12-13)

“Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported.”

Housing Wire - “Colorado bill to end dual-tracking dies in committee” (4-12-13)

“Proposed legislation designed to end the practice of dual tracking in Colorado died in committee this week.”

Inman - “Redfin: Feels like a bubble, but it’s not” (4-12-13)

“An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble.”

DS News - “Foreclosure Timelines Are Lengthening” (4-12-13)

“Foreclosure timelines are lengthening, according to recent reports from Moody’s Investors Service and RealtyTrac.  In addition to this trend, Moody’s highlighted the importance of net present value (NPV) models in the loss mitigation process for residential mortgage-backed securities.”

Hard Money Loan Closed

Yucca Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 3 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

This week saw many changes in the real estate economy.  The number of foreclosures filed was at its lowest in over four years since 2007.  Unfortunately, the number of claims of unemployment increased 13,000 the previous week to a level not experienced since January.  Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.

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.

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