Sources:
Multifamily mortgage originations jump 13%
Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing
HAMP Mods Approach 1M Mark
Mortgage mods in 2011 down 40% from prior year
Fewer young adults hold jobs than ever before
Report Reveals Number of Foreclosures Down From Last Year
Mortgage giants to pay $25 billion in foreclosure settlement
REAL ESTATE: California receives up to $18 billion in multistate settlement
Wells Fargo to start $5.3 billion foreclosure settlement relief in March
Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  30-year mortgage rates continue to hold at record lows of 3.87%.  DS News reported Bank of America will be required to pay $1 billion in settlement fees for their part in mortgage fraud.  In other news, the values of homes decreased over 1% in the fourth quarter, although the decrease for this year is expected to be lower than 2011.

In The News:

San Francisco Chronicle – “30-year mortgage rates hold at record low of 3.87%” (2-10-12)

“Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans for home purchases.  The average rate for a 30-year fixed loan was unchanged in the week ending Thursday at 3.87 percent, the lowest in records dating to 1971, Freddie Mac said in a statement.”

DS News – “U.S. Resolves Claims Against BofA Through $1 Billion Settlement” (2-10-12)

“Bank of America will pay $1 billion to settle on the largest False Claims Act relating to mortgage fraud.   As part of the $25 billion settlement, Loretta E. Lynch, U.S. attorney for the Eastern District of New York, announced that the government will resolve its claims against Bank of America, Countrywide, and certain Countrywide subsidiaries and affiliates for underwriting and origination mortgage fraud.”

Housing Wire – “Construction job cuts account for one-third of 4Q mass layoffs” (2-10-12)

“Mass layoffs in the fourth quarter of 2011 declined to their lowest level in six years, but construction jobs still took a big hit on the end of seasonal hiring, the government said Friday.”

Bloomberg - “Pimco: Foreclosure Deal Cheap for Banks” (2-10-12)

“The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.”

CNN Money – “Mortgage deal: What the critics say” (2-10-12)

“The $26 billion mortgage settlement had a lot of support — as evidenced by the 49 out of 50 state attorneys general that signed on to it.  The deal, which was announced Thursday, also won praise from groups as diverse as the Mortgage Bankers Association, the industry trade group for lenders, and the Center for Responsible Lending, a public interest group advocating for borrowers.”

Housing Wire – “Three California real estate investors plead guilty to bid rigging” (2-10-12)

“Three Northern California real estate investors agreed to plead guilty to forming a conspiracy to rig bids at foreclosure auctions, the Department of Justice Financial Fraud Enforcement Division said Thursday.”

DS News – “Home Values Declined 1.1 Percent for Fourth Quarter” (2-10-12)

“Zillow forecasts home values will be on the decline through December 2012, but the decrease will be smaller than 2011.”

Inman – “Markets with largest percentage-based price declines in Q4 2011″ (2-10-12)

“The Boise City-Nampa, Idaho, metro area led the nation with a 20.2 percent drop in its single-family existing-home median home price in fourth-quarter 2011 compared to the same quarter in 2010, the National Association of Realtors reported this week.”

Housing Wire – “Fannie defends ending pilot principal reduction program” (2-10-12)

“A small pilot principal reduction program Fannie Mae killed in 2010 was not performing well enough for executives to expand, the mortgage giant claims.”

DS News - “Illinois Introduces Two Initiatives to Tackle Foreclosure Issues” (2-10-12)

“To alleviate issues of foreclosure in one of the hardest hit areas, Illinois Governor Pat Quinn launched two initiatives. One effort will connect homeowners to resources to keep them in their homes, and another will help revitalize areas affected by foreclosed and vacation properties.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 7 bedroom, 4 bathroom home appraised for $420,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR.  Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reported foreclosure filings fell 17% year over year.  Kevin Warch resigned from the Federal Reserve Board of Governors.

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.

Sources:
Real Estate Outlook: Existing-Home Sales Rise Again
CoreLogic Records 4.7% Drop in Home Prices in 2011
ADP: Private sector adds 170,000 jobs in January
Jobless rate drops to lowest level in almost three years
Unemployment rate falls to 8.3%
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record-Low 3.87%
Housing construction spending hits 16-year low
Homeownership rate falls to 14-year low
Robo-Signing Settlement Update: Friday is Cutoff for States to Join
Foreclosures Draw Private Equity as U.S. Sells Homes
Report: Freddie Mac bets against homeowner refinancings
Obama administration details refinance plan for underwater borrowers
Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac

Today’s News Synopsis:

This week’s video features a slide show of the news of the week in the world of real estate and other big news stories.  According to CoreLogic, prices for homes decreased 4.7% in 2011, making it the fifth year in a row home prices declined over the year.  Unemployment is at 8.3%, the lowest in three years with the addition of 243,000 new jobs added last month.

In The News:

DS News – “CoreLogic Records 4.7% Drop in Home Prices in 2011″ (2-2-12)

“Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values.”

Housing Wire – “Unemployment rate falls to 8.3%” (2-3-12)

“The economy added 243,000 jobs in January and the unemployment rate fell to 8.3%, its lowest level since February 2009.  The Labor Department said large gains in professional and business services, leisure and hospitality, and manufacturing jobs drove the gains, which came in well above most analysts’ estimates. The rate in December was 8.5%.”

CNN Money - “Stealth jobs boom: 6 months, 2 million jobs” (2-3-12)

“Companies are saying the job market is getting better. Workers are saying it’s already kicked into high gear.  Friday’s jobs report showed a gain of 243,000 jobs. But a separate survey of households used to determine the unemployment rate shows much, much stronger job gains.”

Realty Times – “Average Mortgage Rates Ease Setting New Record Lows” (2-3-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.”

Housing Wire – “Obama mortgage refinance plan accelerates equity rebuild” (2-3-12)

“One option under the most recent refinancing plan from the Obama administration would allow borrowers to not only surface from underwater but actually begin building equity in their home at a quicker pace.”

Realty Times – “Real Estate Drops But Second Home Market May See Increase” (2-3-12)

“Interest rates continue to remain low for mortgages and it looks as though the Federal Reserve will keep the rate at which banks lend to each other overnight low through 2014. The federal funds rate is expected to remain at zero to 1/4 percent for the next few years due to the depressed housing market and slow business investments.”

San Francisco Chronicle – “Mortgage rates for 30-year loans hit record low” (2-3-12)

“Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Senate adds Fannie, Freddie bonus ban to Stock Act” (2-3-12)

“The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.”

Bloomberg - “Goldman Sachs Mortgage-Backed Securities Suit Granted Class-Action Status” (2-3-12)

“A suit against Goldman Sachs Group Inc. (GS) may go forward as a class action on behalf of all investors in a $698 million mortgage-backed securities offering, a federal judge in Manhattan ruled.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 2 bedroom, 2 bathroom home appraised for $120,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Freddie Mac reported the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined the previous week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expected the government to hit the $14.29 trillion debt limit before June 2011.

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.

Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011.  LPS reported a 30 year-over-year decrease in new loan originations in November.  At the same time, loan delinquencies also decreased 25% last month.  In other news, Freddie Mac reported an increase in the average mortgage rate.

In The News:

Bloomberg - “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”

Housing Wire - “New originations drop 30%, loan delinquencies decline” (1-27-12)

“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics.  New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”

CNN Money - “SEC to step up scrutiny of private equity firms” (1-27-12)

“The private equity world is struggling to stay in the shadows.  It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”

Realty Times - “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”

San Francisco Chronicle – “Unexpected dip in U.S. new home sales in December” (1-27-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

DS News - “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)

“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”

Housing Wire – “GDP growth rate of 2.8% for 4Q” (1-27-12)

“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”

DS News - “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)

“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”

Housing Wire – “January consumer sentiment posts 11-month high” (1-27-12)

“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”

CNN Money - “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)

“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.

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.

Sources:
30-year, fixed-rate mortgage hits new low
Mortgage Applications Increase in Latest MBA Weekly Survey
Builder Confidence Rises Fourth Consecutive Time in January
California December Home Sales
Vacant Foreclosures Saddle Local Communities With High Costs
Vacant Properties: Growing Number Increases Communities’ Costs and Challenges
Judge refuses to toss CalPERS suit against Moody’s, S&P
Fannie, Freddie Face Pay Cuts
Lower Pay Coming for Fannie, Freddie CEOs
Democrats push to subpoena FHFA over principal reductions
One million homeowners may get mortgage writedowns: U.S.

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  In one big news story,  home sales increased in December 5% accroding to the National Association of Realtors.  In other news, the Lender Processing Services reported yesterday that both the rates of foreclosure and delinquencies are down from last year.  For mortgage-backed securities, the delinquncy rate remained above 9% for the whole of 2011.

In The News:

DS News – “Delinquency and Foreclosure Rates Down From a Year Ago: LPS” (1-19-12)

“Lender Processing Services (LPS) has provided the media with a sneak peek at the results of its mortgage performance data through 2011.”

Bloomberg - “U.S. Home Sales Rise 5% in December” (1-20-12)

“Sales (ETSLTOTL) of previously owned U.S. homes rose for a third month in December to the highest level since January 2011, a sign the housing market ended last year with momentumltors.”

Housing Wire – “Fitch Ratings downgrades 154 classes of Alt-A, subprime” (1-20-12)

“Fitch Ratings downgraded the ratings of 154 loan classes packaged within 52 U.S. Alt-A and subprime residential mortgage-backed securities deals.”

San Francisco Chronicle – “California ill-served by redevelopment agencies” (1-20-12)

“California’s real estate market  is in bad shape. New construction costs are high; development is slow and the  permitting process endless.  All too often, urban planners think that fresh government subsidies can  stimulate the development that heavy regulation throttles. But empty state and  local treasuries have killed off that easy out.”

Realty Times - “30-year Fixed-rate Mortgage Averages 3.88 Percent” (1-20-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.”

Housing Wire – “Sterne Agee lowers estimates for BofA earnings on legacy mortgage issues” (1-20-12)

“Sterne Agee lowered estimates for Bank of America’s (BAC: 6.915 -0.65%) 2012 earnings by 25%, as legal costs continue to mount for the banking giant amid increasing uncertainty in capital markets.”

Wall Street Journal - “Homeowners Stop Waiting to Spruce Up” (1-20-12)

“Americans are stepping up spending on home improvements for the first time in years, giving a small lift to the beleaguered construction sector.  Economists forecast that spending by homeowners and landlords on everything from minor sprucing up to full-scale remodeling rose modestly in 2011.”

Housing Wire – “Moody’s: CMBS delinquency rate higher than 9% through 2011″ (1-20-12)

“The delinquency rate of loans in commercial mortgage-backed securities bounced higher in December and remained above 9% all year.”

Inman - “Tug of war over mortgage rates” (1-20-12)

“The Federal Reserve may again exercise its power to drive down  mortgage rates in order to stimulate the economy, but any savings for  homebuyers may be at least partially offset by a new law that raises  Fannie Mae and Freddie Mac’s guarantee fees and diverts that money to  the Treasury.”

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 3 bedroom, 1 bathroom home appraised for $380,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

Looking Back:

The Commerce Department reported housing starts decreased in December 2010. However, Fannie Mae expected housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%. RealtyTrac claimed foreclosure starts in California decreased 33% in 2010.

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.

Sources:

Loan Mods and Delinquencies Rise in November: HOPE NOW
Foreclosures fall to lowest level since 2007
Mortgage Applications Increase in Latest MBA Weekly Survey
Zillow: Home values in November back at 2003 levels
Fed governor calls for new housing regulatory regime
The fight over Bernanke REO rental plan shows political divide
FED FOCUS-Fed treads new path with US housing push
Fannie Mae CEO Williams Resigns

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Consumer sentiment is at its highest level in 8 months, which is now at 74.  According to DS News, Michigan is really going after people who committ mortgage fraud by passing a law that makes it a felony to committ.  Mortgage rages continue to be at their lowest on record.

In The News:

Housing Wire - “Foreclosure starts drop across the West Coast” (1-13-12)

“Foreclosure starts across the West Coast plummeted in December as California, Nevada and Washington reported double-digit declines in new mortgages entering the process, according to ForeclosureRadar.”

Bloomberg - “Housing Recovery to Give U.S. Economy Modest Push in ’12, Fannie Mae Says” (1-13-12)

“Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae (FNMA) forecast released today.”

Realty Times - “Mortgage Rates Continue Trend of Record-Breaking Lows” (1-13-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, it showed mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high.“

San Francisco Chronicle - “Billionaire Paulson Persists With Rebounding Property:Mortgages” (1-13-12)

“Mortgage securities are drawing buyers after tumbling last year and handing  billionaire hedge fund manager John Paulson his first loss in the bond market.”

Housing Wire - “Jobs growth points to potential recovery in housing” (1-13-12)

“The housing market remains in the trenches, but underlying fundamentals show a recovery is possible as long as employment continues to tick up, Capital Economics said Friday.”

FINS - “JP Morgan to Hire in 2012″ (1-13-12)

“Despite a weak second half and continued market volatility last year, JPMorgan added 20,300 employees and intends to keep hiring in certain areas in 2012.”

San Francisco Chronicle - “RealtyTrac: Home seizures may jump 25% this year” (1-13-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of  their foreclosure practices slowed actions against delinquent property owners in  2011, RealtyTrac said.”

CNN Money - “Europe braces for S&P downgrades” (1-13-12)

“European officials and investors were on alert Friday following reports that several eurozone countries were about to be downgraded by rating agency Standard & Poor’s.”

Housing Wire - “Consumer sentiment hits 8-month high” (1-13-12)

“A preliminary January reading of consumer sentiment rose to 74, the highest level of the Thomson Reuters/University of Michigan index since May.”

Bloomberg - “Attorneys General Discuss Mortgage Probes as Bank Talks Drag On” (1-13-12)

“About a dozen state attorneys general met this week to discuss their mortgage investigations and how they might work together as settlement talks with banks over foreclosures drag on, three people familiar with the matter said.”

DS News - “New Michigan Laws Make Mortgage Fraud a Felony” (1-13-12)

“Michigan is taking a strong stand on mortgage fraud. New state laws that went into effect at the start of the year have redefined mortgage fraud in the eyes of the law and are defining strict consequences for perpetrators.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 3 bedroom, 2 bathroom home appraised for $111,000.

California Real Estate Investor Events:

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

The Norris Group will be at the Investors Workshops with Shawn Watkins on January 25, 2012.

Looking Back:

Top News Stories: Several sources reported that the number of foreclosures were expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, mortgage rates declined for the second week in a row according to Freddie Mac. Corelogic reported that home prices continued to decline.  On a positive note, however, John Burns said this did not stop consumers from wanting to purchase homes.

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.

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

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.

Sources:

New jobless claims drop to lowest level since 2008
California unemployment falls for 4th straight month in November
Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched
SoCal home sales rise on declining prices
California November Home Sales
S.E.C. Sues 6 Former Top Fannie and Freddie Executives
FHFA extends loan data implementation deadline for GSEs
Attorney General Expect to Reach Settlement Before Christmas
FDIC Announces Settlement With Washington Mutual Directors and Officers
Foreign homebuyers clicking on depressed US housing markets
Realtors: We overcounted Hoem Sales for Five Years

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. In a top story, six former Fannie Mae and Freddie Mac top executives have been accused by the SEC of fraud involving securites.  The world’s largest banks are also being downgraded by Fitch, banks including Bank of America, Morgan Stanley, and Goldman Sachs.

In The News:

Los Angeles Times - “SEC accuses former Fannie Mae, Freddie Mac bosses of fraud” (12-16-11)

“Six former top executives of housing finance giants Fannie Mae and Freddie Mac were accused of securities fraud Friday by federal regulators for allegedly misleading investors about the size of the companies’ risky subprime mortgage holdings.  30-year fixed mortgage rates are at an all-time low of 3.94%.”

Realty Times – “30-Year Fixed-Rate Mortgage Matches All-Time Record Low at 3.94 Percent” (12-16-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), the average fixed mortgage rates at or near their all-time lows. The 30-year fixed matched the average all-time record low of 3.94 percent, and a new all-time record low was set for the 15-year fixed, both previously set in the October 6, 2011 Freddie Mac PMMS.“

San Francisco Chronicle - “Moratorium leads to dip in foreclosure filings” (12-16-11)

“U.S. foreclosure filings fell last month as delinquent homeowners got a holiday  break, RealtyTrac reported.  A total of 224,394 properties received notices of default, auction or  repossession, down 14 percent from a year earlier, the data seller said Thursday.”

CNN Money - “Fitch downgrades world’s largest banks” (12-16-11)

“The ratings firm Fitch downgraded a cluster of the world’s largest banks Thursday, pointing to trading challenges facing international markets.  The banks included Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500), as well as Europe’s Barclays, Societe Generale and BNP Paribas.”

Housing Wire - “Fed officials testify on European liquidity injections” (12-16-11)

“Steven Kamin, acting director of the division of international finance for the Federal Reserve, said in prepared congressional testimony that swap transactions to help Europe “present no exchange rate or interest rate risk to the Fed.”

Los Angeles Times – “California unemployment falls for 4th straight month in November” (12-16-11)

“California employers added 6,600 new jobs in November, driving the monthly unemployment rate down to 11.3%, its lowest level since the depths of the recession in June 2009.  The decline from October’s jobless rate of 11.7% marked the fourth consecutive month that the Golden State has generated jobs as it gradually replaces some of the 1.3 million lost in the worst economic downturn in half a century, the California Employment Development Department reported.”

Housing Wire – “Nevada AG sues LPS, alleging mishandled mortgage documentation” (12-16-11)

“Nevada Attorney General Catherine Cortez Masto filed suit against Lender Processing Services (LPS: 15.83 -8.71%) for allegedly falsify foreclosure documents with the state.”

DS News - “Mortgage Debt in the U.S. Continues to Diminish” (12-16-11)

“The ongoing turmoil still gripping housing markets across the country has manifested itself in the Federal Reserve’s macro assessment of household wealth and capital flow.”

Housing Wire - “MBIA moves to limit CMBS exposure” (12-16-11)

“Bond insurer MBIA (MBIA: 0.00 N/A) signed a deal this week to commute $20 billion of its insured exposure to shield the company from future risks on volatile commercial mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

6,111 new and resale houses and condos were sold in the Bay Area in November 2010, according to MDA DataQuick. Freddie Mac reported the 30-year mortgage rate rose to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July 2010. Three members of congress introduced a bill which would possibly put an end to the use of MERS by GSEs.

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.

Sources:

U.S. Mortgage Debt Falls to Five-Year Low as Consumer Wealth Effect Fades
Index Shows Continued Improvement for Apartment and Condominium Market
S&P puts 15 eurozone governments on notice
U.S. household wealth takes biggest hit since 2008
Third straight month of home price declines
Jobless claims drop to lowest level since February
Real Estate Prices Fall in China, Inciting Anger and Applause: Adam Minter
BofA to Settle Mortgage Securities Action for $315 Million
Feds, Banks Postpone Foreclosure Evictions Until 2012

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. In a big story, mortgage debt decreased in the third quarter to the lowest that has been seen in almost five years.  CMBS delinquencies decreased again in November, marking the fourth month in a row to witness a decrease in delinquencies.

In The News:

Housing Wire - “CMBS delinquencies decline for fourth straight month” (12-09-11)

“Delinquencies on commercial mortgage-backed securities declined for the fourth consecutive month in November, suggesting this segment of the market is holding up, Fitch Ratings said Friday.”

Realty Times - “Mortgage Rates Stay Low Helping to Keep Housing Affordability High” (12-09-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates remained largely unchanged and near their record lows helping to keep housing affordability high for those borrowers who are in the market.“

San Francisco Chronicle - “Mortgage debt at lowest level in nearly 5 years” (12-09-11)

“U.S. mortgage debt, a driver of consumer spending during the real  estate boom, dropped to the lowest level in almost five years in the third  quarter as foreclosures wiped out home loans and housing purchases fell.”

Housing Wire - “Consumer sentiment index up again in December” (12-09-11)

“Consumer sentiment rose for the fourth straight month in a preliminary December reading of the Thomson Reuters/University of Michigan index Friday.”

DS News – “Housing Market Sees Signs of Stability: Clear Capital” (12-09-11)

“The housing market may be stabilizing as house prices and REO saturation rates show little change on a quarterly and yearly basis, according to Clear Capital’s most recent Home Data Index.”

Los Angeles Times – “Economy boosted by narrowing trade deficit” (12-09-11)

“The U.S. economy, which has been picking up steam recently, got another boost from the latest trade numbers.  The Commerce Department said Friday that the nation’s trade deficit in October narrowed to $43.5 billion, the lowest level since December 2010.”

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 4 bedroom, 2.5 bathroom home appraised for $200,000.

In The News:

Housing Wire – “Fitch expects ailing real estate markets to improve” (12-09-11)

“The commercial and residential real estate markets will continue to slide along the bottom into 2012, but will experience more footholds than missteps on the journey.”

Bloomberg - “Solow May Be Seeking to Finance 9 W. 57th, Commercial Mortgage Alert Says” (12-09-11)

“New York developer Sheldon Solow may be seeking about $600 million of financing for 9 West 57th St., his trophy office tower near Central Park in midtown Manhattan, Commercial Mortgage Alert said today.”

DS News - “Bill Proposes Limitations on Deficiency Judgments” (12-09-11)

“Rep. Ed Towns (D-New York) has introduced a new bill to limit the period of time during which a bank can bring deficiency judgments against foreclosed borrowers.”

California Real Estate Investor Events:

The Norris Group will be at the Real Estate Investor Rewind at SDCIA on December 13, 2011.

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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.

Sources:

Young workers getting hired again
Jobless claims edge up to 402,000
Case-Shiller Puts Home Prices 3.9% Below Last Year
Pending Sales of Existing U.S. Hoems Exceed Forecasts With 10.4% Increase
NAR expects some commercial real estate growth next year
Construction Spending in U.S. Rose for Third Consecutive Month in October
30-Year Mortgage Rates Increase to 4%
Average time to foreclose sets new record of 631 days
Citigroup’s $285 million SEC settlement rejected
Central banks join forces to ease debt crisis
PMI Insurance

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  In a big news story, unemployment decreased to 8.6%, the lowest it has been since March 2009.  The number of homes in foreclosure also set a record at over 2 million.  In Massachusetts, Ally Financial has stopped buying home loans after the biggest mortgage lenders in the state were accused of conducting illegal foreclosure practices.

In The News:

Housing Wire – “REO investors squeezing out owner-occupants” (12-02-11)

“Owner-occupancy rates of real estate owned sales are plummeting as investors who recognize their economic value are taking advantage of bulk transactions, a trend that nonprofits and trade groups are closely monitoring.“

Bloomberg - “Ally Financial Halts Mortgage Purchases in Massachusetts After State Sues” (12-02-11)

“Ally Financial Inc.’s GMAC Mortgage unit stopped buying home loans in Massachusetts after the state accused the five biggest mortgage lenders of conducting illegal foreclosures.”

Inman - “Record number of homes in foreclosure” (12-02-11)

“The foreclosure pipeline has never been more crammed, with lenders attempting to push 2.2 million homes through the process as of the end of October, according to a monthly report issued today by Lender Processing Services Inc.”

DS News – “OCC Investigates Foreclosures of 5,000 Military Members” (12-02-11)

“The Office of the Comptroller of the Currency (OCC) launched an investigation into the possible wrongful foreclosures of about 5,000 military members by 10 of the nation’s largest banks.”

Los Angeles Times - “Jobless rate falls to 8.6%, sending mixed message on economy” (12-02-11)

“The U.S. jobless rate fell sharply last month to its lowest level since March 2009 as employers stepped up their hiring in the latest sign of a steadily improving economy.”

Housing Wire – “California real estate execs arrested in alleged foreclosure scam” (12-02-11)

“Authorities arrested three top officers at Stockton, Calif., real estate company who allegedly took in steep fees without performing loan modifications.”

San Francisco Chronicle - “Property managers busy as rental market surges” (12-02-11)

“Just as the U.S. housing boom gave birth to such home buyer websites as Zillow and Redfin, services for rental properties are thriving following a surge in  foreclosures and stiffening of mortgage standards. Membership in the National  Association of Residential Property Managers has almost doubled in five years to  a record 3,400 members, according to the trade group.”

Realtor Magazine - “Mortgage Rates Continue to Hover at Record Lows” (12-02-11)

“Averages on fixed-mortgage rates continued to hover near historic lows for the week, while adjustable-rate mortgages inched down slightly to reach new record lows, Freddie Mac reports in its weekly mortgage market survey.”

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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.

Sources:

LPS “First Look” Mortgage Report: October Month-End Data Shows an Increase in Foreclosures
Bureau of Economic Analysis National Income and Product Accounts
FDIC’s list of problem banks shrinks
Mortgage Servicers Make Progress to Fix Flawed Foreclosures
Freddie Mac Bulletin
Obama signs extension for higher FHA loan limits
Realtors hike dues to play politics
California attorney general’s office subpoenas Fannie, Freddie

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  In the world of mortgages, mortgage rates and applications are both down according to the most recent Primary Mortgage Market Survey.  Mores stores are preparing for Black Friday by opening even earlier than usual and lowering more prices.

In The News:

Housing Wire – “Mortgage rates edge down, ARMs reach new lows” (11-23-11)

“Mortgage rates declined this past week, with adjustable-rate mortgages hitting new lows, according to Freddie Mac’s latest Primary Mortgage Market Survey.“

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-23-11)

“Mortgage applications decreased 1.2 percent from one week earlier (which included the Veterans Day holiday), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2011.”

Bloomberg - “Friday Deals Show Stores Bowing to Buyers” (11-23-11)

“Every Black Friday, there’s a staring contest between retailers and shoppers over price. This year, the stores may have blinked first.  Chains such as Toys “R” Us Inc. and Gap Inc. (GPS) are opening earlier and offering more markdowns than ever on the day after Thanksgiving, said Mary Delk, a director at Deloitte Consulting.”

DS News - “Investors Increase Market Share, Especially in Distressed Sector” (11-23-11)

“Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to a HousingPulse Tracking Survey released Tuesday by Campbell Surveys and Inside Mortgage Finance.”

CNN Money - “First-time unemployment filings edge higher” (11-23-11)

“The number of Americans filing for first-time unemployment benefits crept back up last week, after easing to a 7-month low in the previous week, but remained below a key threshold for gauging the job market.”

Housing Wire – “S&P: 45 months to clear shadow inventory” (11-23-11)

“Changing default and liquidation rates in various regions prompted Standard & Poor’s Ratings Services to reduce its projection of how many months it will take to clear the nation’s shadow inventory.”

DS News - “Mortgage Insurer PMI Files Bankruptcy” (11-23-11)

“The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.”

Housing Wire – “Freddie Mac single-family delinquency rate edges up in October” (11-23-11)

“Government-sponsored enterprise Freddie Mac reported Wednesday that its single-family seriously delinquent rate edged up in October, hitting 3.54%, compared to 3.51% in September.”

Looking Back:

One year ago, the NAR reported that existing-home sales increased by 10.1 percent in October 2010. Statistics showed that California workers, who earned the national median income, could afford 59.1 percent of the new and existing homes during the 3rd quarter of 2009. Multifamily lenders provided $88 billion in new financing for apartment buildings with 5 or more units during 2008.

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.