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The Norris Group Real Estate News Roundup 11/18/11

Friday, November 18th, 2011

Sources:

As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter
Delinquencies Decrease, Foreclosures Rise in Latest MBA Mortgage Delinquency Survey
Hope Now servicers complete 5 million loan modifications since 2007
Southern California Home Prices Fall 4.8%
NAR overestimated home sales
Gradual Recovery for Housing and the Economy Expected in 2012
AIG Resists Concessions to Banks for Obama Refinancing Plan
Selling Guide Announcement SElL-2011-12
FHA Reserves Sink Further Below Legal limit Amid Talk of Bailout

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.  According to the Los Angeles Times, the unemployment rate in California dropped to almost 12% in October.  Lawmakers are pushing to increase the size of loans issued by FHA.  Housing Wire reported a slight decrease in mortgage delinquencies in the month of October.

In The News:

Housing Wire – “Obama signs extension for higher FHA loan limits” (11-18-11)

“President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.“

Realty Times - “30-Year Fixed-Rate Averages at or Below 4 Percent for 3rd Consecutive Week” (11-18-11)

“Freddie Mac (OTC: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little and remaining at or near 4.00 percent for the past three weeks amid positive economic and consumer confidence data.”

NAHB - “Home Builders Applaud Congress for Restoring Higher FHA Loan Limits” (11-18-11)

“The National Association of Home Builders (NAHB) today applauded Congress for reinstating for another two years the higher conforming loan limits for the Federal Housing Administration (FHA), noting that this is an important step to help mend the struggling housing market.”

Wall Street Journal - “Congress Increases the Ceiling on Size of Mortgages” (11-18-11)

“U.S. lawmakers moved Thursday to increase the maximum size of loans that can be guaranteed by the Federal Housing Administration.”

O.C. Register - “U.S. home sales, pricing at 5-month lows” (11-18-11)

“One index of U.S. homebuying shows sales activity and pricing at five-month lows.  The national homebuying index from DataQuick and its analysts at DQNews attempts to give a weekly snapshot into most-recent trends, using “not modeled” home sales counts and median selling prices. This math — we’ve dubbed it the “DQ98″ — tracks on a weekly basis the freshest homebuying patterns in 98 out of the 100 largest U.S. markets (sorry, Louisville and Wichita!) to compile a national benchmark.”

Housing Wire - “Foreclosure inventory rises in October: LPS” (11-18-11)

“Mortgage delinquencies declined slightly to 7.93% in October from the previous month, according to the Lender Processing Services (LPS: 17.88 +0.11%) first look at the monthly statistics in its loan-level database of nearly 40 million mortgages.”

Los Angeles Times – “California unemployment rate edges downward in October” (11-18-11)

“California’s unemployment rate fell by two-tenths of a percentage point to 11.7% in October as the state created 25,700 new jobs, the Employment Development Department reported. The agency also reported Friday that it had revised job growth in September upward, to 39,200, from about 12,000.”

Housing Wire – “Supreme Court to hear fair housing case that could impact mortgage industry” (11-18-11)

“A fair housing case headed to the Supreme Court could have direct and indirect impacts on mortgage lending and regulatory enforcement.”

Looking Back:

Delinquencies on residential properties dropped 9.13% in the third quarter of 2010, according to the MBA. MDA DataQuick’s monthly statistics released showed that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reported California housing affordability increased 1.7% in the 3rd quarter of 2010. Jobless claims increased by 2,000, said the Labor Department.

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 11/10/11

Thursday, November 10th, 2011

Sources:

Past-Due Mortgages Up for First Time Since 2009: Report
Poll: 42% want less government in housing
Foreclosure Filings Rise 7%
Senate wants changes to Fannie, Freddie executive pay
Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit
California Home Prices and Home Values: Zillow Home Value Index
Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas
Mortgage rates dip slightly

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.  Foreclosure filings increased 7% last month, the highest they have been in seven months.  Housing Wire reported a slight decrease in mortgage rates of slightly less than 4%.  Unemployment claims are at the lowest levels they have been since April, a good sign for the economy.

In The News:

Housing Wire - “Mortgage rates dip slightly” (11-10-11)

“The nation’s average mortgage rates changed little from last week amid a mix of economic data reports, Freddie Mac said Thursday.  The results of Freddie’s Primary Mortgage Market Survey revealed that the 30-year, fixed-rate mortgage averaged 3.99%, dropping below 4% for the second time this year.“

Bloomberg – “Foreclosure Filings in U.S. Rise 7%” (11-10-11)

“U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.”

NAHB - “Builder Confidence Declines in Third Quarter for 55+ Housing Market” (11-10-11)

“Builder confidence in the 55+ housing market for single-family homes fell three points to 12 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

Los Angeles Times - “New unemployment claims fall again in positive sign for job growth” (11-10-11)

“The number of people who filed for unemployment benefits last week dropped again to 390,000, the lowest level since April, continuing a trend that bodes well for job growth.  The number of initial jobless claims was down 10,000 from the previous week’s revised figure of 400,000, the Labor Department reported Thursday. The initial figure for two weeks ago was 397,000, but was revised upward.”

Housing Wire - “New law pushes Vegas off top of foreclosure list” (11-10-11)

“Las Vegas is no longer the top foreclosure city in the country. A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Vegas off the spot it held held for 22 consecutive
months, RealtyTrac said in a report Thursday.”

DS News - “Shadow Inventory Lurks Behind Recent Price Gains” (11-10-11)

“Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year.”

Los Angeles Times - “Falling prices mean rising affordability, California Realtors say” (11-10-11)

“Call it the silver lining of falling home prices.  With low interest rates and cheaper housing throughout the Golden State, the percentage of homebuyers who could afford to purchase a home increased in the third quarter, a real estate group said Thursday.”

Housing Wire – “Three more mortgage servicers change foreclosures” (11-10-11)

“Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year.”

Looking Back:

A lack of cooperation between big banks and investors caused the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expected home values to continue to depreciate through the end of 2010. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

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 11/4/11

Friday, November 4th, 2011

Sources:

Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens
Weekly jobless claims drop below 400,000
Homeownership Near 13-Year Low as Mortgage Rules Crimp Sales
Mortgage Applications Increase in Latest MBA Weekly Survey
Foreclosure reviews of largest servicers begin
Pending Home Sales Decline
Construction spending and manufacturing–slightly
US files $834 million lawsuit against Allied Home Mortgage
Real Estate Outlook: Changes to HARP
CoreLogic expects HARP 2.0 to help hardest-hit housing markets
Home prices heading for triple-dip

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big events. The San Francisco Chronicle reported the number of impoverished neighborhoods increased 33% in the last ten years, with the suburb areas being hit harder than the cities.  According to Bloomberg, in October the jobless rate decreased after employers hired less workers than was originally predicted.

In The News:

DS News – “Hudson & Marshall to Auction Over 100 HUD REOs This Saturday” (11-04-11)

“Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas.“

Bloomberg – “U.S. Jobs Gains Show ‘Frustratingly Slow’ Growth” (11-04-11)

“The U.S. jobless rate unexpectedly fell in October while employers added fewer workers than forecast, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week.”

Realty Times - “30-Year Fixed-Rate Mortgage Averages 4.00 Percent” (11-04-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market.  The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.”

Housing Wire – “First-time defaults in private-label MBS edge up in October” (11-04-11)

“First-time defaults on private mortgages edged up to a rate of 0.89% in October, a slight increase from this segment’s default rate of 0.86% in September, a new report from Amherst Securities Group said Friday.”

Wall Street Journal – “How Appraisals Are Derailing Home Sales” (11-04-11)

“In the past, appraisals rarely disrupted a home sale.  But realtors and housing experts say new requirements and a difficult housing market are doing just that.  Year-to-date through September, one third of realtors have said appraisals resulted in buyers and sellers delaying or cancelling contracts or renegotiating to a lower sales price, according to the National Association of Realtors.”

San Francisco Chronicle – “Neighborhood poverty surges in past decade, up 33%” (11-04-11)

“The number of Americans living in neighborhoods beset by extreme poverty surged in the past decade, erasing the progress of the 1990s, with the poorest areas growing more than twice as fast in suburbs as in cities.”

DS News – “Home Price Growth Has Dissipated With the Summer Heat: Clear Capital” (11-04-11)

“Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory.”

Housing Wire – “BofA to raise up to $3 billion in stock issuance, reduce debt” (11-04-11)

“Bank of America (BAC: 6.49 -6.08%) intends to explore the issuance of common stock and senior notes in exchange for shares of preferred stock.”

Looking Back:

The MBA reported 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter of 2010. Jobless claims rose 4.5% the previous week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believed commercial real estate rents would rise in 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.

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The Norris Group Real Estate News Roundup 10/28/11

Friday, October 28th, 2011

Sources:

Pending Home Sales Decreases by 4.6%
Consumer confidence dips to recession level–Conference Board
New-Home Sales Rise 5.7 Percent in September
Remodeling Double-dip Offers Opportunity for Homeowners
FHFA removes barriers to refinance more borrowers
HUD Offers REO Homes for $100 Down in Select States
State agency foreclosing on borrowers who rent out their homes
Delaware AG Sues MERS

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.  Pending home sales decreased this week according to the San Francisco Chronicle, and consumer spending increased 0.6%.  The California Housing Finance Agency has stopped foreclosures on a small group of borrowers renting out their homes.

In The News:

Housing Wire - “CMBS defaults fall and spreads tighten” (10-28-11)

“Commercial mortgage-backed securities are benefiting from tightening spreads and a slowing loan default rate, analysts said this week.“

Bloomberg - “Consumer Spending in U.S. Rises 0.6%” (10-28-11)

“Consumer spending in the U.S. accelerated in September, helping the world’s largest economy skirt a recession.  Purchases increased 0.6 percent, matching the median estimate of 81 economists surveyed by Bloomberg News, after a 0.2 percent gain the prior month, Commerce Department figures showed today in Washington. Incomes rose less than projected, sending the savings rate down to the lowest level in almost four years”

Realty Times - “Fixed Mortgage Rates Change Little” (10-28-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little for the second consecutive week amid mixed consumer confidence and housing data. Fixed mortgage rates remain near their 60-year lows.”

San Francisco Chronicle - “Pending sales of existing homes fall” (10-28-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly  fell in September as lower prices and borrowing costs failed to support demand.”

Housing Wire - “Two bankers, one investor sentenced for TARP fraud scheme” (10-28-11)

“A district judge sentenced two executives of the closed Orion Bank and a large investor to prison this week and ordered them to pay a $2 million fine for a scheme to secure millions in bailouts from the Troubled Asset Relief Program.”

DS News – “Senators Urge Government to Act Fast to Create an REO Rental Program” (10-28-11)

“Thirty-three senators submitted a letter Thursday encouraging the Obama administration and the Federal Housing Finance Agency (FHFA) to work quickly in developing a program to make vacant foreclosed homes available for rent.”

Inman - “Senators want to see Fannie, Freddie REO plan” (10-28-11)

“As Fannie Mae and Freddie Mac continue to take possession of  foreclosed homes at a rapid pace, Senate Democrats are voicing their  impatience with their management of real estate owned (REO) properties.”

Los Angeles Times - “California state housing agency reverses on foreclosures” (10-28-11)

“A state-run housing agency at least temporarily has suspended the practice of foreclosing on a small number of borrowers who rented out their homes.”

Looking Back:

Research showed the national election years tended to be bad for housing. Wells Fargo said that up to 55,000 of their foreclosures had mistakes.  The 30-year mortgage rate increased to 4.23%, according to Freddie Mac..

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 10/13/11

Thursday, October 13th, 2011

Today’s News Synopsis:

In this week’s video, Aaron Norris talks about I Survived Real Estate 2011 and how you can participate in the live event.  Home sales in Southern California have remained relatively stable, although the median price has decreased.  Rates on 30-year mortgages bounced back up again this week with a 4% increase.  According to Housing Wire, Freddie Mac has changed the way it will pay its employees, now basing it off of surveys showing how satisfied the lenders were.

In The News:

Los Angeles Times - “Southern California housing market stalls in September” (10-13-11)

“Southern California’s housing market stalled in September as sales were essentially flat over the same month a year earlier and the region’s median price fell.  Sales increased 0.3% from the same month a year earlier, when the market was reeling from the effect of an expired tax credit that had boosted sales for much of the year.“

DS News - “Thirty-Year Rate Jumps Back Up Above 4% Mark in One Week’s Time” (10-13-11)

“The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.”

Inman - “Foreclosue activity shows signs of ramping up in Q3″ (10-13-11)

“In the third quarter, a downward trend in nationwide foreclosure activity showed signs of reversing, according to the latest report  from foreclosure data site RealtyTrac. At the same time, foreclosure  processing and sales timelines hit record highs, the report said.”

Housing Wire - “Jobless claims down slightly last week” (10-13-11)

“Initial jobless claims remained essentially flat last week, staying higher than 400,000.The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 8 fell by 1,000 to 404,000 from 405,000 the previous week, which was revised upward 4,000.”

Bloomberg - “HomeServicers’ Peltier Says Housing Recovery Will Begin Next Year” (10-13-11)

“A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.”

DS News - “CFPB Releases Servicing Examination Procedures” (10-13-11)

“In preparation to begin reviewing the nation’s largest banks, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers.”

Housing Wire – “Freddie to link employee pay with customer satisfaction” (10-13-11)

“How Freddie Mac pays its employees will be linked directly to future lender satisfaction surveys.  Freddie CEO Charles “Ed” Haldeman told a group of Mortgage Bankers Association members on Tuesday the firm will be changing the focus of how its employees work with banks that sell, service and invest with the company.”

CNN Money - “JPMorgan ‘cautious’ as income dips” (10-13-11)

“JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company’s trading and investment banking operations.”

Looking Back:

Mortgage application volume increased 14.6% the week of October 14, 2010. All 50 state attorney generals were currently involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA urged GSEs to accelerate the foreclosure process once the AG reviews were over. Foreign investors planned to purchase large amounts of commercial property.

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 10/7/11

Friday, October 7th, 2011


Sources:

30-Year Mortgage Falls Below 4% for First Time
CoreLogic Records First Drop in Home Prices in Four Months
Remodeling Double-dip Offers Opportunity for Homeowners
Congress Scrutinizes Federal Housing Programs
Private mortgage mods perform worse than HAMP
Homeownership rate experiences biggest drop in 70 years
BofA May Face Fraud Claims for Soured Loans

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. The job market showed signs of improvement last month with the addition of 103,000 net jobs.  Apartment vacancies are at the lowest they have been in five years, enabling landlords to raise rents on the apartments.  For the fourth week in a row now mortgage rates are at an all-time low according to the Realty Times.

In The News:

MSNBC.com - “Nation’s labor market perked up in September” (10-7-11)

“The nation’s labor market perked up last month, according to the government’s latest jobs report.  U.S. employers added 103,000 net jobs in September, the government said Friday — that’s better than economists had expected, but barely enough to keep up with population growth. The nation’s unemployment rate held steady at 9.1 percent”

Housing Wire - “GSE mortgage prepayments surge in September” (10-7-11)

“Prepayments, mostly through refinancing, on mortgages backing Fannie Mae and Freddie Mac securities increased substantially
in September, higher than what some analysts expected.”

DS News - “Two CA Investors Plead Guilty to Bid Rigging” (10-7-11)

“Two real estate investors are pleading guilty to mail fraud and bid rigging at public foreclosure auctions in Northern California, according to the Department of Justice.”

Realty Times - “Mortgage Rates Fall, Housing Opportunities Getting Better” (10-7-11)

“For four weeks in a row, mortgage rates are seeing historic lows. The 30-year fixed average interest rate fell from 4.09% to 4.01% in the end of September. This marks the lowest rate since 1951.”

O.C. Register - “Where will mortgage rates head next?” (10-7-11)

“In October 1981, the average U.S. interest rate on the traditional, 30-year fixed-rate loan was 18.6%.  This past week, it fell below 4% for the first time in history, according to Freddie Mac.”

Inman – “New Zillow service allows agents to advertise real estate discounts, deals” (10-7-11)

“Online real estate portal Zillow has launched a new service, Zillow  Special Offers, that allows agents to promote incentives for working with  them in a home-sale transaction.”

Housing Wire - “NY Fed opens Operation Twist with $3.95 billion in agency MBS buys” (10-7-11)

“The Federal Reserve Bank of New York began its latest effort to stimulate the economy and force borrowing rates even lower this week with $3.95 billion in mortgage-backed securities guaranteed by the government.”

Rismedia - “Better Homes and Gardens Real Estate Expands Internationally” (10-7-11)

“Better Homes and Gardens Real Estate LLC, a subsidiary of Realogy Corporation, recently announced that it has entered its first international market with the signing of a 25-year-long master franchising agreement for the development of the Better Homes and Gardens Real Estate brand in Canada.”

San Francisco Chronicle - “Apartment rents rise as vacancies fall” (10-7-11)

“U.S. apartment vacancies fell to a five-year low in the third quarter, enabling landlords to increase rents even as tepid job growth slowed leasing in what is usually a strong season for demand, Reis Inc. said.”

Looking Back:

Former Governor Schwarzenegger signed a bill protecting homeowners, with lender approval, from deficiency judgments. 30-year mortgage rates dropped to 4.27%, said Freddie Mac. President Obama refused to sign the Interstate Recognition of Notarizations Act, which would have allowed federal and state courts to recognize notary signatures from other states. Realtytrac users were expected to soon be able to view sales prices, sale dates, and other sorts of information on foreclosure sales.

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 9/30/11

Friday, September 30th, 2011


Sources:

New-Home Sales Decline 2.3 Percent in August
Shadow inventory declines to five-month supply: CoreLogic
Regulators Shut Down California and Virginia Lenders
ZipRealty sued for nearly $18 million in minimum-wage case
1 in 5 Modified Loans Default Again: Comptroller
Short Sale Delays Drive First-Time Buyers From Market: Survey

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.  Housing Wire reported a slow recovery for the housing market unless immediate action is taken.  Fixed-rate mortgages are at the lowest recorded, according to Realty Times.  Pending home sales have also seen another decrease in August.

In The News:

Housing Wire - “Market reports point to housing desolation” (9-30-11)

“As the housing market exits its typical buying season, it faces what many analysts predict to be several months of an ongoing search for a bottom and many years of slow recovery unless bold action is taken now.”

DS News - “eMortgage Logic Releases Interactive Polygon Mapping Functionality” (9-30-11)

“eMortgage Logic (EML), a national property valuations provider based out of Texas, is taking the guesswork out of determining the neighborhood for the subject property with the release of new proprietary interactive polygon mapping functionality.”

Realty Times - “Fixed-Rate Mortgages Lowest on Record” (9-30-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve’s recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week.”

San Francisco Chronicle - “Pending home sales in U.S. dip. Again” (9-30-11)

“The number of contracts to purchase previously owned U.S. homes fell in August,  a sign that lower prices and borrowing costs are doing little to stoke demand.”

CNN Money - “Big mortgages: Harder to get and more expensive” (9-30-11)

“Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.”

Inman - “Redfin vows to fix agent performance stats” (9-30-11)

“Realtor associations and Realtor-affiliated multiple listing services  may have the legal right to change their rules in order to prevent  technology-based brokerage Redfin and other Virtual Office Website (VOW)  operators from publishing agent performance data culled from MLS sold  data.”

Realty Times - “Florida Housing Market Improving, Retirees May Help Fuel Recovery” (9-30-11)

“The housing market is showing signs of improvement according to data released from Realtor.com.  Within this year, in Florida which was one of the states hit hardest by the housing market crash, median list prices for single family homes, condos, townhomes, and co-ops surged”

Housing Wire – “Fannie Mae mortgage portfolio declines 4% in August” (9-30-11)

“Fannie Mae’s gross mortgage portfolio fell at a compound annualized rate of 4% in August, according to the government sponsored enterprise’s monthly summary report.”

Looking Back:

The loan limit guaranteed by Fannie Mae, Freddie Mac and the Federal Housing Administration was expected to stay at the current level until the end of 2011. The average rate for 30-year fixed loans fell to 4.32 percent, according to Freddie Mac. The Labor Department’s weekly survey showed jobless claims fell 3.5%. RealtyTrac reported foreclosure sales increased 4.9% in the 2nd quarter of 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.

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The Norris Group Real Estate News Roundup 9/23/11

Friday, September 23rd, 2011

Today’s News Synopsis:

According to Housing Wire, there are fewer and fewere mortgage lenders due to the economy.  In the meantime, fixed rate mortgages are still at their lowest recorded, although they are continuing to stay at this level and have not changed much.  DataQuick has developed a new homebuying index to show trends for home sales and median sales prices.

In The News:

DS News - “Divide Widens Within AG Camp Over Robo-Signing Settlement” (9-23-11)

“A year after evidence of robo-signing related to the processing of home foreclosures surfaced and officials vowed to hold mortgage servicers accountable, state attorneys general don’t seem to be any closer to a consensus on what should and shouldn’t be included in the settlement.”

Housing Wire - “Number of mortgage lenders dwindling” (9-23-11)

“The current economic crisis is continuing to claim mortgage lenders, with the number of active originators down for the fourth year in a row.”

Mortgage Bankers Association - “Management of MISMO to Transfer to MBA” (9-23-11)

“The Mortgage Bankers Association (MBA) and MERSCORP,Inc.®  (the parent company of Mortgage Electronic Registration Systems, Inc., MERS) jointly announced today that management of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®) will transfer to MBA on December 1, 2011.”

Realty Times – “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-23-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets.”

O.C. Register – “New index finds U.S. home prices, sales in decline” (9-23-11)

“A new homebuying index — this one from DataQuick and its analysts at DQNews — attempts to give a weekly snapshot into most-recent trends using “not modeled” home sales counts and median selling prices.”

Rismedia - “Experts’ Forecast for 2011 Prices Improves” (9-23-11)

“The home price picture for this year is shaping up to be a littel better than it looked in June, according to the September 2011 home price expectations survey of 111 leading housing economists and experts sponosoredby MarcoMarkets LLC.”

Sacramento Bee - “First Team Real Estate Marketing Campaign Shows Positive Impact Agents Make on  Clients’ Lives” (9-23-11)

“First Team® Real Estate today launched a new  marketing campaign focusing on the profound, positive impact its agents make  in their clients’ lives.”

Housing Wire – “Mortgage bankers ask lawmakers to reinstall HUD counselor funds” (9-23-11)

“The Mortgage Bankers Association asked lawmakers to reinstall funding cut from the Department of Housing and Urban Development counselor program earlier in the year.”

Looking Back:

Existing home sales increased 7.6% in August 2010, according to the NAR. The MBA reported commercial and multifamily mortgage debt decreased to $3.24 trillion in the second quarter of 2010. The CAR’s monthly analysis showed California home sales rose 1.8 percent from July 2010. Freddie Mac said mortgage rates did not change that week, despite Zillow’s claim they decreased.

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 9/16/11

Friday, September 16th, 2011

Sources:

Mortgage-Default Filings Increase by 33% in August
Fewer U.S. Homeowners ‘Underwater’ as Foreclosures Mount
Home loans rates drop again in Freddie Mac survey
C.A.R. August sales and price report
Mortgage Debacle Costs U.S. Banks $66 Billion as Bad Home Loans Sap Profit
Unemployment filings at more than 2-month high
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
Obama Program Calls for $15B for Foreclosure Rehab
The American Jobs Act
Alabama Supreme Court rules in favor of MERS

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.  EMC Mortgage is facing a lawsuit from Wells Fargo regarding toxic mortgages.  The rate of unemployment was up 12.1% last month.  Also, according to DS News foreclosures are continuing to increase, especially for homes on the West Coast.

In The News:

Housing Wire - “Wells Fargo sues EMC Mortgage over buybacks” (9-16-11)

“Wells Fargo (: ) is jumping deeper into the MBS litigation fray by filing suit against EMC Mortgage, claiming the firm should buy back 800 toxic mortgages sold into the Bear Stearns Trust.”

DSNews - “Freddie Mac Offers REO Bulk Sales” (9-16-11)

“Freddie Mac is looking to unload some of its foreclosed properties to investors through bulk sales transactions.”

Los Angeles Times - “California unemployment rate rises to 12.1% in August” (9-16-11)

“California’s unemployment rate ticked up a notch in August, to 12.1% from 12% the month before, according to new data from the U.S. Bureau of Labor Statistics. Employers shed 8,400 jobs from payrolls.”

Realty Times - “Fixed-Rate Mortgages Continue To Find New Record Lows” (9-16-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages remaining near their 60-year lows as ongoing investor concerns over the European debt market kept Treasury bond yields low. The 30-year fixed averaged 4.09 percent, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30 percent.”

O.C. Register - “BofA says increased defaults will spur recovery” (9-16-11)

“A Bank of America spokeswoman confirmed Thursday that the lender has accelerated its pace of filing default notices in states where a court order isn’t required before lenders can foreclose.”

Inman - “Surge in default notices portends more REOs” (9-16-11)

“Foreclosure activity  fell for the 11th straight month on a yearly basis in August, but rose compared to July, according to the latest monthly report from foreclosure data site RealtyTrac.”

DS News - “West Coast States See a Surge in New Foreclosures” (9-16-11)

“Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar.”

Housing Wire – “California home sales surge in August with prices at highest point of year” (9-16-11)

“California home sales posted an increase from both the previous month and previous year, while the median home price rose to its highest level this year, according to data from the California Association of Realtors.”

Looking Back:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area in August 2010. Also, 34,239 houses and condos were sold statewide. BarCap expected that of all the subprime mortgages were still current and originated in 2005, 70% would default.

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 9/9/11

Friday, September 9th, 2011

Sources:

Americans Harbor Glum Outlook for Housing and the Economy
State sees first bump in property assessments in three years
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
CBO casts doubt over Fed refinancing plan
Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations
AG Settlement Will Not Release Banks from Securitization Liability

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.  This week, the Flood Insurance Reform Act of 2011 was passed this week by the Senate Banking Committee in order to make flood insurance more affordable to people in high-risk living areas.  Mortgage rates are still at an all-time low, according to Realty Times.  JP Morgan stated that they expect to decrease another 6-7% before hitting their all time low as early as 2012.

In The News:

DS News - “Fed’s Field Contacts Report on Weak Spots in Housing” (9-9-11)

“The Federal Reserve has published a new rendition of its market-gauging Beige Book, which indicates economic activity across the country is expanding at only a ‘modest pace’.”

Housing Wire - “Senate Banking Committee passes flood insurance legislation” (9-9-11)

“The Mortgage Bankers Association applauded the Senate Banking committee for passing the Flood Insurance Reform Act of 2011 this week.”

Bloomberg - “Banks May Fight Banks as Mortgage Securities Investors Try for Class Suits” (9-9-11)

“Banks including JPMorgan Chase & Co. (JPM)and Bank of America Corp. (BAC) may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on President Obama’s Address to the Nation” (9-9-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama’s address to the nation last night.”

Inman - “New index tracks metros with growth in real estate prices, permits and jobs” (9-9-11)

“After enduring what has seemed like an endless string of dismal numbers reports, the housing industry is about to get some good news. Tuesday, the National Association of Home Builders (NAHB) launched the NAHB/First American Improving Markets Index (IMI), dedicated entirely to tracking metropolitan areas that have consistently shown signs of improvement.”

Realty Times - “Mortgage Rates Attain New All-Time Record Lows Again” (9-9-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty.

Bloomberg - “Bernanke Says Tighter Budgets May Hurt Recovery as Fed Considers Stimulus” (9-9-11)

“Federal Reserve Chairman Ben S. Bernanke warned that quick deficit reduction may hurt the recovery and said the central bank this month will consider steps to bolster growth and spur hiring.”

Housing Wire - “JPMorgan expects further drop in home prices” (9-9-11)

“Home prices could dip another 6% to 7%, before hitting rock bottom in early 2012, according to analysts at JPMorgan Chase (JPM: 32.08 -4.27%).”

Looking Back:

Mortgage rates increased to 4.35 percent after weeks of record-breaking lows. Jobless claims fell 5.6% the previous week, according to the Labor Department. Callahan & Associates reported credit unions originated $31.4 billion in mortgages during the first 2 quarters of 2010. Statistics from Real Capital Analytics showed hotel purchases increased 136% during the first two quarters of 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.

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