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The Norris Group Real Estate News Roundup 12/09/11

Friday, December 9th, 2011

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.

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The Norris Group Real Estate News Roundup 12/02/11

Friday, December 2nd, 2011

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.

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

Wednesday, November 23rd, 2011

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.

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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

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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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