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

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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

Friday, May 10th, 2013



Sources:

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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

Friday, May 3rd, 2013



Sources:

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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

Friday, April 12th, 2013



Sources:

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 4/5/13

Friday, April 5th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Asking prices on single-family homes increased last month while rent prices continued to remain stable.  Construction jobs increased 3.8% year-over-year and are at their highest in 7 years.

In The News:

DS News - “Asking Home Prices Swing Up in March, Rents at Stand-Still” (4-5-13)

“Asking prices on single-family homes rose in March, while high inventory flattened out rent prices, according to Trulia’s Price and Rent Monitors.”

Housing Wire - “Fragility continues to threaten housing recovery” (4-5-13)

“The latest data from the Obama Administration revealed important progress in the housing rebound, but much like the last scorecard, it continues to warn that the overall recovery remains fragile.”

Inman – “Construction job growth hits 7-year high” (4-5-13)

“While today’s job’s report was disappointing on nearly all fronts, there was one bright spot that shone through the dismal numbers: sustained construction-job growth.”

Realty Times – “Desire To Buy Increasing As Confidence Returns” (4-5-13)

“Here we go. Americans are showing more desire to buy homes. In fact, the American dream is more alive than it has been in years – it’s reached a three-year high with 79 percent of U.S. residents saying that owning a home is an essential part of that all-American dream.”

DS News - “Watchdog Report Identifies Flaws in Foreclosure Review Process” (4-5-13)

“When federal regulators announced the abrupt ending of the Independent Foreclosure Review in place of a new agreement, the conclusion to the review process led to more questions than answers.”

Housing Wire - “Principal reductions factor in heavily: HAMP report” (4-5-13)

“Of all non-GSE mortgages eligible for principal reductions through the government’s Home Affordable Modification Programs, 70% actually included a principal reduction component during the month of February, the Obama administration said Friday.”

Inman - “Multiuse development projects infuse communities with new life” (4-5-13)

“Unsprawl chronicles re-envisioned housing communities in 12 case studies.”

DS News - “Survey: CFPB and Dodd-Frank Plague Lenders with Uncertainty” (4-5-13)

““Uncertainty” is a term that has plagued the lending industry for some time. Since the introduction of Dodd-Frank three years ago, uncertainty about the future of industry regulation has been a source of concern among close to half of lenders, according to QuestSoft, a Laguna Hills, California-based software provider.”

Hard Money Loan Closed

South El Monte, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $205,000 on a 3 bedroom, 2 bathroom home appraised for $324000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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

Looking Back:

Claims for unemployment declined by 6,000, while the number of jobs planned to be cut decreased by 27%.  Freddie Mac reported 30-year fixed-rate mortgages had not shown much change and were still below 4%.  Rents continued to increase as home prices remained at a standstill.

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 3/22/13

Friday, March 22nd, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of the top news stories in real estate.  The FHFA reported home prices continue to maintain a steady increase with their recent 0.6% increase in January.  Between now and Friday, March 29 when equity markets will be closed, several officials will be making speeches regarding the state of the economy and monetary policies.

In The News:

Housing Wire - “NY court reverses robosigning ruling against HSBC” (3-22-13)

“An appellate court reversed a New York Supreme Court decision against HSBC ($0.00 0%), thereby ruling against a homeowner who alleged wrongful foreclosure.”

DS News – “FHFA: Home Prices Maintain Monthly, Yearly Gains in January” (3-22-13)

“Home prices rose another 0.6 percent in January, according to the Federal Housing Finance Agency’s (FHFA’s) House Price Index, which measures the prices of homes owned or guaranteed by Fannie Mae and Freddie Mac.”

Realty Times - “Real Estate Market Offering Good Opportunity For Buyers” (3-22-13)

“In some areas the real estate market is “hopping”. New homes are being sold faster than they can be built and some new homeowners are purchasing great properties for a lower price than five years ago and with a very low interest rate. That’s making today’s buyers feel more secure about their investment.”

Inman - “Borrowers with energy-efficient homes less likely to default” (3-22-13)

“Borrowers with energy-efficient homes are significantly less likely to default, according to a study by the University of South Carolina Center for Community Capital.”

DS News- “Study: Nearness to Public Transportation Strengthens Home Values” (3-22-13)

“A study released by American Public Transportation Association (APTA) and the National Association of Realtors (NAR) suggested homes in close proximity to public transportation were much more resilient when faced with price declines during the recession.”

Housing Wire – “Analysts tighten outlook for Fed exit from QE3″ (3-22-13)

“The announcement that the Federal Reserve will continue buying $85 billion of monthly assets came as no surprise to the market. And analysts expect little near-term change to the mortgage-backed securities market, which constitutes $40 billion of said purchase, ahead of the pending Easter Holiday.”

Realty Times - “Mortgage Lending Capacity Lag Restrains Housing Recovery” (3-22-13)

“The housing market isn’t out of the woods yet.  And it’s not just that there aren’t enough homes to buy.  Home equity has a way to go before more sellers come to market. That’s easy to understand.”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 1 bathroom home appraised for $304,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

In a big story in the news, mortgage rates were slowly but surely continuing to increase and were above 4%.  Prices of homes had the smallest decrease in two years in January at 0.8%.  The Labor Department reported claims of unemployment decreased to 348,000 the previous week.

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 3/15/13

Friday, March 15th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Prices for commercial real estate decreased in January of this year.  However, the market is still showing signs of recovery and decrease is attributed to fewer people eager to make deals at the end of 2012.  JP Morgan predicts home prices will increase by 14% through 2015.

In The News:

Housing Wire - “Multifamily survey offers peek at rental market” (3-15-13)

“Renting a property or apartment long-term is the only viable solution for many Americans as lending standards stay tight and potential buyers struggle with downpayments.”

DS News – “CRE Prices Fall in January but Market Shows Signs of Strength” (3-15-13)

“Repeat sales in the commercial real estate market in January came to just one-third of their December volume, according to a CoStar’s monthly Commercial Repeat Sale Indices.”

Bloomberg - “JPMorgan Sees Home Prices Up 14% as BofA Touts Party” (3-15-13)

“Ben S. Bernanke’s efforts to revive housing are making real estate bulls even more bullish.  JPMorgan Chase & Co. (JPM) more than doubled its forecast for U.S. home price gains in 2013 to 7 percent this week, and predicts a more than 14 percent increase through 2015. Bank of America Corp. (BAC) said last week property values will jump 8 percent this year, up from a prior estimate of 4.7 percent in a report titled “Someone say house party?”

CNN Money- “Inflation picks up, but still hovers in the Fed’s comfort zone” (3-15-13)

“Consumer prices rose at the fastest rate since 2009 in February, but the annual inflation rate still remains within the Federal Reserve’s comfort zone.”

DS News- “California Foreclosure Uptick Doesn’t Indicate Long-term Trend” (3-15-13)

“Foreclosures are declining in most of the Western states tracked by ForeclosureRadar, California, Nevada, Oregon, and Washington—but some experienced anomalous upticks over the month of February.”

Housing Wire – “Fed’s MBS holdings grow by $102.1 billion” (3-15-13)

“The Federal Reserve System reported assets of $2.9 trillion at the end of 2012, virtually unchanged from a year earlier as the Fed continued to buy billions in mortgage-backed securities each month.”

DS News- “Homeowners ‘Springing’ into Action, According to Report” (3-15-13)

“Recent data show homeowners are getting ahead of the curve and listing their properties earlier than in previous years as the spring selling season approaches.”

Hard Money Loan Closed

Encino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $375,000 on a 4 bedroom, 2.5 bathroom home appraised for $592,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

Home sales in California increased in February, although the median prices did not show much change amidst a struggling economy.  According to the Labor Department, the number of claims of unemployment decreased by 14,000 to 351,000 the previous week.  Mortgage rates were also on the rebound, although home loans were not expected to increase.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 3/8/13

Friday, March 8th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise 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 3/1/13

Friday, March 1st, 2013



Sources:

 

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Spending on construction decreased last month by 2.1%, the biggest since 2011.  Spending increased despite personal income dropping by almost $500 billion.

In The News:

Bloomberg - “Construction Spending in U.S. Unexpectedly Fell in January” (3-1-13)

“Construction spending in the U.S. unexpectedly fell in January following the biggest back-to-back gain in a year, reflecting a slump in nonresidential and government projects.”

DS News – “Personal Income Plunges in January; Spending Up” (3-1-13)

“Personal income dropped $505.5 billion, or 3.6 percent, and disposable personal income (DPI) fell $491.4 billion, or 4.0 percent, in January, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Times - “Mortgage Rates Break Holding Pattern, Move Lower” (3-1-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates moved lower after being largely unchanged over the past month, while continuing to help drive the housing recovery leading up to the spring home buying season.”

Housing Wire- “Bank of America admits to NY AG probe and other investigations” (3-1-13)

“Mortgage-backed securities continue to plague Bank of America ($11.42 0.19%), the major lender that acquired subprime giant Countrywide during the financial crisis .”

DS News - “Consumer Debt Rises in Q4, Mortgage Debt Flattens: Fed” (3-1-13)

“Mortgage debt for U.S. households was roughly unchanged quarter-over-quarter, according to the Federal Reserve Bank of New York’s Household Debt and Credit report. Mortgage debt stood at $8.03 trillion in Q4, making up the largest component of household debt.”

DS News- “Firm Says National Home Price Gains Are Unsustainable” (3-1-13)

“While some read recent home price gains as a sign of an improving market, Radar Logic warns the recent gains are “unsustainable” and may actually be dampening market recovery.”

Housing Wire – “Judge revives multi-billion dollar MBS dispute against banks” (3-1-13)

“The Second Circuit Court of Appeals overturned a lower court’s dismissal of a major residential mortgage-backed securities lawsuit filed against U.S. investment banks.”

Hard Money Loan Closed

Santee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $192,000 on a 3 bedroom, 2 bathroom home appraised for $297,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big week for foreclosures, RealtyTrac said 24% of all home sales in the fourth quarter of 2011 were homes in foreclosure.  In other news, a bill got passed by the Florida House of Representatives that helped speed up several foreclosure processes.  Mortgage rates were back again to their 60-year lows after dropping a little the previous week.  Unemployment claims also decreased by 2000.

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 2/22/13

Friday, February 22nd, 2013



Sources:
Builder Confidence Virtually Unchanged in February
Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability
HARP hits 2 million refinances
Housing Starts Down on Typical Multifamily Volatility; Permits Hit Four-Year High
U.S. 30-Year Mortgage Rates Rise to Highest Since August
Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999
January Existing-Home Sales Hold with Steady Price Gains, Seller’s Market Developing
Zillow: 1.9M Homeowners Released from Negative Equity in 2012
Limited Mortgage Finance Role for U.S. Government Gains Support

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Zillow reported home values increased in January for the 15th month in a row to $158,100, the biggest yearly increase in seven years.  Fannie Mae predicted economic growth will continue to remain slow despite the increase in taxes and spending cuts.

In The News:

Bloomberg - “Fattened Margins Seen Shrinking 40% at Banks: Mortgages” (2-22-13)

“Record mortgage profits that drove earnings at Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) are fading as increased competition keeps the rates banks are offering on new loans near all-time lows.”

DS News – “Fitch Finds Weaknesses in Recent RMBS Transactions” (2-22-13)

“While most representation and warranty guidelines for recent residential mortgage-backed securities (RMBS) have been “substantially stronger than observed in pre-crisis transactions,” according to Fitch, the ratings agency has begun to encounter some proposals that fall short of the industry’s recently-enhanced standards.”

Realty Times - “Average 30-Year Fixed-Rate Mortgage Up a Smidgen” (2-22-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates have changed little over the past four weeks which is helping to spur new home construction.”

Housing Wire- “Refis of underwater loans shrink Ohio’s distressed inventory” (2-22-13)

“While loan modifications continue to ease distress for a small fraction of delinquent loans in Ohio, the refinancing of current underwater loans is also decreasing the state’s inventory of troubled mortgages.”

DS News - “Home Values Post Biggest Annual Increase Since 2006; Rent Gains Slow” (2-22-13)

“Home values in January posted their biggest annual increase since July 2006, beating national gains in rent, according to a recent report from Zillow.”

Housing Wire – “California captures 40% of aid from the national mortgage settlement” (2-22-13)

“The state of California received a disproportionate share of relief dollars from the 49-state national mortgage settlement, according to data released this week.”

DS News- “Fannie Mae Projects Slow Economic Growth Amid Fiscal Policy Concerns” (2-22-13)

“Even with tax hikes and spending cuts creating a significant headwind to the economy, Fannie Mae’s Economic & Strategic Research Group is maintaining its outlook for slow and steady growth in 2013.”

Housing Wire – “MBA economist sees home price recovery, but hurdles remain” (2-22-13)

“The Mortgage Bankers Association’s chief economist rejects the idea that today’s home price recovery and improvements in housing are the result of artificial market lifts such as legislation and federal intervention.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $74,000 on a 4 bedroom, 2 bathroom home appraised for $116,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Looking Back:

Sales of existing homes increased in January of last year for the third month in a row.  Construction jobs also increased with people’s positive outlook on the housing market and increase in remodeling projects.  In the housing market as a whole, market trends were showing signs of improvement amidst a weak market.

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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