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The Norris Group Real Estate News Roundup 2/3/12

Friday, February 3rd, 2012

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 1/27/12

Friday, January 27th, 2012

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 1/20/12

Friday, January 20th, 2012

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 1/13/12

Friday, January 13th, 2012

Sources:

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 12/16/11

Friday, December 16th, 2011

Sources:

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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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 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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