The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Ally Financial Inc.’

By Bruce Norris .

The Norris Group Real Estate News Roundup 11/8/11

Tuesday, November 8th, 2011

Today’s News Synopsis:

The percentage of homowners who are underwater has increased to 28.6% according to the latest Zillow report.  Home prices increased 4% in the third quarter despite the value of houses decreasing slightly from the previous quarter.  DS News reported overdue mortgages increased for the first time in almost two years.

In The News:

Housing Wire - “3Q home prices up 4%, housing value dips slightly from last quarter” (11-8-11)

“Home prices jumped 4% in the third quarter, though home values stagnated from the previous quarter, according to separate reports Tuesday.  Third-quarter prices showed two straight quarters of growth according to the
home price index from Integrated Asset Services. Second-quarter prices had increased 2% from the first quarter.”

DS News - “Past-Due Mortgages Rise for First Time Since 2009: Report” (11-8-11)

“The national mortgage delinquency rate edged up during the third quarter of 2011, marking the first increase in nearly two years, according to TransUnion.”

NAHB - “John Courson Named President and CEO of Home Builders Institute” (11-8-11)

“John A. Courson, an established housing industry executive who most recently served as the president and chief executive officer of the Mortgage Bankers Association (MBA), has been tapped to become the new president and chief executive officer of the Home Builders Institute (HBI).”

Bloomberg - “Ally’s ResCap Said to Hire Centerview for Restructuring” (11-8-11)

“Ally Financial Inc.’s unprofitable Residential Capital LLC mortgage unit hired Centerview Partners LLP to advise on a restructuring and negotiations with creditors, said people familiar with the matter.”

O.C. Register - “Poll: 42% want less governmnet in housing” (11-8-11)

“A politics and real estate survey from Move Inc. shows 42% of Americans polled think government’s role in the housing market should be reduced.  Meanwhile, 31% told pollsters that the role of government in housing should remain the same. Only 21.3% preferred an increased role for government in housing.”

San Francisco Chronicle - “Consumer credit rises in September” (11-8-11)

“Consumer borrowing in the United States rose in September, boosted by a gain in  non-revolving credit that includes financing for auto purchases and school loans.”

Housing Wire“Senate wants changes to Fannie, Freddie executive pay” (11-8-11)

“A bipartisan group of 60 senators sent a scathing letter to the Federal Housing Finance Agency and the Treasury Department demanding a crack down on executive pay at Fannie Mae and Freddie Mac.”

Bloomberg Businessweek - “U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports” (11-8-11)

“The number of U.S. homeowners who owe more than their properties are worth climbed in the third quarter as lenders repossessed fewer houses, Zillow Inc. said.”

DS News - “CFPB Will Offer Some Servicers Early Warnings” (11-8-11)

“The Consumer Financial Protection Bureau (CFPB) will offer some mortgage servicers an early warning before pursuing legal action, according to an announcement released Monday.”

Bloomberg - “Toll Brothers Quarterly Revenue Increases 6% Amid Gain in Home Orders” (11-8-11)

“Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, said fourth-quarter revenue increased 6 percent amid strong sales at its East Coast communities.”

Looking Back:

The NAR reported FHA, Fannie Mae and Freddie Mac accounted for over 90% of the mortgage market. New California building codes, known as CALGreen, were expected to be enforced on January 1st, 2011. Richard Fisher of the Dallas Federal Reserve believed the low interest rates were doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd quarter of 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event 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.

The Norris Group Real Estate News Roundup 6/29/11

Wednesday, June 29th, 2011

Today’s News Synopsis:

Bloomberg reported an increase of 8.26% in pending sales for existing homes.  Bank of America and RMBS investors have reached a settlement in their recent suit regarding a loss of money for investors.  Mortgage applications saw a decrease of of 2.7%, according to the Mortgage Bankers Association.  Ally Financial has been subpoenaed by Federal Regulators in hopes to obtain information connected to a current investigation by the Justice Department.

In The News:

Bloomberg - “Pending Sales for U.S. Existing Homes Rise 8.2%” (6-29-11)

“More Americans than forecast signed contracts in May to buy previously owned homes, signaling the residential real estate market may be rebounding from a slump earlier in the year.”

Housing Wire - “Bank of America settles with RMBS investors for $8.5 billion (6-29-11)

“Bank of America (BAC: 11.175 +3.28%) agreed to pay $8.5 billion to investors who lost money on soured residential mortgage-backed securities that were assumed by the banking giant after it acquired Countrywide Financial Corp.”

Realty Times - “Case-Shiller Index Indicates Home Value Boost” (6-29-11)

“According to the latest S&P/Case-Shiller Home Price Index, April experienced a seasonal boost in home prices. Both the 10- and 20-City Composites were up 0.8% and 0.7% month over month, the first rise in eight months.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-29-11)

“Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 24, 2011.”

Los Angeles Times - “KB Home posts second-quarter loss” (6-29-11)

“Los Angeles home builder KB Home widened its loss in its second quarter as the housing market stalled and the company continued to suffer the fallout from the bankruptcy of a Las Vegas development.”

RisMedia - “Brokerage Veteran Louis Farina Joins Jordan Baris, Inc. Rentals” (6-29-11)

“Louis Farina has taken the reins and is running Jordan Baris, Inc. Rentals. Farina has an extensive background as the former owner of Signature Homes and Estates in Morris County, an award winning manager running a large office for a franchise and as a top producing Realtor.”

Housing Wire - “Early-stage mortgage delinquencies drop to 3-year low” (6-29-11)

“The amount of mortgages in the earliest stage of delinquency at the end of March dropped to the lowest level since the first quarter of 2008, federal banking regulators said.”

Realtor Magazine - “Fannie to Fine Lenders for Foreclosure Delays” (6-29-11)

“Mortgage servicers who have delayed the foreclosure process for delinquent borrowers may now get fined. Fannie Mae announced it will retroactively fine mortgage servicers for failing to process severely aged loans in foreclosure, HousingWire reports.”

DQ News - “Las Vegas Metro Area May Home Sales” (6-29-11)

Las Vegas region home sales held at a five-year high last month, rising modestly from both April and a year earlier as sales of distressed properties continued to account for nearly 70 percent of the resale market.”

Housing Wire“Regulators subpoena Ally Financial in mortgage probe” (6-29-11)

“Federal regulators subpoenaed Ally Financial Inc. this month, asking the lender for documents tied to mortgage deals and information related to a Justice Department investigation.”

Looking Back:

One year ago, Standard & Poor claimed U.S. home prices rose 0.8 percent in April 2010. According to the MBA, independent mortgage bankers and subsidiaries made an average profit of $1,135 on each loan they originated in 2009. Congress debated over legislation that would eliminate the HVCC in 90 days if passed. The House voted 409-5 to extend the closing deadline for the tax credit to Sept. 30 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.

The Norris Group Real Estate News Roundup 1/13/11

Thursday, January 13th, 2011

Today’s News Synopsis:

Top News Stories: Several sources have reported that the number of foreclosures are expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, a top story is that 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 has not stopped consumers from wanting to purchase homes.

In The News:

Housing Wire- “Foreclosures getting more erratic out West: ForeclosureRadar” (1-13-11)

“As mortgage servicers grapple with unique foreclosure issues from state to state, the amount of filings varied just as widely in December.”

Inman - “Steady growth foreseen, but no ‘housing revival’” (1-13-11)

“A recovering economy should translate into a spring home-selling season that’s better than last year’s, according to two economic forecasts presented jointly here at the annual meeting of the National Association of Home Builders.”

Bloomberg - “U.S. Foreclosure Filings May Jump 20% in 2011 as Crisis Peaks” (1-13-11)

“The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, RealtyTrac Inc. said.”

RisMedia - “RealtyTrac Releases Year-End Foreclosure Report” (1-13-11)

“RealtyTrac, a leading online marketplace for foreclosure properties, released its Year-End 2010 U.S. Foreclosure Market Report, which shows a total of 3,825,637 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2% from 2009 and an increase of 23% from 2008.”

Housing Wire – “Freddie Mac mortgage rates decline for second consecutive week” (1-13-11)

“After about a month and half of increases, Freddie Mac mortgage rates declined for a second consecutive week.”

CNN Money - “Regulators: Wake up and smell the loan risks” (1-13-11)

“Disputes related to failed mortgages are ballooning amid the fallout of loan securitizations and sales made by some of the biggest banks. But, for the time being, it doesn’t look like the primary bank regulators are doing much about it.”

DS News - “Pro Teck Valuation Services Partners with Collateral Analytics” (1-13-11)

Pro Teck Valuation Services, a Massachusetts-based national provider of residential real estate valuations, recently partnered with Collateral Analytics, a developerof real estate analytic products and tools headquartered in Hawaii, to offer a suite of real estate analytic products to Pro Teck customers.”

Realtor - “More Borrowers Face Expiring Lock-in Rates “ (1-13-11)

“Many borrowers opt to lock in mortgage rates when buying a home or refinancing to help protect themselves against any sudden increases in interest rates while the loan is being processed.”

The O.C. Register - “Calif. home prices decline again” (1-13-11)

“Whatever momentum the California housing market may have had early last year seems to have evaporated. California home prices were falling at a 2.03 percent annual rate in November, the second consecutive year-over-year drop, according to CoreLogic’s math.”

Housing Wire - “John Burns: Despite the housing struggle, people still want to buy” (1-13-11)

“While the overall economy is starting to head forward through recovery, housing continues to stumble behind, according to a recent report card from John Burns Real Estate.”

Looking Back:

CBIA reported that condominium sales were 39 percent higher from 2009. The MBA’s weekly survey showed that mortgage loan application volume increased by 14.3 percent from the prior week. Jumbo residential mortgage-backed securities increased to 9.2 percent from December 2008 to December 2009. All but two of the Federal Reserve districts reported increased activity or improved conditions.

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.