The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Altisource’

By Bruce Norris .

Mortgage Rates and Sales Seeing Slight Increases

Thursday, April 24th, 2014


Today’s News Synopsis:

Mortgage rates increased slightly after showings signs of decrease for two weeks in a row.  30-year rates are now at 4.33% and 15-year rates at 3.39%.  Refinances completed by HARP decreased in February with only 21%, or 26,964 completed.  The CFPB released a 69-page report showing that mortgage closings are taking too much paperwork and need to be cut down.

In The News:

DS News - “Total Home Sales and Prices Tick Slightly Upward in March” (4-24-14)

“According to RealtyTrac’s latest Residential and Foreclosure Sales Report for March and Q1 2014, U.S. residential properties sold at an estimated annual pace of roughly 5.2 million homes in March, a .4 percent increase from February, and up 8 percent from the previous year.”

Bloomberg - “JPMorgan to Help Oversee $12 Billion for Resolution Life” (4-24-14)

“JPMorgan Chase & Co. (JPM) won a contract to help manage about $12 billion in bonds for Resolution Life Holdings Inc., a startup insurer that plans to acquire policies from other U.S. carriers.”

Housing Wire - “Freddie Mac: Mortgage rates reverse course, rise” (4-24-14)

“Mortgage rates inched higher after falling two weeks straight following an uptick in the 10-year treasury note and amid a week of soft housing data.”

Mortgage Professional America - “Closings need less paperwork, says 69-page CFPB report” (4-24-14)

“The Consumer Financial Protection Bureau says mortgage closing documents desperately need streamlining – and it only took 69 pages to say it in.”

DS News - “FHFA: HARP Refinances Drop in February” (4-24-14)

“Amid continued rising home prices and rising mortgage rates, the number of refinances achieved through the Home Affordable Refinance Program (HARP) is declining, according to the Federal Housing Finance Agency (FHFA). Even a slight drop in mortgage rates to 4.3 percent for the month did not bolster February’s HARP refinances.”

Housing Wire - “Altisource posts record service revenue in 1Q 2014″ (4-24-14)

“Altisource Portfolio Solutions (ASPS) posted record service revenue, net income attributable to shareholders and diluted earnings per share.”

Bloomberg - “D.R. Horton Earnings Beat Estimates as Home Prices Climb” (4-24-14)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by revenue, reported fiscal second-quarter earnings that beat analyst estimates as prices and orders climbed.”

DS News - “Massachusetts Home Sales Decrease from Low Inventory” (4-24-14)

“For four out of the last five months, single-family home sales have decreased in the Bay State.  This trend is seen by some as a simple problem in availability.”

 

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 3 bedroom, 2 bathroom home appraised for $155,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from the previous week.  HUD consolidated their Office of Multifamily Programs down to 10 sites, which was expected to help the organization save $45 million.  The NAHB reported both single and multifamily housing starts were expected to increase into the double-digits this year, although growth was still not expected to reach its full potential.

 

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 8/21/13

Wednesday, August 21st, 2013

Today’s News Synopsis:

According to the Mortgage Bankers Association, mortgage applications decreased 4.6% from last week.  Existing home sales increased 6.5% to 5.39 million in July.  This is up from 5.06 million the month prior.  Almost a year after Hurricane Sandy struck, several condominiums and cooperatives were shown to not be eligible to receive grants from FEMA.


In The News:

Housing Wire“Housing braces for looming QE3 tapering consequences” (8-21-13)

“All signs are pointing to a new ‘normal” in housing as fiscal drag continues to wane and a rebound in business investment spurs growth.”

Inman“Home sales surge in July despite higher interest rates” (8-21-13)

Existing-home sales increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July, up from a downwardly revised rate of 5.06 million in June, according to the National Association of Realtors (NAR).”

CNN Money“Families scramble to pay for college” (8-21-13)

“Families are still losing the college savings race: More are tucking away money, but they’re falling painfully short as tuition continues to climb.”

Bloomberg“Fannie Mae Sees Jobs, Easier Terms Sustaining Home Sales” (8-21-13)

“More jobs and easier loan terms will boost demand for new mortgages in the second half of this year as homebuyers shrug off higher interest rates, according to a Fannie Mae forecast issued today.”

NAHB“NAHB and EEBA Team Up to Offer Superior Education Opportunities for Building and Design Industry” (8-21-13)

“Before now, building professionals experienced building science education offered by the Energy and Environmental Building Alliance (EEBA) and the National Association of Home Builders (NAHB) in separate venues and events.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-21-13)

“Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2013.”

DS News“Altisource Announces Deal to Buy Equator” (8-21-13)

“Altisource Portfolio Solutions, a global provider of services for the real estate, mortgage, and consumer debt industries, announced plans to acquire Equator, a solutions provider for the mortgage and real estate industries.”

Realty Times“Condos and Co-ops Not Eligible For Storm Relief” (8-21-13)

“Thousands of condominiums and housing cooperatives that were damaged when Hurricane Sandy struck the East Coast last year learned – after the fact – that they were not eligible for money grants from the Federal Emergency Management Agency (FEMA).”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $71,000 on a 3 bedroom, 1 bathroom home appraised for $104,000.

 

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

Bruce Norris will be presenting InvestClub for Women Poised to Pop on Tuesday, September 17, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate


Looking Back:

According to the latest 2012 Home Buyer/Seller Satisfaction Study released by J.D. Power and Associates, customers were less satisfied leading real estate brokerages would continue educating their clients and following up.  Despite a decrease in consumer spending in the second quarter and impending fiscal cliff, housing continued to show positive signs and was leading to more optimism with Fannie Mae.  The consumer credit default index decreased in July for the seventh month in a row.

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 8/19/11

Friday, August 19th, 2011

Sources:
July sales and price report
Mortgage Rates in U.S. Tumble to Lowest in More than 50 Years
Jobless claims up to 408,000 last week
Realtor.com, Yahoo Real Estate trading places in Web rankings
Mortgage servicers bypass foreclosure delays with more short sales
Case against MERS reaches Supreme Court
Fed to Keep Interest Rates Low until 2013
NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market

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. Despite home sales dropping, it was reported they are actually in better shape this year as sales are up from a year ago.  Two Multiple Listing Services in California, CRMLS and SoCalMLS, will be merging to form the largest firm in the United States.

In The News:

Housing WireDelinquencies on commercial real estate loans fall again in July” (8-19-11)

“Delinquencies for securities backed by commercial real estate loans fell in July for the third consecutive month, according to Fitch Ratings.”

San Francisco Chronicle - “Inflation May Embolden Opponents of Fed’s Moves to Spur Growth” (8-19-11)

“Signs that consumer prices are rising even as the U.S. economy slows maydelay additional moves by Federal Reserve Chairman Ben S. Bernanke to spur growth.”

DS News - “Zillow: Price-to-Income Ratios Still High in Some Markets” (8-19-11)

“While an August report from Capital Economics states that housing values overall are undervalued by 20 percent, Zillow reports that many metro price-to-income ratios are still above their historic averages.”

Rismedia - “Home Sales Down in July but Up Strongly from a Year Ago” (8-19-11)

“Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of REALTORS®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.”

Housing Wire - “Ocwen, Altisource extend ties to keep costs down” (8-19-11)

“Two years after the spin-off, Ocwen Financial Corp. (OCN: 12.57 -1.95%) will extend certain services to Altisource (ASPS: 32.30 -3.29%) for an additional 12 months to minimize costs, according to a filing with the Securities and Exchange Commission.”

Mortgage Bankers Association - “MBA Increases Origination Forecast in 2011, Predicts Greater Drop in Origination Volume in 2012″ (8-19-11)

“The Mortgage Bankers Association’s (MBA) Economic and Mortgage Finance Forecasts released today project $1.1 trillion in residential mortgage origination volume in 2011, roughly $100 billion more than earlier forecasts, as low mortgage rates have brought in higher than expected refinance volume, while purchase volume has been less than anticipated.

Realtor Magazine - “Housing Affordability at Highest in 20 Years” (8-19-11)

“Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.”

Inman - “2 California MLSs merge to become largest in nation” (8-19-11)

“Visions of a statewide multiple listing service in California are a stepcloser to reality today, with the California Regional Multiple Listing Service Inc. (CRMLS) announcing a merger that will double its size and make it the nation’s largest, with 68,000 participants and subscribers.”

Orange County Register - “August home sales show signs of improvement” (8-19-11)

“For the 22 business days ending August 5 – DataQuick’s latest homebuying report — Orange County saw 2,663 O.C. residences sold — up 4.3% from a year-ago! If the trend continues for the full month of August, this could break O.C.’s 13-month losing streak.”

RisMedia - “Builder Confidence Unchanged in August” (8-19-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released recently.”

Looking Back:

Energy efficiency loans hit the skids as many banks saw the risk outweighing the rewards. A White House-created commission looked at possibly increasing the age for retirement benefits with the backing of AARP. California rates were one of the country’s hottest real estate markets for price increases while a PMI Mortgage Insurance Co. report listed 7 California areas (both northern and southern) that would most likely witness price declines 2011 and 2012.

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 4/13/10

Tuesday, April 13th, 2010

Today’s News Synopsis:

MDA DataQuick reports 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. Schwarzenegger signed a bill allowing taxpayers to be exempt from paying for forgiven mortgage debt. In 2008 and 2009, the income needed to buy a median-priced home decreased in 93 percent of U.S. markets. According to IAS, national house prices fell 0.6% in February.

In The News:

DQNews - “More Incremental Gains for Southland Real Estate Market” (4-13-10)

“A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 33.3 percent from 15,359 in February, and up 5.0 percent from 19,506 in March 2009, according to MDA DataQuick of San Diego.”

Sacramento Bee“California won’t tax forgiven home debt” (4-13-10)

“Gov. Arnold Schwarzenegger signed legislation Monday to spare thousands of Californians big tax bills on mortgage debt forgiven in 2009. The bill, signed days before Thursday’s tax filing deadline, will eliminate state taxes on forgiven mortgage debt from 2009 through the end of 2012. The U.S. government has already done the same.”

Los Angeles Times“Washington Mutual created ‘mortgage time bomb,’ Senate panel says” (4-13-10)

“Before Washington Mutual collapsed in the largest bank failure in U.S. history, its executives knowingly created a ‘mortgage time bomb’ by making subprime loans they knew were likely to go bad and then packaging them into risky securities, a congressional investigation has found. In some cases, the bank took loans in which it had discovered fraudulent activity — such as misstated income by borrowers — and rolled them into mortgage securities sold to investors without disclosing the fraud, according to the report released Monday by the Senate’s Permanent Subcommittee on Investigations.”

Inman - “The workers homeownership left behind” (4-13-10)

“Between 2008 and 2009, the income needed to purchase a median-priced home fell in 93 percent of the markets studied, while the income needed fell a median of 9.1 percent, the study said.”

Housing Wire“Top Four Banks Ready to Write-Down Second Liens” (4-13-10)

“In a hearing today before the House Financial Services Committee, representatives from Bank of America (BAC: 18.67 +0.05%), Citi (C: 4.62 -0.43%), JP Morgan Chase (JPM: 45.87 -0.59%) and Wells Fargo (WFC: 32.15 -0.83%) report that they do not feel efforts to satisfy second lien obligations represent a conflict of interest between the desires of investors and the needs of distressed borrowers. As a result, they are willing to write-down second liens if first lien lenders are doing the same. All four lenders are participants in the Second Lien Modification Program, known as 2MP, which is struggling to gain traction.”

Housing Wire“Seven Months of House Price Declines Keep IAS Index Near 2004 Levels” (4-13-10)

“National house prices fell 0.6% in February, the seventh consecutive month of decline, keeping prices ‘only fractionally higher’ than levels seen in 2004, according to collateral valuation firm Integrated Asset Services (IAS). Although February’s decline is smaller than recent months — like 0.7% in December — the IAS house price index is now down 25% from its peak in July 2007.”

Housing Wire“New Inspection Report Helps REO Holders Market Homes to FHA Borrowers” (4-13-10)

“Altisource Portfolio Solutions (ASPS: 25.61 -0.70%), a real estate portfolio services provider, introduced a new inspection report with increased data and repair information on subject properties. According to the company, while a traditional property inspection report outlines the general condition of a property, the new report includes information on the existence and condition of appliances, carpets or other flooring, and whether electrical systems are functioning.”

Bloomberg - “Mortgage-Bond Yields That Guide Loan Rates Fall to 3-Week Low” (4-13-10)

“Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds fell about 0.01 percentage point to 4.44 percent as of 3:02 p.m. in New York, according to data compiled by Bloomberg. That’s down from an eight-month high of 4.67 percent on April 5.”

Looking Back:

One year ago, distressed properties represented 25 percent of U.S. home sales. Jeff Greene confessed to his 2006 investment estimation that money could be quickly made by buying credit default swaps on mortgage backed securities. Experts warned that FHA loans would be the next biggest risk in the U.S. housing market.