California Real Estate Investing News

Posts Tagged ‘American International Group’

NAR Reports 5.1% Increase in Existing-Home Sales

Wednesday, April 20th, 2016

Today’s News Synopsis:

 

The National Association of Realtors reported existing-home sales increased 5.1% month-over-month in March.  The Mortgage Bankers Association reported mortgage applications increased 1.3% from last week.  More and more people are interested in buying a home with interest rates continuing to decrease.

 

In The News:

Housing Wire – “Existing home sales rebound 5.1% in March” (4-20-16)

“Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors.”

Mortgage Professional America – “As interest rates fall, interest among buyers rise” (4-20-16)

“Last week, mortgage rates fell again to a three-year low. According to Freddie Mac, rates were at the lowest level since 2013 when it slipped to 3.58 percent for a 30-year fixed-rate mortgage. With rates on a downward slope, mortgage offices across the nation are feeling the effects.”

Realty Trac – “U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007” (4-20-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its March and Q1 2016 U.S. Home Sales report, which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.”

DS News – “‘Hardest Hit’ States Get More Relief from Treasury” (4-20-16)

“The final $1 billion in funds under the Hardest Hit Fund (HHF) has been allocated to 13 of the 19 participating HHF states, according to an announcement from the U.S. Department of Treasury on Tuesday. ”

Mortgage Professional America – “Senator calls for investigation into Fannie, Freddie” (4-20-16)

“The chairman of the Senate Banking Committee is calling for an investigation of Fannie Mae and Freddie Mac.”

DS News – “Back to Basics: 4 Ways to Transform the GSEs” (4-20-16)

“Fannie Mae and Freddie Mac have been under conservatorship for almost eight years following a massive taxpayer-funded bailout.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-20-16)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 15, 2016. ”

DS News – “Is TRID to Blame for Jumbo MBS Disappearance?” (4-20-16)

“For the last 10 years, jumbo mortgage-backed securities (MBS) have been easing their way back into the market, but did the implementation of TRID and other factors put a stop to growth in this sector?”

Mortgage Professional America – “Judge clears way for lawsuit over AIG’s subprime exposure” (4-20-16)

“A federal judge has okayed a California lawsuit by Pacific Investment Management Co that accuses American International Group – better known as AIG – of lying about its subprime mortgage exposure prior to its 2008 bailout, according to a Reuters report.”

 

Hard Money Loan Closed

Vista, California hard money loan closed. Real estate investor received loan for $650,000 on this single family property appraised for $1,000,000.

Vista Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

Builder confidence continued to remain low despite housing starts increasing 2% the previous month.  Many people who lost their homes during the housing crisis were not expected to purchase again soon as they continued to remain cautious with the tight credit.  Home sales continued to increase, especially in California where buyers were rushing in 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










33 out of 94 Major Metropolitan Markets at their Highest in Regards to Home Prices

Thursday, December 3rd, 2015

Today’s News Synopsis:

 

Freddie Mac reported a further decrease in mortgage rates with 30-year rates at 3.93% and 15-year rates at 3.16%.  RealtyTrac reported that 33 out of 94 major metropolitan markets were at their highest in regards to home prices.  More and more lenders who handle transitions online may no longer be participating in giving loans from FHA.

 

In The News:

 

Mortgage Professional America – “Major online lenders may back away from FHA loans” (12-3-15)

“The country’s third largest mortgage lender is considering is the latest to consider discontinuing its participation in a government program that supported the housing market during the financial downturn.”

Bloomberg – “Service Industries in U.S. Grew at Slower Pace in November” (12-3-15)

“Service industries in the U.S. expanded in November at the slowest pace in six months, indicating malaise in manufacturing is impeding progress in other parts of the economy.”

DS News“American Homes 4 Rent and American Residential Properties Announce Merger” (12-3-15)

“American Homes 4 Rent (AH4R) and American Residential Properties, Inc. (ARPI) both announced on Thursday morning plans to merge into a combined company that is expected to own and manage more than 47,000 residential single-family rental homes.”

Mortgage Professional America – “More evidence that easy business is dwindling” (12-3-15)

“Originators have enjoyed higher-than-normal refinance business in the wake of low rates, but more evidence is pointing to the eventual end of that trend.”

Housing Wire – “Freddie Mac: Mortgage rates drop further below 4%” (12-3-15)

“The average 30-year fixed mortgage rate increased again, marking the third consecutive week of declines, the most recent results from Freddie Mac’s Primary Mortgage Survey reported.”

Bloomberg – “AIG Said to Dismiss Real Estate Group’s Chief, Other Executives” (12-3-15)

“American International Group Inc., the insurer that’s been slashing jobs to cut costs, dismissed four senior members of its real estate business including the group’s chief executive officer, Robert Gifford, according to a person familiar with the move.”

Mortgage Professional America – “Morning Briefing: 35 per cent of metros at record high prices” (12-3-15)

“A new analysis of 94 metros show that home prices in 33 of them (35 per cent) have reached record highs in 2015. RealtyTrac says that those markets include Detroit, Dallas, Houston, Atlanta, St. Louis, Denver, Pittsburgh, Charlotte, Portland, San Antonio and Columbus, Ohio.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/m_max

 

Looking Back:

Consumer optimism increased for the fourth quarter and was at its highest it had been during the economic recovery.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from the previous week.  The Federal Reserve’s latest Beige Book statistics were positive and showed continual growth.

 

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 2/5/14

Wednesday, February 5th, 2014


Today’s News Synopsis:

Panelists at the latest NAHB press conference predicted that multifamily housing demand will increase this year and continue to do so for several years.  The Mortgage Bankers Association reported a 0.4% increase in mortgage applications from last week.  Although 175,000 new jobs were added to the private sector last month, it was still a weak month for hiring and may have happened as a result of bad weather and snowstorms.

In The News:

NAHB“Demand for Multifamily Housing will Continue to Rise in 2014 and Beyond” (2-5-14)

“Strong demand for apartments will increase over the next several years, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas. And while multifamily construction continues to be strong, NAHB does expect the speed to decrease as sustainable levels are reached in 2015 or 2016.”

DS News“Morgan Stanley Announces $1.25B Settlement with FHFA” (2-5-14)

“Morgan Stanley is the latest company to make peace with the Federal Housing Finance Agency (FHFA) over alleged misrepresentation of bad securities sold to Fannie Mae and Freddie Mac.”

Housing Wire “AIG demands stay in $8.5 billion Bank of America ruling” (2-5-14)

“American International Group is joining a number of companies asking a New York state supreme court judge to delay the approval of an $8.5 billion agreement between Bank of America (BAC) and mortgage bond investors.”

Mortgage Bankers Association “Mortgage Applications Increase Slightly in Latest MBA Weekly Survey” (2-5-14)

“Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 31, 2014.”

Inman “Key claims in CoreLogic real estate valuation patent ruled invalid” (2-5-14)

“A patent review board has ruled that several key claims made in a CoreLogic patent for an automated real estate appraisal system are “unpatentable abstract ideas” that were anticipated or obvious in view of “prior art” — information or practices already in public circulation when the patent was issued.”

CNN Money“Stormy weather weighs on job growth” (2-5-14)

“Snowstorms put some hiring on hold in January, according to a report by payroll processing firm ADP.”

Bloomberg “Market’s 19th Breakdown Sees Bulls Unmoved as Trillions Lost” (2-5-14)

“Eighteen times Michael Shaoul has watched the U.S. stock market lose 5 percent or more since 2009. Eighteen times he’s been rewarded for holding on.”

DS News“Long Island Ranked Nation’s Hottest Market, Florida Metros Struggle” (2-5-14)

“Pro Teck Valuation Services released on Tuesday January’s Home Value Forecast (HVF), a measure of single family residential markets. Long Island was ranked the strongest market in the nation.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 4 bedroom, 2.5 bathroom home appraised for $312,000.

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Looking Back:

CoreLogic reported national home prices increased in December for the tenth month in a row to their highest in almost seven years.  Clear Capital also reported home prices increased 5.4% year-over-year in January.  Trulia reported rents increased 4.1% the previous month, although the rate of increase was slower with the increase in multifamily units.

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 9/10/12

Monday, September 10th, 2012

Today’s News Synopsis:

The Lender Processing Services announced home prices showed a 0.9% increase back in May.  Pending home sales also increased 2.4% in July according to the National Association of Realtors Pending Home Sales Index.  A recent survey by Fannie Mae showed consumers remain pessimistic about the economic recovery and are holding more careful views on the housing recovery.


In The News:

Housing Wire“Fraudulent appraisals fuel many mortgage repurchase demands” (9-10-12)

“Audits by Quality Mortgage Service indicate that many demands by financial institutions that lenders buy back mortgages are based on fraudulent appraisal schemes in an attempt to increase the success of repurchase claims.”

DS News“LPS: Home Prices Up in May” (9-10-12)

Home prices ticked up by 0.9 percent year-over-year in May, according to Lender Processing Services.  The Florida-based analytics and technology provider revealed that prices also rose by 0.7 percent month-over-month.”

Bloomberg“U.S. to Become Minority AIG Shareholder With $18 Bin Sale” (9-10-12)

“American International Group Inc. (AIG) the insurer rescued by the U.S. after bets tied to housing soured in 2008, declined as the Treasury Department said it will sell at least $18 billion of shares acquired in the bailout.”

CNN Money“Manufacturing jobs boom is for real” (9-10-12)

“President Obama last week promised a boom in manufacturing and 1 million new jobs if he is reelected.  But is the boom for real? For high-paying, skilled manufacturing jobs, it just might be.”

Realty Times“Real Estate Outlook: Pending Home Sales Rise” (9-10-12)

“Pending home sales were on the rise for the month of July according to the latest Pending Home Sales Index (PMI) report from the National Association of Realtors (NAR).”

DS News“First Winning Bidder Announced for FHFA’s REO Bulk Sale” (9-10-12)

After much anticipation, FHFA announced the first winning bidder for its REO bulk sale.”

Housing Wire“Consumers cautious on housing recovery: Fannie Mae” (9-10-12)

“Respondents to the Fannie Mae National Housing Survey expect home prices to edge up in the next year a percent or more, as they increase their cautious view of the housing recovery while remaining skeptical of the overall national economy.”

Bloomberg“White House Pushes Refinancing Expansion Before Election” (9-10-12)

“The White House is urging the U.S. Senate to vote as soon as this week on an expansion of a government mortgage refinancing program, a move that could showcase President Barack Obama’s support for policies aiding homeowners before the Nov. 6 presidential election.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $82,000 on a 4 bedroom, 2 bathroom home appraised for $146,000.

 

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 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 8/6/12

Monday, August 6th, 2012

Today’s News Synopsis:

June saw the lowest amount of HAMP trials since the program’s inception in March 2009.  NAHB listed 80 metropolitan areas out of 32 states are showing signs of improvement.  Closing costs for mortgages decreased 7.4% in the last year with banks competing for borrowers.


In The News:

NAHB“Index Spotlights 80 Improving Housing Markets in August” (8-6-12)

“A total of 80 metropolitan statistical areas across 32 states and the District of Columbia were listed as improving housing markets on the National Association of Home Builders/First American Improving Markets Index (IMI) for August, released today. This included 75 markets that retained their places on the list along with five new ones, while nine areas fell from the list due primarily to slight movements in house prices.”

DS News“Massachusetts Foreclosure Bill Signed into Law “ (8-6-12)

Governor Deval Patrick of Massachusetts signed into law a bill Friday that will require lenders to first determine the value of modifying a loan before foreclosing on a home.”

Inman“Real estate agents expecting business to grow” (8-6-12)

“Real estate agents see a bright future for the business, despite some worries about the prospects for increased government regulation, a possible erosion of industry standards, and a data free-for-all.”

Housing Wire“Treasury reduces AIG stake to 53%” (8-6-12)

“The Treasury Department took in $5.75 billion in proceeds from its sale last week of more than 188 million shares of American International Group ($32.31 0.97%) stock.”

Realty Times“Real Estate Outlook: New Homes Sale Decline” (8-6-12)

New home sales fell for the month of June, according to HUD and the U.S. Census Bureau. The pace of sales for newly built, single-family homes slowed 8.4 percent to a seasonally adjusted annual rate of 350,000 units.”

Housing Wire“Fewest HAMP trials started since program began” (8-6-12)

“Mortgage servicers started just 16,321 three-month Home Affordable Modification Program trials in June, the fewest since the program launched in March 2009, according to an analysis of Treasury Department data.”

Bloomberg“U.S. Mortgage Closing Costs Fall 7.4% as Banks Compete” (8-6-12)

“Mortgage closing costs in the U.S. declined in the past year as lenders competed to attract qualified borrowers, Bankrate Inc. (RATE) said.”

DS News“Court of Appeals Upholds Dismissal in MERS Case” (8-6-12)

“MERSCORP Holdings, Inc., announced that a three-judge panel of the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a complaint against Mortgage Electronic Registration Systems, Inc., (MERS) and two other defendants.”

Hard Money Loan Closed

Spring Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $198,000 on a 4 bedroom, 2.5 bathroom home appraised for $330,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 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 7/25/12

Wednesday, July 25th, 2012

Today’s News Synopsis:

New home sales decreased to 350,000 in June and are now at their lowest in five months.  Mortgage applications increased 0.9% from last week according to the Mortgage Bankers Association.  Senator Jef Merkley just submitted a plan to help underwater homeowners by having the government buy up to 8 million underwater mortgages and refinance them to decrease their rates.


In The News:

CNN Money“New-home sales slump” (7-25-12)

“New-home sales flopped in June, an indication that the housing market may take longer than expected to recover.”

Housing Wire“Senator unveils plan to refi 8 million underwater borrowers” (7-25-12)

Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.”

Mortgage Bankers Association“As Low Rate Environment Persists, Refinance Applications Reach Highest Level Since 2009 in Latest MBA Weekly Survey” (7-25-12)

“Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 20, 2012.”

Bloomberg“Wells Fargo Ranks No. 1 in Hard-to-Value Assets, S&P Says ” (7-25-12)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, ranked first among the six biggest U.S. commercial banks with the highest percentage of hard-to-value assets in its securities portfolio, Standard & Poor’s said.”

Housing Wire“Lawmakers press Geithner to release AIG escape plan” (7-25-12)

House Republicans pressed Treasury Secretary Timothy Geithner Tuesday to release a detailed plan to unwind remaining taxpayer exposure to American International Group ($30.25 -0.275%).”

DS News“LPS Releases June First-Look Delinquency Data “ (7-25-12)

“Lender Processing Services (LPS) released Wednesday its “first look” month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year.”

Bloomberg“TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says” (7-25-12)

“Distressed homeowners have received only 10 percent of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program, a U.S. auditor’s report said today.”

Housing Wire“Housing turnaround becomes tailwind for weak economy” (7-25-12)

“The housing market is converting into a tailwind for the broader economy as construction activity gains momentum at a double-digit pace and home prices finally rise, says Joseph LaVorgna, housing analyst at Deutsche Bank ($27.34 -0.83%).”

DS News“Barclays: Distressed Areas Leading Recovery” (7-25-12)

Data in Barclays’ newest Securitization Products Weekly suggests that distressed markets are outperforming others in home appreciation and paving the way for a broad-based housing recovery.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $235,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The Wall Street Journal reported that more foreclosed homes would be featured on reality television shows.  In other news, the Reality Times reported that the sale of existing homes fell the previous month, the Northeast being the lowest.  According to Housing Wire, some of the big banks showed improvement in the second quarter of 2011 with increased loans and bigger pre-provision earnings.

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 7/19/12

Thursday, July 19th, 2012

Today’s News Synopsis:

Big week in the news.  Mortgage interest rates are continuing to decrease and are now at 3.53%, down from 3.56% the week prior.  Unemployment claims increased 34,000 to 386,000, the highest they have been in four weeks.  Existing home sales decreased 5.4% to 4.37 million last month, although this number was actually 4.5% higher than last year.  Median home prices increased 7.9% from last year and are at their highest level since 2008.


In The News:

Housing Wire“Mortgage interest rates keep going down” (7-19-12)

“Interest rates continued dropping last week, creating a housing market where buyers searching for cheap credit can find plenty of it.”

DS News“Initial Jobless Claims Rebound to 4-Week High” (7-19-12)

“First-time claims for unemployment insurance rose 34,000 for the week ended July 14 to 386,000 – the highest level in four weeks – the Labor Department reported Thursday.”

Bloomberg“Home Sales to Factories Point to Second-Half Weakness: Economy” (7-19-12)

Sales of existing U.S. homes unexpectedly dropped and manufacturing in the Philadelphia region contracted for a third month, showing economic weakness is extending into the second half of the year.”

DS News“Median Price for Existing Home at Highest Level Since 2008” (7-19-12)

“The median price of an existing single family home rose in June to the highest level since almost four years, the fifth straight month-month gain, the National Association of Realtors (NAR) reported Thursday.”

Housing Wire“Home prices rise, sales fall on limited inventory” (7-19-12)

“Total existing home sales declined 5.4% to a seasonally adjusted annual rate of 4.37 million in June from 4.62 million the month before. Existing sales in June were 4.5% higher than the 4.18 million units sold a year earlier.”

NAHB“Builders Tell Congress Inefficient Regulations Harm Housing, the Economy” (7-19-12)

The National Association of Home Builders (NAHB) told Congress today that an unwieldy federal regulatory process is hampering the housing and economic recovery.”

Bloomberg“Housing Crisis Sees 1.5 Million Older Americans Lose Their Homes” (7-19-12)

“More than 1.5 million Americans aged 50 or more have lost their homes since the collapse of the housing market in 2007 as delinquency rates and foreclosures soar, according to advocacy group AARP.”

DS News“Study Reveals Customers Are More Satisfied with Servicers” (7-19-12)

“Servicers received higher scores from customers this year compared to 2011, according to a study from J.D. Power and Associates Thursday.”

Bloomberg“AIG Scorned by Old Republic for Insuring Homes Loans: Mortgages” (7-19-12)

“American International Group Inc. (AIG), the insurer bailed out by U.S. taxpayers, is investing in home- loan insurance, a business that Aldo Zucaro, chief executive officer of rival Old Republic International Corp. (ORI), said doesn’t make sense.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 4 bedroom, 2 bathroom home appraised for $175,000.

 

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

Looking Back:

In a big story, the construction of new homes increased 14.6% in the month of June 2011.  Unfortunately, mortgages were down to a new low in four years with a 19% decrease in the second quarter of 2011.  A new law, SB 458, was signed into law on Friday that would bring changes to short sales.

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

The Norris Group Real Estate News Roundup 5/4/12

Friday, May 4th, 2012


Sources:

Failed Bank List
Homeownership Rate Falls to 15-Year Low
American family rentals reach 15-year high
Consumer Spending Slows Sharply in March; Savings Rate Edges Up
Residential construction grows slightly in March
Foreclosures Down to 69,000 in March, Inventory Also Down
2012 NAR Investment and Vacation Home Buyers Survey: Sales
Uh-oh: Big banks shrink lending
FHFA delays principal reduction ruling

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.  Only 115,000 new jobs were added last month, disappointing numbers for the Bureau of Labor Statistics.  Mortgage modifications for HAMP decreased 33% from last year.

In The News:

Housing Wire – “NY Fed opens bid on more AIG CDOs” (5-4-12)

“The Federal Reserve Bank of New York opened more American International Group ($32.79 -1.35%) CDOs for bidding.”

Realty Times“Fixed Mortgage Rates Average New All-Time Record Lows” (5-4-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates found new all-time record lows, continuing to help keep homebuyer affordability high.”

DS News – “Slow Growth: 115,000 Jobs Added In April, Unemployment Rate Down” (5-4-12)

“The nation added 115,000 jobs in April, far below expectations and a drop from March’s revised payroll growth of 159,000, the Bureau of Labor Statistics reported Friday.”

RealtyTrac – “Foreclosure Loan Modifications Helping or Hurting?” (5-4-12)

“Pressure is mounting in Washington to allow loan modifications with principal balance write-downs to bail out struggling homebuyers who borrowed too much money during the housing boom or took out a second mortgage to buy Hummers or take expensive vacations they couldn’t afford.

CNN Money – Postal Closures Likely to Start This Summer (5-4-12)

“Last December, the Postal Service agreed to back off closing any more post offices and postal plants until May 15. The moratorium was aimed at giving Congress time to pass legislation to help the service get back on firmer financial footing. The service lost $5 billion in its most recent year and is $12 billion in debt to the Treasury Department.”

Housing Wire – “Ohio AG begins $75 million demolition program” (5-4-12)

“Ohio Attorney General Mike DeWine will begin granting $75 million to local governments for the demolition of abandoned homes.”

DS News“Treasury to Sell Investments in Small Banks Still in TARP Program” (5-4-12)

“While Treasury has stated it recovered $264 billion of the $245 billion invested in TARP, Treasury Assistant Secretary Timothy G. Massad announced 343 banks still remain in TARP’s taxpayer-funded bank programs.”

Housing Wire“HAMP mortgage modifications down 33% from last year” (5-4-12)

“Reginald Harper, former CEO of First Community Bank of Hammond, La., pleaded guilty to defrauding the firm out of millions of dollars in phony mortgages.

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 2012.

Looking Back:

A survey showed that 45% of homebuyers thought they should always buy mortgage discount points. Freddie Mac ended the first three months of the year with a positive net worth of $1.2 billion, and needed no additional funding from Treasury for the first quarter 0f 2011. Automatic Data Processing Inc said the private sector added 179,000 jobs in April 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.

The Norris Group Real Estate News Roundup 4/18/12

Wednesday, April 18th, 2012

Today’s News Synopsis:

The Mortgage Bankers Association reported applications for mortgages increased 6.9% from last week.  In order to speed up short sales, Fannie Mae and Freddie Mac are requiring loan servicers needing more than 30 days to give them an answer in no more than 60 days.  It is expected Bank of America will report almost $2 billion of bad home-equity loans tomorrow.

In The News:

Wall Street Journal“Betting on Vegas Comeback” (4-17-12)

“In the heat of the real-estate boom, MGM Resorts International MGM +0.11% and Dubai World made an ill-fated bet that the Las Vegas real-estate and gambling market would stay strong for years to come, launching an $8.5 billion casino resort called City Center soon before the market turned.  Now, after years of struggles, they are betting that the Las Vegas condo market is approaching a bottom.”

Bloomberg“Bank of America Faces Bad Home-Equity Loans: Mortgages” (4-18-12)

“Bank of America Corp., whose home- equity mortgage portfolio exceeds its stock market value, probably will say about $2 billion of junior loans are bad assets tomorrow even as some borrowers are still paying on time.”

Mortgage Bankers Association“Refinance Applications Up, Purchase Applications Down in Latest MBA Weekly Survey” (4-18-12)

“Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 13, 2012.”

Realty Times“Mortgage Rates Staying Low on Renewed Euro Zone Debt Concerns” (4-18-12)

“It is now obvious that the Euro zone financial crisis did not end with the Greece debt swap that took place recently. This week, Spain has become the latest region of concern as bond yields for that country rose to over 6 percent. In the background, Italy continues to be watched very closely as the financial situation there is also not very stable.”

Housing Wire“Fed opens bidding on AIG CDOs” (4-18-12)

“The Federal Reserve Bank of New York invited eight firms to bid on collateralized debt obligations once held by American International Group ($32.72 0%).”

San Francisco Chronicle“Fannie Mae Fix By Treasury Said to Preserve U.S. Mortgage Role” (4-18-12)

“U.S. Treasury officials are leaning toward recommending that Fannie Mae and Freddie Mac be replaced with a government safety net for the mortgage finance system and continued federal backing for loans to lower-income homebuyers, according to three people briefed on the discussions.”

Housing Wire“California foreclosure reform moves forward” (4-18-12)

“Seven bills reforming some foreclosure rules passed committees in the California state legislature this week.  The bills were introduced in February. One set of bills extends protections to tenants, giving them 90 days before eviction after the foreclosure sale of the property. Another increases penalties to banks that fail to maintain blighted homes.

DS News“California AG Announces Homeowner Bill of Rights Pass Out of Legislative Committees” (4-18-12)

“California Attorney General Kamala Harris announced Tuesday that seven bills in her California Homeowner Bill of Rights passed out of legislative committees.”

Inman“Fannie, Freddie accelerating short sales” (4-18-12)

“Fannie Mae and Freddie Mac will require loan servicers who need more than 30 days to make a decision on a short-sale offer to provide weekly status updates and give a thumbs-up or thumbs-down no later than 60 days after receiving an offer.”

NAHB“Home Builders Urge Congress to Provide Certainty and Permanency in Tax Code” (4-18-12)

“The National Association of Home Builders (NAHB) today called on Congress to simplify the tax code as part of a comprehensive tax reform effort in order to help small businesses to continue to serve as an engine of economic growth.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $60,000 on a 4 bedroom, 2 bathroom home appraised for $102,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

Looking Back:

Approximately $326 million in credit went to over 47,000 taxpayers who didn’t qualify as first-time homebuyers, according to the Treasury Inspector General. When a borrower in default sought a loan modification, the bank was pursuing foreclosure. Ginnie Mae ended the flat fee for servicing reverse mortgages.

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 11/15/11

Tuesday, November 15th, 2011

Today’s News Synopsis:

The FHA is looking at a possible bailout in the next twelve months after reserves decrease below the legal limit.  Fannie Mae and Freddie Mac have already received a $100 million bailout, the biggest of the financial crisis.  The San Francisco Chronicle reported a pick up in bank loans after a slow month in September.

In The News:

CNN Money“Fannie, Freddie execs score $100 million payday” (11-15-11)

“Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.”

Housing Wire  “Hope Now servicers complete 5 million loan modifications since 2007” (11-15-11)

Hope Now, a voluntary alliance of mortgage servicers, investors, counselors and insurers, said members completed 5 million loan modifications since 2007, supporting the idea that nonprofit and private-sector players can resolve mortgage issues through collaboration.”

DS News “FHA Reserves Sink Further Below Legal Limit Amid Talk of Bailout” (11-15-11)

“An annual audit of the Federal Housing Administration’s (FHA) books has concluded there is a 50-50 chance the government mortgage insurer will need a bailout from taxpayers within the next 12 months.”

Bloomberg “AIG Resists Concessions to Banks for Obama Refinancing Plan” (11-15-11)

“American International Group Inc. (AIG) is holding out as rival mortgage insurers accept policy changes that support the U.S. government push to stoke refinancing among borrowers with little or no home equity.”

Realty Times – “U.S. Won’t be Nation of Renters” (11-15-11)

“According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.  Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960’s. It’s no wonder why most Americans seek out a home of their own.”

San Francisco Chronicle – “Bank Loans Pick Up in U.S. as Fisher Sees Growth: Credit Markets” (11-15-11)

“Bank loans to companies in the U.S. are accelerating after slowing in September,  underscoring the improved outlook for growth following concern that the global  economy was headed for another recession.”

Housing Wire “Freddie Mac tells mortgage servicers not to use Baum law firm” (11-15-11)

“Freddie Mac told mortgage servicers they may no longer refer New York foreclosure or bankruptcy cases to the Steven J. Baum PC law firm.”

CNN Money – “Retail sales: Consumers still spending” (11-15-11)

“Consumers kept hitting the stores in October, despite economic headwinds and uncertainty that many economists had feared would keep them from spending.”

Wall Street Journal – “Lawmakers Near Deal on Raising FHA Loan Limits” (11-15-11)

“U.S. lawmakers are near a deal to increase the maximum size of mortgage loans that can be insured by the Federal Housing Administration, a crucial source of mortgages for first-time home buyers, congressional aides said Monday.”

Looking Back:

Fed Governor Sarah Raskin expected 2.25 million foreclosures to occur in 2010 and 2011. Fiserv believed home prices would drop 7.1% over the in 2011. According to the CAR, 66% of first time home buyers were able to afford an entry-level home in California. Josh Levin of Citigroup predicted housing demand may not catch up to supply until 2014.

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 200 podcasts in our free investor radio archive.