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By Bruce Norris .

The Norris Group Real Estate News Roundup 10/3/12

Wednesday, October 3rd, 2012

Today’s News Synopsis:

The Mortgage Bankers Association reported another increase in mortgage applications at 16.6%.  The Lender Processing Services reported foreclosures still remain high at 6.49% for judicial states and 2.28% for non-judicial states.  At the same time, prepayment rates are at their highest since  2005 with the decrease in borrowing costs.


In The News:

Mortgage Bankers Association- “Mortgage Refinance Applications Highest Since 2009 as Rates Reach Record Lows in Latest MBA Weekly Survey” (10-3-12)

“Mortgage applications increased 16.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 28, 2012.”

DS News- “Foreclosures Decline but Remain High, Prepayments Surge: LPS ” (10-3-12)

“Foreclosure inventory continues to decline but remains more than eight times what it was in the decade prior to the housing crisis, according to the latest report from Lender Processing Services (LPS).”

Housing Wire – “Ocwen buys Homeward Residential from WL Ross” (10-3-12)

“Ocwen Financial Corporation ($28.96 0%) will buy Homeward Residential Holdings from private equity firm WL Ross & Co. for around $750 million total.”

Realty Times – “Fannie Mae Tightens Underwriting Rules for Condo, Refinance Loans, Borderline Borrowers” (10-3-12)

“Fannie Mae is putting the squeeze on underwriting guidelines this fall, making it tougher for some condo, borderline and refinancing borrowers to land a home loan. ”

Inman – “Top 4 property search apps dominate” (10-3-12)

“During the second quarter, 9 percent of U.S. iPhone users used real estate property search apps, according to an analysis by Onavo Mobile Ltd.”

Bloomberg – “Landlord Gains Slow as Homebuying Tops Renting: Mortgages” (10-3-12)

“Apartment occupancies rose in the third quarter at the slowest pace in more than two years as record low mortgage rates in the U.S. spur would-be renters to purchase homes instead.”

CNN Money – “September jobs report probably won’t sway election” (10-3-12)

“Only two monthly jobs reports remain before the presidential election, but don’t expect either of them to swing undecided voters.”

Housing Wire – “California AG: Dual tracking halves in September” (10-3-12)

“Dual tracking, the process of launching a foreclosure while a borrower is still pursuing a loan modification, is down by almost half in California, according to law University of California Irvine professor Katherine Porter, who serves as a monitor for the national mortgage servicing settlement.”

Realty Trac- “Foreclosures Impact Presidential Election Swing States” (10-3-12)

“The big debate in the 2012 presidential election concerns the question of who will win  the swing states.”

Bloomberg- “Mortgage Prepayment Rate Reaches Highest Level Since 2005″ (10-3-12)

“Mortgage prepayment rates have soared to the highest in seven years as homeowners take advantage of the lowest borrowing costs on record to refinance.”

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2/3 bedroom, 2/2 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Looking Back:

Bloomberg reported spending on construction increased in August 2011, the most it had been in two years.  Foreclosures were also increasing again, accoring to the Realty Times.  Despite this, a new study was released by CoreLogic showing that there were still positive numbers for equity in the country, showing that more homeowners were doing well than it seemed.

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

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The Norris Group Real Estate News Roundup 4/29/11

Friday, April 29th, 2011

Today’s News Synopsis:

The Commerce Department reports personal incomes increased 0.5% in March. Freddie Mac said 30 year mortgage rates dropped to 4.78% last week. Orange County apartment rents rose 1.6% in the first quarter.

In The News:

Los Angeles Times - “Consumer spending, income both rise in March” (4-29-11)

“Personal incomes rose 0.5% last month and consumer spending increased 0.6%, the Commerce Department reported Friday. But after adjusting for inflation, spending rose only 0.2% and after-tax incomes were essentially flat.”

Inman - “Money madness: the economy’s new gold standard” (4-29-11)

“Before rounding them up, a moment for the economy: inbound data are on the weak side. First-quarter U.S. gross domestic product, expected everywhere (until March) to be in excess of 4 percent growth, maybe 5 percent, arrived at 1.8 percent. Net of distortions, probably closer to 2.5 percent, but not going anywhere — certainly not fast enough to absorb labor or houses. Orders for durable goods did rise 1.2 percent in March, with manufacturing continuing as the one bright spot.”

Realty Times – “Mortgage Rates Fall With Latest Economic and Housing Reports” (4-29-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates falling for the second consecutive week. The 30-year fixed-rate stands at 4.78 percent; the 15-year fixed at 3.97 percent, the lowest since December 9, 2010.”

Realty Times – “Reasons For Qualifying the Buyer” (4-29-11)

“too many Agents err in judgment by working with lower probability prospects than they should. We often are more willing to work with lower probability prospects because they are all we currently have. We work them in hopes that their motivation, time frame, commitment level, and even financial qualifications will change. This investment in low probability prospects is at best, optimistic thinking and at worst, delusional.”

Orange County Register – “Smaller O.C. apartments get bigger rent hikes” (4-29-11)

“Overall, average first quarter rents at large Orange County complexes ran $1,505 — up 1.6% from 2010′s average rent. If that trend holds, it would mark the first increase in local rents since 2008.”

Looking Back:

One year ago, Freddie Mac claimed the average rate for 30-year fixed-rate mortgages was 5.06 percent this week. Zillow estimated that home inventory will increase in the near future. The California Housing Finance Agency proposed a plan to spend $699.6m from the Hardest Hit Fund.

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

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The Norris Group Real Estate News Roundup 4/19/11

Tuesday, April 19th, 2011

Today’s News Synopsis:

68,239 Notices of Default (NoDs) were recorded at county recorders offices in the 1st quarter, according to MDA DataQuick. Statistics from the Commerce Department show housing starts increased 7.2% in March. A California bankruptcy court says MERS cannot help a trustee establish legal standing to foreclose on a securitized mortgage. The FDIC closed six banks on April 15th.

In The News:

MDA DataQuick - “California Mortgage Defaults Drop Again; Foreclosures up” (4-19-11)

“A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2 percent from 69,799 for the prior quarter, and down 15.8 percent from 81,054 in first-quarter 2010, according to San Diego-based DataQuick.”

Housing Wire – “March home sales increase in almost all metros: RE/MAX” (4-19-11)

“Home sales jumped more than 10% in 53 of the 54 metros tracked by RE/MAX between February and March, with only New York not achieving double-digits gains.”

Housing Wire – “Apartment and industrial sectors to lead REIT performance in 1Q: Barclays” (4-19-11)

“Barclays said it expects apartment and industrial REIT performance to improve during the first quarter. Effective rental rates are up about 5%, according to Barclays, which should drive positive leasing trends.”

Bloomberg - “Housing Starts in U.S. Increased to 549,000 in March, Exceeding Forecasts” (4-19-11)

“Work began on 549,000 houses at an annual pace, up 7.2 percent from the prior month and exceeding the 520,000 median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Starts fell 19 percent in February to the lowest level in almost two years.”

Comptroller of the Currency – “Description: Revised Examination Procedures” (4-19-11)

“The Tenants Protection Act provides protections to bona fide tenants in the case of any foreclosure on a federally related mortgage loan or on any dwelling or residential real property. These protections provide that any immediate successor in interest in such a foreclosed property, including a bank that takes title to a house after foreclosure, will assume the interest subject to the rights of any bona fide tenant and must comply with certain notice requirements.”

Housing Wire – “California bankruptcy court rules against MERS” (4-19-11)

“A California bankruptcy court says Mortgage Electronic Registration Systems cannot help a trustee establish legal standing to foreclose on a securitized mortgage unless the trustee already possesses an actual assignment of interest in the loan.”

Housing Wire – “Commercial real estate makes up 77% of troubled loans at failed banks” (4-19-11)

“Regulators closed six banks on April 15, accounting for a total of $4.8 billion in assets. So far in 2011, there have been 34 closings, but Federal Deposit Insurance Corp. Chairwoman Sheila Bair said bank failures peaked the year before when 156 were shuttered.”

Looking Back:

One year ago, Irvine Co. reentered the home construction business for the first time in over 20 years. Fannie Mae statistics showed the economy decelerated in the first quarter of 2010, but would likely increase in the near future. Real estate executive Anthony Ghio pled guilty to bid rigging in a scheme to profit off sheriff sale foreclosure auctions. The U.K. and Germany were interested in taking legal action against Goldman Sachs.

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

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The Norris Group Real Estate News Roundup 2/22/11

Tuesday, February 22nd, 2011

Today’s News Synopsis:

A Survey from Harris Interactive shows 70% of Americans aspire to homeownership. According to S&P/Case-Shiller, national home prices fell 4.1% in the 4th quarter of 2010. FNC Residential seems to confirm this saying home prices fell 2.2% in December. CB Richard Ellis Group expects office rents to increase this year.

In The News:

Ventura County Star – “Apartments can be good investment as more people rent” (2-19-11)

“While construction in Ventura County has taken a significant hit since the downturn began, shedding about 7,700 jobs from June 2007 to June 2010, the pain has been uneven. Single-family homes have been hit hard and condominiums even harder, said Dawn Dyer, president of Dyer Sheehan Group, a Ventura real estate consulting firm.”

Los Angeles Times – “Homeownership loses its luster” (2-19-11)

“Two-thirds of Americans still see a home purchase as a safe investment, but that’s down from 83% in 2003, according to a study by Fannie Mae. Homeownership has fallen to 66.5% of the adult population, down from 69.2% in 2004. A Harris Interactive polls says 70% of Americans aspire to homeownership, down from 77% a year ago.”

San Francisco Chronicle – “Consumer Confidence Index hits 3-year high” (2-22-11)

“The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index’s fifth consecutive monthly increase. The figure topped economists’ expectations of a reading of 65, according to FactSet.”

CNN - “Home prices near 2009 lows — and may fall more” (2-22-11)

“National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.”

Housing Wire – “Fitch Solutions subprime credit default swap prices highest since October 2008″ (2-22-11)

“Analysts said the firm’s index for subprime swaps rose 5.2% in January on top of increases the prior two months, including a 7.2% gain in December. Fitch said the 2004 and 2007 vintages performed well last month with returns of more than 7% although constant default rates average 20% higher for the swaps from 2007.”

Housing Wire – “Moody’s finds commercial real estate eluding recovery” (2-22-11)

“After three consecutive months of increases, commercial real estate prices fell 0.9% in December, according to Moody’s Investors Service.”

Housing Wire - “Foreclosure sales weigh down home prices in 23 markets” (2-22-11)

“Home prices in 23 U.S. metropolitan areas fell 2.2% in December, the largest one-month drop for fiscal 2010, and a sign that foreclosed properties continue to weigh down home values across the nation, the FNC Residential Price Index revealed Monday.”

Bloomberg – “U.S. Office Rent Growth to Be ‘Modest’ in 2011, CB Richard Says” (2-22-11)

“U.S. office rents will increase for the first time in three years in 2011, with growth ‘modest and limited to key markets’ before a recovery accelerates in 2012, according to CB Richard Ellis Group Inc.”

Looking Back:

One year ago, Moody’s reported that commercial property prices increased by 4.1 percent in December. A survey showed that 87 percent of homebuilders expected to lose money due to the new FHA guidelines. Short sales accounted for 15.9% of home purchases in January 2010. Janet Yellen predicted the U.S. economy would perform below potential throughout this year and the next.

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

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The Norris Group Real Estate News Roundup 2/18/11

Friday, February 18th, 2011

  

Home Construction Rises in January

January Sales and Price Report

Majority of Freddie Mac borrowers refinanced to fixed-rate loans in 4Q 

West Coast Foreclosure Sales Clime to Pre-Robo-Signing Levels 

FHA to increase mortgage insurance premiums one quarter of one point

Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey

Testimony of John Walsh Acting Compcontroller of the Currency Before the Committee on Banking, Housing, and Urban Affairs

Big Banks Face Fines on Role of Servicers

MERS

Today’s News Synopsis:

The Federal Reserve will require borrowers who get their mortgages through a broker to receive the lowest  possible interest rate. LPS claims the national delinquency rate increased to 8.9% in January. A lawyer was held in contempt of court for helping his clients break back into their house after the foreclosure was ruled legitimate. RadarLogic said national home prices decreased 1.6% in December.

In The News:

New York Times – “New Fed Rule for Mortgage Brokers” (2-17-11)

“STARTING April 1, under a new compensation rule from the Federal Reserve, borrowers who get their mortgages through brokers will most likely pay less for their services and must be offered the lowest possible interest rate and fees for which they qualify.”

Housing Wire – “Fort Myers attorney indicted in mortgage fraud scheme” (2-18-11)

“A disbarred Florida attorney is facing three decades behind bars for lying on a mortgage application as part of a much larger $4.2 million scheme.”

Housing Wire – “Homeowner attorney found in contempt for breaking into foreclosed home” (2-18-11)

“The Ventura County Superior Court in California found attorney Michael T. Pines in contempt of court Wednesday for helping his clients Jim and Danielle Earl break back into their home after the foreclosure was ruled legitimate.”

Housing Wire – “January delinquencies decline over year-ago period: LPS” (2-18-11)

“The national delinquency rate stood at 8.9% in January, up 0.8% from the month prior, but down 18.8% over the year-ago period, according to the ‘First Look’ report from Lender Processing Services (LPS: 33.37 +0.30%).”

Housing Wire – “RE/MAX: US home sales returned to positive territory in January” (2-18-11)

“the RE/MAX National Housing Report also reported a 3.6% month-over-month drop in housing inventory and a 5.6% decline in inventory on a year-over-year basis.”

Housing Wire – “Critics say MERS foreclosure halt shows broken business model” (2-18-11)

“He said a New York bankruptcy judge already held that MERS cannot assign a mortgage, so Pennell explains, if they can’t make the assignment, they are not going to be able to legally assign the mortgage out of MERS and back to servicers as part of this recent change, he said.”

Housing Wire – “RadarLogic home prices revert downward” (2-18-11)

“For December, RadarLogic reported a 1.6% decrease compared to the month prior, as well as a 3.6% drop compared to 2009.”

Bloomberg - “Apartment Construction Climbs in U.S. as Switch to Renting Crimps Supply” (2-18-11)

“‘There will be a spike in rents over the next one to three years,’ Parker said in an interview at the company’s U.S. headquarters in Seattle.”

Bloomberg - “Lennar Bets on Ex-Officer Housing `Party’ as Calif. Rebounds” (2-18-11)

“Emile Haddad, a former Lennar Corp. executive, sold 12,000 acres in California for a $277 million profit at the housing market’s peak four years ago. He and his partners then reacquired it at half the price in 2009. Now, Haddad says, it’s time to build.”

Looking Back:

One year ago, Freddie Mac’s weekly survey showed that mortgage rates dropped this week. 4,853 new and resale houses and condos closed escrow within a month in the Bay Area. The U.S. Treasury claimed that its foreclosure prevention program had cut mortgage payments for approximately 947,000 homeowners. S&P estimated there were approximately 947,000 houses in shadow inventory, which would take nearly 3 years to sell.

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 1/24/11

Monday, January 24th, 2011

Today’s News Synopsis:

The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.

In The News:

Los Angeles Times – “Estimate of mortgage interest tax deduction’s effect on federal deficit is lowered” (1-23-10)

“$88 billion less in revenue losses are now projected over the next three fiscal years — than the committee estimated early in 2010.”

CBIA - “It’s Official: 2010 is Second-lowest Year on Record for Homebuilding in California” (1-24-10)

“CBIA said just 44,601 permits were issued statewide last year for new homes, apartments, condominiums and townhomes, up 23 percent from 2009, but down 31 percent from 2008, which had held the distinction of the second-lowest total on record with 64,962 permits issued. Records began being kept in 1954 with the lowest yearly total set in 2009 with 36,421 permits issued.”

Inman - “Cheaper to buy than to rent in 72% of largest U.S. cities” (1-24-10)

“Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.”

New York Times – “Mortgage Giants Leave Legal Bills to the Taxpayers” (1-24-10)

“Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud.”

Housing Wire – “Moody’s CPPI rose 0.6% for November, down 4.3% since May” (1-24-10)

“The price of commercial property rose 0.6% in November, marking the third-consecutive month of gains following sharp declines for the previous three months, according to Moody’s Investors Service.”

Housing Wire – “Campbell Surveys: Strong distressed property sales bookend robo-signing debacle” (1-24-10)

“First-time homebuyer activity remained relatively strong last month, though still near historic lows, as purchasers rushed to close transactions before interest rates rise further, according to housing industry consultancy group Campbell Surveys. In December, the firm’s HousingPulse distressed property index shows these transactions make up 47.2% of the market, up from 44.5% in November and nearly matching the 47.5% peak reached in September.”

Housing Wire – “JPMorgan: Annual homes sales must average 5.5 million to absorb liquidations” (1-24-10)

“JPMorgan Securities said existing home sales need to average about 5.5 million units a year to absorb a projected 2.25 million to 2.5 million in liquidations.”

Orange County Register – “Demand for O.C. homes jumps 10%” (1-24-10)

“Demand, the number of new pending sales over the prior month, increased by 10% in the past two weeks, adding an additional 194 homes, and now totals 2,154 pending sales. That’s virtually identical to 2009 when it posted 2,146. Last year, there were 393 additional pending sales, but everybody was poised to take advantage of the $8,000 first time home buyer tax. From here, expect demand to continue to improve as the market prepares to enter the spring market, the strongest time of the year for Orange County housing.”

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 1/6/11

Thursday, January 6th, 2011

Today’s News Synopsis:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% this week. Altos Research reports home prices fell 1.63% in December. Timothy Geithner requested from Congress to increase the national debt limit. The current debt limit is $14.29 trillion, and the nation’s current debt level is just $335 billion short of the limit.

In The News:

Research Institute for Housing America – “A Study of Real Estate Markets in Declining Cities” (1-6-11)

“many places will likely resume growth and fully recover within the next decade or so. This is almost certainly not to be the case for all metropolitan areas. In fact, a number of large metropolitan statistical areas (MSAs) experienced severe recessions during the latter half of the 20th century and prior to the Great Recession and never fully recovered or took many years to do so”

USA Today – “30-year fixed mortgage rate dips to 4.77% average in latest week” (1-6-11)

“Freddie Mac says the average rate on 30-year mortgages dropped to 4.77% from 4.86% the previous week. It hit a 40-year low of 4.17% in November.”

Realty Times – “Consequences of Defaults and Foreclosures” (1-6-11)

“One of the most startling impacts of a foreclosure appears on one’s credit report. Your credit score may plummet by 200 to 300 points. In this economic climate, where credit lending standards are already tightened, you may then find it difficult to do everything from buying a car to renting an apartment. What’s worse is that the notation of foreclosure stays on your report for up to seven years.”

Housing Wire – “Altos: Home prices down 1.63% in December, new listings even lower” (1-6-11)

“Home prices fell 1.63% in December, but new listings are hitting the market well below that, according to analytics firm Altos Research. Prices fell in each of the 27 markets studied by Altos. Prices fell 4.77% in San Francisco — the steepest drop of any area, 3.71% in San Diego”

Housing Wire – “Commercial mortgage modifications become huge trend in just two years” (1-6-11)

“Of all loan modifications in the commercial mortgage industry over the past decade, 96% occurred in the last years, according to Standard & Poor’s. The rating agency said 354 commercial real estate loans with a principal balance $15.6 billion were modified from January through November, up significantly from 216 loans valued at $7.06 billion for all of 2009.”

Housing Wire – “DebtX November CRE loan volume down to 80.3%” (1-6-11)

“The decline in the value of commercial real estate loans in November was due primarily to an increase in Treasury rates”

Housing Wire – “Geithner urges Congress to increase national debt limit” (1-6-11)

“Geithner wrote a letter to Congress Thursday requesting an increase in the federal debt limit. According to his numbers, the current debt limit set last February is $14.29 trillion. As of the writing of the letter, the outstanding debt subject to the limit standards is $13.95 trillion — just $335 billion shy of the maximum.”

Housing Wire – “Equator’s Vella: Short sales set to swell 25% in 2011″ (1-6-11)

“With one in five borrowers underwater on their home and an estimated 1.5 million foreclosures scheduled for 2011, the opportunity for short sales will be better than ever. Investors usually see a 20% to 30% better execution on a short sale versus an REO sale when it comes to loss severity. With the foreclosure volume, current and pending REO inventories, servicers will be pressed to do more short sales in 2011.”

Housing Wire – “New Fannie interactive Web tool provides foreclosure avoidance options” (1-6-11)

“Fannie Mae’s new WaysHome interactive multimedia tool walks homeowners through options if they are struggling to pay the mortgage — even allowing them to select a character and be a part of an interactive video.”

Looking Back:

One year ago, California Governor Schwarzenegger announced a new home buyer tax credit. The Mortgage Bankers Association reported that mortgage applications had increased by .4 percent from Christmas. The FOMC confirmed plans to buy $1.25 trillion in mortgage-backed-securities from Freddie Mac, Fannie Mae and Ginnie Mae. Eugene Ludwig believed that commercial real estate losses would break historical records in 2010.

For m ore 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 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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 10/20/10

Wednesday, October 20th, 2010

Today’s News Synopsis:

Mortgage application volume decreased 10.5% from last week, said the Mortgage Bankers Association. RealPoint reports CMBS delinquencies increased 1.3% in August. The Federal Reserve’s Beige Book shows economic growth continued in September. Fannie Mae expects total economic growth for this year to equal approximately 2.5%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-20-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week.”

North State Building Industry Association – “CA Mechanic’s Lien Law – Be Current on the Changes, eff 1/1/11″ (9-1-10)

“This presentation will provide critical updates to builders, suppliers, and subcontractors regarding changes in California Mechanic’s Lien Law that will take effect beginning January 1, 2011. The importance of the changes cannot be overstated – claimants will lose their lien rights if the changes are not taken into account on active construction projects after the first of the coming year.”

Los Angeles Times – “Investors pressure Bank of America to buy back bad mortgages” (10-20-10)

“Several major investment firms are moving to force Bank of America Corp. to buy back bad mortgages that were issued by Countrywide before the lender was acquired by the financial giant.”

Housing Wire – “Architectural billings positive for first time since 2008: AIA” (10-20-10)

“The Architectural Billings Index indicated a growth in design activity in September for the first time since January 2008. The index reached 50.4, according to the American Institute of Architects which released its data Wednesday. The index was 48.2 in August and has increased for four consecutive months.”

Housing Wire – “CMBS unpaid balances reach $62.19 billion, CRE CDO delinquencies up” (10-20-10)

“In its monthly delinquency report, Realpoint said the delinquent unpaid balance for CMBS last month rose 1.3% to $62.19 billion from $61.39 billion in August. The gain of $801.2 million in September is higher than the previous two months, but below the average of $3.14 billion a month during the first half of 2010, according to Realpoint. A year ago, the delinquent unpaid balance was $31.73 billion.”

Housing Wire – “Beige Book shows modest growth in economy” (10-20-10)

“The economy continued growing between September and early October but at a modest pace, according to the Federal Reserve. Still, the Beige Book, which gathers anecdotal evidence of economic conditions in the dozen Fed districts nationwide, showed lingering weakness in the housing market with lower home sales in most districts.”

Housing Wire – “Fannie Mae puts 2011 economic growth at 2.5%” (10-20-10)

“In its October economic outlook, the government-sponsored entity’s economics and mortgage market analysis group said the economic outlook remains clouded. The GSE sees growth of less than 2% as 2010 closes, with modest gains in the first half of next year and a ‘strengthening’ in the second half of next year.”

Bloomberg - “Apartment Rents Rise in U.S. West as Foreclosures Boost Apartment Demand” (10-20-10)

“Apartment rents rose across the U.S. West and South for the third straight quarter as record foreclosures boosted demand for rental housing, RealFacts said. The average asking rent climbed to $958 a month from $950 in the second quarter, according to a report released today by the Novato, California-based research company. It declined 0.7 percent from a year earlier.”

Looking Back:

One year ago, RealtyTrac’s Rick Sharga believed that approximately 450,000 to 500,000 repossessed properties had not yet been placed on the market. Default notices in California had decreased by 10.3 percent from the previous quarter and had increased by 18.5 percent from the previous year. The Commerce Department reported that housing and apartment construction increased by .5 percent with 1 month.

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.

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The Norris Group Real Estate News Roundup 9/21/10

Tuesday, September 21st, 2010

Today’s News Synopsis:

Loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reports new home and apartment construction rose 10.5% last month to a seasonally adjusted annual rate of 598,000. Zillow claims interest rates fell again to 4.25%.

In The News:

San Francisco Chronicle - “More mortgage loans – first time since ’05 peak” (9-21-10)

“U.S. mortgage lending rose for the first time in four years in 2009 as a decline in borrowing rates spurred refinancings, according to regulatory data. The number of loans originated climbed 25 percent to 8.95 million from 2008, according to a report released Monday in Washington by the Federal Financial Institutions Examination Council. Refinancings rose 66 percent to 5.76 million, while loans to purchase homes dropped 11 percent to 2.78 million. Home-improvement and multifamily-dwelling loans also fell.”

Los Angeles Times – “Home construction jumps 10.5% in August” (9-21-10)

“Construction of new homes and apartments rose 10.5% in August from July to a seasonally adjusted annual rate of 598,000, the Commerce Department said Tuesday. That’s the highest level since April.”

Housing Wire – “Flattened Ginnie roll rates in 2Q could mean slower prepays: Credit Suisse” (9-21-10)

“The amount of Ginnie Mae-held loans rolling from 60 days to 90 days delinquent slowed in the second quarter, after spiking last year. According to research from Credit Suisse, this could signal slower involuntary prepayments going forward. The Ginnie Mae share of agency fixed-rate issuance dropped to 33% in August, from 36% in July. Its total 30-year gross and net issuances in August were $28.8 billion and $22.7 billion respectively, both down from $31.4 billion and $15.2 billion in July.”

Housing Wire – “CRE investment gearing up, but analysts don’t expect comeback until 2012″ (9-21-10)

“Trouble in the commercial real estate sector is not likely to be resolved until the economy picks up and job creation boosts demand for office, retail, hotel and other commercial properties, according to a Standard & Poor’s commentary released Monday. Even though the market research firm sees a trough in some CRE subsections, overall improvement isn’t expected until at least 2012.”

Housing Wire – “Zillow: 30-year, fixed rates reach another low at 4.25%” (9-21-10)

“Interest rates continue to set all-time lows, as Zillow reported its Mortgage Marketplace showed the average rate for a 30-year, fixed mortgage is currently 4.25%. The real estate information firm said the rate if down seven basis points from 4.32% the week earlier and at the lowest level since the report launched in April 2008.”

Housing Wire – “Home sales level off in August after recent plunge: RE/MAX” (9-20-10)

“August home sales dropped 0.5% after plummeting in July, according to real estate franchise RE/MAX. Home sales are still down 17.9% from August of last year. While some real estate agents reported increased showings, few have translated into closed transactions after the expiration of the homebuyer tax credit at the end of April.”

Bloomberg - “Fed Under Pressure Amid Confusion Over New Easing” (9-21-10)

“Federal Reserve officials are under pressure to avoid creating confusion among investors about any new effort to spur the U.S. recovery. The Federal Open Market Committee, which meets today, triggered a stock selloff with its last statement on Aug. 10 as investors took it as a signal the economy will falter. The Standard & Poor’s 500 Index tumbled 7.1 percent during the two weeks following the statement after reaching a three-month high on Aug. 9. The MSCI World Index fell 7.3 percent.”

Orange County Register – “CA. mortgage defaults climb 4th month in row” (9-21-10)

“Notices of default filings in California, the first step in the foreclosure process, climbed for the 4th month in a row in August, up by 16.6% from July and 16% from August, 2009, ForeclosureRadar reports. Homes in the state that went back to lenders were up 20% over July and 0.8% from August last year. Foreclosure sale cancellations were down 11%. The inventory of bank-owned homes went up 3.63% from last month and 8.28% year over year.”

Orange County Register – “Fed keeping cheap money policy” (9-21-10)

“the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months.”

Inman - “Survey: Home-price outlooks sour in Q3″ (9-21-10)

“Ninety percent of real estate agents and brokers expect home prices to either fall or stay the same over the next six months, according to a survey by online real estate marketing site HomeGain. HomeGain conducted the survey from Sept. 7-14, with participation from more than 1,100 real estate agents and brokers and 2,600 homeowners nationwide.”

Looking Back:

One year ago, the federal government claimed it had plans to “tinker” with mortgage interest reporting. First American estimated that California had approximately $30 billion dollars worth of bad home loans. A review of over 24 million credit files showed that people with good credit scores were more likely to ‘strategically default’. Lennar Corp. forecasted a profitable year, despite a bad 3rd quarter.

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.

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