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

Friday, February 3rd, 2012

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 years.”

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 8/26/11

Friday, August 26th, 2011

Sources:
Freddie delinquencies tick up for first time in 10 months
Increased mortgage delinquencies could adversely affect RMBS: S&P
July Pending Home Sales
Ben Bernanke Provides No Relief
C.A.R sends letters to top lenders re: short sales
Gov. Jerry Brown proposes job creation plan for California

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. Bloomberg reported Ben Bernanke has still not provided any good news for the economy.  Zillow recenlty estimated that the prices of homes declined over 4% last June.  Delinquencies are still on the rise, however, foreclosures and distressed sales are decreasing.  Banks are expeted to do more short sales with houses as these are expected to sell more quickly.

In The News:

Housing Wire – “GDP growth revised down to 1% for 2Q” (8-26-11)

“Gross domestic product — or output of all goods and services — grew at an annual rate of 1% in the second quarter, compared to growth of 0.4% in the first quarter, the Commerce Department said Friday.”

Realty Times - “Foreclosures Slow but Delinquencies Rise” (8-26-11)

“A new report indicates that the number of delinquent mortgage borrowers climbed in the second quarter. That’s people who have missed at least one payment, according to the Mortgage Bankers Association (MBA).”

DS News - “California Distressed Sales Decline, Realtors Push for Streamlined Shorts” (8-26-11)

“California’s pending home sales dipped in July, as did the share of distressed property sales, according to a report released by the state’s Realtor group this week.”

Bloomberg - “New York Buildings Face Storm Damage as Property Managers Plan for Irene” (8-26-11)

“Hurricane Irene may cause seriousdamage to some New York City buildings as it threatens to bring surging floodwaters and strong winds that may spur flying debris, property managers said as they prepared for the storm.”

Housing Wire – “August consumer sentiment drops to 3-year low” (8-26-11)

“Consumer sentiment in the U.S. plunged to the lowest level in three years and to one of the lowest level recorded by the Thomson Reuters/University of Michigan survey.”

Realty Times - “Mortgage Rates Follow Bond Yields Higher for the Week” (8-26-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week’s record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the 5-year ARM did decline to 3.07 percent thereby setting a new all-time record low.

Realtor Magazine – “Banks Agree to More Short Sales” (8-26-11)

“Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.”

Housing Wire - “Zillow estimates 4.3% decline in home prices” (8-26-11)

“Standard & Poor’s is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.”

Los Angeles Times - “Corporate profits increase as GDP remains sluggish” (8-26-11)

“The nation’s gross domestic product may be growing at just a crawl, but corporations aren’t doing so badly in this economy, according to data released from the Bureau of Economic Analysis.  Corporate profits increased in the second quarter, as did the amount of cash businesses had available for investments, as taxes decreased.”

DS News - “Radar Logic to Propose Plan to Address Government REOs” (8-26-11)

“Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.”

Bloomberg – “Bernanke Doesn’t Signal More Stimulus” (8-26-11)

“Federal Reserve Chairman Ben S. Bernanke said the central bank still has tools to stimulate a recovery that has been weaker than forecast while sticking to his view that growth will pick up.”

Looking Back:

The MBA’s second quarter survey showed the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reported that interest rates dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter of 2010. Barclays Capital claims existing home sales decreased 30% in July 2010.

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

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The Norris Group Real Estate News Roundup 8/15/11

Monday, August 15th, 2011

Today’s News Synopsis:

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released new data today showing the confidence in building new homes has remained at 15 for the second month in a row.  The sale of homes in Southern California decreased 4.5% year over year last month due to buyers being more cautious about purchasing.  Delinquencies are at their lowest since the end of the recession two years ago.

In The News:

CNN Money - “Household debt falls slightly” (8-15-11)

“Consumer borrowing fell slightly in the second quarter, as Americans shed more of their debt.  A new report released Monday by the New York Federal Reserve — which looks at mortgages, home equity lines, credit cards, auto loans and student debt held by consumers nationwide — found that total consumer debt fell to $11.4 trillion in the second quarter of this year.”

NAHB - “Builder Confidence Unchanged in August” (8-15-11)

“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 today.”

Realty Times - “Real Estate Outlook: Median Prices Declined Second Quarter” (8-15-11)

“Amidst debt talks, the National Association of Realtors® (NAR) has released their latest median existing-home price figures. According to the NAR, prices fell slightly in the second quarter of 2011. Partially to blame, according to Lawrence Yun, NAR chief economist, were foreclosures which ‘can artificially depress median prices’.”

DS News - “National Delinquencies Register Greatest Drop Since Recession End” (8-15-11)

“TransUnion recorded the largest percentage drop in delinquencies since the end of the recession two years ago. According to TransUnion, mortgage delinquencies improved 5.98 percent during the quarter.”

Housing Wire – “Mortgage broker pleads guilty; Cincinnati RE agent indicted” (8-15-11)

“A Minneapolis mortgage broker pleaded guilty for his role in a $20 million mortgage fraud scheme and a Cincinnati real estate agent was indicted in an unrelated mortgage fraud, according to the U.S. Attorney’s Offices in each state.”

Bloomberg – “Southern California Home Sales Drop 4.5% as Buyers Hold Off on Purchases” (8-15-11)

“Home sales in Southern California fell 4.5 percent last month from a year earlier as mortgages were hard to obtain and the U.S. debt crisis rattled some high- end buyers, according to DataQuick.” 

Rismedia - “Market Concerns Produce New Record Low Mortgage Rates” (8-15-11)

“Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.”

Housing Wire - “Two REITs still on track for new RMBS issuance in 2011″ (8-15-11)

“Two real estate investment trusts are weathering recent economic challenges and remain on track to issue three new residential mortgage-backed securities deals in the back half of 2011.  Redwood Trust (RWT: 12.60 +2.86%), the only private investor to issue an RMBS deal since credit markets locked up in 2008, said two new deals announced months ago are still on track to get to market this year”

DS News - “Capital Shortfall Could Impede New Business for PMI Mortgage” (8-15-11)

“PMI Group Inc. says its primary subsidiary PMI Mortgage Insurance Co. could be forced to stop issuing new mortgage insurance policies.  The company alerted investors of the possibility that its business could come to a halt last week, at the same time it reported a company-wide net loss of $134.8 million for the second quarter. That follows a net loss of $126.8 million the previous 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 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 8/12/11

Friday, August 12th, 2011

Sources:
Foreclosure activity falls to 44-month low
Jobless claims hover around 400,000 for third week
Mortgage Rates for 30-Year U.S. Loans Decline to Nine-Month Low
Housing Affordability up in California with home price decline
Rates on 15-Year Fixed Lowest Ever Recorded
Home Prices Decline in Almost Three-Fourths of U.S. Metropolitan Areas
Fed to Keep Interest Rates Low until 2013
Goldman Sachs Says AIG, Fannie, Freddie Threatening to Sue Over Mortgages
Realogy calls for White House housing summit
Dow plunges after S&P downgrade
Demand for real estate rentals rises, homeownership rate drops

Today’s News Synopsis:

This week’s video gives the news of the week in the world of real estate and other big events. Bloomberg reported again today that foreclosure filings are at the lowest they have been in 4 years.  DS News reported that mortgage fraud has still remained a problem over the last five quarters despite a 2.3% decrease this year.  Barclay’s said the best locations for building new homes is Atlanta and Phoenix. 

In The News:

Housing Wire – “Fully excused second-lien mortgages spike in June” (8-12-11)

“Servicers participating in the Home Affordable Modifications Program extinguished more than 1,000 second-lien mortgages in June, according to Treasury Department data.”

DS News - “National Mortgage Fraud Remains Relatively Steady, Shifts Regionally” (8-12-11)

“On a national level, mortgage fraud risk has declined 2.3 percent over the year but has remained relatively steady for the last five quarters, according to Interthinx’s Second-Quarter Mortgage Fraud Risk Report.”

Realty Times - “Market Concerns Produce New Record Low Mortgage Rates” (8-12-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.”

Inman - “Portal displays Fannie, Freddie, FHA REOs” (8-12-11)

“The U.S. Department of Housing and Urban Development has unveiled a Web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) — nearly half of all “real estate owned” (REO) properties in the U.S.”

Los Angeles Times - “Consumer confidence at lowest point since 1980, report says” (8-12-11)

“Consumer confidence in August took a swan dive to its lowest level in three decades.  Even as they pushed retail sales up 0.5%, Americans were the most pessimistic they’ve been since May 1980, according to a preliminary index of sentiment created by Thomson Reuters and the University of Michigan.”

Housing Wire - “SEC ready for new whistleblowers” (8-12-11)

“The new Securities and Exchange Commission whistleblower program officially launched Friday, giving new protection and rewards to those who come forward with information.”

San Francisco Chronicle - “Foreclosure filings near a 4-year low” (8-12-11)

“U.S. foreclosure filings dropped 35 percent last month to the lowest level in almost four years as lenders and state and federal agencies increased efforts to keep delinquent borrowers in their homes, RealtyTrac Inc. said.”

Bloomberg - “Phoenix and Atlanta Will Be Best New-Home Markets in U.S., Barclays Says” (8-12-11)

“Phoenix, where foreclosures have surged and prices plummeted since the U.S. housing bubble burst, and Atlanta are the best potential markets for the sale of newly built homes, Barclays Capital said in a report today.”

DS News - “Heavy Distress Sends Las Vegas Home Prices to 15-Year Low” (8-12-11)

“Sales of foreclosed REO homes and short sales continue to dominate the Las Vegas market. These distressed sales made up nearly 70 percent of the region’s home resales in June, according to the research firm DataQuick.”

Realtor Magazine - “Weak Appraisals Hamper Home Sales, Experts Say” (8-12-11)

“Weak appraisals are “driving down the real estate market” and “borders on buffoonery,” says William Maxwell, an expert in finance and professor at Southern Methodist University’s business school, who has seen his own Dallas property fluctuate in appraised value by $60,000 in just a year.”

Looking Back:

Freddie Mac claimed the average rate for 30-year fixed loans fell to 4.44 percent during the week of August 9, 2010. RealtyTrac reported that national foreclosures increased 3.6% from the previous month. Initial unemployment insurance claims increased the week of August 9, 2010 by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June 2010, and notices of trustee sale fell 18.9%.

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 8/10/11

Wednesday, August 10th, 2011

Today’s News Synopsis:

Rismedia reported the rate for 15-year fixed loans is now at 3.54%, lowest it has been in 20 years.  HOPE NOW recently released data showing both mortgage delinquencies and foreclosure sales decreased this year.  Bloomberg also reported a decrease in home prices in 75% of metropolitan areas in the U.S.  Median prices also decreased for single-family existing homes, according to Inman. 

In The News:

Housing Wire - “Obama administration expects new push for REO rentals” (8-10-11)

“The Obama administration will begin working on new strategies for how to better sell previously foreclosed homes held by Fannie Mae, Freddie Mac and the Federal Housing Administration, which may include renting more REO.”

Rismedia - “Rates on15-Year Fixed Lowest Ever Recorded” (8-10-11)

“The average rate for a 15-year fixed loan dropped to 3.54 percent last week from 3.66 percent the week before, according to Freddie Mac—the lowest result since 1991.”

DS News - “HOPE NOW: Delinquencies and Foreclosure Starts Decline” (8-10-11)

“Mortgage delinquencies declined 27 percent in the first half of 2011 compared to the first half of 2010, according to data from HOPE NOW.  For the first half of 2011, the number of 60 day plus delinquencies was 2.7 million, down 1 million from the first half of 2010.”

Bloomberg - “Home Prices Decline in Almost Three-Fourths of U.S. Metropolitan Areas” (8-10-11)

“Home values fell in almost three- fourths of U.S. cities in the second quarter as foreclosures that sell at cut-rate prices devalued real estate.  The median price of a single-family home declined in 109 metropolitan areas out of 150 measured, the National Association of Realtors said in a report today.”

Realty Times - “Low Mortgage Rates Survive Debt Crisis and U.S. Downgrade” (8-10-11)

“Things have been quite active this past week with the debt ceiling crisis coming to an end last Tuesday when an agreement was finally reached at the last minute. By the end of the week, Standard and Poor’s went ahead and downgraded the U.S. credit rating. Although the stock market is dropping, low mortgage rates have survived both the debt crisis and U.S. downgrade.”

Mortgage Bankers Association - “Mortgage Applications Increase Significantly, Driven by Surge in Refinance Activity” (8-10-11)

“Mortgage applications increased 21.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 5, 2011.  The Market Composite Index, a measure of mortgage loan application volume, increased 21.7 percent on a seasonally adjusted basis from one week earlier.”

Inman - “Median real estate prices drop in nearly 3 of 4 metros in Q2″ (8-10-11)

“Median sales prices for existing single-family homes fell in the second quarter in the vast majority of metropolitan areas covered by the National Association of Realtors in its latest quarterly report.”

Housing Wire – “BofA marks down billions from Countrywide portfolio” (8-10-11)

“Bank of America (BAC: 6.77 -10.92%) has been forced to mark down billions of dollars worth of the troublesome Countrywide Financial Corp. mortgage portfolio since acquiring it in early 2008.”

Los Angeles Times - “Treasury sells 10-year notes at record low yield as buyers pour in” (8-10-11)

“The continuing global stock market panic is the gift that keeps on giving to the U.S. Treasury.  Despite the U.S. credit-rating downgrade by Standard & Poor’s last week, the Treasury on Wednesday saw huge demand when it sold $24 billion in new 10-year notes.”

Realtor Magazine - “Fed to Keep Interest Rates Low Until 2o13″ (8-10-11)

“In an unusual step, the Federal Reserve vowed Tuesday to keep interest rates low for at least the next two years.  The Fed said it’ll keep its key benchmark interest rate near zero through mid-2013. The Fed’s commitment was welcome news to many in the real estate industry who see it as a positive move for the housing industry, allowing buyers more time to take advantage of ultra low mortgage rates.”

Looking Back:

The new FHA short refinancing program provided additional refinancing options to underwater homeowners starting Sept. 7, 2010. According to Integrated Asset Services, nationwide home prices increased 1.1% in the second quarter of 2010. Zillow reported California’s then current rate on 30-year mortgages was 4.34%. CoreLogic estimated that short sales in Arizona, California, Florida and Texas would cost lenders $310m in unnecessary losses in 2010.

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

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The Norris Group Real Estate News Roundup 2/14/11

Monday, February 14th, 2011

Today’s News Synopsis:

Freddie Mac predicts ARMs will represent 10% of all mortgages issued by the end of the year. A national budget has been propposed that will cut the federal deficit from 10% of the overall economy to 3% in a decade. Fannie Mae and Freddie Mac will cost $73 billion through 2021, according to the Treasury Department. Freddie Mac claims mortgage rates are likely to remain in the low-to-mid 5% range throughout the rest of the year.

In The News:

NPR - “Buyers Face Gamble With Rising Mortgage Rates” (2-13-11)

“In November, the average rate slipped to a 40-year low of 4.17 percent. Today, it’s just over 5 percent, and concerns are growing that rates will keep rising — enough to scare away potential buyers. It’s at least enough to make those buyers rethink the advantages of homeownership.”

The Atlantic – “Is Obama’s Strong Housing Finance Stand for Real or a Political Play?” (2-13-11)

“On Friday, the Obama administration released a surprisingly strong housing finance policy report. It explains a general process to wind down Fannie Mae and Freddie Mac, and offers three alternatives for how to conduct housing finance policy without them. Each option has pros and cons, but put together they lean firmly towards free-market ideals”

CNN - “ARMs helped sink the economy – now they’re back!” (2-14-11)

“After accounting for nearly 70% of all mortgages issued during the boom, ARMs vanished during the bust, totaling just 3% of the market in 2009. Now they make up 5% of all mortgages issued, and Freddie Mac predicts 10% by December.”

Housing Wire – “Fed’s Raskin: Economic recovery depends on mortgage servicers” (2-14-11)

“Federal Reserve Governor Sarah Bloom Raskin said Friday the residential mortgage market will not rebound until loan servicing practices at large financial institutions are improved.”

Housing Wire – “Obama budget includes $1.1 trillion in cuts” (2-14-11)

“the White House is proposing a budget that will cut the federal deficit from making up roughly 10% of the overall economy to 3% of the economy in a decade, according to Jack Lew, director of the White House’s Office of Management and Budget.”

Housing Wire – “Budget: Fannie, Freddie to cost taxpayers $73 billion” (2-14-11)

“Fannie Mae and Freddie Mac will cost taxpayers $73 billion through 2021, nearly half of what they’ve pulled from the Treasury Department so far, according to President Obama’s 2012 budget released Monday.”

Housing Wire – “Freddie Mac: Low mortgage rates to remain throughout 2011″ (2-14-11)

“Researchers at the government-sponsored enterprise say 30-year, fixed-rate mortgages are likely to remain in the low-to-mid 5% range throughout the rest of the year, which is low when compared to historic benchmarks.”

Housing Wire – “Mortgage interest tax deduction may be in danger” (2-14-11)

“President Obama’s 2012 budget proposes an across-the-board 30% cut to itemized deductions for high-income taxpayers. This includes the mortgage interest tax deduction.”

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

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The Norris Group Real Estate News Roundup 12/23/10

Thursday, December 23rd, 2010

Today’s News Synopsis:

The National Association of Realtors reported that the sale of existing homes has increased.  Realty Times reported that the housing market is expected to improve after the spring of 2011, although there is not much optimism for the winter or spring.  The Federal Reserve just approved a ruling that lenders must let the buyers know of the risks involved before they take out a loan.  Economists don’t expect to see an increase in interest rates until about 2012, according to a recent survey.

In The News:

Realty Times - “Existing-Home Sales Rise” (12-23-10)

“Existing-home sales are on the rise, according to the National Association of Realtors®. Buyers, reacting to improved affordability, quickened the pace of sales across the nation.”

Mortgage News Daily - “New Home Sales Up 5.5% in November.  Median Prices Improve” (12-23-10)

“The U.S. Census Bureau and the Department of Housing and Urban Development have jointly released New Residential Sales for November 2010.”

Realty Times - “Sleepy Housing Market to Awaken in 2011″ (12-23-10)

“The housing market will remain in hibernation this winter and, without the benefit of a federal home buying tax credit, keep snoring right on through the spring, according to two recent studies.”

Mercury News – “Mortgage rates edge down after 5 weeks of gains” (12-23-10)

“Rates on fixed mortgages dipped after rising for five weeks in a row.  Still, they remain more than a half-point higher than last month and are at the highest level since late spring. Freddie Mac said Thursday the average rate on a 30-year fixed mortgage slipped to 4.81 percent from 4.83 percent in the previous week. Last month, the rate reached a 40-year low of 4.17 percent, but has since been edging higher.”

CNN Money – “Economist survey: Fed won’t raise rates until 2012″ (12-23-10)

“Economists are evenly split on whether the Federal Reserve’s current policies are helping the economy. But they’re in agreement on one point — the Fed won’t be raising interest rates anytime soon.”

NAHB – “New OSHA Ruling Clarifies Key Residential Safety Regulations” (12-23-10)

“The National Association of Home Builders (NAHB) applauds the Occupational Safety and Health Administration’s (OSHA) decision to withdraw the interim fall protection guidelines for residential construction that were issued in 1995 and revert to the previous guidelines.”

RisMedia - “Wells Fargo to Modify California Mortgages to the Tune of Two Billion Dollars” (12-23-10)

“Wells Fargo & Co. has agreed to modify the mortgages of nearly 15,000 California homeowners who teeter on the brink of foreclosure under a $2 billion deal with state officials.”

Mortgage News Daily – “Private Mortgage Insurance Tax Deductions Extended; ARM Disclosures Updated; Calyx Bundles Los Services; Wells Comments on Compensation” (12-23-10)

“Rates are still decent, and ARM loans don’t immediately jump to mind in this kind of environment for loan agents when a borrower saunters through the door. (In fact, ARM loans have accounted for about 5% of production in recent months.) The Federal Reserve, however, approved an interim rule that will require mortgage lenders to disclose examples of how a mortgage loan’s interest rate and monthly payment may change.”

Looking Back:

One year ago, homebuilders pulled 46 percent fewer permits from November of 2008. According to the Mortgage Bankers Association, mortgage application volume decreased by 10.7 percent within one week. Freddie Mac purchased 13 percent fewer mortgages from November 2009. Equifax reported that HELOC originations fell 36 percent from 2008.

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

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The Norris Group Real Estate News Roundup 12/21/10

Tuesday, December 21st, 2010

Today’s News Synopsis:

Modifications to foreclosures on Freddie Mac and Fannie Mae mortgages increased more than twice as much in the third quarter, according to Housing Wire.  Shaun Donovan said he and Secretary of Energy Steven Chu are discussing plans of creating an energy scoring system for houses.  Standard and Poor’s reported levels of securities backed by mortgages are the slowest they have been since 2007, both for commercial and residential property.  NAHB stated that the driving force for the housing market are actually the smaller businesses.  CBIA announced that construction on new homes increased 21% this month.

In The News:

Realty Times - “Curb Appeal Projects Remain Cost-Effective” (12-21-10)

“Buyers are hit hard by first impressions, and sellers take advantage of this fact, aiming to amp up their curb appeal.  This is, after all, where they get the most bang for their buck. According to the latest Remodeling Cost vs. Value Report, the National Association of REALTORS® (NAR) reports that “nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects.” These exterior projects are outperforming their remodeling counterparts.”

Housing Wire - “Fannie Mae, Freddie Mac foreclosures double modifications in 3Q” (12-21-10)

“Servicers started 339,000 foreclosures on Fannie Mae and Freddie Mac mortgages in the third quarter, more than double the 146,507 modifications completed, according to data from the Federal Housing Finance Agency.”

Inman - “‘Energy Score’ Worries for America’s Houses?” (12-21-10)

“Most houses come with no stickers, no ratings and no disclosures about how big a fuel guzzler the property is, and how that might compare with other houses on a rating scale.Donovan said he and Secretary of Energy Steven Chu were already working on plans to create what he called “a simple scoring system for housing” that could be reduced to grade levels or numerical scales — say one to 100 or A to F, like back in high school — that would be absolutely clear, authoritative and available to anybody considering buying a house.”

Realty Times - “2010 NAR Profile Can Help Agents to Find Buyers and Sellers” (12-21-10)

“We have noted that The 2010 National Association of Realtors® Profile of Home Buyers and Sellers contains valuable information for sellers and their agents as to how buyers find the homes that they ultimately buy. The profile also contains valuable and interesting information as to how both buyers and sellers find the agents that they ultimately use.”

Housing Wire – “Structured finance downgrades, defaults slow as 2010 ends: S&P” (12-21-10)

“November downgrades and defaults on residential and commercial mortgage-backed securities slowed to levels not seen since 2007, according to a report from Standard & Poor’s.”

San Francisco Chronicle - “Wells Fargo Agrees to Modify California ARM loans” (12-21-10)

“Wells Fargo Bank has agreed to make $2 billion in loan modifications for California homeowners with risky pay-option, adjustable-rate mortgages that Wells purchased from other banks, and to pay $32 million to 15,000 borrowers who had similar loans and lost their homes to foreclosure, according to an agreement with the California attorney general’s office.”

NAHB - “NAHB Report Finds Small Builders are the Mainstay of the Nation’s Housing Industry” (12-21-10)

“Small home builders are the mainstay of the nation’s housing industry, including a sizable number of self-employed mom-and-pop operations, according to a new study by economists at the
National Association of Home Builders.”

CBIA - “New-Home Construction in California Up 21 Percent in November, CBIA Announces” (12-21-10)

“California homebuilders pulled permits for 21 percent more homes in November when compared to the same month a year ago, but it wont be enough to keep the state from seeing the second-lowest number of housing starts on record, the California Building Industry Association announced today.”

The Orange County Register - “South Coast Homebuying Up 4% Over Year” (12-21-10)

“For calendar month November – DataQuick’s freshest stats — South Coast homebuying patterns showed:

  • 142 homes were bought in the region in the period – +4% vs. a year ago.
  • Countywide, it was -11% vs. a year earlier.
  • The sales-weighted average of median price changes in South Coast ZIPs was -38% vs. a year ago.
  • Price change in all Orange County beach towns ran +9% vs. a year ago.
  • Countywide, it was +1% vs. a year earlier.”

Mercury News - “Clean House: Tips for Paying Down your Mortgage” (12-21-10)

“Don’t let your biggest debt run your life. There are ways to trim your monthly costs that will move you closer to a mortgage-free retirement.”

Fortune- “New Jersey warns foreclsoure fiends” (12-21-10)

“The state’s Supreme Court ordered the biggest lenders to prove they are acting lawfully in processing foreclosures.”

Looking Back:

PMI Insurance Group predicted that 2010 would produce a moderate increase in economic production. According to John Burns Real Estate Consulting, real estate investor activity exceeded 2005 levels. Moody’s reported that commercial real estate values had decreased by 36 percent from 2008. A total of 140 banks were seized in 2009.

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.

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

Friday, December 10th, 2010



Resources:
Zillow: Home values crater by $1.7 trillion in 2010
Fitch sees 10% drop in home prices in 2011, negative outlook for MBS
U.S. Home Prices to Fall Up to 11% Before 2012 Bottom, Morgan Stanley Says
Economic recovery to stay muted
US Housing Market To Rebound In 2011 -Freddie Mac Economist
Chicago Fed sees housing sector improvement in 2011
Own-Rent Analysis
U.S. Mortgage Delinquency Rate Could Fall to 5% in ’11
Fannie, Freddie Pressed on Mortgages
Fannie Mae to suspend foreclosure evictions for the holidays
Defending the Mortgage Interest Deduction: The Facts Ad

Today’s News Synopsis:

Contrary to many recent forecasts regarding home price declines, Local Market Monitor believes many housing markets have bottomed, and may even improve over the next 2 years. Fitch Ratings reports delinquency rates on CMBS rose to 7.96% in November. American household net worth rose $1.2 trillion in the 3rd quarter.

In The News:

Washington Post – “Housing agencies clash over mortgage-relief program” (12-10-10)

“The Federal Housing Administration says the program could avert foreclosures, but the Federal Housing Finance Agency has concerns that the program, if expanded to include the government-controlled mortgage giants Fannie Mae and Freddie Mac, could be a logistical nightmare that would cost taxpayers too much, the sources said.”

Wall Street Journal – “BofA Restarts Some Foreclosures” (12-10-10)

“The bank instructed its foreclosure attorneys this week to prepare new affidavits in 7,800 cases where court approval is required to foreclose on a home, out of a total of 102,000 frozen by the bank amid documentation concerns. In states where no court approval is required, attorneys were asked to lift the hold on 8,000 delayed foreclosure sales out of 30,000.”

Housing Wire – “Local Market Monitor finds many local markets hit bottom in 3Q” (12-10-10)

“Local Market Monitor reported a ‘definite bottom’ in Southern California, specifically the San Francisco Bay area, where the average home price stands at $642,159, a 17% drop from the peak in the third quarter of 2006. Analysts forecast that price to hold over the next year and possibly increase 1% over the next two years.”

Housing Wire – “Fitch Ratings says CMBS delinquencies rose to 7.96% in November” (12-10-10)

“The number of delinquencies in commercial mortgage-backed securities rose last month with increases across all property types, according to Fitch Ratings. Analysts said the delinquency rate rose to 7.96% in November from 7.78% the prior month led by $1.6 billion of new defaults on office- and retail-backed loans.”

Housing Wire – “Households and financial institutions decrease debt in 3Q” (12-10-10)

“American household net worth increased by $1.2 trillion in the third quarter as a result of debt deleveraging. According to the funds flow report, the average household net worth was $54.9 trillion, up from $53.7 trillion in the previous quarter. Net worth is measured as the difference between household assets and liabilities.”

Housing Wire – “Altos Research suspects government may eventually take total control of GSEs” (12-10-10)

“Real estate statistics firm Altos Research suggests the United States government may lean toward gaining complete control of government-sponsored enterprises Fannie Mae and Freddie Mac.”

Realty Times – “ARMs Providing Unexpected Relief for Some Home Owners” (12-10-10)

“in recent weeks, for conforming, 30-year mortgages, the interest rate on FRMs have averaged about one percentage point higher than the 5-year Treasury indexed ARM. Fixed rate mortgages for conforming loans averaged 4.40 percent vs. 3.45 percent for the 5-year Treasury indexed ARM, according to Freddie Mac’s Nov. 24 Primary Mortgage Market Survey.”

Looking Back:

One year ago, foreclosure activity decreased  by 8 percent in November. Hanley Wood Market Intelligence reported that Orange County builders had their first positive month in October 09, after 13 months of contract declines. A survey from HomeGain showed that 48 percent of agents and brokers believe that home prices would stay the same, and 24 percent believe that prices would increase.  Data from the U.S. Treasury Department showed that 31,382 of the 1 million three-month modifications had become permanent.

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.

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