The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Associated General Contractors of America’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/30/11

Tuesday, August 30th, 2011

Today’s News Synopsis:

CoreLogic is in talks to possibly sell the company in order to improve their shareholders’ value and position.  Bloomberg reported signs of a possible market recovery after seeing housing prices decreased at a slower pace from last year.  According to the latest Case-Shiller Index, home prices showed an improvement in the second quarter compared to the first, but have still not improved from last year.

In The News:

Housing Wire - CoreLogic shares get 29% boost on possible sale” (8-30-11)

“CoreLogic Inc. (CLGX: 11.35 +29.12%) shares soared 29% in Tuesday trading after the company, which provides data and services to the real estate and mortgage markets, said late Monday that it is exploring strategic options, including a
possible merger or sale of the company.

Bloomberg - “Home Prices in U.S. Showed Signs of Stabilizing” (8-30-11)

“Residential real estate prices in the U.S. decreased in the year ended in June at a slower pace than in the prior month, a sign the market may be stabilizing.”

Inman - “Case-Shiller: Seasonal bump in Q2 home prices” (8-30-11)

“Home prices rose in the second quarter compared to the first quarter, but fell on a year-over-year basis,   according to the latest Standard & Poor’s/Case-Shiller National Home Price Indices report released today.”

DS News“CoreLogic Board Exploring Possible Sale of Company” (8-30-11)

“CoreLogic’s board of directors is looking into various strategies to enhance shareholder value, including the possibility of selling the company.”

Rismedia“Irene Drowns Uninsured Homes” (8-30-11)

“The price tag for residential properties caused by flood damage from Hurricane Irene’s surges along the East Coast could total than $59 billion worth of flood-related damages to a total of 900,000 properties, and many—if not most—are not covered by flood insurance.”

Housing Wire“US Bank sues Countrywide alleging RMBS repurchase failures” (8-30-11)

“U.S. Bank is suing Countrywide Financial Corp. — now owned by Bank of America (BAC: 8.12 -3.22%) — for allegedly breaching its contractual obligation to repurchase more than 4,000 toxic mortgages securitized in the
HarborView Mortgage Loan Trust 2005-10.”

Los Angeles Times - “Construction employment continues to fall in California cities” (8-30-11)

“Construction employment continued to slump in most of California’s metropolitan areas in July, according to an analysis by the Associated General Contractors of America.  Employment fell 11% in Fresno in July from the same month the previous year. It dropped 5% in the Los Angeles metropolitan area and 4% in San Francisco.”

San Francisco Chronicle - “Wealthy Use Auctions to Sell U.S. Mansions After Price Cuts Fail” (8-30-11)

“Real estate auctions, long used in the sale of foreclosed properties, are  becoming more popular among wealthy homeowners to drum up interest for mansions  that have languished on the market after the housing crash. In exchange for a  quicker sale, many sellers are accepting price cuts of 50 percent or more.”

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

The Norris Group Real Estate News Roundup 8/5/11

Friday, August 5th, 2011

Sources:
Homeownership Rate Drops to 13-Year Low
June Pending Home Sales Rise
Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey
Job growth slows and layoffs rise to 16-month high, reports say
Home prices edge up in June, but fail to meet 2010 levels
Mortgage Rates Drop to Lowest of the Year
Senate steps toward new mortgage servicing standard
Key US markets with “pending” signs of life
House legislation would launch FDIC investigation
RealtyTrac Tool Provides Targeted Lists of Defaults, Auctions, and REOs
Investors charge ahead with another reps and warranties case against BofA
S&P: Trouble Ahead for PMI Mortage Insurance Co.

Today’s News Synopsis:

This week’s video gives the news of the week in the world of real estate and other big events. PMI Mortgage Insurance Co. has suffered severe financial losses and therefore may have to cut back on writing insurance policies.  DS News reported the unemployment rate is now at 9.1%.  Bank of America has reached a settlement with HUD to give loan modifications to 57,000 borrowers whose loans were not handled properly.

In The News:

Bloomberg- “Debt Restructuring Would Spur Growth: Reinhart” (8-5-11)

“A restructuring of U.S. household debt, including debt forgiveness for low-income Americans, would be most effective in speeding economic growth, said Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics in Washington.”

Housing Wire“HAMP mortgage mods reaching permanent status faster” (8-5-11)

“Homeowners who entered into a Home Affordable Modification Program trial within the last year were transferred into a permanent workout almost two months faster than those who entered the program earlier.”

DS News“Unemployment Rate Slips to 9.1%” (8-5-11)

“After heading higher for three straight months, the nation’s unemployment rate declined to 9.1 percent in July, down from 9.2 percent in June, according to figures released Friday by the U.S. Department of Labor. The economy added 117,000 jobs last month.”

Inman - “Private mortgage insurers face uncertainty” (8-5-11)

“Cracks are again appearing in the foundations of the private mortgage insurance business, as companies that insure home loans with down payments of less than 20 percent for Fannie Mae and Freddie Mac face rising claims and continue to struggle for market share against government-backed FHA and VA programs.”

Realty Times - “Consumers, real estate pros tap shift to rentals” (8-5-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates dropping sharply amid falling bond yields and signs of a weaker than expected economy.”

Los Angeles Times - “Construction employment hits 15-month high in July” (8-5-11)

“Another reason to not declare the end of the world as we know it, yet: Construction employment climbed last month, hitting a 15-month high, according to the Associated General Contractors of America.”

Housing Wire - “Obama administration July housing scorecard sends mixed signals” (8-5-11)

“The nation’s housing market experienced an uptick in home prices this summer, but remains constrained by declines in home values in foreclosures and distressed real estate, the Obama Administration said in its July Housing Scorecard report.”

San Francisco Chronicle - “Is The Housing Bubble Over?” (8-5-11)

“For most parts of the U.S., the housing bubble peaked in 1996 and prices have steadily declined ever since. The amount of decline has varied by city and state, driven by several factors such as job losses, demographics and the magnitude of run-up in prices.”

Realtor Magazine“S&P: Trouble Ahead for PMI Mortage Insurance Co.” (8-5-11)

“PMI warned that it may have to stop writing insurance policies in 16 states due to the company’s severe financial losses.  On Thursday, Standard & Poor’s downgraded the PMI Group and its subsidiary PMI Mortgage Insurance Co.’s credit and financial strength rating, giving it a negative outlook due to the company’s steep losses in recent months.”

DS News“BofA to Pursue Loss Mitigation Under HUD Settlement” (8-5-11)

“Bank of America and the Department of Housing and Urban Development (HUD) have reached a settlement regarding 57,000 delinquent government-issued mortgages serviced by the bank.”

Looking Back:

Freddie Mac reported 30-year fixed mortgage rates fell below 4.5%. Home prices increased 8.1% from this time in 2009, according to Clear Capital. Statistics from the Department of Labor showed initial unemployment insurance claims rose 19,000 the previous week.

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.