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The Norris Group Real Estate News Roundup 12/06/11

Tuesday, December 6th, 2011

Today’s News Synopsis:

According to Bloomberg news, Bannk of America reached a settlment with investors from whom they faced a lawsuit, agreeing to pay $315 million.  Pending home sales increased in October according to the National Association of Realtors.  Fifteen euro currency union members will be reviewed by Standard & Poors to see if they will be downgraded.

In The News:

Housing Wire - “Regulators still buried by risk retention input” (12-6-11)

“Federal regulators are still working on the risk-retention rule after issuing a proposal in April, and lawmakers are growing impatient.”

Bloomberg - “BofA to Settle Mortgage Securities Action for $315 Million” (12-6-11)

“Bank of America Corp. (BAC) reached a $315 million settlement with a group of investors who sued its Merrill Lynch unit claiming they were misled about mortgage-backed securities, according to a court filing.”

DS News - “Fannie Mae: Market Will Take Five More Years to Adjust” (12-6-11)

“We are five years through a 10-year adjustment process,” said Fannie Mae chief economist Doug Duncan at the Five Star MPact Mortgage Conference and Expo Tuesday morning.”

Realty Times - “Pending Sales Rise” (12-6-11)

“Pent-up demand could finally be working its way through the market. Pending home sales rose sharply in October according to the National Association of Realtors.”

CNN Money - “S&P puts 15 eurozone governments on notice” (12-6-11)

“Standard & Poor’s said Monday that it placed 15 members of the euro currency union on review for a possible downgrade as the debt crisis in the eurozone continues to worsen.”

Mortgage Bankers Association - “Modest Changes in Commercial/Multifamily Mortgage Delinquency Rates During Third Quarter” (12-6-11)

“During the third quarter, delinquency rates declined for commercial and multifamily mortgages held by banks and in commercial mortgage backed securities (CMBS). Delinquency rates increased for loans held by life insurance companies
and held or insured by Fannie Mae and Freddie Mac but are still at low levels, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

Los Angeles Times - “California, Nevada team up to investigate foreclosure fraud”  (12-6-11)

“California and Nevada, two states at the heart of the nation’s housing crisis, will join forces to   investigate foreclosure fraud and other types of mortgage improprieties.  The agreement to share resources and work jointly is the latest sign that the nation’s state   attorneys general are pushing to put themselves on the vanguard of cracking down on bank practices   in the housing crisis: from the selling of mortgage backed securities to conducting improper   foreclosures”

Inman - “Room to roam: Top 10 U.S. states with largest lot sizes” (12-6-11)

“If you’re looking for a house with a supersized backyard, you’re best bet is to search in the Eastern U.S.  Only one Western state — Montana at No. 2, with a median lot size of 73,616 square feet — ranked in the top 10 for states with the largest median lot sizes for sale, based on properties for sale at real estate search site Realtor.com in September.”

San Francisco Chronicle - “Fed Uses ‘Dollar Rolls’ in Mortgage-Bond Program Shift” (12-6-11)

“The Federal Reserve Bank of New York entered into paired contracts to buy and  sell mortgage securities for the first time since it began reinvesting in the  debt in October, in a move that may reduce funding costs.”

Looking Back:

The Federal Reserve expected housing starts to reach 600,000 by the end of 2010. Fannie Mae  suspended foreclosure evictions from Dec. 20 through Jan. 3, 2011. HUD representative Shaun Donovan claimed the Homeless Prevention and Rapid Re-housing Program prevented or ended homelessness for 750,000 Americans.

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 12/01/11

Thursday, December 1st, 2011

Today’s News Synopsis:

In a big news story, Freddie Mac reported 30-year mortgage rates are still at a low 4%, even after five weeks.  Housing wire reported the number of people claiming unemployment has risen to 402,000.  Despite this, CNN Money reported more young people are being hired.  According to Bloomberg, spending on housing construction increased in October for the third month straight.

In The News:

Housing Wire - “Average time to foreclose sets new record of 631 days” (12-1-11)

“Mortgage delinquencies continued their decline in October and are nearly 30% off their January 2010 peak, but foreclosure inventories and the foreclosure process reached all-time highs during the month, according to Lender Processing
Services (LPS: 18.93 -0.16%).”

Los Angeles Times - “Freddie Mac: Mortgage rates stuck in low at 4%” (12-1-11)

“The mortgage engine seems stuck in low.  For five straight weeks, Freddie Mac’s survey of the rates offered by home lenders has averaged at or below 4% for 30-year loans.”

CNN Money - “Young workers getting hired again” (12-1-11)

“Young workers are landing jobs again.  Some 650,000 workers aged 16 to 24 found employment in the past three months, the biggest spike for that age group since the recession began, according to Labor Department statistics.”

Housing Wire - “Jobless claims edge up to 402,000″ (12-1-11)

“Jobless claims for the week ending Nov. 26 edged up as 402,000 new unemployment filings came in, an increase of 6,000 from the previous week.”

Bloomberg - “Construction Spending in U.S. Rose for Third Consecutive Month in October” (12-1-11)

“Construction spending in the U.S. rose in October for a third consecutive month on gains in housing and commercial projects like office buildings and power plants.”

Housing Wire – “FHFA begins development of new REO pilot programs” (12-1-11)

“The Federal Housing Finance Agency said it has begun to develop new pilot programs to more efficiently unload foreclosed homes held by Fannie Mae and Freddie Mac.”

Bloomberg - “BofA Joins Foreign Investors Fueling Record Ginnie-Fannie Gap in Bonds” (12-1-11)

“Home-loan securities guaranteed by Ginnie Mae are trading at about record premiums over Fannie Mae (FNMA) bonds as foreign investors target debt with the strongest backing from the U.S. and lenders including Bank of America Corp. seek notes considered the least risky by regulators.”

Bloomberg - “JPMorgan, BofA Sued By Mass. Over Foreclosures” (12-1-11)

“JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C) were among five banks sued by Massachusetts for “unlawful and deceptive conduct” in foreclosures, according to the state’s attorney general.”

Inman - “Two MLSs hit with civil suits after FTC actions” (12-1-11)

“Two multiple listing services in Michigan and Pennsylvania that  federal regulators had accused of  anti-competitive practices have also  become entangled in civil lawsuits seeking  millions of dollars in  damages on behalf of consumers.”

Looking Back:

Freddie Mac announced it would suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reported the U.S. economy added 93,000 private-sector jobs during November 2010. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% 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 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 11/22/11

Tuesday, November 22nd, 2011

Today’s News Synopsis:

Bloomberg news and Los Angeles Times reported the economy grew less than expected in the third quarter, indicatinga slight increase in growth.  The FHA reported a slight decrease in mortgage rates sold to GSEs.  According to CNN, fewer banks are in danger of failing, marking the second quarter in a row for the number of banks to be reduced.

In The News:

Housing Wire - “Banks dark on previous work with foreclosure reviewers” (11-22-11)

“The Office of the Comptroller of the Currency posted the actual engagement letters Tuesday between the major mortgage servicers and their third-party consultants hired to perform reviews of foreclosures that took place over the past two years.”

DS News - “Judge Permits Delaware and New York to Intervene in BofA Settlement” (11-22-11)

“A judge ruled Friday to allow the Delaware and New York attorneys general to pursue litigation in Bank of America’s $8.5 billion settlement with major investors.”

Bloomberg - “Mortgage Servicers Make Progress Fixing Invalid, Flawed U.S. Foreclosures” (11-22-11)

“Banks and mortgage servicers are making progress in improving their processes and reaching out to homeowners hurt by invalid or flawed foreclosures, the Office of the U.S. Comptroller of the Currency reported.”

Inman - “Better Homes and Gardens Real Estae enters NYC market” (11-22-11)

“Franchise network Better Homes and Gardens Real Estate has entered the New York City market with the addition of a Staten Island brokerage, the network announced today.”

Los Angeles Times - “GDP revised downward; corporate profits up” (11-22-11)

“The U.S. economy grew more slowly than previously thought in the three months ending Oct. 31, the Bureau of Economic Analysis said, revising the nation’s third-quarter gross domestic product downward to growth of 2% from its previous estimate of 2.5%.”

Housing Wire – “FHFA mortgage interest rates fall slightly” (11-22-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said.”

Bloomberg - “U.S. Is Set for Fourth-Quarter Growth Pickup on Lower Inventories: Economy” (11-22-11)

“The economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.”

CNN Money - “FDIC’s list of problem banks shrinks” (11-22-11)

“The number of banks at risk of failing fell in the third quarter, marking the second straight quarterly decline, according to a government report issued Tuesday.”

Housing Wire - “Investor buying spurred by demand for rentals” (11-22-11)

“Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance.”

Looking Back:

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August 2010. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys showsed the current foreclosure problems were significantly delaying closings.

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 11/14/11

Monday, November 14th, 2011

Today’s News Synopsis:

Prices of homes have declined across the nation 28.3% since June 2006, according to the latest LPS home price index.  According to Housing Wire, more people were hired in the mortgage industry than were laid off in the third quarter.  According to Inman, NAR recently admitted overestimating the number of homes sold.

In The News:

DS News - “LPS: Prices Are 28.3% Below Peak in Mid-2006″ (11-14-11)

“National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services  (LPS) attributes to seasonal trends. Overall, prices have declined 28.3 percent since their peak in June 2006, according to LPS’ home price index.”

Realty Times - “Real Estate Outlook: Wealth Gap Related to Housing” (11-14-11)

“Housing has always been linked to wealth in one fashion or another, but now the latest indicators from the Pew Research Center show that housing has been one of the prime reasons for ‘divergent wealth trends’.”

Bloomberg - “Home Prices in U.S. May Droop 8%, Pimco’s Simon Says: Tom Keene” (11-14-11)

“U.S. home prices will probably decline an additional 6 percent to 8 percent before bottoming, Pacific Investment Management Co.’s Scott Simon said.”

O.C. Register - “Pending housing deals up in October” (11-14-11)

“The latest Orange County home inventory report from Steve Thomas of ReportsOnHousing.com says that as of Nov. 10  …’Demand, the number of new pending sales over the prior month, continues to bounce around the 2,900 level since mid-September. In the past two weeks it increased by 60 homes and now totals 2,914. … There are 244 additional pending sales this year compared to last year at this time, 8% stronger. This will of course translate to an increase in year over year sales at the end of the year’.”

Realtor Magazine - “Meausured Improvement in Commercial Sectors Expected” (11-14-11)

“Despite sluggish economic growth and continuing concerns over high unemployment and the struggling housing market, the modest but steady improvement in commercial real estate in 2011 is expected to continue into 2012 and 2013, analysts told REALTORS® yesterday.”

Housing Wire - “Mortgage hirings outpace layoffs in 3Q” (11-14-11)

“Hirings in the mortgage industry outpaced layoffs in the third quarter, according to a new report compiled by MortgageDaily.  Total layoffs for the period hit 2,502, compared to 5,404 layoffs in the second quarter. ”

Inman - “NAR acknowledges overestimating home sales” (11-14-11)

“Potential problems with NAR’s benchmarking methodology were first reported by the blog Calculated Risk in January, and further detailed in a report by analysts with CoreLogic that concluded NAR may have overstated home sales by 15 to 20 percent.”

Housing Wire – “BofA mired in billions of mortgage litigation” (11-14-11)

“Bank of America (BAC: 6.025 -2.98%) more than tripled its litigation expenses resolving mortgage problems from Merrill Lynch and Countrywide Financial Corp. in 2011, but they appear to be making at least some progress.”

DS News - “California Expands Its Homeowner Relief Program” (11-14-11)

“California’s Keep Your Home California program is relaxing some of its eligibility restrictions and increasing the amount of assistance it provides struggling homeowners.”

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 11/4/11

Friday, November 4th, 2011

Sources:

Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens
Weekly jobless claims drop below 400,000
Homeownership Near 13-Year Low as Mortgage Rules Crimp Sales
Mortgage Applications Increase in Latest MBA Weekly Survey
Foreclosure reviews of largest servicers begin
Pending Home Sales Decline
Construction spending and manufacturing–slightly
US files $834 million lawsuit against Allied Home Mortgage
Real Estate Outlook: Changes to HARP
CoreLogic expects HARP 2.0 to help hardest-hit housing markets
Home prices heading for triple-dip

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big events. The San Francisco Chronicle reported the number of impoverished neighborhoods increased 33% in the last ten years, with the suburb areas being hit harder than the cities.  According to Bloomberg, in October the jobless rate decreased after employers hired less workers than was originally predicted.

In The News:

DS News – “Hudson & Marshall to Auction Over 100 HUD REOs This Saturday” (11-04-11)

“Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas.“

Bloomberg – “U.S. Jobs Gains Show ‘Frustratingly Slow’ Growth” (11-04-11)

“The U.S. jobless rate unexpectedly fell in October while employers added fewer workers than forecast, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week.”

Realty Times - “30-Year Fixed-Rate Mortgage Averages 4.00 Percent” (11-04-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market.  The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.”

Housing Wire – “First-time defaults in private-label MBS edge up in October” (11-04-11)

“First-time defaults on private mortgages edged up to a rate of 0.89% in October, a slight increase from this segment’s default rate of 0.86% in September, a new report from Amherst Securities Group said Friday.”

Wall Street Journal – “How Appraisals Are Derailing Home Sales” (11-04-11)

“In the past, appraisals rarely disrupted a home sale.  But realtors and housing experts say new requirements and a difficult housing market are doing just that.  Year-to-date through September, one third of realtors have said appraisals resulted in buyers and sellers delaying or cancelling contracts or renegotiating to a lower sales price, according to the National Association of Realtors.”

San Francisco Chronicle – “Neighborhood poverty surges in past decade, up 33%” (11-04-11)

“The number of Americans living in neighborhoods beset by extreme poverty surged in the past decade, erasing the progress of the 1990s, with the poorest areas growing more than twice as fast in suburbs as in cities.”

DS News – “Home Price Growth Has Dissipated With the Summer Heat: Clear Capital” (11-04-11)

“Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory.”

Housing Wire – “BofA to raise up to $3 billion in stock issuance, reduce debt” (11-04-11)

“Bank of America (BAC: 6.49 -6.08%) intends to explore the issuance of common stock and senior notes in exchange for shares of preferred stock.”

Looking Back:

The MBA reported 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter of 2010. Jobless claims rose 4.5% the previous week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believed commercial real estate rents would rise in 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 11/1/11

Tuesday, November 1st, 2011

Today’s News Synopsis:

In a big news story, 14 mortgage servicers are undergoing reviews of their foreclosure processes as reuired by consent orders they signed.  Pending home sales fell another 4.6% last week according to the Realty Times.  Allied Home Mortgage Capital is facing a lawsuit by federal officials for claims of fraud.  The Commerce Department reported a slight increase on construction and manufacturing.

In The News:

Housing Wire - “Foreclosure reviews of largest servicers begins” (11-1-11)

“Independent third-party reviews of foreclosure cases at the 14 largest mortgage servicers began Tuesday.  The reviews are a requirement under consent orders signed between regulators and the servicers
such as Bank of America (BAC: 6.53 -4.39%), JPMorgan Chase (JPM: 33.14 -4.66%), Wells Fargo (WFC: 25.30 -2.35%) and Citigroup (C: 29.39 -6.96%).”

DS News - “Moody’s Cites “Strong Servicing Practices” at GMAC, Ocwen, Wells” (11-1-11)

“Mortgage servicing practices have a major impact on the performance of a portfolio, and according to Moody’s Investors Service, risk composition is diverging based on how individual servicers are dealing with borrowers.”

Realty Times - “Pending Home Sales Decline” (11-1-11)

“Housing took another hit last week with the National Association of Realtors® latest Pending Homes Sales Index report showing that contract signings fells 4.6 percent in September.”

Bloomberg - “Mortgage Bond Prices Show Refinancing Limits: Credit Markets” (11-1-11)

“The mortgage-bond market is signaling changes to refinancing rules will aid fewer homeowners who owe more than their properties’ value than was initially anticipated.  Fannie Mae’s 30-year, 5.5 percent securities have risen to the highest since Oct. 3, erasing a decline later in the month sparked by a plan to expand the Home Affordable Refinance Program.”

Los Angeles Times - “Construction spending and manufacturing growing–slightly” (11-1-11)

“Construction spending and manufacturing activity are both growing, though not by much, according to two reports Tuesday.  Builders in the U.S. spent at a seasonally adjusted annual rate of $787.2 billion in September, up 0.2% from August in the second-straight monthly increase, according to the Commerce Department.”

Housing Wire – “US files $834 million lawsuit against Allied Home Mortgage” (11-1-11)

“Federal officials filed a lawsuit Tuesday against Allied Home Mortgage Capital and two of its senior officials, seeking to recover $834 million in damages stemming from allegedly fraudulent mortgage insurance claims.”

Bloomberg - “Bernanke: Housing Hinges on Refinancing” (11-1-11)

“Fed policy makers, who start a two-day meeting today, are considering buying mortgage-backed securities to push down borrowing costs and help homeowners refinance their debt.  That would reduce monthly payments, freeing up cash for other purchases that could spur the economy and reduce unemployment, Fed Governor Daniel Tarullo said Oct. 20″

Housing Wire - “Sharga: Several more years with nearly 1M foreclosures per year” (11-1-11)

“The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.”

Looking Back:

Credit Suisse estimated Fannie Mae and Freddie Mac would have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September 2010, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve showed home equity accounted for 16.2% of net worth in the 2nd quarter of 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 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 10/20/11

Thursday, October 20th, 2011

Today’s News Synopsis:

A big story in the world of real estate is the decrease in existing home sales by 3%.  Freddie Mac recently announced 30-year mortgage rates are continuing to remain steady at just a little over 4%.  The San Francisco Chronicle reported a slowdown in the commercial real estate market, as well as jobless claims declined slightly last week.

In The News:

Housing Wire - “Existing home sales fall 3% in September” (10-20-11)

“Existing home sales fell 3% in September, but remain above year ago levels, the National Association of Realtors said Thursday.”

NAHB - “Presidential Hopefuls Must Address Housing Issues” (10-20-11)

“As noted by the Wall Street Journal, MSNBC and other media outlets, the Republican presidential candidates let a great opportunity slip away during Tuesday night’s presidential debate to explain how they would address the nation’s housing problems in order to get the housing market and economy back on track, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Wells Sees ‘Opportunity’ as BofA Cuts Loans” (10-20-11)

“Wells Fargo & Co. (WFC), the biggest U.S. home lender, may earn higher profits in the U.S. mortgage market as rivals flee from angry homeowners, more powerful regulators and billions of dollars in losses.”

Los Angeles Times - “Average 30-year mortgage rate remains above 4%, Freddie Mac says” (10-20-11)

“The typical rate for a 30-year mortgage has leveled off at a bit over 4%, a widely watched survey shows.  Lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from 4.12% last week, Freddie Mac said Thursday.”

San Francisco Chronicle - “Commercial Real Estate Deals Decline in U.S. as Rebound Cools” (10-20-11)

“The U.S. commercial real estate market has slowed in the past three months as  the sputtering economy and a pullback in debt financing limited deals, cooling a  recovery from Washington to California.”

Housing Wire – “Poverty rates continue to rise, southern states hardest hit” (10-20-11)

“Poverty rates rose to 15.3% in 2010 from 14.3% 2009 as the nation’s economic malaise and housing crisis persist, according to Census Bureau data released Thursday.”

DS News - “Proposed Bill Would Offer Visas to Foreign Homebuyers in U.S.” (10-20-11)

“Foreigners may get an added bonus when they invest in residential real estate in the U.S. – a visa.  Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.”

Los Angeles Times - “New jobless claims continue modest decline” (10-20-11)

“The number of workers filing for new unemployment benefits dipped slightly last week, a sign the job market is improving, albeit very slowly.  The Labor Department said Thursday initial jobless claims filed in the week ending Oct. 15 dropped to 403,000 from an upwardly revised 409,000 in the prior week. That’s down from the summer high of more than 430,000, but still far from comforting given that employers haven’t stepped up their hiring much.”

Looking Back:

Mortgage application volume decreased 10.5% from the previous week, said the Mortgage Bankers Association. RealPoint reported CMBS delinquencies increased 1.3% in August 2010. The Federal Reserve’s Beige Book showed economic growth continued in September 2010. Fannie Mae expected total economic growth for 2010 to equal approximately 2.5%.

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 10/19/11

Wednesday, October 19th, 2011

Today’s News Synopsis:

A big story in the news is construction on homes has increased 15% as of last month according to NAHB.  The Mortgage Bankers Association released their latest survey showing that mortgage applications decreased week-over-week.  A new bill is being introduced putting new standards on issuing a government-backed mortgage, this time considering energy costs.

In The News:

Mortgage Bankers Association – “$68.8 Billion of Total Multifamily Lending in 2010; a 31 Percent Increase from 2009″ (10-19-11)

“In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). The 2010 dollar volume
represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.”

Bloomberg - “U.S.Banks See Rising Investor-Refund Demands” (10-19-11)

“Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) reported more demands from investors to repurchase faulty mortgages made after 2008, when the banks said they upgraded their standards to curb defaults.”

Housing Wire - “Citigroup to refund investors $285 million for mortgage-related CDO” (10-19-11)

“A Citigroup (C: 30.66 +2.61%) broker-dealer subsidiary sold investors on a $1 billion collateralized debt obligation tied to the housing market, while betting the CDO would default, according to the Securities and Exchange Commission.”

San Francisco Chronicle - “Morgan Stanley earns $2.2 billion, stock rises” (10-19-11)

“Morgan Stanley emerged from the tumultuous third quarter in better shape than  most of its Wall Street rivals.  While other banks reported declines in trading and advisory revenue, Morgan  Stanley increased its income from advising companies on deals and trading for  its clients. The New York investment bank said Wednesday it earned $2.2 billion  in the period, but that also included a big accounting gain.”

Realty Times - “Mortgage Applications Increase as Low Mortgage Rates Remain Steady” (10-19-11)

“As markets changed directions this past week with stocks moving higher, pressure was put on mortgage rates as MBS prices suffered. In the end, Freerateupdate.com’s survey of wholesale and direct lenders show that mortgage rates remained the same regardless of market volatility.”

NAHB - “Housing Starts Rise 15 Percent in September” (10-19-11)

“Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, marking the strongest pace of residential construction since April of 2010, according to figures released by the U.S. Commerce Department today. The gain was largely attributed to a sharp increase on the multifamily side, which has been trending upward due to increased demand for rental apartments.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-19-11)

“Mortgage applications decreased 14.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011, which included the Columbus Day holiday.”

Housing Wire - “New bill to include borrower energy costs in mortgage underwriting” (10-19-11)

“A bill introduced Wednesday would force lenders to consider a borrower’s expected energy costs when underwriting a government-backed mortgage.”

DS News - “REOs: Where Are They Now?” (10-19-11)

“In 2006, just as the housing bubble popped, over 355,000 properties proceeded through a foreclosure auction. CoreLogic’s data show that approximately 34 percent (122,000) were successfully bid on by an investor. The remaining 66 percent (233,000) went back to the banks as REO properties.”

Looking Back:

18,091 new and resale homes were sold in Southern California, said MDA DataQuick. Moody’s reported commercial real estate prices fell 3.3% from the previous month. A survey from American Strategies and Myers Research showed 77% of adults considered buying a home to be a good financial decision in general.

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 10/18/11

Tuesday, October 18th, 2011

Today’s News Synopsis:

According to Bloomberg News, mortgage defaults were up by 26% in the third quarter.  Fannie Mae and Freddie Macs’ foreclosure attorney network programs will be going through changes by order of the FHFA.  Foreclosure filings were up in August for the third quarter according to the Los Angeles Times, and the sale of short sale properties could help increase housing prices.

In The News:

Bloomberg – “California Mortgage Defaults Rise 26%” (10-18-11)

“Mortgage defaults in California rose 26 percent in the third quarter from the previous three months as lenders began working through a backlog of delinquent loans after a nationwide delay, according to DataQuick.”

Housing Wire - “Moody’s: CMBS delinquencies up to 9.36% in September” (10-18-11)

“The delinquency rate of loans in commercial mortgage-backed securities rose in September while total issuance fell as more seasoned loans left CMBS than new deals came into the sector, according to Moody’s Investors
Service.”

DS News - “Fannie Mae and Freddie Mac to Do Away With Attorney Networks” (10-18-11)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to transition away from their current foreclosure attorney network programs, and move to a system where mortgage servicers will select law firms based on minimum qualifications and uniform criteria.”

Inman - “Companies offer real estate rewards programs” (10-18-11)

“Real estate franchisor Re/Max LLC has rolled out a  loyalty program for agents and clients.  The program, Re/Max Rewards, is powered by loyalty platform provider Next Jump.”

Los Angeles Times - “Number of Californians entering foreclosure jumps in third quarter” (10-18-11)

“A big August surge in foreclosure actions by Bank of America and Bank of New York sent the number of California homeowners entering foreclosure to levels not seen in a year.  The third-quarter jump in notices of default, the first formal step in the foreclosure process, came after such filings had dropped to a three-year low earlier this year. Defaults were up 25.9% from the prior quarter, according to according to San Diego-based DataQuick, a real estate information service.”

Bloomberg - “Home Short Sales Rise in ‘Dramatic Shift’ That May Boost U.S. House Prices” (10-18-11)

“U.S. home prices may get a boost from an unlikely source: a pickup in sales of properties in default before they reach the stage where they are repossessed by the bank and sold.  There has been a “dramatic shift” in banks’ willingness to sell a property for less than the mortgage balance to avoid foreclosing, said Ron Peltier, chairman and chief executive officer of HomeServices of America Inc., the second-biggest U.S. residential brokerage”

San Francisco Chronicle - “The new normal: Higher bank fees are here to stay” (10-18-11)

“The latest third-quarter earnings reports from this week confirm that banks are  struggling to make money the old-fashioned way, by lending money to consumers  and businesses. The main reason: interest rates are at historic lows. That makes  it harder for banks to charge high rates on loans.”

Housing Wire – “Buyer of invalid foreclosure loses appeal to clear property title” (10-18-11)

“A man who bought a house that turned out to be an invalid foreclosure cannot sue the previous homeowner over his clouded title because the bank foreclosed before receiving an actual mortgage assignment, the Massachusetts Supreme
Judicial Court said Tuesday.”

Bloomberg - “Homebuilders Rise Most in Two Years as Sentiment Index Unexpectedly Climbs” (10-18-11)

“U.S. homebuilders rose the most in two years after an index of developer sentiment unexpectedly increased to its highest level since May 2010, spurring optimism that demand for new houses may be improving.”

DS News - “States and Servicers Consider New Proposal for Aiding Those Underwater” (10-18-11)

“Help for underwater homeowners has reportedly moved from principal writedowns to refinancing in settlement negotiations between state attorneys general and the nation’s five largest mortgage servicers.”

Looking Back:

A Rasmussen survey found that 31% of homeowners expected their home prices to fall over the next year, while 50% expected their home values to increase over the next 5. According to the NAHB, builder confidence increased for the first time in 5 months in October 2010. The Federal Reserve Bank of New York reported over 66% of small businesses experienced declines in sales and revenue during the first half of 2010. Robert Curran believed demand for housing would not return any earlier than late winter of 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 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 10/17/11

Monday, October 17th, 2011

Today’s News Synopsis:

A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times.  There are now 80 failed banks with the recent seizure of four more institutions.  The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.

In The News:

Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)

“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”

Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)

“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”

DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)

“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”

Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)

“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”

San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)

“California voters approved Proposition 13 to rein in property taxes that had  doubled in 10 years. More than three decades later, that rebellion has mortgaged  the state’s future, saddling it with the nation’s highest debt and lowest credit  rating.”

Housing Wire – “Different mortgage types default at different times” (10-17-11)

“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”

O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)

“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”

DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)

“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”

Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)

“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.  There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)

“There’s no question that as a society we are more mobile than we have ever been.  With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”

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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