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

Tuesday, October 11th, 2011

Today’s News Synopsis:

Zillow reported there has not been much change in foreclosures and home values since prices remained steady in the month of August.  Fannie Mae and Freddie Mac are increasing their demands for repurchasing mortgages and buying back loans.  Goldman Sachs’ quarterly profit is at its lowest since 2008 with its 43% decrease in its shares.

In The News:

Housing Wire - “Zillow: Monthly home values steady, but yearly prices down 4.5%” (10-11-11)

“Home values saw minimal monthly gains, and the foreclosure rate stayed steady in August, according to Zillow (Z: 25.935 -1.01%).  Housing prices increased 0.1% from July to August, with mostly marginal gains in
68 of the 157 markets covered by Zillow. The national average price of a home was $172,600, down 4.5% from August 2010, and down 28.3% since its peak in June 2006.”

DS News - “Stewart Lender Services Offers Foreclosure Review Services” (10-11-11)

“Stewart Lender Services, a wholly owned subsidiary of Stewart Title Company, now provides nationwide foreclosure file processing reviews for mortgage servicers to ensure their compliance with standard foreclosure practices.”

Bloomberg - “Fannie, Freddie Cast Wider Net in Loan-Repurchase Demands, Lender PHH Says” (10-11-11)

“Fannie Mae and Freddie Mac are increasingly demanding sellers repurchase mortgages that default years after they were made and buy back recent loans that aren’t even delinquent, according to PHH Corp. (PHH), the sixth-largest U.S. home lender.”

San Francisco Chronicle - “Goldman Sachs Earnings Collapse in Wells Fargo’s Record Year” (10-11-11)

“Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may  report its lowest quarterly profit since the 2008 financial crisis. Far from  Wall Street, Wells Fargo & Co. is headed for record earnings.”

Housing Wire - “Nonperforming commercial loans continue to plague banks” (10-11-11)

“Commercial loans remained the driving force behind bank failures in September, according to commercial real estate data analytics firm Trepp.”

DS News - “Bank of America Launches ‘Test-and-Learn’ Short Sale Program in Florida” (10-11-11)

“Bank of America has begun a pilot program in Florida offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short sale.”

Inman - “It’s a seller’s real estate market in Boise” (10-11-11)

“Metro Boise home sales in August  jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a  seller’s market. Even so, home prices continue to sag under the weight of  distressed properties across the region. Short sales and bank-owned properties  account for nearly half of all home sales.”

Los Angeles Times - “10-year Treasury note yield at six-week high as haven demand ebbs” (10-11-11)

“It turns out there is another direction for Treasury bond yields besides down.  The benchmark 10-year Treasury note yield rose Tuesday to its highest level in six weeks as the government tests the market this week with $66 billion in new note and bond sales.  The 10-year yield was at 2.16% at noon PDT, up from 2.08% on Friday and the highest since Aug. 31. The 30-year T-bond yield was at 3.11%, up from 3.02% on Friday and the highest since Sept. 20.”

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 10/5/11

Wednesday, October 5th, 2011

Today’s News Synopsis:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications are down 4.3% from last week.  Housing Wire reported the number of job cuts for the month of September were at the highest they had been at in two years, having doubled from the month of August.  Members of NAR and other leaders in the real estate industry met together with the Progressive Policy Institute and Economic Policies for the 21st Century to discuss ways to help the economy recover.

In The News:

Mortgage Bankers Association – “Mortgage Applications, except Government Refinances, Decrease in Latest MBA Weekly Survey” (10-5-11)

“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 30, 2011.”

Bloomberg – “BofA May Face Fraud Claims for Soured Loans” (10-5-11)

“Bank of America Corp. (BAC) should face fraud proceedings after its Countrywide unit submitted faulty data to back up claims for reimbursement on federally insured mortgages, according to an audit by a U.S. watchdog.”

DS News – “Fannie Mae Opens Mortgage Help Center in St. Louis” (10-5-11)

“Fannie Mae has opened up a new Mortgage Help Center in St. Louis, Missouri, to provide free education and counseling services to struggling homeowners.”

Housing Wire – “Private mortgage modifications perform worse than HAMP” (10-5-11)

“Mortgage modifications completed through private bank programs redefaulted at a rate nearly twice as high as the government’s.  More than 34% of the 129,000 private workouts completed in the first quarter of 2010 went two months without a payment within the first 12 months, according to recent data from the Office of the Comptroller of the Currency.”

Inman – “CoreLogic shutting down LeadClick” (10-5-11)

“Real estate information, analytics and services provider CoreLogic says it’s closing down the company’s marketing services business and will write off $140 million in goodwill and assets associated with it.”

Los Angeles Times - “More borrowers gain permanent mortgage relief in August” (10-5-11)

“The number of borrowers who received permanent aid through the Obama administration’s signature foreclosure relief program ticked up slightly in August.  ”

Housing Wire - “Planned job cuts more than double in September” (10-5-11)

“The number of announced job cuts in September more than doubled from the prior month, climbing to the highest level in more than two years, according to Challenger, Gray & Christmas.”

Realtor Magazine - “‘Do No Harm’ Is Mantra at Housing Solutions Conference” (10-5-11)

“The Progressive Policy Institute and Economic Policies for the 21st Century, two policy institutions, hosted key members of Congress, NAR, and other housing industry leaders and policy strategists at the New Solutions for America’s Housing Crisis event in Washington, D.C., yesterday to devise ways to spur the housing market and in turn get the U.S. economy back on a solid growth path.”

NAHB - “‘Housing is Key to Job Creation, Economic Recovery” (10-5-11)

“Discussions on the need to restore the nation’s languishing housing market in order to rouse job creation from anemic levels and boost economic growth has been prominent this week in congressional testimony from Federal Reserve Chairman Ben Bernanke and in newspapers across the country, leaving many wondering when leaders in Washington will take action to address this problem.”

DS News – “Industry Responds to Government’s Request for REO Rental Ideas” (10-5-11)

“With an estimated 250,000 foreclosed homes on Fannie Mae’s and Freddie Mac’s books, the government is considering inventive ways to divulge excess inventory and return stability to the housing market.”

Looking Back:

CAR predicted the housing market would require a more lengthy amount of time to recover. Trepp reported CMBS delinquencies increased to 9.05% in September 2010. Zillow claimed California’s 30-year mortgage rate decreased to 4.18%.

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

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The Norris Group Real Estate News Roundup 9/27/11

Tuesday, September 27th, 2011

Today’s News Synopsis:

In a big story in the news, U.S. home prices fell 4.1% in July from a year ago, which was actually less than what was predicted.  CoreLogic reported a decrease in shadow inventory, leading distressed  properties to out weigh new delinquent properties.  According to the Los Angeles Times, consumer confidence is still at a low.

In The News:

DS News - “Distressed Dispositions Outpace New Delinquencies as Shadows Shrink” (9-27-11)

“The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations.”

Bloomberg - “Home Prices in U.S. Cities Fall 4.1%” (9-27-11)

“Home prices in the U.S. declined less than forecast in July from a year earlier, a sign bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.”

Realty Times - “New Requirements for Landlords Who Deny on the Basis of Credit Score” (9-27-11)

“Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). This is because the FCRA has been amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).”

Los Angeles Time - “Consumer confidence remains poor, Conference Board says” (9-27-11)

“After plunging in August, consumer confidence remained poor in September as Americans continued to worry that renewed economic troubles would limit their future earnings, the Conference Board reported Tuesday.”

Housing Wire - “FHFA: Mortgage rates drop for fifth straight month” (9-27-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises in August averaged 4.56%, a drop of 1 basis point from the previous month, according to the Federal Housing Finance Agency.”

CNN Money - “U.S. agency chided in mortgage buyback deal” (9-27-11)

“The federal government’s mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general’s report said Tuesday.”

Housing Wire – “Gulf remains between AGs, banks in robo-signing talks” (9-27-11)

“Two attorneys general met with the largest mortgage servicers Friday in another effort to settle an investigation into the robo-signing case, but a deal remains elusive nearly one year later.”

Inman - “California hits ZipRealty with $17M wage suit” (9-27-11)

“ZipRealty  Inc. violated California labor law during a four-year period by failing to pay  hundreds of real estate agents the state’s minimum wage of $8 an hour  and premiums for overtime, the state’s labor commissioner alleges in a  lawsuit seeking more than $17 million in back wages, damages and  penalties.”

San Francisco Chronicle - “Credit Markets Driving Up Buyout Costs, Private-Equity Firms Say” (9-27-11)

“Private-equity deals are becoming more expensive as the reluctance of banks and  investors to lend drives up the cost of borrowing, industry executives said  today.”

Realtor Magazine - “Foreclosure Lawsuits Skyrocket” (9-27-11)

“An uptick in court cases challenging the foreclosure process sent the Mortgage Litigation Index in the second quarter to its highest level on record, dating to 2007.  Foreclosure litigation—which involves rulings in favor of borrowers or cases against rescue firms—jumped two-thirds in the second quarter (April 1 to June 30) compared to the first quarter of the year, according to the Mortgage Litigation Index, which monitors mortgage-related legal actions covered by MortgageDaily.com”

Looking Back:

California air-quality regulators adopted 10- and 25-year targets for reducing greenhouse gases. Fannie Mae was developing a loan forbearance program for military families. Nearly 33% of Americans had credit scores below 620. John Burns predicted that sales of distressed properties would peak in 2011 at 2.3 million transactions.

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

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The Norris Group Real Estate News Roundup 9/21/11

Wednesday, September 21st, 2011

Today’s News Synopsis:

CNN Money reported that existing home sales increased 7.7%.  Mortgage rates are still at their lowest, but not showed any signs of change.  Mortgage delinquencies increase .08% in August from July, although market conditions are expected to improve according to CreditForecast.com’s latest report.

In The News:

MSNBC.com - “Fed moves to push rates lower, boost economy” (9-21-11)

“Faced with a lethargic economy and a jobless rate hovering at 9 percent, the nation’s central bank reached deep into its bag of tricks on Wednesday and pulled out a move to spur growth that it hadn’t used in 50 years.  The move, dubbed “Operation Twist” when it was first used in 1961, is intended to push long-term interest rates lower, which the Fed hopes will spur lending, induce businesses to expand and tempt consumers into spending more.”

DS News - “Report: Mortgage Delinquencies Rise, But Improvement on the Horizon” (9-21-11)

“Mortgage delinquencies rose to 6.62 percent in August, according to a report from CreditForecast.com, supported by Moody’s Analytics and Equifax. This is up from 6.54 percent in July.”

Bloomberg - “BofA, Wells Fargo Downgraded by Moody’s” (9-21-11)

“Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) had long-term credit ratings downgraded by Moody’s Investors Service, which said U.S. support is less likely in an emergency. Citigroup Inc. (C)’s short-term rating also was cut.”

Housing Wire - “Fed to buy more GSE MBS” (9-21-11)

“The Federal Open Market Committee left interest rates unchanged Wednesday and said it would buy $400 billion of Treasury bonds in an effort to lower long-term borrowing costs. The bond buying program begins Oct. 3.”

Realty Times - “Mortgage Rates Continue to be Stable at Record Lows” (9-21-11)

“Mortgage rates this week continued to be stable at record lows which is the result of the slow economic recovery that has become somewhat worrisome to investors.  On the bright side, this give consumers more time to get in and take advantage of low mortgage rates and low home prices, a double opportunity that does not happen often.”

O.C. Register - “Calif. homesellers pocketing more cash” (9-21-11)

“California homeowners are pocketing the more cash after a home sale this year, with sellers keeping the largest amount after a deal in three years, a Realtor survey of California real estate agents shows.”

CNN Money - “Existing home sales jump in August” (9-21-11)

“Home buyers are starting to creep back into the housing market, lured by rock-bottom prices.  Sales of existing homes rose 7.7% last month to an annual rate of 5.03 million homes, from 4.67 million homes in July, according to the National Association of Realtors.”

Housing Wire - “A nice surprise: Architecture billings index turns positive” (9-21-11)

“The architecture billings index, an economic indicator of construction activity, turned positive in August, according to the American Institute of Architects.”

DS News - “Survey: Home Prices Expected to Increase 1.1% Over Next Five Years” (9-21-11)

“Home prices are expected to grow at an average rate of 1.1 percent through 2015, according to a survey released Wednesday by New Jersey-based MacroMarkets LLC.”

Inman - “California real estate market ‘struggling to gain momentum’” (9-21-11)

“California home sales are expected to remain essentially flat this  year  and rise slightly in 2012, according to a housing market forecast  from the California Association of Realtors.”

Looking Back:

One year ago, loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reported new home and apartment construction rose 10.5% in August 2010 to a seasonally adjusted annual rate of 598,000. Zillow claimed interest rates fell again to 4.25%.

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

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The Norris Group Real Estate News Roundup 9/16/11

Friday, September 16th, 2011

Sources:

Mortgage-Default Filings Increase by 33% in August
Fewer U.S. Homeowners ‘Underwater’ as Foreclosures Mount
Home loans rates drop again in Freddie Mac survey
C.A.R. August sales and price report
Mortgage Debacle Costs U.S. Banks $66 Billion as Bad Home Loans Sap Profit
Unemployment filings at more than 2-month high
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
Obama Program Calls for $15B for Foreclosure Rehab
The American Jobs Act
Alabama Supreme Court rules in favor of MERS

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.  EMC Mortgage is facing a lawsuit from Wells Fargo regarding toxic mortgages.  The rate of unemployment was up 12.1% last month.  Also, according to DS News foreclosures are continuing to increase, especially for homes on the West Coast.

In The News:

Housing Wire - “Wells Fargo sues EMC Mortgage over buybacks” (9-16-11)

“Wells Fargo (: ) is jumping deeper into the MBS litigation fray by filing suit against EMC Mortgage, claiming the firm should buy back 800 toxic mortgages sold into the Bear Stearns Trust.”

DSNews - “Freddie Mac Offers REO Bulk Sales” (9-16-11)

“Freddie Mac is looking to unload some of its foreclosed properties to investors through bulk sales transactions.”

Los Angeles Times - “California unemployment rate rises to 12.1% in August” (9-16-11)

“California’s unemployment rate ticked up a notch in August, to 12.1% from 12% the month before, according to new data from the U.S. Bureau of Labor Statistics. Employers shed 8,400 jobs from payrolls.”

Realty Times - “Fixed-Rate Mortgages Continue To Find New Record Lows” (9-16-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages remaining near their 60-year lows as ongoing investor concerns over the European debt market kept Treasury bond yields low. The 30-year fixed averaged 4.09 percent, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30 percent.”

O.C. Register - “BofA says increased defaults will spur recovery” (9-16-11)

“A Bank of America spokeswoman confirmed Thursday that the lender has accelerated its pace of filing default notices in states where a court order isn’t required before lenders can foreclose.”

Inman - “Surge in default notices portends more REOs” (9-16-11)

“Foreclosure activity  fell for the 11th straight month on a yearly basis in August, but rose compared to July, according to the latest monthly report from foreclosure data site RealtyTrac.”

DS News - “West Coast States See a Surge in New Foreclosures” (9-16-11)

“Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar.”

Housing Wire – “California home sales surge in August with prices at highest point of year” (9-16-11)

“California home sales posted an increase from both the previous month and previous year, while the median home price rose to its highest level this year, according to data from the California Association of Realtors.”

Looking Back:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area in August 2010. Also, 34,239 houses and condos were sold statewide. BarCap expected that of all the subprime mortgages were still current and originated in 2005, 70% would default.

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 9/12/11

Monday, September 12th, 2011

Today’s News Synopsis:

According to Bloomberg, a big story in the news is the real estate property for several market chains, including Ruby Tuesday and Cracker Barrel, is actually worth more than the restaurants themselves.  In the next several years, Bank of America plans on cutting 30,000 jobs.  Housing Wire reported Standard & Poor’s parent company will no longer only be McGraw-Hill, but will be splitting into two smaller companies: McGraw-Hill Markets and McGraw-Hill Education.

In The News:

Housing Wire - “Standard & Poor’s parent company splits” (9-12-11)

“Credit ratings agency Standard & Poor’s is moving under a smaller umbrella corporation.  Parent company McGraw-Hill is bifurcating operations, with each separate company renamed. The two companies will be called McGraw-Hill Markets and McGraw-Hill Education.”

DS News - “Distressed Real Estate Makes Its Way Into Obama’s Jobs Plan” (9-12-11)

“In addition to refinancing assistance for mortgage holders, President Barack Obama’s proposed American Jobs Act includes a handful of elements that relate to the distressed real estate market, all part of what the administration has labeled Project Rebuild.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Delinquencies Down in Second Quarter for Four of Five Major Investor Groups” (9-12-11)

“Commercial/multifamily mortgage delinquency rates among four out of five major investor groups decreased in the second quarter of 2011, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

O.C. Register - “BofA to cut 30,000 workers” (9-12-11)

“Bank of America plans a sweeping overall of its nationwide operations — cost-cutting endeavors that will trim is payrolls by 30,000 positions over the next several years.”

DS News - “Mortgage Fraud Declines: Report” (9-12-11)

“Mortgage fraud grew in the second quarter of the year but was still down from where it was a year earlier, according to the Second Quarter 2011 Mortgage Fraud Index, released Monday by MortgageDaily.com.”

Housing Wire - “Fitch downgrades homebuilders as housing market softens” (9-12-11)

“Fitch Ratings issued a negative outlook for several publicly traded homebuilders, including KB Home (KBH: 5.68 +0.18%) and said housing is expected to remain soft through at least 2012.”

Realtor Magazine - “12 Housing Markets Seeing the Biggest Turnarounds” (9-12-11)

“The National Association of Home Builders is debuting a new economic index that highlights metro areas that are seeing the most improvement in their housing markets. The First American Improving Markets Index reveals 12 metro areas that have seen a turnaround for at least six months in three core economic areas — housing permits, employment, and housing prices.”

Bloomberg - “Rush to Restaurant Real Estate Brings 53% Increase in Valuation: Real M&A” (9-12-11)

“The cheapest restaurants in America are luring activist investors who are betting companies from Ruby Tuesday Inc. (RT) to Cracker Barrel Old Country Store Inc. (CBRL) can make more money selling their own real estate than food.”

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

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The Norris Group Real Estate News Roundup 9/1/11

Thursday, September 1st, 2011

Today’s News Synopsis:

Inman News reported that mortgage rates have reached a record low.  As an easier and faster way to check appraisal reports early on, Government sponsored enterprises Fannie Mae and Freddie Mac are planning to set up a new database for appraisers to submit their appraisal reports for selling mortgages.  And DS News reported that Nevada AG is planning to withdraw from its settlement with Bank of America reached back in 2008.

In The News:

Housing Wire – “Treasury withholds HAMP funds from BofA, Chase again” (9-1-11)

“The Treasury Department will withhold payments once again to Bank of America (BAC: 7.91 -3.18%) and JPMorgan Chase (JPM: 36.30 -3.35%) for their poor performance modifying mortgages in the second quarter.”

Inman - “Mortgage rates hover around all-time lows” (9-1-11)

“Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.”

DS News - “Nevada AG Moves to Withdraw from 2008 Countrywide Settlement” (9-1-11)

“Nevada is asking to be cut loose from a multi-state settlement agreement reached in October 2008 with Bank of America following its acquisition of Countrywide just four months earlier.”

Bloomberg - “Goldman Will Pay Penalties, Alter Practices to Win Approval of Litton Sale” (9-1-11)

“Goldman Sachs Group Inc. (GS) agreed to pay future Federal Reserve penalties and write down $53 million of mortgage loans in New York to gain approval for its sale of Litton Loan Servicing LP.”

Rismedia - “Foreclosures Now Take 20 Months” (9-1-11)

“The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.”

Housing Wire – “New GSE appraisal database to tighten scrutiny on mortgage lenders” (9-1-11)

“Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday.”

Realtor Magazine - “Man Found Squatting in $2 Million Home” (9-1-11)

“Police are warning that squatters are getting more clever, even presenting fake deeds to try to prove ownership of a property without ever paying a dime.  A Raleigh, N.C., man was recently arrested and faces several charges for allegedly squatting for at least seven months in a home valued at nearly $2 million and filing a fake deed and paperwork with the county, according to police.”

Rismedia - “Home Prices Could Drop in Fall” (9-1-11)

“With an uptick in June, home prices in major U.S. cities have recorded three consecutive months of gains. But the glimmer of improvement is almost certainly seasonal in nature, real estate experts say, and prices could begin to fall again when the slower sales season begins.”

Looking Back:

One year ago, the MBA’s weekly survey showed mortgage applications increased 2.7% the week of August 30, 2010. SB1275, the foreclosure/modification bill, was rejected by congress in a 36-30 vote. Fannie Mae’s new rule regarding appraisal cutting took effect on this day. Construction spending decreased 1 percent in July 2010, according to the Commerce Department.

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 8/30/11

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.

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