The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘bankrate’

By Bruce Norris .

The Norris Group Real Estate News Roundup 11/29/12

Thursday, November 29th, 2012

Today’s News Synopsis:

Pending home sales increased 5.2% and are at 104.8 as of last month, the highest they have been since March 2007.  Mortgage rates continue to be at record lows at 3.32% and 2.64%, showing barely any improvement.  Jobless claims decreased by 23,000 and are now at 393,000 according to the Labor Department.

In The News:

DS News- “Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity” (11-29-12)

“While almost one quarter of homeowners remain underwater, rising home prices over the past year have some economists hopeful negative equity could begin to diminish in coming months.”

Housing Wire- “Pending home sales reach five-year high” (11-29-12)

“Pending home sales jumped 5.2% to 104.8 in October, its highest level since March 2007, the National Association of Realtors reported Thursday.”

DS News- “GDP Up 2.7% in Q3, Corporate Profits Grow” (11-29-12)

“Real GDP growth for the third quarter was revised up significantly, reaching a 2.7 percent annualized growth, the Bureau of Economic Analysis (BEA) reported Thursday.”

Bloomberg – “Foreclosure Wave Averted as Doomsayers Defied: Mortgages” (11-29-12)

“Stockton, California, has the highest U.S. foreclosure rate. It also has a housing shortage.  The number of homes for sale in the city fell 42 percent in October from a year earlier. Listings routinely attract multiple offers. Prices are on the rise.”

Inman- “Mortgage rates barely budge from record lows” (11-29-12)

“After hitting record lows last week, mortgage rates have stayed tanked amid growing concerns that lawmakers won’t reach a compromise to avoid a “fiscal cliff” of automatic tax increases and spending cuts scheduled to take place next year, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.”

DS News- “Initial Unemployment Claims Fall as Sandy’s Impact Dissipates” (11-29-12)

“First-time claims for unemployment insurance fell 23,000 to 393,000 for the week ending November 24, the Labor Department reported Thursday.”

Realty Times- “Deadline Looms For Independent Foreclosure Review” (11-29-12)

“Time’s running out for housing consumers who stand to collect as much as $125,000 if they were wronged by abusive foreclosure procedures.”

DS News- “Bankrate: Consumers Less Positive About Personal Finances” (11-29-12)

“Consumer sentiment regarding personal finances was down in November, indicating Americans foster a more negative perception about their own finances than they did last year, according to Bankrate’s Financial Security Index.”

Hard Money Loan Closed

Indio, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 4 bedroom, 2 bathroom home appraised for $96,000.

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Looking Back:

In a big news story, home prices were down from the previous year by 3.9%.  However, according to the U.S. Commerce Department home sales were reported to have risen 1.3% in October 2011, the best results for new homes since May 2011.  Unfortunately, the Los Angeles Times reported that over 20% of all homeowners in the U.S. were underwater.  DS News reported an increase in fraudulent claims for unemployment and insurance.

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

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The Norris Group Real Estate News Roundup 8/6/12

Monday, August 6th, 2012

Today’s News Synopsis:

June saw the lowest amount of HAMP trials since the program’s inception in March 2009.  NAHB listed 80 metropolitan areas out of 32 states are showing signs of improvement.  Closing costs for mortgages decreased 7.4% in the last year with banks competing for borrowers.


In The News:

NAHB – “Index Spotlights 80 Improving Housing Markets in August” (8-6-12)

“A total of 80 metropolitan statistical areas across 32 states and the District of Columbia were listed as improving housing markets on the National Association of Home Builders/First American Improving Markets Index (IMI) for August, released today. This included 75 markets that retained their places on the list along with five new ones, while nine areas fell from the list due primarily to slight movements in house prices.”

DS News – “Massachusetts Foreclosure Bill Signed into Law “ (8-6-12)

“Governor Deval Patrick of Massachusetts signed into law a bill Friday that will require lenders to first determine the value of modifying a loan before foreclosing on a home.”

Inman – “Real estate agents expecting business to grow” (8-6-12)

“Real estate agents see a bright future for the business, despite some worries about the prospects for increased government regulation, a possible erosion of industry standards, and a data free-for-all.”

Housing Wire – “Treasury reduces AIG stake to 53%” (8-6-12)

“The Treasury Department took in $5.75 billion in proceeds from its sale last week of more than 188 million shares of American International Group ($32.31 0.97%) stock.”

Realty Times – “Real Estate Outlook: New Homes Sale Decline” (8-6-12)

“New home sales fell for the month of June, according to HUD and the U.S. Census Bureau. The pace of sales for newly built, single-family homes slowed 8.4 percent to a seasonally adjusted annual rate of 350,000 units.”

Housing Wire – “Fewest HAMP trials started since program began” (8-6-12)

“Mortgage servicers started just 16,321 three-month Home Affordable Modification Program trials in June, the fewest since the program launched in March 2009, according to an analysis of Treasury Department data.”

Bloomberg – “U.S. Mortgage Closing Costs Fall 7.4% as Banks Compete” (8-6-12)

“Mortgage closing costs in the U.S. declined in the past year as lenders competed to attract qualified borrowers, Bankrate Inc. (RATE) said.”

DS News – “Court of Appeals Upholds Dismissal in MERS Case” (8-6-12)

“MERSCORP Holdings, Inc., announced that a three-judge panel of the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a complaint against Mortgage Electronic Registration Systems, Inc., (MERS) and two other defendants.”

Hard Money Loan Closed

Spring Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $198,000 on a 4 bedroom, 2.5 bathroom home appraised for $330,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

 

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

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The Norris Group Real Estate News Roundup 4/23/12

Monday, April 23rd, 2012

Today’s News Synopsis:

According to the National Association of Realtors, more people are able to afford houses.  Home prices decreased in March with the increase in distressed properties.  Mortgage payments are also at low levels not seen in several decades.  Americans fear job losses and rising gas prices more than household debt.

In The News:

Housing Wire – “Americans more secure with debt, fear job losses” (4-23-12)

“Americans today are more secure with their debt levels and net worth, but fear job losses and escalating gas prices, according to Bankrate.”

Realty Times – “Real Estate Outlook: Affordability High” (4-23-12)

“Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.”

DS News – “Survey: High Share of Distressed Properties Keeps Prices Down” (4-23-12)

“Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March.”

CNN Money – “Mortgage payments at lowest level in decades” (4-23-12)

“For today’s homebuyers, the weight of the monthly mortgage bill is the lightest it’s been in decades.  Put 20% down on a median-priced ($154,400) existing home, and your payment will come to $616 a month, only 12.1% of the median U.S. family income.”

Housing Wire – “FDIC expects healthy deposit insurance fund by 2018″ (4-23-12)

“The Federal Deposit Insurance Corp. board expects bank failures to cost the fund $12 billion over the next five years, down from $88 billion in losses between 2008 and 2011.”

Inman – “Proxio signs up more brokerages” (4-23-12)

“Global marketing and networking platform operator Proxio Inc. has signed San Francisco-based brokerage Pacific Union International to its roster of affiliates.”

Bloomberg – “D.R. Horton Beats Estimates as Builder’s Home Sales Rise” (4-23-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, beat analysts’ earnings estimates as it increased sales in the second quarter.”

Housing Wire – “Freddie directs servicers to use Hardest Hit Fund in short sales” (4-23-12)

“Freddie Mac wants mortgage servicers to use funds from an underutilized federal program to help homeowners through short sales and other foreclosure alternatives.

San Francisco Chronicle – “New York City Rent Limits Left Intact by U.S. Supreme Court” (4-23-12)

“The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.”

Hard Money Loan Closed

Banning, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $95,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

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 3/21/12

Wednesday, March 21st, 2012

Today’s News Synopsis:

Sales of existing homes decreased 0.9% last month; although year-over-year they increased over 8%.  Mortgage applications are down 7.4% from last week, although mortgage rates are increasing slightly to above 4%.  In addition, the number of mortgages 30 days overdue decreased last 5% month-over-month and 14% year-over-year.

In The News:

Los Angeles Times – “Average 30-year mortgage rate edges up, above 4%, Bankrate says” (3-20-12)

“Those 30-year fixed home loans that have rates starting with a “3″ are getting harder to find.  Bankrate’s running survey of average mortgage rates has edged into the 4%-plus range over the past week and was at 4.05% on Tuesday. It had spent more than three months in the once unimaginable range below 4%, Bankrate senior analyst Greg McBride said.”

Housing Wire – “Existing home sales dip 0.9% in February” (3-21-12)

“Existing home sales fell 0.9% in February from January but rose 8.8% from a year earlier, according to the National Association of Realtors.”

Mortgage Bankers Association – “Interest Rates Highest Since December, Applications Decrease in Latest MBA Weekly Survey” (3-21-12)

“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.”

Realty Times – “Bank Mortgage Refinance Rates At Risk of Increasing” (3-21-12)

“Now that headlines out of Europe have calmed down, the focus has been on the economy here in the U.S. Although there are some mixed signals coming out of data reports, investor confidence is evident in the direction that markets are moving.”

San Francisco Chronicle – “Treasuries Rebound a 2nd Day as U.S. Equities Fall on Housing” (3-21-12)

“Treasury 10-year notes rose for a second day, while U.S. stocks retreated, amid concern that the American housing market is struggling to recover. The Dollar Index and commodities were little changed.”

DS News – “Zillow Survey: Prices Projected to Fall This Year, Rise in 2013″ (3-21-12)

“Home prices are projected to fall 0.7 percent this year, a more negative expectation than the 0.2 percent decline economists previously anticipated, according to the March 2012 Zillow Home Price Expectations Survey.”

Housing Wire – “Buying cheaper than renting in nearly 100 major U.S. markets: Trulia” (3-21-12)

“Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia’s rent vs. buy index.”

CNN Money – “Stocks: More housing data on tap” (3-21-12)

“U.S. stocks were poised to move higher Wednesday, as investors pushed aside worries of a cooling Chinese economy ahead of more U.S. housing market data.”

Housing Wire – “LPS: Mortgage deliquencies decline in February” (3-21-12)

“Mortgages at least 30 days past due dropped 5% in February from a month earlier and declined 14% from February 2011″

CNN Money – “Buyout season is back for private equity” (3-21-12)

“The private equity buyout market is back!  A combination of the hot stock market and interest rates near all-time lows has created the perfect conditions for many public companies to put “for sale” signs up in hopes of enticing private equity attention.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2 bathroom home appraised for $188,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

Looking Back:

Existing home sales dropped 9.6%, according to the NAR. A San Joaquin County investor pleaded guilty to rigging foreclosure auctions, and was facing a federal prison sentence and $1 million in fines. LPS claimed the then-current mortgage delinquency rate was 8.8%.

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 9/22/11

Thursday, September 22nd, 2011

Today’s News Synopsis:

According to Bloomberg, claims for unemployment benefits decreased 9,000 last week, although still more filed claims than was predicted.  Month over month prices for homes increased last July, but are still down year-over-year by about 3%.  According to Freddie Mac’s latest survey, mortgage rates continue to remain at their lowest.

In The News:

Housing Wire - “FHFA: Home prices hit 2004 levels” (9-22-11)

“House prices inched higher in July, but are down 3.3% for the year ended July 31 and 18.4% lower than the April 2007 peak, according to the Federal Housing Finance Agency.”

Bloomberg - “Initial Jobless Claims in U.S. Fell Last Week” (9-22-11)

“More Americans than forecast filed first-time claims for unemployment insurance payments last week as the labor market struggled to improve.”

Sacramento Bee - “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-22-11)

“Freddie Mac (OTC: FMCC) today released  the results of its Primary Mortgage  Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid  sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09  percent, while the 15-year fixed dropped a single basis point to 3.29 percent,  marking a new record low.”

DS News - “Banks Respond to Moody’s Ratings Downgrades” (9-22-11)

“The three major banks that received downgraded ratings from Moody’s Wednesday responded with disappointment and assertions of their value.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Increased For First Time Since 2009″ (9-22-11)

“The level of commercial/multifamily mortgage debt outstanding increased by 0.1 percent in the second quarter of 2011, the first quarterly increase since the third quarter of 2009, according to the Mortgage Bankers Association (MBA).”

Inman - “Fed keeping lid on mortgage rates” (9-22-11)

“Mortgage rates remained at or near record lows this week as the  Federal Reserve moved to keep a lid on long-term interest rates in order  to encourage borrowing in the face of ongoing concerns that the  European debt crisis will derail an economic recovery.”

Housing Wire – “Cornerstone Real Estate Advisers names Higgins president” (9-22-11)

“Real estate investment advisory firm Cornerstone Real Estate Advisers appointed Mark Higgins president.  Hartford, Conn.-based Cornerstone promoted Higgins as the firm aggressively
expands activities tied to its portfolio of commercial properties.”

Realtor Magazine - “Down Payment Remains Obstacle to Home Ownership” (9-22-11)

“More than half of renters who wish to buy a home say they are unable to because they’re not able to save enough for a down payment, according to Trulia’s Fall 2011 American Dream survey.”

CNN Money - “Federal Reserve launches Operation Twist” (9-22-11)

“The Federal Reserve announced “Operation Twist” Wednesday, a widely expected stimulus move reviving a policy from the 1960s.”

Wall Street Journal - “Home Resales Up, But Remain Weak” (9-22-11)

“Sales of previously occupied homes in the U.S. rose in August to the highest level in five months but remained weak overall as the sputtering housing market fails to propel the economy.”

Looking Back:

Mortgage loan applications decreased 1.4% the week of September 20, 2010. FHFA reported national house prices fell 0.5% in July 2010. HAMP converted 33,342 trial modifications into permanent status in August 2010. The Bush tax cuts were expected to end soon.

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 7/11/11

Monday, July 11th, 2011

Today’s News Synopsis:

Housing Wire reported a dip in foreclosures for the second month in a row.   The Emergency Homeowners’ Loan Program (EHLP) was recently started by HUD and NeighborWorks America to assist people in with homes in danger of foreclosure, according to RisMedia.  Bloomberg reported that banks associated with Wall Street are selling property loan bonds totalling $3.7 billion to help the economy.   

In The News:

Bloomberg - “Wall Street Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds” (7-11-11)

“Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.”

Housing Wire - “Slim summer home price gains expected to reverse” (7-11-11)

“JPMorgan Chase (JPM: 39.469 -3.12%) analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.”

DS News - “Top Servicers Expand Worforce to Assist Distressed Homeowners” (7-11-11)

“With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting.”

Inman - “Banks taking longer to take back homes with high-balance loans” (7-11-11)

“Banks are taking longer to complete the foreclosure process for homeowners with high-balance mortgages and those who have more than one home loan — in part because of changes in accounting rules that have allowed them to put off recognizing inevitable losses on those loans.”

Realty Times - “Real Estate Outlook: Economic Inclusion” (7-11-11)

“The catch-phrase in the last week has been “economic inclusion,” as it relates to you, me, and mainstream banking. A June 29th speech by Federal Reserve Governor Sarah Bloom Raskin at the New American Foundation Forum revealed that limited access to banking and credit could be having significant damaging effects on the economy.”

Housing Wire - “Foreclosure sales dip for second straight month” (7-11-11)

“Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.”

RisMedia - “New Billion-Dollar Emergency Loan Program Hopes to Stave Off Foreclosures” (7-11-11)

“The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America launched a new Emergency Homeowners’ Loan Program (EHLP) recently to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.”

Bloomberg - “Fed Rates on Hold Longest Since 1940s as Treausury Curve Sees Slower Growth” (7-11-11)

“The Federal Reserve may keep interest rates at record lows for the longest period since World War II as the economic slowdown that sparked a four-month bond rally worsens, according to Treasury market signals.”

Mortgage Bankers Association - “Stevens Reiterates MBA’s Support for Risk Retention” (7-11-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following remarks by Congressman Barney Frank (D-MA) this morning at the National Press Club:  “MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system.   The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.’”

RisMedia - “Bankrate: Mortgage Rates Hit a 2-Month High” (7-11-11)

“Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.”

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 11/24/10

Wednesday, November 24th, 2010

Resources:
California Housing Production Continues Decline in October, CBIA Announces
Existing-Home Sales Decline in October Following Two Monthly Gains
California home sales decline from previous month, year
Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high
Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says
Shadow Inventory of Homes Rising

Today’s News Synopsis:

The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.

In The News:

San Francisco Chronicle – “Mortgage rates rise to 4.40 pct. as Treasurys rise” (11-24-10)

“Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Bank ‘problem list’ swells but industry’s condition improving, FDIC says” (11-24-10)

“The agency’s so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That’s up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.”

CNN - “New home sales: Down 80% from the boom” (11-24-10)

“New home sales dropped to an annual pace of just 283,000, according to the Commerce Department. That was down 8.1% from a slow September and 28.5% from 12 months ago when the annualized sales rate was at 430,000.”

Orange County Register – “Forecast: Calif. home prices to drop 9.9%” (11-24-10)

“Real estate trackers from FiServ and Moody’s Economy.com forecast that California home prices will fall 9.9% in the year ending in June 2011 — fourth biggest drop across the nation.”

Housing Wire – “Delinquent borrowers would rather rent: Fannie Mae survey” (11-24-10)

“Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey. This is the first time the rental preference has exceeded the percentage of people who would rather buy.”

Housing Wire – “LPS: Mortgages entering foreclosure fell 4.4% in October” (11-24-10)

“The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process.”

Housing Wire – “Mortgage interest rates increase in two nonagency surveys” (11-24-10)

“Mortgage rates fell in two weekly surveys. The Bankrate national mortgage survey reported the interest rate for a 30-year fixed-rate mortgage at 4.58%, down from 4.62% a week prior, while a survey from LendingTree.com reported the rate at 4.55%.”

Housing Wire – “Jobless claims down 7.7% to lowest level in two years” (11-24-10)

“Initial jobless claims fell 7.7% last week to 407,000, which is the lowest level in two years and well below most analyst estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 20 fell by 34,000 from the previous week’s figure of 441,000, which was revised upward a few thousand.”

Housing Wire – “Nation has 8.6-month glut of new homes on market, Census Bureau says” (11-24-10)

“New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development. New home sales are down 8.1% from September and 28.5% from October 2009.”

Bloomberg - “U.S. Home Prices Fell 3.2% in Third Quarter, FHFA Says” (11-24-10)

“U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.”

Looking Back:

One year ago, the CIRB reported that homebuilders pulled 6 percent fewer permits in October. American banks decreased lending by 2.8 percent in the third quarter 09. The FOMC suspected that the economy would take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes were less valuable than the mortgages owed on them.

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 8/17/10

Tuesday, August 17th, 2010

Today’s News Synopsis:

Statistics from MDA DataQuick show 18,946 new and resale homes were sold in Southern California in July. Frank Nothaft of Freddie Mac announced that refinancing activity has accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent last month, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and may damage the industry.

In The News:

DQNews - “Southern California Home Sales and Median Price Dip in July” (8-17-10)

“A total of 18,946 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 20.6 percent from 23,871 in June, and down 21.4 percent from 24,104 for July 2009, according to MDA DataQuick of San Diego.”

NAHB - “Housing Starts Rise 1.7 Percent in July” (8-17-10)

“Nationwide housing starts inched up 1.7 percent to a seasonally adjusted annual rate of 546,000 units in July from a downwardly revised figure in the previous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multifamily side, with single-family housing production falling 4.2 percent to 432,000 units.”

Housing Wire – “MBA Prefers FHA Seller Concessions Lowered to 4%” (8-17-10)

“In a letter to the US Department of Housing and Urban Development (HUD), the MBA said its members urge the federal agency ‘to ensure policies do not reach too far and needlessly discourage home buying at a time when the housing market is still fragile.’ Last month, HUD announced possible policy changes within the Federal Housing Administration (FHA) aimed at boosting capital reserves. The changes include reducing the limit on seller concessions to 3% from 6%; using a FICO credit score of 500 as a minimum for consideration in FHA programs; and lowering the maximum loan-to-value to 90% for all borrowers with credit scores less than 580.”

Housing Wire – “Fannie Mae Sees Housing Activity Flat in 2H” (8-17-10)

“The GSE also said continued uncertainty and a slower-than-normal recovery points to overall GDP growth of 2.5% for the rest of the year. In July, analysts at Fannie Mae’s economics and mortgage market analysis group projected growth of 2.8%, which was down from a June estimate of 3.2%. The agency expects the low, 30-year, fixed-rate mortgages to boost refinance activity but not result in any sort of refinance boom. The current average rate of 4.5% is expected to remain throughout 2010.”

Housing Wire – “John Burns: GSE Renting Options Will Increase Demand and Limit Supply” (8-17-10)

“The government should create an apartment real estate investment trust (REIT) to rent out foreclosed properties — a method that would avoid flooding the housing market with foreclosed properties, a real estate consultant said as President Obama’s ‘Future of Housing Finance Conference’ kicked off Tuesday. John Burns, CEO of John Burns Real Estate Consulting, said the government-created REIT would be self-sustaining via rental fees. The government-sponsored enterprises, Fannie Mae and Freddie Mac, would hire outside property-management firms to manage the rental properties, Burns said.”

Housing Wire – “Refinancing Accounts for 80% of Loan Activity over Last 2 Months: Nothaft” (8-17-10)

“Over the last two months, refinancing activity has accounted for more than 80% of all conventional loan activity, said Frank Nothaft, chief economist at Freddie Mac. In a Featured Perspectives report out Monday, Nothaft said Freddie Mac and Fannie Mae have purchased 1.4m refinance loans, including nearly 200,000 loans that have gone through the Home Affordable Refinance Program (HARP).”

Housing Wire – “Bank of America Merrill Lynch: Bearish Sentiment Eases” (8-17-10)

“BofAML, a unit of Bank of America, said the bearish sentiment for the global economic outlook and corporate earnings has eased. The most recent data show 5% of survey respondents expect the global economy will improve in the next year. In July, 12% percent of respondents predicted the world economy would deteriorate, BofAML said. But recession fears seem to have subsided, as 78% of fund managers surveyed last week don’t expect a double-dip recession. Still, 73% continue to see ‘below-trend growth and inflation.’”

Housing Wire – “TransUnion: Housing Begins to Stabilize as Delinquent Loans Fall in Q210″ (8-17-10)

“National mortgage loan delinquency rates for loans delinquent 60 days or more fell for the second quarter in a row to 6.67%, according to TransUnion’s quarterly trend analysis released Tuesday; a sign the housing sector is beginning to stabilize. The 1.48% drop in Q210 follows an 18.52% drop in Q110 for loans delinquent 60 days or more. Delinquent loans accounted for 6.77% of the all loans in Q110. The current delinquency rate is still up 14.8% from the same quarter last year when the rate was 5.81%.”

Housing Wire – “Private Sector Modifications Increase 10% in June” (8-17-10)

“The housing industry conducted 123,000 permanent modifications through private programs in June, a 10% increase from the 112,000 done in May, according to Hope Now, a private sector alliance of mortgage servicers, investors, insurers and nonprofit counselors.”

Housing Wire – “Bankrate: Loan Closing Costs Jump 36.6% Year-Over-Year” (8-17-10)

“The average origination and third-party fees on a $200,000 mortgage increased 36.6% to $3,741 from last year’s average of $2,739, according to Bankrate’s annual mortgage fee survey. Lender origination fees increased to $1,463, or 22.8%, in 2010 from $1,192 in 2009, while the average total third-party fees rose 47.2%, to $2,277 from the year-ago average of $1,547.”

Housing Wire – “Homebuyer Demand All But a ‘Standstill’: Altos Research” (8-17-10)

“The average national house price was $474,946 in July, according to the Altos 10-city composite price index. The index fell ‘significantly’ from its high in the summer of last year, when buyers were taking advantage of the homebuyer tax credit. It has declined for the past 11 months. The tax credit expired in April.”

Bloomberg - “Home Depot Profit Tops Analysts’ Estimates as Sales Increase” (8-17-10)

“Net income increased 6.8 percent to $1.19 billion, or 72 cents a share, in the quarter ended Aug. 1, from $1.12 billion, or 66 cents, a year earlier, Atlanta-based Home Depot said today in a statement. Analysts projected 71 cents, the average of 23 estimates in a Bloomberg survey.”

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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