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By Bruce Norris .

The Norris Group Real Estate News Roundup 12/17/12

Monday, December 17th, 2012

Today’s News Synopsis:

According to the latest Realty Trac report, the number of foreclosures filed last month decreased and are now at their lowest in six years.  Barclays Capital reported the U.S. Bank Tower in Los Angeles is in danger of a loan default.  The number of bank closures is now at 51 with the recent closure of the Missouri Division of Finance.

In The News:

DS News- “Zillow Announces HotPads Acquistion Completed for About $16M Cash” (12-17-12)

“Zillow, Inc. announced the completion of its acquisition of HotPads for approximately $16 million in cash. In late November, Zillow revealed plans to purchase the map-based rental and real estate search site.”

Inman- “Realtor.com signs agreement to enhance listings of big HomeServices brokerage” (12-17-12)

“A HomeServices of America Inc. brokerage that’s the largest franchisee in the Prudential Real Estate network has partnered with Realtor.com to “enhance” its listings on the portal with agent contact details and photos, and other information sought by consumers.”

Realty Times- “Real Estate Outlook: RealtyTrac’s November Foreclosure Report” (12-17-12)

“There’s more evidence that the worst of the foreclosure problem is over. Foreclosure filings in November dropped to their lowest level since December 2006, according to RealtyTrac.”

Housing Wire – “Barclays: US Bank Tower at risk of default” (12-17-12)

“The tallest building on the West Coast U.S. Bank Tower in Los Angeles (pictured, right) is at risk of loan default, according to Fitch Ratings in a report from Barclays Capital.”

DS News- “Missouri Bank Closing Raises 2012 Tally to 51″ (12-17-12)

“Sunset Beach, Missouri, was the site of this year’s 51st bank collapse as the Missouri Division of Finance shut down Community Bank of the Ozarks.”

CNN Money- “Tax bite on the rich if rates go up” (12-17-12)

“The fiscal cliff may not be resolved yet.  But after House Speaker John Boehner’s latest offer to the White House, it’s fair to assume now that tax rates will be going up on the rich in some fashion.”

DS News- “Groups Gather to Assist New York Homeowners Impacted by Sandy” (12-17-12)

“Over the weekend, key players gathered in Long Island to assist struggling homeowners affected by Hurricane Sandy.”

Housing Wire- “BofAML: Subprime best performing private mortgage bond” (12-17-12)

“Prices are up about one to two points over the last two-week period in subprime, which continues to be the best performing sector in non-agency mortgage-backed securitization, according to analysts of Bank of America Merrill Lynch ($10.90 0.3193%).”

Hard Money Loan Closed

Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 2 bathroom home appraised for $311,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 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 12/14/12

Friday, December 14th, 2012


Sources:
See stories below

Today’s News Synopsis:

Aaron Norris of The Norris Group presents the real estate news of the week. If you want to read the full stories, check out the news stories featured below.  Some highlights of the week include a case reopened against Wells Fargo, the Federal Reserve’s increased balance sheet, Bruce Norris’ prediction of the California median price, and much more.

In The News:

DS News- “Consumers More Optimistic About Housing in Fannie Mae Survey” (12-10-12)

“Consumers’ perceptions of housing and the economy are growing more and more positive, according to responses in Fannie Mae’s November 2012 National Housing Survey.”

Housing Wire- “Barclays Capital projects rising home prices, fewer mortgage defaults” (12-10-12)

“Barclays Capital updated its home price scenario to feature additional home price data through September, underlying the RMBS prepayment and credit models with CoreLogic ($27.14 -0.17%) home price index data through the third quarter, reflecting continued momentum in the housing market.”

Mortgage Bankers Association- “Mortgage Rates Drop to New Lows in Latest MBA Weekly Survey” (12-12-12)

“Mortgage applications increased 6.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 7, 2012.”

DS News- “Foreclosure Starts Plunge to 71-Month Low, REO Activty Increases” (12-13-12)

“A significant drop in foreclosure starts brought down foreclosure activity in November, according to a foreclosure report from RealtyTrac.”

Bloomberg- “Homebuilders Boom as Lending Masks Uneven U.S. Recovery” (12-10-12)

“Construction is taking a back seat to lending for some U.S. homebuilders, turning the uneven housing recovery into an earnings boom.”

DS News – “Rental Income Rises 12% Over the Year in September” (12-13-12)

“After growing just 1.3 percent in the second quarter of this year, the economy grew 2.7 percent in the third quarter—falling more in line with market predictions, according to CoreLogic.”

Los Angeles Times- “Wells Fargo not modifying mortgages as required, lawsuit says” (12-11-12)

“Accusing Wells Fargo & Co. of reneging on a sweeping mortgage-modification deal, a lawyer for troubled homeowners is trying to reopen a case involving risky “pick-a-pay” loans written during the housing bubble.”

Bloomberg- “Fed Seen Pumping Up Assets to $4 Trillion in New Buying” (12-11-12)

“The Federal Reserve will amplify record accommodation tomorrow by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.”

DS News- “New PSAs Seek to Deliver Message of Hope to At-Risk Borrowers” (12-12-12)

“Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope.”

DS News- “Mortgage delinquencies to remain high in 2013″ (12-12-12)

“If not for all the homeowners who haven’t paid their mortgages in more than a year, the nation’s home loan delinquency rate would be only slightly higher than normal, shows new research from credit monitor TransUnion.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 6 bedroom, 4 bathroom home appraised for $310,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2012.

Looking Back:

In a big news story, mortgage applications increased 4.1% according to the most recent MBA Weekly Survey.  Home sales in Southern California increased the previous month from October and from the same time the year before according to Housing Wire.  In other news, mortgage fraud was the highest in California despite mortgage activity being down in the third quarter of 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 12/10/12

Monday, December 10th, 2012

Today’s News Synopsis:

According to the latest survey released by Fannie Mae, consumer confidence has increased regarding the housing market and economy.  The number of people ready to purchase a home increased to 67%.  Barclays expects home prices to increase, resulting in home price appreciation increasing from 3.1% to 5.5%.  Home building is surging with an increase in lending.

In The News:

Housing Wire- “Looming g-fee hike boosts Fannie Mae bottom line” (12-10-12)

“Agency mortgage-backed securities gross issuance significantly rose in November, which was driven primarily by an increase in Fannie Mae’s products production, which was likely to due to the proposed increase of guarantee-fees on mortgages sources tell HousingWire.”

Bloomberg- “Homebuilders Boom as Lending Masks Uneven U.S. Recovery” (12-10-12)

“Construction is taking a back seat to lending for some U.S. homebuilders, turning the uneven housing recovery into an earnings boom.”

Realty Times- “Real Estate Outlook: The Fiscal Cliff “ (12-10-12)

“Existing-home sales are on the rise, despite the recent impact from Hurricane Sandy. The National Association of Realtors latest report showed that total existing-home sales were up 2.1 percent for the month of October. This is now a seasonally adjusted rate of 4.79 million units.”

Inman – “Six more headed to prison for roles in Miami condo mortgage fraud scheme” (12-10-12)

“A father and son who worked as real estate brokers are among a half-dozen defendants who have been sentenced to prison in recent weeks for their participation in a multi-million dollar mortgage fraud scheme at a luxury apartment complex on Miami’s Brickell Bay Drive.”

DS News- “Consumers More Optimistic About Housing in Fannie Mae Survey” (12-10-12)

“Consumers’ perceptions of housing and the economy are growing more and more positive, according to responses in Fannie Mae’s November 2012 National Housing Survey.”

Housing Wire- “Barclays Capital projects rising home prices, fewer mortgage defaults” (12-10-12)

“Barclays Capital updated its home price scenario to feature additional home price data through September, underlying the RMBS prepayment and credit models with CoreLogic ($26.49 -0.04%) home price index data through the third quarter, reflecting continued momentum in the housing market. As a result, home price appreciation is 5.5%, up from 3.1%.”

DS News- “Group Argues for Federal Guarantee in Multifamily Market” (12-10-12)

“With about one-third of the American population residing in rental housing with climbing rents even despite largely stagnant incomes, the Center for American Progress argues for continued participation of the federal government in the multifamily housing market.”

Bloomberg- “CMBS Beating Bank Bonds as Investors Wager on Property Recovery” (12-10-12)

“Securities linked to commercial- property loans are rallying, beating out corporate bonds issued by lenders as investors wager on a real-estate recovery.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $62,000 on a 2 bedroom, 2 bathroom home appraised for $103,000.

 

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 tomorrow, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 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 11/30/12

Friday, November 30th, 2012



Sources:
October pending and distressed sales report
October Marks 12 Months of Home Value Increases
Sustained home price gains show strength of recovery
Sales of New U.S. Homes Fell 0.3% in October
New-home sales up 17.2 percent from a year ago
Pending home sales reach five-year high
GDP Up 2.7% in Q3, Corporate Profits Grow
Initial Unemployment Claims Fall as Sandy’s Impact Dissipates
Home Equity Loans Make Comeback Fueling U.S. Spending
Bankrate: Consumers Less Positive About Personal Finances
Zig Ziglar
Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

Today’s News Synopsis:

Aaron Norris of the Norris Group provides the news of the week for the world of real estate.  With little change in personal income, consumer spending decreased 0.2% after increasing 0.8% in September.   Over 90,000 loans were refinanced by Fannie Mae and Freddie Mac through the HARP program last September.  The total number of loans refinanced through the program is now at 1.7 million.

In The News:

DS News- “Trulia: Housing Recovery Nears Halfway Mark” (11-30-12)

“The housing recovery is nearly halfway complete, according to Trulia’s Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago.”

Bloomberg- “Goldman Pushes Subprime ABX Index as Housing Rebounds: Mortgages” (11-30-12)

“Goldman Sachs (GS) Group Inc., which survived the U.S. real estate collapse five years ago with the help of derivative bets against subprime mortgages, is promoting the opposite trade to clients as housing recovers”

CNN Money- “Consumer spending drops as income stalls” (11-30-12)

“Consumers spent less in October, as income growth stalled.  The Commerce Department reported Friday that consumer spending fell 0.2% after an 0.8% jump in September.”

Realty Times- “Mortgage Rates Virtually Unchanged” (11-30-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates were virtually unchanged and remaining near their record lows amid growing concerns around the fiscal cliff.”

Housing Wire- “Barclays down plays chance of FHA Treasury draw” (11-30-12)

“Barclays Capital ($15.83 0.17%) does not expect any significant changes to the Federal Housing Administration, and downplays the chance of a Treasury draw, despite headlines suggesting otherwise based on the recent actuarial report.”

DS News – “Sandy Crashes October Income, Spending” (11-30-12)

“Consumer spending fell $20.2 billion in October as personal income remained relatively flat, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Trac- “Win the Foreclosure Bidding Wars” (11-30-12)

“Buying foreclosures with retirement funds provides real estate investors with tax benefits and the ability to diversify their retirement investing — in any market.”

DS News- “HARP’s Numbers Continue to Climb Since Revisions” (11-30-12)

“Fannie Mae and Freddie Mac refinanced more than 90,000 mortgages through the Home Affordable Refinance Program (HARP) in September, bringing the program’s total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 3 bedroom, 2 bathroom home appraised for $90,000.

 

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:

According to the Los Angeles Times, the Federal Reserve and five major central banks were hoping to help solve the debt crisis by joining together to help European lenders obtain money more easily.  In other news, Bloomberg reported a 10.4% increase in pending home sales.   According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications decreased over 11% from the previous week.

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

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

Monday, March 12th, 2012

Today’s News Synopsis:

In a big story, a $25 billion settlement was filed today regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the total now to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they will be given higher credit on their principal reductions.

In The News:

San Francisco Chronicle - “Four States Hit Hardest By Housing Now Lead U.S. Jobs Recovery” (3-10-12)

“Arizona, California, Florida and Nevada — the states that were most hurt in the real estate collapse over the past five years — are now leading the U.S. labor market expansion.”

DS News – “Number of Failed Rises to 13 After Illinois Bank Closing” (3-12-12)

“State regulators closed New City Bank of Chicago, Illinois March 9, raising the national tally for closed FDIC-insured banks to 13 so far this year.”

Housing Wire – “U.S. subprime RMBS performance weakens on soft home prices” (3-12-12)

“Declining home prices weakened the performance of U.S. subprime residential mortgage-backed securities collateral over the past three years, Fitch Ratings said.”

Reality Times - “Property Real Estate Outlook: Mortgage Applications Decline Again” (3-12-12)

“Mortgage activity slowed again last week. This is the fourth consecutive week of declines. Activity was down 1.2 percent from the week before. The Mortgage Bankers Association reports that refinance activity was down 2.0 percent.”

Inman – “Robo-signing settlement may boost short sales” (3-12-12)

“The government’s $25 billion settlement with the nation’s five biggest mortgage servicers over so-called “robo-signing” practices could boost short sales, as loan servicers will receive credit when they approve sales that include forgiveness of a portion of underwater homeowners’ debt.”

DS News – “BofA to Offer Principal Reductions of More Than $100k” (3-12-12)

“Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.”

Housing Wire- “Homebuilder spring selling season off to solid start” (3-12-12)

“The homebuilder spring selling season just started, but reports from the field confirm that sales activity in communities are materializing in a way not seen in years, Barclays Capital said.”

Housing Wire – “Servicers urged to act quickly in mortgage settlement write-downs” (3-12-12)

“Mortgage servicers will get credited for more principal reduction than is actually provided over the next 12 months in an apparent attempt to get servicers to act quickly, according to the mortgage servicing settlement.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $61,000 on a 3 bedroom, 2 bathroom home appraised for $102,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Evening with the Leaders of the real estate industry tomorrow, March 13, 2012.

Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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 12/21/11

Wednesday, December 21st, 2011

Today’s News Synopsis:

The NAHB reported an increase in confidence for homebuilding for the third month in a row.  However, mortgage rates are down to a new low according to the latest survey released by the Mortgage Bankers Association.  The number of existing homes increased again last month by 4% according to NAR, and shadow inventory is continuing to remain steady.

In The News:

Mortgage Bankers Association – “Mortgage Rates Drop to Another 2011 Low in Latest MBA Weekly Survey” (12-21-11)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 16, 2011.  The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier.”

Realty Times - “Builder Confidence Rises in December” (12-21-11)

“Builder confidence rose in December according to the National Association of Home Builders. This is the third straight month of improved confidence.  The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) indicates this is the highest level the market has seen since May 2010.”

Housing Wire – “Shadow inventory remains unchanged at 1.6 million” (12-21-11)

“National home prices continue to be pressured by a stream of distressed properties that threaten to push prices even lower, a CoreLogic (CLGX: 12.53 -1.88%) report said Wednesday.“

DS News - “Existing-Home Sales Rise in November” (12-21-11)

“Existing-home sales rose again last month, according to data released Wednesday by the National Association of Realtors (NAR).  That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007.”

Bloomberg - “KB Home Fourth-Quarter Profit Beats Analysts’ Estimates on Higher Revenue” (12-21-11)

“KB Home (KBH), the Los Angeles-based homebuilder that targets first-time buyers, reported a quarterly profit that beat analysts’ estimates as sales and orders rose.”

CNN Money - “Unemployment benefits extension: What’s at stake” (12-21-11)

“The long-term unemployed are running out of time.  In 11 days, a provision will expire that could cause millions of jobless Americans to lose a critical lifeline next year.  At issue is the extension of emergency federal unemployment benefits, which allow the jobless to collect benefits for up to 99 weeks. Also at stake are the extension of a payroll tax cut, and the “doc fix,” which would prevent a scheduled pay cut to Medicare physicians.”

San Francisco Chronicle - “Bernanke Money Policy Seen Successful as Savers Become Consumers” (12-21-11)

“Federal Reserve Chairman Ben S. Bernanke finally may be catching a break: His  easy-money policies are showing signs of speeding up the economic rebound three  years after he cut interest rates to zero.”

Housing Wire – “Fannie nixes ‘ability to pay’ wall to HARP refinancing” (12-21-11)

“Lenders are no longer required to determine a borrower’s ability to repay a loan when underwriting mortgages for inclusion in Fannie Mae’s HARP 2.0 refinancing channel.”

The Wall Street Journal - “Demand for Rentals Drives Big Rise in Home Building” (12-21-11)

“Residential construction surged in November, sparking cautious hope that the U.S. housing market is gaining traction.  Housing starts hit a seasonally adjusted annual rate of 685,000 units, the highest level in 19 months, the Commerce Department said Tuesday.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 3 bedroom, 1.5 bathroom home appraised for $117,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Modifications to foreclosures on Freddie Mac and Fannie Mae mortgages increased more than twice as much in the third quarter of 2010, according to Housing Wire.  Shaun Donovan said he and Secretary of Energy Steven Chu were discussing plans of creating an energy scoring system for houses.  Standard and Poor’s reported levels of securities backed by mortgages were the slowest they had been since 2007, both for commercial and residential property.  NAHB stated that the driving force for the housing market were actually the smaller businesses.  CBIA announced that construction on new homes increased 21% in December 2010.

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

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The Norris Group Real Estate News Roundup 12/05/11

Monday, December 5th, 2011

Today’s News Synopsis:

According to the FHA and the latest Case-Shiller Index, home prices decreased for the third quarter.  In other news, Housing Wire reported a downgrade in JPMorgan Chase commercial mortgage securities by Fitch Ratings.  Recent data released by the Labor Department shows unemployment benefits in the last four years have cost $434 billion.

In The News:

Housing Wire - “Fitch downgrades JPMorgan Chase commercial mortgage securities” (12-5-11)

“Eight classes of JPMorgan Chase Commercial Mortgage Securities Corp. (JPM: 33.51 +3.65%) securities certificates were downgraded by Fitch Ratings.”

Bloomberg - “FHA Unlikely to Follow Fannie Mae Offering Refinancing Aid, Barclays Says” (12-5-11)

“The Federal Housing Administration is unlikely to change its stance of forcing homeowners with older mortgages to pay larger insurance premiums in refinancings as Fannie Mae (FNMA) and Freddie Mac loosen their rules to help borrowers lower their payments, according to Barclays Capital.”

Realty Times - “Real Estate Outlook: Home Prices Fall” (12-5-11)

“Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.”

CNN Money - “Cost of federal unemployment benefits so far: $434 billion” (12-5-11)

“Jobless Americans have collected $434 billion in unemployment benefits over the past four years.  Taxpayers have footed $184.7 billion of the tab incurred during the federal government’s unparalleled response to the Great Recession, according to Labor Department data. State and federal taxes on employers cover the rest.”

DS News - “Foreclosure Crisis Isn’t Even Halfway Over: Study” (12-5-11)

“The foreclosure crisis has had a long and destructive run – five years and counting, and more than 3 million families have lost their homes. According to the Center for Responsible Lending (CRL), we’re not even halfway through the devastation.”

Housing Wire – “November bank failures tied to CRE exposure, more closures to come” (12-5-11)

“The five banks that failed in November were victims of exposure to commercial real estate, analytics firm Trepp LLC said Monday.”

Mortgage Bankers Association - “MBA Announces Completion of MISMO Transition” (12-5-11)

“The Mortgage Bankers Association (MBA) today announced it has completed the transition, announced in September, and will resume support for the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®). With the successful transition, MISMO will now focus efforts on regulatory implementation and advocating for broader adoption of data standards throughout the industry.”

San Francisco Chronicle - “Services in U.S. Expand at Slowest Pace Since 2010: Economy” (12-5-11)

“Service industries in the U.S. expanded in November at the slowest pace since  January 2010 as employment cooled, a sign improvement in the biggest part of the  economy will be uneven.”

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 9/19/11

Monday, September 19th, 2011

Today’s News Synopsis:

Confidence in building new homes in the U.S. is at the lowest it has been in three months.  The International Monetary Fund released a recent study showing an increase in foreclosures and unemployment happening as a result of banks not having enough restrictions and tighter regulations on loans.  According to DS News, properties owned by the bank now total about 476,000, a decrease of about 17% from almost a year earlier.

In The News:

Housing Wire - “FHFA changes may boost private mortgage insurance” (9-19-11)

“The Obama administration fired several salvos at economic reform Monday, including details on changes to housing finance.”

DS News - “Banks’ REO Inventories Down by 17%” (9-19-11)

“Banks held about 476,000 homes that they repossessed from delinquent mortgage borrowers as of the end of July, according to Barclays Capital.”

Inman – “Real estate sales rebound in Salt Lake City” (9-19-11)

“The Salt Lake City metro area saw existing-home sales in July  surge 34.3 percent from a year ago — a sign that consumers are growing more  confident about the local economy. At the same time, pending sales jumped 37.6  percent year over year.”

Realty Times - “Real Estate Outlook: Poverty Rates Rising” (9-19-11)

“Federal Reserve Chairman Ben Bernanke spoke earlier this month about our economic outlook. He noted that the financial crisis we endured through 2008 and 2009 was far worse than anything we’ve seen since the Great Depression.”

O.C. Register - “40% of owners think home prices will drop” (9-19-11)

“Rasmussen Reports’ freshest hosuing survey shows that 40% of the 753 U.S. homeowners polled last week expect their home’s value to go down over the next year.”

Bloomberg - “Homebuilder Confidence in U.S. Declines to Three-Month Low” (9-19-11)

“Confidence among U.S. homebuilders fell to a three-month low in September as prospective buyer traffic, sales and purchase expectations declined.”

Los Angeles Times - “Treasury bond yields dive as market bets on new Fed buying plan” (9-19-11)

“Another slump in global stocks is helping to drive investors back to U.S. Treasury bonds, sending yields sharply lower again.”

CNN Money - “The newest threat to home prices” (9-19-11)

“The rancorous debate about how to address our escalating national debt has dominated the conversation in Washington lately. What isn’t getting much attention inside the Beltway — but should — is a looming event that could have major consequences not only for your home’s value but also for the overall economic recovery. Barring last-minute action by Congress, upscale housing is about to take another punch to the solar plexus — just as it’s struggling to stabilize.”

Housing Wire - “Foreclosure crisis shifts FICO scores” (9-19-11)

“FICO scores, which are used by financial institutions to determine creditworthiness, remained “relatively stable” between 2005 and 2011, according to Banking Analytics Blog.”

DS News - “Study Links ‘Lightly Regulated’ Lending to Foreclosures, Unemployment” (9-19-11)

“A recent study by Jihad C. Dagher and Ning Fu of the International Monetary Fund found a correlation between the increase in originations from “lightly regulated” non-bank lenders and the rise in foreclosures and unemployment.”

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 8/12/11

Friday, August 12th, 2011

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 6/27/11

Monday, June 27th, 2011

Today’s News Synopsis:

Realty Times reported mixed results for the market this month: an increase in housing starts but a 3.8% decrease in existing-home sales.  Analysts at Capital Economics found that cheaper and lower-quality homes will steadily decrease faster than homes at the higher end of the market.    The Wall Street Journal reported that more mortgage applications are being rejected due to banks being extra careful about lending.

In The News:

DS News - “Homes at Low End of Market Remain Most Vulnerable to Price Drops” (6-27-11)

“A continuation of tight credit conditions for first-time buyers and a foreclosure pipeline full of homes bought with subprime loans will mean that house prices at the low end of the market will continue to fall at a faster rate than prices at either the middle or high end, according to analysts at the research firm Capital Economics.”

The Wall Street Journal - “Tighter Lending Crimps Housing” (6-27-11)

“The percentage of mortgage applications rejected by the nation’s largest lenders increased last year, spotlighting how banks’ cautious lending practices are hampering the nascent housing market recovery. ”

Bloomberg - “Mortgage-Bond Slump in U.S. Deepening as Jumbo, Alt-A Loans Extend Losses” (6-27-11)

“U.S. mortgage bonds without government backing are extending losses as signs of a weakening U.S. economy and concern that Greece may default on its debt curb risk-taking.”

CNN Money - “The tax man doesn’t want housing to recover” (6-27-11)

“During the housing boom, governments enjoyed windfalls from property taxes tied closely to home prices. But since the real estate bubble burst, the revenue stream officials had come to rely on to help pay for everything from education to roads has dried up.”

Housing Wire - “Florida court upholds foreclosure ‘rocket docket’ system” (6-27-11)

“A Florida appellate court denied a request from the American Civil Liberties Union to keep a property seizure case out of an accelerated foreclosure system, known as the ‘rocket docket’.”

Inman - “Denver home prices steady, some sellers on sidelines” (6-27-11)

“Metro Denver heads into the prime summer season with fewer available homes on the market. The monthly inventory of unsold homes in May declined 11.1 percent year-over-year to 19,573 units.”

Realty Times - “Real Estate Outlook: Mixed News amid Rising Initial Jobless Claims” (6-27-11)

“It was mixed news this week in the real estate market. While new housing starts were up after a month of declines, existing-home sales were down 3.8 percent from April.”

San Francisco Chronicle - “More than 1 in 4 denied a mortgage” (6-27-11)

“The pendulum has swung the other way. Banks have been blamed for being too lax in their lending practices in the past, haven given mortgages to millions that couldn’t afford them and contributing to the foreclosure debacle. Now, they are being cited as being too restrictive. Their conservative approach, critics say, is hampering the housing market from finding some stable ground, as willing buyers are being denied a mortgage.”

DS News – “Analysis: Private Markets Key to Preventing Housing Meltdown Sequel” (6-27-11)

“According to an analysis authored by Patric H. Hendershott and Kevin Villani, responsibility for the failure of Fannie Mae and Freddie Mac falls directly on regulators and indirectly on their political overseers.”

Los Angeles Times - “Treausury bond yields rise as some investors shun new debt sale” (6-27-11)

“Some investors have lost their appetite for U.S. Treasury bonds with yields at their lowest levels since late last year.  Government bond yields rose Monday after the Treasury faced surprisingly weak demand at its auction of $35 billion in new two-year notes, the first of three note auctions this week.”

Housing Wire - “Freddie Mac economist sees sunny economy in second half” (6-27-11)

“Freddie Mac Chief Economist Frank Nothaft said the overall economy should begin to accelerate in the second half of 2011 with an improved housing market close behind.”

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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