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By Bruce Norris .

The Norris Group Real Estate News Roundup 6/17/13

Monday, June 17th, 2013


Today’s News Synopsis:

Builder confidence increased drastically this month by 8 points to 52 according to the National Association of Home Builders.  California home prices increased again and are at their highest level in over thirty years.  The median price for single-family homes is up 32% at $417,350.  The risk for people defaulting on mortgages is at its lowest level in ten years.

In The News:

NAHB - “Builder Confidence Hits Major Milestone in June” (6-17-13)

“Builder confidence in the market for newly-built single-family homes hit a significant milestone in June, surging eight points to a reading of 52 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Housing Wire – “Ex-BofA employees allege mishandling of HAMP applications” (6-17-13)

“Bank of America is prepared to address allegations from former employees who claim the mega bank routinely stalled the application process for the government’s Home Affordable Modification Program and wrongfully informed homeowners about the status of documents already on file.”

Bloomberg – “California Home Prices Up Most in 33 Years, Realtors Say” (6-17-13)

“California home prices rose by the most in three decades as a shortage of houses on the market spurred competition among buyers, the California Association of Realtors said today.”

DS News - “Report: Risk of Mortgage Default at Lowest Level in Nearly 10 Years” (6-17-13)

“The risk of default for more recently originated mortgages is close to levels seen seen 10 years ago, according to the findings from the University Financial Associates (UFA) of Ann Arbor, Michigan.”

CNN Money - “Stocks: Optimism ahead of Fed meeting” (6-17-13)

“Investors are cautiously optimistic Monday as they wait for Federal Reserve chairman Ben Bernanke to provide more clarity about when the central bank may start to cut back on its bond-buying program.”

Bloomberg - “Ranieri’s Shellpoint Said to Plan First Mortgage-Bond Deal” (6-17-13)

“Shellpoint Partners LLC, the home lender backed by mortgage-bond pioneer Lewis Ranieri, is planning a $251 million transaction in its first deal in the reviving market for securities without government backing.”

Housing Wire - “Builder confidence buoys homebuilder stocks” (6-17-13)

“Homebuilder stocks soared Monday – edging up as high as 4% in some cases – after the National Association of Home Builders/Wells Fargo Housing Market Index was released, showing homebuilder confidence at a seven-year high.”

DS News - “Fed Report: Housing Market in Texas Poised for Growth” (6-17-13)

“The steady influx of out-of-state transplants, along with stronger than average employment growth, should keep the housing and apartment sectors in Texas strong, a report from the Dallas Federal Reserve concluded.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 3 bedroom, 2.5 bathroom home appraised for $171,000.

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

 

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 5/22/13

Wednesday, May 22nd, 2013


Today’s News Synopsis:

Existing home sales increased 0.6% in April to a three-year high and are now at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from last week according to the Mortgage Bankers Association.

In The News:

Bloomberg - “Sales of Previously Owned U.S. Homes Rise to Three-Year High” (5-22-13)

“Sales of previously owned U.S. homes rose in April to the highest level in more than three years as housing continued to gain momentum.”

Housing Wire – “Number of Americans in foreclosure plummets: LPS” (5-22-13)

“The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-22-13)

“Mortgage applications decreased 9.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2013.”

DS News - “Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses” (5-22-13)

“As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody’s most recent ResiLandscape.”

Realty Times - “Builder Confidence Rises Along With Increase in Building Permits” (5-22-13)

“Housing market improvements continue to be seen with builder confidence on the rise along with an increase in building permits.  The U.S. Census Bureau and the Department of Housing and Urban Development reported that residential building permits increased 14.3% for the month of April and was 35.8% higher than a year ago at the same time.”

Housing Wire - “Bernanke forewarns against hitting the brakes too early” (5-22-13)

“The economy is on sturdier footing than a year ago, but Ben Bernanke, chairman of the Federal Reserve, is trying to avoid squashing the current recovery.”

Realty Times – “Credit Scores Continue to Confound Consumers” (5-22-13)

“It’s just not surprising credit scores baffle 20 to 40 percent of consumers.  The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren’t the same as the ones lenders use – and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.”

Inman – “Seller financing: an untapped resource for real estate agents” (5-22-13)

“While the residential real estate market is generally believed to be improving nationwide, some of the residual effects of the Great Recession still affect the ability of real estate agents to facilitate home sales.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 4 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The National Association of Realtors reported existing home sales increased to 4.62 million the previous month from 4.47 million in March.  At the same time, however, the number of contracts signed to buy a home decreased 8% the previous month.  Home affordability was at its highest on record at 77.5% for the quarter.

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 5/10/13

Friday, May 10th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The OCC reported that 2.2 million out of 3.9 million foreclosure review checks sent out have been cashed.  Home prices in metropolitan areas continue to increase according to the NAR and are continuing to stay consistent.

In The News:

Housing Wire - “Bernanke: Homeowners remain shaken, financial oversight improves” (5-10-13)

“With the economy four years beyond the most intense part of the financial crisis, traces of its aftermath remain.  As a result, the Federal Reserve has made efforts by greatly increasing the resources devoted to monitoring the financial markets as well as taking a more systematic and intensive approach, said Ben Bernanke, chairman of the Federal Reserve, on Friday at the Federal Reserve Bank of Chicago Conference.”

DS News – “REO, Short Sale Fraud Continue to Evolve” (5-10-13)

“Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic.”

Realty Times – “Consumers Confused About Credit Counseling” (5-10-13)

“Counseling, whether it be for homeownership, foreclosure, credit, bankruptcy or other financial issues, is supposed the clear the air and prepare consumers for a given financial condition.”

Housing Wire - “Obama Scorecard details loss mit actions” (5-10-13)

“The Obama Administration’s foreclosure mitigation programs provided relief to millions of distressed borrowers recovering from the housing market over the past four years.”

DS News - “More than 2.2M Foreclosure Review Checks Cashed, 3.9M Sent” (5-10-13)

“As the stream of foreclosure review settlement checks continue to be released, the Office of the Comptroller of the Currency (OCC) provided another update on the status of the checks’ whereabouts.”

CNN Money - “Where the mortgage deduction really pays” (5-10-13)

“The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts.”

Housing Wire - “Twin Cities home prices soar” (5-10-13)

“The Twin Cities metropolitan area, which includes the cities of Minneapolis and St. Paul, continues to see rapid year-over-year home price appreciation as the market experiences a mix of higher listings and more consumers searching for inventory as sellers re-enter the market.”

DS News - “NAR: Metro Area Home Price Gains Stay on Course in Q1″ (5-10-13)

“Metro areas continued to post price gains in the first quarter, rising alongside national median price increases, the National Association of Realtors (NAR) reported.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $156,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

Mortgage rates were at their lowest on record for the second week in a row at 3.8% for 30-year loans.  Builder confidence increased in the first quarter according to the NAHB.  Jobless claims decreased by 1,000 to 367,000 for the week ended May 5.  The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.

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 4/9/13

Tuesday, April 9th, 2013


Today’s News Synopsis:

The number of job openings in February increased to their highest in five years at 3,925,000.  In a big week for foreclosures, consumer groups including the Consumers Union and Center for Responsible Lending are urging mortgage servicers to come up with efficient ways to prevent foreclosures.  In addition, borrowers who were covered by a recent foreclosure agreement will receive their first checks on April 12.  In a more humorous story, the Obama Administration will be cutting more from the budget, including catfish inspectors.

In The News:

Inman - “Lenders more optimistic about home prices” (4-9-13)

“Lenders are more confident about the direction of home prices than at any time in the last three years, according to a quarterly survey conducted for decision-management firm FICO by the Professional Risk Managers’ International Association.”

DS News – “February Job Openings Near 5-Year High” (4-9-13)

“Job openings in February rose to 3,925,000, the highest level since May 2008, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS). The number of persons unemployed for each job opening fell to 3.07, the lowest level since October 2008.”

Housing Wire – “Bernanke: Stress tests restore confidence in economy” (4-9-13)

“Four years later after the financial crisis, Federal Reserve Chairman Ben Bernanke says the economy and the nation’s banks are in a much stronger position, thanks to government intervention and a series of confidence-building stress tests.”

CNN Money - “Regulators probe more bank deception” (4-9-13)

“Regulators are expanding their probe into whether the world’s major banks deceived customers to manipulate a benchmark interest rate used to settle trillions of dollars of trades every day.”

Housing Wire - “FHFA: Refinance volumes through HARP hold strong” (4-9-13)

“Nearly 470,000 Fannie Mae and Freddie Mac mortgages refinanced in January, with roughly 97,600 completed through the Home Affordable Refinance Program, signaling that volumes remained high through the first month of the year.”

Inman- “Consumer groups push states to strengthen foreclosure prevention” (4-9-13)

“States should require mortgage servicers to negotiate loan terms with borrowers to prevent foreclosure and allow borrowers to pause a foreclosure sale should the servicer violate that requirement, two consumer advocacy groups said in a report released today.”

DS News - “First Wave of Payments from Foreclosure Settlement Scheduled April 12″ (4-9-13)

“The first wave of checks for eligible borrowers covered by the recent foreclosure agreement with 13 mortgage servicers will be sent April 12, the Federal Reserve and Office of the Comptroller of the Currency (OCC) announced Tuesday.”

CNN Money - “Catfish inspectors among $25 billion cuts in Obama’s budget” (4-9-13)

“Catfish inspectors are facing the knife on President Obama’s budget menu.  They are among $25 billion of wasteful and duplicate spending targeted by the president’s budget that will be released Wednesday, according to an administration official.”

Hard Money Loan Closed

Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 4 bedroom, 2 bathroom home appraised for $377,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

Sales of investment and vacation properties increased considerably in 2011, according to the National Association of Realtors.  Despite the number of new jobs falling below expectations last month, the number of people searching for jobs and part-time workers searching for full-time work was actually at its lowest in three years.  Fannie and Freddie backed mortgage bonds linked to apartments was also at a record high.

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 3/6/13

Wednesday, March 6th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased almost 15% from last week with the decrease in mortgage rates.  The Research Institute for Housing America expects immigrants will continue to contribute greatly to growth in the housing market.  In a hearing today with the U.S. Financial Services Committee, both Democrats and Republicans debated problems with the GSEs and proposed changes that need to come.

In The News:

Housing Wire - “BREAKING: AIG launches unit to invest in whole mortgages” (3-6-13)

“Insurer AIG intends to find and acquire residential whole loan mortgages as investments through a newly created business unit called Connective Mortgage Advisory Co.”

DS News – “Report: Housing Market to See Growing Demand from Immigrants” (3-6-13)

“Immigrants have been and will continue to play a large role in the housing market, according to a new report from the Research Institute for Housing America, sponsored by the Mortgage Bankers Association.”

Realty Times – “Stable Mortgage Rates Continue With Fed’s Support” (3-6-13)

“During the second day of testimony to the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke defended the Fed’s low interest rate policies as providing crucial support to a still weak economy that continues to be burdened by high unemployment.”

Bloomberg - “AIG to Start Loan Investment Unit as Housing Rebounds” (3-6-13)

“American International Group Inc. (AIG), the insurer that was rescued by the U.S. government in 2008 after soured bets on mortgage securities, is building a unit to buy individual home loans amid a rebound in the housing market.”

Mortgage Bankers Association - “Mortgage Applications Increase as Rates Drop in Latest MBA Weekly Survey” (3-6-13)

“Mortgage applications increased 14.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 1, 2013.”

Housing Wire - “Experts pinpoint GSE failures, recommend changes” (3-6-13)

“Nearly five years after entering conservatorship, Fannie Mae and Freddie Mac have captured many critics – a few public supporters – and a great deal of pushback for being the last-standing vestiges of the pre-housing bust era.”

DS News - “Survey: Closing Costs, Misconceptions Keep Borrowers from HARP Refis” (3-6-13)

“Borrowers who refinance through the Home Affordable Refinance Program (HARP) save an average of $83 per week, yet there are still hundreds of thousands of borrowers who are reluctant to refinance, according to a recent commentary authored by Tom Seidenstein, VP for financial markets and policy research at Fannie Mae’s Economic and Strategic Research Group.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $370,000 on a 4 bedroom, 2 bathroom home appraised for $590,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big news story, Obama announced on this day that he would be lowering refinancing fees as part o his plan to help improve the housing market.  Repeat foreclosures were at their highest on record and represented 47% of all foreclosure starts.  Mortgage fraud also increased 20% in the third quarter to 19,934 filings.  The Bipartisan Policy Center believed the current generation is the key for the housing market despite the fact that many were struggling financially.

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 2/27/13

Wednesday, February 27th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from last week.  Pending homes sales increased 4.5% last month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-27-13)

“Mortgage applications decreased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 22, 2013.”

Housing Wire – “Lack of Inventory hinders top real estate markets” (2-27-13)

“Higher priced homes are typically a strong indicator of the overall health of a real estate market and, according to Pro Teck Valuation Services, these homes are leading the recovery currently.”

DS News - “January Pending Home Sales Rise to Highest Level in Nearly 3 Years” (2-27-13)

“The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) rose 4.5 percent to 105.9 in January, its highest level in almost three years, NAR reported Wednesday.”

Realty Times - “Housing Market Healing With Stable Mortgage Rates” (2-27-13)

“With a housing recovery that is gaining momentum, the importance of where mortgage rates are now and where they will be heading becomes a significant factor..”

Housing Wire - “Bernanke tackles risk in housing” (2-27-13)

“Federal Reserve Chairman Ben Bernanke testified before the House Committee on Financial Services tackling housing issues, while identifying a need for the timely release of qualified residential mortgage standards.”

DS News- “Survey: Price Gap for Damaged REOs, Non-Distressed Homes Widens” (2-27-13)

“The price gap between non-distressed properties and prices for damaged REOs is widening, according to results from the January Campbell/Inside Mortgage Finance HousingPulse Tracking survey.”

Housing Wire- “Freddie Mac calls 2012 a golden year for multifamily” (2-27-13)

“Freddie Mac announced it posted a record $28.8 billion in multifamily business volume in 2012. That volume includes both loan purchase and bond guarantees.”

Realty Times - “Hefty National Home Price Gains May Not Reach Double Digits” (2-27-13)

“Healthy home price gains in three national indexes reveal a housing market that continues to pull the economy out of the doldrums.”

Hard Money Loan Closed

Oceanside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach TOMORROW.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Looking Back:

Sales of existing homes increased in January of last year for the third month in a row. Construction jobs also increased with people’s positive outlook on the housing market and increase in remodeling projects. In the housing market as a whole, market trends were showing signs of improvement amidst a weak market.

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 2/26/13

Tuesday, February 26th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.7% decrease in mortgage applications from last week.  New home sales increased last month 15.6%, while home prices also increased at the fastest pace in almost seven years.  The FHFA reported mortgage rates are ever so slightly increasing again with 30-year rates now at 3.35%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-13)

“Mortgage applications decreased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 15, 2013.”

DS News – “Case-Shiller Indices Show Fastest Gain in 6 Years” (2-26-13)

“Home prices rose at their fastest pace since July 2006, according to Standard and Poor’s Case-Shiller 10- and 20-city Home Price Indices.”

Bloomberg - “New-Home Sales in U.S. Surge to Highest Level Since 2008″ (2-26-13)

“Purchases of new homes surged in January by the most in two decades and consumer confidence jumped this month, signs of a rebound in U.S. economic growth at the start of 2013.”

CNN Money - “Bernanke: Spending cuts add ‘significant’ burden to recovery” (2-26-13)

“Automatic budget cuts set to go into effect this week will slow the already sluggish U.S. economy even further, Federal Reserve Chairman Ben Bernanke warned senators Tuesday.”

Housing Wire - “FHFA: Mortgage rates edge back up” (2-26-13)

“The Federal Housing Finance Agency reported Tuesday that the national average contract mortgage rate for the purchase of a previously occupied home – an index for ARM loans – edged back up to 3.35% in January from 3.29% in December.”

Bloomberg - “JPMorgan Mortgage, Community Units to Lose Up to 19,000 Jobs” (2-26-13)

“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.”

DS News- “Think Tank Promotes Limited Government Role in Housing Finance” (2-26-13)

“The Bipartisan Policy Center calls for a new housing finance system with a continued but severely limited role for the federal government.”

Housing Wire- “FDIC-insured institutions post $34.7 billion in 4Q earnings” (2-26-13)

“Banks and financial firms insured by the Federal Deposit Insurance Corp. posted earnings of $34.7 billion in the fourth quarter of 2012, a $9.3 billion rise from a profit of $25.3 billion a year earlier.”

Inman - “RPR partners with Fannie Mae on short sales” (2-26-13)

“Realtors Property Resource, a subsidiary of the National Association of Realtors, has formed a strategic partnership with mortgage giant Fannie Mae focused on closing short sales more efficiently.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 3 bedroom, 2 bathroom home appraised for $351,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

 

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 2/25/13

Monday, February 25th, 2013


Today’s News Synopsis:

Faith Schwartz, former executive director of HOPE NOW, has just been appointed as CoreLogic’s SVP of government solutions.  LPS reported home prices increased 5.8% year-over-year in December.

In The News:

Bloomberg – “Bernanke’s Stimulus Spurring U.S. Employment in Housing” (2-24-13)

“Federal Reserve Chairman Ben S. Bernanke has something to tout before Congress in hearings this week: job growth in the auto and housing industries.”

Housing Wire – “LPS: December home prices rose 5.8% annually” (2-25-13)

“Home prices in the U.S. edged up 5.8% year-over-year in December as the average home price rose to $207,000, Lender Processing Services said in its latest Home Price Index.”

DS News- “Survey Profiles Population of Single-Family Renters” (2-25-13)

“The fast-growing population of single-family renters is more likely to dwell in their home for longer periods of time compared to multifamily occupants, which suggests demand for single-family rentals offers greater stability than multifamily demand, according to a new survey from Premier Property Management Group.”

Housing Wire - “Bipartisan housing commission wants GSE dominance erased” (2-25-13)

“In many respects, our housing system is outdated and not equipped to keep pace with today’s demands and the challenges of the imminent future, the Bipartisan Policy Center’s Housing Commission (BPC) wrote in a report released Monday.”

DS News - “Mortgage Daily Ranks 10 Largest Servicers in Q4″ (2-25-13)

“Wells Fargo kept its place as the largest servicer in the fourth quarter, according to a ranking from Mortgage Daily, while Ocwen made its way to No. 6, a spot previously held by Residential Capital in the third quarter.”

Inman - “New CoreLogic exec to help build relationships with government” (2-25-13)

“Real estate information and technology company CoreLogic has appointed the former executive director of Hope Now, a nonprofit alliance between mortgage companies, housing counseling agencies, trade associations, Fannie Mae, Freddie Mac, and others, as its senior vice president of government solutions.”

DS News- “NAHB Stresses Need for Appraisal Reform” (2-25-13)

“As regulatory institutions begin to provide some clarity to the mortgage market, the National Association of Home Builders insists the market still lacks confidence and is badly in need of a sound and functional appraisal system.”

Housing Wire- “NABE: Economic uncertainties remain, with one exception” (2-25-13)

“While gross domestic product is expected to be negatively impacted by all the uncertainty surrounding the nation’s impending debt ceiling debate and the risk of sequestration, the housing sector is expected to continue its upward trajectory, the National Association for Business Economics (NABE) said.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 3 bedroom, 1 bathroom home appraised for $127,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

 

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 11/15/12

Thursday, November 15th, 2012

 

Today’s News Synopsis:

Mortgage rates are now at new record lows again with 30-year rates at 3.34% and 15-year rates at 2.65%.  Mortgage delinquency rates also decreased to 7.4% as well as foreclosure rates decreased six basis points to 0.9%.  Housing affordability improved across the nation in the third quarter at 74.1%.

In The News:

Housing Wire- “Bernanke: Housing is not out of the woods, lending remains too tight” (11-15-12)

“The housing market experienced signs of recovery this year, but it’s far from out of the woods with 20% of mortgage borrowers still underwater, Federal Reserve Chairman Ben Bernanke said Thursday.”

Inman- “Uncertainty, QE3 push mortgage rates to new lows” (11-15-12)

“With U.S. lawmakers heading toward the edge of the “fiscal cliff,” government-backed mortgage bonds that fund the vast majority of home loans are looking like a safe haven for investors, helping push mortgage rates to new lows.”

Mortgage Bankers Association- “Mortgage Delinquency and Foreclosure Rates Decreased” (11-15-12)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 7.40 percent of all loans outstanding as of the end of the third quarter of 2012, a decrease of 18 basis points from the second quarter of 2012, and a decrease of 59 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”

Los Angeles Time- “Report: Negative equity declines with rising prices” (11-15-12)

“Rising home prices are helping trim the ranks of underwater homeowners in Los Angeles and Orange counties, a new report by real estate information company Zillow Inc. says.”

Realty Times- “Fewer Buyers, Sellers Repelled By Economy, Housing Market” (11-15-12)

“Many buyers and sellers remain cautious about buying and selling homes in today’s market, but that’s improving, albeit slowly, according to two new studies.”

CNN Money- “Inflation remains tame in October” (11-15-12)

“Inflation remained tame in October, as gas prices fell during the month.”

DS News- “Foreclosures Rise in October But Vary Regionally” (11-15-12)

“Foreclosure rates increased on a monthly basis in October but remain well below last year’s levels, according to the latest U.S. Foreclosure Market Report from RealtyTrac.”

Housing Wire- “HUD Inspector General: Ginnie Mae can absorb any FHA losses” (11-15-12)

“With the Federal Housing Administration actuarial results due this week, the federal agency may need to draw from the Treasury for the first time since it’s 78-year history. This forecasted draw would impact Ginnie Mae — which bonds those federally insured mortgages — though the government-guarantee securitizer can likely handle the impact.”

Bloomberg- “Bernanke Says Fed Will Do What It Can to Support Housing” (11-15-12)

“Federal Reserve Chairman Ben S. Bernanke said the Fed will use its policy tools to speed economic growth and a recovery in housing, which faces obstacles ranging from too-tight lending rules to racial discrimination.”

NAHB- “Nationwide Housing Affordability Improves in Third Quarter” (11-15-12)

“Lower interest rates helped make homes more affordable to median-income families even as house prices continued to inch up in metro areas across the country in the third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $96,000 on a 4 bedroom, 2 bathroom home appraised for $161,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

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 the 7 Profit Centers for 2012 and Beyond with SDCIA at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Looking Back:

The FHA was looking at a possible bailout over the year after reserves decreased below the legal limit.  Fannie Mae and Freddie Mac already received a $100 million bailout, the biggest of the financial crisis.  The San Francisco Chronicle reported a pick up in bank loans after a slow month in September 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 10/1/12

Monday, October 1st, 2012

Today’s News Synopsis:

Another bank closed today in Illinois, bringing the new total now to 43.  The inventory of homes for sale was lower in August than it was at the same time last year, which is preventing many wanting to purchase homes.  Taxes could increase by an average of $3,500 if Congress does not step in to stop the fiscal cliff.


In The News:

Housing Wire- “Bank of America to extinguish up to 150,000 second liens” (10-1-12)

“Borrowers with second liens owned and serviced by Bank of America ($8.83 0%) may qualify to get their subordinate debt extinguished entirely.”

Realty Times – “Real Estate Outlook: Housing Starts Rise” (10-1-12)

“New housing starts were on the rise for the month of August according to HUD and the U.S. Census Bureau. This 2.3 percent rise was prompted by gains seen in the single-family sector.”

CNN Money – “Americans face $3,500 fiscal cliff tax hit” (10-1-12)

“American households face an average tax increase of $3,500 if Congress doesn’t act to avert the fiscal cliff, according to a new analysis from the Tax Policy Center.”

DS News – “Where the Single-Family Rental Market Is Heading: Capital Economics” (10-1-12)

“No doubt, the potential of the REO to rental market has caught the attention of both individual and institutional investors.  ”

Housing Wire – “MGIC stock shoots up after cutting new deal with Freddie” (10-1-12)

“The stock of MGIC ($1.77 0.24%) shot up 18% in morning trading after Freddie Mac proposed a new deal that would let the mortgage insurer write new business in states where it still lacks waivers on capital requirements.”

DS News – “Illinois Bank Failure Raises 2012 Tally to 43 “ (10-1-12)

“The fall of an Illinois bank brought the year’s national bank failure tally to 43, FDIC announced Friday.”

CNN Money – “Student loan default rates jump” (10-1-12)

“Borrowers are having a harder time repaying their student loans.  The percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9.1% in fiscal year 2011, up from 8.8% the previous year, according to U.S. Department of Education data released Friday.”

Inman – “Low inventories thwarting buyers” (10-1-12)

“Homebuyers nationwide are discovering their self-appointed task is not for the faint of heart. Nearly every major market has seen double-digit declines in inventories of for-sale listings, making multiple-bid situations common.”

CNN Money – “Bernanke: Stimulus helps savers, too” (10-1-12)

“The Federal Reserve’s efforts to keep interest rates exceptionally low are in the best interest of those living off their savings, Fed Chairman Ben Bernanke argued Monday.”

DS News – “Illinois to Use $1.4M in Settlement Funds to Help Renters” (10-1-12)

“Illinois will set aside nearly $1.4 million from the national mortgage settlement to provide legal representation for renters who reside in buildings that may go into foreclosure.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 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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