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The Norris Group Real Estate News Roundup 1/10/12

Tuesday, January 10th, 2012

Today’s News Synopsis:

In a big news story, the president and CEO of Fannie Mae, Michael Williams, is expected to resign.  According to the latest Zillow report, the values of homes in the United States decreased almost 5% year-over-year and are now at the level they were at in 2003.  HOPE NOW said a lot fewer loans were modified than last year, but on a positive note the number of loan modifications did increase in November from October.

In The News:

CNN Money - “Turning foreclosures into rentals” (1-9-12)

“Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.  The program, which was cited by Federal Reserve Chairman Ben Bernanke last week as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) to investors in bulk. The properties would then be converted into rentals.”

DS News – “Suspected Mortgage Fraud Continues to Rise, But at Slower Pace” (1-10-12)

“Suspicious activity reports (SARs) involving fraud in the financial industry rose from 1.32 million in fiscal 2010 to 1.45 million in fiscal 2011, according to the latest annual report from the Financial Crimes Enforcement Network (FinCEN), based in Vienna, Virginia.”

Housing Wire – “Zillow: Home values in November back at 2003 levels” (1-10-12)

“Home values in the United States in November remained flat with the prior month but declined 4.6% from last year, according to the latest real estate markets report from Zillow Inc. (Z: 24.19 +5.04%).”

Bloomberg - “Manhattan’s Office Leasing Reaches 11-Year High, Cushman & Wakefield Says” (1-10-12)

“Manhattan office leasing climbed 16 percent last year as tenants agreed to occupy the most space in more than a decade, Cushman & Wakefield Inc. said.”

Realty Times - “New California Law Protects Tenants’ Political Signs” (1-10-12)

“Any discrimination that prevents freedom of expression, based on whether or not you own property is a denial of rights that belong to all people.”  That’s what California State Senator Christine Kehoe said in advocating her bill, Senate Bill 337, during the recent session of the California Legislature.  The aim of SB 337 was to prevent landlords from forbidding their tenants to post political signs on the property that they rent.”

DS News – “Fannie Mae CEO to Resign” (1-10-12)

“Michael Williams has decided to step down from his position as CEO and president of Fannie Mae, the GSE announced today.”

NAHB - “Home Builders, Former NFL Players Strengthen Communities with Touchdown for Homes” (1-10-12)

“Up until now, one of the few things home builders had in common with football players was that builders constructed the houses where millions of families watched their favorite NFL teams compete each week. But with Touchdown for Homes, a charitable outreach program of the National Association of Home Builders and the NFL Players Association, home builders and former NFL players are teaming up around the country to build or renovate homes for children or families in need and veterans.”

Housing Wire - “2011 mortgage modifications fall short of previous year” (1-10-12)

“Mortgage servicers are on track to modify far fewer loans in 2011 than the previous year, according to the most recent data provided by the Hope Now alliance formed by these firms and others in the industry.”

DS News - “Loan Mods and Delinquencies Rise in November: HOPE NOW” (1-10-12)

“The number of mortgage modifications completed during the month of November rose 5 percent from October, bringing the year-to-date total to about 969,000, according to HOPE NOW, a voluntary private sector alliance of mortgage industry participants.”

CNN Money - “Federal Reserve pays $77 billion to Treasury” (1-10-12)

“Ben Bernanke is about to hand Timothy Geithner a very large check.  The Federal Reserve announced Tuesday that it plans to pay the Treasury $76.9 billion, the bulk of the Fed’s 2011 income after accounting for its own operating expenses.”

San Francisco Chronicle - “Encumberances And Nonpossessory Interests In Real Property” (1-10-12)

“Property  is a legal concept that grants and protects a person’s exclusive right to own,  possess, use and dispose of a thing. The term property does not suggest a  physical item, but describes a legal relationship of a person to a thing.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $50,000 on a 3 bedroom, 1 bathroom home appraised for $106,000.

California Real Estate Investor Events:

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

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

According to the Federal Reserve Board, the amount of net income reserve banks took in was 34% higher than the previous year.  The Federal Reserve Board, in turn, made a profit of $78.4 the previous year, the largest profit it had made in several years.  The then recent ruling by the Massachusetts Supreme Court was not expected to change foreclosure practices drastically but rather opens the door to allow trustees to hold mortgages.

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 11/3/11

Thursday, November 3rd, 2011

Today’s News Synopsis:

Mortgage rates continue to stay at low levels with 30-year fixed rate mortgages at only 4%.  Freddie Mac is asking for $6 billion from the Treasury Department’s Treasury cash lifeline after reporting a loss of $4.4 billion in the third quarter.  Unemployment claims fell below 400,000 last week, showing slight improvement in the market.

In The News:

Housing Wire - “Fannie says consumer spending rise not enough to spur home sales” (11-3-11)

“Consumer spending picked up in the third quarter, but housing and other big-ticket items failed to recapture American dollars during the three months ended Sept. 30, Fannie Mae said Thursday.”

Inman - “Mortgage rates stay in the basement” (11-3-11)

“Mortgage rates sagged this week as ongoing concerns about the European debt crisis had investors fleeing to the relative safety of mortgage-backed securities that fund most U.S. home loans.”

Mortgage Bankers Association - “Third Quarter Commercial/Multifamily Mortgage Originations Up 98 Percent from Last Year, 10 Percent from Last Quarter” (11-3-11)

“Third quarter 2011 commercial and multifamily mortgage loan originations were 98 percent higher than during the same period last year and 10 percent higher than the second quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Bloomberg - “Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens” (11-3-11)

“Freddie Mac, one of two mortgage-finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.”

DS News - “Senators Wish to Make HARP Available to High-Equity Borrowers” (11-3-11)

“While the newly revised Home Affordable Refinance Program (HARP) includes several provisions aimed at widening the program’s reach, Sens. Barbara Boxer (D-California) and Johnny Isakson (R-Georgia) are asking the Obama administration to broaden the program even more – allowing it to reach homeowners with higher equity in their homes.”

Los Angeles Times - “Weekly jobless claims drop below 400,000″ (11-3-11)

“The number of people filing new claims for unemployment benefits dipped below 400,000 last week, a key move that indicates the job market is improving.  The 397,000 initial claims were down 9,000 from the previous week, the Labor Department said Thursday. The figure has hovered near 400,000 for several weeks. The average over the last month has been 404,500.”

Housing Wire – “Obama housing scorecard provides mixed picture of recovery” (11-3-11)

“New housing data from the Obama administration underscores the housing market’s fragility.  The Obama administration’s October Housing Scorecard Report reveals September new home sales rose to 26,100, down from 26,300 the same month a year earlier, but up from August’s total of 24,700.”

Reuters - “Housing could be key to stronger U.S. rebound” (11-3-11)

“For the U.S. economy, it all comes back to the housing market.  A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy.”

Inman – “Home prices poised to end the year in the red” (11-3-11)

“Despite a seasonal bump, home prices are poised to end the year in  the red, according to a report from data and valuation firm Clear Capital,  released Thursday.”

Looking Back:

Freddie Mac reported a smaller loss for the months of July to September 2010 while also asking for more federal aid of about $100 million.  42% of Freddie Mac’s 16,000 loan modifications had gone back into default.  The LPS report for data collected in September 2010 showed that the amount of time homes remaining in foreclosure was increasing.  The Mortgage Bankers Association released their latest survey showing an increase in mortgage applications and a decrease in refinance applications.  Meanwhile, the Federal Reserve planned to purchase by the end of the second quarter of 2010 $16 billion worth of Treasury securities.  In the House of Financial Services Committee, 13 of the 42 democrats retires or were not re-elected, while the recent election also showed there could be a new attorney general in 17 states by 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 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 11/2/11

Wednesday, November 2nd, 2011

Today’s News Synopsis:

Homeownership rates were at  a 13 year low last week according to Bloomberg.  In the latest Mortgage Bankers Association survey, mortgage applications are up 0.2% from the previous week.  The latest Federal Reserve forecast did not look good as they predicted higher unemployment and less growth.

In The News:

Inman – “ZipRealty close to breaking even after downsizing” (11-2-11)

“Technology-based brokerage ZipRealty Inc. says it’s closer to its goal of achieving positive cash flow, trimming third-quarter losses to under $1 million even as revenue fell 18 percent from a year ago.”

Housing Wire - “Senators press for wider HARP 2.0″ (11-2-11)

“A group of 10 Senators sent a letter to President Obama Wednesday asking him to extend relief under the Home Affordable Refinance Program to borrowers with more equity in their home, not just those who owe more than their home is worth. ”

Bloomberg - “U.S. Homeownership Rate Rises Close to 13-Year Low as Mortgage Rules Crimp Sales” (11-2-11)

“The U.S. homeownership rate in the third quarter was at the second-lowest level in 13 years as borrowers were evicted after foreclosures and the tightest mortgage standards in more than a decade thwarted new buyers.”

Realty Times - “Overseas Financial Troubles Keeping Low Mortgage Rates Steady” (11-2-11)

“While economic data being reported here in the U.S. has been mixed with some positive numbers, overseas financial troubles continue to influence our markets on a daily basis.”

DS News - “Congress Calls for Transparency in Foreclosure Reviews” (11-2-11)

“As several large servicers begin the lengthy process of an independent foreclosure review, Rep. Maxine Waters (D-California) is repeating her request that the process be made public.”

Los Angeles Times - “Fed cuts growth forecast, boosts jobless rate estimates” (11-2-11)

“A new forecast from the Federal Reserve paints a gloomier outlook for the economy in 2012 and 2013.  The Fed on Wednesday cut its forecasts for economic growth and boosted its estimates of unemployment.”

Inman - “Foreclosure inventories growing in states that allow judicial foreclosures” (11-2-11)

“The percentage of homes in the foreclosure process continued to climb  in September, even as delinquencies and foreclosure starts declined,  according to the latest report from data aggregator Lender  Processing Services Inc.”

DS News - “Housing Woes Lead Fed to Cut Growth Forecast” (11-2-11)

“In the last of three monetary policy press conferences scheduled this year, Federal Reserve Chairman Ben Bernanke said Wednesday that “ongoing drags from troubled housing conditions and still tight credit” have led Fed officials to downgrade their forecasts for short-term economic growth to ‘only moderate’.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-2-11)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 28, 2011.”

Looking Back:

Homeownership rates remained unchanged at 66.9% in the 3rd quarter of 2010, according to the Census Bureau. The 30 day delinquency rate on Fannie Mae mortgages fell to 4.7% in August 2010. Zillow claimed the 30-year mortgage rate remained at 4.14% the prior week.

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

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The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 years.”

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

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The Norris Group Real Estate News Roundup 9/26/11

Monday, September 26th, 2011

Today’s News Synopsis:

The sale of new homes dropped 2.3% in August, according to NAHB.  For the second day in a row, U.S. Treasury bond yields increased.  The Federal Reserve is hoping to work together with the White House to coordinate efforts to keep interest rates down by purchasing longer-term mortgage-backed securities and Treasuries.

In The News:

NAHB - “New-Home Sales Decline 2.3 Percent in August” (9-26-11)

“Sales of newly built, single-family homes declined 2.3 percent to a seasonally adjusted annual rate of 295,000 units in August, according to newly released data from the U.S. Commerce Department. The decline is from an upwardly revised, 302,000-unit rate in the previous month.”

DS News - “Mortgage Litigations More Than Double Year-Over-Year” (9-26-11)

“Mortgage litigations in the second quarter of 2011 have more than doubled since last year, according to the Mortgage Litigation Index released Monday by MortgageDaily.com.”

Housing Wire - “Survey shows first-time homebuyers growing weary of short sales” (9-26-11)

“First-time homebuyers are growing tired of short sales, which take nearly 17 weeks to complete, according to the latest Campbell/Inside Mortgage Finance housing survey.”

Realty Times - “Real Estate Outlook: Jobs Key to Recovery” (9-26-11)

“Jobs are more than a pressing concern in today’s economy. Their rebound is inextricably linked to a housing recovery. Even President Obama’s proposed jobs legislation includes $15 billions dollars allotted towards the purchase and refurbishment of vacant and foreclosed homes. These homes will then be sold at no profit, or at the price it cost to acquire and fix up.”

Bloomberg - “Obama Says Jobs Proposal Would ‘Jump Start’ Economic Growth” (9-26-11)

“President Barack Obama said his $447 billion jobs proposal will give the U.S. economy the “jump start” it needs to revive job growth.”

Los Angeles Times - “Treasury bond interest rates jump for second day” (9-26-11)

“U.S. Treasury bond yields are rising for a second straight day as some investors and traders take profits after last week’s big bond rally.  A rebound in stocks also is pulling some money out of bonds and into equities”

Housing Wire - “Federal Reserve stimulus may connect with White House refinance tweaks” (9-26-11)

“The latest effort by the Federal Reserve to keep interest rates down through the purchase of longer-term Treasurys and agency mortgage-backed securities may be coordinated with recent White House efforts to boost refinancing activity.”

DS News - “SEC Considering Legal Action Against S&P for Rating of Mortgage Debt” (9-26-11)

“The nation’s foremost financial securities regulator is considering bringing a civil injunction against Standard & Poor’s (S&P) for its rating of a collateralized debt obligation (CDO) linked to high-risk mortgages.”

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

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The Norris Group Real Estate News Roundup 9/19/11

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 9/2/11

Friday, September 2nd, 2011

Sources:

Foreclosures Now Take 20 months

Mortgage rates hover around all-time lows

Home prices decline in 40 states

Employment Situation Summary

Working Together for Strong Communities

New GSE appraisal database to tighten scrutiny on mortgage lenders

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Realty Times reported again that mortgage rates are at their lowest on record.  Housing Wire reported that 17 banks that sold bad mortgage-backed securities to Fannie Mae and Freddie Mac are being sued by the Federal Housing Finance Agency.

In The News:

Housing Wire – “U.S. sues 17 banks over MBS sold to Fannie, Freddie” (9-2-11)

“The Federal Housing Finance Agency sued 17 banks Friday, seeking damages from the sale of soured mortgage-backed securities to Fannie Mae and Freddie Mac.”

Inman - “10 metros with greatest 5-year gain in real estate values” (9-2-11)

“Online real estate valuation and search company Zillow has  calculated the 10 U.S.  metro areas that have experienced the largest gains in home values over the  past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those  value estimates.”

Bloomberg - “U.S. Employment Stagnated in August” (9-2-11)

“Employment in the U.S. unexpectedly stagnated in August, increasing pressure on Federal Reserve Chairman Ben S. Bernanke and President Barack Obama to spur an economy that’s barely growing two years into the recovery.”

Realty Times - “Making Home Affordable Program” (9-2-11)

“It made headlines when it emerged on the market in early 2009, but here’s a refresher on President Obama’s Making Home Affordable Program.  This program was designed to help up to 9 million families restructure or refinance their mortgages in an attempt to stave off foreclosure.”

DS News - “HUD Awards $10M to Housing Counseling Agencies” (9-2-11)

“HUD announced Friday that it will distribute more than $10 million to housing counseling agencies throughout the country.”

Housing Wire - “Hurricane Irene could cause home refinancing, purchasing issues” (9-2-11)

“Damage from Hurricane Irene could make it difficult for homeowners in the Northeast to close on pending home refinancing and mortgage purchase applications.

Los Angeles Times - “Long-term interest rates plunge on hopes for new Fed stimulus” (9-2-11)

“Long-term Treasury bond yields tumbled Friday as investors bet that the grim employment picture will force the Federal Reserve to launch a new bond-buying economic stimulus program.”

Realty Times - “Mortgage Rates Remain at or Near Historic Lows” (9-2-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.”

O.C. Register - “Home prices up in 24 ZIPs! Yours?” (9-2-11)

“For the 22 business days ending August 16 – DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -2.8% vs. a year ago.”

Looking Back:

Servicers made over 120,000 proprietary loan modifications in July 2010, and 36,695 HAMP modifications. Pending home sales increased 5.2 percent in July 2010, according to the NAR. MBA reported 30+ day commercial delinquencies increased to 8.22 percent in the second quarter of 2010. Freddie Mac’s weekly survey showed mortgage rates dropped again to a rate of 4.32%.

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 8/26/11

Friday, August 26th, 2011

Sources:
Freddie delinquencies tick up for first time in 10 months
Increased mortgage delinquencies could adversely affect RMBS: S&P
July Pending Home Sales
Ben Bernanke Provides No Relief
C.A.R sends letters to top lenders re: short sales
Gov. Jerry Brown proposes job creation plan for California

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Bloomberg reported Ben Bernanke has still not provided any good news for the economy.  Zillow recenlty estimated that the prices of homes declined over 4% last June.  Delinquencies are still on the rise, however, foreclosures and distressed sales are decreasing.  Banks are expeted to do more short sales with houses as these are expected to sell more quickly.

In The News:

Housing Wire – “GDP growth revised down to 1% for 2Q” (8-26-11)

“Gross domestic product — or output of all goods and services — grew at an annual rate of 1% in the second quarter, compared to growth of 0.4% in the first quarter, the Commerce Department said Friday.”

Realty Times - “Foreclosures Slow but Delinquencies Rise” (8-26-11)

“A new report indicates that the number of delinquent mortgage borrowers climbed in the second quarter. That’s people who have missed at least one payment, according to the Mortgage Bankers Association (MBA).”

DS News - “California Distressed Sales Decline, Realtors Push for Streamlined Shorts” (8-26-11)

“California’s pending home sales dipped in July, as did the share of distressed property sales, according to a report released by the state’s Realtor group this week.”

Bloomberg - “New York Buildings Face Storm Damage as Property Managers Plan for Irene” (8-26-11)

“Hurricane Irene may cause seriousdamage to some New York City buildings as it threatens to bring surging floodwaters and strong winds that may spur flying debris, property managers said as they prepared for the storm.”

Housing Wire – “August consumer sentiment drops to 3-year low” (8-26-11)

“Consumer sentiment in the U.S. plunged to the lowest level in three years and to one of the lowest level recorded by the Thomson Reuters/University of Michigan survey.”

Realty Times - “Mortgage Rates Follow Bond Yields Higher for the Week” (8-26-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week’s record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the 5-year ARM did decline to 3.07 percent thereby setting a new all-time record low.

Realtor Magazine – “Banks Agree to More Short Sales” (8-26-11)

“Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.”

Housing Wire - “Zillow estimates 4.3% decline in home prices” (8-26-11)

“Standard & Poor’s is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.”

Los Angeles Times - “Corporate profits increase as GDP remains sluggish” (8-26-11)

“The nation’s gross domestic product may be growing at just a crawl, but corporations aren’t doing so badly in this economy, according to data released from the Bureau of Economic Analysis.  Corporate profits increased in the second quarter, as did the amount of cash businesses had available for investments, as taxes decreased.”

DS News - “Radar Logic to Propose Plan to Address Government REOs” (8-26-11)

“Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.”

Bloomberg – “Bernanke Doesn’t Signal More Stimulus” (8-26-11)

“Federal Reserve Chairman Ben S. Bernanke said the central bank still has tools to stimulate a recovery that has been weaker than forecast while sticking to his view that growth will pick up.”

Looking Back:

The MBA’s second quarter survey showed the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reported that interest rates dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter of 2010. Barclays Capital claims existing home sales decreased 30% in July 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 8/19/11

Friday, August 19th, 2011

Sources:
July sales and price report
Mortgage Rates in U.S. Tumble to Lowest in More than 50 Years
Jobless claims up to 408,000 last week
Realtor.com, Yahoo Real Estate trading places in Web rankings
Mortgage servicers bypass foreclosure delays with more short sales
Case against MERS reaches Supreme Court
Fed to Keep Interest Rates Low until 2013
NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Despite home sales dropping, it was reported they are actually in better shape this year as sales are up from a year ago.  Two Multiple Listing Services in California, CRMLS and SoCalMLS, will be merging to form the largest firm in the United States.

In The News:

Housing Wire – “Delinquencies on commercial real estate loans fall again in July” (8-19-11)

“Delinquencies for securities backed by commercial real estate loans fell in July for the third consecutive month, according to Fitch Ratings.”

San Francisco Chronicle - “Inflation May Embolden Opponents of Fed’s Moves to Spur Growth” (8-19-11)

“Signs that consumer prices are rising even as the U.S. economy slows maydelay additional moves by Federal Reserve Chairman Ben S. Bernanke to spur growth.”

DS News - “Zillow: Price-to-Income Ratios Still High in Some Markets” (8-19-11)

“While an August report from Capital Economics states that housing values overall are undervalued by 20 percent, Zillow reports that many metro price-to-income ratios are still above their historic averages.”

Rismedia - “Home Sales Down in July but Up Strongly from a Year Ago” (8-19-11)

“Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of REALTORS®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.”

Housing Wire - “Ocwen, Altisource extend ties to keep costs down” (8-19-11)

“Two years after the spin-off, Ocwen Financial Corp. (OCN: 12.57 -1.95%) will extend certain services to Altisource (ASPS: 32.30 -3.29%) for an additional 12 months to minimize costs, according to a filing with the Securities and Exchange Commission.”

Mortgage Bankers Association - “MBA Increases Origination Forecast in 2011, Predicts Greater Drop in Origination Volume in 2012″ (8-19-11)

“The Mortgage Bankers Association’s (MBA) Economic and Mortgage Finance Forecasts released today project $1.1 trillion in residential mortgage origination volume in 2011, roughly $100 billion more than earlier forecasts, as low mortgage rates have brought in higher than expected refinance volume, while purchase volume has been less than anticipated.

Realtor Magazine - “Housing Affordability at Highest in 20 Years” (8-19-11)

“Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.”

Inman - “2 California MLSs merge to become largest in nation” (8-19-11)

“Visions of a statewide multiple listing service in California are a stepcloser to reality today, with the California Regional Multiple Listing Service Inc. (CRMLS) announcing a merger that will double its size and make it the nation’s largest, with 68,000 participants and subscribers.”

Orange County Register - “August home sales show signs of improvement” (8-19-11)

“For the 22 business days ending August 5 – DataQuick’s latest homebuying report — Orange County saw 2,663 O.C. residences sold — up 4.3% from a year-ago! If the trend continues for the full month of August, this could break O.C.’s 13-month losing streak.”

RisMedia - “Builder Confidence Unchanged in August” (8-19-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released recently.”

Looking Back:

Energy efficiency loans hit the skids as many banks saw the risk outweighing the rewards. A White House-created commission looked at possibly increasing the age for retirement benefits with the backing of AARP. California rates were one of the country’s hottest real estate markets for price increases while a PMI Mortgage Insurance Co. report listed 7 California areas (both northern and southern) that would most likely witness price declines 2011 and 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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