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Posts Tagged ‘Bloomberg’

The Norris Group Real Estate News Roundup 12/19/11

Monday, December 19th, 2011

Today’s News Synopsis:

Home sales increased again in November for the fifth month in a row, increasing 8% from last year.  The latest data from the Lender Processing Services showed that the number of loans delinquent at the end of last month had increased almost 3% on a monthly basis.  In another big story, homebuilder confidence increased for the third month in a row.

In The News:

Realty Times - “Real Estate Outlook: Distressed Properties’ Far Reaching Effects” (12-19-11)

“The number of distressed properties across the nation has resulted in a range of effects. Most notably, though, has been the effect on non-distressed homes in neighboring areas and communities.”

Housing Wire - “Home sales up for fifth-straight month” (12-19-11)

“November home sales in the 53 largest metro areas rose 8.1% from last year, the fifth-straight month of increases from a year earlier, according to the real estate network RE/MAX.“

Los Angeles Times - “4 House members got Countrywide VIP loans, Rep. Darrell Issa says” (12-19-11)

“Four current House members received special VIP loans from Countrywide Financial Corp., and their names have been forwarded to the Ethics Committee for possible action, Rep. Darell Issa (R-Vista) said.”

DS News - “Delinquencies on the Rise as Loans Languish in Pipeline” (12-19-11)

“Lender Processing Services (LPS) has released new data detailing mortgage performance at November month-end. The most troubling statistic shows a nearly 3 percent month-over-month increase in the number of loans 30 or more days past due but not yet in foreclosure.”

NAHB - “Builder Confidence Rises for the Third Consecutive Month” (12-19-11)

“Builder confidence in the market for newly built, single-family homes edged up two points from a downwardly revised number to 21 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for December, released today. This marks a third consecutive month in which builder confidence has improved, and brings the index to its highest point since May of 2010.”

Bloomberg - “Industrial Property Delinquencies Hit 22-Year High, Standard & Poor’s Says” (12-19-11)

“Delinquencies on industrial-property loans that were packaged into commercial mortgage-backed securities rose to a 22-year high amid a decline in rental income from warehouses, Standard & Poor’s said.”

Housing Wire – “Home remodeling activity continues record rise: BuildFax” (12-19-11)

“The BuildFax residential remodeling index reached a record high in October, extending its 23-month climb another month, as homeowners opt to stay put and remodel rather than buy a new home.”

DS News – “Year’s Failed-Bank Tally Rises to 92 with Closings in Arizona and Florida” (12-19-11)

“Following a month without a single bank failure, state and federal regulators stepped in over the weekend to seize community-based lenders in Arizona and Florida after losses pushed the institutions’ capital levels below acceptable thresholds.”

Bloomberg - “Single-Family Home Building Headed for Worst Year on Record” (12-19-11)

“More than two years after the U.S. recession ended in June 2009, construction of single-family homes is heading for its worst year on record.  The CHART OF THE DAY shows that while total housing starts bottomed in 2009, construction of one-family houses will probably post a new low this year at around 419,100, about 11 percent less than in 2010, according to Bloomberg News calculations.”

Inman – “NAR to release revised home-sale stats” (12-19-11)

“The National Association of Realtors on Wednesday will issue revised estimates for existing-home sales going back five years, saying the formula it had been using to adjust the sales data it collects from multiple listing services had drifted out of whack and was overestimating sales.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.

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.

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 7/20/11

Wednesday, July 20th, 2011

Today’s News Synopsis:

As of June, existing home sales are at their lowest they have been in seven months according to Bloomberg.  However, the prices for commercial property increased 6.3% in May according to Moody’s.  Wells Fargo was fined $85 million by the Federal Reserve for producing false information on incomes and pressuring consumers to use subprime loans who were already borrowing prime mortgages. 

In The News:

Housing Wire - “More Americans to exit homeownership” (7-20-11)

“Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 21.72 +3.53%).”

Bloomberg - “U.S. Existing-Home Sales Unexpectedly Declined in June to Seven-Month Low ” (7-20-11)

“Sales of previously owned U.S. homes unexpectedly declined in June to a seven-month low as the industry struggled to overcome rising unemployment and foreclosures.  Purchases dropped 0.8 percent to a 4.77 million pace, data from the National Association of Realtors showed today in Washington.”

DS News - “Distressed Properties Comprise Smalle Share of Declining Home Resales” (7-20-11)

“Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to data released Wednesday by the National Association of Realtors (NAR).”

RisMedia - “Regional News: Housing Trust Funds Receives Federal Grant” (7-20-11)

“A countywide organization that promotes below-market-price housing has received a $600,000 grant from the federal government.   The San Luis Obispo County Housing Trust Fund says it will use the grant, which comes from the Treasury Department, to subsidize housing projects in the county.”

Bloomberg – “U.S. Commercial Property Prices Increased 6.3% in May, Moody’s Says” (7-20-11)

“U.S. commercial property prices increased in May for the first time in six months as a rebound in distressed real estate helped boost values, according to Moody’s Investors Service.  The Moody’s/REAL Commercial Property Price Index rose 6.3 percent from April, the largest gain since the measure began in 2000.”

Los Angeles Times - “Consumer Financial Protection Bureau gets strong support in poll” (7-20-11)

“Democrats and Republicans in Washington remain sharply split on the new Consumer Financial Protection Bureau. But a new poll from Consumers Union shows that about three-quarters of the public supports it.”

Housing Wire - “Fed fines Wells Fargo $85 million for questionable mortgages” (7-20-11)

“The Federal Reserve fined Wells Fargo (WFC: 28.70 +1.02%) $85 million and issued a cease and desist order for allegedly steering prime mortgage borrowers into subprime loans, along with falsifying income information on applications.”

The Wall Street Journal - “Investments Muddy Dirt-Bond Holders” (7-20-11)

“During the boom years, as big housing developments mushroomed throughout the country, developers worked with local governments to raise billions of dollars for roads, sewers and sidewalks through a municipal-debt security known as “dirt bonds’.”

Realty Times - “Mortgage Rates Decline as Economic Data Continues to Influence Investors” (7-20-11)

“As economic data continues to influence investors with their decisions, mortgage rates declined again last week bringing them to their lowest levels of 2011. Freerateupdate.com’s daily survey of wholesale and direct lenders show that conforming 15 year fixed mortgage rates decreased by .125% and are at 3.375%.”

DS News - “California Defaults Reach Lowest Rate in Four Years” (7-20-11)

“For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company
that tracks nationwide real estate activity.”

Looking Back:

The MBA reported independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010. Statistics from the Commerce Department showed housing starts fell 5% from May 2010. FHA required borrowers to have at least a 580 FICO score to buy a home with a minimum 3.5 percent down payment. First and second mortgage default rates declined to 3.3% and 2.4%, according to Experian.

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 6/24/11

Friday, June 24th, 2011

Sources:
Shadow Inventory Slowly Fades
Sales of New U.S. Homes Decreased in May for First Time in Three Months
Distressed Sales Drive CRE Prices for Fifth Month: Moody’s
HUD, NeighborWorks Roll Out Emergency for Unemployed
Coalition for Sensible Housing Policy Joins 326 Members of U.S. Congress Calling for Changes to Proposed QRM Regulation
Press Conference on Sensible Housing Policy Part Two
Your Facebook Status: Foreclosed

Today’s News Synopsis:

In this week’s video, Aaron Norris of The Norris Group gives the news of the week in the world of real estate and other big events.  Housing Wire reported that the Gross Domestic Product increased at a yearly rate of 1.9% in the first quarter.  Debate continues over what qualifies as a Qualified Residential Mortgage, DS News reported.  Freddie Mac reported that there has not been much change in mortgage rates. 

In The News:

Housing Wire - “First-quarter GDP growth revised up to 1.9%” (6-24-11)

“Real gross domestic product grew at an annual rate of 1.9% in the first quarter, based on a third estimate released by the Commerce Department’s Commerce Department Friday.”

NAHB - “NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market” (6-24-11)

“A drop in some mortgage loan limits for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and the Federal Housing Administration scheduled to occur on Oct. 1 will reduce housing demand and place downward pressure on home prices in major housing markets, according to a new study from the Economics and Housing Policy Group at the National Association of Home Builders (NAHB).”

DS News - “Industry, Lawmakers Faceoff with Regulators on QRM’s Default Impact” (6-24-11)

“The debate over what constitutes a “Qualified Residential Mortgage” (QRM) is heating up, with a pivotal argument centered around whether or not the proposed QRM stipulations will actually lower the risk of default.”

Housing Wire - “Freddie Mac’s mortgage portfolio falls 3.5% in May” (6-24-11)

“Freddie Mac’s mortgage portfolio decreased at an annual rate of 3.5% in May as government officials continue to discuss how to transition to a mortgage market dominated by private capital.”

Bloomberg - “U.S. Seeks Life Sentence for Farkas” (6-24-11)

“Lee Farkas, the ex-chairman of Taylor, Bean & Whitaker Mortgage Corp., should be sentenced to life in prison for leading a $3 billion fraud involving fake mortgage assets, U.S. prosecutors told a judge in Virginia.”

The Wall Street Journal - “Mortgage Rates Are Little Changed” (6-24-11)

“Mortgage rates changed little for a second straight week, according to the latest survey from Freddie Mac.  Mortgage rates generally track Treasury yields, which move inversely to Treasury prices. Rates have slumped for months as yields on Treasurys slid amid economic uncertainty.”

San Francisco Chronicle - “New-home sales fall for first time in three months” (6-24-11)

“Purchases of new U.S. houses fell in May for the first time in three months, showing the industry is struggling to gain momentum.”

CNN Money - “The New American dream home: Prices in 11 cities” (6-24-11)

“The dream has changed. Chastened by the housing collapse, middle-class Americans want a different kind of home these days. The McMansion, with its eight bedrooms, five baths and 10,000 square-feet, is out. A more sensible housing solution is in.”

Looking Back:

According to the CIRB, building permits were pulled for 3,088 housing units in May 2010. Statistics from Freddie Mac showed the 30-year fixed-rate mortgage averaged 4.69% the previous week. Several large banks, such as JP Morgan, hired thousands of mortgage officers in preparation to make more loans. TIGTA estimateed the IRS awarded $26.7 million to fraudulent home buyer tax credit claims.

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 3/23/11

Wednesday, March 23rd, 2011

Today’s News Synopsis:

The Commerce Department said single-family home sales dropped 16.9% in February. However, a survey from Bloomberg shows many economists believe home sales probably increased in February. Mortgage applications increased 2.7% last week, according to the MBA.

In The News:

MBA - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-23-11)

“Mortgage applications increased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 18, 2011.”

NAHB - “New-Home Sales Hit Record Low in February” (3-23-11)

“Sales of newly built, single-family homes declined 16.9 percent in February to a record-low seasonally adjusted annual rate of 250,000 units, according to figures released today by the U.S. Commerce Department.”

Bloomberg - “Sales of New U.S. Homes Probably Rose in February After Slump in January” (3-23-11)

“Purchases, tabulated when contracts are signed, climbed 2.1 percent to a 290,000 annual pace after slumping 13 percent in January, according to the median estimate in a Bloomberg News survey of 77 economists. Even with the gain, sales are close to the record-low 274,000 pace reached in August.”

Housing Wire – “Architectural design industry making slow recovery: AIA” (3-23-11)

“The Architecture Billings Index increased slightly, up to 50.6 in February from 50 in January, according to American Institute of Architects data released Wednesday.”

Bloomberg - “Foreclosure Terms May Pose ‘Moral Hazard,’ State Attorneys General Say” (3-23-11)

“The settlement offer ‘appears to reach well beyond the scope of our enforcement role, and, in some instances, far exceeds the scope of the misconduct which was the subject of our original investigation,’ according to the letter, which was verified by Brian Gottstein, a spokesman for Cuccinelli.”

Housing Wire – “SEC clears shareholder vote for foreclosure reviews at major banks” (3-23-11)

“The Securities and Exchange Commission upheld a New York City pension funds request that big bank shareholders will get to vote on whether or not those vested financial institutions conduct foreclosure reviews.”

Housing Wire – “FDIC’s Bair: Dodd-Frank will strengthen smaller banks” (3-23-11)

“Reforms under the Dodd-Frank Act will go further to benefit smaller community banks than the ineffective rules established just before the crisis, Federal Deposit Insurance Corp. Chairman Sheila Bair said before the Independent Community Bankers Association Tuesday.”

Orange County Register – “Forecast: Calif. home prices to rise 23%” (3-23-11)

“All told, Beacon is basically projecting that California home prices will jump 23% in five years ($57,800) – from a typical selling price of $256,136 in 2010 to $323,368 in 2015. Depending on one’s view, that projected 2015 pricing would be equal to the highest since 2008, back at early 2004 levels – or still 38% off the 2007 peak.”

Looking Back:

One year ago, existing home sales decreased by 0.6 percent within one month. The California senate approved of a new homebuyer tax credit. Nothaft claimed the 30-year fixed mortgage rate would reach 5.6 percent by the end of 2010. The Los Angeles-based home builder, KB Homes, experienced a profit loss beyond which was previously expected.

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 2/23/11

Wednesday, February 23rd, 2011

Today’s News Synopsis:

The NAR said existing home sales rose 2.7% in January. The FHA’s REO inventory has increased 47% year over year.  A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicts the government will soon provide an alternative to the national homebuyer tax credit

In The News:

NAR - “Existing-Home Sales Rise Again in January” (2-23-11)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-23-11)

“mortgage loan application volume, increased 13.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14.8 percent compared with the previous week. The Refinance Index increased 17.8 percent from the previous week. The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier.”

Inman - “New CoreLogic market reports incorporate MLS data” (2-23-11)

“CoreLogic’s Listing and Market Activity Report — the first in a series of new products the company is developing to generate revenue from the data it receives from cooperating MLSs — provides key information including updated listings, comparable sales, property valuations, days on market, price trends and inventory.”

Housing Wire – “FHA REO inventory up 47% from one year ago” (2-23-11)

“The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.”

Housing Wire – “Freddie Mac finalizing major revamp of mortgage servicers” (2-23-11)

“Freddie Mac is in the final stages of changing how its 1,400 mortgage servicing companies handle its loans, and will implement a new scorecard measuring their performance. Furthermore, the government-sponsored enterprise is announcing that it will case review the way servicers treat delinquent borrowers, in order to ensure quality control.”

Housing Wire – “Bank failures hit 18-year high in 2010″ (2-23-11)

“The Federal Deposit Insurance Corp. held 884 financial institutions on its ‘Problem List’ as of the end of 2010, and the 157 insured banks that failed was the highest amount since 1992.”

Housing Wire – “MERS rights upheld in largest foreclosure state” (2-23-11)

“An appellate judge in California last week upheld the rights of the Mortgage Electronic Registration Systems to the deed of trust, giving MERS the right to foreclose, according to court documents.”

Housing Wire – “Fannie Mae to start grading mortgage servicers” (2-23-11)

“Fannie Mae will launch a new program for evaluating the performance of its mortgage servicers over the next 30 days. The Servicer Total Achievement and Rewards (STAR) program will gauge how servicers support the housing recovery and keep homeowners out of foreclosure.”

Housing Wire – “Fed economist pushes homebuyer tax credit alternative” (2-23-11)

“A Federal Reserve Bank of Cleveland research economist predicted Wednesday that the government would soon provide an alternative to the national homebuyer tax credit that expired in April.”

Bloomberg - “Existing Home Sales in U.S. Probably Fell in January From Seven-Month High” (2-22-11)

“Sales of U.S. previously owned homes probably dropped in January from a seven-month high, showing any recovery will take time to develop, economists said before a report today. Purchases decreased 1.1 percent from December to a 5.22 million annual rate, according to the median forecast of 73 economists surveyed by Bloomberg News.”

Looking Back:

The NAR predicts that the commercial real estate market will not recover until after 2011. In California, single family home sales decreased by 3 percent during January. The Standard & Poor’s index shows that national home prices increased slightly during December. 702 banks made the ‘Problem List’ for the FDIC in 2009.

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 3/3/10

Wednesday, March 3rd, 2010

Today’s News Synopsis:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

In The News:

Press Enterprise – “Loan losses from home foreclosures could more than double” (3-3-10)

“Lenders who already have realized $1.5 trillion in losses due to home foreclosures could see their losses mount to an estimated $2.1 trillion to $3.8 trillion before all the bad loans are wiped off their books, a Riverside real estate expert told a gathering over the weekend. Bruce Norris, a real estate analyst, investor and principal of the Riverside-based Norris Group, told more than 400 real estate brokers and investors meeting in Costa Mesa Saturday that he had compiled these figures from data and estimates he obtained from ForeclosureRadar.com, Bloomberg Financial, Goldman Sachs, the International Monetary Fund, RGE Monitor and T2Partners.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (3-3-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 26, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 15.5 percent compared with the previous week.”

Orange County Register – “O.C.: Hottest U.S. housing market?” (3-3-10)

“Orange County home values — by one FHFA index that derives values from purchase records — rose 6.38% in 2009. That’s tops among the 25 major U.S. markets tracked by this methodology. Yes, O.C. is No. 1! We’re followed by Denver (+5.48%); Houston (+3.71%); and Pittsburgh (+3.26%).”

Sign On San Diego – “Hefty tax bill may hit those who lost home” (3-3-10)

“With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012.”

Mercury News – “Increasing numbers of Californians are suing lenders to avoid foreclosures” (3-3-10)

“In the last five years, the number of foreclosure lawsuits filed in federal court in California has ballooned — like an exploding adjustable-rate mortgage — from only 29 statewide in 2005 to nearly 1,400 last year.”

Housing Wire – “Winter Weather Slows Residential Real Estate Growth: Beige Book” (3-3-10)

“In the January Beige Book, all but two Fed districts reported increased activity or improved conditions, with Philadelphia and Richmond seeing mixed results. Residential real estate markets remained weak or softened further in the New York, Atlanta, and Chicago districts and there was little change in the San Francisco district, the Federal Reserve Board said.”

Orange County Register – “Why loan mods & short sales take so long” (3-3-10)

“Hard to collect all necessary documents from borrower/owner. This may be because the banks never seem to receive the documents until they’ve been faxed in 5 or 6 times. It may be because it takes the borrower/owner or agent some time to respond to requests for documents.”

Inman - “90% of agents down on HAMP” (3-3-10)

“A mere 10 percent of real estate agents think the Obama administration’s Home Affordable Modification Program (HAMP) is reducing foreclosures in their market, according to a survey released Wednesday by real estate media and marketing provider Homes and Land. The company’s Market Pulse Survey Report asked more than 100,000 real estate agents nationwide to participate in a 10-question survey to gauge the state of housing in local markets. Nearly 5,800 agents responded; 51 percent had been a Realtor for more than 10 years. The company conducted the survey in February.”

Looking Back:

One year ago, Citigroup developed a plan which allowed unemployed homeowners to decrease their monthly payment to a minimum of $500. The NAR reported that home sales decreased by 7.7 percent within a month’s time. Bernanke claimed that the federal government needed to increase its fiscal involvement in the banking system. The government launched its $1 trillion TALF program.

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The Norris Group Real Estate News Roundup 12/29/09

Tuesday, December 29th, 2009

Today’s News Synopsis:

The S&P/Case-Schiller index shows that home prices increased in 20 major U.S. cities in October. A Bloomberg study shows that broker commissions decreased by 6.2 percent from last year. Steve Thomas of Altera Real Estate reports that Orange County home sales take half as much time in comparison to last year. O.C. distressed property sales decreased by 53 percent from last year.

In The News:

Bloomberg - “Home Prices in 20 U.S. Cities Rose for Fifth Month” (12-29-09)

“Home prices in 20 U.S. cities rose in October for a fifth consecutive month, putting the housing market and economy farther along the path to recovery. The S&P/Case-Shiller home-price index increased 0.4 percent from the prior month on a seasonally adjusted basis, after a 0.2 percent rise in September, the group said today in New York. The gauge was down 7.3 percent from October 2008, the smallest year- over-year decline since October 2007. The median forecast of economists surveyed by Bloomberg News anticipated a 7.2 percent drop.”

Bloomberg - “Housing Recovery Fails to Bolster Broker Commissions” (12-29-09)

“A surge in home purchases by first- time U.S. buyers is doing little to help real estate agents and brokers who close the deals. Commissions in 2009 fell to the lowest level in seven years, driven down by sales of low-priced homes to first-time buyers using the federal tax credit. Commissions through November dropped 6.2 percent from a year earlier to $40.6 billion, according to Bloomberg calculations based on the average commission rates from Real Trends Inc. and on home price and sales data from the National Association of Realtors.”

Inman - “Approach 2010 with curiosity, not dread” (12-29-09)

“Given the immense global economic expansion under way and the shortage of the commodity, its price ought to go up. Then again, given cost of production at $600 an ounce and doubled price, nobody knows at what point balance will appear. If you want an inflation indicator, watch inflation. Currency values are relative to each other, not absolute, and are effect, not cause. In the old days you could assume that a weak currency brought inflation, or that you got some benefit from having a strong currency. Today, China has no inflation problem and tries like hell to keep its currency cheap. Watch economies themselves.”

Inman - “3 steps to a better marketing strategy” (12-29-09)

“Cummings points out that more wealth is created during recessions than at any other time. Recessions do end. While you can’t control when your market will shift, you can control your reaction to the market.”

Realty Times – “Washington Report: Estate Taxes” (12-29-09)

“If the Senate fails to pass a bill preserving current estate tax rates, as the House did before heading home for the holidays, the estate tax will totally disappear January first. While that might sound like outstandingly good news for people who want to pass along real estate to children or grandchildren tax-free, there’s a major complication here. If the estate tax disappears in 2010 because the Senate couldn’t get its act together in 2009, the disappearance will only be temporary, for one year. Then, under a legislative deal worked out nearly a decade ago, the estate tax will suddenly spring back to life in 2011 with higher tax rates and lower exclusions.”

Orange County Register – “Home-selling time sliced by half in 2009″ (12-29-09)

“The latest O.C. home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo — the last one for 2009 — tells you that the typical home officially on the market today takes half the time to sell than it did a year ago!”

Orange County Register - “Distressed homes for sale cut 53% in a year” (12-29-09)

“the number of O.C. distressed properties (homes listed by agents in the MLS system as foreclosures or short sales) was 2,537 last week — down 53% in a year.”

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