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California Real Estate Headline Roundup

Posts Tagged ‘Bob Nielsen’

By Bruce Norris .

The Norris Group Real Estate News Roundup 12/22/11

Thursday, December 22nd, 2011

Today’s News Synopsis:

DS News reported both 15-year and 30-year mortgage rates are at their lowest on record.  Foreclosures increased over 20% from last quarter despite mortgage delinquencies holding steady.  Bank of America just settled their recent lawsuit with the Justice Department over unfair lending practices.  Claims of unemployment are also at their lowest since April 2008.

In The News:

Housing Wire - “OCC: New foreclosures climb 21.1% in third quarter” (12-22-11)

“Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.”

DS News - “Mortgage Rates…How Low Can They Go?” (12-22-11)

“Mortgage interest rates continue to head south. Freddie Mac reported Thursday that the 30-year fixed-mortgage rate as well as adjustable rate products all sank to new all-time record lows this week, while the 15-year fixed rate settled in to match its historic low.”

Bloomberg - “Foreclosures May Push U.S. Housing Rebound to 2013″ (12-22-11)

“Prices for resold homes are down 31 percent since the July 2006 peak, based on the S&P/Case-Shiller Index that tracks 20 major metropolitan areas.“

CNN Money - “BofA settles unfair lending claims for $335 million” (12-22-11)

“The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.”

Housing Wire - “Jobless claims down to lowest level since April 2008″ (12-22-11)

“The number of initial jobless claims fell further last week to the lowest level in more than three years. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 17 declined by 4,000 to 364,000 from 368,000 the previous week, which was revised upward 2,000.”

Los Angeles Times - “Key consumer confidence index up for fourth straight month” (12-22-11)

“A leading consumer confidence index rose in December, the fourth straight monthly increase, but the stalemate in Washington over extending the payroll tax cut could cut into those gains.  Consumers were much more positive about the overall economic prospects this month compared to November, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Thursday.”

NAHB- “Statement from NAHB Chairman Bob Nielsen on Debate to Extend and Pay for Payroll Tax Deduction” (12-22-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued a statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac.”

Inman - “Zillow: US home values to drop about $681B in 2011″ (12-22-11)

“The value of overall homes nationwide has likely dropped just over $681 billion this year, according to property search and valuation site Zillow.”

Housing Wire - “Fitch: US could lose AAA rating by end of 2013″ (12-22-11)

“The United States could lose its AAA sovereign debt rating by the end of 2013 if policymakers fail to make inroads in cutting the federal deficit in the next year and a half, Fitch Ratings said Thursday.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $205,000.

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:

According to Veros, San Diego home prices were expected to rise 3.5% in 2011.  November 2010 saw an increase in home sales since decreasing significantly in July 2010.  In other news, fewer people were applying for mortgages most likely due to higher rates.  Fannie Mae expected home prices to decline in 2011, although they expected the sale of new homes to decrease and existing sales to increase.  The Obama administration believed the recent robo-signing had resulted in a decrease in foreclosures.

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 12/12/11

Monday, December 12th, 2011

Today’s News Synopsis:

U.S. bank credit is seeing its fastest growth in three years, leading the Federal Reserve to believe the economy will continue to expand.  Housing Wire reported that more security analysts prefer the large mortgage servicers despite their reported difficulties.  The Realty Times gave an overview of the current market, citing a decrease in unemployment but not much improvement in construction employment.

In The News:

Realty Times - “Real Estate Outlook: Improving Markets, Difficult Credit” (12-12-11)

“The unemployment rate is on the decline, at least it was for the month of November, according to the Bureau of Labor Statistics. It is now at 8.6 percent, as employment rose by 120,000.”

San Francisco Chronicle - “Bank Credit Highest Since Before Lehman as U.S. Growth Continues” (12-12-11)

“U.S. bank credit is growing at the fastest pace in three years, giving the Federal Reserve confidence in the economic expansion’s staying power.  Financial institutions increased commercial and industrial loans by an average  annual pace of almost 10 percent in the third quarter, the highest since the  comparable quarter in 2008, compared with a 1.7 percent decline in the past four  years, according to Fed data.”

Bloomberg - “Shelia Bair Said to Be Top Pick for Foreclosure Accord Monitor” (12-12-11)

“Ex-Federal Deposit Insurance Corp. Chairman Sheila Bair is a top candidate among state officials to ensure banks comply with any settlement of a nationwide foreclosure probe, a person familiar with the matter said.”

Housing Wire – “Detroit home sales up fifth straight month” (12-12-11)

“Home sales in metropolitan Detroit rose the fifth consecutive month from figures a year earlier and were up 5.6% in November, according to local multiple listing service Realcomp.”

The Wall Street Journal - “Homing in on Fannie, Freddie” (12-12-11)

“When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $80,000.

In The News:

Housing Wire – “Secondary market still favors large mortgage servicers” (12-12-11)

“The too-big-to-fail mortgage servicing model may be beset with difficulties, yet despite fewer mortgage modifications and slower foreclosure timelines, some securities analysts prefer the big guys because they can still move the cash.”

DS News - “USFN Names Director of Education and Marketing” (12-12-11)

“USFN-America’s Mortgage Banking Attorneys announced Friday that Alexis Haughton has joined the organization as director of education and marketing.”

Housing Wire - “Surging student loan debt threatens homeownership” (12-12-11)

“College graduates may not be able get onto the property ladder as soon as they’d like due to the costs associated with funding higher education.  According to Rick Palacios, a senior research analyst at John Burns Real
Estate Consulting, student loan debt now totals $865 billion, which is an average of $25,000 per student.”

California Real Estate Investor Events:

The Norris Group will be at the Real Estate Investor Rewind at SDCIA on December 13, 2011.

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.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 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 10/21/11

Friday, October 21st, 2011

Today’s News Synopsis:

This week’s video is I Survived Real Estate 2011, which can be seen on the Norris Group website and YouTube.  The housing market is continuing to show signs of weakness according to the latest CoreLogic report.  According to the Los Angeles Times, the unemployment rate is showing signs of improvement as it decreased below 12% in September with the creation of 12,000 new jobs.

In The News:

Bloomberg - “MGIC Leads Mortgage Insurer Slump as Loss Widens on Home Borrower Defaults” (10-21-11)

“MGIC Investment Corp. (MTG) led a mortgage insurer slump after reporting a wider third-quarter loss as the cost of claims from mortgage delinquencies rose.”

Housing Wire - “Recent housing data shows only weakness: RadarLogic” (10-21-11)

“The housing market continues to be very weak and is unlikely to improve in the near term, according to the August 2011 RPX monthly housing report from New York-based Radar Logic Inc.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Senate Action to Reinstate Loan Limits” (10-21-11)

“The National Association of Home Builders commends the Senate for approving an amendment offered by Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) that is essential to help mend the struggling housing market, provide affordable mortgages for creditworthy home buyers and move the economy forward. The 60-to-38 vote demonstrates bipartisan support for pro-housing policies that will help our industry to create jobs and spur economic growth.”

Los Angeles Times - “California’s unemployment rate dips in September” (10-21-11)

“California’s unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created.  The jobless rate fell to 11.9%, from 12.1% in August, and was the best performance since June.”

Realty Times - “Existing-Home Sales Down Again” (10-21-11)

“Existing-homes sales were unable to keep up the momentum seen in August according to recent figures from the National Association of Realtors ®.  The rate of existing-home sales was down 3.0 percent last month, though this rate is still 11.3 percent above September 2010.”

Housing Wire – “Senate votes to extend the conforming loan limits” (10-21-11)

“The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.”

CNN Money - “Foreign buyers scooping up U.S. homes” (10-21-11)

“International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.”

Rismedia - “Rising Rents Improve Investors Returns” (10-21-11)

“With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to the founder of a leading internet platform for investors and real estate professionals.”

Realty Times - “Fixed Mortgage Rates Hold Steady” (10-21-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates relatively unchanged for the week amid mixed economic and consumer sentiment reports. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.”

Looking Back:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September 2010. The government estimated that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America sued the FDIC for $1.75 billion. The Labor Department reported jobless claims decreased 4.8% the previous week.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 9/9/11

Friday, September 9th, 2011

Sources:

Americans Harbor Glum Outlook for Housing and the Economy
State sees first bump in property assessments in three years
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
CBO casts doubt over Fed refinancing plan
Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations
AG Settlement Will Not Release Banks from Securitization Liability

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.  This week, the Flood Insurance Reform Act of 2011 was passed this week by the Senate Banking Committee in order to make flood insurance more affordable to people in high-risk living areas.  Mortgage rates are still at an all-time low, according to Realty Times.  JP Morgan stated that they expect to decrease another 6-7% before hitting their all time low as early as 2012.

In The News:

DS News - “Fed’s Field Contacts Report on Weak Spots in Housing” (9-9-11)

“The Federal Reserve has published a new rendition of its market-gauging Beige Book, which indicates economic activity across the country is expanding at only a ‘modest pace’.”

Housing Wire - “Senate Banking Committee passes flood insurance legislation” (9-9-11)

“The Mortgage Bankers Association applauded the Senate Banking committee for passing the Flood Insurance Reform Act of 2011 this week.”

Bloomberg - “Banks May Fight Banks as Mortgage Securities Investors Try for Class Suits” (9-9-11)

“Banks including JPMorgan Chase & Co. (JPM)and Bank of America Corp. (BAC) may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on President Obama’s Address to the Nation” (9-9-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama’s address to the nation last night.”

Inman - “New index tracks metros with growth in real estate prices, permits and jobs” (9-9-11)

“After enduring what has seemed like an endless string of dismal numbers reports, the housing industry is about to get some good news. Tuesday, the National Association of Home Builders (NAHB) launched the NAHB/First American Improving Markets Index (IMI), dedicated entirely to tracking metropolitan areas that have consistently shown signs of improvement.”

Realty Times - “Mortgage Rates Attain New All-Time Record Lows Again” (9-9-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty.

Bloomberg - “Bernanke Says Tighter Budgets May Hurt Recovery as Fed Considers Stimulus” (9-9-11)

“Federal Reserve Chairman Ben S. Bernanke warned that quick deficit reduction may hurt the recovery and said the central bank this month will consider steps to bolster growth and spur hiring.”

Housing Wire - “JPMorgan expects further drop in home prices” (9-9-11)

“Home prices could dip another 6% to 7%, before hitting rock bottom in early 2012, according to analysts at JPMorgan Chase (JPM: 32.08 -4.27%).”

Looking Back:

Mortgage rates increased to 4.35 percent after weeks of record-breaking lows. Jobless claims fell 5.6% the previous week, according to the Labor Department. Callahan & Associates reported credit unions originated $31.4 billion in mortgages during the first 2 quarters of 2010. Statistics from Real Capital Analytics showed hotel purchases increased 136% during the first two quarters of 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 8/1/11

Monday, August 1st, 2011

Today’s News Synopsis:

DS News reported home ownership rates are at the lowest they have been in 13 years.  NAHB Chairman Bob Nielsen released his statement today regarding an agreement on the debt ceiling.  Housing Wire reported the Senate Banking Committee will be meeting tomorrow to discuss changes to mortgage servicing standards. 

In The News:

Housing Wire – “Senate steps toward new mortgage servicing standard”  (8-1-11)

“The Senate Banking Committee will hold a hearing Tuesday to develop a new national mortgage servicing standard.  In January, federal regulators announced a new initiative to develop a set of servicing standards following weaknesses in the process that arose last year.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Debt Ceiling Agreement” (8-1-11)

“‘The National Association of Home Builders appreciates the hard work by the White House and Republican and Democratic congressional leaders to craft a bipartisan compromise to resolve the debt ceiling crisis. We urge Congress to move quickly to pass this agreement. It will help to put our nation’s fiscal house in order and provide greater certainty to the business community so they can start hiring again and get our economy on firmer footing.’“

DS News - “Survey Finds REOs and Short Sales Are Major Causes of Legal Disputes” (8-1-11)

“Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to the recent National Association of Realtors’ 2011 Legal Scan: Legal Issues Facing Real-Estate Professionals. REO-related issues also ranked high on NAR’s Scan.”

Inman - “Tight supply drives up real estate prices in Toronto area” (8-1-11)

“Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller’s market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.”

Realty Times - “Real Estate Outlook: Mixed Bag” (8-1-11)

“This week’s housing news is again mixed amid reports of declining housing starts and positive monthly home price movement.”

Housing Wire - “Fannie Mae unwind slows down” (8-1-11)

“Mortgage securitization business at Fannie Mae got a little smaller in June, according to the monthly survey from the government-sponsored enterprise, but the rate at which Fannie Mae business contracts is slowing down.”

DS News - “Homeownership Rate Drops to 13-Year Low” (8-1-11)

“The nation’s housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult homebuying environment, and tainted many Americans’ ideal of owning a home. These factors are taking their toll on homeownership in this country.”

Realtor Magazine – “Neighbors, Agents Team Up to Boost Home Values” (8-1-11)

“In the metro Atlanta area, home values have dropped by about one-third in five years. To prevent values from dropping any further, home owners are teaming up to hold neighborhood clean-ups and working with real estate professionals to promote open houses.”

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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