The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘BuildFax’

By Bruce Norris .

The Norris Group Real Estate News Roundup 9/19/12

Wednesday, September 19th, 2012

Today’s News Synopsis:

Construction on new homes increased 2.3% according to the National Association of Home Builders.  At the same time, remodeling on homes increased 15% in July to 3,144,000.  Existing home sales also increased 7.8% last month to their highest level since May 2010.


In The News:

NAHB“Housing Starts Rise 2.3 Percent in August on Strength in Single-Family” (9-19-12)

“Nationwide housing production rose 2.3 percent to a seasonally adjusted annual rate of 750,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau.”

Housing Wire“Home remodeling activity spikes 15% in July: BuildFax” (9-19-12)

“Residential remodels authorized by building permits rose 15% in July to 3,144,000 from the year-ago figure of 2,725,000, according to real estate data provider BuildFax.”

DS News“Existing Home Sales at 27-Month High in August “ (9-19-12)

Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday.”

Realty Times“Feds Release QE3 To Keep Mortgage Rates Down” (9-19-12)

“Last Thursday, the Feds announced their latest plan to aid economic growth and the stagnant unemployment rate.”

Bloomberg“Wells Fargo, Morgan Stanley Faulted on RMBS Servicing” (9-19-12)

“A law firm that won an $8.5 billion settlement from Bank of America Corp. (BAC) tied to faulty mortgage bonds said Wells Fargo (WFC) & Co. and Morgan Stanley (MS) failed to service $73 billion of similar securities, creating a default.”

Mortgage Bankers Association“Mortgage Rates Drop to New Survey Lows” (9-19-12)

Mortgage applications decreased 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 September 14, 2012.”

DS News“Mortgage Default Rates Down in August: S&P/Experian” (9-19-12)

Default rates across four categories were down in August, hitting their lowest rates since the end of the 2007/2009 recession, according to data from the S&P/Experian Consumer Credit Default Indices.”

DS News“2011 Lending Data Reveals Declining Conventional, FHA Activity” (9-19-12)

“The Federal Financial Institutions Examination Council (FFIEC) released Tuesday data on mortgage lending transactions in 2011 at 7,632 financial institutions in the United States.”

Hard Money Loan Closed

Fullerton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $420,000 on a 4 bedroom, 3 bathroom home appraised for $752,000.

 

Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County today, September 19, 2012.

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012.

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

Looking Back:

Confidence in building new homes in the U.S. was at the lowest it had been in three months.  The International Monetary Fund released a 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 totaled about 476,000, a decrease of about 17% from almost a year earlier.

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.

The Norris Group Real Estate News Roundup 5/15/12

Tuesday, May 15th, 2012

Today’s News Synopsis:

According to NAHB, builder confidence increased this month by five points to a level of 29.  However, at the same time the amount of homes remodeled decreased in March 1%, although they are still at high levels.  The number of listed homes on sale decreased 21% from last year.

In The News:

NAHB“Builder Confidence Rises Five Points in May” (5-15-12)

“Builder confidence in the market for newly built, single-family homes gained five points in May from a downwardly revised reading in the previous month to reach a level of 29 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This is the index’s strongest reading since May of 2007.”

DS News“Pro Teck Valuation: Home Listings Drop 21 Percent Nationwide” (5-15-12)

“Nationwide, the number of homes listed for sale has fallen 21 percent from a year ago, according to Pro Teck Valuation Services’ May Home Value Forecast.”

Housing Wire“Home remodeling falls for March: BuildFax” (5-15-12)

“Residential remodeling projects dipped in March but remained at elevated levels, according to BuildFax.  The seasonally adjusted, annual index measured by building permits fell 1% from a month earlier to 2.78 million. February’s total was adjusted downward as well to 2.81 million from an initially reported 2.89 million.”

Bloomberg“Ally Pays $750 Million in ResCap Bankruptcy to ‘Avoid the Noise’” (5-15-12)

“Ally Financial Inc. (ALLY) contributed $750 million to cover legal claims on soured loans tied to its bankrupt mortgage unit, even though the firm calls them meritless, “to avoid the noise,” according to its leader.”

CNN Money“Inflation, retail sales flat in April” (5-15-12)

“American consumers got the same bang for their buck in April as they did a month earlier, as falling gas prices gave them some relief.”

Realty Trac“Will Short Sales Finally Save the Housing Market?” (5-15-12)

“Short sales, where a distressed property (often in foreclosure) is sold for less than what is owed on the mortgage, have long been viewed as an elegant solution to the nation’s foreclosure problem — at least in theory.”

Housing Wire“Consumer credit defaults stay on post-recession lows” (5-15-12)

“Consumer credit defaults continued to decline in April, marking fresh post-recession lows.  The composite Standard & Poor’s/Experian index dropped to 1.86%, it’s lowest level since July 2007, from 1.96% in March. It’s the fourth monthly decline in a row after defaults ticked up at the end of last year.”

DS News“Barclays Advocates Short Sales to Lower Loss Severities” (5-15-12)

“With vacant homes stretching the capacity of banks’ balance sheets and homebuyer demand lackluster at best, short sales are becoming a top loss mitigation choice for private lenders and investors, particularly in especially hard-hit markets.”

Housing Wire“FHFA revamps strategic plan to incorporate goals for GSEs” (5-15-12)

“The Federal Housing Finance Agency revamped its own strategic plan for 2013-2017 to incorporate some of the ambitious goals set out for the government-sponsored enterprises.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 2012.

The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Cutting Edge Financial Tactics Brunch on Saturday, June 02, 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.

The Norris Group Real Estate News Roundup 4/16/12

Monday, April 16th, 2012

Today’s News Synopsis:

NAHB reported a decline in builder confidence this month, bringing it down to 25.  According to Bloomberg, prices for homes increased 1.6% last month for the first time in over a year.  Remodeling jobs on homes also increased in February to 2.89 million, marking that month the third month in a row for increased remodeling.

In The News:

NAHB“Builder Confidence Slips Three Notches in April” (4-16-12)

“Builder confidence in the market for newly built, single-family homes declined for the first time in seven months this April, sliding three notches to 25 on the National Association of Home Builders/Wells Fargo Housing Market Index, released today. The decline brings the index back to where it was in January, which was the highest level since 2007.”

Housing Wire“February home remodeling maintains post-recession high” (4-16-12)

“A measure of home remodeling rose in February for the third straight month as it continues to run counter to other readings of residential construction.”

Bloomberg“California Home Prices Rise for First Time in 16 Months” (4-16-12)

“California home prices rose 1.6 percent in March, the first year-over-year increase in 16 months, helped by demand for houses in the San Francisco area, the California Association of Realtors said today.”

DS News“CFPB: Banks, Nonbanks Liable for Third-Party Violations” (4-16-12)

“The Consumer Financial Protection Bureau (CFPB) issued a bulletin Friday reminding financial institutions that they may be held accountable for violations under contracted service providers.”

CNN Money“Small firms avoiding loans, citing slow recovery” (4-16-12)

“Small firms are faring better, but they aren’t seeing enough fortune ahead to justify taking on debt to grow.  The slow pace of the economic recovery is to blame, because while consumer demand keeps growing, it just hasn’t been strong enough for most firms to rationalize investing in themselves.”

Housing Wire“Fitch expects 10% rise in single-family housing starts” (4-16-12)

“Fitch Ratings believes single-family housing starts will increase 10% in 2012, while new home sales will rise 8%, according to the firm’s latest U.S. homebuilding update.

DS News“Citi Reports Net Income of $2.93B, 2% Drop from Year Ago” (4-16-12)

“Citigroup reported a 2 percent decline for the 2012 first quarter, with a net income of $2.93 billion, or $0.95 cents per share, compared to $2.99 billion, or $0.99 cents per share, the same quarter a year ago.”

Realty Times“Real Estate Outlook: Improving Markets” (4-16-12)

“The latest National Association of Home Builders/First American Improving Markets Index (IMI) numbers show that a total of thirty-five states are now represented.”

Mortgage Bankers Association“MBA Sends Letter to CFPB Calling for Broadly Defined Qualified Mortgage Definition” (4-16-12)

“The Mortgage Bankers Association (MBA) today joined a broad coalition of 33 groups in a joint letter to Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), calling for a broadly defined Qualified Mortgage (QM) definition under the Dodd-Frank Act’s “Ability to Repay” rulemaking.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 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.

The Norris Group Real Estate News Roundup 3/19/12

Monday, March 19th, 2012

Today’s News Synopsis:

The Treasury Department sold the last of its $225 billion portfolio of Fannie Mae and Freddie Mac mortgage-backed securities, generating $25 billion.  Builder confidence has remained consistent this month at 28, meaning confidence is at its highest level since June 2007.  Lawrence Yun of NAR warned a fear of rising mortgage rates could have an effect on the housing market.

In The News:

NAHB“Builder Confidence Unchanged in March” (3-19-12)

“Builder confidence in the market for newly built, single-family homes was unchanged in March from a revised level of 28 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.  This means that following five consecutive months of gains, the HMI is now holding at its highest level since June of 2007.  Lawrence Yun of the NAR warned fear of rising mortgage rates could have an effect on the housing market.”

Housing Wire“Home remodeling rises to 2006 mark” (3-19-12)

Residential remodeling rose 11% in January from a year earlier in a seasonally adjusted measure, according to BuildFax.  Projects grew to roughly 3 million on an annual basis, up 13% from 2.65 million in December.”

DS News“Treasury Announces a $25B Return Through its MBS Portfolio” (3-19-12)

“Through $225 billion in mortgage backed securities (MBS) investments, the U.S. Department of the Treasury announced a return of $25 billion for taxpayers through its portfolio.”

Realty Times“Personal, Financial Investment Returns Make Short-term Rentals Ever More Popular” (3-19-12)

“The short-term rental market – largely seconds homes and vacation rentals  – is alive and well, thanks largely to online portals thrusting this unique form of accommodations into the limelight.”

Inman“NAR: Fear of rising mortgage rates could spur buyer demand” (3-19-12)

“If mortgages rates are headed up — and not everyone agrees that they are — that could create a drag on housing markets, warns Lawrence Yun, chief economist with the National Association of Realtors.”

Housing Wire“Fannie, Freddie suffer Florida foreclosure woes” (3-19-12)

“Florida lawmakers never voted on a chance to speed up the foreclosure process for Fannie Mae, Freddie Mac and the taxpayers who support the mortgage giants.”

DS News“Capital Economics Expects Recovery to Continue Even with Higher Rates” (3-19-12)

“Even with recent reports of rising mortgage rates and falling home prices, Capital Economics stated it still expects the housing recovery to be underway.”

Los Angeles Times“Federal Reserve to fine eight more banks on foreclosure violations” (3-19-12)

“Eight large banks face will be fined by regulators for foreclosure abuses, the Federal Reserve official said Monday.”

Housing Wire“HARP 2.0 changes go unnoticed in December” (3-19-12)

“Fewer underwater homeowners worked through the Home Affordable Refinance Program in December than in any other month in more than a year, despite changes that removed previous barriers.”

DS News“Violence Against Real Estate Pros Prompts Trade Group to Take Action” (3-19-12)

“The National Association of Real Estate Brokers (NAREB) has signed a memorandum of understanding (MOU) with Agent Alarm LLC, a national security company. The agreement between the two parties is intended to address and curb the recent wave of attacks and acts of violence against real estate professionals in America.”

Bloomberg“Barclay Brothers Claridge’s Bid Was Improper, Developer Says” (3-19-12)

“David and Frederick Barclay, the billionaire owners of the Daily Telegraph newspaper, acted improperly in an attempt to take over a luxury hotel company, including making a large payment to the wife of a shareholder, lawyers for an Irish developer said.”

Hard Money Loan Closed

San Clemente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $540,000 on a 4 bedroom, 3 bathroom home appraised for $905,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 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.

The Norris Group Real Estate News Roundup 1/18/12

Wednesday, January 18th, 2012

Today’s News Synopsis:

According to the most recent Mortgage Bankers Association Weekly Mortgage Applications Survey, mortgage applications increased 23.1% from last week.  NAHB reported builder confidence increased this month for the fourth month in a row, having increased 4 points to 25.  The FHFA is expected to be subpoenad regarding how principle reductions would effect Fannie Mae and Freddie Mac.

In The News:

Housing Wire“Democrats push to subpoena FHFA over principal reductions” (1-18-12)

“Democrats on the House oversight committee are pushing to subpoena the Federal Housing Finance Agency to obtain an analysis looking at what effects principal reductions would have on Fannie Mae and Freddie Mac.”

NAHB - “Builder Confidence Rises Fourth Consecutive Time in January” (1-18-12)

“Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI), released today. This is the highest level the index has attained since June of 2007.”

Bloomberg - “Fannie Fees Fail to Offset Record Low Lending Rates: Mortgage” (1-18-12)

“Ben S. Bernanke’s success in pushing mortgage rates to record lows is enabling Congress to fund last month’s payroll tax cut extension by siphoning money from Fannie Mae and Freddie Mac (FMCC), while homebuyers still benefit from the cheapest borrowing costs in history.”

Housing Wire - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-18-12)

“The BuildFax residential remodeling index in November rose for the 25th straight month from a year earlier, exceeding levels reached during the home-equity withdrawal boom of 2004 to 2006, analysts said.”

FINS - “Goldman Cut 2,400 Jobs, Plans More” (1-18-12)

“Even the most sought-after and prestigious investment bank in the business sometimes has to retool its strategy to stay profitable.  Goldman Sachs, which had originally planned to eliminate 1,000 positions in 2011, ended up shedding 2,400, according to its fourth quarter earnings statement.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-18-12)

“Mortgage applications increased 23.1 percent from one week earlier (last week’s results included an adjustment for New Years Day), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2012.”

Housing Wire“Home prices dip again in FNC index” (1-18-12)

“U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC’s residential price index.”

DS News - “Clayton Holdins Closes Green River Capital Acquisition” (1-18-12)

“Clayton Holdings LLC announced Wednesday it has completed its acquisition of Green River Capital. No financial details were disclosed.”

Housing Wire - “Economic standstill stalls housing recovery: IHS report” (1-18-12)

“Wage stagnation and weak consumer confidence among young adults are two factors delaying a housing recovery, according to a new report from IHS Global Insight.”

CNN Money - “Foreclosure nightmares: 3 families fight for their homes” (1-18-12)

“With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $375,000 on a 4 bedroom, 2 bathroom home appraised for $617,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be speaking at the Women’s Council of Realtors today.

 

Looking Back:

19,528 new and resale houses and condos sold in Southern California the previous month, according to MDA DataQuick. LPS reported the average foreclosure in California and Nevada had been delinquent 461 days. December’s default rates for first and second mortgages were 2.93% and 1.74%.

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.

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.

The Norris Group Real Estate News Roundup 7/21/11

Thursday, July 21st, 2011

Today’s News Synopsis:

U.S. homes prices decreased 6.3% year over year in May, but on a positive note prices increased the same month on a month to month basis.  According to Freddie Mac, mortgage rates have not changed much this week, remaining at around 4.5% and 3.6%.  Jobless claims are now at 418,000, having increased 2.4% last week.

In The News:

Bloomberg - “U.S. Home Prices Decreased 6.3% in May From Previous 12 Months, FHFA Says” (7-21-11)

“U.S. home prices fell 6.3 percent in May from a year earlier as foreclosures weighed down values and purchases slumped.  The decline was led by a 9.9 percent decrease in the region that includes California, the Federal Housing Finance Agency said today in a report from Washington. The second-largest drop was 9.2 percent in the area that includes Nevada and Arizona.”

Housing Wire - “Litigation costs mount at BofA, Chase over foreclosure, mortgage issues” (7-21-11)

“Legal expenses at Bank of America (BAC: 10.15 +3.05%) and JPMorgan Chase (JPM: 42.14 +2.88%) more than doubled for the second quarter from the previous period, according to each bank’s financial documents.”

Realty Times - “Remodeling Market Heats Up” (7-21-11)

“The cost-to-value ratio may be down across much of the country for remodeling, but BuildFax is reporting that May was the hottest remodeling month on record.  According to their BuildFax Remodeling Index (BFRI), May hit its 19th straight month of year-to-year gains and was up 22 percent from May 2010″

Wall Street Journal - “Home Resales Decline Again as Buyers Hesitate” (7-21-11)

“Existing-home sales in June fell to a seven-month low, and the number of contract cancellations soared, signaling that buyers are rethinking home purchases amid national economic uncertainty.”

Los Angeles Times - “Mortgage rates holding steady, Freddie Mac says” (7-21-11)

“There’s been little change in home mortgage interest rates this week, with no clear trend in economic and housing data to affect the cost of loans, Freddie Mac says.”

DS News - “FHFA Records Second Straight Monthly Increase in Home Prices” (7-21-11)

“Home prices in the U.S. rose in May, marking the second consecutive monthly increase, the Federal Housing Finance Agency (FHFA) reported Thursday.  Before the string of two-month gains, FHFA’s market gauge had recorded declines in property prices for 10 straight months.”

Housing Wire - “Jobless claims rise to 418,000″ (7-21-11)

“Initial jobless claims rose about 2.4% last week, staying higher than 400,000 for the 15th straight week.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended July 16 increased by 10,000 to 418,000 from an upwardly revised 408,000 the previous week”

Realtor Magazine - “Countrywide to Offer Borrowers Refunds” (7-21-11)

“More than 450,000 borrowers who took out mortgages with Countrywide Financial Corp. will soon receive refund checks as part of a $108 million settlement over claims that the lender charged high fees to borrowers facing foreclosure, the Federal Trade Commission reports.”

Mortgage Bankers Association - “Refinance Applications Surge in Latest MBA Weekly Survey” (7-21-11)

“Mortgage applications increased 15.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 15, 2011.”

Orange County Register - “Fewest empty O.C. apartments since ’07″ (7-21-11)

“The Orange County apartment occupancy rate has held steady for nine months at 95% — highest since fourth quarter of 2007 — a point where there’s little momentum to push up rents,
according to apartment tracker RealFacts.”

Looking Back:

MDA DataQuick reported 70,051 Notices of Default were filed during the second quarter of 2010. The weekly survey from the MBA showed mortgage application volume increased by 7.6 percent the week of July 19, 2010. Some analysts feared the new financial reform would significantly damage the mortgage industry. The LAEDC believed Orange County would experience a building boom in 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.