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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/3/13

Friday, May 3rd, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of a few big news stories of the week.  Employment for the the 18-34 year old demographic decreased 75.2% in December, making it only a little higher than it was last year.  This occurred despite the unemployment rate decreasing 7.5% month-over-month.  The home ownership rate continues to decline with the increase in foreclosures and stricter lending standards.

In The News:

Housing Wire - “April job gains dampened by weaker outlook for young Americans” (5-3-13)

“Despite overall growth in the employment situation in the month of April, employment for 18- to 34-year olds slipped to 75.2% from 75.6% in December, creating the potential for drag on the housing market.”

DS News – “Tight Lending, Foreclosures to Prompt Homeownership Declines” (5-3-13)

“With the homeownership rate already at its lowest point since 1995, Capital Economics predicts further decline before a rebound occurs.”

CNN Money – “Obama’s pick for housing agency head faces big headaches” (5-3-13)

“The next head of the Federal Housing Finance Agency will have quite the task waiting.  President Obama nominated Mel Watt, a Democratic congressman from North Carolina, this week to be the next head of the FHFA. Should Watt be confirmed by the Senate, he will play a critical role in shaping the future of the U.S. housing market.”

Housing Wire - “Carol Galante: FHA multifamily volume production nears its peak” (5-3-13)

“Federal Housing Administration Commissioner Carol Galante told HousingWire in an exclusive interview that the FHA’s multifamily refinancing volume is most likely at its peak, with low interest rates encouraging refis on existing loans insured by agency.”

DS News - “Fourth Round of Foreclosure Review Checks Sent, Bringing Total to 3.9M” (5-3-13)

“The Office of the Comptroller of the Currency (OCC) announced the fourth round of checks from the foreclosure review settlement was sent Friday, May 3.”

Inman - “Home construction continues to add jobs” (5-3-13)

“Builders continued to hire more workers in April, though employment among an age cohort important to household formation slipped, according to today’s jobs report, which showed more overall growth than expected.”

Housing Wire - “Nevada lawmakers push for local Homeowner Bill of Rights” (5-3-13)

“The California Homeowner Bill of Rights shifted how foreclosure attorneys, banks and homeowners view the default process in the state.”

DS News - “Payrolls Up 165k in April; Unemployment Rate Drops to 7.5%” (5-3-13)

“The economy added 165,000 jobs in April—rebounding from a weak report for March—and the unemployment rate dropped to 7.5.percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 3 bedroom, 2 bathroom home appraised for $107,000.

 

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

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

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

Looking Back:

According to a recent survey released by Freddie Mac, fixed mortgage rates were at their lowest on record with 30-years at 3.84% and 15-years at 3.07%.  First time claims for unemployment decreased by 27,000 the previous week according to the Labor Department.  Mortgage servicers also reported filing less than half the number of mortgage modifications they filled out the previous year for Freddie Mac loans.

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

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The Norris Group Real Estate News Roundup 4/9/13

Tuesday, April 9th, 2013


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 3/20/13

Wednesday, March 20th, 2013


Today’s News Synopsis:

According to the latest MBA Mortgage Applications Survey, applications for mortgages decreased 7.1% from last week.  Several banks are facing a lawsuit from Freddie Mac for libor manipulation.  Morgan Stanley reported the housing market is showing some signs of improvement, but there are still some factors causing hindrances to a full recovery.

In The News:

DS News- “Average Months in Distress Extended in Judicial, Non-Judicial States” (3-20-13)

“The time properties stay in distress before going to sale has increased nearly five fold since 2003 in non-judicial states, according to CoreLogic’s March MarketPulse report.”

Bloomberg – “Freddie Mac Sues Multiple Banks Over Libor Manipulation” (3-20-13)

“Freddie Mac (FMCC) sued Bank of America Corp., UBS AG (UBSN), JPMorgan Chase & Co. (JPM) and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.”

Housing Wire – “Housing on track to improve, but hurdles remain: Morgan Stanley” (3-20-13)

“Strong momentum in home prices as well as housing activity gave Morgan Stanley analysts enough confidence to upgrade their home price appreciation projections to roughly 7% for 2013, according to its latest global securitized credit report..”

CNN Money - “Veteran unemployment dropped to 9.9% in 2012″ (3-20-13)

“The unemployment rate for veterans dropped last year, according to a report out Wednesday from the U.S. Bureau of Labor Statistics, but vets still lag behind non-vets in the job market.”

Realty Times - “Growing Home Equity Makes Refinancing Possible” (3-20-13)

“The Federal Reserve recently released data which shows that American homeowners’ net equity holdings in their homes has increased by nearly half a trillion dollars during the last last three months of 2012.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-20-13)

“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2013.”

DS News - “Trulia: Owning Costs 44% Less Than Renting” (3-20-13)

“Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of being a renter, according to Trulia’s Winter 2013 Rent vs. Buy report.”

Housing Wire- “Ellie Mae: Continued LTV upswing indicates HARP traction” (3-20-13)

“Mortgages with loan-to-value ratios of 95% and above experienced a refinancing spike in February, indicating that the Home Affordable Refinancing Program continues to gain traction, Ellie Mae said in its latest origination report.”

Hard Money Loan Closed

Studio City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $765,000 on a 5 bedroom, 3.5 bathroom home appraised for $1,275,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

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

Looking Back:

As of the previous month, housing starts were at their highest they had been in three years as well as building permits increased.  Fannie Mae and Freddie Mac completed a total of 1.1 million loan modifications since September 2008.  The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty on this day for his role in a $2.9 billion mortgage fraud scheme.

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 3/12/13

Tuesday, March 12th, 2013


Today’s News Synopsis:

The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record.  Richard Cordray is going through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau.  In an agreement reached by Ally Bank and Ocwen Financial, Ally will be selling a portfolio of their mortgage servicing rights to Ocwen.

In The News:

DS News- “Commercial, Multifamily Debt Grows in Q4″ (3-12-13)

“In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA).”

Housing Wire – “Ocwen wins bidding war for Ally MSRs” (3-12-13)

“Ally Bank reached an agreement to sell a portfolio of agency mortgage servicing rights to Ocwen Financial Corp.”

Inman – “Carrington’s wholesale division commits to 30-day loan closing” (3-12-13)

“The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days.”

Mortgage Bankers Association - “MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority” (3-12-13)

“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs.”

CNN Money - “The rich pay majority of U.S. income taxes” (3-12-13)

“Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.”

Housing Wire - “Richard Cordray jumps back into the ring” (3-12-13)

“Consumer Financial Protection Bureau Director Richard Cordray is scheduled for an intense grilling by U.S. Senators at a confirmation hearing on Tuesday to discuss his future as leader of the CFPB.”

DS News - “January Layoffs Drop to Record Low” (3-12-13)

“The number of layoffs fell 4.0 percent to 1,507,000 in January, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS) release, which details the ins and out of the labor market.”

Inman - “NAR backing test of agent rating surveys” (3-12-13)

“A subsidiary of the National Association of Realtors is partnering with state and local Realtor associations to offer members the ability to participate in a survey-based agent rating service provided by Quality Service Certification Inc.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $126,000.

 

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

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, March 6 in Sacramento.

Looking Back:

In a big story, a $25 billion settlement was filed on this day regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the new total to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they were given higher credit on their principal reductions.

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 3/8/13

Friday, March 8th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

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

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

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 1/18/13

Friday, January 18th, 2013



Sources:
National foreclosure inventory drops: LPS
Total home sales jump 6% in 2012
Home prices up the most since 2006
Mortgage Applications Increase in Latest MBA Weekly Survey
Housing Starts Up 12.1 Percent in December
Freddie Mac: Average 30-year mortgage rate eases to 3.38%
Mortgage Delinquencies Jump in Areas Hit Hard by Sandy
End of Foreclosure Review Leads to 839 Layoffs at JPMorgan
Recovery in U.S. Saving 8 Million Underwater Homeowners
21 people charged in unemployment fraud scheme
Unemployment Rates Fall in 22 States in December

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The Bureau of Labor Statistics reported a decrease in unemployment rates in 22 states last month.  The number of foreclosures filed last year increased in half of the country.

In The News:

Housing Wire – “CFPB releases appraisal rule for lenders” (1-18-13)

“A new Consumer Financial Protection Bureau rule requires lenders to provide mortgage applicants with free copies of appraisals and other home value estimates. The CFPB announced final adoption of the rule Friday.”

DS News- “Report: Hard-Hit Markets Improving; Inventory Shrunk in Most Markets” (1-18-13)

“After price gains in the first half of the year, the housing market ended 2012 with a national median price matching the year-ago level, according to Realtor.com.”

Inman- “Foreclosure filings up in half of US states in 2012″ (1-18-13)

“Half of U.S. states saw an annual increase in the number of foreclosure-related filings in 2012, but most of those were judicial foreclosure states where loan servicers were catching up on the backlog from the “robo-signing” controversy, according to a year-end report by data aggregator RealtyTrac.”

DS News- “CFPB Announces Rules for Appraisals and Higher-Priced Loans” (1-18-13)

“Starting in January 2014, mortgage lenders will work under new rules governing the handling of appraisals and other home value estimates.”

Bloomberg- “Fed Officials Saw Start of Subprime Crisis in August 2007″ (1-18-13)

“Federal Reserve officials in August 2007 saw the beginnings of the crisis in subprime mortgages and concluded that the U.S. economy would be able to withstand it, transcripts from their 2007 meetings show.”

Inman – “Startup fighting real estate crime with ID verification” (1-18-13)

“Safety-conscious real estate professionals have a myriad of mobile applications available to them should they find themselves in trouble when meeting an unknown prospect. But a brand-new real estate startup aims to prevent trouble before it starts.”

Housing Wire- “Moody’s: Single-family rental equity securitization poses more risk” (1-18-13)

“The “equity” structure favored by bankers for deals in which real-estate investors create securities backed by the rental payments of single-family homes poses significant risks to investors, Moody’s Investors Service noted in its research report.”

DS News – “Unemployment Rates Fall in 22 States in December” (1-18-13)

“Unemployment rates fell in 22 states in December but rose in 16, the Bureau of Labor Statistics (BLS) reported Friday in its monthly Local Area Unemployment Statistics (LAUS) release.”

Hard Money Loan Closed

Torrance, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $430,000 on a 4 bedroom, 2 bathroom home appraised for $688,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Looking Back:

According to the most recent Mortgage Bankers Association Weekly Mortgage Applications Survey, mortgage applications increased 23.1% from the previous week.  NAHB reported builder confidence increased in January 2011 for the fourth month in a row, having increased 4 points to 25.  The FHFA was expected to be subpoenad regarding how principle reductions would effect Fannie Mae and Freddie Mac.

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 1/4/13

Friday, January 4th, 2013



Sources:
Shadow inventory contracts as investors snap up foreclosures
Construction Spending in U.S. Unexpectedly Fell in November
Completed Foreclosures Down 18% from Year Ago: CoreLogic
First-Time Jobless Claims Finish Year at 372K
‘Fiscal cliff’ bill addresses some key housing issues
Mortgage Debt Relief Act Extended for Another Year
TRULIA NAMES LAS VEGAS AND SEATTLE AS 2012’S TOP TURNAROUND HOUSING MARKETS

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  155,000 new jobs were added in December while unemployment remained at a consistent 7.8%.  Rents are increasing slowly but surely.  Rents increased only 3% for 2012 after increasing 4.8% in 2011.  Fitch warned home prices may be overvalued by as much as 10%.

In The News:

CNN Money – “More savers can convert to Roth 401(k)s under fiscal cliff deal” (1-4-13)

“An unexpected provision in the fiscal cliff deal will give workers the option of paying taxes now on their retirement savings instead of later on when they withdraw money from their accounts.”

Housing Wire- “Fitch warns home prices overvalued” (1-4-13)

“Despite national home prices increasing by more than 2%, the largest gain since before the market peak, Fitch Ratings believes national prices are 10% overvalued.”

DS News- “Unemployment Rate Flat at 7.8%; 155k New Jobs in December” (1-4-13)

“The nation’s unemployment rate remained at 7.8 percent in December as payrolls increased 155,000, slightly ahead of consensus forecasts, the Bureau of Labor Statistics reported Friday.”

Bloomberg- “Housing a Sweet Spot for U.S. Economy as Recovery Expands” (1-4-13)

“U.S. home sales and prices are poised to rise in 2013, solidifying a recovery that began last year after a half-decade slump that was the deepest since the Great Depression, according to analysts and economists surveyed by Bloomberg.”

CNN Money – “Hedge funds win big with subprime mortgages” (1-4-13)

“Subprime mortgages may have been the most lucrative bet of 2012 for hedge funds, with some gaining more than 20% by buying up troubled financial crisis era mortgages.”

DS News- “Rents Continue to Rise, Albeit Slightly Slower” (1-4-13)

“Rents continue to rise but at a slightly less accelerated pace, according to Carrolton, Texas-based RealPage, a software provider for rental communities. After rents for new leases rose 4.8 percent in 2011, rents rose 3 percent in 2012.”

Housing Wire- “Trailblazer of the year: Ellie Mae stock up 391%” (1-4-13)

“Understanding the needs of customers, trends in the market and execution of plans were key factors that drove mortgage lender Ellie Mae ($27.11 0%) to the highest percentage gain of any New York Stock Exchange Big Board stock in 2012, they claim.”

Hard Money Loan Closed

Gardena, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 2 bathroom home appraised for $340,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2012

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2012.

Looking Back:

In a big news story, pending home sales were on the rise, being at their highest level in almost two years according to the National Association of Realtors.  The Bureau of Labor Statistics reported a decrease in unemployment for the month of November 2011.  Mortgage applications also decreased during the holidays according to the Mortgage Bankers Association.

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 12/07/12

Friday, December 7th, 2012



Sources:
Foreclosures down in October as housing market continues healing
Real Estate Outlook: Existing-Home Sales Increase
Construction Spending in U.S. Increases More Than Forecast
Home prices show biggest jump in 6 years in October
Mortgage Applications Increase in Latest MBA Weekly Survey
RealtyTrac: Short Sales, Pre-Foreclosure Sales Increase in Q3
Freddie Mac says typical 30-year mortgage rate up a hair at 3.34%
Freddie Mac’s Serious Delinquency Rate Slips to Three-Year Low
Fannie, Freddie halt foreclosures for the holidays
NJCC Selected to Buy 399 Distressed Loans Through HUD Program
FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks
“Unemployment Rate Drops to 4-Year Low, 146K Jobs Added”

Today’s News Synopsis:

This week’s video is a slideshow of the real estate news of the week.  The unemployment rate decreased to 7.7% with the addition of 146,000 new jobs and is now at its lowest since December 2008.  NAHB reported the list of improving markets increased by 76 and is now at 201.

In The News:

DS News- “Unemployment Rate Drops to 4-Year Low, 146K Jobs Added” (12-7-12)

“Superstorm Sandy blew a hole in not in the nation’s labor market but economists’ crystal balls as the economy added 146,000 jobs and the unemployment rate fell to 7.7 percent, the lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Realty Times- “Mortgage Rates Calm, Near Record Lows” (12-7-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates showed little change and remained near their record lows helping to keep homebuyer affordability high and attractive to those looking to refinance.”

Housing Wire- “HARP refinancing narrows among big lenders” (12-7-12)

“The available pool of eligible mortgages that qualify for the Home Affordable Refinance Program refinancing continued to narrow among the big lenders — Bank of America ($10.57 0.11%), JPMorgan Chase ($42.19 0.72%), Citigroup ($37.51 0.49%) and Wells Fargo ($33.08 -0.065%) — according to the Royal Bank of Scotland’s December prepayment report.”

DS News- “NAHB: List of Improving Markets Hits 201, Up by 76″ (12-7-12)

“The number of new improving markets observed by the National Association of Home Builders (NAHB) skyrocketed in December, according to a release from the group.”

Inman- “Housing recovery hinges on mortgage supply” (12-7-12)

“Markets are very quiet despite the usual first-week-of-month flood of new data.  In the last week the 10-year T-note has not traded above 1.63 percent nor below 1.58 percent, and mortgages are holding just below 3.5 percent depending on borrower and property.”

DS News – “CMBS Delinquency Rate Down to Two-Year Low: Fitch” (12-7-12)

“A “surge” in new issuances brought down the CMBS delinquency rate in November to a two-year low, according to the latest CMBS delinquency report from Fitch Ratings.”

Housing Wire- “Obama scorecard reveals more housing improvement” (12-7-12)

“More than 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program.”

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $322,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Looking Back:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications increased 12.8% from the previous week.  In the whole world, home prices did not show any signs of change in the third quarter.  TransUnion forecasted mortgage delinquencies would decrease almost 7% by this year.

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 11/2/12

Friday, November 2nd, 2012



Sources:
Pennsylvania Bank Failure Raises Tally to 47
September Spending Outpaces Income
Home prices continue steady rise
U.S. Housing Vacancies Fall and Ownership Flat as Rentals Rise
Completed Foreclosures Down 31% from Year Ago, but Remain High
Refinance Applications Decrease in Latest MBA Weekly Survey
Mortgage rates remain near record lows
Construction Spending in U.S. Climbs to Highest Level Since 2009
CoreLogic: Hurricane Sandy threatens damage to 284,000 homes
U.S. Real Estate Recovery Challenged by Hurricane Sandy
Disaster Relief Available for Homeowners with GSE Loans
U.S. District Court in Texas blocks MERS lawsuit
Wells Fargo mails checks to thousands with FHA-backed mortgages

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate.  171,000 new jobs were added in October, while at the same time unemployment increased to 7.9%.  A recent analysis by the National Association of Realtors showed the lower inventory of housing is actually helping houses sell faster.  A court in Pennsylvania ruled a county recorder will be able to bring her case against MERS despite Texas recently dropping several lawsuits against them.

In The News:

CNN Money- “October jobs report: Hiring increases, unemployment up” (11-2-12)

“Hiring was surprisingly strong in October, while the unemployment rate ticked higher, according to a report released just four days before the presidential election.”

Housing Wire- “Ally reports successful move away from mortgages” (11-2-12)

“Ally Financial Corp. ($0.00 0%) lauded its decision to move away from mortgage servicing and the home loan side of the business in its recent third-quarter earnings report, which clearly shows the financial firm more profitable when compared to year ago levels.”

DS News – “Senior Loan Officer Survey Reveals Increase in Demand for Loans” (11-2-12)

“A survey of senior loan officers released by the Federal Reserve shows lending standards were mostly unchanged, but demand for residential real estate loans was strengthened.”

Realty Times- “Low Inventory Levels Sells Homes Quick” (11-2-12)

“Low inventory levels are bringing a faster turnaround for today’s sellers. From 1987 through 2011, analysis of the NAR Profile of Home Buyers and Sellers series showed the typical time on market was 6.9 weeks, while the existing-home sales series showed an average supply of 7.0 months, just above the high end for a balanced market.”

Housing Wire- “Insurance companies remain exposed to RMBS risks” (11-2-12)

“For the most part, new issuance of private-label RMBS has been on hold since 2008. But defaults and downgrades to securities vehicles linked to residential mortgages are still somewhat of a reality, according to the most recent RMBS report from the National Association of Insurance Commissioners.”

DS News – “California Investigation into Bid Rigging Charges 26th Person” (11-2-12)

“A California real estate investor became the 26th person to plead guilty or agree to plead guilty as a result of antitrust investigations from the Justice Department into bid rigging and fraud.”

Bloomberg- “Sandy to Slow October Home Sales in the U.S. Northeast” (11-2-12)

“Existing-home sales, a market indicator followed by economists and analysts, probably will slow in the U.S. Northeast for the rest of 2012 as superstorm Sandy disrupts deals, the National Association of Realtors said.”

Housing Wire- “Pennsylvania judge allows county fee case against MERS” (11-2-12)

“A county recorder out of Pennsylvania will be able to pursue her county recording fee case against the Mortgage Electronic Registration Systems, the U.S. District Court for the Eastern District of Pennsylvania ruled this week.”

CNN Money- “Banks offer loans, credit limit hikes to Sandy victims” (11-2-12)

“In the wake of Superstorm Sandy, banks are offering short-term loans and emergency credit limit increases to many East coast residents. But before jumping on one of these offers, make sure you know what you’re getting into.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $144,000 on a 4 bedroom, 2 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

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

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Looking Back:

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

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 9/21/12

Friday, September 21st, 2012



Sources:
Missouri Bank Failure Brings Tally to 42
California home sales decline in August; median price hits four-year high, C.A.R. says
List of Improving Markets Rises to 99 in September: NAHB
Builder Confidence Continues to Gain Momentum in September
Shrinking inventory bolstering many housing markets
First-Time Jobless Claims Dip, Remain Elevated
Mortgage rates return to record lows
Fannie Mae moving REO management in-house
FHFA targets g-fee boost in five states
Real Estate Investment Realties

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 news of the week.  Mitt Romney announced in his latest housing plan that he intends to make changes to the GSEs and help homeowners find alternatives to foreclosures more easily.  As of July, home prices are continuing to increase with prices seeing a 0.9% increase that month.

In The News:

CNN Money – “The poor do have jobs” (9-21-12)

“Millions of poor Americans who don’t pay federal income taxes actually do have jobs. They just earn too little to pay taxes, and in some cases, to escape poverty.”

DS News – “Home Prices Continue Upward Trend in July: FNC” (9-21-12)

“The picture gets rosier for housing as home prices continue their climb back to the top.  One recent price index puts the July increase for prices at 0.9 percent, with prices achieving their first sustained recovery on a year-over-year basis since the market went bust in 2007.”

Housing Wire – “Investors raise $8 billion for REO” (9-21-12)

“Larger Wall Street investors rushing into the REO market have raised between $6 billion and $8 billion for acquisitions, according to analysts at investment bank Keefe, Bruyette & Woods.”

Realty Trac – “Foreclosure Flipping is Back” (9-21-12)

“Flipping is back.  During the real estate boom, flippers used mortgages to finance deals. Now, a new breed of all-cash foreclosure flippers is dominating the topsy-turvy foreclosure flipping market.”

Inman – “Rising prices will drive housing sales for years to come” (9-21-12)

“The market response to QE3 has been different than to the first and and second rounds of “quantitative easing.” It’s subdued this time.”

Housing Wire – “Romney vows to make foreclosure prevention easier” (9-21-12)

“In his latest housing plan, Republican presidential nominee Mitt Romney promised to reform Fannie Mae and Freddie Mac along with President Obama’s foreclosure prevention programs.”

DS News – “BLS Breaks Down Unemployment Stats, West Region Still Hurting Most” (9-21-12)

“While the national unemployment dropped in August, some regions are still reeling from above-average jobless rates, the Bureau of Labor Statistics (BLS) reported Friday.”

Housing Wire – “Homebuilding gains impressive, but not convincing” (9-21-12)

“Builder KB Home’s ($14.12 1.01%) third-quarter profit perfectly illustrates the modest recovery taking hold in the homebuilding segment, but economists are not sure how far the recovery will go.”

DS News- “Guests Filling Up Vacation Properties at Higher Rate: HomeAway” (9-21-12)

“Owners of vacation rental properties reported higher occupancy rates this year compared to last summer, according to a report from HomeAway, an online marketplace for vacation rentals.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $122,000 on a 3 bedroom, 2 bathroom home appraised for $185,000.

 

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.

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

Looking Back:

CNN Money reported that existing home sales increased 7.7%.  Mortgage rates were still at their lowest, but not showing any signs of change.  Mortgage delinquencies increased .08% in August from July, although market conditions were expected to improve according to CreditForecast.com’s latest report.

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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