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The Norris Group Real Estate News Roundup 9/20/11

Tuesday, September 20th, 2011

Today’s News Synopsis:

Bloomberg reported that the number of homes being built is at a three-month low, lower than what was predicted in August.  However, NAHB reported permits for new homes increased for both single-family and multifamily housing units.  Median prices for homes in California are at their highest for 2011.  The Senate held a hearing to discuss possible solutions for dealing with foreclosures.

In The News:

DS News - “Senate Holds Hearing on Foreclosure Glut” (9-20-11)

“At a Senate hearing titled, “New Ideas to Address the Glut of Foreclosed Properties,” witnesses discussed several possible options for dealing with foreclosed properties and spurring recovery in the housing market.”

Housing Wire - “10 million more mortgages set to default” (9-20-11)

“Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from
Amherst Securities Group.”

Bloomberg - “U.S. Housing Starts Fall to Three-Month Low” (9-20-11)

“Builders began work on fewer U.S. homes than forecast in August, showing the industry remains flat on its back even as mortgage rates fall to record lows.”

O.C. Register - “Realtors forecast ‘tepid’ housing market in 2012″ (9-20-11)

“The California Association of Realtors forecast a “tepid economic recovery” in 2012, predicting that both home prices and sales will go up slightly without any great improvement in the market.”

NAHB - “NAHB: NAHB Offers New Course on Universal Design/Build” (9-20-11)

“The National Association of Home Builders (NAHB) is premiering a new course on Universal Design/Build at the Remodeling Show in Chicago. With its focus on integrating universal design principles into all types of residential construction projects, the two-day training brings cutting-edge design solutions to building and design professionals.”

Housing Wire - “MBA supports large-scale REO disposition” (9-20-11)

“Large-scale disposition of real estate-owned properties is needed to stabilize housing, according to the Mortgage Bankers Association.”

DS News - “California’s Median Home Price Hits 2011 High” (9-20-11)

“The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.”

NAHB - “NAHB: Balanced Approach Needed to Dispose of REO Properties, NAHB Tells Congress” (9-20-11)

“The National Association of Home Builders (NAHB) today urged the Administration and Congress to take a balanced approach in disposing of the large inventory of real estate owned (REO) properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration to avoid further disruptions to pricing and markets and to limit further losses to the two government sponsored enterprises and the FHA.”

Rismedia - “Household Debt Drops for 12 Straight Quarter” (9-20-11)

“Household debt declined by a seasonally adjusted annual rate of 0.6%, dragged lower by a 2.4% decline in mortgage debt as consumers took out fewer mortgages, paid off or had debts forgiven, the Federal Reserve reported in its voluminous flow-of-funds report.  Consumer credit outside mortgages rose by 3.4%.”

NAHB - “NAHB: Housing Starts Decline, Permits Rise in August” (9-20-11)

“Nationwide housing starts declined 5.0 percent to a seasonally adjusted annual rate of 571,000 units in August, according to figures released by the U.S. Commerce Department today.”

Looking Back:

The NAHB’s monthly survey showed builder confidence remained at the previous month’s low level. Trepp claimed that commercial real estate loans were the cause of 5 of the 6 bank failures that occurred over the weekend of September 18 and 19, 2010. FHA insured mortgages accounted for 37% of all originations in 2009, according to the Federal Financial Institutions Examination Council. In a recent survey, nearly 50% of economists claimed that economic growth in 2011 would be below the Fed’s estimated 2.5% annual pace. GMAC denied the claim that it instituted a foreclosure moratorium in 23 states.

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 9/16/11

Friday, September 16th, 2011

Sources:

Mortgage-Default Filings Increase by 33% in August
Fewer U.S. Homeowners ‘Underwater’ as Foreclosures Mount
Home loans rates drop again in Freddie Mac survey
C.A.R. August sales and price report
Mortgage Debacle Costs U.S. Banks $66 Billion as Bad Home Loans Sap Profit
Unemployment filings at more than 2-month high
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
Obama Program Calls for $15B for Foreclosure Rehab
The American Jobs Act
Alabama Supreme Court rules in favor of MERS

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.  EMC Mortgage is facing a lawsuit from Wells Fargo regarding toxic mortgages.  The rate of unemployment was up 12.1% last month.  Also, according to DS News foreclosures are continuing to increase, especially for homes on the West Coast.

In The News:

Housing Wire - “Wells Fargo sues EMC Mortgage over buybacks” (9-16-11)

“Wells Fargo (: ) is jumping deeper into the MBS litigation fray by filing suit against EMC Mortgage, claiming the firm should buy back 800 toxic mortgages sold into the Bear Stearns Trust.”

DSNews - “Freddie Mac Offers REO Bulk Sales” (9-16-11)

“Freddie Mac is looking to unload some of its foreclosed properties to investors through bulk sales transactions.”

Los Angeles Times - “California unemployment rate rises to 12.1% in August” (9-16-11)

“California’s unemployment rate ticked up a notch in August, to 12.1% from 12% the month before, according to new data from the U.S. Bureau of Labor Statistics. Employers shed 8,400 jobs from payrolls.”

Realty Times - “Fixed-Rate Mortgages Continue To Find New Record Lows” (9-16-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages remaining near their 60-year lows as ongoing investor concerns over the European debt market kept Treasury bond yields low. The 30-year fixed averaged 4.09 percent, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30 percent.”

O.C. Register - “BofA says increased defaults will spur recovery” (9-16-11)

“A Bank of America spokeswoman confirmed Thursday that the lender has accelerated its pace of filing default notices in states where a court order isn’t required before lenders can foreclose.”

Inman - “Surge in default notices portends more REOs” (9-16-11)

“Foreclosure activity  fell for the 11th straight month on a yearly basis in August, but rose compared to July, according to the latest monthly report from foreclosure data site RealtyTrac.”

DS News - “West Coast States See a Surge in New Foreclosures” (9-16-11)

“Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar.”

Housing Wire – “California home sales surge in August with prices at highest point of year” (9-16-11)

“California home sales posted an increase from both the previous month and previous year, while the median home price rose to its highest level this year, according to data from the California Association of Realtors.”

Looking Back:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area in August 2010. Also, 34,239 houses and condos were sold statewide. BarCap expected that of all the subprime mortgages were still current and originated in 2005, 70% would default.

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

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The Norris Group Real Estate News Roundup 8/26/11

Friday, August 26th, 2011

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 8/23/11

Tuesday, August 23rd, 2011

Today’s News Synopsis:

DS News reported the president of Standard and Poor’s, Devan Sharma, is resigning next month and will be replaced by Douglas Peterson.  New U.S. home sales decreased last month to their lowest in five months, according to Bloomberg.  The sale of pending homes also decreased last month according to Housing Wire.  Florida is number one on the list of states with the highest foreclosures.

In The News:

Housing Wire – “FHA mortgage delinquencies resurge in second quarter” (8-23-11)

“After a hitting a three year low earlier in 2011, the Federal Housing Administration delinquency rate jumped more than a full percentage point in the second quarter, according to analysis from investment bank Keefe, Bruyette & Woods.”

DS News - “S&P President Relinquishes Role to Citibank Exec” (8-23-11)

“Deven Sharma, president of the global credit ratings agency Standard & Poor’s, is stepping down from the role next month.  Douglas Peterson, currently COO of Citibank N.A., will take the reins at S&P, effective September 12, according to a statement from S&P’s parent company McGraw-Hill.”

Bloomberg - “July New-Home Sales Fell to Five-Month Low” (8-23-11)

“Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.”

O.C. Register - “Merger forms U.S.’s largest home listing service” (8-23-11)

“Members of the region’s biggest two home-sales databases announced that they plan to merge, forming the largest real estate listing service in the nation.  The Anaheim-based Southern California Multiple Listing Service says it’s joining forces with the San Dimas-based California Regional Multiple Listing Service.”

Housing Wire – “Pending home sales dip in California” (8-23-11)

“California pending home sales dipped in July from the previous month, as did the share of sales of distressed properties, the California Association of Realtors said.”

Inman - “RealPage acquiring real estate rentals site MyNewPlace” (8-23-11)

“Property management software company RealPage Inc. has signed a definitive agreement to acquire the operator of popular online apartment marketplace MyNewPlace, the company announced Monday. The transaction is expected to close on or before Aug. 24.”

CNN Money - “UBS to cut 3,500 jobs” (8-23-11)

“Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and ‘natural attrition’.”

Wall Street Journal - “Home-Loan Delinquencies Rise Again” (8-23-11)

“The number of American households that are delinquent on mortgage payments is rising again after falling for more than one year, an unwelcome trend for the U.S. economy.”

DS News - “GSEs Suspend PMI Mortgage Insurance and Affiliates” (8-23-11)

“Fannie Mae and Freddie Mac have both suspended PMI Mortgage Insurance and its affiliates PMI Insurance Co. and PMI Mortgage Assurance Co. as approved mortgage insurers.”

Realtor Magazine - “Which State Has the Highest Foreclosure Inventory?” (8-23-11)

“Florida continues to be plagued by a high inventory of foreclosures. Nearly one in four mortgages there were either past due or already in foreclosure in the second quarter, according to the Mortgage Bankers Assoc.”

Looking Back:

The CBIA reported 2,454 new homes and condominiums were closed statewide in June 2010, compared to 3,848 in 2009. A survey from Trulia showed that 68% of renters believed they would have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications were canceled and 434,716 modifications were made permanent since the program began. The Congressional Budget Office expected the Troubled Asset Relief Program to cost a total of $66bn.

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 8/11/11

Thursday, August 11th, 2011

Today’s News Synopsis:

A top story in the news is mortgage rates for 30-year mortgages are at the lowest they have been in 9 months.  Housing Wire reported that foreclosures are also at a new low, the lowest they have been in almost 4 years.  The California Association of Realtors released data showing that more people, 51%, have been able to afford single-family homes in California with the decrease in prices. 

In The News:

Housing Wire - “Foreclosure activity falls to 44-month low“ (8-11-11)

“Foreclosure activity fell 35% in July compared to last year, hitting a 44-month low, according to foreclosure data firm RealtyTrac.  The number of foreclosure filings – which includes default notices, auctions and bank repossessions – hit 212,764 in July, down 4% from June.”

DS News - “Integrated Asset Services Shows 2% Price Increase in Second Quarter” (8-11-11)

“Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Servicers, LLC (IAS).  In contrast to the previous quarter, prices rose in all four of the U.S. Census regions.”

Realty Times - “J.D. Power: Satisfaction Comparable Among Real Estate Companies” (8-11-11)

“Both home buyers and home sellers rated RE/MAX highest in J.D. Power’s customer satisfaction report, but not by much, thanks to stiff buyers’ market competition.  Small margins separate the top real estate companies from the many runners up in both the home buyer satisfaction and home seller satisfaction segments of J.D. Power s “2011 Home Buyer/Seller Study”.”

NAHB - “55+ Builders More Optimistic About Multifamily Rentals than New Home Sales” (8-11-11)

“Builders in the 55+ housing market are significantly more optimistic about production and demand for multifamily rental units than they are for sales of single-family homes or multifamily condos, according to the latest 55+ Housing Market Indices that are compiled quarterly by the National Association of Home Builders (NAHB).”

Housing Wire – “Jobless claims hover around 400,000 for third week” (8-11-11)

“Initial jobless last week remained essentially flat with the prior week, hovering around 400,000 for the third week in a row.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Aug. 6 decreased by 7,000 to 395,000 from a slightly revised 402,000 the previous week.”

Bloomberg - “30-Year Mortgage Rates Fall to 9-Month Low” (8-11-11)

“Mortgage rates for 30-year loans in the U.S. declined to a nine-month low as concern grew that the nation’s economy is slowing.  The average rate for a 30-year fixed loan dropped to 4.32 percent in the week ended today from 4.39 percent, according to Freddie Mac. The average 15-year fixed-loan rate fell to 3.5 percent, the lowest on record, from 3.54 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Los Angeles Times - “Housing affordability up in California with home price decline” (8-11-11)

“Housing affordability increased in California in the second quarter as prices dropped from the same period a year earlier, a real estate group said Thursday.  Fifty-one percent of California households could afford a single-family home priced at the median, according to the California Assn. of Realtors.”

Rismedia - “Second Quarter Metro Area Prices Mixed with Little Change, State Sales Down” (8-11-11)

“Median existing-home prices declined modestly in the second quarter with 27 percent of metropolitan areas experiencing price gains from a year ago, while state home sales declined from the second quarter of 2010, according to the latest quarterly report by the National Association of REALTORS.”

DS News - “BofA Sells Pool of Servicing Rights to Fannie Mae” (8-11-11)

“Bank of America has sold the servicing rights of 400,000 home loans to Fannie Mae, according to the Wall Street Journal.  According to the Journal, the unpaid principal balance on the loans is $73 billion.   The loans were sold at a price of $500 million.”

San Francisco Chronicle - “S.F. apartment rent rises as vacancy rates fall” (8-11-11)

“Apartment hunting in San Francisco has turned into a competitive sport with hopeful renters swarming open houses and experiencing more rejections than contestants on ‘Survivor’.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume increased by 0.6 percent. The Obama Administration provided the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reported that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales in 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 7/19/11

Tuesday, July 19th, 2011

Today’s News Synopsis:

In a big storym, the construction of new homes increased 14.6% in the month of June.  Unfortunately, mortgages are down to a new low in four years with a 19% decrease in the second quarter.  A new law, SB 458, was signed into law on Friday and will bring changes to short sales. 

In The News:

Los Angeles Times - “California foreclosure starts fall to lowest level in four years” (7-19-11)

“The number of Californians entering foreclosure dropped steeply in the second quarter to hit its lowest level since 2007, a sign the foreclosure crisis in the Golden State could be easing amid a more stable housing market and increased scrutiny from regulators.”

Realty Times - “Top Remodeling Projects” (7-19-11)

“Remodeling Magazine’s latest Cost Versus Value Report 2010-2011 has been released and it revealed that the recent declines in housing are having substantial effects on the remodeling market.”

DS News - “California Law Offers Deficiency Protections to Short Sellers” (7-19-11)

“A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed.”

NAHB - “Housing Production Regains Some Strength in June” (7-19-11)

“Nationwide housing starts rose 14.6 percent to a seasonally adjusted annual rate of 629,000 units in June, according to figures released by the U.S. Commerce Department today. This was the best pace of housing production since the beginning of the year, and was attributable to significant gains registered in both the single-family and multifamily segments as well as every region of the country.”

Bloomberg - “California Mortgage Defaults Decline 19% to Lowest Level in Four Years” (7-19-11)

“Home-mortgage defaults in California fell 19 percent in the second quarter from a year earlier to the lowest in four years as lenders changed foreclosure policies and price declines slowed, according to DataQuick.”

RisMedia - “RE/MAX Reports Inventories are Sinking” (7-19-11)

“Inventories in 53 markets surveyed last month by RE/MAX are down nearly fifteen percent from a year ago, when the tax credit boom was winding down, another indication that housing markets have recovered from the tax credit-induced sales boom and the bust that followed it.”

Housing Wire - “More firms bet on incoming wave of REO” (7-19-11)

“The past few weeks of acquisitions and deals among REO asset managers shows more bets are being made that a long-awaited supply of these properties may finally be hitting the market.”

Bloomberg - “Office Prices in California’s Subprime Center Leapfrog Real Estate Rebound” (7-19-11)

“Investors are bidding up prices for top-tier office buildings in Orange County, California, even as vacancies stand at almost 20 percent after the collapse of the
subprime-mortgage industry that once made the region its home.”

Housing Wire - “Moody’s: CMBS delinquency rate falls to 9.02% for June” (7-19-11)

“The rate of delinquent loans in commercial mortgage-backed securities declined in June but remains higher than 9%, as it has for all of 2011, according to Moody’s Investors Service.”

DS News - “Bank of America to Scale Back Servicing Portfolio” (7-19-11)

“Bank of America says it is looking to downsize its mortgage servicing portfolio.”

Looking Back:

The NAHB reported that builder confidence in the singe-family home market decreased to the lowest point in a year. Builders began work on 580,000 houses the previous month, according to the Commerce Department. A survey from REMAX showed that existing home sales increased in June 2010 by 5.6% in comparison to the same month in 2009. The Bay Area lost more than 10,000 jobs in June 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 6/28/11

Tuesday, June 28th, 2011

Today’s News Synopsis:

The prices of homes increased in April for the first time in eight months.  However, for the whole year prices actually decreased 4% in 20 cities from April 2010 to April 2011.  DS News reported that reports of mortgage fraud increased 31% in the first quarter.  The passage of Senate Bill 510 is being pushed, which would increase the amount of legal work required for appointing a branch manager for a large real estate company.

In The News:

The Wall Street Journal - “Home Prices Notch Spring Bounce” (6-28-11)

“U.S. home prices rose in April from a month earlier, the first increase in eight months, though much of the improvement reflected the start of the spring-summer home buying season, according to the S&P Case-Shiller home-price indexes.”

Bloomberg - “Home Prices in 20 U.S. Cities Fell 4% in April” (6-28-11)

“Home prices decreased in the year ended April by the most in 17 months, showing the housing market remains an obstacle for the U.S. recovery.”

DS News - “One in 10 NYC Mortgages Seriously Delinquent” (6-28-11)

“One in 10 residential mortgages in New York City is seriously delinquent – meaning over 90 days delinquent or in foreclosure – according to an analysis of the regional housing market released this week by the Federal Reserve Bank of New York.”

RisMedia - “NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market” (6-28-11)

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

DS News - “Mortgage Fraud SARs Jump 31% as Investors Demand Loan Buybacks” (6-28-11)

“A total of 25,485 suspicious activity reports (SARs) involving alleged mortgage fraud were submitted to the Financial Crimes Enforcement Network (FinCEN) during the first quarter of this year.”

Housing Wire – “QE3 advocate Paul Krugman sits down with HousingWire” (6-28-11)

“Princeton economist and New York Times columnist Paul Krugman recently advocated for a third round of economic stimulus.”

Realty Times - “California Bill Would Increase the Accountability of Branch Office Managers” (6-28-11)

“There is currently a bill working its way through the California legislature that, if passed, will significantly increase the legal liability of individuals who are branch office managers for large real estate companies.”

CNN Money - “Fed set to buy $300B more Treasuries” (6-28-11)

“QE2 is just about done. But the Federal Reserve will still be buying massive amounts of long-term Treasuries.   In fact, the Fed’s purchases over the next year will likely be at least $300 billion. That’s half the size of QE2 — even if QE3 never takes place.”

RisMedia - “New HUD Study: $26 Billion in Major Repairs Needed in Public Housing” (6-28-11)

“The U.S. Department of Housing and Urban Development recently released a study that finds the nation’s 1.2 million public housing units need an estimated $25.6 billion for large scale repairs.”

Housing Wire - “Fannie Mae to retroactively charge mortgage servicers for foreclosure delays” (6-28-11)

“Fannie Mae will retroactively charge mortgage servicers for failing to process severely aged loans, according to state timelines.”

Looking Back:

Statistics from the Federal Reserve showed the median borrower who ‘strategically’ defaulted didn’t walk away from the mortgage until the amount owed exceeded the value of the home by 62%. McGraw-Hill Construction reported new construction starts increased 3% in April 2010. According to CoreLogic, more than 11 million borrowers owed more on their mortgage than it was worth. Experian statistics showed that 19 percent of all defaults in 2009 were strategic.

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

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The Norris Group Real Estate News Roundup 6/22/11

Wednesday, June 22nd, 2011

Today’s News Synopsis:

Susan McFarland was just named the new CFO for Fannie Mae, according to Housing Wire.  Sales of existing homes decreased 3.8%, while home prices actually increased a slight .8%.  They rose slightly despite having fallen 5.7% back in April.  There was also an increase in the sale of pending homes for the first time in 17 months.

In The News:

Housing Wire - “Fannie Mae names McFarland CFO” (6-22-11)

“Fannie Mae named Susan McFarland executive vice president and chief financial officer.  She replaces David Johnson, who had been head of the government-sponsored enterprise since soon after the feds put Fannie in conservatorship. Johnson announced plans to resign in November. Deputy CFO David Hisey served in the interim.”

Bloomberg - “U.S. Commercial-Property Index Falls to Record on Distressed Properties” (6-22-11)

“U.S. commercial property prices fell in April as sales of distressed assets made up a large share of transactions, according to Moody’s Investors Service. ”

The Wall Street Journal - “Home Resales Slide 3.8%” (6-22-11)

“The housing slump has reined in Americans’ once-insatiable appetite for bigger and better homes.  The trend can be seen in the latest report on sales of existing, or previously owned, homes for May, released Tuesday by the National Association of Realtors. Overall, the report showed that sales of existing homes fell 3.8% in May, underscoring the weakness of the spring selling season and the uneven nature of the housing recovery”

Inman - “Opposition to QRM proposal picks up steam” (6-22-11)

“The campaign to shoot down a proposal by federal regulators that lenders be required to retain at least 5 percent of the risk on mortgages they securitize when borrowers make down payments of less than 20 percent continues to pick up steam.”

RisMedia - “Existing-Home Sales Decline in May with Market Constraints, Temporary Conditions” (6-22-11)

“Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS.”

Housing Wire - “US home prices increase a scant 0.8% in April: FHFA” (6-22-11)

“U.S. home prices rose a scant 0.8% between March and April, the Federal Housing Finance Agency said in its latest home price index report.”

DS News - “Shadows Shrink on More Distressed Sales and Fewer Delinquencies” (6-22-11)

“The shadow inventory of repossessed and soon-to-be repossessed homes not yet visible to the market has been trimmed, according to new data released by CoreLogic Wednesday.”

The Orange County Register - “Calif. sees 1st gain in pending deals in 1 1/2 years” (6-22-11)

“Pending home sales — the number of housing deals going into contract — increased in California in May for the first time in 17 months, the California Association of Realtors reported.”

Bloomberg - “U.S. Home Prices Fell 5.7% in April From Years Earlier as Housing Struggles” (6-22-11)

“U.S. home prices fell 5.7 percent in April from a year earlier, signaling the housing market is struggling to recover as foreclosures weigh down values.”

Looking Back:

The level of commercial/multifamily mortgage debt outstanding decreased to $3.31 trillion in the first quarter of 2010. The NAR reports existing home sales decreased by 2.2 percent in May of 2010. California home sales increased 1.2 percent in May 2010. An amendment to the Wall Street Reform Bill being debated on the day of June 22nd in Congress would eliminate the hotly contested Home Valuation Code of Conduct.

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

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The Norris Group Real Estate News Roundup 6/21/11

Tuesday, June 21st, 2011

Today’s News Synopsis:

Housing Wire reported that JP Morgan is expected to pay$153.6 in a settlement regarding misleading information with mortgage security transactions.  Bloomberg reported that the price of existing homes decreased in May to the lowest they have been in six months.  According to DS News, Moody’s Investors Service’s Delinquency Tracker recently showed that loan delinquency rates dropped four points to 9.18%.

In The News:

Inman – “Real estate sales stumble again in May” (6-21-11)

“After slipping in April, existing-home sales fell again in May compared to the month before, according to the latest monthly report from the National Association of Realtors.”

Housing Wire - “JPMorgan to pay $153.6 million to settle SEC charges in CDO deal” (6-21-11)

“JPMorgan Securities (JPM: 40.91 +1.06%) will pay $153.6 million to settle Securities and Exchange Commission charges that it misled investors in a complex mortgage securities transaction just as the housing market began to tank, the SEC said Tuesday. ”

Bloomberg - “Existing-Home Sales in U.S. Fell in May to Six-Month Low, May Be at Bottom” (6-21-11)

“Sales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy.”

DS News - “Moody’s U.S. CMBS Loan Delinquencies Slip to 9.18%” (6-21-11)

“The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) transactions fell four basis points in May to 9.18 percent, according to Moody’s Investors Service’s Delinquency Tracker (DQT), which tracks all loans in U.S. conduit and fusion deals with a current balance greater than zero.”

Inman – “FHA interest payoffs debate pits NAR vs. MBA” (6-21-11)

“It’s an issue that bubbled up on Capitol Hill last week and pits Realtors against mortgage bankers: the Federal Housing Administration’s long-standing policy of forcing borrowers to pay a full month’s worth of interest at closing when they pay off their loans anytime before the end of the month.  An influential senator, Ben Cardin, D-Md., is sponsoring legislation that would require FHA to charge only per diem interest on prepayments of loans.”

Housing Wire - “Former TBW exec sentenced to 40 months in prison” (6-21-11)

“Paul Allen, former CEO of the failed mortgage lender Taylor, Bean & Whitaker, was sentenced to 40 months in prison for his role in a $2.9 billion fraud scheme orchestrated by his boss and TBW Chairman Lee Farkas.”

Bloomberg - “MetLife Pushes Reverse Mortgages as Wells Fargo, Bank of America Retreat” (6-21-11)

“MetLife Inc. (MET), the biggest U.S. life insurer, is poised to become the No. 1 reverse-mortgage lender as Wells Fargo & Co. (WFC) and Bank of America Corp. (BAC) leave the market.”

DS News - “Distress Claims Smaller Share of Dwindling Existing-Home Sales” (6-21-11)

“Distressed properties accounted for just 31 percent of existing-home sales in May, the National Association of Realtors (NAR) reported Tuesday.”

The Sacramento Bee - “Pending home sales in state rise for first time in year and a half” (6-21-11)

“California pending home sales rose in May, posting the first year-over-year increase in 18 months, the California Association of Realtors said today.”

Orange County Register - “Home price bottom expected in 2013″ (6-21-11)

“The housing market is going to take a long time to recover, and home prices could continue dropping into 2013, experts told reporters and other industry insiders at a recently concluded real estate writers conference.”

Looking Back:

Since March 2009, 436,000 people had dropped out of the mortgage modification program. A survey from Grant Thornton LLP showed that 45% of bankers expected economic conditions to improve over the next 6 months following June 21, 2010. According to CoreLogic, national housing prices increased 2.6% in April 2010 compared to April 2009. Analyst Meredith Whitney believed the U.S. housing market would experience a second recession.

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

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The Norris Group Real Estate News Roundup 6/17/11

Friday, June 17th, 2011

Sources:
Jobless claims down but remain above 400,000
California to sufer housing shift, UCLA forecasters say
Treasury Puts Performanceof 10 Largest HAMP Servicers on Displays
Fitch Downgrades Servicers on “Slow” Response to Foreclosure Crisis
May sales and price report
Fed: Weak Real Estate Markets Will Damage Banks’ Bottom Line
Voters Strongly Support Politicians Who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds
Former Treasurer and President of Taylor, Bean & Whitaker Each Sentenced to Prison for Fraud Scheme
Michigan AG Issues Criminal Subpoenas Against Mortgage Processors
Senators Want Fed-State Coordination in Foreclosure Resolution

Today’s News Synopsis:

Housing Wire reported that former Colonial Bank executive Catherine Kissick was sentenced to 8 years for playing a part in the Taylor, Bean and Whitaker mortgage fraud scheme.  The Wall Street Journal reported that the rate of jobless claims is lower in over half of the United States.  MBIA failed to report losses totalling $950 million in hopes to get the approval to reorganize their business structure.  The sale of homes in California is down 14% according to the Orange County Register.

In The News:

Housing Wire - “Legal analysts say MERS is down, but not completely out” (6-17-11)

“Legal analysts say the way Mortgage Electronic Registration Systems handles mortgage assignments during securitization should be changed, but they reject the idea that MERS is at risk of being completely dismantled.”

DSNews - “CoreLogic Chooses Mercury Network for Appraisal Management” (6-17-11)

“Oklahoma-based a la mode announced this week that CoreLogic chose to connect its ValuEdge platform with Mercury Network for receipt of the Native XML appraisal data needed for compliance with Fannie Mae and Freddie Mac’s Uniform Mortgage Data Program (UMDP).”

RisMedia - “HUD and EPA Launch Historic Collaberative Effort to Invest in Sustainable Comunities” (6-17-11)

“U.S. Housing and Urban Development Secretary Shaun Donovan and Environmental Protection Agency Administrator Lisa Jackson announced a historic collaborative effort to build upon current federal investments for regions that support sustainable and livable communities.”

Housing Wire - “Former Colonial mortgage exec sentenced to 8 years in prison for TBW scheme” (6-17-11)

“Catherine Kissick, a former bank executive for Colonial Bank, was sentenced to eight years in federal prison Friday for her role in the Taylor, Bean & Whitaker mortgage fraud scheme.”

The Wall Street Journal - “Jobless Rate Lower or Flat in Most States” (6-17-11)

“Joblessness declined in nearly half of all U.S. states last month, the Labor Department said Friday.”

Realty Times - “Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent” (6-17-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed mortgages rates changing little despite recent inflation reports. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50 percent, while the 15-year inched down again to 3.67 percent.”

Bloomberg - “MBIA Hid Potential Losses of Up to $950 Million From Regulator, Banks Say” (6-17-11)

“MBIA Inc. (MBI) hid potential losses of as much as $950 million on commercial real estate debt as it sought New York regulators’ approval to restructure its insurance business in 2008, banks including Bank of America Corp. (BAC) and UBS AG (UBSN) claimed in court papers.”

The Orange County Register - “Home sales down 14% in California” (6-17-11)

“The weak economy and tight financing rules helped lead to tumbling home sales and median housing prices in May, the latest report by the California Association of Realtors says.”

San Francisco Chronicle - “Foreclosures down in May as banks delay processing” (6-17-11)

Foreclosure filings in the United States tumbled last month to the lowest in almost four years as banks weighed down by an increasing inventory of seized homes delayed processing defaults, according to RealtyTrac Inc .”

Sacramento Bee - “Fairfield real estate exec indicted on mortgage fraud charges” (6-17-11)

“A federal grand jury indicted a Fairfield real estate executive on mortgage fraud charges as part of the federal government’s wide-ranging investigation into crimes that helped fuel California’s mortgage meltdown .”

Looking Back:

According to the CBIA, sales in new-home communities of 10 units or more were 32 percent below April 2009. MDA DataQuick reported 8,264 homes closed escrows in the nine-county Bay Area the previuos month.  Statistics from Freddie Mac showed the average 30-year frm rate increased to 4.75 percent the week of June 17. The number of suspected mortgage fraud activities reported to law enforcement grew 5% during fiscal year 2009.

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

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