California Real Estate Headline Roundup

Posts Tagged ‘Campbell’

By Bruce Norris .

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

Tuesday, November 22nd, 2011

Today’s News Synopsis:

Bloomberg news and Los Angeles Times reported the economy grew less than expected in the third quarter, indicatinga slight increase in growth.  The FHA reported a slight decrease in mortgage rates sold to GSEs.  According to CNN, fewer banks are in danger of failing, marking the second quarter in a row for the number of banks to be reduced.

In The News:

Housing Wire - “Banks dark on previous work with foreclosure reviewers” (11-22-11)

“The Office of the Comptroller of the Currency posted the actual engagement letters Tuesday between the major mortgage servicers and their third-party consultants hired to perform reviews of foreclosures that took place over the past two years.”

DS News - “Judge Permits Delaware and New York to Intervene in BofA Settlement” (11-22-11)

“A judge ruled Friday to allow the Delaware and New York attorneys general to pursue litigation in Bank of America’s $8.5 billion settlement with major investors.”

Bloomberg - “Mortgage Servicers Make Progress Fixing Invalid, Flawed U.S. Foreclosures” (11-22-11)

“Banks and mortgage servicers are making progress in improving their processes and reaching out to homeowners hurt by invalid or flawed foreclosures, the Office of the U.S. Comptroller of the Currency reported.”

Inman - “Better Homes and Gardens Real Estae enters NYC market” (11-22-11)

“Franchise network Better Homes and Gardens Real Estate has entered the New York City market with the addition of a Staten Island brokerage, the network announced today.”

Los Angeles Times - “GDP revised downward; corporate profits up” (11-22-11)

“The U.S. economy grew more slowly than previously thought in the three months ending Oct. 31, the Bureau of Economic Analysis said, revising the nation’s third-quarter gross domestic product downward to growth of 2% from its previous estimate of 2.5%.”

Housing Wire“FHFA mortgage interest rates fall slightly” (11-22-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said.”

Bloomberg - “U.S. Is Set for Fourth-Quarter Growth Pickup on Lower Inventories: Economy” (11-22-11)

“The economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.”

CNN Money - “FDIC’s list of problem banks shrinks” (11-22-11)

“The number of banks at risk of failing fell in the third quarter, marking the second straight quarterly decline, according to a government report issued Tuesday.”

Housing Wire - “Investor buying spurred by demand for rentals” (11-22-11)

“Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance.”

Looking Back:

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August 2010. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys showsed the current foreclosure problems were significantly delaying closings.

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

The Norris Group Real Estate News Roundup 11/22/10

Monday, November 22nd, 2010

Today’s News Synopsis:

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys shows the current foreclosure problems are significantly delaying closings.

In The News:

Orange County Register - “Calif. ranked 3rd best U.S. home market” (11-20-10)

“Tops on the list for year-over-year price gains for all transactions — distressed sales, included — was New York (up 2.67 percent) then North Dakota (a 1.73 percent gain.) After California came Nebraska (+.78 percent), and Virginia (+.77 percent).”

Inman - “Lenders scoring lower on customer satisfaction” (11-22-10)

“Customer satisfaction with mortgage originators is on the decline as the time from loan application to approval has grown to 27.5 days, up from 20 days last year, according to a study by J.D. Power and Associates.”

Wall Street Journal“Shadow Inventory of Homes Rising” (11-22-10)

“The ‘shadow inventory’ of unlisted bank-owned homes and potential foreclosures increased to 2.1 million units in August, up 10% from one year earlier, according to new estimates from CoreLogic, a real-estate research firm.”

Housing Wire - “Investors eye opportunities in distressed properties and loans” (11-22-10)

“Market indications, not just living on rumors of a billion dollar Pimco fund for distressed loans and properties, are such that global investors are also looking more at the U.S. According to a global distressed property monitor from the Royal Institute of Chartered Surveyors, investor interest in distressed sales is now double that of a year ago.”

Housing Wire“Moody’s: CRE prices rose 4.3% in Sept. to highest since May” (11-22-10)

“Commercial real estate property prices increased for the first time since May with a 4.3% gain for September, according to Moody’s Investors Service.”

Housing Wire“Mortgage delinquency rate tumbles 3.5% in 3Q: TransUnion” (11-22-10)

“The national mortgage delinquency rate fell 3.5% from the second to the third quarter to a rate of 6.7%, according to a report released Monday by TransUnion. This is the largest quarterly drop the firm witnessed since the fourth quarter of 2006. The rate still remains 3% higher than the third quarter of 2009, however.”

Housing Wire - “Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance” (11-22-10)

“Servicing problems disrupted both short sales and REO sales. Survey results show that 24% of closings scheduled for October were delayed or canceled due to issues with short sales, while 12% were delayed or canceled due to REO title issues.”

Bloomberg - “Mortgage Documentation Failures Extend Past Securitizations, Cantor Says” (11-22-10)

“In some cases faulty files are lowering loan prices or extending the time it takes to complete sales, said Jason Kopcak, the head of whole-loan trading at the New York-based broker. Residential and commercial mortgages owned by banks looking to sell often lack the papers required by buyers, including documents needed to foreclose, Kopcak said.”

Orange County Register“O.C. homes: 4th costliest vs. income” (11-22-10)

“FiServ’s recent home-price outlook contained intriguing stats on 212 markets and the relationship between the median selling price of homes (for second quarter 2010) in major metropolitan areas across the nation and the local household median incomes from 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 event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.