California Real Estate Headline Roundup

Posts Tagged ‘Capital Economics’

By Bruce Norris .

National Appraisal Congress Met In Washington, D.C. to Discuss the Appraisal Industry

Wednesday, November 5th, 2014

Copyright: Image from www.flickr.com/photos/82955120@N05/

 



Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 2.6% from last week.  The executive board of directors for the National Appraisal Congress discussed important issued related to the appraisal and residential valuation industries during their meeting yesterday in Washington D.C.  Capital Economics said the decline in mortgage interest rates resulted in an increase in refinancing activity.

In The News:

Mortgage Professional America“How the new GOP-control Congress will affect housing” (11-5-14)

“The Republicans recent takeover of the Senate was predictable, but how the group will impact the housing market during the next two years isn’t so clear.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-5-14)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 31, 2014.”

DS News“National Appraisal Congress Convenes in Washington D.C.” (11-5-14)

“The executive board of directors for the National Appraisal Congress (NAC) came together on Tuesday in Washington D.C. to discuss pressing issues facing the residential valuation and appraisal industry.”

Mortgage Professional America“Trade groups say CFPB proposed HMDA rule will increase costs” (11-5-14)

“Six industry trade groups have submitted a letter to the Consumer Financial Protection Bureau (CFPB), criticizing its proposed rule to amend the Home Mortgage Disclosure Act (HMDA) and saying it “could go beyond the act’s intent and harm competition.”

OC Housing News“Greenspan: Ending stimulus to cause turmoil in real estate markets” (11-5-14)

“Nobody is perfect. We hope we put people in positions of power who know what they are doing; however, sometimes these people fail, and when they do millions suffer for their arrogance and their ignorance.  The financial meltdown of 2008 and the collapse of the housing bubble were avoidable disasters.”

Los Angeles Times - “Developer selectively signing up tenants for El Segundo mall” (11-5-14)

“An $80-million outdoor shopping and dining complex under construction in El Segundo has signed up nearly half of the tenants expected for the mall when it opens next summer.”

Housing Wire“Refinancing boosted by declining mortgage interest rates” (11-5-14)

“The decline in mortgage interest rates to a 17-month low in October provided a temporary boost to refinancing activity, says Capital Economics in a client note.”

Mortgage Professional America - “What are the most sought after jobs in real estate?” (11-5-14)

“The year is proving to be the single-family industry’s best ever for job postings, reaching levels not seen since the Cornell/SelectLeaders Job Barometer began tracking them in October 2006.”

 

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $530,000 on a 4 bedroom, 3 bathroom home appraised for $855,000.

Burbank Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The U.S. homeownership rate increased to 65.3% in the third quarter and was at its lowest level in 18 years.  In addition, home buyer shares also decreased by one percentage point to 39% despite homebuyer activity actually picking up after the re-opening of the government.  Several small lenders tried to open up their options for the secondary market by persuading Congress to allow smaller companies an equal chance to come into the industry.

 

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.

Capitol Economics Optimistic About Economic Recovery After Seeing Increase in Existing Home Sales

Tuesday, October 21st, 2014

Copyright: Image from www.pallspera.com

 

 

 



Today’s News Synopsis:

Existing home sales increased by 2.4% last month to a 5.17 million annual rate, leading organizations like Capital Economics to be optimistic about the economy improving.  The Mortgage Bankers Association is also optimistic mortgage originations will increase 7% in 2015.  A new QRM rule is in the final states of being completed by financial regulators.

In The News:

Mortgage Bankers Association - “MBA Sees Originations Increasing Seven Percent in 2015″ (10-21-14)

“The Mortgage Bankers Association announced today that it expects to see $1.19 trillion in mortgage originations during 2015, a seven percent increase from 2014.”

Bloomberg - “U.S. Agencies to Require CLO Managers to Retain 5% of Deals” (10-21-14)

“U.S. regulators will make investment firms or banks that create securities backed by high-risk corporate loans retain a portion of their new deals.”

DS News“Castro Outlines HUD’s ‘Blueprint for Access’” (10-21-14)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro announced in a speech on Monday the points of HUD’s “Blueprint for Access” meant to ease the risk of lenders while expanding credit.”

OC Housing News“Are the GSEs returning to subprime lending?” (10-21-14)

“Those of us who watched the housing bubble and bust and detailed it’s causes are greatly concerned about returning to the disastrous lending practices of the past.  Although some degree of credit loosening was inevitable, the last thing any of us should want to see is a return to irresponsible subprime lending, particularly now that the US Taxpayer is liable for all the losses.”

Housing Wire“Capital Economics: Recovery in home sales marches on” (10-21-14)

“The increase in existing home sales in September took sales activity to a 12-month high, and with falling mortgage interest rates and what some see as an improving labor market, Capital Economics is getting bullish on housing.”

Bloomberg - “FDIC Backs Rules Requiring Lenders to Keep Stakes in CLOs” (10-21-14)

“Lenders will have to keep stakes in mortgages and highly leveraged corporate bonds they package for sale to investors under measures approved by U.S. regulators to rein in risky credit practices.”

Housing Wire - “S&P/Experian: Mortgage default rates increase two months straight” (10-21-14)

“Consumer default rates recorded a slight uptick in September, rising for the second consecutive month, according to the most recent S&P/Experian Consumer Credit Default Indices.”

DS News“Financial Regulators Finalize QRM Rule” (10-21-14)

“Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The NAR reported existing-home sales decreased the previous month by 1.9% after reaching their highest level in August.  It was reported that one in five loans did not meet the requirements set down by CFPB regarding qualified mortgages.  The number of jumbo loans available in the Chicago area allowed more homeowners to move up in the market.

 

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.

Home Price Growth Strongest in Five Months in August Despite Being on Overall Decline

Tuesday, October 7th, 2014

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior.  Despite this, growth was actually the strongest it had been in five months.  RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.

 

In The News:

Housing Wire“CoreLogic: Home price growth continues downward trend” (10-7-14)

“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”

Bloomberg“Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)

“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”

Realty Trac“Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)

“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”

Housing Wire“Capital Economics: August price growth was strongest in five months” (10-7-14)

“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”

Mortgage Professional America“CFPB is doing a good job overall — government watchdog” (10-7-14)

“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General.  The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”

OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)

“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”

Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)

“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”

Realty Trac“Boston Foreclosures Bouncing Back” (10-7-14)

“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits.  The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement.  Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.

 

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.

Housing Market Recovery Declines This Past Month

Monday, September 29th, 2014

 

 

 

 



Today’s News Synopsis:

Consumer confidence increased this month by 2.5% to 77.5, its highest since the Recession.  August saw a decrease in pending home sales, leading NAR to predict existing home sales will decrease 3% for the whole year.  Freddie Mac reported progress in the housing market declined this past month with price recovery not being consistent and purchase applications struggling to progress.

In The News:

Housing Wire - “Capital Economics: Home price growth will slow to 4% annualized” (9-29-14)

“Loosening mortgage credit conditions, decent jobs gains and an eventual acceleration in wage growth will help home sales to rise over the next 12 months, according to Paul Diggle, property economist at Capital Economics.”

Bloomberg“Fannie Mae Shares Erase Gain for Year as Holders Sell” (9-29-14)

“Fannie Mae (FNMA) and Freddie Mac, which attracted investors such as hedge-fund manager Bill Ackman even as the mortgage giants hand over their profits to taxpayers, are tumbling again..”

DS News“Freddie Mac: Housing Market Regresses in July” (9-29-14)

“The housing market took a backward step toward shakier ground in July as the national price recovery continues to moderate and purchase applications fail to gain momentum.”

OC Housing News“What will the next housing bust be like?” (9-29-14)

“What lesson did lenders learn from the painful losses from the housing bust?  Did they learn they shouldn’t peddle toxic mortgages? Nope.  Did they learn they shouldn’t give loans to unqualified borrowers? Nope.  What they learned is that no matter how foolishly irresponsible their lending gets, they will get bailed out by government cash and federal reserve interest-rate policy, and they can avoid mortgage default losses by loan modification can-kicking until prices rebound.”

Housing Wire - “CFPB fines Flagstar $37.5 million for mortgage servicing violations” (9-29-14)

“The Consumer Financial Protection Bureau has fined Flagstar Bancorp (FBC) $37.5 million for violating the CFPB’s mortgage servicing rules, “by illegally blocking borrowers’ attempts to save their homes,” the CFPB said.”

Mortgage Professional America“Home buying becoming more and more affordable as rents rise” (9-29-14)

“Good news for the mortgage industry – with the cost of rent getting higher, buying a home is becoming the more affordable choice in many parts of the country.”

DS News - “September Consumer Confidence Rises to Highest Post-Recession Level” (9-29-14)

“Consumer confidence reached its highest level since the Great Recession in September, according to the Thomson Reuters and University of Michigan Surveys of Consumers.”

Housing Wire - “Pending Home Sales slowed in August” (9-29-14)

“Despite slowing in August, pending home sales are still running at the second-highest level in the past 12 months, according to the National Association of Realtors.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

 

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.

Ruling Over Risk Retention Nearing Completion

Thursday, September 11th, 2014

 

 

 

 

Today’s News Synopsis:

Freddie Mac reported mortgage rates have not shown much sign of increase with 30-year rates still at 4.12% and 15-year rates at 3.26%, only a .02% increase for both.  A ruling by financial regulators regarding risk retention has almost reached completion, a rule which once passed will reduce risk and tighten standards on mortgages.  According to the latest report from RealtyTrac, foreclosures increased on a monthly basis but decreased year-over-year.

In The News:

Housing Wire“Freddie Mac: Mortgage rates continue to remain low” (9-11-14)

“Mortgage rates continue to barely move, slightly edging higher for the week ended Sept. 11. Rates remain low, according to the Freddie Mac Primary Mortgage Market Survey.”

DS News - “Risk Retention Rule Nearing Completion” (9-11-14)

“Financial regulators said Tuesday they hope to finish their work on a rule aimed at tightening mortgage standards and reducing risk by the end of this year.”

OC Housing News“High prices hurting new home sales” (9-11-14)

“In June I reported new and resale home sales slumped in the prime selling season this year. In July I reported the June new home sales numbers plummeted from June’s poor showing. Part of the reason for weak sales is ongoing weakness in the economy, and part of the reason is that new home prices are just too high.”

Los Angeles Times“Mortgage demand slows despite low rates, but credit card use soars” (9-11-14)

“With mortgage rates at record lows for the year, you might figure that demand for home loans would be high — but at this point Americans seem more interested in loading up their credit cards..”

Housing Wire“Improved monthly Case-Shiller shows housing recovery weaker than thought” (9-11-14)

“The new Case-Shiller house price index is a substantial improvement on its predecessors because it offers a monthly read, and that monthly read shows that housing prices have actually been dropping, rather than just slowing in gains, according to Capital Economics.”

DS News“Report: Foreclosure Filings Rise Monthly, But Fall Annually” (9-11-14)

“The number of foreclosure filings in the nation has increased month-over-month but declined year-over-year, according to RealtyTrac’s monthly U.S. Foreclosure Market Report for August 2014 released today.”

Los Angeles Times - “Riverside County development to test vigor of area’s housing recovery” (9-11-14)

“After stalling amid the housing bust, a 1,400-home development in Riverside County is coming back to life.”

Mortgage Bankers Association - “Applications for New Home Purchases Decreased in August” (9-11-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2014 shows mortgage applications for new home purchases decreased by 9 percent relative to the previous month.  This change does not include any adjustment for typical seasonal patterns.”

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

Richmond, California agreed to form a joint powers of authority in order to use eminent domain to seize underwater properties.  JP Morgan cut back on strict lending standards in markets where prices were increasing and the economy was booming.  Residential mortgage-backed securitizations continued to increase and reached almost $20 billion.

September 11

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

The Norris Group Real Estate News Roundup 2/21/14

Friday, February 21st, 2014

Sources:

Zillow Marks Upward Trend in Mortgage Rates
New home sales see big jump

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Existing home sales decreased last month and are now at their lowest in a year and a half.  Fannie Mae reported a quarterly profit of $6.6 billion, marking their eight quarter in a row to show signs of profit.

In The News:

Bloomberg - “Gains in Farmland Values Stall, ending Five-Year Boom” (2-21-14)

“Existing-home sales tumbled in January to the lowest level in a year and a half as inventory shortages push home prices higher, the latest data from the National Association of Realtors announced.”

Housing Wire - “Existing home sales hit lowest level in year and a half” (2-21-14)

“Existing-home sales tumbled in January to the lowest level in a year and a half as inventory shortages push home prices higher, the latest data from the National Association of Realtors announced.”

DS News“Fannie Mae Dividend Payments to Exceed Treasury Draws” (2-21-14)

“Fannie Mae released its Comprehensive Income Statement for the fourth quarter of 2013, noting a quarterly comprehensive income of $6.6 billion. It was the eighth consecutive quarterly profit for the government-sponsored enterprise (GSE).”

Mortgage Professional America - “Could originators see more business this spring?” (2-21-14)

“Mortgage brokers may see more business this spring, as Zillow is predicting a buyer’s market due to higher inventory and slower price appreciation.”

DS News - “Delinquency Rates Drop to Lowest Since 2008″ (2-21-14)

“The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008.”

Housing Wire - “The weather is improving but housing conditions are not – here’s why” (2-21-14)

“Housing, by nature, is more susceptible to weather distortion than activity in other parts of the economy, a recent report from Capital Economics said.”

Bloomberg“Wall Street Landlords Buy Bad Loans for Cheaper Homes” (2-21-14)

“Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.”

 

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 2 bedroom, 1 bathroom home appraised for $224,000.

Redlands Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

The National Association of Realtors reported existing home sales increased 0.4% the previous month to 4.92 million.  Meanwhile, Goldman Sachs expected home sales to increase and continue to increase over the next four years.  30-year mortgage rates increased to 3.56%, the highest they had been in 7 months.  Zillow reported almost 2 million homeowners were brought out of negative equity the previous 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.

The Norris Group Real Estate News Roundup 10/22/13

Tuesday, October 22nd, 2013

Today’s News Synopsis:

The unemployment rate decreased to 7.2% and is now at its lowest level since November 2008.  Spending on construction increased in August for the fifth month in a row by 0.6%.  The Federal deficit is now at $22B with the recent FHA bailout.


In The News:

Housing Wire- “FHA bailout pushes federal deficit to $22B” (10-22-13)

“With the Federal Housing Administration drawing $1.7 billion from the Treasury into its Mutual Mortgage Insurance fund for the first time in FHA history, the balance of the fund ended up costing the federal government a hefty sum.”

DS News“Analysts: Rising Rates Contributing to Housing’s Slowdown” (10-22-13)

“While maintaining that tight credit conditions and rapid price gains present the greatest threats to the housing recovery, Capital Economics is ready to acknowledge that rising mortgage rates may provide more drag than the firm’s analysts first thought.”

Bloomberg- “Construction Spending in U.S. Increases for Fifth Straight Month” (10-22-13)

“Construction spending in the U.S. rose in August for a fifth consecutive month, propelled by the strongest outlays on homebuilding in five years.”

Housing Wire“LPS earnings plummet as default servicing landscape shifts” (10-22-13)

Lender Processing Services (LPS), known for providing data, analytics and services to the mortgage industry, felt the sting of a 40% drop in earnings-per-share in the third quarter as the company adjusted to a decline in overall transactions within the origination and default services segments.”

CNN Money“Unemployment falls but hiring slows” (10-22-13)

“The unemployment rate fell to its lowest level since November 2008, but the government’s latest jobs report still shows a muddled picture of the economy. ”

DS News- “Report: New Rules Not Expected to Interfere with Fair Lending” (10-22-13)

“Five federal agencies issued Tuesday a statement assuring creditors that they do not run the risk of being found in violation of fair lending laws should they choose to only originate “qualified mortgages” (QM) as defined earlier in the year.”

Mortgage Professional America“Shutdown could have lingering effect on home sales” (10-22-13)

“Existing home sales have backed off since hitting near-four year highs in August, and the recent government shutdown could hamper sales even further”

Realty Trac“Fed Options Hobbled By Tough Jobs Market & Falling Income” (10-22-13)

“Home prices during the past year have risen significantly but can prices continue to increase? More and more the answer has a lot to do with employment levels and income as opposed to bricks and mortar.”

Hard Money Loan Closed

Norco, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $370,000 on a 4 bedroom, 3 bathroom home appraised for $535,000.

 

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013.

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.

Bruce Norris will be speaking at the Anaheim REI Expo on Sunday, November 3, 2013.

Looking Back:

September saw in an increase in mortgage delinquencies according to a report from the Lender Processing Services.  The rate, originally at 7.4%, was at 7.72%.  The number of bank failures was at 46 with the closure of three more banks in Tennessee, Minnesota, Arkansas.  In order to help JP Morgan with their mortgage margins and to keep taxpayers safe, Fannie Mae and Ginnie Mae limited the number of loans they are purchasing from firms.

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

The Norris Group Real Estate News Roundup 6/27/13

Thursday, June 27th, 2013


Today’s News Synopsis:

Unemployment claims decreased again this past week by 9,000 to 346,000 according to the latest Labor Department report.  Mortgage rates increased again to their highest level since July 2011 with 30-year rates now at 4.46% and 15-year rates now at 3.5%.  Pending home sales increased 6.7% and now stand at their highest since December 2006 at 112.3.

In The News:

DS News - “First-Time and Continuing Jobless Claims Drop” (6-27-13)

“First-time claims for unemployment insurance dropped 9,000 to 346,000 for week ending June 22, the Labor Department reported Thursday.”

Bloomberg - “Mortgage Rates in U.S. Jump to Highest Since July 2011″ (6-27-13)

“Mortgage rates for 30-year U.S. loans surged to the highest level in almost two years, increasing borrowing costs at a time when the housing market is strengthening and prices are jumping.”

Housing Wire“Agency mREITs reliance on repo funding may impact MBS” (6-27-13)

“Agency mortgage real estate investment trusts and other leveraged investors may face pressures to liquidate some of their mortgage-backed securities holdings, given the reliance on repo funding, analysts claim.”

Realty Times - “Report Deflates Bubble Talk With Subdued Housing Forecast” (6-27-13)

“Tempering bubble talk with more pragmatic foresight, Capital Economics says the housing market is due for a bit of a reality check, even as the recovery continues.”

DS News - “Calendar Boosts May Incomes; Spending Increases” (6-27-13)

“With a boost from the calendar, personal income rose 0.5 percent in May—faster than economists had forecast—while personal consumption went up an unsurprising 0.3 percent the Bureau of Economic Analysis (BEA) reported Thursday.”

Inman“Silicon Valley property tax rolls at record high” (6-27-13)

“Homes and other property in California’s Silicon Valley have never been worth more, according to the Santa Clara County Assessor, which is about to send out letters to 478,000 property owners who can expect to see their assessments go up by an average of 8.35 percent.”

Bloomberg“Pending Sales of Previously Owned U.S. Homes Jumped 6.7%” (6-27-13)

“More Americans signed contracts in May to buy previously owned homes than at any time in more than six years, a sign of bigger progress in the industry.”

CNN Money - “International House Hunters Stay Active in U.S. Market” (6-27-13)

“Think the Federal Reserve is sure to start tapering back on QE3 this year? Think again.  Fed officials are out in full force trying to calm markets. On Thursday alone, three officials each said the Fed’s controversial stimulus program could continue at full blast if the job market doesn’t keep improving.”

Hard Money Loan Closed

Pomona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 2 bedroom, 1 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Looking Back:

The Mortgage Bankers Association reported a 7.1% decrease in mortgage applications from the previous week.  Pending home sales increased 5.9% the previous month according to the National Association of Realtors.  A new bill was passed by the New Jersey State Senate that would allow towns to rent out or resell former foreclosure properties they purchased off the market.

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

The Norris Group Real Estate News Roundup 6/14/13

Friday, June 14th, 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.  Zillow reported housing inventory has shown positive signs this year alone despite having decreased year-over-year.  The west saw a decrease in foreclosure sales this month.

In The News:

Housing Wire - “Zillow: Housing inventory turnaround begins” (6-14-13)

“Although year-over-year, housing inventory was down in June, it has improved since the beginning of the year as the spring selling season brought with it an increased inventory, according to Zillow.”

DS News“Report: Mortgage Rates Too Low to Add Serious Threat to Recovery” (6-14-13)

“The recent rise in mortgage rates is not enough to pose any real threat to the housing recovery, but that’s not to say the increase doesn’t come with any risk, according to a recent analysis from Capital Economics.”

Inman“Demand for architects recovers along with housing market” (6-14-13)

“Apparently feeding on a stream of new buyers, architects are reporting that business is better than it’s been in eight years, with demand for their services in designing move-up homes, custom or luxury homes, and starter homes sharply increasing in the first quarter of 2013, the American Institute of Architects’ first-quarter 2013 Home Design Trends Survey suggests.”

Housing Wire - “Ocwen enters massive MSR agreement with OneWest Bank” (6-14-13)

“Ocwen Loan Servicing entered into a mortgage servicing rights purchase and sale agreement with OneWest Bank.”

DS News - “Fannie Mae: Economy on Path to Normal Growth” (6-14-13)

“While fiscal headwinds have held back economic growth for the first half of 2013, Fannie Mae’s Economic & Strategic Research Group maintains in its newest Economic and Housing Outlook that the recovery should pick up the pace as it heads into the year’s second half.”

Housing Wire - “Agency MBS hit bumps due to Fed tapering” (6-14-13)

“May witnessed heightened volatility, scattered demand and an overall move to higher yields and lower prices amidst a backdrop of Federal Reserve tapering uncertainties, analysts claim.”

DS News - “Foreclosure Sales in West Down in May; Likely to Increase in June” (6-14-13)

“Foreclosure sales decreased in all five Western states tracked by PropertyRadar —Arizona, California, Nevada, Oregon, and Washington—over the month of May.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $123,000 on a 6 bedroom, 2 bathroom home appraised for $180,000.

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Looking Back:

Unemployment insurance claims increased to 386,000 for the week ended June 9.  Shadow inventory was at its lowest level since 2008 according to CoreLogic.  New York Attorney General Eric Schneiderman introduced a bill that would punish foreclosure fraud more harshly.  Foreclosures decreased 4% from the previous month, although despite this the Inland Empire showed the highest rate of foreclosures.

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

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.