California Real Estate Headline Roundup

Posts Tagged ‘Capital Economics’

By Bruce Norris .

New Minimum Requirements for Appraisal Agencies Just Issued by Six Finance Agencies

Friday, May 1st, 2015

 

 

 

Sources:

Delinquencies hit lowest rate in years
Homeownership Down Below ’90s Levels; Vacancy Rate Little Changed

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Refinance activity increased in the first quarter with the decrease in mortgage rates.  With the recent issuing of a new rule by six federal finance agencies, appraisal companies will now be required to provide a regulatory structure within three years.  Standard & Poor’s recently released new data showing the number of millennials purchasing homes is decreasing.

 

In The News:

DS News - “Government Agencies Issue Minimum Requirements for State-Run Appraisal Companies” (4-24-15)

“Six federal financial regulatory agencies Thursday issued minimum requirements for state registration and supervision of entities that provide appraisal management services to lenders, underwriters, and other principals in the secondary mortgage market.”

Mortgage Professional America - “When Will Millennials Start Buying Homes?” (5-1-15)

“Millennials still aren’t buying homes in large numbers – and the numbers are actually declining, according to a study by Standard & Poor’s.”

Housing Wire - “Student debt is not roadblock to homebuying…yet” (5-1-15)

“Excessive levels of student debt repayments are not acting as a roadblock to housing for first-time homeowners, at least not yet.  According to a new report on student debt and housing from Capital Economics, while many believe that America’s outrageously growing amount of student debt is holding millennials back from buying a home, calculations suggest that they are wrong.”

Mortgage Professional America - “Report: Fannie, Freddie would still need bailout in new recession” (5-1-15)

“Fannie Mae and Freddie Mac may have paid the government back for propping them during the financial crisis, but a recent stress test shows the mortgage finance giants would still need a bailout in the event of another meltdown.”

Housing Wire“Texas housing inventory is at all-time low” (5-1-15)

“If you want to buy a house in Texas, you might be left wanting, because housing inventory in the Lone Star state just hit an all-time low, according to a new report from the Texas Association of Realtors.”

DS News - “HUD Rescinds Rule for Foreclosure on HECM Surviving Non-Borrowing Spouses” (5-1-15)

“The U.S. Department of Housing and Urban Development (HUD) has issued a memo announcing the rescinding of a mortgagee letter written in January that would have allowed reverse mortgage lenders the option of delaying foreclosure proceedings on surviving non-borrowing spouses.”

Mortgage Professional America - “Low Rates Boost Refis” (5-1-15)

“Lower mortgage rates led to a boost in refinance activity in the first quarter, according to data released Thursday by Freddie Mac.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Spending on residential construction projects increased 16% in the first quarter, up to $75.73 billion from $65.29 billion year-over-year.  Mortgage rates decreased again in the past week with 30-year rates  at 4.29% from 4.33% and 15-year rates at 3.38%, down from 3.39%.  The Federal Housing Finance Administration was preparing for the worst with Fannie Mae and Freddie Mac if the economy severely declined, expecting taxpayers may need to pay a total of $190 billion

Copyright: Image from www.flickr.com/photos/thomashawk/

 

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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Increase in Non-Revolving Debt Leads to More Consumers Borrowing Money

Tuesday, April 7th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported the amount of mortgage credit that is available increased last month by 2.3% to 12.  In addition, consumer credit or the amount of money borrowed by consumers, increased in February with the increase in non-revolving debt.  CoreLogic reported the increase in home prices was slower month-over-month in February but increased greatly for the whole year at 5.6%.

 

In The News:

Bloomberg“Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt” (4-7-15)

“Consumer borrowing in the U.S. increased in February as the value of non-revolving debt climbed by the most since July 2011.  The $15.5 billion advance in household credit followed a $10.8 billion gain in January that was smaller than initially reported, Federal Reserve figures showed Tuesday in Washington.”

DS News - “Fannie Mae: Slow Wage Growth Stalls Consumer Housing Sentiment” (4-7-15)

“The optimism expressed by consumers toward the economy and the housing market at the beginning of the year has stalled as consumers’ attitudes toward personal finances and wage growth have taken a step backward, according to Fannie Mae’s March 2015 Housing Survey released Tuesday.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in March” (4-7-15)

“Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Housing Wire - “Second look: Home price surge unlikely to last” (4-7-15)

“CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February.  While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.”

DS News“Foreclosure Starts Leveling Off After Spiking to Start 2015″ (4-7-15)

“Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services’February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.”

Mortgage Professional America - “The strongest and weakest housing markets of 2015″ (4-7-15)

“While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.”

Realty Trac“Will Easier Credit Unleash Real Estate Sales?” (4-7-15)

“If there has ever been a time for a real estate home run this is about as good as it gets. Interest rates are near historic lows, home values have yet to return to their 2007 peak and the population has grown by nearly 20 million people in the past eight years.”

Bloomberg“U.S. Stocks Advance Amid Corporate Deals, Interest Rate Bets” (4-7-15)

“U.S. stocks fell, after two days of gains, amid declines in consumer and utility shares before the release of Federal Reserve meeting minutes Wednesday.  Equities in the final hour erased gains after the Standard & Poor’s 500 Index climbed as much as 0.4 percent amid corporate deals.”

Mortgage Professional America - “4 million: The number of mortgages that never happened” (4-7-15)

“Researchers at the Urban Institute (UI) claim that 4 million more loans would have been made between 2009 and 2013 if lenders had used the same credit standards as were used in 2001.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

More and more consumers were having a positive outlook on the market right and believed it was a good time to buy.  Citigroup reached a settlement with 18 institutional investors and agreed to pay $1.125 billion.  A bill was passed by the Senate on this day to extend jobless benefits through the end of May for over 2 million unemployed workers.

 

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.

Copyright: Image from www.flickr.com/photos/manoftaste-de/

 

 

Homeowner Expectations Exceed Appraisers’ Regarding Home Values

Tuesday, March 10th, 2015

 

 

Today’s News Synopsis:

Foreclosures declined by 33.2% in January according to the latest CoreLogic Foreclosure Report.  Home prices increased that same month by 1.4%, although this increase is not expected to last.  The opinions of appraisers regarding the value of homes was lower than homeowner expectations by 0.13%.

In The News:

DS News“Foreclosure Inventory Drops By One-Third Year-Over-Year” (3-10-15)

“The nation’s foreclosure inventory and number of completed foreclosures continued their steady downward spiral in January, according to CoreLogic’s January 2015 National Foreclosure Report released on Tuesday.”

Mortgage Professional America - “WalletHub: FHA premiums costs borrowers as much as $12,000 in 2014″ (3-10-15)

“Private mortgage insurance was hard to come by in the years following the housing market collapse, as the companies that offer it incurred significant losses, with several even going bankrupt.  Federal Housing Administration’s (FHA) loans became the primary option for low-down-payment consumers, and its volume grew by more than 355% from 2007 to 2009.”

Housing Wire“January’s home price growth surge may be temporary” (3-10-15)

“The CoreLogic (CLGX) measure of house prices surged by a seasonally adjusted 1.4% month-over-month in January, the largest monthly gain in almost two years, however, Capital Economics thinks this surge will be short term.”

Realty Trac - “Millennials: One Generation in a Million” (3-10-15)

“The last time an age group could legitimately be named ‘Millennials’ was 1000 AD and innovation around the globe had given that younger generation longbows (Wales), bars of soap (Arabia), toothpaste (China), and something essential to life support for today’s Millennials, pizza.”

Mortgage Professional America“Daily Market Update: Record number of consumers believe it’s easy to get a mortgage” (3-10-15)

“More consumers believe it is easy to get a mortgage now than ever before according to the Fannie Mae National Housing Survey. The February edition of the report shows that a record high of 54% of those polled say it would be easy to get a mortgage while a record low of 43% think it would be difficult.”

DS News - “MCS: Challenges of Servicing FHA Mortgages Are ‘Real, But Not Insurmountable’” (3-10-15)

“In the February 2015 Mortgage Industry Outlook Report released last month by the Collingwood Group and the Five Star Institute, 39 percent of survey respondents who service Federal Housing Administration (FHA) mortgages said that the biggest challenge in servicing those loans was fulfilling the Agency’s property preservation requirements.”

Housing Wire“Appraiser opinions fall below homeowers for 1st time in 18 months” (3-10-15)

“Appraisers valued homes 0.13% lower than homeowners estimated in February, according to the Quicken Loans national Home Price Perception Index.  This is the first time appraiser opinions fell below homeowner estimates since August 2013.”

 

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

 

Looking Back:

With the recovering housing market, Fannie Mae and Freddie Mac had been showing progress and could profit by as much as $179.2 billion over the next ten years.  Home sizes increased substantially over the last few years as the economy recovered and more Americans were wanting larger homes.  The housing scorecard for February was released the previous week by HUD and the Treasury, showing and increase in home sales, decrease in foreclosures, and stability in home prices.

 

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.

Copyright: Image from www.flickr.com/photos/thomashawk/

 


 

Existing and New Home Sales Decrease Significantly in November

Tuesday, January 13th, 2015

 

 

Today’s News Synopsis:

Lenders expect to see growth this year for both commercial and multifamily lending.  Values of homes decreased again last month; however, the gap between the home-value opinions for homeowners and appraisers was wider.  Home sales for both existing and new homes decreased significantly in November, leading to weak home sales at the start of the year.

In The News:

Los Angeles Times“California seeking to suspend Ocwen Financial’s mortgage license” (1-12-14)

“The state is seeking to suspend the mortgage license of Ocwen Financial Corp., saying the payment collection firm has failed to turn over documentation showing that it complies with California laws protecting homeowners.”

Housing Wire - “Quicken Loans: Home values moved lower in December” (1-13-14)

“The gap between home-value opinions of homeowners and appraisers is continuing to narrow, with appraisers’ opinions of home values 1.43% higher than homeowners’, when viewing the national composite, according to Quicken Loans.”

DS News“Lawmaker Urges CFPB to Abandon Office Renovation Plans” (1-13-14)

“Keeping in line with Republicans’ promises of more scrutiny of the Consumer Financial Protection Bureau (CFPB), U.S. Representative Jeb Hensarling (R-Texas) has written a letter urging the CFPB to abandon plans to renovate its office building in favor of more cost-effective alternatives.”

Bloomberg - “Wages Will Rise This Year Toward Yellen’s View of Normal” (1-13-14)

“The bigger wage gains that have so far eluded American workers probably will begin to materialize this year as the job market tightens, according to economists polled by Bloomberg.”

Mortgage Bankers Association“Commercial Mortgage Lenders Anticipate Growth in 2015″ (1-13-14)

“Commercial and multifamily mortgage lending is expected to increase in 2015, as lenders’ appetites to place new loans remains very strong and borrowers’ appetites to borrow increase, according to a new Mortgage Bankers Association survey of the top commercial and multifamily mortgage origination firms.”

Housing Wire - “Housing sales weak heading into 2015″ (1-13-14)

“The sharp decline in new and existing home sales in November is not a sign that the housing recovery is coming off the rails, but it is troubling, according to a client note from Capital Economics.”

Bloomberg“Homeowners Win U.S. High Court Clash on Cancelling Mortgages” (1-13-14)

“The U.S. Supreme Court gave homeowners more ability to cancel their mortgages if lenders don’t provide the required disclosures, in a setback for the banking industry.  The dispute centered on the three-year deadline for borrowers seeking to rescind their mortgages. The justices today said unanimously that borrowers don’t have to file suit within three years and instead can meet the deadline by sending a letter to lenders.”

DS News- “Castro: It’s Time to ‘Remove the Stigma’ Promoting Homeownership” (1-13-14)

“Secretary for the U.S. Department of Housing and Urban Development (HUD) Julián Castro told the audience at the National Press Club Tuesday afternoon that it was time for the nation to “remove the stigma” promoting homeownership.”

 

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Looking Back:

Bank stocks were not expected to meet expectations with the current status of the mortgage market and weak loan increases.  The new HAMP report was just released by the Treasury showing that 23,000 permanent loan modifications were completed in November.  The outlook on the economy was becoming more and more positive, but the question of it lasting still remained.

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.

Copyright: Image from www.flickr.com/photos/imuttoo/

Home Values Expected to be $27.5 Trillion by End of Year

Monday, December 22nd, 2014

 

 

 

Today’s News Synopsis:

The latest foreclosure report showed Fannie Mae and Freddie Mac have completed 3.3 million foreclosures since 2008.  Home values are expected to total around $27.5 trillion by the end of this year.  A decrease in existing home sales has lead to an imbalanced recovery for the market.

In The News:

DS News“Report: GSEs have Completed 3.3 Million Foreclosure Prevention Actions Since ’08″ (12-22-14)

“Fannie Mae and Freddie Mac have completed approximately 3.3 million foreclosure prevention actions in the last six years, according to the Federal Housing Finance Agency (FHFA)’s Q3 Foreclosure Prevention Report released Monday.”

Housing Wire“Lack of millennial homebuyers drags on housing” (12-22-14)

“While the percentage of residential markets expected to increase in value over the next 12 months has remained steady, dipping slightly to 82% from last quarter’s 83%, the decreasing number of first-time homebuyers is influencing market softening.”

Mortgage Professional America“Ocwen chairman resigns, company to admit misconduct” (12-22-14)

“William Erbey, 65, the billionaire who built the Ocwen Financial Corp. companies, is stepping down. The executive chairman of the troubled firm has agreed to resign, and the company will pay $150 million toward homeowner aid as part of an agreement with the New York Department of Financial Services.”

Housing Wire“FHFA issues warning on “super priority” liens” (12-22-14)

“The Federal Housing Finance Agency has issued a warning to homeowners, financial institutions and state authorities, citing its concern with super-priority liens created by either energy retrofit programs or homeowner association priority status.”

Bloomberg- “Housing in Uneven Recovery as Existing Home Sales Drop: Economy” (12-22-14)

“Sales of previously owned U.S. homes slumped in November from a one-year high, underscoring the uneven nature of the current recovery in residential real estate that’s been one of its defining characteristics.”

Mortgage Professional America“$27.5 trillion: The total value of all U.S. homes” (12-22-14)

“The aggregate value of all homes nationwide is expected to be approximately $27.5 trillion by the end of the year, up more than $1.7 trillion (6.7%) year-over-year.”

Housing Wire - “Home-price growth will stabilize around 4% through 2015″ (12-22-14)

“House prices have regained fresh upward momentum in recent months, which looks set to be extended into the early part of 2015, but price gains will likely stabilize around 4%, according to a client note from Capital Economics.”

DS News“Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month” (12-22-14)

“November marked another month of expansion for Freddie Mac’s mortgage portfolio, which grew again as new business ticked up.  According to Freddie Mac’s monthly volume summary, released Monday, the company’s total portfolio ended November at an estimated $1.9 trillion, up an annualized 0.4 percent.”

 

Hard Money Loan Closed

Riverside, 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 $197,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

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.

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

Refinancing Volume Continues to Increase as Demand for HARP Program Decreases

Monday, December 1st, 2014

 

 

 

Today’s News Synopsis:

With fewer people wanting to keep the HARP program and mortgage interest continuing to stay low, refinance volume continues to to increase.  Private debt is also continuing to increase, which in turn is preventing the housing market from continuing to improve.  At the same time, more people are demanding home renovation as home values continue to increase and housing inventory continues to age.

In The News:

Los Angeles Times - “Apps, sites aim to transform apartment rental listings” (11-30-14)

“For a long time, hunting for an apartment has meant wading through cryptic yard signs, inscrutable classifieds and frustrating games of phone tag.  That’s finally changing.”

Mortgage Professional America“Major bank sued over biased lending practices” (12-1-14)

“A Midwest county has filed a lawsuit against Wells Fargo, accusing the bank of predatory and discriminatory lending practices towards black, Hispanic and female borrowers in the Chicago area, according to Reuters.”

Housing Wire“Will rising interest rates choke off housing recovery?” (12-1-14)

“Despite expected rises in interest rates and home prices over the next two years, housing will be affordable and, if Capital Economics is right, a little undervalued.”

DS News“Refi Volume Rising While HARP Numbers Keep Falling” (12-1-14)

“Low mortgage interest rates helped elevate refinance volumes throughout the third quarter as demand for the government’s relief refinance program continued to diminish.”

Mortgage Professional America“Renovation Loans, Aging inventory, rising home values fuel home renovation demand” (12-1-14)

“With an aging housing inventory and home values continuing to rise, borrowers can save money and build instant equity by purchasing a fixer-upper with a 203K, or opting for a HomeStyle mortgage.”

OC Housing News“Wave of HELOC resets to cause 400% increase in delinquency” (12-1-14)

“The housing market bottom of 2012 was engineered by policy at the major banks. Millions of borrowers stopped making payments, and rather than foreclose on them, lenders decided to modify loans and get whatever payments they could from borrowers and wait until house prices recovered.”

Housing Wire“Starwood Waypoint becomes latest to offer single-family rental bond” (12-1-14)

“There’s a new player in the single-family rental bond game.  Starwood Waypoint Residential Trust (SWAY), which was spun off of Starwood Property Trust (STWD) in January as a real estate investment trust, is prepping its first securitzation based on income-producing single-family rental homes.”

Realty Trac“Rising Private Debt Holds Back Housing Market” (12-1-14)

“The U.S. housing market is being held back by rising private debt crisis.  As of September 2014, American consumers owe $11.71 trillion in private debt, up 0.7 percent from the second quarter of 2014, an increase of $78 billion, according to the Federal Reserve Bank in New York.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

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.

Copyright: Image from www.flickr.com/photos/11942730524

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.