California Real Estate Investing News

Posts Tagged ‘Capital Economics’

Vacancies for U.S. Apartments Showing Signs of Increase

Wednesday, January 6th, 2016

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a total decrease of 27% for mortgage applications over the last two weeks.  At the same time, vacancies for apartments in the U.S. are continuing to show signs of increase.  In their latest settlement, JPMorgan has agreed to pay $48 million to cover costs of robosigning.

 

In The News:

Bloomberg – “U.S. Apartment Vacancies Climb as New Buildings Crowd the Market” (1-5-16)

“U.S. apartment vacancies rose in the fourth quarter as a construction surge in pricier urban locations overshadowed rising demand for older properties in the suburbs, Reis Inc. said.”

Mortgage Professional America – “Morning Briefing: Home prices unlikely to see widespread decline says mortgage insurer” (1-6-16)

“Home prices across America are unlikely to decline according to analysis from mortgage insurer Arch Mortgage Insurance Company.”

Realty Trac – “Will FHA Mortgages Become Cheaper in 2016?” (1-6-16)

“There’s a growing sense in Washington that the smartest people in finance are nestled together in the warm, cozy offices of the Federal Housing Administration (FHA). It’s difficult to name another federal program which has done so well during the past year, so naturally it’s fair to wonder what they will do in 2016. One possibility is a new and big FHA discount.”

DS News – “What Will it Take to Get Private Capital Back into Jumbo RMBS in 2016?” (1-6-16)

“The issuance of jumbo residential mortgage-backed securities has been slow—and the outlook for jumbo RMBS issuance for 2016 doesn’t look good, according to the January 2016 RMBS Research Report issued by Morningstar Credit Ratings this week.”

Housing Wire – “Proof of the housing market can survive a Fed interest rate hike” (1-6-16)

“Although mortgage applications significantly tumbled this week, the Federal Reserve’s recent interest rate hike is not to blame, according to a new report from Capital Economics.”

Mortgage Professional America – “TRID impacting fulfillment centers” (1-6-16)

“More originators rely on them to help facilitate deals following increased disclosure requirements; so much so that it’s creating delays, according to one professional.”

Mortgage Bankers Association“Mortgage Applications Decreased Over Two Week Period in Latest MBA Weekly Survey” (1-6-16)

“Mortgage applications decreased 27 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 1, 2016.”

DS News – “Safeguard Properties Receives Partnership Award from Code Enforcement Agency” (1-6-16)

“Safeguard Properties, the largest mortgage field services company in the United States, received the inaugural public-private partnership award from the American Association of Code Enforcement (AACE) at the AACE’s conference in Florida late last year.”

Mortgage Professional America – “JPMorgan pays $48 million for robosigning faults in OCC deal” (1-6-16)

“The largest U.S. bank by assets will be fined for failing to meet terms of a 2013 accord over mortgage-servicing flaws, the agency said in a statement Tuesday.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/jeremybrooks

 

Looking Back:

President Obama spoke in Phoenix to follow up his state of the Union address regarding housing and the GSEs.  CoreLogic reported home prices increased 5.5% the previous November and were continuing to fluctuate.  Growth for rent also increased 4.7% and was at levels not seen since 2011.

 

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.

Yields by the Treasury at their Highest in Five Years

Friday, December 18th, 2015

Sources:

November home sales and price report
Builder Confidence Edges Down One Point in December

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  Several major banks passed the test regarding servicing rule in conjunction with the National Mortgage Settlement.  Yields by the Treasury are at their highest in five years.  Shortages in inventory are expected to continue into and have an affect on the market into next year.

 

In The News:

Housing Wire – “These are the top and bottom 10 housing markets right now” (12-18-15)

“‘Our top ten have been fairly consistent, as limited supply and low interest rates continue to push these markets. This list will change if we see an increase in interest rates early in 2016,’ said Tom O’Grady, CEO of Pro Teck Valuation Services.”

Mortgage Professional America – “Morning Briefing: Buyers want to buy but worry about economy” (12-18-15)

“Buying a home is still very much part of the American Dream but concerns over the economy are preventing some from doing so.”

DS News“The Morning After: What’s Next Now that the Fed Raised Rates?” (12-18-15)

“The Federal Reserve made a bold move yesterday, which most of the mortgage predicted would happen before 2015 comes to a close. The federal funds target rate was raised by a quarter of a percentage point up to 1/4 to 1/2 from its near-zero level where it has been since 2006.”

Housing Wire – “BofA, Chase, Citi, Ditech, SunTrust, Wells Fargo pass servicing compliance tests” (12-18-15)

“Nearly all of the mortgage servicers that are subject to the terms of the National Mortgage Settlement achieved complete compliance with the NMS’s servicing rules in the first half of 2015, according to a new report from Joseph Smith, the Monitor of the National Mortgage Settlement.”

Mortgage Professional America – “Treasury two-year yields reach highest since 2010 on Fed boost” (12-18-15)

“Yields rose across maturities after Fed officials lifted borrowing costs by 0.25 percentage point. Policy makers signaled a gradual approach to additional rate increases amid tame U.S. inflation.”

Mortgage Bankers Association – “MBA Announces Promotion of Tamara King to Vice President of Residential Policy and Member Engagement” (12-18-15)

“Today, the Mortgage Bankers Association (MBA) announced the promotion of Tamara King to the position of Vice President of Residential Policy and Member Engagement, effective January 1, 2016.”

Housing Wire – “Inventory shortages will continue to dent housing well into 2016” (12-18-15)

“This low housing inventory environment is not projected to go away any time soon, according to the latest report from Capital Economics.  “A lack of housing inventory continues to drive developments in the market. As demand has slowly recovered, low inventory levels have weighed on home sales and put upwards pressure on house price,” the report said.”

Mortgage Professional America – “Is refinance business dying?” (12-18-15)

“Now that the record-low rate era has come to an end, so too has the refi era, according to one veteran originator.”

DS News“Here’s Why the Nation’s Housing Policy Must Grow Beyond Traditional Homeownership” (12-18-15)

“The higher demand for single-family rental properties, primarily due to low vacancy rates, has put upward pressure on rents. In turn, rising rents have prevented many would-be first-time homebuyers from entering the housing market. The national homeownership rate fell to a 48-year low in the summer of 2015 to 63.6 percent.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

 

 

Looking Back:

Mortgage rates decreased again according to Freddie Mac with 30-year rates being at 3.8% and 15-year rates at 3.09%.  The HUD program was facing delays again after Secretary Julian Castro said funding towards the program was holding people back from owning homes.  Insurance policies totaling $155 million were taken care of by Freddie Mac in order to help decrease liability for taxpayers.

 

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 home prices seems to be a hot topic for policy debates

Friday, October 2nd, 2015

 

 

Sources:

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  Debt for multifamily mortgages increased again in the second quarter and is now above $1 trillion.  Capital Economics reported tighter inventory, which they believe should help conditions in the market.  The increase in home prices seems to be a hot topic for policy debates.

 

In The News:

Bloomberg – “Home Price Rebound Creeps Into Policy Debate of Bubble-Wary Fed” (10-1-15)

“Real-estate broker Warren Teller watched as the housing market in Richmond, Virginia, slowed dramatically eight years ago. Today, he’s witnessing a reversal.”

Housing Wire – “Multifamily mortgage debt tops $1 trillion in 2Q” (10-2-15)

“During the second quarter of 2015, the amount of multifamily mortgage debt outstanding topped $1 trillion for the first time, according to the Mortgage Bankers Association”

DS News – “Will September’s Weak Jobs Report Slow Down Housing Growth?” (10-2-15)

“The lower-than-expected labor market gains for September brought the average monthly job growth for the year down below 200,000, which could possibly slow down the heretofore robust activity for the housing industry so far in 2015.”

Realty Trac – “RealtyTrac Launches Enhanced Marketing List Prospecting Platform Leveraging Daily Updated Real Estate Data and Demographic Data” (10-2-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today announced the launch of its enhanced Marketing List Lead Generation Platform allowing customers to leverage RealtyTrac’s robust nationwide real estate data on more than 120 million U.S. residential and commercial properties to create targeted marketing lists in a convenient, self-service online interface.”

NAHB “New Hampshire Remodeler Named NAHB Remodeler of the Year” (10-2-15)

“The National Association of Home Builders (NAHB) Remodelers named Greg Rehm, CGR, CAPS, CGP, owner of Liberty Hill Construction in Bedford, N.H., the 2015 NAHB Remodeler of the Year in recognition of his professional remodeling achievements.”

Housing Wire – “Housing experts explain September’s hot mess jobs report” (10-2-15)

“Earlier Friday the September employment situation report from the Census Bureau showed new job creation cratering to a weak 142,000, well below analyst expectations.”

DS News “CFSI Loan Management Welcomes New VP of Business Development” (10-2-15)

“CFSI Loan Management has added David Olson to their team as VP of business development.  He comes to CFSI Loan Management after having spent more than 20 years in various roles with various business services and niche financial services firms.”

Mortgage Professional America “Morning Briefing: Commercial market to be healthy for 3 years says report” (10-2-15)

“Economic conditions should mean a healthy level of growth for the commercial real estate industry through 2017.”

Housing Wire – “Tightening inventory helps flagging housing market” (10-2-15)

“House prices are picking up again on the back of a very tight housing market, says Matthew Pointon, Capital Economics’ property economist”

 

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29

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

 

Looking Back:

Freddie Mac reported mortgage rates decreased slightly the previous week with 30-year rates at 4.19% from 4.2%, and 15-year rates remaining the same at 3.36%.  The amount of mortgage credit available remained the same this month at 116.1.  Almost half of the foreclosures completed over the previous year were primarily in five states: Florida, Michigan, Texas, California, and Georgia.

 

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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Despite Positive Forecast, Whether Housing Starts Will Return to Pre-Recession Levels is Still Unknown

Friday, June 19th, 2015

 

 

 

Sources:

Foreclosure activity hits 19-month high on rise in REOs
Number of Properties With Equity Is Rising While Total of Underwater Homes Declines

 

Today’s News Synopsis:

 

In this week’s video Aaron Norris gives the news of the week in the world of real estate.  More investors are looking to Cuba for future investment opportunities with the impending lifting of embargo.  The recent news story that plans for changes to the  TILA-RESPA Integrated Disclosure have been met with positive feedback.  Despite forecasts for housing starts being they will increase by almost 40%, it is still unknown if they will return to pre-recession levels.

 

In The News:

DS News – “Five Takeaways from Treasury Secretary Jack Lew’s Testimony Before Congress” (6-19-15)

“During his testimony this week before the full House Financial Services Committee, U.S. Department of Treasury Secretary Jack Lew stated when asked about GSEs and the conservatorship that the system should be restructured, but the time was not right for the conservatorship to end.”

Housing Wire“CUNA discovers discrepancy in CFPB’s TRID rule, seeks answers” (6-19-15)

“The Credit Union National Association asked the Consumer Financial Protection Bureau to clarify a discrepancy and to exempt credit unions that make five or fewer mortgages in a calendar year from the Know Before You Owe rule, which includes the TILA-RESPA Integrated Disclosures in a letter Friday.”

Mortgage Professional America – “‘Friendship’ threatens key housing markets” (6-19-15)

“Cuba is becoming a hot market for investors as an embargo against U.S. investment could be lifted soon, opening up opportunities for the first time in more than 50 years, according to an Akerman U.S. Real Estate Survey.”

Bloomberg – “Goldman, Deutsche Bank Said to Compete for $4.8 Billion of Loans” (6-19-15)

“Goldman Sachs Group Inc. and Deutsche Bank AG are competing to buy Irish real estate loans with a face value of 4.2 billion euros ($4.8 billion) from Lloyds Banking Group Plc, according to people with knowledge of the matter.”

Housing Wire“Aggregate market value of housing nearing 4Q06 peak” (6-19-15)

“The aggregate market value of owner-occupied housing hit its high point in the last part of 2006, reaching a high-watermark of $22.5 trillion.  Breaking that down, first lien mortgage and home equity loan debt outstanding equaled $9.9 trillion (44%) and homeowner equity equaled $12.6 trillion (56%).”

DS News – “Mortgage Industry Welcomes CFPB’s Proposed TRID Delay” (6-19-15)

“Taking the industry by surprise, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced on Wednesday that a proposal has been released to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule. The proposal is requesting that the TRID rule be postponed until October 1, 2015 due to an administrative error. The rule was originally set to go into effect on August 1, 2015.”

Mortgage Professional America – “Huge opportunity for small originators” (6-19-15)

“Smaller lenders are enjoying a better recovery following the housing market downturn than their big bank counterparts, and industry players are pointing to a number of reasons for the phenomena.”

Housing Wire – “Will homebuilding ever return to the highs of 2006?” (6-19-15)

“While Capital Economics is forecasting housing starts to surge by almost 40% over the next few years, reaching 1.5 million by the end of 2017, they’re not so sure the industry will see a return to pre-recession 2006 levels.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

It was expected that new and existing home sales would decrease 4.1% to 5.28 million homes this year, the first drop in four years.  Housing continued to remain affordable despite an increase in home prices.  Richard Cordray of the CFPB appeared before the House Financial Services Committee to answer several questions regarding everything from discrimination allegations and concerns about accountability.

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

 

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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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