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By Bruce Norris .

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.

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The Norris Group Real Estate News Roundup 4/19/13

Friday, April 19th, 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.  The amount of homes flipped in California increased by almost three times the amount from last year and are now at their highest level since September 2005.  According to a recent announcement by the OCC, the second wave of foreclosure checks was sent out last week.

In The News:

Housing Wire - “The gap between large and small homebuilders widens” (4-19-13)

“The 14% increase in land values during the first three quarters of 2012 was four times greater than the rise in house prices, Capital Economics said in a new report.”

CNN Money - “Inflation is very, very low. Time to worry?” (4-19-13)

“Prices aren’t going up very much. Should we celebrate?  Not really. Inflation that’s too low could be a bad sign for the U.S. economy, and some Federal Reserve officials are starting to get concerned.”

DS News – “California Flipping Activity at Highest Level Since 2005″ (4-19-13)

“Real estate sales have been weakening in California, but ForeclosureRadar found flipping activity in the state reached its highest level since September 2005.”

Bloomberg – “Deutsche Bank Loan Signals Rental Home Bond Dreams” (4-19-13)

“Deutsche Bank AG (DBK) is moving closer to turning U.S. rental home payments into bonds, which would be one of the first new types of securitization since the 2008 credit crisis, and pave the way for an infusion of capital.”

Realty Times - “Welcome Back Vacation Homes” (4-19-13)

“Vacation home sales improved in 2012 by 10 percent and the outlook for second-home sales continues to look good because of favorable conditions, according to the National Association of Realtors.”

Housing Wire - “FDIC sues Florida law firm over failed bank” (4-19-13)

“Several law firms in Florida became the center of an intense attorney generals investigation after the financial crisis for their handling of foreclosures.”

Inman - “Census Bureau infographic shines light on home investment” (4-19-13)

“The Census Bureau has released an infographic that illustrates the level of commitment among many homeowners to improving their homes, highlighting some of the most common-remodeling projects and tallying up $359 billion in total investments from 2009 through 2011.”

DS News - “Second Wave of 1.4M Foreclosure Review Checks Sent” (4-19-13)

“The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $440,000 on a 2 bedroom, 2 bathroom home appraised for $71,000.

 

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 TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

Claims for unemployment decreased by 2,000 with claims being at 386,000 compared to 388,000 the week prior.  Existing home sales also decreased 2.6% the previous month for the third time in the previous four months.  Mortgage rates increased to 3.9% at this time last year, the first time in four weeks mortgage rates saw an increase.

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

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The Norris Group Real Estate News Roundup 3/13/13

Wednesday, March 13th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 4.7% from last week.  The number of Fannie and Freddie mortgages refinanced through HARP was at 1.1 million, exceeding expectations for 2012.  Storm victims in Mississippi are being offered relief by Freddie Mac.

In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-13-13)

“Mortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 8, 2013.”

Bloomberg – “HARP Surpasses 2012 Estimates on Homeowner Refinances” (3-13-13)

“Homeowners with underwater mortgages in U.S. states worst-hit by foreclosures are leading refinancings after the government expanded programs to aid borrowers, strengthening the weakest link in the housing recovery.”

DS News – “No Signs of a Slowdown for Prices; Market Poised for Supply Increase” (3-13-13)

“Housing inventory is now at its lowest level since January 1994; home sales have exceeded listings for the past 25 months; and the upward trajectory in home prices starting at the end of last year continues, according to the latest “US Housing Market Monthly” from Capital Economics.”

Realty Times - “Borrowers Step Up Pace to Obtain Low Mortgage Rates” (3-13-13)

“Recent economic data has been consistently showing signs of improvement, especially in relation to the housing sector. While this is good news, it often leads mortgage rates to move higher. With this in mind, borrowers are stepping up the pace to obtain low mortgage rates while they are still available.”

DS News - “Freddie Mac Provides Mortgage Relief to Mississippi Storm Victims” (3-13-13)

“Freddie Mac announced it is offering mortgage relief to homeowners who were victims of the storms that swept through Mississippi in February.”

CNN Money - “The wealth effect might be shrinking” (3-13-13)

“The Dow keeps hitting all-time highs and home prices are rising.  But many Americans do not feel any richer. That could be bad news for the economy.”

DS News - “Gasoline Sales Boost February Retail Activity” (3-13-13)

“Led by a surge in gasoline prices, retail sales rose 1.1 percent in February, the Census Bureau reported Wednesday. Economists had expected an increase of 0.5 percent. In January, retails sales rose 0.2 percent.”

Bloomberg - “Lenders Expand HARP Loans to More Borrowers as Rules Change” (3-13-13)

“Lenders are becoming more willing to offer new loans to borrowers who don’t have any home equity after changes to the rules of the U.S. government’s Home Affordable Refinance Program.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 4 bedroom, 2 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, March 6 in Sacramento.

Looking Back:

As part of the robo-signing settlement, Ally Financial offered more principal reductions than they were required to pay by lowering principal to 85%.  The unemployment rate decreased in 45 states in January 2012 according to the Labor Department.  The FOMC decided by a 9-1 vote to keep Fed Fund rates at record lows after announcing that the housing sector continued to remain low despite a moderately expanding economy.

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

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The Norris Group Real Estate News Roundup 2/15/13

Friday, February 15th, 2013



Sources:
Home Prices Rise in 88% of U.S. Cities as Recovery Gains
Pent-up demand fuels home sales: NAR
Mortgage delinquency rate drops nearly 14%: TransUnion
Retail sales up despite payroll tax hike
RealtyTrac: Foreclosure Starts Slow to 79-Month Low
Senators Reintroduce Refi Bill
Job growth in housing lingers near post-bubble lows
CoreLogic: QM, QRM Rules Remove 60% of Loans and 90% of the Risk
Restarting Mortgage Finance: Step 1
FHA considered ‘high-risk’ by government oversight group

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  RE/MAX reported median home prices increased 8% year-over-year, although monthly they continued to show signs of decline.  Non-judicial foreclosing decreased drastically in California this month, although this could be due to a change in the legal politics rather than distressed homeowners finding a way out.

In The News:

DS News- “RE/MAX: Prices Up 8% from Year Ago; Inventory Falls Again” (2-15-13)

“Median home prices in January continued to stay above year ago levels while falling month-over-month, according to a recent report from RE/MAX. At the same time, inventory remained low, causing a shortage in supply while pushing up home prices, RE/MAX explained.”

Housing Wire – “CFPB rules give some mortgage and housing companies more options” (2-15-13)

“The nature of new regulations is typically meant to be restrictive in nature. However, the new rules will give some mortgage and housing companies more options.”

Realty Times - “Seasonal Flip-Flop Hallmarks Housing Recovery, Tough Times For First-Time Buyers” (2-15-13)

“Just as home price gains are moving up against the traditional seasonal grain, inventories are going down at a time when they typically turn up.”

Housing Wire- “REITs announce $1.7 billion in new capital offerings: BofAML” (2-15-13)

“Mortgage real estate investment trusts will announce $1.7 billion in new capital offerings in 2013, said analysts at Bank of America Merrill Lynch ($12.13 0%).”

Housing Wire - “California falling foreclosures may be a mirage in the desert” (2-15-13)

“The second month of 2013 brought news that non-judicial foreclosure filings fell significantly in California.”

Bloomberg – “Wells Fargo Turns to U.K. as European Banks Retreat” (2-15-13)

“Wells Fargo & Co., the lender that’s expanding its securities unit to challenge Wall Street competitors, is broadening U.K. commercial property lending as European banks are forced to retreat.”

DS News- “Report: Price Recovery Appears Unsustainable in Arizona, Nevada” (2-15-13)

“Certain states are seeing stronger, above average gains in home prices, but concerns have been raised that some states are seeing “unsustainable, investor-fueled” increases, Capital Economics pointed out in a recent report.”

Housing Wire – “Housing recovery momentum continues to build” (2-15-13)

“Momentum continued to grow in a snowball effect manner, with prices rising to a two-year high in December, according to the latest FNC report.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $156,000 on a 4 bedroom, 2 bathroom home appraised for $226,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

In a big news story, for the fifth month in a row there was an increase in builder confidence for single-family homes.  In other news, according to the Mortgage Bankers Association applications for mortgages decreased 1% from the previous week.  For anyone wanting to submit a foreclosure review, they the deadline was extended to July 31 from the original date of April 30.

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

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The Norris Group Real Estate News Roundup 2/8/13

Friday, February 8th, 2013



Sources:
CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years
Winter Season Slows Home Price Gains
Rent Gains Soften as More Multiunit Buildings Enter Market: Trulia
List of Improving Housing Markets Expands to 259 in February; All 50 States Represented
Mortgage Applications Increase in Latest MBA Weekly Survey
Consumer confidence breaks darkness surrounding housing
Mortgage rates settle back down
MBA: Multifamily originations grew 49% in 4Q
Fannie Mae Provides $33.8B to Multifamily Sector in 2012
MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012
Carrington Mortgage Services rolls out 25-day loan closings
S&P accused of misrepresenting risks of bundled mortgages
House Democrats Ask Obama to Replace Fannie Mae Regulator
Capital Economics: Rise in Household Wealth to Boost GDP

Today’s News Synopsis:

This week’s video is a slideshow of some of the big news stories in real estate.  Capital Economics expects GDP to increase with the increase in home and equity prices.  The White House announced budget cuts they will be making, which include cuts from both defense and non-defense programs.

In The News:

DS News- “Fitch: CMBS Delinquencies Fall Again; Georgia Remains ‘Problem Spot’” (2-8-13)

“The national delinquency rate for commercial mortgage-backed securities (CMBS) began the year with another decline, marking the eighth consecutive month of decreases, according to Fitch Ratings. The rating agency, however, noted regional struggles in Georgia.”

Housing Wire – “Moody’s earnings skyrocket despite credit rating scrutiny” (2-8-13)

“During a week when credit rating agencies faced increased scrutiny, Moody’s Corporation profits soared, beating market expectations.”

Inman - “Referral site for global listings grows in the US” (2-8-13)

“A Los Angeles-based referral site with more than 200,000 overseas property listings is expanding into the U.S., with exclusive partners in seven states so far.”

Housing Wire- “Schneiderman probe: Another chip in the armour of credit rating agencies?” (2-8-13)

“With the $5 billion civil suit against Standard and Poor’s Rating Services putting a target on the credit rating agency’s back, the door may have been pushed open for inspection of rival credit rating agencies.”

CNN Money - “White House details pending budget cuts” (2-8-13)

“Some 600,000 poor women and children will no longer get free milk and cheese, and some 2,100 fewer food inspections will take place if federal budget cuts expected to kick in March 1 actually take place.”

Bloomberg – “Housing Slump and Canada Job Cuts Mark Slow Start to 2013″ (2-8-13)

“Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.”

DS News- “Capital Economics: Rise in Household Wealth to Boost GDP” (2-8-13)

“With the increase in home and equity prices, Capital Economics suggests net household wealth may be on its way to rising above pre-recession levels later this year, which will lead to a boost to GDP.”

Housing Wire – “PMI’s mortgage insurance assets to be acquired” (2-8-13)

“PMI Mortgage Insurance has faced turbulent times these past few years after the mortgage insurer was pulled into receivership and then a bankruptcy proceeding by its primary regulator, the Arizona Department of Insurance.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 4 bedroom, 2 bathroom home appraised for $171,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

CoreLogic reported a decrease in foreclosures for the whole year in 2011 with 830,000 compared to 1.1 million in 2010.  According to Bloomberg, mishandled mortgages and foreclosures cost banks as much as $72 billion.  In other news, the Mortgage Bankers Association reported a 7.5% increase in mortgage applications.

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

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The Norris Group Real Estate News Roundup 12/3/12

Monday, December 3rd, 2012

Today’s News Synopsis:

The number of foreclosures decreased in October to 3.2% and decreased 9% for the whole year.  Existing home sales are continuing to increase and were up 2.1% last October according to the National Association of Realtors.  Spending on construction increased in October by 1.4%, three times more than was originally predicted.  Single-family seriously delinquent rates for Freddie Mac also decreased from 3.37% to 3.3% from September to October.

In The News:

DS News- “Housing Recovery Is Sustainable, According to Market Analysts” (12-3-12)

“Despite a number of potentially damaging headwinds, the ongoing housing recovery will remain sustainable for the foreseeable future, analysts for Capital Economics say in a recently released report.”

Los Angeles Times- “Foreclosures down in October as housing market continues healing” (12-3-12)

“The number of homes in foreclosure dropped in October from the previous month and was down 9% for the year as the housing market showed signs of improvement.”

Realty Times- “Real Estate Outlook: Existing-Home Sales Increase” (12-3-12)

“Existing-home sales are on the rise, despite the recent impact from Hurricane Sandy. The National Association of Realtors latest report showed that total existing-home sales were up 2.1 percent for the month of October. This is now a seasonally adjusted rate of 4.79 million units.”

Bloomberg – “Construction Spending in U.S. Increases More Than Forecast” (12-3-12)

“Construction spending climbed almost three times more than forecast in October, reflecting broad- based gains that signal the industry is poised to make a bigger contribution to economic growth.”

DS News- “Freddie Mac’s Serious Delinquency Rate Slips to Three-Year Low” (12-3-12)

“Freddie Mac’s single-family seriously delinquent rate decreased from 3.37 percent in September to 3.31 percent in October—the lowest it’s been since August 2009.”

Housing Wire- “Fewer CMBS loans require special servicing” (12-3-12)

“Fewer commercial mortgage-backed securities loans are landing in special servicing, a sign that a recovery is underway in the commercial real estate market, according to Fitch Ratings.”

DS News- “SEC Ends Probe of Wells Fargo” (12-3-12)

“The Securities and Exchange Commission (SEC) has ended its investigation of potential fraud in offering documents for mortgage-backed securities (MBS) sold by Wells Fargo, Bloomberg reports.”

Bloomberg- “Fed’s Dudley Sees Obstacle in Mortgage Bond, Rate Spreads” (12-3-12)

“Federal Reserve Bank of New York President William C. Dudley said a wider gap between yields on mortgage-backed securities and home loans is reducing the potency of the central bank’s monetary stimulus.”

Hard Money Loan Closed

Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 3 bedroom, 1 bathroom home appraised for $264,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

 

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

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The Norris Group Real Estate News Roundup 10/1/12

Monday, October 1st, 2012

Today’s News Synopsis:

Another bank closed today in Illinois, bringing the new total now to 43.  The inventory of homes for sale was lower in August than it was at the same time last year, which is preventing many wanting to purchase homes.  Taxes could increase by an average of $3,500 if Congress does not step in to stop the fiscal cliff.


In The News:

Housing Wire- “Bank of America to extinguish up to 150,000 second liens” (10-1-12)

“Borrowers with second liens owned and serviced by Bank of America ($8.83 0%) may qualify to get their subordinate debt extinguished entirely.”

Realty Times – “Real Estate Outlook: Housing Starts Rise” (10-1-12)

“New housing starts were on the rise for the month of August according to HUD and the U.S. Census Bureau. This 2.3 percent rise was prompted by gains seen in the single-family sector.”

CNN Money – “Americans face $3,500 fiscal cliff tax hit” (10-1-12)

“American households face an average tax increase of $3,500 if Congress doesn’t act to avert the fiscal cliff, according to a new analysis from the Tax Policy Center.”

DS News – “Where the Single-Family Rental Market Is Heading: Capital Economics” (10-1-12)

“No doubt, the potential of the REO to rental market has caught the attention of both individual and institutional investors.  ”

Housing Wire – “MGIC stock shoots up after cutting new deal with Freddie” (10-1-12)

“The stock of MGIC ($1.77 0.24%) shot up 18% in morning trading after Freddie Mac proposed a new deal that would let the mortgage insurer write new business in states where it still lacks waivers on capital requirements.”

DS News – “Illinois Bank Failure Raises 2012 Tally to 43 “ (10-1-12)

“The fall of an Illinois bank brought the year’s national bank failure tally to 43, FDIC announced Friday.”

CNN Money – “Student loan default rates jump” (10-1-12)

“Borrowers are having a harder time repaying their student loans.  The percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9.1% in fiscal year 2011, up from 8.8% the previous year, according to U.S. Department of Education data released Friday.”

Inman – “Low inventories thwarting buyers” (10-1-12)

“Homebuyers nationwide are discovering their self-appointed task is not for the faint of heart. Nearly every major market has seen double-digit declines in inventories of for-sale listings, making multiple-bid situations common.”

CNN Money – “Bernanke: Stimulus helps savers, too” (10-1-12)

“The Federal Reserve’s efforts to keep interest rates exceptionally low are in the best interest of those living off their savings, Fed Chairman Ben Bernanke argued Monday.”

DS News – “Illinois to Use $1.4M in Settlement Funds to Help Renters” (10-1-12)

“Illinois will set aside nearly $1.4 million from the national mortgage settlement to provide legal representation for renters who reside in buildings that may go into foreclosure.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

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

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The Norris Group Real Estate News Roundup 7/27/12

Friday, July 27th, 2012



Sources:
Five Banks Fall Over Weekend, National Tally at 38
Housing starts at highest level in nearly 4 years
June New Home Sales Drop to Five-Month Low
California notices of default down to lowest level since early 2007
Home Values Post First Year-Over-Year Increase Since 2007
Mortgage rates drop to historic lows
Jobless claims fall
Pending Sales of U.S. Homes Unexpectedly Fell 1.4% in June
Foreign investors buy 33% more US real estate in 2Q
Rental vacancies at lowest rate since 2002
Underwhelming Growth Continues
Chicago considers eminent domain to seize underwater mortgages
Moody’s: National eminent domain program would push jumbo RMBS losses
Mortgage Resolution Partners
Waterfall Bond Pioneers Consider Eminent Domain as Investment
Senator Jeff Merkley Announces New Plan to Help Underwater Homeowners
Merkley Unveils Bold Plan to Jump-Start Housing Markets

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  Chicago is another city that will be meeting to decide whether or not to use eminent domain to handle underwater mortgages.  The economy grew at a slower rate of only 1.5% in the second quarter.

In The News:

Housing Wire – “Chicago considers eminent domain to seize underwater mortgages” (7-27-12)

“The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages.”

DS News – “Homeownership Rate Edges Up After 15-year Low, Vacancy Rates Fall ” (7-27-12)

“The nation’s homeownership rate rose to 65.5 percent in the second quarter, the Census Bureau reported Friday.”

Bloomberg – “Economy in U.S. Grows at 1.5% Rate” (7-27-12)

“The U.S. economy expanded at a slower pace in the second quarter as a softening job market prompted Americans to curb spending.”

CNN Money – “How long will the party last for homebuilders?” (7-27-12)

“It’s been a rough five years for the nation’s homebuilders. Following the housing crash, they battled inventory gluts, tumbling home prices, a decimated economy, and a sharp pullback in demand.”

Housing Wire – “Fannie Mae to pay foreclosure attorneys higher fees” (7-27-12)

“Foreclosures are taking more time and cost more to complete, so Fannie Mae raised limits on how much its mortgage servicers pay foreclosure attorneys and trustees in 38 states.”

DS News – “Global Investment in U.S. Real Estate Increased in Q2 “ (7-27-12)

“As global investor activity picked up in the second quarter, a number of U.S. cities saw more than half a billion dollars each in foreign real estate investment.”

Bloomberg – “Wells Fargo to Boost Asia Staff as Morgan Stanley, RBS Trim” (7-27-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. bank and largest home lender, plans to increase its workforce in Asia by at least 10 percent over the next three years as rivals slow their expansion in the region.”

Housing Wire – “Rental vacancies at lowest rate since 2002″ (7-27-12)

“The national residential rental vacancy rate in the second quarter was at 8.6% from 8.8% in the first quarter, the lowest second quarter reading since 2002, the Department of Commerce Census Bureau reported on Friday.”

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 1 bathroom home appraised for $300,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The FHFA reported that mortgage rates decreased to 4.62% in June 2011, marking the third month in a row mortgage rates were been down.  On a weekly basis, mortgage applications decreased 5% from a the previous week.  NAHB reported that the sale of new homes only decreased 1%, thereby remaining consistently low.   Elizabeth Warren of the Consumer Financial Protection Bureau was replaced by Raj Date.

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

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The Norris Group Real Estate News Roundup 6/21/12

Thursday, June 21st, 2012

Today’s News Synopsis:

Prices on homes increased 0.8% in April for the third month in a row, although at the same time home sales dipped 1.5% the following month.  Capital Economics expects homes prices to increase 2% this year and 5% by 2012.  Unemployment claims are still high despite dropping by 2,000 last week.  Mortgage rates are also at a new record low at 3.66%.


In The News:

Housing Wire – “Feds extend foreclosure review deadline, detail payouts to come” (6-21-12)

“Federal regulators extended the deadline for a wide-scale foreclosure review and detailed how much will be paid to borrowers for any abuses discovered.”

DS News – “Prices to Gain by 2% in 2012 and 5% in 2013: Capital Economics” (6-21-12)

“The recent softening of economic activity will not stop the country’s housing market recovery, Capital Economics said in a report Wednesday.”

Bloomberg – “U.S. House Prices Rise in April for a Third Month, FHFA Says” (6-21-12)

“U.S. house prices rose 0.8 percent in April from the previous month, the third straightadvance, as the property market shows signs of stabilization, the Federal Housing Finance Agency said.”

Housing Wire – “NAR existing home sales constrained by supply in May” (6-21-12)

“Existing home sales declined 1.5% in May to a seasonally adjusted annual rate of 4.55 million in May from 4.62 in April due to limited supplies of housing inventory, according to the National Association of Realtors.”

DS News – “Initial Jobless Claims Dip But Remain High” (6-21-12)

“First time claims for unemployment insurance fell to 387,000 for the week ended June 16 from the prior week’s 389,000, (revised from the originally reported 387,000), the Labor Department reported Thursday.”

Bloomberg – “U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures” (6-21-12)

“U.S. banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) will pay as much as $125,000 plus equity to individual customers most harmed by mishandled foreclosures in 2009 and 2010, according to a remediation plan released by bank regulators.”

Los Angeles Times – “Stocks lower following home sales, jobs data” (6-21-12)

“Stocks were lower in early trading on Wall Street following a report showing existing home sales declined last month.”

DS News – “New York Assembly Passes Foreclosure Fraud Justice Bill” (6-21-12)

“New York Attorney General Eric Schneiderman’s proposed “Foreclosure Fraud Prevention Act of 2012” passed in the state Assembly, the Office of the Attorney General announced Thursday.”

Bloomberg – “U.S. Mortgage Rates Fall With 30-Year at a Record-Low 3.66%” (6-21-12)

“U.S. mortgage rates for 30-year fixed loans declined to a record low, reducing borrowing costs amid an uneven recovery in the housing market.”

Hard Money Loan Closed

Pico Rivera, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 1 bathroom home appraised for $301,000.

 

The Norris Group posted a new event. Craig Hill of the Norris Group will be interviewed by Shawn Watkins at the Investors Workshops Wednesday, June 27, 2012.

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.

Looking Back:

Housing Wire reported that JP Morgan was expected to pay$153.6 in a settlement regarding misleading information with mortgage security transactions.  Bloomberg reported that the price of existing homes decreased in May 2011 to the lowest they had been in six months.  According to DS News, Moody’s Investors Service’s Delinquency Tracker recently showed that loan delinquency rates dropped four points to 9.18%.

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

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The Norris Group Real Estate News Roundup 6/8/12

Friday, June 8th, 2012


Sources:
Homebuilder stocks rise after sharp decline
Bank closings decline, hundreds still at risk
CoreLogic: HPI Increased in April, Will Continue in May
Clear Capital: Prices See First Quarterly and Yearly Gain Since August ’10
Real Estate Outlook: Pending Home Sales Decline
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Rates in U.S. Fall to Record Lows With 30-Year at 3.67%
Initial Jobless Claims in First Drop in Five Weeks
S&P Revising Commercial Mortgage Ratings After Freeze-Out
S&P to tighten CMBS ratings criteria
Supreme Court Decides RESPA Case On Unearned Fees
Fed proposal would boost bank safety cushions
FHA Disputes Foreclosures Spike

Today’s News Synopsis:

This week’s video is a slideshow of important events in the world of real estate.  The net worth for the average U.S. household increased in the first quarter according to a report released by the Federal Reserve.  Mortgage rates are at their lowest on record since mortgage finance companies began tracking mortgages back in 1971.  The new bipartisan bill, Preserving American Homeownership Act of 2012, was introduced in the House of Representatives today.

In The News:

DS News – “U.S. Household Net Worth Grows as Debt Shrinks: Fed” (6-8-12)

“Household net worth increased in the first quarter of 2012 due to gains in the stock market, while household debt declined, according to the 2012 first quarter “Flow of Funds” report released by the Federal Reserve Thursday.”

Realty Times – “Record-Setting Low Fixed Mortgage Rates Persist” (6-8-12)

“Freddie Mac released the results of its Primary Mortgage Market Survey®, showing average fixed mortgage rates falling to new all-time record lows for the sixth consecutive week amid weak economic and job data helping to keep homebuyer affordability high.”

San Francisco Chronicle – “Oakland foreclosed homes to be converted to rentals” (6-8-12)

“An Oakland real estate investment company that converts distressed single-family homes to rentals in California is now focusing on its immediate backyard.”

Housing Wire – “New bill directs GSE, FHA principal reduction programs” (6-8-12)

“A bipartisan bill introduced in the House of Representatives Friday would require regulators to craft principal reduction programs for government-backed mortgages.”

DS News – “Recovery Still in Place: Capital Economics” (6-8-12)

“Negative reports on the economy may be shaking up confidence, but Capital Economics released a report Friday stating that in their view, the foundations for a sustainable recovery are still in place.”

Realty Trac – “CA Foreclosure Bill Package Criticized by the Feds” (6-8-12)

“Being one of the key contributors to the success of the $25 billion federal foreclosure settlement, California Attorney General Kamala Harris had to expect that trying to literally adopt the major components of the federal agreement and make them permanent fixtures in California law was going to face potentially harsh criticism.”

San Francisco Chronicle – “Mortgage rates lowest since tracking began in 1971″ (6-8-12)

“U.S. mortgage rates dropped to record lows for a sixth straight week as concerns over slowing job growth pushed investors into the safety of government bonds that guide interest costs.”

Housing Wire – “Credit ratings agencies gauge REO-to-rental securitization risk” (6-8-12)

“Credit ratings agencies are exploring ways to evaluate risks in the possible securitization of REO-to-rental cashflows.”

Inman – “Realogy ready to go public again” (6-8-12)

“Real estate brokerage and franchise giant Realogy Corp. is preparing to go public again, nearly six years after the company was taken private by a hedge fund at the height of the housing boom.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 4 bedroom, 2 bathroom home appraised for $150,000.

 

Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 19, 2012.

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.

Looking Back:

Inman news reported that home prices actually rose in April and May after bottoming out the month prior, despite reports of double-dipping.  Housing Wire said the Treasury Department should not have expected the money back it paid to Fannie Mae and Freddie Mac.  Mortgage applications saw a decrease of .4% according to the Mortgage Bankers Association, and the value of homes fell 8% according to a report by Zillow.

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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