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The Norris Group Real Estate News Roundup 12/20/10

Monday, December 20th, 2010

Today’s News Synopsis:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  Last October, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row according to Moody’s Investors Service and are expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October.

In The News:

Housing Wire - “Households likely to deleverage debt with underwater mortgage defaults: Report” (12-20-10)

“Bank of America Merrill Lynch analysts said the most likely way households will deleverage roughly $1 trillion in excess debt is through the default of more underwater mortgages.  Home prices in the Standard & Poor’s/Case-Shiller 20-city index have dropped 28.6% from the peak in the summer of 2006. This has led to more than 10.8 million homes, or 22.5% of the entire U.S. market in negative equity as of the third quarter, according to the analytics firm CoreLogic.”

Realty Times- “Real Estate Outlook: Existing Pending Sales Rise” (12-20-10)

“Existing pending sales may have jumped a staggering 10.4 percent in October, the strongest pace since April of this year, but interest rates are on the rise. According to Frank Notehaft, chief economist for Freddie Mac, investors moved from U.S. Treasury debt to European markets — where improvements are being made to the debt crisis. This in turn caused ‘bond yields to rise and mortgage rates along with them,’ he says.”

Housing Wire - “Recent CMBS modifications, sales prompt Trepp to warn investors” (12-20-10)

“Loan modifications and note sales in the commercial real estate space have analysts at Trepp warning investors to be vigilant with their trading. According to the data firm’s latest report, two specific CMBS deals incurred severe losses when they were modified or sold, and wiped out several investor classes.”

San Francisco Chronicle – “U.S. Commercial Property Prices Rise, Moody’s Says” (12-20-10)

“U.S. commercial property prices rose 1.3 percent in October from the previous month, the second consecutive monthly gain, Moody’s Investors Service said. The Moody’s/REAL Commercial Property Price Index climbed 3.2 percent from a year earlier, Moody’s said in a report today.”

Housing Wire – “Commercial real estate investors hungrier for more risk in fourth quarter: PwC” (12-20-10)

“Commercial real estate investors see slight but promising signs in the U.S. economy during the fourth quarter and are more willing to look for riskier buying opportunities going forward, according to the PricewaterhouseCoopers Korpacz Real Estate Investor Survey.”

Fortune – “Riding the unlikely commercial real estate rebound” (12-20-10)

“For years commercial real estate has been billed as the next big train wreck. So why are some investors shouting all aboard?  A slowly recovering economy is part of it, though no one expects to make a quick killing on loans and securities tied to office buildings, hotels, shopping malls and the like. The bigger drivers of this rally are the low rates pushing investors to reach for yield by taking on more risk, and the wide open junk bond market that has allowed lots of companies once left for dead to refinance loans and trudge forth.”

Orange County Register – “Western builder confidence drops” (12-20-10)

“Homebuilder confidence weakened in the West again.”

Housing Wire – “Moody’s expects commercial real estate prices to remain ‘choppy’” (12-20-10)

“The price of commercial property has been fluctuating all year and prices rose for the second-consecutive month in October with a 1.3% increase, according to Moody’s Investors Service.  The ratings agency said the gains in September and October followed significant declines the prior three months. For the first 10 months of the year, prices rose five times and fell five times”

RisMedia – “Foreclosures Intrigue Home Buyers Looking for Deals” (12-20-10)

“In a survey released last week, conducted by Harris Interactive, on behalf of Trulia and RealtyTrac, nearly half, or 49% of U.S. adults admitted they were at least somewhat likely to consider buying a foreclosed property.
That’s up from 45% in May.”

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

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The Norris Group Real Estate News Roundup 10/26/10

Tuesday, October 26th, 2010

Today’s News Synopsis:

The MBA estimates total originations in 2011 will be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter. Lender Processing Services is releasing a new valuation model that brings listing and pending sale data into the equation. The FHFA claims U.S. house prices increased 0.4% in August.

In The News:

Mortgage Bankers Association – “MBA Sees Growth in Purchase Originations, Drop in Refinancing, and Weak Overall Economic Growth in 2011″ (10-26-10)

“The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012.”

DQNews - “California Mortgage Defaults Rise in Third Quarter” (10-26-10)

“A total of 83,261 Notices of Default (“NODs”) were recorded at county recorder offices during the July-through-September period. That was up 18.9 percent from 70,051 in the prior quarter, and down 25.5 percent from 111,689 in third-quarter 2009, according to San Diego-based MDA DataQuick.”

Los Angeles Times – “Consumer confidence rises only slightly in October” (10-26-10)

“Americans’ confidence in the economy rose only slightly in October from September, according to a monthly survey, as they continue to grapple with job worries. The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index rose to 50.2 from a revised 48.6 in September.”

CNN - “Home prices sag in August” (10-26-10)

“Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.”

Housing Wire – “Mortgage fraud index suggests shift toward property crime: Interthinx” (10-26-10)

“Mortgage fraud risk remained ‘essentially unchanged’ in the third quarter of 2010 compared to the second and down from a year ago, according to Interthinx’s Quarterly Mortgage Fraud Risk Index. Interthinx reported the risk index for 3Q at 144, down 0.9% from last quarter and 1.4% from the same time last year.”

Housing Wire – “U.S. declines on Transparency International corruption index” (10-26-10)

“The financial and the foreclosure crisis have contributed to the United States’ decline on a global corruption index, released by the watchdog group Transparency International. The U.S. ranked 22nd of 178 countries with a score of 7.1 on the 2010 Corruption Perceptions Index, down from 19th last year.”

Housing Wire – “New LPS valutaion model uses multiple listing services from NAR database” (10-26-10)

“Lender Processing Services (LPS: 27.59 +2.91%) unveiled a new valuation model for realtors that brings listing and pending-sale data into the equation.”

Housing Wire – “Zillow: National 30-year FRM rates remain flat week-over-week” (10-26-10)

“The 30-year, fixed-rate mortgage remained flat from last week ending at a 4.14% national average the week of Oct. 20-26, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA house prices up 0.4% in August, down from year-ago” (10-26-10)

“U.S. house prices increased 0.4% in August, almost regaining the 0.7% revised decrease in July, but fell more than 2% from a year ago, according to the Federal Housing Finance Agency monthly House Price Index.”

Looking Back:

One year ago, on October 9th, a judge ruled against a lender, wiping out a $461,263 mortgage debt. Goldman Sachs estimated that government interventions had sustained prices by 5 percent above what they would be. According to CAR, a total of 530,520 escrows closed in California during September 09.

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

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The Norris Group Real Estate News Roundup 9/28/10

Tuesday, September 28th, 2010

Today’s News Synopsis:

Property values in 20 U.S. cities increased 3.2% from last year, according to the S&P index. FHFA reports 30-year, fixed mortgage rates decreased to 4.7% in August. The House of Representatives has proposed a new bill which may allow 30 million homeowners to refinance at current interest rates.

In The News:

Mortgage Bankers Association - “Paper Examines Persistent Biases in Analyses of Mortgage Market Discrimination and Credit Risk” (9-28-10)

“False assumptions introduce systematic biases into the estimates that make the models fail in ways that are particularly troubling. Discrimination tests tend to produce false positive indications of discrimination where none exists and tests for default risk are particularly bad at detecting instances where future default rates are likely to rise significantly.”

Bloomberg - “Case Says Housing Will Grow Slowly After Free-Fall: Tom Keene” (9-28-10)

“The U.S. housing market has reached its lows and will expand slowly as the economic recovery remains subdued, said the S&P/Case-Shiller index co-creator Karl Case. The index of property values in 20 U.S. cities increased 3.2 percent in July from 12 months earlier, the smallest year- over-year gain since March.”

Inman - “Report: Don’t give up on ‘nonprime’ lending” (9-28-10)

“With so many people now saddled with poor credit, reestablishing ‘nonprime’ lending is increasingly important to the future of homeownership, researchers at Harvard University’s Joint Center for Housing Studies argue in a new report.”

Housing Wire – “FHFA: August average contract mortgage rate fell to 4.7%” (9-28-10)

“The average contract rate for 30-year, fixed mortgages in August fell 14 basis points to 4.7% from 4.84% (or 3% overall) from the month earlier, according to the Federal Housing Finance Agency.”

Housing Wire – “CDS drags commercial banks, as trade revenue slips 20%: OCC” (9-28-10)

“Commercial banks reported trading revenue of $6.6 billion in the second quarter of 2010, down 20% from the first quarter, but up 28% from one year prior, according to a report released by the Office of the Comptroller of the Currency.”

Housing Wire – “New House bill would clear refinancing on 30 million GSE mortgages” (9-28-10)

“A new bill before the House of Representatives aims to allow up to 30 million homeowners with mortgages held or backed by Fannie Mae and Freddie Mac to refinance with rates locked in at the current historical lows.”

Housing Wire – “Business Roundtable: Big company CEOs cautious about economy” (9-28-10)

“The CEOs of the country’s largest companies plan to boost capital spending over the next six months, but have lower sales and employment expectations, according to the Business Roundtable’s third-quarter CEO index. The survey showed 49% of CEOs expect higher capital spending over the next six months, up from 43% who said they expectetd increased capital outlays in the previous quarter’s survey.”

Housing Wire – “43% of Bank of America HAMP trial cancellations pending action” (9-28-10)

“Of the 148,129 Home Affordable Modification Program trials Bank of America has canceled through August, more than 63,000, or 43%, still await additional loss mitigation action, according to Treasury Department data.”

Housing Wire – “JPMorgan finds delinquencies in prime RMBS increasing slightly” (9-28-10)

“Month-on-month, the numbers do not vary greatly with 60-day delinquencies up to 11.2% across prime indices, 30.9% across Alt-A, 42.7% for option ARM, and 41.5% for subprime.”

Bloomberg - “Ally Financial Asked to Halt Evictions in Colorado” (9-28-10)

“Ally Financial Inc., the lender that stopped evictions in 23 states amid concern that its foreclosure process may be illegal, was asked by Colorado’s attorney general to extend the freeze by its GMAC Mortgage unit to his state.”

CNN - “FDIC faces costly WaMu claim” (9-28-10)

“The FDIC, busy cleaning up after the biggest run of bank failures in 20 years, now faces a costly legal battle with perhaps the biggest beneficiary of the financial meltdown of 2008, JPMorgan Chase (JPM). The bank wants the FDIC to cover the cost of defending lawsuits facing JPMorgan following its September 2008 fire sale acquisition of Washington Mutual, the Seattle thrift whose collapse ranks as the biggest-ever U.S. bank failure.”

Looking Back:

One year ago, the Federal Reserve printed $860 billion in mortgage-backed securities. Under a U.S. Treasury Department program,  states that provided  mortgages to low-income borrowers received up to 35 billion dollars in Federal aid. According to the SoCal MLS, distressed sales accounted for 40 percent of all Orange County sales in July 2009.

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

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The Norris Group Real Estate News Roundup 8/31/10

Tuesday, August 31st, 2010

Today’s News Synopsis:

According to Capital Economics, business investment rose 17% during the second quarter. Multiple forecasters suspect the housing market and the economy are in a double dip. Zillow reports that 18.2% of all O.C. homes sold for a loss. The Case-Shiller 20-city home price index shows prices increased 1% from May to June.

In The News:

Housing Wire – “Dallas Fed says fiscal stimulus is a quick fix, not a permanent solution” (8-30-10)

“The fiscal stimulus plan, formally known as the American Recovery and Reinvestment Act, signed into law by President Obama in February 2009 has succeeded in everything it planned to do, in theory. It designated the majority of funding toward the people who need it the most and at the most crucial time they need it. But Jason Saving, senior economist at the Federal Reserve Bank of Dallas, doubts the plan is showing the anticipated results in practice.”

Housing Wire – “Restricted credit for small businesses driving delinquencies up” (8-30-10)

“According to Capital Economics’ U.S. Quarterly Outlook, business investment in Q210 rose 17%. However, Moody’s Analytics reported last week that commercial mortgage-backed security delinquencies spiked since after Sept. 2008, passing 23% by March 2010.”

Housing Wire – “Home values drop 0.2% from a year ago: Freddie Mac” (8-30-10)

“Home values in the U.S. fell 0.2% in the second quarter of 2010 from the same quarter last year, according to the Freddie Mac Conventional Mortgage Home Price Index (CMHPI).”

Orange County Register – “1-in-5 O.C. homes selling at a loss” (8-30-10)

“While 18.2% of all homes sold for a loss, that’s down about 2.5% from the same period a year earlier. Zillow spokeswoman Jill Simmons said that losing deals in O.C. peaked at 25% in February 2009, the month after median home prices hit bottom.”

Orange County Register – “Apartment occupancy up in first half of year” (8-30-10)

“A survey of large apartment managers indicated that U.S. apartment occupancy has recovered steadily throughout the first half of 2010, following more than two years of decreasing occupancy.”

Orange County Register – “Realtors report increase in house supply” (8-30-10)

“Steve Thomas of Altera Real Estate reported that the supply of unsold homes on the Orange County market increased to 11,650, up from 7,300 in January. Still, at 7.2 months, O.C.’s July inventory is below a countywide average of eight months dating back to the early 1990s.”

Associated Press - “Home prices rise in 17 cities in June” (8-31-10)

“The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 1 percent increase in June from May and was up 4.2 percent from a year ago. Home prices nationally were up 4.8 percent in the second quarter compared with the first quarter. That was largely because buyers could take advantage of government tax credits of up to $8,000.”

Inman - “Appraisers publish homebuying guide” (8-31-10)

“A new homebuying guide offers consumers advice on timing their purchase, selecting a real estate agent, and choosing the best home on the market from the ‘uniquely unbiased perspective’ of a real estate appraiser, according to its publisher, the Appraisal Institute. Because appraisers are not paid by sales commissions, ‘they have the unbiased perspective needed to help homebuyers weigh their options carefully, make logical decisions and effectively navigate the sales negotiation and mortgage application processes,’ the Appraisal Institute said in announcing the publication of the 190-page book.”

Housing Wire – “FDIC bank ‘problem list’ hits highest point since 1993″ (8-31-10)

“The number of banks on the Federal Deposit Insurance Corporation’s (FDIC) ‘Problem List’ rose to 829, the highest level since March 1993, according to second-quarter earnings released today. The 829 figure is up from 775 problem banks in Q110 and accompanies a total of 45 failed FDIC insured banks for the second quarter.”

Housing Wire – “More borrowers refinance to shorter FRMs with higher monthly payments: CoreLogic” (8-31-10)

“An increasing number people are choosing to pay off their mortgage loans in a shorter time period, according to data provided by CoreLogic. The data shows at 26% of all loans, or 252,600 loans, were refinanced to a 15-year fixed-rate mortgage (FRM), up from 18.5% in 2009 and 16.3% in 2008. In 2007, only 9.4% of loans were refinanced to a 15-year FRM.”

Housing Wire – “Consumer confidence rises in August, but conditions weaken” (8-31-10)

“An improved short-term outlook boosted consumer confidence for the first time in two months in August but the average American’s take on current economic conditions continued to weaken during the month, according to the private research firm The Conference Board. The board’s consumer confidence index for August was 53.5, topping the consensus analysts’ estimate of 50.5, according to Thomson Reuters, and up from a revised July figure of 51.”

Bloomberg – “Home Prices Probably Cooled, U.S. Consumer Sentiment Languished” (8-31-10)

“‘The housing market is in the midst of a double dip, with sales declining and prices likely to,’ said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia.”

Realty Times – “Real Estate Outlook: Mixed Figures” (8-31-10)

“Affordability is another key area where things have been slowly improving with little attention. The Wells Fargo-National Association of Home Builders ‘housing opportunity index’ — which looks at home prices, mortgage rates and what median-income families can afford to buy — is at a near record high point. Thanks to 30-year mortgage rates in the mid-four percent range, 72 .3 percent of median-income American families can now afford to buy the median-priced house. Historically that number has stayed in the low 60 percent range, and sometimes slipped below 50 percent.”

Realty Times – “American Savings” (8-31-10)

“Nowadays, the average American has 3.5 open credit cards, with an average household carrying credit card debt equaling $15,788 (Federal Reserve). And on that they pay an average of nearly 15 percent interest!”

Realty Times – “When Should an HOA Be Able to Restrict an Owner’s Right to Rent Out His Unit” (8-31-10)

“Is it fair for an HOA (Homeowner Association) to prohibit or restrict a unit owner from renting out his property? Should there be a law about this? In California, these issues are currently being argued in both the legislature and the courts. In some other states the issues may already be settled; in others the debate is no doubt going on.”

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

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The Norris Group Real Estate News Roundup 7/27/10

Tuesday, July 27th, 2010

Today’s News Synopsis:

The S&P home price index suggests that prices increased by 1.3 percent from April to May. 91 of the top 100 homebuying zip codes are in California. The vacancy rate for rental housing has remained flat at 10.6 percent for the past year. MPF Research reports the number of occupied apartments grew by 215,000 in the 64 largest U.S. markets in the first half of 2010.

In The News:

Associated Press – “Home prices increase 1.3 pct. in May from April” (7-27-10)

“The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April. Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta led the way with 2.8 percent and 2 percent increases, respectively. And San Diego posted its 13th straight monthly gain.”

Inman - “California ‘hot’ among homebuyers” (7-27-10)

“Of the report’s 100 ‘hottest’ ZIP codes nationwide, 91 were in California. This means that, on average, homes in these ZIP codes sold for the most above listing price, while homes in the ‘coldest’ ZIP codes sold for the most under listing price.”

Housing Wire – “Housing Vacancy, Homeownership Rates Remain Level in Q210″ (7-27-10)

“The 2.5% vacancy rate of owner-occupant housing units was only 10 basis points (bps) below the previous quarter and remained level with the year-ago quarter. The rental housing market’s vacancy rate of 10.6% in Q210 was level with the previous quarter and year-ago quarter. Additionally, the homeownership rate slipped to 66.9%, nearly level with 67.1% in the previous quarter”

Housing Wire – “HUD Fines CitiMortgage $700,000 for Failure to Report Delinquencies” (7-27-10)

“The US Department of Housing and Urban Development (HUD) reached a $700,000 settlement with CitiMortgage, Inc. (CMI) after the company failed to report delinquent loans by the specified monthly deadline. The action was reported in a recently released notice of actions being taken against Federal Housing Administration (FHA) lenders that failed to comply with government standards for lending practices.”

Housing Wire – “FHFA Sees 30-Year Mortage Rate Dip to 5% June” (7-27-10)

“The average contract mortgage rate on conventional 30-year fixed-rate mortgages slipped to 5% in June, 12 basis points (bps) down from a month earlier, according to the Federal Housing Finance Agency (FHFA). The rate had held at 5.12% for the past two months. The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) fell 9 bps to 4.9%”

Bloomberg - “Apartment Rentals Surge in U.S. on Home Foreclosures, Job Gains” (7-27-10)

“The number of occupied apartments increased by 215,000 in the 64 largest U.S. markets in the first half, according to MPF Research. That’s almost double the units added in all of 2009 and the most since the firm began tracking the data in 1992. The vacancy rate declined to 6.6 percent last month from 8.2 percent in December.”

Bloomberg - “U.S. Cities, Counties Poised to Cut 500,000 Jobs, Report Finds” (7-27-10)

“U.S. local governments may cut almost 500,000 jobs through next year to cope with sliding property taxes, a decline in state and federal aid and added need for social services, according to a report released today. The report, a result of a survey by the National League of Cities, the U.S. Conference of Mayors and the National Association of Counties, showed local governments are moving to cut the equivalent of 8.6 percent of their workforces from 2009 to 2011. That suggests 481,000 employees will lose their jobs, according to the report, which said the tally may yet rise.”

Orange County Register – “Hear why next housing peak ‘2016 or beyond’” (7-27-10)

“Economist Mark Schniepp of the California Forecast tells ocregister.com in a podcast interview that local housing will endure a recovery that’s ‘painstakingly frustrating’ in its modesty with improving but not impressive sales volumes and prices. But it will take a big turnabout in the employment picture before hosuing’s rebound become significant but it will still be ‘until 2016-2017 or beyond’ before the old peaks are surpassed.”

Housing Wire – “Big 4 Banks Add $9.5bn in Nonperforming, Foreclosed Properties in One Year” (7-27-10)

“Each of the ‘big-four’ banks, Bank of America (BAC: 14.19 +0.28%), Wells Fargo (WFC: 28.39 +1.72%), JPMorgan Chase (JPM: 40.69 +0.89%) and Citigroup (C: 4.16 +0.24%) released quarterly earnings reports for Q210 in July, reporting a total increase of $9.5bn in nonperforming or foreclosed properties from the same quarter last year.”

Looking Back:

One year ago, pools increased a homes value by up to 11 percent in Southern California. Fiserv predicted that California would be the hottest home market in 2010. New home purchases climbed 11 percent in June 2009.

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The Norris Group Real Estate News Roundup 11/24/09

Tuesday, November 24th, 2009

Today’s News Synopsis:

The CIRB reports that homebuilders pulled 6 percent less permits from September. American banks decreased lending by 2.8 percent in the third quarter. The FOMC suspects that the economy will take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes are less valuable than the mortgages owed on them.

In The News:

CBIA - “California Housing Starts Continue Decline in October, CBIA Announces” (11-24-09)

“According to statistics compiled by the Construction Industry Research Board (CIRB), homebuilders pulled permits for 2,815 total housing units in October, down 6 percent from September, and down 33 percent from October 2008. Permits for single-family homes totaled 2,017, down 9 percent from the previous month and down 14 percent from same period last year, while multifamily permits totaled 798, up 5 percent from September but down 57 percent from a year ago.”

Los Angeles Times – “Index shows moderate gain in home prices in September” (11-24-09)

“Home prices in 20 U.S. cities ticked up modestly in September, marking the fifth consecutive month of improvement, according to a closely watched national index released this morning. The Standard & Poor’s/Case-Shiller index increased 0.3% from the prior month on a seasonally adjusted basis, after a 1.1% rise in August. The index fell 9.4% from September 2008 and marked the narrowest year-over-year decline since the end of 2007.”

The Washington Post – “Decline in lending is largest since 1984″ (11-24-09)

“Lending by American banks plunged by 2.8 percent in the third quarter, the largest drop since at least 1984 and the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported Tuesday morning.”

Housing Wire - “BarCap Acquires Commercial Real Estate Holdings Firm” (11-24-09)

“Barclays Capital, in a joint venture with Goff Capital, acquired Crescent Real Estate Equities Limited Partnership, or Crescent, from Morgan Stanley Real Estate Funding II.”

Housing Wire – “FOMC Sees Sustained Growth Five Years Away” (11-24-09)

“It will be at least five years before the economy experiences a sustainable rate of growth and levels of unemployment and inflation acceptable to the Federal Reserve, the Federal Open Market Committee said in its Nov. 4 meeting.”

Housing Wire – “FHFA Quarterly HPI Up Slightly in Q309″ (11-24-09)

“US house prices inched slightly higher in Q309 compared to Q209 in the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI uses sales price information from mortgages acquired by the government-sponsored enterprises (GSEs), which increased 0.2% quarter-over-quarter. Year-over-year, the purchase-only HPI decreased 3.8% in the third quarter.”

Housing Wire – “Negative Equity, Not Job Loss, Primary Driver of Defaults” (11-24-09)

“if coming defaults are caused by unemployment, then the relevant response, says Goodman, would be to subsidize mortgage payments. On the other hand, if negative equity triggers defaults, then principal reduction must receive a higher priority in modification program waterfalls.”

Bloomberg - “Almost One in Four U.S. Homeowners Are ‘Underwater’” (11-24-09)

“The number of U.S. homes worth less than the debt owed on them reached almost 10.7 million, or 23 percent of all mortgaged properties, at the end of the third quarter, according to a report from First American CoreLogic.”

Orange County Register – “The biggest home seller mistakes” (11-24-09)

“Learn about your local market. What is selling and how long is it taking to sell? Find out what the trends are in your neighborhood. Is the market rising, falling or flat? How are local inventory levels?”

Looking Back:

One year ago, existing home sales decreased by 3.1 percent in October. The U.S. government announced a plan to spend 7.7 trillion dollars to ease credit problems. Downey Financial said it would file for bankruptcy.

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The Norris Group Real Estate News Roundup 9/29/09

Tuesday, September 29th, 2009

Today’s News Synopsis:

C.A.R.’s sales and price report shows that single-family home sales increased 9 percent in August. The Standard & Poor’s/Case-Shiller home price index shows that prices are down 13.3 percent from a year ago, but declines have slowed. Fannie Mae announced that the number of homes behind on payment or in foreclosure have increased by 4.17 percent. Also, FDIC Chairman Sheila Bair proposes that the agency get banks to prepay three years of fees to help cover the cost of bank failures, expecting a $100-billion cleanup bill through 2013.

In The News:

CAR – “August sales and price report” (9-29-09)

“Existing, single-family home sales increased 9 percent in August to a seasonally adjusted rate of 526,970 on an annualized basis. The statewide median price of an existing single-family home increased 2.6 percent in August to $292,960, compared with July 2009. C.A.R.’s Unsold Inventory Index fell to 4.3 months in August, compared with 7 months in August 2008.”

Los Angeles Times – “Consumer confidence unexpectedly falls in September” (9-29-09)

“The New York-based Conference Board, a private research group, said that its Consumer Confidence Index dipped to 53.1 in September, down from the revised 54.5 reading in August. Economists surveyed by Thomson Reuters had expected a reading of 57.”

Sacramento Bee – “Index shows home prices rose for 3rd month in July” (9-29-09)

“The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a year ago, the annual declines have slowed in all 20 cities for the sixth straight month.”

CNBC – “FDIC Staff Propose Banks Prepay Fees” (9-29-09)

“Federal Deposit Insurance Corp staff recommended Tuesday that the agency get banks to prepay three years of fees to help cover the cost of bank failures, expecting a $100-billion cleanup bill through 2013.”

Bloomberg – “Fannie Mae Mortgage Defaults Climb to Record in July” (9-29-09)

“Mortgages at least 90 days late or in foreclosure among the single-family loans that Fannie Mae owns or guarantees rose to 4.17 percent in July, from 3.94 percent in June and 1.45 percent a year earlier, the Washington-based company said in its monthly volume summary today.”

Bloomberg – “Vacation Timeshares Drop at Record Pace as Americans Cut Back” (9-29-09)

“U.S. vacation timeshare sales may fall the most this year since the industry gained popularity in the 1970s as consumers forgo spending to ride out the recession.”

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70-TNG Radio – Philip Tirone 5-31-08

Friday, May 30th, 2008

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Philip Tirone

The Mortgage Equity Group, Inc. and www.7Stepsto720.com

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Bruce Norris is joined once again by president of 7 Steps to a 720 Credit Score and The Mortgage Equity Group, Philip X. Tirone. Bruce and Philip discuss how detrimental it is to be surrounded by comps dominated by short sales or foreclosures, how using recent sales in the current market hurts prices, FHA loan seasoning and the difficulty investors face selling in the current California market, how each half percent of interest rate gives the loan more borrowing power, the Case Shiller and how the index does not reflect foreclosure numbers, how foreclosures won’t always dictate price, as is inventory versus clean inventory, appraisal rules coming up in January 2009, how banks will want to use their own valuation system which could cause more problems, automated valuation systems, how being labeled a declining state changes conventional financing, new labeling categories in hard hit areas that require 40% down, the attitudes lenders have towards inventory in rough shape, appraisal reviews becoming the norm, the time change for transactions, income levels of potential clients, examples of lenders undervaluing properties and dictating price lower than current offers, proposed fixes in the mortgage mess and if any will help, more questions coming in about what will happen if people walk away from their property, the time frame it takes to become a buyer again after a foreclosure, illegal aliens and home ownership, how lenders are being more careful in their due diligence on anyone trying to obtain a loan, new Fannie Mae limitations on investor loans, and 7stepsto720.com.

An expert in residential home financing, Philip X. Tirone is a powerhouse mortgage broker who contributes heavily to his firm’s billions of dollars in loan sales. Philip has a unique background in difficult-to-obtain loans, having spent years working with borrowers with subprime credit scores. Philip is masterful in finding loans for borrowers with bad credit, no credit, bankruptcy, and no stated income, but his specialty is in helping increase his clients’ credit scores so they qualify for the optimal loan programs that minimize their interest payments. In addition to authoring 7 Steps To a 720 Credit Score™, Philip’s workbook, Applying the 7 Steps to a 720 Credit Score, is one of Nightingale-Conant’s top sellers.

Philip’s commitment to educating homebuyers prompted the “7 Steps Licensing Program,” which allows mortgage brokers nationwide to become licensed in the 7 Steps and in turn help improve their clients’ credit scores. He is also developing the 7 Steps Foundation, a charitable foundation that will allocate funds to help low-income and underserved Americans increase their credit scores and buy homes.

Philip has been featured in articles on credit and mortgage trends in the Los Angeles Times, New York Times.com, Wall Street Journal, Newsday, Woman’s World Magazine, San Jose Mercury News, Bottom Line Magazine, Bankrate.com, and several others.

Philip created the Complete Financial Navigator™, a tool to analyze his borrowers’ needs and financial picture, thereby helping borrowers overcome barriers to achieving their real estate goals. As a frequent guest lecturer at the University of California Los Angeles, Philip has authored and delivered numerous speeches regarding the “Mortgage Lifestyle Dilemma,” a phrase he coined to describe an emotional buying decision that results in overextension and a life that revolves around high mortgage payments. By analyzing industry-specific buying trends, he has devised a series of questions to help borrowers avoid this dilemma.

Philip was named Arizona State University’s Man of the Year upon graduating with a real estate degree in 1994. Since then, he has continued to receive acclaim, most recently in the New York Times best-seller, Secrets of the Young & Successful.

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