California Real Estate Headline Roundup

Posts Tagged ‘Cato Institute’

By Bruce Norris .

The Norris Group Real Estate News Roundup 1/11/12

Wednesday, January 11th, 2012

Today’s News Synopsis:

In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned yesterday and will step down as soon as a sucessor is found.  The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values.  The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.

In The News:

Housing Wire - “LPS index shows home value declines slowing down” (1-11-12)

“The latest home price index from Lender Processing Services (LPS: 15.3001 -0.52%) shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-11-12)

“Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2012.  The results include an adjustment to account for the New Year’s Day holiday.”

Housing Wire“The fight over Bernanke REO rental plan shows political divide” (1-11-12)

“Chairman Ben Bernanke’s plan to fix housing is feeding an ongoing national debate about the appropriate role of the Federal Reserve in America’s housing recovery.”

Realty Times - “Mortgage Rates Remaining Low While European Troubles Persist” (1-11-12)

“It may be a New Year, but European troubles continue to persist which is helping mortgage rates to remain low. Markets remain quiet as investors await fourth quarter earnings which will begin to be released..”

Bloomberg - “Lennar Rises After Reportign New-Home Orders Climbed 20% from Year Earlier” (1-11-12)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose in New York trading after reporting a 20 percent jump in new orders for the fourth quarter from a year earlier.”

Housing Wire - “FHFA disputes claims of inadequate FHLB oversight” (1-11-12)

“The Office of the Inspector General released a report Wednesday contending Federal Housing Finance Agency supervision of troubled Federal Home Loan Banks is unclear and inconsistent.”

San Francisco Chronicle“Fed Says U.S. Economic Growth Improves While Hiring Limited” (1-11-12)

“The U.S. economic expansion improved last month across most of the country while  hiring was limited and housing remained stagnant, the central bank said.”

Bloomberg - “U.S. Property Deals May Climb to $300 Billion This Year, Real Capital Says” (1-11-12)

“U.S. commercial property deals are likely to climb 50 percent to $300 billion this year as loan maturities force asset sales and the economy grows, Real Capital Analytics Inc. said in its annual list of market predictions.”

NAHB“Voters Place High Value on Homeownership, Oppose Policies That Make It More Difficult to Own a Home” (1-11-12)

“By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.”

Housing Wire“FHFA considers paycut for new Fannie, Freddie CEOs” (1-11-12)

“The Federal Housing Finance Agency is taking into consideration what government employees are paid when determining the future compensation for the CEOs at Fannie Mae and Freddie Mac.”

San Francisco Chronicle - “Bernanke Doubles Down on Fed Bet Defied by Recession: Mortgages” (1-11-12)

“Ben S. Bernanke is signaling his willingness to double down on a three-year bet  that’s failed to revive housing, showing the extent of the Federal Reserve  chairman’s effort to wrest a recovery from the deepest recession.”

FINS - “Fannie Mae CEO Michael Williams Out” (1-11-12)

“Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant’s board names a successor.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $80,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

The Charles Schwab Corp. was required to pay $119 million dollars to settle claims that they were deceptive in their YieldPlus fund.  Following the release of their earnings for 2010, Goldman Sachs made several changes to the divisions in their business, according to Housing Wire.  DSNews reported that four major banks had been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the then recent robo-signing scandal.

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

The Norris Group Real Estate News Roundup 6/27/11

Monday, June 27th, 2011

Today’s News Synopsis:

Realty Times reported mixed results for the market this month: an increase in housing starts but a 3.8% decrease in existing-home sales.  Analysts at Capital Economics found that cheaper and lower-quality homes will steadily decrease faster than homes at the higher end of the market.    The Wall Street Journal reported that more mortgage applications are being rejected due to banks being extra careful about lending.

In The News:

DS News - “Homes at Low End of Market Remain Most Vulnerable to Price Drops” (6-27-11)

“A continuation of tight credit conditions for first-time buyers and a foreclosure pipeline full of homes bought with subprime loans will mean that house prices at the low end of the market will continue to fall at a faster rate than prices at either the middle or high end, according to analysts at the research firm Capital Economics.”

The Wall Street Journal - “Tighter Lending Crimps Housing” (6-27-11)

“The percentage of mortgage applications rejected by the nation’s largest lenders increased last year, spotlighting how banks’ cautious lending practices are hampering the nascent housing market recovery. ”

Bloomberg - “Mortgage-Bond Slump in U.S. Deepening as Jumbo, Alt-A Loans Extend Losses” (6-27-11)

“U.S. mortgage bonds without government backing are extending losses as signs of a weakening U.S. economy and concern that Greece may default on its debt curb risk-taking.”

CNN Money - “The tax man doesn’t want housing to recover” (6-27-11)

“During the housing boom, governments enjoyed windfalls from property taxes tied closely to home prices. But since the real estate bubble burst, the revenue stream officials had come to rely on to help pay for everything from education to roads has dried up.”

Housing Wire - “Florida court upholds foreclosure ‘rocket docket’ system” (6-27-11)

“A Florida appellate court denied a request from the American Civil Liberties Union to keep a property seizure case out of an accelerated foreclosure system, known as the ‘rocket docket’.”

Inman - “Denver home prices steady, some sellers on sidelines” (6-27-11)

“Metro Denver heads into the prime summer season with fewer available homes on the market. The monthly inventory of unsold homes in May declined 11.1 percent year-over-year to 19,573 units.”

Realty Times - “Real Estate Outlook: Mixed News amid Rising Initial Jobless Claims” (6-27-11)

“It was mixed news this week in the real estate market. While new housing starts were up after a month of declines, existing-home sales were down 3.8 percent from April.”

San Francisco Chronicle - “More than 1 in 4 denied a mortgage” (6-27-11)

“The pendulum has swung the other way. Banks have been blamed for being too lax in their lending practices in the past, haven given mortgages to millions that couldn’t afford them and contributing to the foreclosure debacle. Now, they are being cited as being too restrictive. Their conservative approach, critics say, is hampering the housing market from finding some stable ground, as willing buyers are being denied a mortgage.”

DS News“Analysis: Private Markets Key to Preventing Housing Meltdown Sequel” (6-27-11)

“According to an analysis authored by Patric H. Hendershott and Kevin Villani, responsibility for the failure of Fannie Mae and Freddie Mac falls directly on regulators and indirectly on their political overseers.”

Los Angeles Times - “Treausury bond yields rise as some investors shun new debt sale” (6-27-11)

“Some investors have lost their appetite for U.S. Treasury bonds with yields at their lowest levels since late last year.  Government bond yields rose Monday after the Treasury faced surprisingly weak demand at its auction of $35 billion in new two-year notes, the first of three note auctions this week.”

Housing Wire - “Freddie Mac economist sees sunny economy in second half” (6-27-11)

“Freddie Mac Chief Economist Frank Nothaft said the overall economy should begin to accelerate in the second half of 2011 with an improved housing market close behind.”

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.