The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Census Bureau’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/16/14

Wednesday, April 16th, 2014


Today’s News Synopsis:

Housing starts increased slightly by 2.8% last month, increasing to 946,000 units from 920,000.  Mortgage applications increased again by 4.3% from last week.  First quarter earnings for Bank of America were low due to an increase in legal expenses.

In The News:

DS News - “Bank of America Legal Expenses Hurt Q1 Earnings” (4-16-14)

“Legal expenses took a substantial bite out of Bank of America’s first-quarter earnings, resulting in a net loss of $276 million to start the year.”

NAHB - “Housing Starts Rise 2.8 Percent in March” (4-16-14)

“Led by a 6 percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau.”

Bloomberg - “CBS Get Favorable Tax Ruling on Billboard Unit Spinoff” (4-16-14)

“CBS Corp. (CBS), the broadcaster that’s spinning off its U.S. billboard advertising unit, said it received a favorable tax ruling on the transaction in a private letter from the Internal Revenue Service.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-16-14)

“Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014.”

Housing Wire - “Refinances continue downward trend, ARMs on the rise” (4-16-14)

“Homeowners seeking a refinance on their home loan are becoming more rare by the day. According to Ellie Mae’s (ELLI) March 2014 Origination Insight Report, only 40% of all the loans closed were refinance loans.”

DS News - “Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo” (4-16-14)

“After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.”

Housing Wire - “U.S. Bancorp’s mortgage revenue sliced nearly in half” (4-16-14)

“Despite witnessing signs of strong new lending activity, mortgage growth still came up short in U.S. Bancorp’s (USB) first quarter earnings, offsetting any potential growth.”

Mortgage Professional America - “Commercial, multifamily loans spike in 2013″ (4-16-14)

“Commercial and multifamily mortgage bankers did $358.5 billion in loan volume last year, according to data released by the Mortgage Bankers Association.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2.5 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

In a big news story, housing starts increased 7% the previous month, exceeding expectations.  The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans.  The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.

 

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 4/1/14

Tuesday, April 1st, 2014


Today’s News Synopsis:

Spending on residential construction continues to remain low, having increased by only 0.1% month-over-month in February.  At the same time, home prices increased in February by 12.22% year-over-year.  A new rule regarding mortgage disclosure has been established by the CFPB in order for their loan disclosures to be in line with the Truth in Lending Act.

In The News:

Housing Wire - “Residential construction spending down for February” (4-1-14)

“Construction spending rose a mere 0.1% month-over-month in February to $945.7 million, with private residential construction spending down 0.8% and residential construction down 0.7%, according to the U.S. Census Bureau.”

Mortgage Professional America - “Washington State cracks down on foreclosure trustee” (4-1-14)

“About 450 Washington State homeowners will be receiving cash after the state attorney general’s legal action against a foreclosure trustee.”

DS News“Fannie Mae Reports Decline in Business” (4-1-14)

“Fannie Mae reported further contraction in its book of business for February—the second this year and the third in as many months—as new business acquisitions dropped to a five-year low.”

Bloomberg“Chinese Investments in U.S. Commercial Real Estate Surges” (4-1-14)

“Greenland, the state-owned builder that’s also developing one of China’s tallest towers, has become one of its country’s biggest investors in U.S. real estate.”

Realty Trac - “Fannie Mae, Freddie Mac: Were They Ever Broken?” (4-1-14)

“The government has collected more than $20 billion in the past year from lenders who sold allegedly-subpar mortgages and related securities to Fannie  Mae and Freddie Mac, with more settlements likely to come.”

DS News“CFPB Introduces New Forms for Integrated Disclosure Rule” (4-1-14)

“Charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act to integrate loan disclosures stemming from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA), the Consumer Financial Protection Bureau (CFPB) has created a united mortgage disclosure rule.”

Mortgage Bankers Association - “MBA Releases 2013 Commercial/Multifamily Mortgage Origination Volume Rankings” (4-1-14)

“According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; J.P. Morgan Chase & Company; Bank of America Merrill Lynch; Eastdil Secured; KeyBank; PNC Real Estate; HFF, L.P.; Meridian Capital Group, LLC; CBRE Capital Markets; and Prudential Mortgage Capital Company were the top commercial/multifamily mortgage originators in 2013.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

DS News - “Home Prices Post Gains in February” (4-1-14)

“CoreLogic released its Home Price Index (HPI) for February, which found that home prices increased by 12.2 percent from the previous year. The CoreLogic figure includes home prices of distressed sales, and represents 24 months of consecutive year-over-year increases in home prices nationally.”

Inman - “Re/Max raises dues for agents, franchisees” (4-1-14)

“On Jan. 1, Re/Max increased the annual dues its agents in the U.S. and Canada pay to affiliate with the brand and the monthly per-agent fees affiliated brokerages in U.S. company-owned master franchise regions pay the franchisor.”

Hard Money Loan Closed

Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $530,000 on a 4 bedroom, 2.5 bathroom home appraised for $814,000.

Covina Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people were able to afford to buy houses with the decrease in operating costs.

 

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 3/10/14

Monday, March 10th, 2014


Today’s News Synopsis:

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

In The News:

Bloomberg“Tax reform proposal would cut many real estate deductions” (3-9-14)

“You may have seen reports about a major tax reform proposal floated recently by Rep. Dave Camp of Michigan, the chairman of the House Ways and Means Committee.”

Inman“Accuracy in real estate listings: Data errors raise concerns over legal damages, responsibility” (3-10-14)

“The Combined Los Angeles/Westside Multiple Listing Service (CLAW) recently decided to delay syndicating its listings to portals such as Trulia and Zillow by 48 hours.”

DS News“Obama Administration Releases February Housing Scorecard” (3-10-14)

“The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the February edition of the Obama Administration’s Housing Scorecard on Friday. The report found that new home sales rose, foreclosure completion were down, and home prices remained stable.”

Housing Wire“ARMs outperform fixed-rate mortgage investments” (3-10-14)

“Fourth quarter earnings created a positive outlook for mortgage real estate investment trusts as agency-only adjustable rate mortgage mREITs performed better than expected, compared to fixed rate mREITs, said a report from FBR Capital Markets said.”

Mortgage Professional America - “Mortgage holders’ financial health on the rise” (3-10-14)

“The financial health of mortgage borrowers is on the rise, according to data released by LendingTree.”

NAHB“NAHB Study Reveals Key Differences in Home Preferences Based on Race or Ethnicity” (3-10-14)

“Today, the National Association of Home Builders (NAHB) released the results of a new study, What Home Buyers Really Want: Ethnic Preferences.”

Bloomberg - “U.S. Projects $179 Billion Profit From Fannie Mae, Freddie Mac” (3-10-14)

“Fannie Mae and Freddie Mac could return $179.2 billion in profits to taxpayers over the next 10 years if they continue operating under federal conservatorship, according to White House budget analysts.”

DS News - “CFPB Recovers $1 Million for Veterans” (3-10-14)

“The Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the bureau about financial products or services have recovered over $1 million.”

Realty Trac - “Size of New Homes Getting Bigger” (3-10-14)

“As the economy slowly recovers, America’s love affair with oversized homes continues to grow. According to a new Census Bureau  report, the average and median size of a new home has grown significantly in the past few years.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $260,000 on a 4 bedroom, 2 bathroom home appraised for $400,000.

West Covina Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Chino Valley Real Estate Professionals on Friday, March 14, 2014.

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 2/25/14

Tuesday, February 25th, 2014


Today’s News Synopsis:

Home prices increased 13.4% in December in 20 cities according to the latest S&P/Case-Shiller Index.  In addition, it was reported in the latest Local Market Index that 89 markets have “fully recovered”.  The Mortgage Bankers Association reported delinquency and foreclosure rates are at their lowest in six years at 6.39%.

In The News:

DS News- “Florida’s Consumer Sentiment Sits Tight” (2-25-14)

“A new report released Tuesday by the Wells Fargo Economics Group noted that consumer sentiment in Florida remained at 78 for the second straight month.”

Bloomberg“Home Prices in 20 U.S. Cities Increased at Slower Pace” (2-25-13)

“Home prices in the U.S. climbed at a slower pace in the year through December, pointing to a moderation in the market that will help keep more properties within reach for prospective buyers.”

Housing Wire“Freddie pushes Mom -and-Pop shops as REO sales slow” (2-25-14)

“Big institutional investors drove a lot of the housing sales in 2013 – accounting for as much as 40% of all sales in the year.”

DS News- “More Local Markets Experiencing Full Recovery” (2-25-14)

“Homes.com has released its December Local Market Index, a price performance summary of repeat sales of U.S. properties. The index notes year-over-year gains for single-family properties in all 300 top U.S markets for the ninth consecutive month.”

NAHB - “Why are New Homes Getting so Big? Look at Who’s Buying Them” (2-25-14)

“Though the average size of new homes keeps getting bigger, there is more to this home buying trend than meets the eye, according to Census Bureau data presented by the National Association of Home Builders (NAHB) during the International Builders’ Show in Las Vegas.”

CNN Money - “U.S. ranks 19th in world for retirement security” (2-25-14)

“U.S. retirees are facing worse conditions for their golden years than retired workers in many other developed countries — from Canada and the United Kingdom to South Korea.”

Mortgage Professional America - “Delinquencies and foreclosures at six-year low” (2-25-14)

“Delinquency and foreclosure rates have dropped to their lowest levels in six years, according to data released by the Mortgage Bankers Association.”

DS News- “Freddie Mac Reports Mortgage Portfolio Decrease” (2-25-14)

“Freddie Mac released its Monthly Volume Summary for January, 2014, noting their total mortgage portfolio decreased at an annualized rate of 1.9 percent in January. Despite a slight uptick in December, 2013, Freddie Mac’s ending balance has been declining since June, 2013.”

Housing Wire- “JPMorgan plans 8,000 layoffs” (2-25-14)

“JPMorgan Chase (JPM) is expected to reduce employee headcount in mortgages by 6,000 in 2014, in addition to an expense reduction of $2 billion from 2013 to 2014. It’s part of a total predicted reduction of 8,000 jobs, the bank announced in its investor day presentation.”

 

Hard Money Loan Closed

La Quinta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $205,000 on a 2 bedroom, 3 bathroom home appraised for $300,000.

La Quinta Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

Faith Schwartz, former executive director of HOPE NOW, was appointed as CoreLogic’s SVP of government solutions.  LPS reported home prices increased 5.8% year-over-year in December.

 

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 2/19/14

Wednesday, February 19th, 2014


Today’s News Synopsis:

NAHB reported housing starts declined last month by 16% due to the increase in cold weather.  According to the latest Mortgage Bankers Association survey, mortgage applications decreased 4.1% from last week.  Credit default rates also decreased last month to 1.34% according to the latest S&P/Experian Consumer Credit Default Indices.

In The News:

CNN Money - “Fed debated how to signal a rate hike” (2-19-14)

“The Federal Reserve has said it will keep interest rates low until unemployment falls to around 6.5%.  But now that target is nearing, and officials are further distancing themselves from it.”

DS News - “Expansion of California’s Anti-Deficiency Laws Means More Litigation For Creditors” (2-19-14)

“Turning a narrow consumer shield into a potentially broad sword, this summer California expanded its anti-deficiency judgment laws to prohibit not only the judicial pursuit of mortgage deficiency balances, but also to declare that post-foreclosure deficiencies can be neither “owed” nor ‘collected’.”

Housing Wire“Citigroup launches RMBS” (2-19-14)

“Citigroup (C) is releasing details of its second residential mortgage backed securitization since the housing recovery began.  Citigroup Mortgage Loan Trust 2014-A is backed by 1,164 loans with a principal balance of nearly $379 million.”

NAHB“Cold Weather Drives Housing Starts Down in January” (2-19-14)

“Due largely to unusually severe weather, across much of the nation, housing starts fell 16 percent to a seasonally adjusted annual rate of 880,000 units in January, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “Major lender axes 115 mortgage jobs” (2-19-14)

“Yet another major lender is axing mortgage jobs in the St. Louis area just days after Bank of America sent nearly 300 employees packing.  Nationstar Mortgage is laying off 115 employees and closing a St. Louis County office, according to the St. Louis Post-Dispatch.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-19-14)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 14, 2014.”

Bloomberg- “Waning Mortgage Refinancings Make New Deals Safer” (2-19-14)

“A trend of fewer homeowners refinancing their mortgages as interest rates climb is helping to curb sales of home-loan bonds without government backing. It’s also making new notes being issued safer, according to Moody’s Investors Service.”

DS News - “Credit Default Rates Decrease in January” (2-19-14)

“In a report released Tuesday by S&P Dow Jones Indices and Experian, data from the S&P/Experian Consumer Credit Default Indices revealed a decline in default rates during the month of January.”

CNN Money - “Priceline for landlords may determine your next rent” (2-19-14)

“Your next rent hike may be determined by a sort of Priceline.com for landlords.  As demand for rental housing surges, a growing number of landlords are pricing their apartments based on a system similar to the one Priceline.com uses to determine airfare and hotel rates.”

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $377,000 on a 3 bedroom, 2 bathroom home appraised for $547,000.

Anaheim Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014

Looking Back:

According to the NAHB, builder confidence remaind approximately the same, having decreased only one point to 46.  Freddie Mac reported over one-third of households for the multifamily sector were rentals, the highest since 1997.  However, for many in the economy rental prices were still beyond what they could afford.  The number of loans refinanced through the HARP Refinance Program reached 2 million.

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 1/31/14

Friday, January 31st, 2014

Sources:

FDIC Marks Second Bank Collapse of 2014
HUD and Census Bureau Report New Residential Sales in December

Today’s News Synopsis:

This week’s video is a slideshow of highlights from the news of the week.  The homeownership rate decreased in the fourth quarter to 65.2%.  This comes with the increase in the cost to borrow and tighter credit.  U.S. mortgage securities backed by the government increased by 1.5%, the most since 2008.  The amount of vacant homes is still high in the marketplace despite tighter levels of housing inventory.

In The News:

DS News - “FHA to Accept e-Signatures on More Documents” (1-31-14)

“In its ongoing bid to modernize its processes, the Federal Housing Administration (FHA) has granted expanded authority to lenders to accept e-Signatures on loan documents.”

Housing Wire“America still has plenty of vacant homes” (1-31-14)

“Despite tighter housing inventory levels, the number of vacant homes in America remains somewhat elevated.  The overall year-round vacancy rate hit 10.2% when accounting for total housing units, while approximately 2.7 of the total units were for rent, the Department of Commerce’s Census Bureau said.”

Bloomberg - “U.S. Homeownership Rate Falls on Highers Costs for Buyers” (1-31-14)

“The homeownership rate in the U.S. declined in the fourth quarter as higher borrowing costs and tight credit blocked many first-time buyers.”

CNN Money- “Goldman’s Blankfein gets $14.7 million in stock” (1-31-14)

“It’s another big CEO payday on Wall Street.  Goldman Sachs says CEO Lloyd Blankfein will receive shares in the firm currently worth $14.7 million, and that will be only part of his pay package.”

Housing Wire - “NY Court signs off on $8.5B BofA settlement over pooled mortgages” (1-31-14)

“After more than two years of legal wrangling, a New York judge signed off on a controversial $8.5 billion settlement between Bank of America (BAC) and The Bank of New York Mellon over toxic mortgage securities.”

Mortgage Professional America - “RealtyTrac names ’20 best places to buy foreclosures’” (1-31-14)

“Most large metro markets in the U.S. saw increased foreclosure activity in 2012, according to a report from foreclosure data aggregator RealtyTrac.”

Bloomberg- “Mortgage Bonds Poised for Biggest Gains Since 2008 in Reversal” (1-31-14)

“Government-backed U.S. mortgage securities are poised for their biggest monthly gains since 2008 after posting their first annual losses in 19 years, as investors seek havens amid turmoil in developing nations.”

Hard Money Loan Closed

Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 2 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Freddie Mac reported mortgage rates increased for the second week in a row, with 30-year rates at 3.353%, their highest in four months.  The Lender Processing Services reported trends in delinquencies, which increased 0.7% month-over-month in December, foreclosure starts up from 4.8%, and negative equity.  The FHA announced that they will raise premiums by 0.1% on new mortgages.

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 1/27/14

Monday, January 27th, 2014

 

Today’s News Synopsis:

New home sales decreased by 7% last December and were at a seasonally adjusted annual rate of 414,000.  Although, they actually increased 4.5% from December of 2012.  Home prices increased 8.5% year-over-year and 0.3% month-over-month in December.  The FDIC reported the second bank closure of 2014 with the recent closing of the Bank of Union in El Reno, Oklahoma.

In The News:

Housing Wire - “U.S. home prices edged up between Oct. and Nov.” (1-27-14)

“The real estate recovery continued in the latter part of 2013, but showed signs of slowing down even as prices made significant gains from year earlier levels.”

HUD - “HUD and Census Bureau Report New Residential Sales in December” (1-27-14)

“Sales of new single-family houses in December 2013 were at a seasonally adjusted annual rate of 414,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.”

DS News - “FDIC Marks Second Bank Collapse of 2014″ (1-27-14)

“FDIC announced the closure of an Oklahoma bank over the weekend, marking the first insured collapse in the Sooner State in more than a year and a half.”

Housing Wire - “Here’s what speculators on the American economy say about its future” (1-27-14)

“There’s plenty of chatter about the U.S. economy going into Wednesday’s announcement from the Federal Open Market Committee, especially in regards to whether it will continue to taper investments in Treasurys and mortgage-backed securities.”

Mortgage Professional America“No bank too big to indict — Holder” (1-27-14)

“There are no banks too big to indict, and no bank executives are above prosecution, the U.S. attorney general insisted in a recent interview.”

Housing Wire - “How QM fails to deliver” (1-27-14)

“Although the Qualified Mortgage and ability-to-repay rules are designed to halt excessively risky lending, the new guidelines are likely to fall short on risk restraint when comparing their reality to the expectations of the Consumer Financial Protection Bureau, said Ed Pinto, resident fellow and co-director of the American Enterprise Institute’s International Center on Housing Risk..”

DS News - “Homeowners, Buyers Maintain High Hopes in Survey” (1-27-14)

“A recent survey of current and potential homeowners shows the majority have a bright outlook on the nation’s housing market and economy for 2014–which may translate to a more active market.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $112,000 on a 4 bedroom, 3 bathroom home appraised for $172,000.

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

 

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 12/4/13

Wednesday, December 4th, 2013

Today’s News Synopsis:

A recent report from the Mortgage Bankers Association showed mortgage applications decreased 12.8% from last week.  Sales of new homes increased by 25.4% to 444,000 units last October.  Five major banks have not met compliance requirements laid down in the National Mortgage Settlement.  These banks are Bank of America, Chase, Citigroup, ResCap, and Wells Fargo.

In The News:

NAHB - “New-Home Sales Up Sharply in October” (12-4-13)

“Sales of newly built, single-family homes rose 25.4 percent to a seasonally adjusted annual rate of 444,000 units in October, according to data released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Bankers Association - “Mortgage Applications Fall During Holiday-Shortened Week” (12-4-13)

“Mortgage applications decreased 12.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 29, 2013.”

DS News - “Hudson & Marshall Selected to Auction 150 FDIC Properties” (12-4-13)

“Hudson & Marshall announced Wednesday that it will auction more than 150 single-family properties for theFDIC using a specially tailored version of the company’s online and offline auction process.”

Housing Wire“Up to $10M in Fannie MSRs up for grabs” (12-4-13)

“The massive off-loading of agency mortgage servicing rights continues, with a new offering of $5 million to $10 million in Fannie Mae MSRs.”

Mortgage Professional America - “Lawmakers blast eminent domain moves” (12-4-13)

“A group of U.S. senators has asked the Department of Housing and Urban Development to use its authority to stall the plans of some cities to use eminent domain to seize underwater mortgages.”

DS News- “Major Servicers Fail Seven Settlement Compliance Tests” (12-4-13)

“The former banking regulator overseeing servicers’ compliance with the National Mortgage Settlement (NMS) has released a summary of the five compliance reports he filed with the federal court in Washington, D.C.—one report for each of the servicers subject to the settlement agreement reached with 49 state attorneys general, HUD, and the U.S. Justice Department: Bank of America, Chase,Citi, ResCap, and Wells Fargo.”

Mortgage Bankers Association - “Independent Mortgage Banker Profits Fell in the Third Quarter of 2013″ (12-4-13)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $743 on each loan they originated in the third quarter of 2013, down from $1,528 per loan in the second quarter, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 2 bathroom home appraised for $170,000.

 

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.

 

Looking Back:

As part of a Christmas gift, Fannie Mae and Freddie Mac were suspending foreclosures from December 19 through January 2, 2013.  Home prices increased 6.3% in October to their highest in 6 years.  Trulia reported asking prices for homes increased 3.8% the previous month to their highest since the beginning of the recession.

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 11/26/13

Tuesday, November 26th, 2013

Today’s News Synopsis:

Building permits increased last month by 6.2% and are now at their highest in five years.  Home prices are continuing to increase at a good rate, having gone up 3.2% in the third quarter and 11.2% over the last four quarters.  Home loans will continue to be purchased by Fannie Mae and Freddie Mac at $417,000 in low cost areas and $625,500 in high-cost areas.

In The News:

Housing Wire - “Residential home sales continue to climb: RealtyTrac” (11-26-13)

“Residential property sales, including single-family homes, condominiums and townhomes, continue to rise, increasing to an estimated annualized pace of 5.649 million in October, a 2% hike from a month ago and an increase of 13% from October 2012, the latest RealtyTrac Residential and Foreclosure Sales Report revealed.”

NAHB - “Strong Multifamily Sector Pushes Building Permits Above 1 Million in October” (11-26-13)

“Issuance of new building permits rose 6.2 percent to a seasonally adjusted annual rate of 1.034 million units in October due primarily to a double-digit increase on the multifamily side, the U.S. Census Bureau reported today.”

Bloomberg - “Building Permits in U.S. Jump to Five-Year High” (11-26-13)

“Building permits climbed in October to the highest level in more than five years, signaling the U.S. residential real-estate market will strengthen in 2014.”

Housing Wire - “FDIC reports positive trend in loan balances, failed banks” (11-26-13)

“The bad news about banks in the third quarter is that their net income declined 3.9% from the same quarter last year, according to the latest Quarterly Banking Profile released today from the Federal Deposit Insurance Corporation (FDIC).”

Bloomberg - “Foreclosed Sales at U.S. Auctions Double as Prices Gain” (11-26-13)

“Purchases of foreclosed homes at auctions jumped last month as banks benefited from surging prices and shunned approvals of sales by homeowners dumping their dwellings at a loss.”

Housing Wire - “S&P/Case-Shiller: Home prices grow at a steady pace” (11-26-13)

“Home prices continued to grow at a steady pace in the third quarter, edging up 3.2% in 3Q and rising 11.2% over the course of the last four quarters, the latest S&P/Case-Shiller Home Price Indices show.”

DS News - “Nationstar Leads Slump in Mortgage Industry Stock Prices” (11-26-13)

“Just as the seasons change, so does the effectiveness of certain segments in the mortgage industry. Mortgage originators and servicing companies are facing the reality of decreasing new loan volumes and the entrance of new players to the industry, forcing them to reassess where the best sources of revenue can be found.”

Bloomberg - “Fannie Mae Home-Loan Limits to Remain Unchanged in Early 2014″ (11-26-13)

“Fannie Mae and Freddie Mac will continue to buy U.S. home loans of as much as $417,000 in most areas at the beginning of 2014, unchanged from the current year’s limit, the companies’ regulator said.”

Hard Money Loan Closed

Los Angeles (Van Nuys), California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $365,000 on a 4 bedroom, 3 bathroom home appraised for $782,000.

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.

 

Looking Back:

Pending home sales increased in California the previous month 4.3% month-over-month and 3.6% year-over-year.  Jobs in the mortgage increased by 3,000 in the third quarter.  Home values showed their twelfth straight month of increases in the last month  and were at $155,400.

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 11/6/13

Wednesday, November 6th, 2013

 

Today’s News Synopsis:

Home prices for single-family homes increased in the third quarter in almost 90% of cities in the U.S.  Fannie Mae’s portfolio decreased again last September by 1.3%, now totaling $3.163 trillion.  Wells Fargo has been required to pay $335 million by the FHFA to settle claims that they sold Fannie Mae and Freddie Mac faulty mortgage securities.

In The News:

Bloomberg - “Home Prices Climb in 88% of U.S. Cities” (11-6-13)

“Prices for single-family homes climbed in 88 percent of U.S. cities in the third quarter as buyers competed for limited inventories that included fewer discounted foreclosures.”

DS News- “Fannie Mae’s Portfolio Continues to Shrink” (11-6-13)

“Fannie Mae has released its September book of business, revealing further declines as new business acquisitions came to their lowest level in more than a year.”

Mortgage Professional America - “Appeals court throws out suit against Freddie Mac” (11-6-13)

“A federal appeals court has upheld the dismissal of a lawsuit against Freddie Mac that alleged the mortgage finance giant had concealed its tottering financial position prior to the 2008 meltdown.”

CNN Money - “Washington city votes to raise minimum wage to $15″ (11-6-13)

“It’s a good day for low-wage workers in New Jersey and the city of SeaTac, Wash., after residents on Tuesday favored ballot measures that will raise the minimum wage.”

DS News - “Report: Housing Bubble Fears May Not be Unfounded” (11-6-13)

“Fitch Ratings Wednesday stated unabashedly a fear that has been whispered across the industry for the past several months—a looming bubble in some markets.”

Los Angeles Times - “Lawmakers want to outlaw tax deductions for government settlements” (11-6-13)

“Two senators introduced legislation Wednesday to outlaw tax deductions by companies for penalties paid as part of government settlements, responding to concerns that JPMorgan Chase & Co. could end up with a huge write-off if it settles civil investigations with the Justice Department over mortgage bonds.”

DS News- “Does Q3 Uptick in Homeownership Reveal Good News or False Hope?” (11-6-13)

“The Census Bureau’s announcement Tuesday that the national homeownership rate ticked up slightly in the third quarter of this year has some analysts wondering if this is a turning point for homeownership and others labeling slow household formation as a persistent hindrance to a full housing market recovery.”

Inman - “NAR’s alternative to Obamacare exchange to begin offering ‘guaranteed issue’ health plans Friday” (11-6-13)

“The National Association of Realtors has launched a private health insurance exchange with plans that comply with the new health care law, offering hundreds of thousands of uninsured and underinsured Realtors an alternative to the problem-riddled federal website.”

Associated Press - “Wells Fargo to pay $335M to settle FHFA dispute” (11-6-13)

“Wells Fargo & Co. will pay $335 million to resolve claims that it allegedly misled Fannie Mae and Freddie Mac about risky mortgage securities that it sold them prior to the housing collapse.”

 

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $7100 on a 2 bedroom, 1 bathroom home appraised for $105,000.

Looking Back:

Freddie Mac reported a profitable third quarter and therefore did not request any more aid from the Treasury.  CoreLogic reported home prices increased 0.3% month-over-month in September to their highest since 2006.  In addition, HOPE NOW reported modifications and short sales were completed at a quicker pace in the third quarter.

 

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.