California Real Estate Headline Roundup

Posts Tagged ‘Census Bureau’

By Bruce Norris .

Multifamily Lending Numbers Sets New Record for 2013 with 18% increase from 2012

Friday, October 17th, 2014

Copyright: Image from www.flickr.com/photos/22318392@N04/

 

 

Sources:

Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago
Mortgage lending regulation compliance costs up 30%



Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Housing starts increased above 1 million for the third time this year.  The number of foreclosures filed last quarter decreased 17% year-over-year and are down to their lowest in nine years.  Lending on multifamily properties increased 18% from 2012, setting a new record for 2013.

In The News:

Mortgage Bankers Association - “Multifamily Lending Hits New Record in 2013″ (10-17-14)

“In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).”

NAHB“Nationwide Housing Starts Top 1 Million for Third Time this Year” (10-17-14)

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “FHFA, Fannie &Freddie near deal to open mortgage credit box” (10-17-14)

“As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive.”

OC Housing News“Will the CAR 2015 housing market sales forecast be way off?” (10-17-14)

“Past performance is not always the best indicator of the skill of forecasters. For example, if meteorologists issue a standard forecast for weather in Southern California of morning clouds, afternoon sun, and highs in the upper 60s or low 70s, they would be correct over 80% of the time, but what have they forecast? Nothing.”

Mortgage Professional America - “SEC official: Too many regulators are ‘piling on’” (10-17-14)

“For years the federal government has been heaping regulations bureaucracy and red tape on originators. Finally, at least one SEC official has said it’s too much.”

Bloomberg - “Rates Below 4% Leave U.S. Refinancing Banker Sleepless” (10-17-14)

“The drop in mortgage rates below 4 percent has cut into Debra Shultz’s sleep. The New York City banker is busier than she’s been in months, working with three dozen homeowners eager to lower their payments.”

Housing Wire - “This could happen now that mortgage rates dropped below 4%” (10-17-14)

“Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but meanwhile the market is trying to determine what the recent weakness in US economic reports.”

Los Angeles Times“California foreclosure filings fall to lowest level since 2005″ (10-17-14)

“The foreclosure crisis is rapidly becoming a thing of the past.  The number of foreclosure filings on California homes fell to their lowest level in nearly nine years last quarter, according to a report released Friday.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Home prices increased back in August and were at levels last seen in 2009.  More and more people were flipping homes due to a decrease in good deals on homes.  Consumer confidence decrease again, causing Fannie Mae to change their outlook on the economy.

 

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

Office Space Rents Increase the Most in San Jose and Dallas

Wednesday, October 1st, 2014

 

 



Today’s News Synopsis:

The Mortgage Bankers Association reported a 0.2% drop in mortgage applications from last week.  Spending on construction decreased by 0.8% last month to $961 billion according to the Census Bureau.  Rents for office space increased the most in San Jose and Dallas.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (9-30-14)

“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 26, 2014.”

Housing Wire - “Investors Unite: We have not yet begun Fannie, Freddie fight” (10-1-14)

“The judicial dismissal of a lawsuit brought in District Court by Perry Capital and Fairholme Funds is definitely a set back, but the shareholders fighting against the federal government’s sweep of profits from the GSEs say they are down, but not out – by a long shot”

DS News“New York AG Commits More Funds to Homeowner Protection Program” (10-1-14)

“The office of New York Attorney General Eric Schneiderman will be committing up to $40 million to aid organizations that work through the Homeowner Protection Program (HOPP) to provide housing counseling and legal services to struggling homeowners, Schneiderman announced on Monday.”

Housing Wire - “JPMorgan’s $13B mortgage settlement reaches homeowners” (10-1-14)

“JPMorgan Chase (JPM) has provided relief to 46,404 borrowers in a gross principal amount of $7.6 billion as part of its $13 billion agreement to settle claims regarding the packaging, marketing, sale and issuance of residential mortgage-backed securities by Chase, Bear Stearns and Washington Mutual to investors before the financial crisis.”

Mortgage Professional America“Judge throws out suit over Fannie, Freddie profits” (10-1-14)

“A federal judge has thrown out a lawsuit that sought to prevent the government from forcing Fannie Mae and Freddie Mac to turn over their profits to the Treasury.”

Los Angeles Times - “Higher-wage industries boost hiring in L.A., but income growth lags” (10-1-14)

“California is “in growth mode from top to bottom,” but the expansion is happening unevenly around the state, a report by Los Angeles research firm Beacon Economics found.”

Bloomberg - “Increases in U.S. Office Rents Led by San Jose and Dallas” (10-1-14)

“San Jose, California, and Dallas led the U.S. in office-rent increases in the third quarter as cities benefiting from growth in the technology and energy industries outperformed the gradual national recovery.”

Housing Wire - “Construction spending declines 0.8% in August” (10-1-14)

“Construction spending fell 0.8% in August to a seasonally adjusted annual rate of $961 billion, well below analyst expectations and below the July printing of $968.8 billion, the Census Bureau said.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Home values increased more than 10% according to both the latest report from CoreLogic and housing price index from Clear Capital.  The FHA was accepting a $1 billion bailout to cover losses from their reverse mortgage program and legacy books.  More community banks in the Midwest were continuing to show signs of improvement with the decrease in delinquencies and loan losses.

 

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.

Housing Starts Decrease Almost 15% with the Decrease in Multifamily Production

Thursday, September 18th, 2014

 

 

Today’s News Synopsis:

Housing starts decreased by 14.4% last month with the decrease in multifamily production.  Mortgage rates increased again to a 3-month high with 30-year rates now at 4.23% and 15-year rates at 3.37%.  In a recent announcement by the Federal Reserve, tapering will be completed by the end of next month, meaning an end to the bond-buying program.

In The News:

DS News - “Report: Home Sales Down, Prices Up For August” (9-18-14)

“Home sales in August remained below last year’s pace for yet another month as prices inched higher, RE/MAX reported on September 16.”

NAHB“Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August” (9-18-14)

“Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “The taper is nearly complete — lock your borrowers in while rates are low” (9-18-14)

“The Federal Reserve said yesterday that its bond-buying program will end in October as scheduled. So does that mean mortgage rates will see an immediate spike? The short answer is: not yet.”

DS News “Real Estate Investors Discuss Buying Hot Spots” (9-18-14)

“With so many single-family distressed homes out there on the market, real estate investors are aware of the need to choose carefully which homes to buy – and it’s more than just the house itself that figures into the equation when buyers are making that determination.”

Housing Wire - “Freddie Mac: Mortgage rates move to 3-month high” (9-18-14)

“Mortgage rates shot up for the week ended Sept. 18, making their biggest one-week gain so far this year, the latest Freddie Mac Primary Mortgage Market Survey found.”

OC Housing News“Low mortgage rates fail to overcome buyer reluctance” (9-18-14)

“I would like to own a Lexus LS 460. It’s a beautiful and luxurious automobile; however, I am reluctant to buy one because the price is just too high. They could lower the interest rate to zero, and I would be unlikely to buy a car that costs that much. No matter how much people may want something, if the price is too high, they will be reluctant to buy it.”

DS News“CFPB Has Caused Businesses to Heavily Emphasize Compliance” (9-18-14)

“With the mortgage industry becoming more heavily regulated in the last four to five years, those who work within the industry have had to place an increased emphasis on compliance.”

Inman“Heat map shows baby boomers and millennials on the move” (9-18-14)

“RealtyTrac has analyzed Census Bureau data to map the migration patterns of baby boomers and millennials from 2007 to 2013 in more than 1,800 counties.”

Housing Wire“Fitch: Rise of nonbank servicers threatens private-label RMBS” (9-18-14)

“The precipitous growth of nonbank mortgage servicers in recent years presents a threat to the performance of private-label residential mortgage-backed securitizations, Fitch Ratings said in a new report.”

DS News - “Analyst Predicts Home Price Decline In Report to White House” (9-18-14)

“Former Goldman Sachs executive Joshua Pollard sent a sobering 18-page report to the White House on September 17 warning of a potential downturn in home prices that could put the country back into a recession before the ripples of the previous one settle.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $130,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos TONIGHT.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Mortgage applications saw an 11.2% increase over the previous week according to the Mortgage Bankers Association.  According to the latest FNC Residential Price Index report, home prices were at their highest in three years with a 0.7% increase in July.  However, housing starts were below expectations, having risen by only 0.9% to 891,000.

 

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.

Builder Confidence Highest in Nine Years

Wednesday, September 17th, 2014

 

 

 

 

 

 

Today’s News Synopsis:

The NAHB reported builder confidence increased to 59, bringing it to its highest level in nine years.  Mortgage applications also increased from last week by 7.9% according to the Mortgage Bankers Association.  Freddie Mac reported the multifamily sector is increasing drastically despite the housing market as a whole still struggling.

In The News:

Mortgage Professional America - “While housing staggers, multifamily is booming” (9-16-14)

“While the single-family sector continues its slow climb back to normalcy, the multifamily sector is booming, according to new data from Freddie Mac. In fact, all growth in net household formation has been among renters.”

Housing Wire - “American mobility at historic low and not changing soon” (9-17-14)

“The U.S. Census Bureau’s current population survey released on Tuesday shows that mobility is flat – at the same low level of 11.7% as the year before.”

NAHB“Builder Confidence Hits Highest Level Since November of 2005″ (9-17-14)

“Builder confidence in the market for newly built, single-family homes rose for a fourth consecutive month in September to a level of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-17-14)

“Mortgage applications increased 7.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 12, 2014.”

Housing Wire - “FOMC: Tapering quickly coming to a close” (9-17-14)

“Tapering is likely to end at the next Federal Open Market Committee meeting, according the latest September minutes.”

OC Housing News“Housing market faces intractable problems with demand” (9-17-14)

“The federal government set up the unemployment reporting procedures to mask the depth of problems with deep recessions.  During the Great Depression unemployment hit very high levels because the government counted everyone who wanted a job but didn’t have one.”

DS News“Credit Default Rates Inch Up in August” (9-17-14)

“Credit default rates in the United States rose slightly in August, pushed in part by an uptick in mortgage defaults.  The national credit default rate, which includes bank cards, auto loans, and both first and second mortgages, edged up to 1.03 percent in August from July’s historical low of 1.01 percent, according to data compiled by S&P Dow Jones Indices and Experian.”

Housing Wire - “FHFA reps and warrants policies have “significant and unresolved” risks” (9-17-14)

“When the Federal Housing Finance Agency implemented new representation and warranty policies for Fannie Mae and Freddie Mac on Jan. 1, 2013, it did so in a rushed and flawed manner that exposes the government-sponsored enterprises to significant risk, the FHFA’s watchdog said in a new report.”

Bloomberg“Lennar Profit Beats Estimates as Sales and Prices Rise” (9-17-14)

“Lennar Corp. (LEN), the second-biggest U.S. homebuilder by stock-market value, reported fiscal third-quarter earnings that beat analysts’ estimates as it sold more homes at higher prices..”

 

Hard Money Loan Closed

San Juan Capistrano, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $425,000 on a 3 bedroom, 2 bathroom home appraised for $654,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

 

Looking Back:

In an updated on the Richmond eminent domain case, a federal district judge rejected a move by Wells Fargo to prevent the plan from taking place.  In other news, home builder confidence remained static at 58 after having seen four straight months of increase.  Although the housing market seemed to show signs of improving, newly released data has caused analysts to now question the state of improvement.

 

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.

New Home Sales Decrease 2.4%

Monday, August 25th, 2014

 

 

 


Today’s News Synopsis:

The sale of new homes decreased 2.4% and now stand at 412,000 as of July.  Goldman Sachs is coming closer to reaching a settlement worth $1.1 billion with the FHFA over bad mortgage-backed securities they sold to Fannie Mae and Freddie Mac.  A 6.0-magnitude earthquake hit San Francisco yesterday morning, causing what could be up to $1 billion in damage and served as a wake-up call for investors with RMBS concentration in San Francisco.

In The News:

Bloomberg“Jackson Hole Theme: Labor Markets Can’t Take Higher Rates” (8-24-14)

“Global central bankers led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.”

Los Angeles Times - “FICO score change unlikely to help home buyers in near future” (8-24-14)

“You may have noticed the big media splash recently when Fair Isaac Corp., developer of the FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.”

Housing Wire - “HousingWire asks if immigrants can save housing, Fannie Mae answers yes” (8-25-14)

“The latest Housing Insights from Fannie Mae’s Economic & Strategic Research Group, they look at how the homeownership rate gap has changed during the past 10 years and, in particular, during the recent housing crisis compared to previous years.”

NAHB“New-Home Sales Down 2.4 Percent in July” (8-25-14)

“Sales of newly built, single-family homes fell 2.4 percent to a seasonally adjusted annual rate of 412,000 units in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “Goldman nearing $1.1bn settlement with FHFA — reports” (8-25-14)

“Goldman Sachs is reportedly preparing to pay $1.1 billion to settle government claims that it sold shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.”

OC Housing News - “Chinese government policy change kills Coastal California housing market” (8-25-14)

“The people who deny a real estate bubble in China are wrong, and the deflating Chinese property bubble could destabilize the world economy, but of greater interest to owners of Coastal California real estate, the deflating Chinese housing bubble could turn local real estate buyers into desperate sellers.”

Inman - “Buyers are driving cameras through homes on the other side of the world” (8-25-14)

“New technology is taking virtual tours a step further by letting buyers drive cameras mounted on remote-controlled vehicles through distant homes, venturing from room to room, peeking around corners and taking in near-360-degree views from multiple vantage points.”

Housing Wire“San Francisco earthquake rattles jumbo mortgage-bond collateral” (8-25-14)

“At 3:20 a.m. on Sunday morning, the largest earthquake in 25 years hit the San Francisco Bay Area. The magnitude-6.0 earthquake was centered in the Napa Valley, home to some of the most expensive homes in the country as well as countless wine vineyards.”

Realty Times - “Buyer’s Right to Know of Competition?” (8-25-14)

“Does a buyer have a right to know if some other buyer is competing against him for the same property? Shouldn’t buyers be given all relevant information so that they can make a fully informed decision? That’s what the plaintiffs thought in a case heard earlier this year by the Supreme Court of South Carolina (Woodson v. DLI Properties, South Carolina Supreme Court, January 14, 2014).”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $276,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 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.

Cities in Riverside County Rank High for Homeownership

Wednesday, August 20th, 2014

 


 

Today’s News Synopsis:

The real estate market is picking up with construction starts increasing 7% and interest rates increasing 4.5%, making now a good time to invest according to Bruce Norris.  Homeownership ranks high in Riverside County right now out of 178 cities with populations above 50,000.  Distressed sales decreased decreased to 11.4%, putting them at their lowest since before the housing bubble burst.

In The News:

Housing Wire“Distressed sales down to lowest share since before housing bubble broke” (8-20-14)

“For the 19th consecutive month, distressed home sales fell on a year-over-year basis, declining to 11.4% of home sales in June.  Distressed sales, which include both REO and short sales, accounted for the lowest share since December 2007 and a strong improvement from the same time a year ago when this category made up 15.8% of total sales.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (8-20-14)

“Mortgage applications increased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 15, 2014.”

Press Enterprise - “Real Estate: Going up, a few sticks at a time” (8-20-14)

“New construction starts in March advanced 7 percent to a seasonally adjusted annual rate of $521.4 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial.  But even though nonresidential building picked up the pace on a national level after a lackluster start for 2014, residential construction has lagged noticeably.”

DS News - “Residential Construction Activity Increases” (8-20-14)

“Residential construction is on its way up, with building permit authorizations for privately owned housing units increasing by 8.1 percent from June to July and rising 7.7 percent from July 2013, according to data released on August 19 by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.”

Mortgage Professional America - “Home builder confidence sees significant gains” (8-20-14)

“Home builder confidence is at its highest level since the beginning of the year after a third consecutive monthly gain”

Housing Wire - “Closing rate for mortgage originations drops in July” (8-20-14)

“Mortgage originations showed an overall closing rate of 57.7% in July 2014, down from 60.7% in June 2014, according to a sample of 90-day loan applications conducted by Ellie Mae (ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry.”

Inman - “Real estate embraces ALS ‘ice bucket challenge’” (8-20-14)

“Zillow CEO Spencer Rascoff has poured ice-cold water over his head and screamed. So has Trulia’s top exec, Pete Flint, and Better Homes and Gardens Real Estate’s CEO Sherry Chris.”

Press Enterprise - “Region: Riverside County cities rank high on home ownership list” (8-20-14)

“Riverside County cities – particularly in the southwest – are the happening place for home ownership in California, according to an online financial consultant’s analysis.”

DS News - “Delinquency Rate Falls for 10th Straight Quarter” (8-20-14)

“The national mortgage delinquency rate declined for the 10th consecutive quarter in Q2 2014 and is at its lowest level since 2008, according to TransUnion’s quarterly mortgage report.”

OC Housing News - “Despite industry spin, mortgage lending standards are not tight” (8-20-14)

“Real estate industry lobbyists appeal to lawmakers for policies the real estate industry believes will promote more transactions at higher prices. Most often this lobbying is short sighted and causes unintended long-term detrimental impacts on the housing market.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 1 bathroom home appraised for $160,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

 

Looking Back:

The mortgage default rate increased slightly to 1.35% the previous month from 1.34% in June.  However, REIT volumes showed decline and were at new lows with the under performance in agency mortgage-backed securities.  Negative equity had an effect on the market in that 26% (1.8 million) of 6.8 million homeowners in California were underwater.

 

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.

Consumer Sentiment Decreases This Month to 79.2

Tuesday, August 19th, 2014

 


 

Today’s News Synopsis:

Housing starts increased 15.7% to 1.093 million units last month, an increase driven by the growth in both single and multifamily properties.  Debt on households decreased with the decrease in mortgage default rates to .88% from .89%.  Consumer sentiment also decreased this month to 79.2, down from 81.8 in July.

In The News:

Housing Wire“Mortgage default rate drives down household debt” (8-19-14)

“Household debt continued to fall in July as the first mortgage default rate dropped to .88% from .89% last month, according to the S&P/Experian Consumer Credit Default Indices.”

NAHB“Combined Single-and Multifamily Gains Boost Housing Starts in July” (8-19-14)

“Fueled by strong single- and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July, the highest level since November 2013, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “CFPB cracks down on servicers” (8-19-14)

“The Consumer Financial Protection Bureau released a bulletin today outlining expectations for mortgage servicers that transfer loans.”

DS News - “Consumer Sentiment Drops in August” (8-19-14)

“A first-look reading shows consumer sentiment plummeted to a nine-month low in August as expectations dimmed.  The Thomson Reuters/University of Michigan Index of Consumer Sentiment came in at 79.2 in the preliminary August reading, down from a final reading of 81.8 in July and several points below the consensus forecast of 82.3.”

OC Housing News“Housing recovery hopes crushed as July home sales plummet” (8-19-14)

“Do you remember all the happy talk and wishful thinking that dominated financial reporting over the last few months? Weren’t we lead to expect a better second half of 2014?”

Housing Wire - “RealtyTrac: Cash purchases disappearing from home sales” (8-19-14)

“All-cash sales made up 37.9% of the single-family property sales in the second quarter of 2014, a fall from 42% in the first quarter, which marked a three-year high for cash sales.”

Mortgage Professional America - “Cash sales, institutional investor share dwindle” (8-19-14)

“All cash purchases have edged back from a three-year high while institutional investor share of the housing market has dropped to a three-year low.”

DS News - “CFPB Raises Loan Thresholds for 2015″ (8-19-14)

“Seven months after the implementation of its ability-to-repay and qualified mortgage (QM) rules, the Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans effective January 1, 2015.”

 

Hard Money Loan Closed

Big Bear City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

Big Bear City Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

The latest survey from Re/MAX showed median home prices decreased the previous month by 2.1%, although year-over-year they showed a drastic increase.  Housing starts and construction permits increased 5.9% the previous month to 896,000 units.  The housing market was back on the road to recovery with increasing home prices and decreasing foreclosures.

 

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.

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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.

MBA Expects Big Return of Commercial and Multifamily Originations

Tuesday, June 24th, 2014

 

Today’s News Synopsis:

The MBA expects high return of commercial and multifamily originations this year with the increase in housing volume.  Sales of newly constructed homes increased 18.6% and now stand at 504.000.  According to the latest Case-Shiller Index, home prices increased 10.8% in 20 U.S. cities, falling short of expectations.

In The News:

NAHB“New-Home Sales Up 18.6 Percent in May” (6-24-14)

“Sales of newly built, single-family homes rose 18.6 percent to a seasonally adjusted annual rate of 504,000 units in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Sold Signs on Builder Lots as U.S. Confidence Rises” (6-24-14)

“Buyers swarmed builder lots in May to propel the biggest gain in sales of new homes in 22 years, while consumer confidence this month was the strongest since 2008, showing how an improving U.S. job market is giving the economy a much-needed lift.”

Housing Wire - “The housing market’s failure to launch in 2014″ (6-24-14)

“Although the housing market is starting to pick up speed after a slow start to the year, little hope remains for it to come close to the major housing numbers seen in 2013, according to Fannie Mae’s most recent housing report.”

DS News - “Freddie Mac’s Portfolio Shrinks 2.1% in May” (6-24-14)

“Freddie Mac released its monthly volume summary for May 2014, tracking information on the company’s mortgage-related portfolio, securities issuance, risk management, delinquencies, debt activities, and other investments.”

Mortgage Professional America - “Commercial’s big comeback” (6-24-14)

“‘Is the commercial lending industry due for a comeback?’ That’s the question MPA asked back in August, and today the answer seems to be a resounding yes.”

Housing Wire“Ginnie Mae’s MBS portfolio reaches $1.5 trillion” (6-24-14)

“Ginnie Mae’s mortgage-backed securities portfolio has reached a record level.  Just four years after Ginnie’s portfolio reached $1 trillion, the corporation’s portfolio now stands at more than $1.5 trillion.”

DS News - “HUD, Real Estate Company Settle Allegations of Discrimination” (6-24-14)

“The U.S. Department of Housing and Urban Development (HUD) announced that Brotman Enterprise, LLC will pay $25,000 as part of an agreement resolving allegations of discrimination.”

Bloomberg“Home Prices in 20 U.S. Cities Rise at a Slower Pace” (6-24-14)

“Home prices in 20 U.S. cities rose at a slower pace than forecast in the year ended in April as declining affordability put a lid on appreciation.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

According to the Lender Processing Services, home prices increased in every one of the largest states in the U.S, having gone up 1.5%.  Homes sold to foreign buyers decreased by 17% and were at $68.2 billion.  This news came with the slowdown in the economy in both Europe and Asia.  The previous month also saw a a decrease in investor activity according to the Campbell/Inside Mortgage Finance HousingPulse Tracking survey.

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.

7.02 Million Homeowners Received Loan Modifications from HOPE NOW since 2007

Tuesday, June 17th, 2014

 

Today’s News Synopsis:

Since its inception in 2007, HOPE NOW has given loan modifications to now 7.02 million homeowners.  Housing starts for both single and multi-family homes decreased 6.5% last month.  The latest S&P Dow Jones Indices showed the national default rate decreased last month and was at 1.04$, its lowest in 8 years.

In The News:

Bloomberg“HUD Nominee Faces Senators as Housing Recovery Sputters” (6-17-14)

“Julian Castro, nominated in May to serve as secretary of the Department of Housing and Urban Development, is set to take over at a critical time for the agency as the housing recovery sputters.”

Mortgage Professional America - “Amount spent on housing affects kids’ cognitive abilities — report” (6-17-14)

“The cognitive abilities of children in low income families are affected by how much their parents spend on housing, according to a new Johns Hopkins University study.”

Housing Wire - “HOPE NOW: Mortgage mods for 7 million homeowners since 2007″ (6-17-14)

“A total of 7.02 million American homeowners have now received loan modifications since HOPE NOW started tracking loan mods in 2007.”

DS News - “Default Rates Decline Again in May” (6-17-14)

“The national default rate declined again from the previous month, according to data through May 2014 released by the S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.”

NAHB - “Housing Production Falls 6.5 Percent in May” (6-17-14)

“Declines in both single- and multifamily starts pushed nationwide housing production down 6.5 percent in May to a seasonally adjusted annual rate of just over 1 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “Colony American Homes launces second REO-to-rental securitization” (6-17-14)

“Colony American Homes is planning to offer a $558.5 million single-family rental securitization. The offering, Colony American Homes 2014-2, will be the company’s second securitization of the year.”

Mortgage Professional America - “Ocwen mishandled loans, illegally foreclosed on properties – state probe” (6-17-14)

“One of the nation’s largest mortgage servicers has been hit with the latest in a long line of penalties.  Ocwen Financial Corporation will pay $3.7 million to the state of Massachusetts to settle claims that it failed to provide homeowners with required notices and that it illegally foreclosed on properties.”

Bloomberg - “U.S. Equities Advance as Small Companies Rally Before Fed” (6-17-14)

“The Federal Housing Finance Agency (FHFA) submitted its 2013 Report to Congress, which detailed findings from the agency’s examination of Fannie Mae and Freddie Mac.”

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 3 bedroom, 2 bathroom home appraised for $185,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

Looking Back:

Builder confidence increased drastically this month last year by 8 points to 52 according to the National Association of Home Builders.  California home prices increased again and were at their highest level in over thirty years.  The median price for single-family homes was up 32% at $417,350.  The risk for people defaulting on mortgages was at its lowest level in ten years.

 

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.