California Real Estate Investing News

Posts Tagged ‘Census Bureau’

Time Allowed for Foreclosure Proceedings Extended By Fannie Mae in 33 States

Thursday, September 3rd, 2015

 

Today’s News Synopsis:

 

With the increase in mortgage lending, organizations not associated with banks are having more regulations placed on them, both consumer and financial.  The amount of time a foreclosure can be completed was just extended by Fannie Mae in 33 states.  The amount of mortgage credit available increased last month according to the Mortgage Bankers Association.

 

In The News:

Realty Trac “43 Percent of U.S. Homes with an Estimated Market Value of $6.6 Trillion in Countries with High Natural Disaster Risk” (9-2-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its 2015 U.S. Natural Disaster Housing Risk Report, which found that 35.8 million U.S. single family homes and condos with a combined estimated market value of $6.6 trillion are in counties with high or very high natural hazard risk.”

Housing Wire – “Nonbanks face increasing regulations as share of mortgage lending grows” (9-3-15)

“The Community Home Lenders Association shows in a side-by-side chart comparison the growing divergence in both consumer and financial regulations that non-bank lenders and banks face.”

DS News – “Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS” (9-3-15)

“Moody’s Investors Service on Thursday announced the upgrading of 11 tranches from 3 transactions backed by conforming balance residential mortgage-backed securities issued by Fannie Mae and Freddie Mac totaling about $1 billion.”

Mortgage Bankers Association – “Mortgage Credit Availability Increases in August” (9-3-15)

“Mortgage credit availability increased in August according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Housing Wire – “Friday’s job report doesn’t look promising” (9-3-15)

“The ADP jobs preview is calling for a weak, lower-than-200,000 report from Census Bureau on Friday, and other pre-employment situation reports seem to support that.”

Mortgage Professional America “Association addresses FHA requirements” (9-3-15)

“The banks have already expressed reservations about the FHA’s compromise, and now the head of an industry association is calling for more details around the proposal.”

DS News “Negative Equity Rate Decline in Q2 Fueled by Appreciation in Least Valuable Homes” (9-3-15)

“The negative equity rate on U.S. single-family homes fell below 15 percent during Q2, totaling approximately 7.4 million homes at the end of the quarter—slightly less than half the total of upside down homes at the worst of the crisis, according to the Zillow Q2 2015 Negative Equity report released Thursday.”

Housing Wire – “Fannie Mae extends foreclosure timelines in 33 states” (9-3-15)

“Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country.”

 

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/notionscapital

 

Looking Back:

According to the latest Mortgage Applications Survey released by the Mortgage Bankers Association, mortgage applications increased 0.2% from the previous week.  Consumer sentiment improved in late August after low numbers earlier in the month, having increased to 82.5.  Los Angeles was showing more problems with the housing market than both New York and San Francisco.

 

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.

 

Herald Examiner Building to Be Converted Into Multiple Creative Offices for Various Uses

Tuesday, September 1st, 2015

 

Today’s News Synopsis:

 

CoreLogic reported a 6.9% increase in home prices in July.  Spending on construction increased by $1,083.4, or 0.7% to its highest in seven years.  The Herald Examiner building in downtown L.A., which now sits unused will be converted into different creative offices and used for multiple purposes.

 

In The News:

Realty Trac – “New Fannie Mortgage Recognizes It Takes a Village for Some Homebuyers to Qualify” (8-31-15)

“A new mortgage product will be available to borrowers later this year, one which represents the first step toward recognizing a widespread reality, the fact that many home purchases in America fall outside the outdated norm of one house, one family — and one family’s income to qualify to buy.”

Housing Wire “CoreLogic: Home prices rose 6.9% in July 2015” (9-1-15)

“Home prices nationwide, including distressed sales, increased by 6.9% in July 2015 compared with July 2014, according to CoreLogic.”

Mortgage Professional America “Real estate company gets hacked” (9-1-15)

“While the country is abuzz with talk about the Ashley Madison online hacking, another, smaller-scale breach is hitting closer to home for real estate professionals.”

Los Angeles Times – “Vacant Herald Examiner building in downtown L.A. to be converted to mixed use” (9-1-15)

“The former offices of the Herald Examiner opened a century ago on Broadway with red-tiled roofs and prominent arches in the Mission Revival style inspired by California’s past.”

Housing Wire “HUD proposes new rules for FHA loans” (9-1-15)

“The U.S. Department of Housing and Urban Development announced Tuesday a series of proposed changes to the rules for lenders that remit loans to the Federal Housing Administration.”

Mortgage Professional America “Morning Briefing: Freddie increases expectations for mortgages, home sales” (9-1-15)

“Mortgage originations for 2015 are estimated to reach $1.45 trillion according to the latest forecast from Freddie Mac. The corporation’s monthly insight and outlook for August shows an increased expectation for the year’s mortgage originations and 2016 figures have also been revised higher to $1.3 trillion.”

Housing Wire – “Construction spending rises to 7-year high” (9-1-15)

“Overall construction spending during July 2015 was estimated at a seasonally adjusted annual rate of $1,083.4 billion, 0.7% (±1.5%) above the revised June estimate of $1,075.9 billion, the Census Bureau reported Tuesday.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/7294653@N07/

 

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.

Household debt continues to increases despite delinquency rates showing signs of improvement

Monday, June 1st, 2015

 

 

Today’s News Synopsis:

 

Household debt continues to increases despite delinquency rates showing signs of improvement.  Spending on construction increased 2.2% in April according to the U.S. Census Bureau of the Department of Commerce.  Richard Green is the new senior advisor for HUD’s housing finance.

 

In The News:

Bloomberg – “Fed’s Fischer Says Real Estate a Crisis Risk in Some Countries” (6-1-15)

“Fed Vice Chair Stanley Fischer says he doesn’t ‘at present see a major financial crisis on the horizon. But whenever you say that, you know you’re looking for trouble.'”

DS News – “Household Debt Outstanding Inches Upward While Delinquency Rates Are Improving” (6-1-15)

“Total household debt outstanding increased by about $24 billion up t0 $11.85 trillion (an increase of about 0.2 percent) from the fourth quarter of 2014 to the first quarter of 2015, according to the Federal Reserve Bank of New York’s quarterly Household Debt and Credit Report.”

Housing Wire“HUD selects Richard Green as senior advisor for housing finance” (6-1-15)

“The U.S. Department of Housing and Urban Development appears to have found a replacement for former HUD Senior Advisor Edward Golding, who recently took over as head of the Federal Housing Administration.”

NAHB – “Increasing Housing Affordability Opens Doors to Homeownership for More Americans” (6-1-15)

“As America’s home builders celebrate National Homeownership Month in June, lower interest rates and home prices are boosting housing affordability across the country.  According to the latest NAHB/Wells Fargo Housing Opportunity Index, 66.5% of new and existing homes sold between January and the end of March were affordable to families earning the U.S. median income of $65,800.”

DS News – “Nevada Senate Passes Bill to Amend ‘Superiority-Priority Lien’ Law” (6-1-15)

“The Nevada State Senate passed a bill at the last minute just before the end its legislative session that revises the provisions of a law that allows homeowner’s associations (HOAs) to foreclose non-judicially on a residential home when the homeowner’s HOA dues become delinquent, according to the Nevada State Legislature.”

Housing Wire – “Construction spending up 2.2% in April” (6-1-15)

“The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2015 was estimated at a seasonally adjusted annual rate of $1,006.1 billion, 2.2% (±1.5%) above the revised March estimate of $984.0 billion.”

DS News “Millennials Leading Revival In Urban Areas, According to Home Value Forecast” (6-1-15)

“In an examination of whether millennials are helping inner cities experience a rebirth, the authors of ProTeck Valuation’s Home Value Forecast (HVF) for May determined that while some urban areas with populations dominated by millennials are thriving, urban recovery is still happening slowly nationwide, according to a press release from ProTeck on Monday.”

Housing Wire – “Supreme Court rejects 2nd lien stripping in Chapter 7 bankruptcies” (6-1-15)

“The Supreme Court of the United States held in a unanimous decision announced today that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code.”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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 Financial Regulatory Relief Bill Approved

Friday, May 22nd, 2015

 

 

 

Sources:

Builder Confidence Falls Two Points in May
Housing Production Jumps 20.2 Percent in April

 

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.  A new financial regulatory relief bill has just been approved by the Senate Banking Committee.  The Census Bureau reported that although housing starts increased 20.2% last month, it is not a new thing for increased starts as they have been rising since mid-2011.

 

In The News:

DS News – “Senate Banking Committee Approves Financial Regulatory Relief Bill” (5-22-15)

“The Senate Banking Committee narrowly approved a regulatory reform bill on Thursday by a party-line vote of 12 to 10, according to multiple media reports.  The Financial Regulatory Improvement Act of 2015, introduced last week by Senate Banking Committee Chairman Richard Shelby (R-Alabama) is aimed at providing regulatory relief for community and regional banks and credit unions, and proposes what Shelby calls “moderate” changes that would increase the transparency of the Federal Reserve.”

Housing Wire“MBA analysts: April housing starts gain not an outlier” (5-22-15)

“The Census Bureau surprised the market this week with the strongest monthly report for starts and permits in seven and a half years.  Starts soared 20.2% in April to a much higher-than-expected annual rate of 1.135 million and with permits up 10.1% to a much higher-than-expected 1.143 million.”

Mortgage Professional America – “Time to get those refis in? Fed minutes show central bank itching to raise rates” (5-22-15)

“Brokers may want to start pushing refis while rates remain low. An account of the Federal Reserve’s recent policy meeting indicates that while the Fed probably won’t raise the benchmark interest rate in June, it won’t wait much longer.”

DS News – “REO Share Still Way Above ‘Normal’ Levels in Many Metros” (5-22-15)

“The national percentage of residential single-family properties that were REO was 10 percent as of February 2015, which is five times its pre-crisis share (2 percent), meaning that in many metro areas the REO share is still way above pre-crisis levels, according to CoreLogic Senior Economist Molly Boesel.”

Housing Wire – “Credit unions applaud bipartisan reform bill on FHLB membership” (5-22-15)

“The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria.”

Mortgage Professional America“Daily Market Update: Existing Home sales lower in April as low supply adds pressure” (5-22-15)

“There were fewer sales of existing homes in April according to new data from the National Association of Realtors.  The number of completed transactions was down 3.3 per cent to a seasonally-adjusted annual rate of 5.04 million from an upwardly-revised 5.21 million in March.”

DS News – “Single-Family Built-for-Rent Market Higher than Historical Average, but Still Below Peak” (5-22-15)

“The number of single-family homes built-for-rent experienced a 50 percent year-over-year decline in Q1 2015, from 4,000 starts in the same quarter a year earlier down to 2,000 starts, according to data released recently by the National Association of Home Builders (NAHB).”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

Mortgage rates decreased for the fourth straight week with 30-year rates at 4.14% and 15-year rates at 3.25%.  April saw a decrease in foreclosures, which were down 5% from March and are were at their lowest since 2008.  However, despite signs of the economy looking positive last month people were still pessimistic due to an increase in both home prices and negative equity.

Copyright: Image from www.flickr.com/photos/lendingmemo/

 

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


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Seriously Underwater Homes Increase for First Time in Three Years

Thursday, April 23rd, 2015

 

Today’s News Synopsis:

Sales of new homes decreased last month by 11.4% to 481,000 from 543,000.  Freddie Mac reported mortgage rates decreased again this week with 30-year rates at 3.65% and 15-year rates at 2.92%.  The number of homes underwater increased in the first quarter for the first time in three years.

 

In The News:

Realty Trac – “Share of Seriously Underwater Homes Increases in First Quarter For First Time Since Second Quarter 2012” (4-22-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for the first quarter of 2015, which shows that at the end of the first quarter of 2015 there were 7,341,922 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13.2 percent of all properties with a mortgage.”

DS News – “Bank of America Asks for Removal of $1.27 Billion Penalty, Accuses Judge of Impartiality” (4-23-15)

“Bank of America has requested an appeals court to dismiss a $1.27 billion court-imposed penalty against the bank over mortgage fraud and has also asked that the judge who imposed the penalty be removed from the case.”

Housing Wire – “Redfin: Home inventory shortage worse than it looks” (4-23-15)

“As the spring selling season gets into full swing, Redfin examined 50 markets to see if fresh inventory is growing, and whether it’s growing enough.  As of March 31, nearly 70% of homes on the market were stale, meaning they had languished unsold for more than a month, according to the latest report by real estate brokerage Redfin.”

NAHB“Housing Recovery Slow and Steady in 2015, Will Pick Up Pace Next Year” (4-23-15)

“Solid employment gains, attractive mortgage rates, a growing economy and pent-up demand will help keep the housing market moving forward throughout 2015 and into next year, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar.”

Los Angeles Times – “New-home sales collapse in March” (4-23-15)

“Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South.  The Commerce Department said Thursday that new-home sales fell 11.4 percent last month to a seasonally adjusted annual rate of 481,000.”

NAHB – “Remodelers Confident In Gradual Market Improvement” (4-23-15)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the first quarter of 2015, off slightly from the historically high level of 60 in the last quarter of 2014, but above the key break-even point of 50.”

Mortgage Professional America – “Purchases drive mortgage volume gains” (4-23-15)

“Amid the news that house prices across the nation are continuing to rise, the good news that total mortgage application volume rose 2.3% last week underlines that we are well on the way to a full housing recovery.”

Housing Wire“Mortgage rates decline again, hover at 2015 lows” (4-23-15)

“Average fixed mortgage rates moved down slightly this week and remained near their 2015 lows as the spring homebuying season continues, according to Freddie Mac.”

 

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 3 bedroom, 2 bathroom home appraised for $417,000.

Chino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Sales of new homes decreased by 14.5% to 384,000, their lowest in 8 months.  Mortgage applications on also decreased from the previous week by 3.3%.  The Leading Economic Index by the Conference Board, which kept track of everything from unemployment to consumer expectations, increased 0.8% the previous month to 100.9.

Copyright: Image from www.flickr.com/photos/etienneregis/

 

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 3% Mortgage Program by Freddie Mac Set to Begin Operation Monday

Friday, March 20th, 2015

 

 

 

 

 

Sources:

Builder Confidence Drops Two Points in March
Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007

 

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.  A new 3% down mortgage program by Freddie Mac is set to be in operation  starting on Monday.  In addition, they will be doing away with almost $1 billion of their debt by selling their home loans.   According to the latest findings by the Census Bureau, 10% of people living in the United States are not happy in their neighborhood and want to move.

In The News:

Realty Trac“Share of Low Down Payment Loans by County for Homes Purchased in 2014” (3-19-15)

“RealtyTrac analyzed its address-level purchase loan data for U.S. homes purchased in 2014 by county, focusing on the share with a loan-to-value ratio of 97 percent or higher — indicating the buyer put 3 percent or less down when purchasing the home.”

Housing Wire – “KB Home posted 1Q revenues of $580.1M beating expectations” (3-20-15)

“The slowdown in housing starts didn’t hit KB Home (KBH), which beat analyst expectations for its first quarter ending Feb. 28, posting total revenues of $580.1 million, up 29% from $450.7 million in the year-earlier quarter, driven by growth in the company’s housing and land sale revenues.”

Los Angeles Times“Inland Empire: poised to be a ‘big dog’ in California economy?” (3-20-15)

“Much of California is still struggling: The strong dollar is depressing Central Valley agricultural exports, the lowest oil prices in years are squeezing the Kern County oil fields and extreme housing prices along the coastline are giving potential home buyers pause..”

Mortgage Professional America – “Freddie Mac’s 3% LTV mortgage program starts Monday” (3-20-15)

“Beginning Monday, Freddie Mac will begin offering its new 3% down mortgage program — Home Possible Advantage.  The loan program requires 3% purchase down payment or 3% equity for refinancings. The program enables a borrower to possibly reduce their interest rate while at the same time reducing their expensive monthly mortgage insurance.”

Bloomberg“Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)

“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”

Housing Wire – “CFPB plows ahead with public consumer complaint database” (3-20-15)

“Despite numerous objections from the mortgage finance industry and some basic reasoning that publishing unvetted, anonymous complaints on a government website could be problematic, the Consumer Financial Protection Bureau is moving ahead with its plan for opening its consumer complaint database to the public.”

Mortgage Professional America – “Daily Market Update: Cities see rise in underwater homes” (3-20-15)

“The number of homeowners underwater has increased, according to the latest data from Zillow. The online real estate databased reported that in 21 out of the 50 biggest housing markets it researched there were more owners in negative equity in the fourth quarter of last year than the three months before.”

Bloomberg“Freddie Mac Selling $1 Billion of Loans in Largest Deal” (3-20-15)

“Freddie Mac is selling more than $1 billion of soured U.S. home loans in its largest sale of the debt.  Potential buyers are bidding on three pools of nonperforming loans, with unpaid principal balances of about $660 million, $249 million and $125 million, according to debt broker Mission Capital Advisors.”

Mortgage Professional America – “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)

“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Freddie Mac reported fixed mortgage rates decreased again this week with 30-year rates at 4.32% and 15-year rates at 3.32%.  Sales of single-family and condominium homes decreased 1.4% month-over-month in February and 16.1% year-over-year.  Both Fannie Mae and Zillow reported the economy could see a strong increase in home purchases should jobs increase.

 

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

Copyright: Image from www.flickr.com/photos/jeremybrooks/

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$50 Million Robo-Signing Settlement Reached with JP Morgan

Wednesday, March 4th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased only slightly from last week by 0.1%.  New data from the Census Bureau showed homeownership rates were at their lowest in 20 years in 2014.  JP Morgan Chase just reached a settlement of $50 million regarding robo-signing.

In The News:

Housing Wire“Mortgage applications hold the line” (3-4-15)

“Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.”

Mortgage Professional America – “Homeownership rates at lowest level since 1994” (3-4-15)

“Homeownership rates in 2014 were the lowest they have been in over 20 years, according to new information released by the U.S. Census Bureau.  In the Midwest, homeownership rates were highest at 68.3% and lowest in the West at 58.6%.”

OC Housing News“Would eliminating the GSEs doom the 30-year mortgage?” (3-4-15)

“Most people recognize the GSEs should be eliminated because their implied government backing is now explicit. These entities are not private entities, although many private investors would like them to be so they could profit off the government guarantee.”

Housing Wire“At long last: ING completes exit from disastrous US business ventures” (3-4-15)

“With the sale of 45.6 million shares of Voya Financial (VOYA), ING Group (ING) announced Wednesday that its exit from the U.S. retirement, investment and insurance business is complete.”

DS News“Nationwide Title Clearing Hires New VP of Marketing” (3-4-15)

“Post-closing services provider Nationwide Title Clearing, Inc. (NTC) has announced the hiring of Gina Morales, APR, as VP of Marketing.  In her new position with NTC, Morales will be responsible for creating and implementing effective integrated marketing and public relations programs regarding NTC’s mission to protect homeowners and preserve land records.”

Mortgage Professional America – “JP Morgan to pay $50M in ‘robo-signing’ settlement” (3-4-15)

“JP Morgan Chase & Co. has reached a $50 million settlement with regulators over accusations the bank robo-signed mortgage documents to bankruptcy courts across the country.”

Housing Wire“Early soundings suggest slowing job creating in February” (3-4-15)

“The official employment situation report for February will come out on Friday, but in the meantime two early metrics suggest job creation slowed in February.  ADP sees slowing for Friday’s February payrolls, estimating that private payrolls rose 212,000 which is 8,000 below consensus for the ADP report.”

Mortgage Professional America – “Congress grills CFPB director” (3-4-15)

“As much as Consumer Financial Protection Bureau (CFPB) Director Richard Cordray tried to used his most recent semi-annual report to Congress to boast about recent achievements of the bureau in the mortgage industry, Republicans appeared not pleased.”

DS News“Report: Citigroup Preparing to Pay $20 Million to Overlooked Victims of Foreclosure Violations” (3-4-15)

“Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.”

 

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $425,000.

San Diego Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

 

Looking Back:

The Mortgage Bankers Association reported commercial and multifamily delinquency rates decreased 0.01 percentage points to 0.05% in the fourth quarter.  Another bank closed in Pennsylvania, putting the number of bank closures for 2014 at 5.  HUD secretary Shaun Donovan had just released the newest proposed budget for 2015.

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.

Copyright: Image from www.flickr.com/photos/dragonflyeye/

 

 

Latest Multifamily Production Index Comes in at 54 for the Fourth Quarter of 2014

Thursday, February 26th, 2015

 

Today’s News Synopsis:

Mortgage rates continued to show signs of increase for the third week in a row with 30-year rates at 3.80% and 15-year rates at 3.07%.  Developer sentiment continues to remain above 50 for the multifamily market for the third week straight.  The latest Multifamily Production Index came in at 54 for the fourth quarter of 2014.  Home prices increased 1.4% in the fourth quarter in December.

In The News:

DS News“Morgan Stanley Agrees to Pay $2.6 Billion to Resolve RBMS Claims” (2-25-15)

“Investment firm Morgan Stanley agreed in principle on Wednesday to pay $2.6 billion to resolve claims that it packaged and sold faulty residential mortgage-backed securities leading up to the financial crisis, according to multiple media reports.”

Housing Wire“Freddie Mac: Mortgage rates increase three weeks straight” (2-26-15)

“Although mortgage rates grew for the third consecutive week, they still remain near lows experienced in late May 2013, the latest Freddie Mac Primary Mortgage Rate Survey found.”

NAHB – “Developers’ Sentiment About Multifamily Market Holds Steady in the Fourth Quarter” (2-26-15)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), held steady with a reading of 54 for the fourth quarter of 2014. This capped the third straight year of quarterly readings consistently at 50 or above.”

Housing Wire“Fannie Mae: Strong job growth could boost economy” (2-26-15)

“Despite the slate of bad news that’s started off 2015, Fannie Mae’s analysts predict that the economy is poised for a pickup in growth in 2015.  Fannie’s Economic & Strategic Research Group say they expect a strengthening employment sector, rising income growth, and declining commodity prices.”

DS News“FHA Commissioner Reaffirms Commitment to Middle Class, Administration’s Role” (2-26-15)

“Federal Housing Administration (FHA) Acting Commissioner Biniam Gebre reaffirmed his organization’s commitment to America’s middle class as well as the role of the Administration and defended the FHA’s recent lowering of the mortgage insurance premiums in statement released Thursday.”

Mortgage Professional America“Daily Market Update: New home sales hold steady” (2-26-15)

“Newly released data from the US Department of Housing and Urban Development and the U.S. Census Bureau show that sales of new homes was down slightly in January, falling 0.2% to an adjusted annual rate of 481,000.”

Housing Wire – “FHFA: House prices edge up 1.4% in December” (2-26-15)

“House prices rose 1.4% in the fourth quarter of 2014 according to the Federal Housing Finance Agency house price index.  This is the fourteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for December was up 0.8% from November.”

Mortgage Professional America“TRID: I don’t think it means what you think it means” (2-26-15)

“The new integrated disclosure rule is set to take effect in August 1 and is something the mortgage industry has been warned about again and again. However, while many are aware of the rule, they are unaware of one of its key changes, according to a recent poll conducted by mortgage data firm Secure Settlements Inc. (SSI).”

DS News“Freddie Mac’s Mortgage Portfolio Contracts; Serious Delinquency Rate Hits 6-Year Low” (2-26-15)

“Freddie Mac’s total mortgage portfolio contracted to start 2015 after ending 2014 with hits highest annualized growth rate for a single month in five years while the serious delinquency rate for the Enterprise’s loans fell to a six-year low, according to the Enterprise’s January 2014 Monthly Volume Summary released Thursday.”

 

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $482,000.

Lakewood Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

The FHFA reported home prices increased 7.7% in the fourth quarter along with other goods and services, which showed a 0.7% increase.  New home sales increased the previous month by 9.6%, the highest in over five years.  Mortgage applications showed an 8.5% decrease in the latest Mortgage Bankers Association Application 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.

Copyright: Image from www.flickr.com/photos/25205705@N02/

 

 

Four Big Banks to Pay Massachusetts $2.7 Million for Improper Foreclosures

Tuesday, January 27th, 2015

 

 

Today’s News Synopsis:

HUD and U.S. Census Bureau reported sales of new homes increased 11.6% last month and now stand at 481,000.  Twenty cities in the U.S. showed signs of increase for home prices by 4.3% in November.  Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, will be paying the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.

In The News:

NAHB“New Home Sales Rise 11.6 Percent in December” (1-27-15)

“Sales of newly built, single-family homes rose 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Home Prices in 20 U.S. Cities Increased 4.3% in November” (1-27-15)

“Home prices in 20 U.S. cities rose at a slower pace in the year ended in November, a sign the industry struggled to find momentum even amid low mortgage rates.”

Housing Wire “Redfin: January home prices up, demand at record level” (1-27-15)

“The 2015 housing market is off to a very strong start, according to Redfin, the customer-first real estate brokerage.  Redfin reports home price data early using its proprietary models and projections based on sales in the first three weeks of the month and from its own brokerage activity.”

Mortgage Professional America“7.3 million boomerang home buyers hit the market” (1-27-15)

“The first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis in 2015 are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home, according to RealtyTrac.”

OC Housing News“CFPB launches new mortgage interest rate checker” (1-27-15)

“The more information consumers have, the better decisions they make. When I launched the new system on this site that provides detailed cost of ownership information, I did that to provide consumers more information of higher quality than they can find elsewhere to help them make better housing decisions.”

Housing Wire“CFPB issues confidential supervisory information bulletin” (1-27-15)

“The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.”

Mortgage Professional America “Four banks to pay millions to Massachusetts” (1-27-15)

“JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi have agreed to pay a total of $2.7 million to the state of Massachusetts after they allegedly foreclosed on homes they didn’t have a right to foreclose on.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

New home sales decreased by 7% in 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.

 

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.

Copyright: Image from www.flickr.com/photos/werkunz/

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 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“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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.

Copyright: Image from www.flickr.com/photos/wwworks/