California Real Estate Investing News

Posts Tagged ‘Census Bureau’

New Data By Black Knight Shows Ten States With Greatest Home Price Increases

Monday, April 25th, 2016

Today’s News Synopsis:

New data from HUD and the Census Bureau shows new home sales for single-family homes decreased by 1.5%.  Black Knight Financial reported mortgage delinquency rates are at their lowest in 16 years at 1.95%.  Black Knight also released their list of the top ten states showing the greatest increase in home prices, among them being California, Hawaii, and Washington.

 

In The News:

 

NAHB – “New Home Sales Relatively Unchanged in March” (4-25-16)

“Sales of newly built, single-family homes fell 1.5 percent in March from an upwardly revised February reading to a seasonally adjusted annual rate of 511,000 units, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

DS News – “Ten States Where Home Prices are Heating Up” (4-25-16)

“Home prices have been consistently rising for the last few years and although the pace has slowed, they are still ticking upward in these 10 housing markets.”

Mortgage Professional America – “Economists still expect two rate hikes this year” (4-25-16)

“The Federal Reserve is expected to hold interest rates steady at its meeting this week, but a Reuters poll shows most economists still expect a rate hike in June and a second before year’s end.”

Housing Wire – “There may be a future for TRID securitizations yet” (4-25-16)

“Investors are still not sold on the safety of the private label securitization market now that TRID is in the mix, despite the majority of the industry getting accustomed to the rules.”

Mortgage Professional America – “Mortgage delinquencies hit lowest level in years” (4-25-16)

“Mortgage delinquencies have hit their lowest rate in years – and in the case of 30-day delinquencies, their lowest rate in at least 16 years, according to new data from Black Knight Financial.”

DS News – “Wells Fargo Extends Outreach in Underserved Communities” (4-25-16)

“Wells Fargo unveiled new corporate social responsibility (CSR) goals that are intended to address global social, economic, and environmental challenges, including a multibillion-dollar mortgage pledge to minority and low-income communities.”

Housing Wire – “Hey Dallas Millennials!  Better get used to renting” (4-25-16)

“First-time homebuyers and those looking for a smaller, new home in the Dallas-Fort Worth area are out of luck now, and will remain that way into perpetuity, according to a new report from Metrostudy.”

DS News – “Is Housing Springing Forward…Or Falling Back?” (4-25-16)

“The housing market has experienced a few setbacks in the last month or two, among them continuing tight inventory, a decline in housing starts, and inconsistent existing-home sales numbers.”

 

Hard Money Loan Closed

Thousand Palms, California hard money loan closed. Real estate investor received loan for $70,000 on this single family property appraised for $137,000.

Thousand Palms Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.








Census Bureau Releases Latest Results of Cities That Grew the Most in 2015

Thursday, March 24th, 2016

Sources:

New scam robbing home buyers of closing funds
Fannie Mae and Freddie Mac: If You Can’t Kill Them, Merge Them?
A More Promising Road to GSE Reform
Actor Jeremy Renner’s Secret Passion: House Flipping

Today’s News Synopsis:

 

Aaron Norris gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  The Census Bureau released their latest results of the cities showing the most growth for 2015.  Freddie Mac reported mortgage rates are still at low numbers with 30-year rates at 3.71% and 15-year rates at 2.96%.  Pro Teck Valuation Services released their own list of markets with the most valuable homes.

 

In The News:

DS News – “The Impact of HAMP on GSE-Backed Loans” (3-24-16)

“The government’s Home Affordable Modification Program (HAMP) is scheduled to expire at the end of this year.”

Housing Wire – “Freddie Mac sells off another $1.4 billion in non-performing loans” (3-24-16)

“Freddie Mac announced Wednesday that it selected the winning bidders in its latest massive sale of non-performing loans, with one now-familiar buyer snapping up more than half of the $1.4 billion pool of NPLs.”

NAHB – “Construction Industry Voices Concerns With Silica Rule” (3-24-16)

“The Construction Industry Safety Coalition (CISC) has concerns with the final rule on respirable crystalline silica released today by the Occupational Safety and Health Administration (OSHA).”

Mortgage Bankers Association – “MBA Opens Doors Foundation Names an Official Charity Partner of the 2016 TCS New York City Marathon Set for Sunday, November 6, 2016” (3-24-16)

“The Mortgage Bankers Association Opens Doors Foundation was named an Official Charity Partner of the 2016 TCS New York City Marathon. The race will take place on Sunday, November 6, 2016. ”

Bloomberg – “Banks’ Leeway on Credit Risk Narrows as Basel Tightens Rules” (3-24-16)

“Banks’ latitude in assessing their biggest source of risk is set to be curtailed as global regulators try to prevent the financial industry from gaming capital requirements.”

Housing Wire – “Freddie Mac: Mortgage rates remain low…for now” (3-24-16)

“While mortgages rates posted the first drop in four weeks due to the recent Federal Reserve meeting, this low-rate environment could start to come to a close once future rate hikes start to happen, Freddie Mac’s Primary Mortgage Market Survey found.”

DS News – “The Markets Where Homes are Most Valuable May Surprise You” (3-24-16)

“Home prices continue to rise, with a 9-percent increase year-over-year on average, according to Pro Teck Valuation Services.”

Bloomberg – “Tech Slowdown Seen in San Francisco’s Commercial-Property Market” (3-24-16)

“San Francisco’s commercial real estate market may be foretelling a slowdown in the city’s heated technology-driven economy.”

NAHB – “Jim Chapman Elected as Chairman of NAHB 55+ Housing Industry Council” (3-24-16)

“The National Association of Home Builders (NAHB) announced that Jim Chapman of Atlanta has been elected as chairman of the NAHB 55+ Housing Industry Council.”

Housing Wire – “What cities are growing the fastest? Census Bureau reveals 2015 results” (3-24-16)

“The latest Census Bureau population estimates show that the Houston-The Woodlands-Sugar Land metro area grew by 159,00 residents from July 1, 2014, to July 1, 2015, while the Dallas-Fort Worth-Arlington metro area grew by 145,000 residents.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed. Real estate investor received loan for $298,000 on this single family property appraised for $497,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with IVAR on Wednesday, April 6.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LA South REIA on Monday, April 11.

Image copyright source: www.flickr.com/photos/danielhorande

 

Looking Back:

Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor.  The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from the previous week.  Billions of dollars were being given to nonprofit company NeighborWorks America to help bring relief to Americans; however, it appeared the process the organization was utilizing was very disorganized and disorderly.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Mortgage Delinquencies Make Comeback According to Black Knight Financial

Wednesday, March 23rd, 2016

Today’s News Synopsis:

 

The sale of new homes increased by 2% last month according to HUD and the U.S. Census Bureau.  The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week.  Black Knight’s “First Look” mortgage data report showed delinquencies made a comeback last month.

 

In The News:

NAHB – “New Home Sales Rise 2 Percent in February” (3-23-16)

“Sales of newly built, single-family homes rose 2 percent in February from an upwardly revised January reading to a seasonally adjusted annual rate of 512,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg – “How Satisfying Millennials Could Save PwC $850 Million” (3-23-16)

“PricewaterhouseCoopers had a big, expensive problem. Turnover, especially among younger employees, was “dreadful,” says Carol Sawdye, the company’s vice chairman and chief financial officer.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-23-16)

“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 18, 2016. ”

DS News – “CFPB Offers Lenders a Helping Hand” (3-23-16)

“Starting March 31, more lenders will qualify for small, rural crediting provisions, thanks to the Consumer Financial Protection Bureau’s (CFPB) new ruling announced this morning.”

Mortgage Bankers Association – “Cognitive Decline Impacts the Housing Behavior of Older Americans, Study Says” (3-23-16)

“The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) today released a new report titled Cognition and the Housing Behavior of Older Americans.”

DS News – “Access to Credit Just Keeps Getting Tougher” (3-23-16)

“Consumers are looking for more access to credit but are having a slightly tougher time getting it compared to six months ago, the Federal Reserve Bank of New York announced Wednesday.”

Housing Wire – “Yes, TRID is expensive, but did the CFPB reach its goal?” (3-23-16)

“TRID, aka Know Before You Owe, caused mortgage lender back office fulfillment and post-closing costs to increase by an average of $209 per loan since October 2015, a new study found.”

DS News – “Delinquencies Rebound from January’s Spike” (3-23-16)

“Just one month after experiencing a substantial spike, the number of 30-day delinquencies normalized in February, according to Black Knight’s “First Look” at Mortgage Data for February 2016 released Wednesday.”

 

Hard Money Loan Closed

Long Beach, California hard money loan closed. Real estate investor received loan for $280,000 on this single family property appraised for $438,000.

Long Beach Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with IVAR on Wednesday, April 6.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LA South REIA on Monday, April 11.

Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

Fannie Mae reported an increase in multifamily housing, although overall growth in the economy was much slower in the first quarter.  The National Association of Realtors reported a 1.2% increase in existing-home sales the previous month while prices increased at their fastest rate in a year.  Foreclosures started to show signs of decrease in February after having steadily risen for 13 months straight.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









U.S. Census Bureau Releases Data On States With Highest Taxes on Properties

Monday, March 14th, 2016

Today’s News Synopsis:

 

Unlike the millennial generation, more baby boomers are choosing to own a home as opposed to renting.  Mortgage debt on commercial and multifamily properties showed strong increase in 2015, increasing to $2.83 trillion in the fourth quarter.  The U.S. Census Bureau recently released their list of states with the highest taxes on properties, the highest being New Jersey and the lowest being Alabama and Hawaii.

 

In The News:

 

Mortgage Professional America – “Morning Briefing: These states have the highest property taxes” (3-14-16)

“American homeowners pay an average $2,127 in property taxes each year according to US Census Bureau data. In 27 states there is also a vehicle property tax, adding an average $412 to the cost.”

DS News – “Boomers Trade Homeownership for Renting” (3-14-16)

“As the Baby Boomer generation grows older and enter those “empty-nester” years, many are swapping out their long-tome homes to enter the rental market.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Outstanding Grew at a Strong Pace in 2015” (3-14-16)

“The level of commercial/multifamily mortgage debt outstanding increased to $2.83 trillion in the fourth quarter of 2015, an increase of $59.7 billion, or 2.2 percent, over the third quarter, according to data collected by the Mortgage Bankers Association (MBA). ”

DS News – “OCC Spells Regulatory Relief for Banks” (3-14-16)

“Banks are about to receive some of the regulatory relief they have long been seeking.  As part of the review required every 10 years by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996, the Office of the Comptroller of the Currency (OCC) on Monday announced proposed changes in order to remove outdated or unnecessary provisions and rules, therefore reducing the regulatory burden on banks and federal savings associations.”

Mortgage Professional America – “Total US home value reaches pre-recession levels” (3-14-16)

“The total value of U.S. homes has hit a level unseen since 2006, according to the Federal Reserve.  The value of U.S. homes hit $25.3 trillion in the fourth quarter of 2015, the Fed reported. That’s $450 billion more than the third quarter.”

DS News – “15 Neighborhoods Investors Should Know About” (3-14-16)

“Trulia gave investors a leg up on where to look for properties with its latest Live Well maps, which highlight America’s best neighborhoods for those looking to stay active and healthy.”

Mortgage Professional America – “B2R Finance partners with RE/MAX to serve rental property investors” (3-14-16)

“B2R Finance, a leading lender for rental property investors, has partnered with one of the world’s leading real estate franchisors.”

DS News – “Ten-X Launches End-to-End Online Transaction Platform” (3-14-16)

Online real estate marketplace, TenX (formerly Auction.com), recently announced its new transaction platform created especially for buying and selling move-in ready homes.”

 

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed. Real estate investor received loan for $204,000 on this single family property appraised for $310,000.

Lake Elsinore Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 in Sacramento on Saturday, March 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Women’s Investment Network FIBI on Tuesday, March 22.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.

Image copyright source: www.flickr.com/photos/76657755@N04

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









HUD and Census Bureau Report 9.2% Decrease in New Home Sales

Wednesday, February 24th, 2016

Today’s News Synopsis:

 

Sales of new homes decreased 9.2% according to HUD and the Census Bureau.  Mortgage applications also decreased by 4.3% according to the MBA.  More and more markets in the US are receiving investors, 75% of metropolitan luxury areas in New York alone was from this group.

 

In The News:

 

NAHB – “New Home Sales Fall 9.2 Percent in January” (2-24-16)

“Sales of newly built, single-family homes dropped 9.2 percent in January to a seasonally adjusted annual rate of 494,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

DS News – “Recovery in Judicial vs. Non-Judicial Foreclosure States” (2-24-16)

“Housing recovery can happen at very different paces in states that use judicial foreclosure laws compared with those where the foreclosure process happens non-judicially.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-24-16)

“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 19, 2016.”

Mortgage Professional America – “Best cities for originator investor clients” (2-24-16)

“With the American housing market nearly fully recovered from the collapse, buyers and, indeed, investors are flocking to various markets. And Originators in these cities are set to benefit.”

DS News – “Kluever & Platt Attorneys Recognized as Rising Stars in Super Lawyers Magazine” (2-24-16)

“Two attorneys from Chicago-based default services firm Kluever & Platt, LLC, were recently recognized in Super Lawyers Magazine’s 2016 list of Rising Stars for Illinois.”

Housing Wire – “CFPB to financial industry: Wake up and smell the coffee, we are not your enemy” (2-24-16)

“Despite how it may be perceived, the Consumer Financial Protection Bureau doesn’t view itself as an “enemy” of the financial industry, nor does it want the industry to view it in that way.”

DS News – “Metro-West Appraisal Expands Offerings to Include CRE Valuations” (2-24-16)

“Metro-West Appraisal Co., the nation’s largest independent residential real estate appraisal company, has expanded its offerings to include commercial real estate valuation services for all real estate property types, including industrial, office, multi-family, retail, and more.”

Mortgage Professional America – “US markets wide open to foreign capital – analyst” (2-24-16)

“Foreign investments in New York City alone accounted for approximately 75% of the metropolitan area’s luxury real estate, according to a long-time industry commentator and analyst.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $163,000 on this single family property appraised for $251,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with NORCALREIA on Wednesday, March 9.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCREIA on Thursday, March 10.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Sacramento on Saturday, March 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

Home prices gained momentum in 20 cities according to the latest S&P/Case-Shiller Index, having shown an increase of 4.6% year-over-year.  Rental investments for single families homes was still showing positive signs despite the sale of homes to institutional investors being at its lowest in four years.  A recent survey from Hammerhouse showed only a little over 50% of mortgage originators were not satisfied with their job but yet expected to see improvements coming in the future.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










Real Estate Agents Putting More Time Into Helping Disabled Find Right Home

Wednesday, January 27th, 2016

Today’s News Synopsis:

 

The NAHB reported a 14.5% increase in new home sales, its highest in eight years.  At the same time, the MBA reported mortgage applications also increased 8.8% with the drop in mortgage rates.  Real estate agents are putting more time and effort into helping those with disabilities find the right home.

 

In The News:

DS New – “Freddie Mac’s Investment Portfolio Reverses Course” (1-26-16)

“Urban Institute reported earlier this week that he mortgage-related investment portfolios for both Fannie Mae and Freddie Mac continue to contract and were both well below their 2015 portfolio cap as of the end of November.”

Mortgage Professional America – “Morning Briefing: Sellers’ market says S&P/Case-Shiller” (1-27-16)

“The latest National Home Price Index from S&P/Case-Shiller shows that prices continued to increase in November 2015.  Year-over-year there was a 5.3 percent rise, up slightly from the 5.1 per cent seen in October.”

Mortgage Bankers Association – “Mortgage Applications Increase as Rates Continue to Drop in Latest MBA Weekly Survey” (1-27-16)

“Mortgage applications increased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 22, 2016.”

Bloomberg – “Re/Max Holdings Climbs on Plan to Join S&P SmallCap 600 Index” (1-27-16)

“Re/Max Holdings Inc. rose the most in more than a year after an announcement that the franchiser of real estate brokerages will be added to the Standard & Poor’s SmallCap 600 Index.”

Los Angeles Times – “Real estate agents adapt to needs of clients with disabilities seeking the right home” (1-27-16)

“Pierre Jazraoui felt more than discouraged. He had visited almost 120 homes in four months, sometimes viewing six properties in a day with Jack Dagher, his real estate agent.”

NAHB – “2015 New-Home Sales Reach Eight-year High” (1-27-16)

“Sales of newly built, single-family homes rose 14.5 percent to 501,000 units in 2015, the highest level since 2007, according to newly released data from HUD and the U.S. Census Bureau.”

Mortgage Professional America – “What can originators expect this year?” (1-27-16)

“Hammerhouse, a mortgage recruitment agency, launched its 6th annual survey of mortgage originator opinions – which includes an outlook on business prospects for 2016.”

DS New – “Declining Distressed Inventory Forces a Change in Strategy” (1-27-16)

“Distressed home sales have been on a steady decline since hitting their peak seven years ago in January 2009 at the height of the housing crisis. For years, agents prospered while there was no shortage of REO properties available for them to put on the market.”

Bloomberg – “Toronto and Calgary Housing Markets Are Problematic, CMHC Says” (1-27-16)

“Toronto and Calgary residential real estate markets are showing strong evidence of “problematic” conditions, Canada’s federal housing agency said in a report, adding to concern risks in the nation’s housing sector are growing.”

 

Hard Money Loan Closed

Another California flip hard money closed in Los Angeles. Real estate investor received loan for $180,000 on this single family property appraised for $320,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/keoni101

 

Looking Back:

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

 

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.







Foreclosure Starts at Lowest Month-Over-Month in Ten Years

Wednesday, December 23rd, 2015

Sources:

Sales of Existing U.S. Homes Slump on Delayed Contract Closings
Home prices set new record – FHFA

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  Foreclosure starts showed significant decrease and are now at their lowest month-over-month in ten years.  Sales of new homes increased 4.3% last month and are now at 490,000.  The Mortgage Bankers Association reported a 7.3% increase in mortgage applications from last week.

 

In The News:

NAHB – “New-Home Sales Rise 4.3% Percent in November” (12-23-15)

“Sales of newly built, single-family homes rose 4.3 percent to a seasonally adjusted annual rate of 490,000 units in November, according to newly released data from HUD and the U.S. Census Bureau.”

Mortgage Bankers Association – “Refinance, Purchase Applications Both Up in Latest MBA Weekly Survey” (12-23-15)

“Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 18, 2015.”

Realty Trac – “Best Markets for Millennials to Rent in 2o16 (VIDEO)” (12-23-15)

“Daren Blomquist RealtyTrac Vice President goes over best markets for Millennials to rent in 2016.”

Mortgage Professional America – “Morgan Stanley to pay $8.8m over SEC ‘parking’ claims” (12-23-15)

“Morgan Stanley will pay $8.8 million to resolve U.S. Securities and Exchange Commission allegations that a portfolio manager used prearranged trades to favor some clients over others.”

 

Mortgage Professional America – “Morning Briefing: Cheaper to buy than rent in majority of markets” (12-23-15)

“New analysis of official data across America shows that renters are paying more than homeowners in the majority of markets.”

DS News“Foreclosure Starts Plunge to Lowest Monthly Total in Nearly a Decade” (12-23-15)

“Some foreclosure metrics have long been approaching or below pre-crisis levels. Foreclosure starts reached a new low in November, however, falling to their lowest level in nearly 10 years, according to Black Knight Financial Services’ First Look at Mortgage Data for November 2015 released Wednesday.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

New home sales decreased 1.6% the previuos month according to both HUD and the U.S. Census Bureau.  Home prices increased in October by 0.6%, exceeding expectations.  The FHFA announced they will not allow Fannie and Freddie-backed mortgages to be placed in a secondary position.

 

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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www.flickr.com/photos/lendingmemo
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TRID hasn’t caused any major market meltdowns just yet

Wednesday, November 25th, 2015

Sources:

Sales of Existing U.S. Homes Fall From Second-Highest Since 2007
Share of SFR Built-for-Rent Homes Remains Low

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  TRID hasn’t caused any major market meltdowns just yet according to the CFPB.  The Mortgage Bankers Assocaition reported a 3.2% decrease in mortgage applications from last week.  HUD and the U.S. Census Bureau announced a 10.7% increase in new home sales, putting them now at 495,000.

 

In The News:

Housing Wire – “FHFA announces 2016 conforming loan limits” (11-25-15)

“The Federal Housing Finance Agency announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2016.”

NAHB – “New Home Sales Rise 10.7 Percent in October” (11-25-15)

“Sales of newly built, single-family homes rose 10.7 percent to a seasonally adjusted annual rate of 495,000 units in October, according to newly released data from HUD and the U.S. Census Bureau.”

Mortgage Professional America – “Mortgage more affordable than renting in the US” (11-25-15)

“On average, homeowners in America can expect to spend 15% of their income on a mortgage.  Zillow found that most renters that reside in some of the nation’s largest cities are setting aside around 30% of their monthly income just to pay their rent.”

DS News“Wells Fargo Relocates 350 Servicing Employees” (11-25-15)

“The restructuring of mortgage servicing shops continues with Wells Fargo confirming Monday that the bank is moving approximately 350 home loan servicing members out of its offices in Charlotte, North Carolina, to an existing servicing center in Fort Mill, South Carolina.”

Bloomberg – “(VIDEO) U.S. Personal Spending Worse Than Expected” (11-25-15)

“Gracious Home CEO Dottie Mattison and Bloomberg View’s Barry Ritholtz discusses the U.S. economy, and consumer spending and confidence.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-25-15)

“Mortgage applications decreased 3.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 20, 2015.”

Mortgage Professional America – “Google takes another step into the mortgage sector” (11-25-15)

“Google announced the expansion of its fleet of financial services this week earlier this week, a move that follows the launch of a mortgage calculator tool back in February of this year.”

DS News – “HELOC Balances at Larger Banks Continue Declining Trend” (11-25-15)

“Balances on home equity lines of credit (HELOCs) continued their trend of declining in Q3, dropping down to an aggregate balance of about $492 billion as of the end of the quarter, according to data recently released by the Federal Reserve Bank of New York.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/spilt-milk

 

Looking Back:

The pace of home price growth was slow in 20 U.S. cities, having increased only 4.9% year-over-year compared to 5.6% in the year ended in August.  At the same time, the median price for distressed residential properties increased 18% the previous month.  Mortgage originations increased for the first time in a year the previous quarter, breaking the four-quarter trend.

 

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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HUD Announces Plans for Smoke-Free Homes

Thursday, November 12th, 2015

Today’s News Synopsis:

 

Mortgage rates increased, putting thirty-year rates at their highest since July at 3.98%, while 15-year rates were at 3.20%.  Foreclosure starts saw their highest increase in four years, up 6% from the previous month.  HUD announced plans to get rid of all tobacco-based products in homes, thus making housing 100% smoke-free.

 

In The News:

 

Mortgage Professional America – “Refis Drop” (11-12-15)

“According to the Mortgage Bankers Association, its refinance index was down 2% week-over-week for the week ending November 6 — which is likely the result of increasing mortgage rates.”

Bloomberg “U.S. Mortgage Rates Rise With 30-Year at Highest Since July” (11-12-15)

“Mortgage rates for 30-year U.S. loans rose to the highest level since the end of July as a strong jobs report increased the likelihood that the Federal Reserve will boost borrowing costs for banks.”

Housing Wire “HUD is about to ban smoking in housing” (11-12-15)

“The Department of Housing and Urban Development is one step closer to making the nation’s public housing 100% smoke free.”

DS News – “What’s Wrong With Dodd-Frank?  The GOP Says It Has the Answer” (11-12-15)

“The Republicans vying for the presidential nomination may have disagreed on many topics in Tuesday’s nationally televised debate, but they all pretty much agree on one thing—they don’t like Dodd-Frank.”

Mortgage Professional America – “Booming mortgage sector bringing jobs with it” (11-12-15)

“Happy days are here again, with housing numbers up and the mortgage sector passing those benefits along to a job-hungry nation.  All sectors of the mortgage industry are actively hiring, with Churchill Mortgage being just one of the companies that are in the midst of expansion and a frenzy of hiring, bringing on board nearly 100 new employees in this year alone.”

DS News – “What Metrics Can Best Determine ‘Housing Affordability'” (11-12-15)

“According to the U.S. Census Bureau, nearly a third of American households, owned or rented, experienced affordability problems in 2014. Fannie Mae, however, would like to challenge.”

Housing Wire – “RealtyTrac: Foreclosure starts post highest jump in more than four years” (11-12-15)

“Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115,134 U.S. properties in October, up 6% from the previous month. This is still down 6% from a year ago, the latest RealtyTrac Foreclosure Market Report for October 2015 showed.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/hmoong

 

Looking Back:

Today was a big day for mortgages.  The amount of mortgage credit available decreased the previous month as a result of cuts to real estate programs.   The Mortgage Bankers Association also reported a drop in mortgage applications from the previous week by 0.9%.  A recent report from Pew Charitable Trusts showed that most major cities in the U.S. were still struggling to recover from the recession and were having difficulty getting revenue back to where it was before the recession.

 

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



HUD Secretary Julián Castro Discusses Important Part Millennials Play in Housing Market

Tuesday, October 27th, 2015

 

Today’s News Synopsis:

 

Census Bureau and Department of Commerce reported an increase in homeownership rates for the first time since 2013.  HUD Secretary Julián Castro met with Chief Economist Jonathan Smoke of Realtor.com to discuss the important part millennials play in the housing market.  Over $735,000 was donated to needy families through a conjoined effort by the Real Estate Finance and Housing Industry.

 

In The News:

Mortgage Bankers Association – “Real Estate Finance and Housing Industry Join Together and Donate Over $735,000 to Families in Need” (10-27-15)

“Mortgage Bankers Association Opens Doors Foundation (MBA Opens Doors) today announced that it has secured more than $735,000 in pledged donations at, or associated with, MBA’s 2015 Annual Convention.”

Mortgage Professional America “Originators clients in these cities have it good” (10-27-15)

“Brokers in Detroit likely feel vindicated now that the hard-hit city has earned the honour of being one of the country’s best cities in which to build wealth.”

Housing Wire “Homeownership rate rises for first time in 2 years” (10-27-15)

“After dropping to the lowest level in 48 years in the last quarter, the homeownership rate in the United States increased during the third quarter, according to data from the Department of Commerce and the Census Bureau.”

DS News – “HUD Secretary Castro Emphasizes Importance of Millennials to Housing Market” (10-27-15)

“HUD Secretary Julián Castro, whose name has been bantered for months as a possible vice presidential candidate, joined Realtor.com Chief Economist Jonathan Smoke in a conversation Monday evening about millennial housing held at George Washington University in Washington, D.C.”

Mortgage Bankers Association – “MBA Announces Policy Network Chairs for 2016” (10-27-15)

“The Mortgage Bankers Association (MBA) today announced new leaders for its Independent Mortgage Bankers Network and Community Banks and Credit Unions Network.”

Mortgage Professional America – “Morning Briefing: New home sales lower, existing sales rebound” (10-27-15)

“New home sales dropped 11.5 per cent in September to a seasonally-adjusted annual rate of 468,000 units according to new data from the US Census Bureau and HUD. However the National Association of Realtors reports that sales of existing homes rebounded in the month compared to August with a 4.7 per cent rise to a seasonally adjusted annual rate of 5.55 million.”

Housing Wire – “NYDFS superintendent to step down amid rumors of tension with Cuomo’s office” (10-27-15)

“The acting superintendent of the New York Department of Financial Services will step down later this year, amidst rumors of tension between the NYDFS and the office of New York Governor Andrew Cuomo.”

 

 

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

Image copyright source: www.flickr.com/photos/pagedooley and www.flickr.com/photos/itupictures

 

Looking Back:

Pending home sales increased only slightly by 0.3% the previous month, below expectations.  Consumer optimism decreased in the third quarter by 17 percentage points for owners wishing to sell their homes.  Investors were getting ready to trade the largest portfolio from this year comprised of pre-bust non-agency debt.

 

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.