California Real Estate Headline Roundup

Posts Tagged ‘Census Bureau’

By Bruce Norris .

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.

Wells Fargo Expected to Begin Making Changes to Guarantee Fees

Friday, June 6th, 2014

Sources:

FDIC Closes Maryland Bank; 9th Bank of 2014
Private and residential construction stall out in April



Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Home prices have begun to stabilize after constantly going up and down the last six years.  The market is becoming more of a renters market as opposed to a buyers market, as shown in a recent survey where 12% changed their preferred homes.  Wells Fargo is expected to begin working on making changes to guarantee fees within the next year.

In The News:

Bloomberg“Household Wealth in U.S. Increases as Home Values Appreciate” (6-5-14)

“Household wealth in the U.S. climbed in the first quarter, helped by labor market improvement and gains in the stock and residential real estate markets that are giving balance sheets a lift.”

Housing Wire - “Troubling May jobs numbers come in just above stagnation levels” (6-6-14)

“Despite the 1% GDP contraction in the first quarter hiring was steady if somewhat flat in May and heavy on the McJobs, according to the new BLS jobs report for May, but the economy is still down 7 million jobs.”

DS News - “Bank of America Negotiating with Feds to End Investigations” (6-6-14)

“Bank of America is negotiating a settlement of at least $12 billion to end investigations into alleged misconduct related to toxic mortgages, according to media reports.”

Inman - “Fewer people moving to buy rather than rent, more looking for cheaper housing” (6-6-14)

“Nearly 12 percent of the U.S. population — 35.9 million people — moved between surveys taken in 2012 and 2013, and nearly half cited a housing-related reason as their most important motivation, according to a report from the U.S. Census Bureau.”

Housing Wire“Wells Fargo expects G-fee change next year” (6-6-14)

“When the Federal Housing Finance Agency announced Thursday that it would be seeking input on changes to the guarantee fees that Fannie Mae and Freddie Mac charge lenders, it left everyone wondering just what changes the FHFA is considering.”

DS News“Home Prices Moderate as Markets Stabilize” (6-6-14)

“After the rollercoaster ride that has been the past six years, the national housing market is finally in a place that, at least for the moment, looks stable.”

Mortgage Professional America - “Alleged threats to DeMarco’s life headed to grand jury” (6-6-14)

“The case against a man accused of threatening the life of a former Federal Housing Finance Agency official is headed to a grand jury.”

DS News - “Mortgage Credit Becomes More Available in May” (6-6-14)

“Mortgage credit access opened up slightly in May, according to a market report released Thursday.  The Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI), a monthly gauge of credit access based on metrics and underwriting criteria from more than 85 lenders, increased 1.14 percent from April to May, reading 115.1 in the latest measure.”

Housing Wire - “The future of housing is better than you think” (6-6-14)

“Last year, the housing market witnessed record low mortgage rates and a boom in home purchases. This year not so much, but the forecast ahead is brighter, according to Compass Point Research & Trading.”

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 2 bathroom home appraised for $182,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

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

 

Looking Back:

The next set of checks from the recent mortgage settlement were scheduled to be sent on June 10.  Mortgage rates increased for the fifth consecutive week with 30-year rates at 3.91% and 15-year rates at 3.03%.  Homeowner equity increased 2.5% points in the first quarter, while the net worth for households increased by $3 trillion.

 

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.

Mortgage Rates Increase for the First Time in Six Weeks

Thursday, June 5th, 2014

 

Today’s News Synopsis:

Out of 350 metropolitan areas, 56 are showing signs of improvement by being at normal levels this month.  Mortgage rates increased for the first time in six weeks with 30-year rates now at 4.14% and 15-year rates at 3.23%.  In addition, the amount of mortgage credit available increased last month by 1.14%.

In The News:

NAHB - “Leading Markets Index Shows 56 Metros at or Above Normal Levels in June” (6-5-14)

“Of the approximately 350 metro markets nationwide, 56 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in May” (6-5-14)

“Mortgage credit availability increased in May according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product.”

Bloomberg - “U.S. Mortgage Rates Rise for First Time in Six Weeks” (6-5-14)

“Mortgage rates in the U.S. rose, increasing home-loan costs for the first time in six weeks.  The average rate for a 30-year fixed mortgage was 4.14 percent this week, up from 4.12 percent, Freddie Mac said in a statement today.”

Inman“Price gains push 3.5 million homes above water” (6-5-14)

“Rising home prices propelled 3.5 million U.S. properties out of negative equity in one year, but the number of underwater mortgages will shrink at a slower pace in the future as price appreciation cools, according to data released today by CoreLogic and Trulia.”

DS News“Why Do People Move?  Census Bureau Answers” (6-5-14)

“Among the 36 million people who moved between 2012 and 2013, a new study from the United States Census Bureau found that the most important reason to move was to find a new/better home or apartment.”

Mortgage Professional America - “Americans believe country still in grips of housing crisis” (6-5-14)

“A new survey has claimed most Americans remain dour on the housing market in spite of falling foreclosures and improving home values.”

Housing Wire - “Here are the states with the highest and lowest unemployment” (6-5-14)

“Nationally, the rate of unemployment continues to hover around a 7-year low. In fact, the seasonally adjusted insured unemployment during the week ending May 24 was 2.6 million.”

NAHB“Green Homes Show Growth in a Recovering Market According to New Report from McGraw Hill Construction” (6-5-14)

“Residential construction is a key engine behind economic growth in the United States. According to McGraw Hill Construction’s Dodge Construction Market Forecast, single and multifamily housing projects account for about 45% of the value of all construction projects started in the United States in 2014.”

 

Hard Money Loan Closed

Highland, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 4 bedroom, 2 bathroom home appraised for $218,000.

Highland Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

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

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 11.5% from the previous week.  135,000 new jobs were added to the private sector the previous month according to a recent report by ADP.  Fannie Mae announced on this day their plan for making the short sale process move faster and more effectively.

 

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.

Increase in Multifamily Housing Leads to Increase in Housing Starts

Friday, May 16th, 2014

Sources:

Applications for New Home Purchases Increased in April 2014
First Quarter Housing Affordability Edges Higher


Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  An increase in multifamily housing projects helped housing starts increased to highest in five months last April.  Housing starts increased 13.2% to 1.07 million that month.  Non-distressed home prices increased 9% year-over-year and 0.6% month-over-month.

In The News:

DS News“Economy and Housing Market Projected to Grow in 2015″ (5-16-14)

“The good thing about economic recovery, even when it’s not living up to expectations, is that forecasters always remain optimistic for tomorrow.  Despite many beginning-of-the-year predictions about spring growth in the housing market falling flat, and despite a still chugging economy that changes its mind quarter-to-quarter, economists at the National Association of Realtors and other industry groups expect an uptick in the economy and housing market through next year.”

Bloomberg - “FHFA’s Watt Says He Doesn’t Worry About Fannie Shareholders” (5-16-14)

“The regulator of Fannie Mae (FNMA) and Freddie Mac (FMCC) said it isn’t his job to worry about the two companies’ shareholders.”

NAHB - “Multifamily Surge Propels Housing Starts Over 1 Million Mark in April” (5-16-14)

“Soaring production of multifamily apartments pushed nationwide housing starts above the million-unit mark in April, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg - “Apartment Projects Fuel Jump in U.S. Housing Starts” (5-16-14)

“A surge in construction of multifamily dwellings in April propelled U.S. housing starts to the highest level in five months, helping overcome slack demand for single-family homes.”

Inman“Re/Max grows agent count, revenue and profits” (5-16-14)

“The spring homebuying season might have gotten off to a slower-than-expected start in many regions of the country, but franchisor Re/Max LLC grew its agent count, revenue and profits during the first three months of the year.”

DS News - “CFPB Rules Cited as Top Concern in Survey of Lenders” (5-16-14)

“The Consumer Financial Protection Bureau’s (CFPB) mandates and deadlines are still the top concern for lenders, according to QuestSoft’s eighth annual compliance survey. More than 500 lenders responded to this year’s survey—62.2 percent ranked the Qualified Mortgage (QM) rule as a high concern.”

Bloomberg - “Builders Worked on More U.S. Homes Than Forecast in April” (5-16-14)

“The pace of U.S. home construction jumped in April to its highest level since November, exceeding all analysts’ forecasts and showing builders returned to sites after freezing temperatures restrained work earlier this year.”

DS News - “Home Prices Jump 9% for Non-Distressed Homes” (5-16-14)

“Home prices rose 9 percent year-over-year for the first quarter of this year, according to FNC, Inc.’s Residential Price Index, which measures sales activity for non-distressed homes in the 100 largest metros in the country. On a monthly basis, prices rose 0.6 percent in March.”

Hard Money Loan Closed

Canyon Lake, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 3 bedroom, 2.5 bathroom home appraised for $365,000.

Canyon Lake Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

Looking Back:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims were at 360,000, their highest in six weeks.

 

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.

B of A’s Earnings Down Due to Legal Woes

Wednesday, April 16th, 2014


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Riverside Hard Money Loan closed by the Norris Group

 

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

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

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

 

Looking Back:

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

 

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

New Rules and New Home Prices Hit Market

Tuesday, April 1st, 2014


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

Covina Hard Money Loan closed by the Norris Group

 

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

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

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

 

Looking Back:

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

 

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