California Real Estate Investing News

Posts Tagged ‘Census Bureau’

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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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.

Wells Fargo Plans to Lay off 490 People in their Workforce

Monday, October 26th, 2015

 

Today’s News Synopsis:

 

The latest data from HUD and the Census Bureau showed a drop in new home sales by 11.5%.  On the other hand, Black Knight Financial Services reported home prices increased 0.3%.  Wells Fargo is planning to lay off 490 people in their workforce.

 

In The News:

Housing Wire – “Here’s proof why Millennials should buy not rent” (10-26-15)

“Even with their unique financial and living situations, it is still better for Millennials to buy a home rather than rent in most cities.  Usually, when Trulia crunches its home-buying numbers, it assumes a 30-year, fixed-rate mortgage with a 20% down payment for households moving every seven years.”

Mortgage Professional America – “Morning Briefing: Mortgage lender cuts 490 jobs” (10-26-15)

“Wells Fargo is laying off 490 workers across the US. A drop in foreclosure and delinquency rates and lower demand for refinancing mortgages is partly responsible the lender said.”

NAHB – “New-Home Sales Drop 11.5 Percent in September” (10-26-15)

“Sales of newly built, single-family homes fell 11.5 percent to a seasonally adjusted annual rate of 468,000 units in September, according to newly released data from HUD and the U.S. Census Bureau.”

Bloomberg “The Companies That Pay MBAs the Most” (10-26-15)

“Business school is a profitable investment for almost anyone, but some MBAs are getting more dollar value out of their degrees than others. MBAs who worked in financial services several years out of school earned more than their peers in every other industry, and the best paychecks overall were doled out by investment banking firm Morgan Stanley, a Bloomberg survey of thousands of B-School alumni showed.”

Housing Wire “House will vote this week on measure to limit CEO pay at Fannie, Freddie” (10-26-15)

“A congressional push to limit the salaries for the CEOs of Fannie Mae and Freddie Mac moves closer this week when the House version of a bill that already passed the Senate unanimously goes to the House floor for a vote.”

Mortgage Professional America – “America’s favorite pastime mirrors the economy” (10-26-15)

“They both seemed down and out just a few years ago, but both the market and the New York Mets are back … and better than ever.”

Housing Wire – “Home prices rise 0.3% in August, up 5.6% since January” (10-26-15)

“Home prices were up 0.3% for the month, rising 5.5% on a year-over- year basis, according to the August house price index from Black Knight Financial Services.”

 

 

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/andrewbain

 

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.

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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