170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years.  Both mortgage rates and applications continue to stay low.

In The News:

DS News – “Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)

“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”

Housing Wire – “Homeownership rate falls to 14-year low” (1-31-12)

“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years.  U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”

CNN Money – “Job growth slows in January” (2-1-12)

“Companies slowed their hiring in January, according to a report by payroll processor ADP.  The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”

Housing Wire – “Housing construction spending hit 16-year low” (2-1-12)

“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”

Realty Times – “Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)

“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December.  For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”

Los Angeles Times – “White House details mortgage refinancing plan for homeowners” (2-1-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “FHFA will pre-qualify investors for bulk REO program” (2-1-12)

“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”

DS News – “Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)

“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”

Realtor Magazine – “Where List Prices Have Fallen the Most in a Year” (2-1-12)

“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.  But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2 bedroom, 1 bathroom home appraised for $242,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 2011.

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.

According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels.  Zillow predicted home prices would continue to declien through 2013, according to Bloomberg.  Housing Wire reported an increase in mortgage debt last month in every U.S. region.

In The News:

Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)

“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”

Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)

“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”

Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)

“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another.  But what about the association suing a homeowner?  Maybe it’s one of those “only in California” things; but, yes, it has happened in California.  (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”

Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)

“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“

DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)

“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”

Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)

“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies.  The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”

Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)

“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”

CNN Money - “Home building spikes higher” (12-20-11)

“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.  Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”

Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)

“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”

DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)

“Florida’s mandatory foreclosure mediation program has come to an end.  State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  In October 2009, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 2010.

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.

A big story in the world of real estate is the decrease in existing home sales by 3%.  Freddie Mac recently announced 30-year mortgage rates are continuing to remain steady at just a little over 4%.  The San Francisco Chronicle reported a slowdown in the commercial real estate market, as well as jobless claims declined slightly last week.

In The News:

Housing Wire - “Existing home sales fall 3% in September” (10-20-11)

“Existing home sales fell 3% in September, but remain above year ago levels, the National Association of Realtors said Thursday.”

NAHB - “Presidential Hopefuls Must Address Housing Issues” (10-20-11)

“As noted by the Wall Street Journal, MSNBC and other media outlets, the Republican presidential candidates let a great opportunity slip away during Tuesday night’s presidential debate to explain how they would address the nation’s housing problems in order to get the housing market and economy back on track, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Wells Sees ‘Opportunity’ as BofA Cuts Loans” (10-20-11)

“Wells Fargo & Co. (WFC), the biggest U.S. home lender, may earn higher profits in the U.S. mortgage market as rivals flee from angry homeowners, more powerful regulators and billions of dollars in losses.”

Los Angeles Times - “Average 30-year mortgage rate remains above 4%, Freddie Mac says” (10-20-11)

“The typical rate for a 30-year mortgage has leveled off at a bit over 4%, a widely watched survey shows.  Lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from 4.12% last week, Freddie Mac said Thursday.”

San Francisco Chronicle - “Commercial Real Estate Deals Decline in U.S. as Rebound Cools” (10-20-11)

“The U.S. commercial real estate market has slowed in the past three months as  the sputtering economy and a pullback in debt financing limited deals, cooling a  recovery from Washington to California.”

Housing Wire – “Poverty rates continue to rise, southern states hardest hit” (10-20-11)

“Poverty rates rose to 15.3% in 2010 from 14.3% 2009 as the nation’s economic malaise and housing crisis persist, according to Census Bureau data released Thursday.”

DS News - “Proposed Bill Would Offer Visas to Foreign Homebuyers in U.S.” (10-20-11)

“Foreigners may get an added bonus when they invest in residential real estate in the U.S. – a visa.  Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.”

Los Angeles Times - “New jobless claims continue modest decline” (10-20-11)

“The number of workers filing for new unemployment benefits dipped slightly last week, a sign the job market is improving, albeit very slowly.  The Labor Department said Thursday initial jobless claims filed in the week ending Oct. 15 dropped to 403,000 from an upwardly revised 409,000 in the prior week. That’s down from the summer high of more than 430,000, but still far from comforting given that employers haven’t stepped up their hiring much.”

Looking Back:

Mortgage application volume decreased 10.5% from the previous week, said the Mortgage Bankers Association. RealPoint reported CMBS delinquencies increased 1.3% in August 2010. The Federal Reserve’s Beige Book showed economic growth continued in September 2010. Fannie Mae expected total economic growth for 2010 to equal approximately 2.5%.

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 event 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.

According to the Orange County Register, home prices in California dropped 6.2% year-over-year in August from last year.  However, for the whole United States home prices dropped .4% month-over-month from July to August, the first drop in prices CoreLogic has reported in four months.  Rates on a 30-year mortgage dipped below 4%, according to Bloomberg.

In The News:

Housing Wire - “3Q house prices up but Clear Capital predicts 2012 dip” (10-6-11)

“Home prices rose nationally 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital.”

Bloomberg - “30-Year Mortgage Rates in U.S. Fall Below 4%” (10-6-11)

“Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.”

O.C. Register - “Calif. home prices off 6.2%, 7th worst drop” (10-6-11)

“California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.”

NAHB - “Number of Improving Housing Markets Nearly Doubles in October” (10-6-11)

“The second edition of the National Association of Home Builders/ First American Improving Markets Index (IMI), released today, shows 23 individual housing markets now qualifying as “improving” under the new gauge’s parameters. This is nearly double the 12 housing markets that made the list last month.”

DS News - “Congress Scrutinizes Federal Housing Programs” (10-6-11)

“Several Federal housing programs came under attack during a hearing Thursday morning titled “The Obama Administration’s Response to the Housing Crisis’.”

Realty Times - “Remodeling Double-dip Offers Opportunity for Homeowners” (10-6-11)

“Remodeling is suffering a double dip in sales, not unlike the double dip in home prices, but just as it’s a good time to buy an affordable home, it’s a good time to budget for and negotiate a home improvement deal.”

Housing Wire – “Homeownership rate at lowest level in 70 years” (10-6-11)

“The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau.”

DS News – “CoreLogic Records First Drop in Home Prices in Four Months” (10-6-11)

“Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.”

Looking Back:

One year ago, the National League of Cities expected city property-tax revenues to decrease 1.8% in 2010. The IMF believed a double-dip in real estate was possible. A new program from HUD allowed delinquent borrowers, who were unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report showed the private sector lost 39,000 jobs in September 2010.

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 event 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.

DS News reported home ownership rates are at the lowest they have been in 13 years.  NAHB Chairman Bob Nielsen released his statement today regarding an agreement on the debt ceiling.  Housing Wire reported the Senate Banking Committee will be meeting tomorrow to discuss changes to mortgage servicing standards. 

In The News:

Housing Wire – “Senate steps toward new mortgage servicing standard”  (8-1-11)

“The Senate Banking Committee will hold a hearing Tuesday to develop a new national mortgage servicing standard.  In January, federal regulators announced a new initiative to develop a set of servicing standards following weaknesses in the process that arose last year.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Debt Ceiling Agreement” (8-1-11)

“‘The National Association of Home Builders appreciates the hard work by the White House and Republican and Democratic congressional leaders to craft a bipartisan compromise to resolve the debt ceiling crisis. We urge Congress to move quickly to pass this agreement. It will help to put our nation’s fiscal house in order and provide greater certainty to the business community so they can start hiring again and get our economy on firmer footing.’“

DS News - “Survey Finds REOs and Short Sales Are Major Causes of Legal Disputes” (8-1-11)

“Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to the recent National Association of Realtors’ 2011 Legal Scan: Legal Issues Facing Real-Estate Professionals. REO-related issues also ranked high on NAR’s Scan.”

Inman - “Tight supply drives up real estate prices in Toronto area” (8-1-11)

“Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller’s market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.”

Realty Times - “Real Estate Outlook: Mixed Bag” (8-1-11)

“This week’s housing news is again mixed amid reports of declining housing starts and positive monthly home price movement.”

Housing Wire - “Fannie Mae unwind slows down” (8-1-11)

“Mortgage securitization business at Fannie Mae got a little smaller in June, according to the monthly survey from the government-sponsored enterprise, but the rate at which Fannie Mae business contracts is slowing down.”

DS News - “Homeownership Rate Drops to 13-Year Low” (8-1-11)

“The nation’s housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult homebuying environment, and tainted many Americans’ ideal of owning a home. These factors are taking their toll on homeownership in this country.”

Realtor Magazine – “Neighbors, Agents Team Up to Boost Home Values” (8-1-11)

“In the metro Atlanta area, home values have dropped by about one-third in five years. To prevent values from dropping any further, home owners are teaming up to hold neighborhood clean-ups and working with real estate professionals to promote open houses.”

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.

According to the Census Bureau, home sales rose 7.3% in April. NAR expects the national economy to add 1.5 million and 2 million jobs annually both this year and in 2012. Borrowers who default on mortgages are less likely to develop long-term poor credit in comparison to those who default on credit cards and auto loans. Ginnie Mae guaranteed over $26.4 billion in mbs during April.

In The News:

Orange County Register – “Census: Texas top site for Calif. movers” (5-24-11)

“Overall, California in 2009 — by Census math — lost 546,589 residents in 2009 to other states. On the flip side, Census found 460,161 new Californians from other states. Thus, by our calculations, California suffered a net loss of 86,428 folks to other states in 2009.”

San Francisco Chronicle – “Troubled banks made up about 12 pct of total in Q1″ (5-24-11)

“The number of banks at risk of failing made up nearly 12 percent of all federally insured banks in the first three months of 2011, the highest level in 18 years.”

CNN - “New-home sales up for 2nd straight month” (5-24-11)

“The Census Bureau reported an annual sales rate of 323,000 new homes last month. That was up 7.3% from a revised rate of 301,000 in March. Economists had forecast a sales rate of 300,000, according to consensus estimates from Briefing.com.”

NAR - “Commercial Real Estate Markets Stabilizing, Demand Growing” (5-24-11)

“Job growth creates demand for commercial space, and the economy should be adding between 1.5 million and 2 million jobs annually both this year and in 2012, with the unemployment rate falling to 8.0 percent by the end of next year”

Housing Wire - “Mortgage defaults do not predict poor credit behavior: TransUnion” (5-24-11)

“Troubled borrowers who default on their mortgages are less likely to develop long-term poor credit behavior, when compared to those who default on other kinds of loans, according to a new study from TransUnion. Consumers who default on other bills and lines of credit, such as credit cards and auto loans, are more likely to miss payments in the future.”

Housing Wire – “Bank earnings rose again in 1Q, FDIC problem list highest since 1993″ (5-24-11)

“The FDIC said banks it insures earned $29 billion in the first three months of 2011, up 66.5% from $17.4 billion a year earlier and at the highest level since the second quarter of 2007.”

Housing Wire – “Ginnie Mae MBS issuance tops $26 billion in April” (5-24-11)

“Ginnie Mae guaranteed more than $26.4 billion in mortgage-backed securities in April. That’s up from $24.1 billion in guarantees for March and similar to the February numbers of $26.2 billion.”

Looking Back:

One year ago, existing home sales increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April. The CIRB reports permits were pulled for 3,314 total housing units in April. Statistics from CAR show California home sales decreased 8.1 percent in April. The Federal Reserve doesn’t intend to sell any of its assets until after it begins raising interest rates.

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.

If passed, a new California bill will require lenders to make a decision on mortgage modifications before beginning the repossession process. According to the Census Bureau, the national home vacancy rate fell to 2.6% in the first quarter. A study from the University of Chicago’s Booth School of Business shows that 35% of mortgage defaults in the U.S. were strategic during September 2010.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey”z (4-27-11)

“Mortgage applications decreased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 22, 2011.”

Los Angeles Times – “California bill ending ‘dual track’ foreclosures faces key vote” (4-27-11)

“A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending “dual track” foreclosures in the state.”

Bloomberg - “Home Vacancies Fall in First Quarter as Foreclosures Stall” (4-27-11)

“The U.S. home-vacancy rate, a measure of the share of properties empty and for sale, fell to 2.6 percent in the first quarter as foreclosures slowed amid a lender backlog in processing paperwork. The rate, down from 2.7 percent in the fourth quarter, is based on 2 million vacant properties for sale out of 74.5 million residences, the Census Bureau said today.”

Inman - “FICO to walkaways: You’re on our screen” (4-27-11)

“A study by researchers at the University of Chicago’s Booth School of Business found that during last September alone, 35 percent of mortgage defaults in the U.S. were strategic — up sharply from 26 percent in March 2009.”

Bloomberg - “Fed Says Recovery is ‘Moderate’; Bond Buying to End in June” (4-27-11)

“Federal Reserve policy makers said the economy is recovering at a ‘moderate pace’ and a pickup in inflation is likely to be temporary, as they agreed to finish $600 billion of bond purchases on schedule in June.”

Looking Back:

One year ago, The S&P Index showed home prices increased in February. Speculators believed the Federal Reserve would keep interest rates at the 2010 low. The LexisNexis Mortgage Asset Research Institute reported that fraud increased by 7 percent in 2009. According to the FHFA, the average interest rate for a 30-year fixed-rate mortgage (FRM) of $417,000 or less was 5.09% during April 2010.

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.

Rismedia reported that new home sales increased 17.5% in December of last year.  However, the Obama Administration reported that sales were still lower than levels at the beginning of the year.  According to Bloomberg, the rate of unoccupied homes increased to 2.7%, making the number of people who own homes the lowest it’s been in 10 years.  Standard and Poor announced that home prices are still declining and most likely will continue, according to the Realty Times.

In The News:

Housing Wire - “White House finds home sales, foreclosure activity depressed in December” (1-31-11)

“Both the expiration of the homebuyer tax credit in the spring and the robo-signing scandal in the third quarter left their marks on the market in December,
according to the Obama administration’s most recent housing scorecard.”

Realtor Mag – “Fannie-Backed Loans to Get Costlier” (1-31-11)

“Borrowers with Fannie Mae-backed loans will face higher borrowing costs and interest rates, even if they have a perfect credit score, starting on April 1.”

Bloomberg - “Home-Vacancy Rates Rise as Ownership at 10 Year Low” (1-31-11)

“The U.S. home-vacancy rate, measuring the share of properties empty and for sale, rose to 2.7 percent in the fourth quarter as more residences stood unoccupied after being seized by banks.”

Realty Times - “Real Estate Outlook: Home Prices Decline” (1-31-11)

“The latest S&P/Case-Shiller Home Price index reveals that home prices, unfortunately, are still down and weakening.  According to Standard & Poor’s, “The 10-City Composite was down 0.4% and the 20-City Composite fell 1.6% from their November 2009 levels.”

Orange County Register - “O.C. 6th worst for construction-job losses” (1-31-11)

“Orange County construction bosses cut 5,000 jobs in the year ended in December — sixth largest regional cut in the nation, according to a study of employment trends in building industries by Associated General Contractors of America.”

Housing Wire – “CMBS market opens up on improving economic data, renewed investor demand” (1-31-11)

“Gradually improving economic data and investor’s increasing appetite for risk should boost demand for new issuance within commercial mortgage-backed securities, according to JPMorgan Securities.”

Inman - “FICOs and FHA: 2 big lenders loosen up” (1-31-11)

“Here’s some unexpected good news for anybody working to get buyers into houses, especially first-timers who don’t have much down payment cash on hand:
The door to an FHA-insured mortgage just opened a little wider.” 

Housing Wire - “Homeownership rate lowest since 1998″ (1-31-11)

“Almost 11% of all housing units are vacant all year round and the homeownership rate in America is at the lowest rate in 12 years, according to the latest data from the Census Bureau.”

The Wall Street Journal - “Home Prices Sink Further” (1-31-11)

“Home values are falling at an accelerating rate in many cities across the U.S.  The Wall Street Journal’s latest quarterly survey of housing-market conditions found that prices declined in all of the 28 major metropolitan areas tracked during the fourth quarter when compared to a year earlier.”

Rismedia - “New Home Sales Increase; Seasonality Should Drive Improvements into Spring” (1-31-11)

“New home sales increased 17.5% month-over-month in December 2010 to 329,000 units, after being flat month-over-month in November.”

Realtor Mag - “GOP Bill Attempts to End Foreclosure Program” (1-31-11)

“House Republicans called the Obama administration’s foreclosure prevention program “a colossal failure” and have introduced a bill to end it.”

Inman – “FHA extends ‘anti-flipping’ waiver” (1-31-11)

“Homebuyers relying on FHA-insured financing will still be able to buy homes that have changed hands in the last 90 days, thanks to a decision by the Federal Housing Administration to extend a temporary waiver of its “anti-flipping” rule through the end of the year.”

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.

Resources:
California Housing Production Continues Decline in October, CBIA Announces
Existing-Home Sales Decline in October Following Two Monthly Gains
California home sales decline from previous month, year
Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high
Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says
Shadow Inventory of Homes Rising

Today’s News Synopsis:

The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.

In The News:

San Francisco Chronicle – “Mortgage rates rise to 4.40 pct. as Treasurys rise” (11-24-10)

“Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Bank ‘problem list’ swells but industry’s condition improving, FDIC says” (11-24-10)

“The agency’s so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That’s up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.”

CNN - “New home sales: Down 80% from the boom” (11-24-10)

“New home sales dropped to an annual pace of just 283,000, according to the Commerce Department. That was down 8.1% from a slow September and 28.5% from 12 months ago when the annualized sales rate was at 430,000.”

Orange County Register – “Forecast: Calif. home prices to drop 9.9%” (11-24-10)

“Real estate trackers from FiServ and Moody’s Economy.com forecast that California home prices will fall 9.9% in the year ending in June 2011 — fourth biggest drop across the nation.”

Housing Wire – “Delinquent borrowers would rather rent: Fannie Mae survey” (11-24-10)

“Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey. This is the first time the rental preference has exceeded the percentage of people who would rather buy.”

Housing Wire – “LPS: Mortgages entering foreclosure fell 4.4% in October” (11-24-10)

“The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process.”

Housing Wire – “Mortgage interest rates increase in two nonagency surveys” (11-24-10)

“Mortgage rates fell in two weekly surveys. The Bankrate national mortgage survey reported the interest rate for a 30-year fixed-rate mortgage at 4.58%, down from 4.62% a week prior, while a survey from LendingTree.com reported the rate at 4.55%.”

Housing Wire – “Jobless claims down 7.7% to lowest level in two years” (11-24-10)

“Initial jobless claims fell 7.7% last week to 407,000, which is the lowest level in two years and well below most analyst estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 20 fell by 34,000 from the previous week’s figure of 441,000, which was revised upward a few thousand.”

Housing Wire – “Nation has 8.6-month glut of new homes on market, Census Bureau says” (11-24-10)

“New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development. New home sales are down 8.1% from September and 28.5% from October 2009.”

Bloomberg - “U.S. Home Prices Fell 3.2% in Third Quarter, FHFA Says” (11-24-10)

“U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.”

Looking Back:

One year ago, the CIRB reported that homebuilders pulled 6 percent fewer permits in October. American banks decreased lending by 2.8 percent in the third quarter 09. The FOMC suspected that the economy would take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes were less valuable than the mortgages owed on them.

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 event 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 200 podcasts in our free investor radio archive.

Resources:
Delinquencies and Loans in Foreclosure Decrease
Southland Home Sales Fall, Prices Flat
CoreLogic: Mortgage fraud up 20% from 2009
Freddie Mac survey shows mortgage rates at highest level since August
Freddie Mac survey shows mortgage rates at highest level since August
Home Buying Gets Tougher as Lenders Restrict FHA Loans
FHA Reserves Fall to Lowest on Record as Agency Boosts Capital
MERS to testify it forecloses only by mortgage servicer request
http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream&Hearing_id=df8cb685-c1bf-4eea-941d-cf9d5173873a
Problems in Mortgage Servicing From Modification to Foreclosure
MERS CEO Defends Technology to Senate Committee
The Consequences of Mortgage Irregularities for Financial Stability… in Plain English
CAI Survey: Associations Hit Hard by Housing, Economic Slump
FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
Fiserv expects another big drop in home prices next year
S&P predicts more home price declines through 2011

Today’s News Synopsis:

October home sales fell 9.8%, according to RE/MAX. The Federal Trade Commission released a new rule banning companies from accepting fees on mortgage mods before a homeowner’s loan servicer deems the services rendered acceptable. The Federal Housing Finance Administration announced that loan limits on jumbo conforming loans will stay the same for the first nine months of 2011. The Treasury reports borrowers aided by HAMP increased to nearly 520,000 last month.

In The News:

Inman - “Median housing value fell 5.8% in 2009″ (11-19-10)

“Median housing value fell 5.8 percent in 2009, to $185,200 from $196,700 in 2008, the U.S. Census Bureau reported, according to data obtained from the American Community Survey (ACS).”

Housing Wire – “Fed chairman disappointed in slow economic recovery” (11-19-10)

“Disappointingly slow. That’s Federal Reserve Chairman Ben Bernanke’s latest assessment of the economic recovery in the U.S. But, he does believe the central bank’s policy changes are helping.”

Housing Wire – “Tightening mortgage tax code limits housing recovery: John Burns” (11-19-10)

“John Burns Real Estate Consulting said in a report Friday that government intervention is hurting the housing market, and the firm is growing more concerned that lawmakers will reduce the cap on mortgage interest rates that qualify for tax deductions ‘significantly.’”

Housing Wire – “Credit Suisse lists mortgage servicers with highest Ginnie Mae delinquencies” (11-19-10)

“Ally Financial’s (GJM: 22.39 +0.40%) GMAC Mortgage holds the highest serious delinquency rate of Ginnie Mae-backed mortgages for any servicer, according to a report from investment bank Credit Suisse.”

Housing Wire – “New FTC rule aimed at mortgage-relief scams” (11-19-10)

“The Federal Trade Commission unveiled a new rule that bans companies from accepting fees for mortgage modifications before a homeowner’s bank or loan servicer deems the services rendered acceptable.”

Housing Wire – “Failed HAMP mod short sales increase through September” (11-19-10)

“Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the Home Affordable Modification Program as of September, up 27% from the previous month, according to data from the Treasury Department.”

Bloomberg - “U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults” (11-19-10)

“Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.”

Housing Wire – “RE/MAX: October home sales slide as seasonal slowdown hits market” (11-19-10)

“October home sales slid 9.8% from September and 30.2% compared to the year-ago period as seasonal slowdowns and the expired homebuyer’s tax credit took their toll, according to the RE/MAX National Housing Report released Friday.”

Housing Wire – “Jumbo loan limits remain the same in 2011″ (11-19-10)

“The loan limits on jumbo conforming loans will remain unchanged for the first nine months of 2011 the Federal Housing Finance Administration said Friday. The agency recently enacted a congressional continuing resolution to maintain the limits.”

Housing Wire - “Failed HAMP mod short sales increase through September” (11-19-10)

“Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the Home Affordable Modification Program as of September, up 27% from the previous month, according to data from the Treasury Department.”

Looking Back:

One year ago, an amendment was passed allowing federal regulators to dismantle financial firms considered to be “too big to fail”.  According to PMI Group, new home sales had decreased by 3.6 percent. The NAHB estimated that families earning the national median income could afford 70.1 percent of the new and existing homes sold in Q3 of 2009. First American CoreLogic reported that home prices declined by 9.8 percent in September from the previous year.

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 event 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 200 podcasts in our free investor radio archive.