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The Norris Group Real Estate News Roundup 7/28/11

Thursday, July 28th, 2011

Today’s News Synopsis:

The sales for existing homes increased 2.4% in June according to Bloomberg.  However, chief economist for Fannie Mae warned this does not necessarily mean a turn-around in the market.  In other news, despite a huge decrease in foreclosures in 84% of U.S. cities, there are still ten cities with high foreclosure rates and thus not indicating a positive turn in the market.

Housing Wire - “Vacant foreclosures in Ohio forming housing black hole“ (7-28-11)

“Every single vacant, foreclosed property in Ohio is proving to be a black hole that sucks down home prices, sits on the market for significantly longer, blights entire neighborhoods and boggles the mind through the sheer amount of REO volume.”

Bloomberg - “Existing Home Sales in U.S. Rose 2.4% in June” (7-28-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs.  The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.“

NAHB - “Remodeling Activity Slows Under Economic Uncertainty” (7-28-11)

“The remodeling market slipped under pressure from a sluggish economy according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), which dipped during the second quarter to 43.9 from the first quarter result of 46.5. An RMI below 50 indicates that more remodelers report market activity is lower compared to the prior quarter than report it is higher.”

DS News - “Increase in Pending Sales May Not Indicate Market Upswing” (7-28-11)

“The National Association of Realtors (NAR) released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June,
marking the third of the last four months that the index has increased.”

Inman - “Trulia launches agent recommendation system” (7-28-11)

“Real estate search and marketing site Trulia today launched an agent recommendation system that incorporates endorsements from Facebook friends.”

Realty Times - “Chase, BofA Offer Modifications Without Homeowner Request” (7-28-11)

“JPMorgan Chase and Bank of America are reportedly modifying loans for borrowers who haven’t asked for help, in some cases slashing mortgage balances in half.  The two major banks were among others recently criticized for mishandling federally sanctioned mortgage modifications and slammed for botching foreclosures.”

NAHB - “Federal Proposal Could Raise Refinance Costs For Nearly 25 Million Homeowners” (7-28-11)

“Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate “Qualified Residential Mortgage” (QRM) for refinancing.”

Mortgage Bankers Association - “MBA Statement on Debt Ceiling Negotiations” (7-28-11)

“‘The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt. The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised. We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy’.”

The Wall Street Journal - “UBS Is Sued for Mortgage Losses” (7-28-11)

“The federal regulator for Fannie Mae and Freddie Mac on Wednesday sued UBS AG, accusing the Swiss investment bank of costing the two mortgage giants at least $900 million by selling them shaky mortgage-backed securities during the housing market boom.”

Realtor Magazine - “Foreclosures Fall, But 10 Areas Still Hard-Hit” (7-28-11)

“During the first half of the year, foreclosures have dropped in more than 84 percent of U.S. metro areas, RealtyTrac reports. Is this a sign of a turnaround? Not quite, say analysts.”

Looking Back:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter of 2010. Mortgage application volume decreased 4.5 percent from the previous week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter of 2010. The number of foreclosure starts for 2010 was at 1.46m.

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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The Norris Group Real Estate News Roundup 4/14/11

Thursday, April 14th, 2011

Today’s News Synopsis:

Statistics from MDA DataQuick show 7,051 houses and condos sold in the Bay Area last month. CAR says home sales increased 3.1% in March. According to RealtyTrac, foreclosure filings dropped 27% year over year. A newly proposed bill may require mortgage servicers to respond within 45 days of receiving a short sale request.

In The News:

MDA DataQuick – “Sales up, Prices Down for Bay Area Housing Market” (4-14-11)

“A total of 7,051 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 41.3 percent from 4,991 in February and up 0.2 percent from 7,040 in March 2010, according to San Diego-based DataQuick.”

CAR - “March sales and price report” (4-14-11)

“Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 514,090 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March increased 3.1 percent month-over-month and 1.5 percent year-to-year, aligning with C.A.R. sales expectations for 2011.”

Inman - “Feds announce partial settlement with ‘robo signing’ servicers” (4-14-11)

“In a partial settlement addressing so-called ‘robo-signing’ foreclosure practices, the nation’s largest loan servicers have agreed to hire outside consultants to review foreclosures initiated in 2009 and 2010, and to compensate homeowners who should not have been foreclosed on.”

Los Angeles Times – “Mortgage rates continue to edge higher” (4-14-11)

“The average rate for the benchmark mortgage rose for the fourth straight week, according to Freddie Mac, which said in a report Thursday that the lenders it surveyed were offering 30-year loans at 4.91% this week.”

CNN - “Foreclosures off 30% this year” (4-14-11)

“The number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.”

NAHB - “Proposed QRM Harms Creditworthy Borrowers and Housing Recovery” (4-14-11)

“In the midst of a very fragile housing recovery, the government is throwing a devastating, unnecessary and very expensive wrench into the American dream. First time homebuyers will have to choose between higher rates today or a 9-14 year delay while they save up the necessary down payment. And 25 million current homeowners would be locked out of lower refinancing rates because they lack the required 25 percent equity in their homes.”

Housing Wire – “Jobless claims unexpectedly rise to 412,000 last week” (4-14-11)

“For the week ending April 9, Americans filed 412,000 initial jobless claims, which is 27,000 more claims when compared to the previous week’s revised figure of 385,000.”

Housing Wire – “Bill introduced to speed up short sales” (4-14-11)

“A bill was introduced in the House of Representatives this week, requiring mortgage servicers to respond within 45 days of receiving a short sale request.”

Bloomberg - “U.S. Foreclosure Settlement Muddies Outlook for Mortgage Relief From Banks” (4-14-11)

“The 14 largest U.S. mortgage servicers, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), agreed to review all foreclosed loans from 2009 and 2010, and pay back losses in cases that were mishandled. They also will improve procedures by hiring staff, upgrading document-tracking systems and assigning a single point of contact for each borrower. ”

Orange County Register – “Are these home prices too good to be true?” (4-14-11)

“There have been 79 short sales that have closed escrow in Huntington Beach thus far this year. They have sold for an average of 99.9% of their list price. That’s a pretty incredible number. I fully understand the reasoning for aggressively pricing a short sale listing. Agents want to get an offer in front of the bank as soon as possible to get the ball rolling on the short sale. But I think this has to be done within reason.”

Orange County Register – “O.C. hotel room rates jump 6.6%” (4-14-11)

“The lodging experts at Colliers PKF report that Orange County hotels in February saw average room rates at $138.19 per night — that is up 6.6% in a year (or $8.52 a night.) Meanwhile, 67.3% of Orange County hotel rooms were filled vs. 63.9% the year earlier.”

Housing Wire – “Lawmakers to consider reducing QRM down payment to 10%” (4-14-11)

“Lawmakers in the House of Representatives are considering a push to lower the 20% down payment required for exemption of the recently proposed risk-retention rules on securitized mortgages.”

Looking Back:

One year ago, the U.S. Treasury reported more than 1.4 million borrowers had been offered trial modifications under HAMP. The MBA’s weekly survey showed that mortgage application volume decreased by 9.6 percent from the previous week. Banks required over 25 percent more time to foreclose a property in in California from the previous year. According to statistics from the Federal Reserve’s Beige Book, overall economic activity increased in nearly all parts of the country.

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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The Norris Group Real Estate News Roundup 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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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The Norris Group Real Estate News Roundup 11/16/10

Tuesday, November 16th, 2010

Today’s News Synopsis:

16,744 new and resale homes sold in Southern California during October. Builder confidence increased slightly this month, according to the NAHB. Sean O’Toole of ForeclosureRadar believes the foreclosure investigation will only have a brief effect on the market. FHA wrote $319 billion in new insurance in 2010.

In The News:

DQNews – “Southland Home Sales Fall, Prices Flat” (11-16-10)

“A total of 16,744 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 7.4 percent from 18,091 in September, and down 24.3 percent from 22,132 for October 2009, according to MDA DataQuick of San Diego.”

NAHB - “Builder Confidence Improves Slightly in November” (11-16-10)

“Builder confidence in the market for newly built, single-family homes improved slightly in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI rose one notch to 16 from a downwardly revised level of 15 in the previous month.”

Inman - “Realtor.com reclaims No.1 spot” (11-16-10)

“Realtor.com reclaimed the top spot as the most-visited real estate-related website in October, according to the latest report from Web metrics firm Experian Hitwise. The report’s data is based on a sample of 10 million U.S. Internet users.”

CNN - “Foreclosure mess prompts call for stress tests” (11-16-10)

“The Congressional Oversight Panel, created by Congress in 2008 to review the Treasury Department’s response to the financial crisis, issued a 125-page report detailing recent allegations that banks and loan servicers filed thousands of inaccurate documents in foreclosure cases across the country.”

Housing Wire – “ForeclosureRadar: dramatic decline in REO sales in October” (11-16-10)

“While 50 state attorneys general offices and 11 regulators are investigating the matter, Sean O’Toole, CEO of ForeclosureRadar, said the issue will only have a brief effect, and that the real problem will be new scammers cropping up.”

Housing Wire – “FHA 5 years away from 2% reserve ratio” (11-16-10)

“The Federal Housing Administration reported today that its capital reserve ratio will return to the 2% level mandated by Congress in 2015.”

Housing Wire – “Moody’s sees minimal risk to RMBS from robo signing, MERS litigaton” (11-16-10)

“The risks posed to residential mortgage-backed securities by the robo-signing debacle are extremely low to moderate and should have a limited impact, according to Moody’s Investors Service.”

Housing Wire – “One-third of fund managers see stronger economy in 2011″ (11-16-10)

“Investor strategy is slowly returning to a ‘normal level’ of risk-taking as 35% of fund managers now see the global economy strengthening next year. Only 15% reported the same sentiment last month, according to the latest Bank of America Merrill Lynch Survey of Fund Managers.”

Housing Wire – “Reducing mortgage principal? Count MGIC out” (11-16-10)

“The nation’s leading private mortgage insurer, Mortgage Guaranty Insurance Corp., sent an e-mail out late Monday to mortgage default servicing clients clarifying its policies regarding distressed borrowers.”

Housing Wire – “Ginnie Mae to disclose loss mitigation data on single-family pools” (11-16-10)

“Ginnie Mae will begin issuing reports on how many mortgages have gone through the loss-mitigation process for securitization investors.”

Housing Wire – “FHA mortgage insurance beats private market 25-fold: KBW” (11-16-10)

“The Federal Housing Administration wrote $319 billion in new insurance in 2010, more than 25 times the $12.4 billion in new insurance written by the top five private companies over the last year.”

Housing Wire – “Head of Chase mortgage: Foreclosure always last resort” (11-16-10)

“Foreclosure is always the last resort and least desired option for delinquent mortgages, and JPMorgan Chase uses all possible remedies prior to starting any foreclosure process, according to an executive in the bank’s home loan office. And in most cases, no one is even living in the property any longer.”

Bloomberg - “Bailout Panel Warns of Bank Mortgage Losses, Urges Stress Tests” (11-16-10)

“Regulators should conduct new stress tests on banks because legal challenges to foreclosures and uncertainties in the housing market could threaten the financial system, a congressional watchdog said.”

Bloomberg - “FHA Reserves Fall to Lowest on Record as Agency Boosts Capital” (11-16-10)

“The FHA’s capital-reserve ratio, which measures funds needed to cover projected losses, fell to 0.50 percent in the year ended Sept. 30 from 0.53 percent a year earlier, remaining below the federally mandated 2 percent minimum for a second straight year, the agency said today in a report to Congress.”

Looking Back:

One year ago, the Worker, Homeownership and Business Assistance Act was expected to provide approximately 33 billion dollars in tax cuts to real estate corporations. Statistics from Altera Real Estate showed that the most difficult Orange County market to find a new home in was Ladera Ranch. Foreclosure Radar reported that investors bought 337 homes and condos at foreclosure auctions in October.

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.

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The Norris Group Real Estate News Roundup 11/4/10

Thursday, November 4th, 2010

Today’s News Synopsis:

The MBA reports 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter. Jobless claims rose 4.5% last week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believes commercial real estate rents will rise in 2011.

In The News:

Mortgage Bankers Association – “MBA: Commercial Mortgage Originations Continue to Rise in Third Quarter” (11-4-10)

“Third quarter 2010 commercial and multifamily mortgage loan originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Mercury News – “Mortgage rates: 30-year fixed loans rise to 4.24 percent, near record low” (11-4-10)

“The average rate for 30-year fixed loans rose from 4.23 percent the previous week, mortgage buyer Freddie Mac said Thursday. It was the third weekly increase in a row.”

Sacramento Bee – “State commercial loan delinquencies steady” (11-4-10)

The statewide commercial loan delinquency rate held steady at 1.28 percent in this year’s third quarter, the Sacramento-based California Mortgage Bankers Association said. The association said that was an increase of only 0.02 percent from the second quarter.”

Housing Wire – “Weekly jobless claims rose 4.5% to 457,000″ (11-4-10)

“Initial jobless claims rose 4.5% last week to 457,000, which is well above analysts’ estimates and at the highest rate since the end of last year.”

Housing Wire – “Bank of America first mortgage originations down 24% in 3Q” (11-4-10)

“Bank of America (BAC: 12.155 +5.51%) originated $73 billion in first mortgages in the third quarter, down 24.7% from a year ago, according to a report the bank put out Thursday.”

Housing Wire – “S&P: Repurchase obligations could weigh on banks’ earnings” (11-4-10)

“Repurchase obligations could prove both contentious and costly to banks’ earnings, with an estimated price tag of $43 billion total, according to a report published Thursday by Standard & Poor’s Ratings Services.”

Housing Wire – “JPMorgan Chase to refile foreclosure affidavits in coming weeks” (11-4-10)

“JPMorgan Chase (JPM: 39.38 +4.40%) expects to begin refiling corrected foreclosure affidavits in 40 states and the District of Columbia within a couple of weeks. Charlie Scharf, the bank’s CEO of retail financial services spoke told investors Thursday at the Bancanalysts Association of Boston Conference that recent affidavit problems affected roughly 127,000 mortgage loans.”

Bloomberg - “U.S. Commercial Real Estate Rents to Rise in 2011, Cushman’s Mosler Says” (11-4-10)

“Commercial real estate rents are poised to rise in 2011 after reaching a low this year, according to Bruce Mosler, co-chairman of Cushman & Wakefield Inc., the largest closely held property services company.”

Bloomberg - “U.S. Commercial Property `Substantially’ Off Bottom, Vornado’s Roth Says” (11-4-10)

“U.S. commercial property prices are recovering and ‘substantially’ off the bottom after more than a year of decline, said Steven Roth, chairman of real estate investment firm Vornado Realty Trust.”

Looking Back:

One year ago, the MBA’s weekly mortgage survey showed that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from the previous week. The FHA expected 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it would not buy the full $200 billion debt amount that it had previously planned to take. BarCap reported that the 30-plus day delinquency rate increased to 5.5 percent in October 2009.

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.

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The Norris Group Real Estate News Roundup 10/21/10

Thursday, October 21st, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September. The government estimates that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America is suing the FDIC for $1.75 billion. The Labor Department reports jobless claims decreased 4.8% last week.

In The News:

MDA DataQuick – “Bay Area September Home Sales Second-Lowest in 19 years” (10-21-10)

“A total of 6,334 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 5.4 percent from 6,698 in August and down 19.6 percent from 7,879 in September 2009, according to MDA DataQuick of San Diego.”

Associated Press – “Tab for Fannie, Freddie could soar to $259B” (10-21-10)

“The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.”

Housing Wire – “Moody’s analysts don’t see mortgage ownership as an issue for RMBS” (10-21-10)

“Moody’s Investors Service said mortgage ownership in trust shouldn’t be an issue within the residential mortgage-backed securities space as delayed foreclosures become more of a risk for the housing market.”

Housing Wire – “HUD Secretary: Foreclosure problems not ‘systemic’” (10-21-10)

“Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not ‘systemic issues.’ Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.38 -3.15%), JPMorgan Chase (JPM: 37.678 -1.11%) and Ally Financial (GJM: 22.22 +0.45%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.”

Housing Wire – “Credit unions originated high-quality mortgages in 2010 in QMS survey” (10-21-10)

“Credit unions are originating the highest quality mortgage loans so far this year, according to survey results released Wednesday by Quality Mortgage Services. According to the data, nearly 50% of loans originated by credit unions were rated ‘excellent,’ meaning their loans had few to no defects.”

Housing Wire – “BofA sues FDIC to recover $1.75 billion for TBW investors” (10-21-10)

“Bank of America (BAC: 11.39 -3.06%) filed suit against the Federal Deposit Insurance Corp. to recover $1.75 billion for Ocala Funding investors allegedly swindled by Colonial Bank, Platinum Community Bank and Taylor, Bean & Whitaker.”

Housing Wire – “Jobless claims fall nearly 5% to 452,000″ (10-21-10)

“Initial jobless claims fell 4.8% last week to 452,000, which is roughly inline with analysts’ estimates but still too high to indicate much change in the job market. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 16 decreased by 23,000 from the previous week’s revised figure of 475,000 that was up sharply from the 462,000 previously reported.”

Housing Wire – “Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks” (10-21-10)

“The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey.”

Bloomberg - “General Growth Plan Approval Resolves Biggest U.S. Real Estate Bankruptcy” (10-21-10)

“General Growth Properties Inc., the second-largest mall owner in the U.S., won court approval of the last stage of its restructuring, a year and a half after filing the biggest real estate bankruptcy in U.S. history.”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 13.7 percent on a seasonally adjusted basis from the previous week. According to Altos Research, asking prices increased by 1.5 percent in Los Angeles. The Federal Reserve believed that commercial real estate would not begin to recover for at least 9 more months. Lehman announced that it intended to begin funding home loans again.

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.

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The Norris Group Real Estate News Roundup 10/13/10

Wednesday, October 13th, 2010

Today’s News Synopsis:

Mortgage application volume increased 14.6% this week. All 50 state attorney generals are now involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA is urging GSEs to accelerate the foreclosure process once the AG reviews are over. Foreign investors are planning to purchase large amounts of commercial property.

In The News:

Mortgage Bankers Association – “Mortgage Refinance Applications Jump as Rates Continue to Fall in Latest MBA Weekly Survey” (10-13-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 8, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14.8 percent compared with the previous week.”

NAR - “NAR Says Families Will Suffer if Foreclosure Freeze Continues” (10-13-10)

“Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy. For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Realtors® said today.”

Los Angeles Times – “California to join multistate inquiry of foreclosures by banks” (10-13-10)

“California will join a multistate investigation into whether banks violated laws by cutting corners while foreclosing on homes as the Obama administration made clear Tuesday that it would not support a nationwide moratorium.”

Housing Wire – “Jaime Dimon: ‘Almost no chance we made a mistake’ with foreclosures” (10-13-10)

“JPMorgan Chase said new processes are being put in place to ensure it fulfills all procedural requirements going forward. ‘There’s almost no chance we made a mistake,’ Jaime Dimon, CEO of JPMorgan Chase, said during the conference call.”

Housing Wire – “It’s official: All 50 state AGs to review foreclosures” (10-13-10)

“Alabama Attorney General Troy King announced Wednesday he is joining the other 49 AG offices in a nationwide investigation into lenders that filed faulty foreclosure affidavits.”

Housing Wire – “St. Louis Fed economist questions wisdom of more quantitative easing” (10-13-10)

“An economist at the Federal Reserve Bank of St. Louis wonders if additional large-scale securities purchases by the Fed will produce the desired effects of driving down interest rates, boosting employment, and preventing deflation.”

Housing Wire – “FHFA urges GSE servicers to accelerate foreclosure process after reviews” (10-13-10)

“On Oct. 1, DeMarco said Fannie Mae and Freddie Mac are working with their third-party servicers to identify any loans that may be have been foreclosed improperly. On Wednesday, FHFA urged servicers to proceed on foreclosures as quickly as possible after all foreclosure alternatives have been exhausted.”

Bloomberg - “Investors Target U.S. Commercial Properties After Drop in Values, DTZ Says” (10-13-10)

“Commercial-property investors are preparing to spend more in the U.S. next year after more than two years of declining values, DTZ Group Plc said. Funds and investment companies increased the capital available for deals in the Americas by 54 percent since December to $97 billion, the London-based real-estate broker said in a report today. Most of this will be used for U.S. transactions.”

Bloomberg - “Banks to Shift From `Extend and Pretend’ in Real Estate Loans, Survey Says” (10-13-10)

“Lenders will shift toward amending commercial mortgages next year instead of extending maturities, leading to increased sales of distressed real estate, according to a survey of almost 900 property professionals. More than 63 percent of those surveyed said they expect maturing loans to be modified, while 7.1 percent said loans will continue without changes to defer losses, a practice known as ‘extend and pretend.’ About 16 percent of respondents said real estate with maturing loans will be foreclosed on and put on the market, and almost 14 percent said properties will be sold by borrowers, PricewaterhouseCoopers LLP said in a report today.”\

Looking Back:

One year ago, Fitch reported that 60 percent of borrowers from 06 to 07 had negative equity and owed more than their homes are worth. Interthinx’s Mortgage Fraud Index estimated that fraud decreased by 4 percent from Q1 to Q2 of 2009, but increased by 7 percent from Q2 of 2008. Statistics from MDA DataQuick showed that Southern California home sales increased by 5 percent from October of 2008.

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.

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The Norris Group Real Estate News Roundup 10/6/10

Wednesday, October 6th, 2010

Today’s News Synopsis:

The National League of Cities expects city property-tax revenues to decrease 1.8% in 2010. The IMF still believes a double-dip in real estate is possible. A new program from HUD allows delinquent borrowers, who are 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 shows the private sector lost 39,000 jobs in September.

In The News:

Wall Street Journal - “Lower Property Values Hit City Revenues” (10-6-10)

“Cities are starting to see lower property values translate into weaker property-tax collections, according to a report from the National League of Cities. In 2010, city property-tax revenues are projected to decrease 1.8% in fiscal year 2010, the first decline since the recession began, according to the report. That is expected to get much worse.”

Mortgage Bankers Association – “Sharp Jump in Purchase Activity Led by Applications for FHA Loans in Latest MBA Weekly Survey” (10-6-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 1, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 0.3 percent compared with the previous week.”

Housing Wire – “California Democrats ask federal regulators to investigate foreclosures” (10-6-10)

“thousands of unwarranted foreclosures only amplify our concerns that systemic problems exist in the ways many financial institutions have dealt with homeowners who are seeking to avoid foreclosures.”

Housing Wire - “IMF sees dismal real estate sector providing little help to economic recovery” (10-6-10)

“In the U.S., the IMF said a double-dip decline in the real estate sector is possible and would expose pockets of vulnerability in the banking system. There are multiple issues within the space that remain ‘threats to the fragile stabilization’ of the economy, according to the IMF analysts.”

Housing Wire – “New HUD program offers up to 24 months of mortgage assistance to unemployed” (10-6-10)

“A new program run by the Department of Housing and Urban Development allows delinquent borrowers who are unemployed or suffering from a severe medical condition to receive assistance with mortgage payments for up to 24 months. The Emergency Homeowners Loan Program offers up to $50,000 to eligible borrowers at a 0% interest rate.”

Housing Wire – “Private sector lost 39,000 jobs in September: ADP” (10-6-10)

“The private sector shed 39,000 jobs in September negating gains of the past seven months and confirming ‘a pause in the economic recovery already evident in other data,’ according to the monthly ADP National Employment Report.”

Housing Wire – “HUD bans JPMorgan Chase branch from originating FHA mortgages” (10-6-10)

“HUD terminates approvals if enough FHA-insured loans originated at one branch no longer perform. If a branch’s FHA defaults exceed 200 within two years, the approval can be stripped. Lenders who lose origination approval can still purchase, hold, or service the loans. A terminated lender can apply for reinstatement after six months if it has maintained certain requirements.”

Looking Back:

One year ago, Reis Inc. reported that the U.S. apartment vacancy rate rose to 7.8 percent from the previous season. The US Treasury Department increased the cap of HAMP by $4.7 billion. Hayman Advisors LP bought mortgage bonds worth 50 percent of their assets. Altera Real Estate estimated the average home in Laguna Beach would take 11.03 months to sell.

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.

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The Norris Group Real Estate News Roundup 10/4/10

Monday, October 4th, 2010

Today’s News Synopsis:

GMAC Mortgage, JPMorgan Chase and Bank of America may have to reconsider past evictions due to poor foreclosure processing procedures. According to the NAR, pending home sales rose 4.3% in August. The CAR expects 2010 home sales to be 10% lower than the total number of sales in 2009. 10.2% of all mortgages in the nation’s top-100 most populated areas are over 90 days delinquent.

In The News:

New York Times – “Flawed Paperwork Aggravates a Foreclosure Crisis” (10-3-10)

“The flawed practices that GMAC Mortgage, JPMorgan Chase and Bank of America have recently begun investigating are so prevalent, lawyers and legal experts say, that additional lenders and loan servicers are likely to halt foreclosure proceedings and may have to reconsider past evictions.”

Wall Street Journal – “Number of the Week: 41.7 Million Spend Too Much on Housing” (10-2-10)

“As of 2009, some 41.7 million U.S. households, or 36.7% of the total, faced housing costs that exceeded 30% of their pretax income — a level typically defined as the threshold of affordability. That’s an increase of 1.5 million from 2007, despite a sharp drop in house prices and policy makers’ extraordinary efforts to bring down mortgage payments.”

Washington Post – “Paperwork storm hits nation’s biggest bank” (10-2-10)

“A Bank of America executive, Renee Hertzler, said in a February deposition in Massachusetts that she signed as many as 8,000 foreclosure documents a month without reviewing them.”

Orange County Register – “When real estate riches turn to rags” (10-4-10)

“Bankruptcy court records show that nearly 700 mostly elderly investors entrusted their savings in PPA, as the firm is known. Attorneys estimate that they lost $80 million to $90 million – most, if not all, the money that investors put in. PPA raised cash from investors with plans to buy apartment buildings, fix them up and sell them for a profit, promising returns of up to 15 percent a year.”

NAR - “Pending Home Sales Show Another Gain” (10-4-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

CAR - “C.A.R. 2011 California Housing Market Forecast” (10-4-10)

“California home sales for 2010 are forecast to decline 10 percent from the 2009 sales figure of 546,500 homes sold. Sales in 2011 are projected to increase a lackluster 2 percent to 502,000 units compared with 492,000 units (projected) in 2010. After two consecutive years of record-setting price declines, the median home price in California will climb 11.5 percent in 2010 to $306,500 and increase another 2 percent in 2011 to $312,500, according to the forecast.”

Housing Wire - “Study shows one in 10 mortgages seriously delinquent” (10-4-10)

“Working with the Local Initiatives Support Corp., and the Urban Institute gathered and analyzed delinquency data on 366 U.S. metro areas. Seriously delinquent mortgages are behind on payments by 90-plus days or in foreclosure. According to the study 10.2% of all mortgages in the top-100 populated areas were in this category, up from 7.7% in March 2009.”

Housing Wire – “New FHA data requirements for sponsored origination effective today” (10-4-10)

“New data requirements for loans originated by sponsored originators for securities backed by the Federal Housing Administration take effect today. If a lender plans to use a sponsored originator, they must be registered in the FHA database and included on all loan application documents.”

Housing Wire – “Fed official hints at second round of quantitative easing” (10-4-10)

“Federal Reserve Bank of New York Executive Vice President Brian Sack is dropping hints that the Fed will soon begin to purchase mortgage-backed securities as part of quantitative easing and larger economic stimulus.”

Housing Wire - “2010 consumer bankruptcy filings hit highest level since 2005″ (10-4-10)

“Consumer bankruptcy filings increased 3.3% from August, to 130,329. Chapter 13 filings accounted for 30% of those, also a slight increase from the month previous. The American Banking Institute it expects the number of bankruptcy filings to steadily increase.”

Housing Wire – “Home prices drop for fourth straight month: Altos Research” (10-4-10)

“Home prices in the Altos Research 10-city composite index dropped 1.5% to an average median price of $465,968 in September after a 1% drop the month before.”

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.

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The Norris Group Real Estate News Roundup 10/1/10

Friday, October 1st, 2010

Today’s News Synopsis:

9 of the nation’s top 20 most stressed housing markets are in California. The Commerce Department reports construction spending increased 0.4 percent in August. Multiple housing analysts predict evictions to decrease dramatically. President Obama signed the bill to extend higher-loan limits for GSEs.

In The News:

Inman - “Bill targets private transfer fees” (10-1-10)

“Private transfer fee covenants typically allow a third party, such as a developer, to collect a fee equal to 1 percent of a property’s sale price every time its sold. The covenants are often in place for as long as 99 years.”

Wall Street Journal “Which Cities Face Biggest Housing Risks?” (10-1-10)

“Within more than 500 metro areas, the top 20 most stressed include nine in California and six in Florida, where the housing bust has been particularly acute. Among the most populous cities, Miami tops the list, followed by California’s Inland Empire, Los Angeles and San Diego.”

Sacramento Bee – “August construction spending up 0.4 percent” (10-1-10)

“Construction spending edged up 0.4 percent in August following a 1.4 percent drop in July, the Commerce Department reported Friday. While spending on government projects rose 2.5 percent, spending on private construction projects dropped to the lowest level in 12 years.”

New York Times – “Foreclosures seen slowing as document flaws emerge” (10-1-10)

“Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country’s biggest home lenders in the last two weeks.”

Housing Wire – “Obama signs bill to extend higher-loan limits for GSEs” (10-1-10)

“President Obama signed a bill into law Thursday that extends higher-loan limits for the government sponsored enterprises, Fannie Mae and Freddie Mac, for one year. The provisions under H.R. 3081 also allocate $20 billion to the Federal Housing Administration General and Special Risk Insurance Funds to continue making loans through the end of 2010.”

Housing Wire – “Foreclosure robo-signers put homebuyers’ tax credit at risk” (10-1-10)

“Homebuyers who were set to close on the purchase of a foreclosed home may not qualify now for the homebuyer tax credit after lenders suspended those sales in 23 states, real estate agents tell HousingWire.”

Housing Wire – “California AG demands JPMorgan Chase halt foreclosures” (10-1-10)

“California Attorney General Jerry Brown is the latest to call for JPMorgan Chase (JPM: 38.81 +1.97%) to halt foreclosures in the state. California is not one of the 23 states Ally Financial, formerly GMAC, and JPMorgan Chase suspended foreclosure sales in. Brown already ordered Ally to suspend foreclosures in his state.”

Housing Wire – “Fannie, Freddie instruct servicers to review foreclosures” (10-1-10)

“Fannie Mae and Freddie Mac will provide instructions to servicers Friday to review foreclosure processes, ensuring each is in compliance with state law. Major lenders and servicers are reviewing foreclosure processes following announcements from Ally Financial, formerly GMAC Mortgage, and JPMorgan Chase suspended foreclosure sales and cases in 23 states when faulty documentation was detected. Employees at those two companies were signing affidavits without knowledge of the documentation or a notary present.”

Housing Wire – “Amherst: Principal reductions could ‘re-equify’ 11m in imminent default” (10-1-10)

“The housing market is quite fragile and if government policy doesn’t change 20% of American homeowners — roughly 11 million — are in danger of losing their home, according to Amherst Mortgage Insight.”

Bloomberg - “FDIC Plans to Sell $1.12 Billion in Property Loans Seized in Bank Failures” (10-1-10)

“The Federal Deposit Insurance Corp. plans to seek bids for about $1.12 billion of commercial and residential real estate loans as part of the agency’s sale of assets seized from failed banks.”

Looking Back:

One year ago, the NAR’s Pending Home Sales Index showed that sales increased by 6.4 percent in August. Research from Deutsche Bank Securities showed that 26 percent of borrowers owed more than their home was worth.  A survey displayed that realtors were in favor of expanding the $8,000 dollar tax credit. Regulation Z changes came into effect.  Realtors were interested in expanding first-time tax credit to repeat buyers.

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.

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