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The Norris Group Real Estate News Roundup 8/3/11

Wednesday, August 3rd, 2011

Today’s News Synopsis

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory is at its lowest in five years.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from last week, although still not at levels they have been in the past.  Los Angeles Times reported layoffs are at the highest they have been in 16 months in the midst of a slow job market. 

In The News:

Housing Wire - “Ally Financial mortgage buyback claims surpass $1 billion” (8-3-11)

“Ally Financial (GJM: 23.38 +0.56%) reported more than $1 billion in outstanding claims for the bank to repurchase troubled mortgages from investors in the second quarter, up 28% from the previous period.”

Bloomberg - “BofA Seeks Separate Home Foreclosure Deal” (8-3-11)

“Bank of America Corp. (BAC) has held settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials, two people familiar with the matter said.”

DS News - “Five Star Institute and Fannie Mae Partner for Short Sale Program” (8-3-11)

“The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).”

The Wall Street Journal - “Home Listings Fall but Woes Persist” (8-3-11)

“The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.  At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago”

Mortgage Bankers Association - “Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey” (8-3-11)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29, 2011.  ”

Los Angeles Times - “Job growth slows and layoffs rise to 16-month high, reports say” (8-3-11)

“Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, according to the study. Only 9,000 new positions were at large firms with more than 500 staffers.”

Housing Wire - “Home prices edge up in June, but fail to meet 2010 levels”  (8-3-11)

“Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.”

Los Angeles Times - “Senate delays hearing for consumer agency nominee Richard Cordray” (8-3-11)

“This week’s scheduled confirmation hearing for Richard Cordray, the nominee to head the Consumer Financial Protection Bureau, has been delayed until September as senators left early for their August recess.”

Realtor Magazine - “Real Estate OK in Debt Deal But Risks Remain” (8-3-11)

“The debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead.”

CNN Money - “What about us? Responsible homeowners left out in the cold” (8-3-11)

“Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven’t been able to refinance in order to avoid losing their homes.”

Looking Back:

According to the NAR, pending home sales declined 2.6 percent in June 2010. Data from the Southern California Multiple Listing Service showed that 25 percent of homes sold in Orange County were sold for less than the owner in June 2010 owed on the mortgage. Zillow reported the average 30-year mortgage rate decreased to 4.28 percent from the previous week. 84 percent of buyers began searching for homes online.

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 7/11/11

Monday, July 11th, 2011

Today’s News Synopsis:

Housing Wire reported a dip in foreclosures for the second month in a row.   The Emergency Homeowners’ Loan Program (EHLP) was recently started by HUD and NeighborWorks America to assist people in with homes in danger of foreclosure, according to RisMedia.  Bloomberg reported that banks associated with Wall Street are selling property loan bonds totalling $3.7 billion to help the economy.   

In The News:

Bloomberg - “Wall Street Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds” (7-11-11)

“Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.”

Housing Wire - “Slim summer home price gains expected to reverse” (7-11-11)

“JPMorgan Chase (JPM: 39.469 -3.12%) analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.”

DS News - “Top Servicers Expand Worforce to Assist Distressed Homeowners” (7-11-11)

“With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting.”

Inman - “Banks taking longer to take back homes with high-balance loans” (7-11-11)

“Banks are taking longer to complete the foreclosure process for homeowners with high-balance mortgages and those who have more than one home loan — in part because of changes in accounting rules that have allowed them to put off recognizing inevitable losses on those loans.”

Realty Times - “Real Estate Outlook: Economic Inclusion” (7-11-11)

“The catch-phrase in the last week has been “economic inclusion,” as it relates to you, me, and mainstream banking. A June 29th speech by Federal Reserve Governor Sarah Bloom Raskin at the New American Foundation Forum revealed that limited access to banking and credit could be having significant damaging effects on the economy.”

Housing Wire - “Foreclosure sales dip for second straight month” (7-11-11)

“Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.”

RisMedia - “New Billion-Dollar Emergency Loan Program Hopes to Stave Off Foreclosures” (7-11-11)

“The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America launched a new Emergency Homeowners’ Loan Program (EHLP) recently to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.”

Bloomberg - “Fed Rates on Hold Longest Since 1940s as Treausury Curve Sees Slower Growth” (7-11-11)

“The Federal Reserve may keep interest rates at record lows for the longest period since World War II as the economic slowdown that sparked a four-month bond rally worsens, according to Treasury market signals.”

Mortgage Bankers Association - “Stevens Reiterates MBA’s Support for Risk Retention” (7-11-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following remarks by Congressman Barney Frank (D-MA) this morning at the National Press Club:  “MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system.   The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.’”

RisMedia - “Bankrate: Mortgage Rates Hit a 2-Month High” (7-11-11)

“Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.”

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 1/14/11

Friday, January 14th, 2011

Resources:
New York City Comptroller Issues 2nd Request for Audits from Banks
GSE mortgage securities boost record Federal Reserve payment to Treasury 
Federal Reserve posted record profit of $78.4 billion last year 
Prices down 4 months in a row 
Mortgage Refinance Applications Increase in Latest MBA Weekly Survey
U.S. Foreclosure Filings May Jump 20% in 2011 as Crisis Peaks
Freddie Mac mortgage rates decline for second consecutive week
CA foreclosure starts fall, but more auctions set

Today’s News Synopsis:

Recent research from ForeclosureRadar showed an increase in set foreclosure auctions in December despite the decrease in foreclosures for that month.  According to Housing Wire, nonperforming loans and repossessed foreclosed homes increased 27%, as reported by JP Morgan Chase.  Different states are feeling different effects from the recent robo-signing issues due mostly to varying laws for each state regarding foreclosures. 

In The News:

Housing Wire- “JPMorgan nonperforming loans up 27% from a year ago” (1-14-11)

“JPMorgan Chase (JPM: 44.91 +1.03%) reported $13.3 billion in nonperforming loans and repossessed homes through foreclosure in the fourth quarter of 2010, up 27% from a year ago.”

Bloomberg - “Big Lenders May Lose Under Plan for Simpler Mortgage Disclosure” (1-14-11)

“The Consumer Financial Protection Bureau said it will soon begin writing and testing a simplified mortgage-disclosure form aimed at making it easier for borrowers to compare deals from different lenders.”

Inman - “Robo-signing impact varies in West” (1-14-11)

“Foreclosure activity in December varied in five Western states tracked by ForeclosureRadar — perhaps because loan servicers are faced with different laws in each state as they work to put robo-signing issues behind them, the company said.”

RisMedia – “California Bucks National Foreclosure Trend in 2010″ (1-14-11)

“Fewer Californians grappled with foreclosure last year, bucking a national trend and giving homeowners fresh hope that the state’s housing market could be on the mend.”

Housing Wire – “Record long foreclosure delays spread past judicial states: BarCap” (1-14-11)

“Procedural problems cut the rate at which homes are moved from foreclosure to REO in half during October and November, but the drop did not occur in judicial states alone, according to research from Barclays Capital.”

DS News - “Free Online Resource Aims to Help Americans Facing Foreclosure” (1-14-11)

“Free online software for the creation of personalized mortgage modification applications under the federal Home Affordable Modification Program (HAMP) and otherlender programs is now available from FreeMortgageFix.com. Borrowers can complete an application to modify existing home loans via the site’s user dashboard.”

The Wall Street Journal - “Mortgage Rates Decline to 4-Week Low” (1-14-11)

“Home-mortgage rates declined for a second straight week, according to data released Thursday by Freddie Mac, but the housing market continued to face
headwinds from a supply glut and the struggling employment situation.”

NAHB - “Housing Moving to Higher Ground in 2011″ (1-14-11)

“Housing will see gradual improvements in activity this year as the nation’s economy and job market continue to move to higher ground, establishing momentum that will produce more considerable gains in 2012, according to economists who appeared at the NAHB International Builders’ Show in Orlando on Jan. 12.”

The O.C. Register – “CA. foreclosure starts fall, but more auctions set” (1-14-11)

“While foreclosure starts fell in California in December, slightly more foreclosure auctions were set than in the previous month, the latest research from ForeclosureRadar.com shows.

Realtor - “Homes Get Smaller, More Energy Efficient” (1-14-11)

The average size of a new single-family home in 2010 was 2,377 square feet, down from 2,438 square feet in 2009 and down from the peak of 2,520 square feet in 2007 and 2008, according to U.S. Census Bureau data presented by Rose Quint, assistant vice president of survey research for NAHB at the International Builders’ Show in Orlando Thursday, Jan. 13.”

Looking Back:

The 30-year fixed mortgage rate fell to 5.06 percent the week of January 10, 2010, according to Freddie Mac. 2.8 million properties received a foreclosure notice in 2009. Interactive Mortgage Advisors sold $130 billion worth of Ginnie Mae’s servicing portfolio. President Obama proposed a tax on all companies who received bailout money, which lasted until all bailout money was paid back.

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 8/18/10

Wednesday, August 18th, 2010

Today’s News Synopsis:

HAMP’s permanent loan modifications increased 5.9% by the Bank of America, while the number of applications for mortgages increased 13%.  On the same note, according to the Mortgage Bankers Association the number fo refinancings for mortgages increased 17.1% in the previous week, while the amount of people filing for bankruptcy increased 20%.  Fannie Mae and Freddie Mac began searching for any bad loans or dishonest loan applications, while in other news Barney Frank believes Fannie Mae and Freddie Mac should no longer be allowed to operate.  However, there are no current plans for this to happen as the White House is trying to fix the problems.  Also, as the demand on homes decreases, the merging and aquisition of homebuilders may rise.  On a similar note, Veri-tax is now owned by  Blue Horizon Capital.  Finally, the Fed’s have come up with a plan to prepare for an increasing decline in the economy by using money made from securities to buy Treasuries.

In The News:

Housing Wire – “Bank of America Permanent HAMP Modifications Increase 5.9% in July” (8-18-10)

“Bank of America (BAC: 13.4305 +1.67%) pushed its total number of permanent mortgage workouts under the Home Affordable Modification Program (HAMP) to 76,300 in July, a 5.9% increase from June.”

Bloomberg - “U.S. MBA Mortgage Applications Index Rose 13% Last Week on Refinancing” (8-18-10)

“The number of mortgage applications in the U.S. increased last week, propelled by a surge in refinancing as borrowing costs hovered near record lows.  The Mortgage Bankers Association’s index rose 13 percent in the week ended Aug. 13, the Washington-based group said today. Refinancing jumped 17 percent to reach the highest level since May 2009, while purchases fell 3.4 percent.”

DSNews -“MIT Commercial Property Price Index Posts 17% Gain in Q2″ (8-18-10)

“Transaction prices of commercial properties sold by major institutional investors surged over 17 percent in the second quarter of 2010, according to an index developed and published by the Center for Real Estate at the Massachusetts Institute of Technology (MIT).”

CNBC - “Phase Out Fannie & Freddie Over Time: Rep. Frank” (8-18-10)

“Fannie Mae and Freddie Mac should be abolished but this has to be done over a period of time, Rep. Barney Frank, chairman of the House Financial Services committee, told CNBC on Tuesday.  Frank agreed that phasing out the housing behemoths would help bolster private mortgage financing, but stressed that the process would take time.”

Bloomberg - “Homebuilder Mergers Loom as `Elephant in Room,’ Citigroup Says” (8-18-10)

“Homebuilder takeovers may increase as tumbling demand for new houses and a faltering U.S. economic recovery spur companies to consolidate to gain market share, according to Citigroup Inc.”

RisMedia - “The Real Estate Book Introduces New Search Tool for House Hunters on the Go, Launches App for iPhone, iTouch, iPad” (8-18-10)

“For on-the-go home buyers, The Real Estate Book / RealEstateBook.com, the leading publisher of real estate information online and in print in North America, launches a new application that provides iPhone, iPod Touch and iPad users with access to all its listings – millions of homes for sale across the U.S. and around the world.”

DSNews - “Private Investment Firm Acquires Veri-tax” (8-18-10)

“Blue Horizon Capital, a private investment firm based in Los Angeles, California, acquired Tustin, California-headquartered Veri-tax LLC late last month.  A provider of tax verification and fraud management solutions for the mortgage lending and consumer credit industry, Veri-tax clients include two of the nation’s top four banks, as well as a slew of other lenders, originators, and financial institutions.”

Wall Street Journal - “Banks Face Fight Over Mortgage-Loan Buybacks” (8-18-10)

“While mortgage delinquencies are easing, banks are facing a new round of losses from loans made just before the financial crisis, and the fight to keep them off their balance sheets is intensifying.  Leading the charge to make originators repurchase their loans are Fannie Mae and Freddie Mac, the two government-owned finance agencies that guaranteed the mortgages. The firms are sorting through delinquent loans for signs of any violations of the representations and warranties, known as “reps and warranties.” In essence, they are looking for lies made by borrowers or lenders in loan applications.”

DSNews - ”Industry Stakeholders Descend on Washington to Debate GSE Reform” (8-18-10)

“Will Fannie Mae and Freddie Mac still be here in three years? Or will they be replaced by a new federal mortgage agency? Will the government begin a grand exodus from the housing market and leave the American Dream to the private sector?”

Orange County Register - “Realogy CEO Takes Part in U.S. Government Conference on the Future of Housing Finance” (8-18-10)

“Lenders seized fewer homes in July for a third straight month, repossessing nearly 10% fewer homes than in June.  Meanwhile, default notices filed against homeowners who have missed three or more house payments increased 9% last month from June’s levels.”

DSNews - “Rapidly Rising Inventory, Home Price Pressures in Store: Altos Research” (8-18-10)

“Real estate data provider Altos Research says its newest housing market report confirms what the company has been saying for some time: the mini “boom” of this spring was created by seasonal demand, with some extra help from the federal homebuyer tax credits.”

Housing Wire – “Falling Housing Prices Drag Down Consumer Spending for 3rd Straight Month: Deloitte” (8-18-10)

“The Deloitte Consumer Spending Index, which tracks consumer cash flow to predict future spending, declined for the third straight month in July due to weaknesses in the post-tax credit housing market.”

DSNews - “TransUnion: Mortgage Delinquencies Drop for Second Straight Quarter” (8-18-10)

“The national mortgage loan delinquency rate – measuring the ratio of borrowers 60 or more days behind on their home loan payments – fell again in the second quarter of 2010, suggesting the credit conditions in the housing sector have begun to stabilize, according to TransUnion.”

RisMedia - “Builders Shrink Homes to Fit Buyers’ Newly Modest Tastes” (8-18-10)

“Realogy Corporation, a global provider of real estate and relocation services, announced that its chief executive officer Richard A. Smith traveled to Washington, D.C., today to participate in the Conference on the Future of Housing Finance. The invitation-only event is being hosted by Secretary of the Treasury Timothy Geithner and Secretary of Housing and Urban Development (HUD) Shaun Donovan.”

“The Fed’s move to begin buying long-term Treasuries with proceeds from maturing mortgage-backed securities opens up the possibility of quantitative easing if the economy declines further, according to Deutsche Bank.”

CNBC - “Call for Careful Overhaul of US Mortgage Lending” (8-18-10)

“The US does not intend to wind down completely Fannie Mae and Freddie Mac, the large government-sponsored mortgage companies that are eating up billions of taxpayer dollars, given the fragile state of the housing market.”

CNBC - “White House Taking Steps to Fix Fannie and Feddie” (8-18-10)

WebCPA - Bankruptcy Filings Jump 20 Percent (8-18-10)

“Bankruptcy filings rose 20 percent in the 12-month period ending June 30, 2010, the highest number of bankruptcy filings for any period since many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect.”
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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