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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/8/13

Wednesday, May 8th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week.  Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department.  According to TransUnion, delinquency rates showed their biggest improvement since 1992.

In The News:

Housing Wire - “Suspicious loan activity reports shrink first time in a decade” (5-8-13)

“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”

DS News – “Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)

“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”

Bloomberg - “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)

“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”

DS News - “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992″ (5-8-13)

“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”

Housing Wire - “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)

“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”

DS News – “Home Prices on Path to Stabilization This Year” (5-8-13)

“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

Home prices increased 0.6% from February to March as a result of inventory decreasing.  More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income.  Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.

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 4/2/13

Tuesday, April 2nd, 2013


Today’s News Synopsis:

Fannie Mae reported their annual net income for 2012 was $17.2 billion for the whole year and $7.6 billion in the fourth quarter, the largest both annually and quarterly in the history of the company.  NAR reported a higher demand for vacation homes with sales increasing 10.1% to 553,000 in 2012.  Bank of America and the National Credit Union Administration reached a $165 million agreement to cover losses caused by purchases made by failed credit unions.

In The News:

Bloomberg - “Immigrant Dreams to Keep Sparking U.S. Housing Recovery” (4-2-13)

“Efforts to revamp U.S. immigration laws may bring at least one unintended benefit for the economy: The nascent housing recovery will probably get an added boost.”

Housing Wire - “Demand for vacation homes on the rise” (4-2-13)

“More consumers are seeking the relaxation of getting away, as vacation-home sales rose 10.1% to 553,000 in 2012 from 502,000 in 2011, according to data from the National Association of Realtors.”

Mortgage Bankers Association - “MBA: Despite Higher Volumes, Independent Mortgage Banker Per-Loan Profits Decrease in the Fourth Quarter as the Cost to Originate Rises” (4-2-13)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,256 on each loan they originated in the fourth quarter of 2012, down from $2,465 per loan in the third quarter, as increasing costs outweighed higher revenues, the Mortgage Bankers Association (MBA) reported today.”

Bloomberg – “BofA Sets $165 Million Accord With NCUA on Mortgages” (4-2-13)

“Bank of America Corp. and the National Credit Union Administration reached a $165 million accord to cover losses on purchases of residential mortgage- backed securities by credit unions that failed, the agency said.”

Inman - “Fannie Mae posts record net income” (4-2-13)

“Allowing bailed-out mortgage giants Fannie Mae and Freddie Mac to persist in their current form — one that critics say helped bring down the financial system — may be out of the question to most lawmakers.”

DS News - “NAR: Investment-Home Sales Decline in 2012; Median Price Rises 15%” (4-2-13)

“Investment-home sales in 2012 were down slightly from the year before but remain elevated, while the median price increased, according to a survey from National Association of Realtors (NAR).”

Housing Wire - “Redwood Trust ready to strike with latest RMBS deal” (4-2-13)

“Real estate investment trust Redwood Trust is keeping pace with its monthly issuance goal, setting out on its fifth and smallest private-label residential mortgage-backed securitization deal of the year.”

DS News - “Report: Prices Post First Winter Quarterly Gain in 7 Years” (4-2-13)

“For the first time since 2006, national home prices survived winter without experiencing a quarterly decline, according to Clear Capital’s market report for March.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 2 bedroom, 1 bathroom home appraised for $303,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Looking Back:

The number of bank closures reached 16 with the recent closure of a bank in Michigan.  Hope Now reported a 20% decrease in private mortgage modifications the previous month.  JP Morgan was facing a lawsuit from Ambac for mishandled loans.

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 2/5/13

Tuesday, February 5th, 2013


Today’s News Synopsis:

CoreLogic reported national home prices increased in December for the tenth month in a row to their highest in almost seven years.  Clear Capital also reported home prices increased 5.4% year-over-year in January.  Trulia reported rents increased 4.1% last month, although the rate of increase was slower with the increase in multifamily units.

In The News:

Housing Wire – “Carrington Mortgage Services rolls out 25-day loan closings” (2-5-13)

“Carrington Mortgage Services brought a new program to fruition this week that caters to borrowers who desire a faster loan closing process.”

DS News- “CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years” (2-5-13)

“Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector.”

CNN Money - “UBS reports $2.8 billion loss” (2-5-13)

“Swiss banking giant UBS on Tuesday reported a massive fourth-quarter loss and announced it is capping its largest bonuses to bankers after a difficult year in which it settled charges of manipulating interest rates.”

Bloomberg- “Homes Sell in Two Weeks With Low Supply for Spring Buyers” (2-5-13)

“The U.S. housing market, entering its busiest season, is tipped so far in favor of sellers that almost a third of listings in areas from Washington, D.C., to Denver and Seattle are under contract in two weeks or less.”

Realty Time - “Home Improvement Growth Latches Onto Housing Recovery” (2-5-13)

“Remodeling is rebounding and it’s about time.  Just as the sales-driven housing recovery is bringing home the equity bacon for many underwater homeowners, home improvements can further boost home values and help sustain both the housing recovery and economic growth.”

DS News – “Rent Gains Soften as More Multiunit Buildings Enter Market: Trulia” (2-5-13)

“Rents continued to rise in January, but at a slower pace as more newly-constructed multifamily units hit the market, according to a report from Trulia.”

Housing Wire- “ResCap continues to weigh on Ally” (2-5-13)

“Ally Financial  ($25.38 0%) reported a significant net income increase for the fourth quarter as well as 2012, despite the company’s decision in May to put its Residential Capital mortgage subsidiary into bankruptcy.”

DS News- “Winter Season Slows Home Price Gains” (2-5-13)

“National home prices continued to post strong yearly gains in January as lower-priced homes drove activity in the housing market, according to a report from Clear Capital. At the same time, prices showed signs of weakening on a quarterly basis.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $145,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

 

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 1/28/13

Monday, January 28th, 2013


Today’s News Synopsis:

Pending home sales decreased 4.3% month-over-month in December.  At the same time home prices increased 0.5% month-over-month in November.  The Joint Powers of Authority rejected San Bernardino’s motion to use eminent domain as a way to deal with negative equity.

In The News:

Inman – “Tight inventories weigh on prospects for 2013 growth” (1-28-13)

“Tight listing inventories are likely to constrain growth in 2013 home sales, the National Association of Realtors said in releasing a report showing that pending sales dropped 4.3 percent from November to December.”

DS News- “San Bernardino County Rejects Eminent Domain Proposal” (1-28-13)

“After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday by the Joint Powers Authority (JPA).”

Housing Wire- “U.S. home prices crawl upward” (1-28-13)

“U.S. home prices continued to inch their way up, showing a 0.5% increase from October to November, according to the latest Lender Processing Services home price index.”

Bloomberg- “Las Vegas Area Leads U.S. in Home-Construction Gains” (1-28-13)

“Las Vegas, one of the hardest-hit cities in the U.S. real estate crash, had the biggest jump in housing starts in the fourth quarter, almost doubling from a year earlier.”

Inman- “Clear Capital offers Freddie Mac valuation tools” (1-28-13)

“Two property valuation tools from mortgage giant Freddie Mac are now available to lenders and third-party resellers such as appraisal management companies, data providers and due diligence firms through real estate data and valuation firm Clear Capital.”

DS News – “Massachusetts Completed Foreclosures Shrink in 2012, Starts Increase” (1-28-13)

“From 2011 to 2012, the number of completed foreclosures fell in Massachusetts, while foreclosure starts experienced a significant increase, according to a report from the Warren Group.”

Bloomberg- “Fannie Adds Bailout For Underwater Walkaways: Mortgages” (1-28-13)

“Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.”

Housing Wire- “ASF 2013: Fannie Mae and Freddie Mac are here to stay” (1-28-13)

“Although the housing market has posted a shift in positive momentum, many factors within housing finance will likely remain for quite some time, and reform is not expected any time soon.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 3 bedroom, 1 bathroom home appraised for $307,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

 

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 12/4/12

Tuesday, December 4th, 2012

Today’s News Synopsis:

As part of a Christmas gift, Fannie Mae and Freddie Mac are suspending foreclosures from December 19 through January 2, 2013.  Home prices increased 6.3% in October to their highest in 6 years.  Trulia reported asking prices for homes increased 3.8% last month to their highest since the beginning of the recession.

In The News:

DS News- “REO Sales Diminish to Under 20% of Overall Home Sales: Clear Capital” (12-4-12)

“Clear Capital released a new market report Tuesday, tracking home prices through the end of November.”

Los Angeles Times- “Home prices show biggest jump in 6 years in October” (12-4-12)

“Home prices increased 6.3% in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.”

WTSP 10 News- “Fannie, Freddie halt foreclosures for the holidays” (12-4-12)

“Fannie Mae (FNMA) and Freddie Mac (FMCC), along with some of the nation’s biggest lenders, said Monday that they will suspend some foreclosures during the holidays.”

Bloomberg – “Banks Discover Money Management Again as Trading Declines” (12-4-12)

“Global banks, forced by regulators to reduce their dependence on profits from high-risk trading, have rediscovered the appeal of the mundane business of managing money for clients.”

Inman- “Asking prices stay strong into autumn” (12-4-12)

“Asking prices for homes on real estate portal Trulia’s website were up 3.8 percent in November from a year ago, the largest year-over-year increase since the housing recession began, according to a monthly report from Trulia.”

DS News- “FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks” (12-4-12)

“FDIC-insured banks continued to show improving health in the year’s third quarter, the agency reported Tuesday.”

Housing Wire- “S&P: Private-label RMBS may hit $15 billion in 2013″ (12-4-12)

“Total private-label residential mortgage backed securitized issuance is about $6 billion this year, compared with $2.8 billion from 2011, according to Standard & Poor’s ratings service.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

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 11/8/12

Thursday, November 8th, 2012

 

Today’s News Synopsis:

Unemployment claims decreased by 8,000 last week in the wake of Hurricane Sandy.  The mortgage delinquency rate increased 7.7% from month-over-month in September, the largest increase for late payments since 2008.  Mortgage rates continue to remain at record lows with 30-year rates at 3.4% and 15-year rates at 2.7%.

In The News:

CNN Money- “Jobless claims fall amid Hurricane Sandy” (11-8-12)

“Claims for unemployment benefits fell last week, as Hurricane Sandy led to power outages and closed offices on the East Coast and kept many people from filing claims.”

Housing Wire- “September mortgage delinquencies higher: LPS” (11-8-12)

“The national mortgage delinquency rate rose 7.7% from August to September, making it the largest monthly late payment increase in four years, according to Lender Processing Services.”

Bloomberg- “U.S. Mortgage Rates Little Changed Close to Record Lows” (11-8-12)

“Mortgage rates were little changed, keeping borrowing costs close to record lows after home prices increased in more U.S. cities.”

Realty Times- “Beware: Impostor landlords targeting Freddie Mac REOS “ (11-8-12)

“Scam artists masquerading as landlords are trying to cash in foreclosed homes by advertising them as rentals on the Internet.”

DS News- “Prices Are Up, but Credit Must Be Addressed for Full Recovery” (11-8-12)

“Even though President Obama and Governor Romney Romney were criticized for evading housing issues when running for president, Clear Capital asserts the “sprint” in housing still spoke positively for Obama and assisted him in his recent re-election.”

NAHB- “Builder Confidence in the 55+ Housing Market Continues to Improve in the Third Quarter” (11-8-12)

“Builder confidence in the 55+ housing market for single-family homes showed significant improvement in the third quarter of 2012 compared to the same period a year ago, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today.”

Bloomberg- “Bond Investors See Obama Win Fueling Refi Risk: Mortgages” (11-8-12)

“President Barack Obama’s re-election is fueling investor concern that homeowner refinancing is set to increase after debt yields tumbled and amid speculation his administration will pursue more aggressive measures to boost the housing recovery.”

Housing Wire- “BofA Merrill Lynch analysts forecast 5% 4Q rise in home prices” (11-8-12)

“Bank of America Merrill Lynch  ($9.46 0.228%) revised its housing forecast upward due to a better alignment of supply and demand, and now predicts the S&P/Case-Shiller Index will increase by 5% in the fourth quarter over 4Q 2011.”

DS News- “Credit Unions Point to Troubling Aspects of Proposed CFPB Rules” (11-8-12)

“The National Association of Federal Credit Unions expressed its opposition to the Consumer Financial Protection Bureau’s proposed rule on mortgage application and settlement disclosures.”

Hard Money Loan Closed

Altadena, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 3 bedroom, 2 bathroom home appraised for $410,000.

 

The Norris Group and numerous real estate professionals converge for a good cause and networking for Give BIG Riverside on Tuesday, November 13, 2012.

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Looking Back:

The percentage of homeowners who were underwater increased to 28.6% according to the latest Zillow report.  Home prices increased 4% in the third quarter of 2011 despite the value of houses decreasing slightly from the previous quarter.  DS News reported overdue mortgages increased for the first time in almost two years.

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

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The Norris Group Real Estate News Roundup 9/6/12

Thursday, September 6th, 2012

Today’s News Synopsis:

Mortgage rates decreased again slightly for the second week in a row.  30-year rates are at 3.55%, while 15-year rates are at 2.86%.  However, with this has come a recovery in home prices with a 1.2% increase in the second quarter.  Jobless claims decreased to 365,000 last week.


In The News:

Housing Wire – “San Bernardino housing market improves without eminent domain” (9-5-12)

“The San Bernardino County, Calif. housing market showed signs of improvement in August even without a controversial eminent domain plan, according to Clear Capital.”

Bloomberg – “Private-Equity Firms Drive Up Select-Service Hotel Prices” (9-6-12)

“Private-equity firms including Starwood Capital Group LLC and Clearview Capital LLC have been the top buyers of select-service hotels this year, pushing up prices for the properties, Jones Lang LaSalle Hotels said.”

Realty Times – “Home Prices Rebounding With Low Mortgage Rates” (9-6-12)

“Over the course of several months, home prices in many markets have been rebounding with the consistent level of low mortgage rates.”

DS News – “First-Time Unemployment Claims in Surprise Drop” (9-6-12)

“First-time claims for unemployment fell to 365,000 for the week ended September 1, the Labor Department reported Thursday, surprising economists who had expected a smaller decline to 370,000.”

Inman – “Mortgage rates down again” (9-6-12)

“Mortgage rates eased for a second week in a row on mixed economic news, but could be poised for a rebound after the European Central Bank announced a new round of bond purchases today that undermined prices of U.S. Treasurys, pushing up yields.”

Housing Wire – “Rural affordable housing struggles with oil and gas boom” (9-6-12)

“Waves of highly paid oil and gas drilling employees into rural areas is causing strain on local governments to provide affordable housing for locals who can no longer afford skyrocketing rents, according to a government study released Thursday.”

Los Angeles Times – “Six years after crash, builders of new homes enjoy an upswing” (9-6-12)

“After six long years, the home-building sector is back in business: sales of newly built residential homes are climbing strongly this year, according to a report by John Burns Real Estate Consulting.”

Housing Wire – “Redefaults on private modifications cut by more than half” (9-6-12)

“The percentage of mortgages that redefaulted within six months after receiving a private modification fell by to the lowest level since the industry began reporting the data in 2009.”

DS News – “CMBS Delinquency Rate Falls Sharply After Increases: Trepp “ (9-6-12)

“The CMBS delinquency rate made a steep drop in August, marking the first fall since February 2012, according to Trepp.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $96,000 on a 4 bedroom, 2 bathroom home appraised for $160,000.

 

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

Looking Back:

The Federal Housing Finance Agency, who acted as regulator for Fannie Mae and Freddie Mac, sued 17 banks in an attempt to recover billions of dollars worth of money lost due to mismanagement of the money by the bank.  However, in another story, FBR Capital Markets said the plan would not work and that it would only risk the banks losing more capital.  Bloomberg reported that retailers were planning to open more stores in response to the lower rents.

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 9/5/12 | Clear Capital,

Wednesday, September 5th, 2012

Clear Capital,

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 2.5% last week.  At the same time, refinanced FHA mortgages increased 42% in July.  That same month, commercial real estate loan prices decreased to 88.3% after having been on the rise for seven months in a row.


In The News:

Housing Wire – “Foreclosure sales drop to lowest level since 2008: Clear Capital” (9-4-12)

“Roughly 20% of home sales in the three months ending in August were previously foreclosed homes, a drop from more than 26% for the previous three months and the lowest percentage since April 2008, according to analytics firm Clear Capital.”

DS News – “REO Saturation Rate Falls for First Time in 2012: Clear Capital “ (9-5-12)

“While home prices remained little changed, the REO saturation rate fell for the first time this year, according to Clear Capital’s Home Data Index Market report, which included data to the end of August.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-5-12)

“Mortgage applications decreased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 31, 2012.”

CNN Money – “Housing improves in hard-hit swing states” (9-5-12)

“California credit unions took advantage of the Home Affordable Refinance Program and originated twice as many home loans in second quarter than the previous three months.”

Housing Wire – “Romney housing plan accuses Obama of slowing economic recovery”(9-5-12)

“Republican presidential candidate Mitt Romney on Tuesday night released a brief overview of his housing policy, should his bid for election be successful.’”

Inman – “NAR: median days on market shrinks to 69″ (9-5-12)

“If a six-month supply of homes for sale represents a good balance between demand from buyers and sellers, homes in balanced markets will typically be listed for about six weeks before they sell, the National Association of Realtors said today in announcing a new metric, median days on market.”

Housing Wire – “FHA streamline refinances increase 42% in July” (9-5-12)

“Lenders refinanced 42% more Federal Housing Administration mortgages in July than the month before under a new streamlined program, according to government data.”

DS News – “CRE Loan Prices Slip in July” (9-5-12)

“After seven straight months of gains, commercial real estate (CRE) loan prices took a slight dip in July, DebtX reported Wednesday.”

Clear Capital,

Hard Money Loan Closed

Bloomington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $52,000 on a 2 bedroom, 1 bathroom home appraised for $95,000.

 

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

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 8/7/12

Tuesday, August 7th, 2012

Today’s News Synopsis:

CoreLogic reported home prices increased 2.5% year-over-year and 1.3% month-over-month in June.  However, they do not expect to see home prices increase as much in the second half of the year.  Consumers still remain optimistic about the housing market despite despite a lack of confidence in both the economy and personal finances.  Freddie Mac announced for the first time since Q1 of 2011 that they will not be seeking aid from the U.S. government.


In The News:

Housing Wire – “Federal Reserve fines MetLife $3.2 million for foreclosure problems” (8-7-12)

“The Federal Reserve issued monetary sanctions of $3.2 million against MetLife ($34.31 0.86%) for foreclosure abuses at its former bank and servicer subsidiary.”

DS News – “CoreLogic Reports Prices Up, but Pace Might Slow in 2nd Half of 2012″ (8-7-12)

“When including distressed sales, CoreLogic reported a 2.5 percent yearly increase in home prices in June, and a 1.3 percent increase month-over-month from May.”

Bloomberg – “Freddie Mac Won’t Seek U.S. Aid for First Time Since 2011″ (8-7-12)

“Freddie Mac said a strengthening housing market means it will not add to the debt it owes U.S. taxpayers for the first time since the first quarter of 2011.”

Inman – “ZipRealty signs up 2 more referral partners in Florida” (8-7-12)

“ZipRealty has signed up two Florida brokerages — Prudential Tropical Realty in Tampa and Illustrated Properties in Palm Beach — as referral partners, bringing the total number of brokerages participating in its “Powered by Zip” program to 10.”

DS News – “Regional Price Gains Continue to Strengthen Recovery: Clear Capital” (8-7-12)

“National home prices seem to be picking up steam, while all four regions posted price gains, Clear Capital reported Tuesday.”

Housing Wire – “Fannie Mae survey highlights the dichotomy of housing” (8-7-12)

“Housing analysts continue to spar over the extent and power of the housing recovery and many Americans remain relatively stronger in their belief that the market will continue on the way up.”

Bloomberg – “Harder-Luck Foreclosures Grow as Funding for Help Wanes” (8-7-12)

“With millions of homes still in the foreclosure pipeline, mortgage counselors across the country say they are handling increasingly complex cases for homeowners who are unemployed, underwater, or redefaulting — and sometimes, all three. Even as borrowers’ problems become more intractable, federal support is waning.”

DS News – “Consumer Housing Outlook Remains Positive Amid Economic Woes” (8-7-12)

“Stalled confidence in the economy and personal finances apparently hasn’t brought down optimism in the housing market.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $321,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

 

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 7/10/12

Tuesday, July 10th, 2012

Today’s News Synopsis:

Clear Capital reported home prices increased across all four regions of the United States in June, both for the quarter and the year.  Governor Jerry Brown signed a new law into legislation that will not let homeowners be liable for debts greater than the value of their properties should they default on their mortgages.  The asking prices on homes for sale increased in the last four months, although this is actually a risk because the ones who had the most to gain from the market also had a record of foreclosures.


In The News:

DS News – “Clear Capital Reports Rising Prices Across All Regions” (7-10-12)

“National home prices saw both quarterly and yearly gains in June, and all four regions across the U.S. posted quarterly increases, according to the Home Data Index (HDI) released by Clear Capital Tuesday.”

Housing Wire – “ALTA: Proposed CFPB closing rule could reduce title agent role” (7-10-12)

“The American Land Title Association applauds the Consumer Financial Protection Bureau for creating its final round of prototype mortgage disclosure forms, but the association said it remains wary of a proposal that could remove settlement agents from a key part of the loan closing process.”

NAHB – “New NAHB Publication Provides Builder-Tested Strategies to Survive and Thrive in any Market” (7-10-12)

“Business owners often learn how to run a successful company the hard way—through trial and error. Builders no longer have to rely on this haphazard approach to entrepreneurship.”

Realty Times – “New California Law Allows Greater Responsibility For Branch Managers” (7-10-12)

“Effective July 1 of this year, California brokers of large and/or multi-office real estate firms can, if they choose, take steps that will enable them to rest and breathe more easily.”

Inman – “Regulators propose new mortgage disclosure forms” (7-10-12)

“After a year and a half of research and review, the Consumer Financial Protection Bureau released simplified mortgage disclosure forms Monday that it hopes will make it easier for borrowers to understand the terms and costs of their loans and therefore be a step toward “restoring trust in the mortgage market” after the housing bubble.”

Los Angeles Times – “Governor signs homeowner foreclosure limit” (7-10-12)

“Homeowners who default on refinanced mortgages won’t be liable for debts that exceed the market value of their lost properties.”

Housing Wire – “Mortgage lenders cringe at substantial litigation costs under QM” (7-10-12)

“Mortgage bankers cringed at the latest litigation cost estimates they could face should the Consumer Financial Protection Bureau craft the Qualified Mortgage rule without a safe harbor.”

DS News – “Zillow Lists 10 Best Markets for Buyers and Sellers” (7-10-12)

“San Francisco, San Jose, and Las Vegas metro areas were named as the top markets for sellers, while Chicago, Milwaukee, and Cleveland were categorized as markets where buyers have more power, according to a report released from Zillow Tuesday.”

Inman – “Home price gains at risk in distressed markets” (7-10-12)

“Asking prices for for-sale homes nationwide have risen in the last four out of five months, but the biggest market gainers also have foreclosure backlogs putting those increases at risk, according to a monthly report from real estate search and marketing site Trulia.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $177,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.

 

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

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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