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The Norris Group Real Estate News Roundup 12/09/11

Friday, December 9th, 2011

Sources:

U.S. Mortgage Debt Falls to Five-Year Low as Consumer Wealth Effect Fades
Index Shows Continued Improvement for Apartment and Condominium Market
S&P puts 15 eurozone governments on notice
U.S. household wealth takes biggest hit since 2008
Third straight month of home price declines
Jobless claims drop to lowest level since February
Real Estate Prices Fall in China, Inciting Anger and Applause: Adam Minter
BofA to Settle Mortgage Securities Action for $315 Million
Feds, Banks Postpone Foreclosure Evictions Until 2012

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. In a big story, mortgage debt decreased in the third quarter to the lowest that has been seen in almost five years.  CMBS delinquencies decreased again in November, marking the fourth month in a row to witness a decrease in delinquencies.

In The News:

Housing Wire - “CMBS delinquencies decline for fourth straight month” (12-09-11)

“Delinquencies on commercial mortgage-backed securities declined for the fourth consecutive month in November, suggesting this segment of the market is holding up, Fitch Ratings said Friday.”

Realty Times - “Mortgage Rates Stay Low Helping to Keep Housing Affordability High” (12-09-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates remained largely unchanged and near their record lows helping to keep housing affordability high for those borrowers who are in the market.“

San Francisco Chronicle - “Mortgage debt at lowest level in nearly 5 years” (12-09-11)

“U.S. mortgage debt, a driver of consumer spending during the real  estate boom, dropped to the lowest level in almost five years in the third  quarter as foreclosures wiped out home loans and housing purchases fell.”

Housing Wire - “Consumer sentiment index up again in December” (12-09-11)

“Consumer sentiment rose for the fourth straight month in a preliminary December reading of the Thomson Reuters/University of Michigan index Friday.”

DS News – “Housing Market Sees Signs of Stability: Clear Capital” (12-09-11)

“The housing market may be stabilizing as house prices and REO saturation rates show little change on a quarterly and yearly basis, according to Clear Capital’s most recent Home Data Index.”

Los Angeles Times – “Economy boosted by narrowing trade deficit” (12-09-11)

“The U.S. economy, which has been picking up steam recently, got another boost from the latest trade numbers.  The Commerce Department said Friday that the nation’s trade deficit in October narrowed to $43.5 billion, the lowest level since December 2010.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2.5 bathroom home appraised for $200,000.

In The News:

Housing Wire – “Fitch expects ailing real estate markets to improve” (12-09-11)

“The commercial and residential real estate markets will continue to slide along the bottom into 2012, but will experience more footholds than missteps on the journey.”

Bloomberg - “Solow May Be Seeking to Finance 9 W. 57th, Commercial Mortgage Alert Says” (12-09-11)

“New York developer Sheldon Solow may be seeking about $600 million of financing for 9 West 57th St., his trophy office tower near Central Park in midtown Manhattan, Commercial Mortgage Alert said today.”

DS News - “Bill Proposes Limitations on Deficiency Judgments” (12-09-11)

“Rep. Ed Towns (D-New York) has introduced a new bill to limit the period of time during which a bank can bring deficiency judgments against foreclosed borrowers.”

California Real Estate Investor Events:

The Norris Group will be at the Real Estate Investor Rewind at SDCIA on December 13, 2011.

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

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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 11/4/11

Friday, November 4th, 2011

Sources:

Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens
Weekly jobless claims drop below 400,000
Homeownership Near 13-Year Low as Mortgage Rules Crimp Sales
Mortgage Applications Increase in Latest MBA Weekly Survey
Foreclosure reviews of largest servicers begin
Pending Home Sales Decline
Construction spending and manufacturing–slightly
US files $834 million lawsuit against Allied Home Mortgage
Real Estate Outlook: Changes to HARP
CoreLogic expects HARP 2.0 to help hardest-hit housing markets
Home prices heading for triple-dip

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big events. The San Francisco Chronicle reported the number of impoverished neighborhoods increased 33% in the last ten years, with the suburb areas being hit harder than the cities.  According to Bloomberg, in October the jobless rate decreased after employers hired less workers than was originally predicted.

In The News:

DS News – “Hudson & Marshall to Auction Over 100 HUD REOs This Saturday” (11-04-11)

“Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas.“

Bloomberg – “U.S. Jobs Gains Show ‘Frustratingly Slow’ Growth” (11-04-11)

“The U.S. jobless rate unexpectedly fell in October while employers added fewer workers than forecast, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week.”

Realty Times - “30-Year Fixed-Rate Mortgage Averages 4.00 Percent” (11-04-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market.  The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.”

Housing Wire – “First-time defaults in private-label MBS edge up in October” (11-04-11)

“First-time defaults on private mortgages edged up to a rate of 0.89% in October, a slight increase from this segment’s default rate of 0.86% in September, a new report from Amherst Securities Group said Friday.”

Wall Street Journal – “How Appraisals Are Derailing Home Sales” (11-04-11)

“In the past, appraisals rarely disrupted a home sale.  But realtors and housing experts say new requirements and a difficult housing market are doing just that.  Year-to-date through September, one third of realtors have said appraisals resulted in buyers and sellers delaying or cancelling contracts or renegotiating to a lower sales price, according to the National Association of Realtors.”

San Francisco Chronicle – “Neighborhood poverty surges in past decade, up 33%” (11-04-11)

“The number of Americans living in neighborhoods beset by extreme poverty surged in the past decade, erasing the progress of the 1990s, with the poorest areas growing more than twice as fast in suburbs as in cities.”

DS News – “Home Price Growth Has Dissipated With the Summer Heat: Clear Capital” (11-04-11)

“Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory.”

Housing Wire – “BofA to raise up to $3 billion in stock issuance, reduce debt” (11-04-11)

“Bank of America (BAC: 6.49 -6.08%) intends to explore the issuance of common stock and senior notes in exchange for shares of preferred stock.”

Looking Back:

The MBA reported 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter of 2010. Jobless claims rose 4.5% the previous week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believed commercial real estate rents would rise in 2011.

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

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

Thursday, November 3rd, 2011

Today’s News Synopsis:

Mortgage rates continue to stay at low levels with 30-year fixed rate mortgages at only 4%.  Freddie Mac is asking for $6 billion from the Treasury Department’s Treasury cash lifeline after reporting a loss of $4.4 billion in the third quarter.  Unemployment claims fell below 400,000 last week, showing slight improvement in the market.

In The News:

Housing Wire - “Fannie says consumer spending rise not enough to spur home sales” (11-3-11)

“Consumer spending picked up in the third quarter, but housing and other big-ticket items failed to recapture American dollars during the three months ended Sept. 30, Fannie Mae said Thursday.”

Inman - “Mortgage rates stay in the basement” (11-3-11)

“Mortgage rates sagged this week as ongoing concerns about the European debt crisis had investors fleeing to the relative safety of mortgage-backed securities that fund most U.S. home loans.”

Mortgage Bankers Association - “Third Quarter Commercial/Multifamily Mortgage Originations Up 98 Percent from Last Year, 10 Percent from Last Quarter” (11-3-11)

“Third quarter 2011 commercial and multifamily mortgage loan originations were 98 percent higher than during the same period last year and 10 percent higher than the second quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Bloomberg - “Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens” (11-3-11)

“Freddie Mac, one of two mortgage-finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.”

DS News - “Senators Wish to Make HARP Available to High-Equity Borrowers” (11-3-11)

“While the newly revised Home Affordable Refinance Program (HARP) includes several provisions aimed at widening the program’s reach, Sens. Barbara Boxer (D-California) and Johnny Isakson (R-Georgia) are asking the Obama administration to broaden the program even more – allowing it to reach homeowners with higher equity in their homes.”

Los Angeles Times - “Weekly jobless claims drop below 400,000″ (11-3-11)

“The number of people filing new claims for unemployment benefits dipped below 400,000 last week, a key move that indicates the job market is improving.  The 397,000 initial claims were down 9,000 from the previous week, the Labor Department said Thursday. The figure has hovered near 400,000 for several weeks. The average over the last month has been 404,500.”

Housing Wire – “Obama housing scorecard provides mixed picture of recovery” (11-3-11)

“New housing data from the Obama administration underscores the housing market’s fragility.  The Obama administration’s October Housing Scorecard Report reveals September new home sales rose to 26,100, down from 26,300 the same month a year earlier, but up from August’s total of 24,700.”

Reuters - “Housing could be key to stronger U.S. rebound” (11-3-11)

“For the U.S. economy, it all comes back to the housing market.  A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy.”

Inman – “Home prices poised to end the year in the red” (11-3-11)

“Despite a seasonal bump, home prices are poised to end the year in  the red, according to a report from data and valuation firm Clear Capital,  released Thursday.”

Looking Back:

Freddie Mac reported a smaller loss for the months of July to September 2010 while also asking for more federal aid of about $100 million.  42% of Freddie Mac’s 16,000 loan modifications had gone back into default.  The LPS report for data collected in September 2010 showed that the amount of time homes remaining in foreclosure was increasing.  The Mortgage Bankers Association released their latest survey showing an increase in mortgage applications and a decrease in refinance applications.  Meanwhile, the Federal Reserve planned to purchase by the end of the second quarter of 2010 $16 billion worth of Treasury securities.  In the House of Financial Services Committee, 13 of the 42 democrats retires or were not re-elected, while the recent election also showed there could be a new attorney general in 17 states by 2011.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 10/6/11

Thursday, October 6th, 2011

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 7/13/11

Wednesday, July 13th, 2011

Today’s News Synopsis:

Bloomberg reported a 5.1% decrease in mortgage applications last week.  A big story in the news is Ben Bernanke of the Federal Reserved just announced that the central bank is ready to do what it needs to do should the economy come to a still, even if it means purchasing extra government bonds.  In other news, Prospect Mortgage LLC and federal housing regulators have reached an agreement to settle a lawsuit involving false business deals.

In The News:

Bloomberg - “Fed Ready With Stimulus If Needed: Bernanke” (7-13-11)

“Federal Reserve Chairman Ben S. Bernanke told Congress the central bank is prepared to take additional action, including buying more government bonds, if the economy appears to be in danger of stalling.”

DS News – “PMI Weighs Economic and Market Impacts on Home Price Trajectories” (7-13-11)

“Home prices have gotten a little bit of a boost in recent months thanks to a seasonal uptick in market activity. Most analysts, however, expect further declines to characterize the later part of the year and possibly extend into next year, largely because of the huge supply of foreclosures on the market.”

Bloomberg – “U.S. Mortgage Applications Fell 5.1% Last Week on Refinancing” (7-13-11)

“Mortgage applications in the U.S. dropped for a fourth straight week, led by a decline in refinancing even as borrowing costs dropped.”

Realty Times - “Mortgage Rates: Lingering Low Mortgage Rates Remain a Great Deal” (7-13-11)

“Although mortgage rates have remained steady for several weeks, economic stress here in the U.S. and abroad in Europe is putting enough pressure on investors who are seeking safety and driving MBS prices higher.”

Housing Wire - “Rally on subprime CDS prices ends with Maiden Lane suspension” (7-13-11)

“The suspension of Maiden Lane II auctions by the Federal Reserve at the end of June dampened the outlook for prices of U.S. subprime credit default swap prices, Fitch Solutions said Wednesday.”

Mortgage Bankers Association - “MBA Sends Recommendations to Federal Agencies on Risk Retention Guidelines from Commercial and Multifamily Mortgage Finance Perspective” (7-13-11)

“On Monday, July 11, 2011, the Mortgage Bankers Association (MBA) sent the attached letter to federal regulators outlining MBA’s views and recommendations from the commercial and multifamily mortgage finance perspective in response to the proposed risk retention rule under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”

RisMedia - “DIY Real Estate Solutions Strengthens Property Management Platform with Point2 Listing Synidcation” (7-13-11)

“Point2, a leading provider of real estate marketing and listing syndication solutions recently announced that Cleveland-based DIY Real Estate Solutions, also a Yardi brand, has integrated listing syndication as part of its property management software solution offering to its clients

Housing Wire - “MBA advocates an end to premium capture cash reserve account on CRE deals” (7-13-11)

“A proposed rule that requires financial institutions to retain a 5% stake in the credit risk of securitized loan products should be revamped to ensure liquidity is not constrained in the commercial/multifamily sector, the Mortgage Bankers Association said in a letter to regulators this week.”

Inman - “HUD: Lender paid kickbacks to real estate brokers, agents” (7-13-11)

“Prospect Mortgage LLC has agreed to pay $3.1 million to settle allegations by federal housing regulators that the company entered into sham affiliated business arrangements in order to pay kickbacks to real estate brokers, agents, banks, mortgage servicers and others who referred business to it.”

RisMedia - “A Closer Look at Home Pricing Forecasts, Local Markets Vary Widely” (7-13-11)

“Economic consulting firm Clear Capital reported prices nationally have decreased by 3.2 percent in the first six months of 2011 and are forecast to drop another 2.4 percent in the second half of 2011.”

Looking Back:

MDA DataQuick reported 23,871 homes were sold in Southern California the previous month. Statistics from CoreLogic showed that prices in May 2010 grew 0.9% from the previous month. According to Foreclosure Radar, lenders canceled nearly 22,000 California foreclosure sales in June of 2010. A comparative analysis from Credit Suisse showed that the cost of owning a home was cheaper than renting in multiple areas.

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 5/9/11

Monday, May 9th, 2011

Today’s News Synopsis:

Clear Capital reports REO properties account for 34.5% of the real estate market. According to Zillow, U.S. home prices fell 3% in the 1st quarter. Fannie Mae said half of its mortgages are registered under MERS, and is concerned that MERS may cause trouble for the company. A study from LexisNexis shows that California is the worst state for mortgage fraud.

In The News:

Housing Wire – “Freddie Mac sells record number of REO in 1Q” (5-6-11)

“Freddie Mac sold roughly 31,000 previously foreclosed and repossessed homes in the first quarter, a new record for the company as both government-sponsored enterprises shed inventory from the end of last year. Combined, both Fannie Mae and Freddie hold 218,000 REO properties as of the end of the first quarter, down from roughly 234,000 at the end of 2010″

San Francisco Chronicle – “Realty Partner Real Estate Prices See Dramatic Drop Nationwide for 2011″ (5-7-11)

“Real Estate prices in the US have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital. Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008.”

Orange County Register – “U.S. home prices in biggest dip since ’08″ (5-9-11)

“Home-price tracker Zillow says its math shows 1st quarter U.S. home prices falling 3% in three months, the worst quarter-to-quarter drop since the final quarter of 2008.”

Housing Wire – “IMS releases biochemical drywall remediation” (5-9-11)

“Integrated Mortgage Solutions is bringing a new method for fixing defective drywall to market that cuts the process timeline for remediation substantially. The Houston-based company said Monday it will begin using a water-based, non-toxic biochemical spray to neutralize corrosive compounds in problematic Chinese drywall.”

Housing Wire – “Half of Fannie Mae mortgages registered in MERS name” (5-9-11)

“Fannie’s guaranty book of business totaled $2.9 trillion at the end of the first quarter, meaning about $1.45 trillion of loans are registered in MERS’ name.”

Sacramento Bee – “California once again ranks as one of worst states for mortgage fraud” (5-9-11)

“For the fifth year in a row, California ranks as one of the worst states for mortgage fraud — coming in at number three on the list of the worst states for 2010 behind New York and Florida, according to a report the LexisNexis Mortgage Asset Research Institute”

Housing Wire – “Fiserv reports on the upside to falling home prices” (5-9-11)

“Home prices by all accounts continue to fall. However, Fiserv Inc. (FISV: 61.65 +0.06%) is projecting home values will stabilize somewhat in the third quarter after dropping 3% in the first half of 2011 and about 4% in the fourth quarter, according to the firm’s Case-Shiller Index home price report.”

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 4/7/11

Thursday, April 7th, 2011

Today’s News Synopsis:

CoreLogic said home prices fell 6.7% in February, and Clear Capital claims home prices in the West declined 4.3% in the previous quarter. According to Freddie Mac, mortgage rates increased to 4.87% last week. Analysts are concerned that a Federal shutdown would have dramatic effects on the California economy and the FHA.

In The News:

Housing Wire – “Home prices fall for seventh straight month: CoreLogic” (4-7-11)

“According to the CoreLogic (CLGX: 18.48 -1.75%) Home Price Index, prices fell 6.7% in February compared to the same month in 2010. This follows a 5.5% year-over-year drop in January.”

Housing Wire – “Jobless claims dip again in April” (4-7-11)

“The number of initial jobless claims filed by unemployed Americans dropped to 382,000 during the week of April 2, down from last week’s revised figure of 392,000, according to data from the U.S. Labor Department released Thursday.”

Sacramento Bee – “Summary Box: Fixed mortgage rates inch up” (4-7-11)

“Freddie Mac said the average rate on a 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent.”

San Francisco Chronicle – “Federal shutdown would hit California hard” (4-7-11)

“Employees deemed essential, such as air traffic controllers, doctors at VA hospitals, border agents and military personnel, probably will remain on the job as they did during the last major shutdown in 1995. Others, such as Internal Revenue Service employees at 27 California locations, might find their offices closed on Monday.”

Housing Wire – “Analysts say FHA shutdown possible without budget consensus” (4-7-11)

“If the government were to shutdown, two important steps in the FHA origination process would be put on hold. FHA lenders may still be able to originate loans, but they would have to wait on obtaining case numbers and a mortgage insurance certificate to be issued.”

Housing Wire – “Hope Now reports a mixed-bag of results” (4-7-11)

“Hope Now, an alliance of mortgage servicers and home retention counselors who are pushing to save distressed properties, said the month of February brought mixed results with servicers reporting fewer loan modifications and falling delinquency rates. In February, the number of completed loan mods fell from 100,186 to 87,000.”

Bloomberg - “Mall Vacancies Climb to Highest in Decade as U.S. Store Closings Persist” (4-7-11)

“The vacancy rate climbed to 9.1 percent from 8.9 percent a year earlier and 8.7 percent in the fourth quarter, the research firm said in a report today. It was the highest since Reis began publishing data on regional malls in 2000.”

Housing Wire – “Home prices double-dip in West but flatten nationally: Clear Capital” (4-7-11)

“March home prices in the West declined 4.3% from the previous three months and reached a new low since 2001, according to real estate data provider Clear Capital.”

Looking Back:

One year ago, the MBA reported that 1.2 million households were lost from 2005 to 2008. Greenspan defended the fed’s lack of oversight in the subprime market claiming that consumer protection was a high priority at the time. A Fannie Mae survey showed 61 percent of homeowners and renters said the economy was on the wrong track. Fitch reported subprime RMBS delinquencies fell to 46.3% in March 2010.

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

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The Norris Group Real Estate News Roundup 12/09/10

Thursday, December 9th, 2010

Today’s News Synopsis:

According to Freddie Mac, 30-year mortgage rates increased to 4.61%. The Labor Department reports jobless claims decreased 4% last week. Clear Capital claims national home prices dropped 5.8% in November. Fitch Ratings forecasts a 10% decline in home prices during 2011.

In The News:

NAHB - “NAHB’S Multifamily Production and Vacancy Indices Show Increased Confidence” (12-9-10)

“Serving as leading indicators for the sector, two composite multifamily indices produced from NAHB’s survey of multifamily builders and property managers showed improvement in the third quarter of 2010. The NAHB Multifamily Production Index (MPI) increased to a value of 35.6, up from the 26.6 level reported for the second quarter. This is the highest the MPI has been since 2007.”

Mercury News – “Mortgage rate for 30-year fixed loans hits 4.61 percent” (12-9-10)

“Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week’s rate. And it is well above the 4.17 percent rate hit a month ago — the lowest level on records dating back to 1971.”

Housing Wire – “Jobless claims fell nearly 4% last week” (12-9-10)

“Initial jobless claims fell nearly 4% last week to 421,000 after coming in at the lowest level in two years a few weeks ago. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 4 decreased by 17,000 from the previous week’s upwardly revised figure of 438,000.”

Housing Wire – “Zillow: Home values crater by $1.7 trillion in 2010″ (12-9-10)

“U.S. homes are expected to lose more than $1.7 trillion in value this year, 63% more than the estimated $1 trillion lost in 2009, according to Zillow.”

Housing Wire – “Double dip in some markets drag home prices down 5.8%: Clear Capital” (12-9-10)

“Home prices in November dropped 5.8% over the previous three months and are down 2.7% from a year ago, according to real estate analytics firm Clear Capital.”

Housing Wire – “Fannie Mae survey finds traditional homeownership changing” (12-9-10)

“51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Fitch sees 10% drop in home prices in 2011, negative outlook for MBS” (12-9-10)

“Fitch Ratings expects another 10% decline in home prices in 2011, as the supply of distressed properties continues to weigh down the housing market. Accordingly, analysts maintained the agency’s negative outlook for the residential mortgage-backed securities space and said 53% of all investment-grade RMBS rated by Fitch have a negative outlook.”

Looking Back:

One year ago, Gov. Schwarzenegger signed a bill which ensured that consumers could choose their own real estate service provider when purchasing a foreclosure. According to Zillow, Bay Area properties lost 3 percent of their value during the first 11 months of 2009. 18 percent of FHA loans were either delinquent or in foreclosure. Statistics from Freddie Mac showed that national home prices increased by .9 percent during the second quarter of 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/22/10

Friday, October 22nd, 2010

Today’s News Synopsis:

33,176 houses and condos were sold in California during September, said MDA DataQuick. Clear Capital claims home prices have dropped 6% in the last 2 months. The serious delinquency rate for Fannie Mae and Freddie Mac was 4.35% in August.

In The News:

DQNews - “California September Home Sales” (10-22-10)

“An estimated 33,176 new and resale houses and condos were sold statewide last month. That was down 3.1 percent from 34,239 in August, and down 17.5 percent from 40,216 for September 2009. California sales for the month of September have varied from a low of 24,460 in 2007 to a high of 68,114 in 2005, while the average is 44,310. MDA DataQuick’s statistics go back to 1988.”

Yahoo - “U.S. foreclosure mess chills investors, clouds market” (10-22-10)

“Investors who have been snapping up foreclosed homes are backing off in the wake of the U.S. foreclosure fiasco, driven by sagging inventory and fears over legal title, and some economists say the trend could hurt the overall housing market.”

Housing Wire – “Clear Capital: Home price drop sudden and dramatic” (10-22-10)

“Clear Capital said a 6%, two-month decline in home prices represents a magnitude and speed not seen since March 2009.”

Housing Wire- “Financial system trust down with Dodd-Frank dissatisfaction” (10-22-10)

“The survey found trust index to be 25% for the third quarter of 2010, a 1% drop from from the all-time high in June. The Financial Trust Index is a quarterly survey conducted by Social Science Research Solutions, a branch of AUS and ICR/International Communications Research. The results come from 1,005 phone interviews nationwide.”

Housing Wire – “FHFA: GSE serious delinquency rate drops 68 bps in August from peak” (10-22-10)

“The combined serious delinquency rate at Fannie Mae and Freddie Mac was 4.35% in August, down 10 basis points from the previous month and 68 bps from the peak in February, according to a report from the Federal Housing Finance Agency.”

Inman - “Yahoo Real Estate still No. 1″ (10-22-10)

“Market share between the two sites remained virtually unchanged. Yahoo Real Estate captured 5.87 percent of traffic to real estate category websites in September while Realtor.com’s market share was 5.76 percent.”

Looking Back:

One year ago, WSJ reported that home inventories across the nation had decreased. Home prices fell .3 percent from July to August 09. A survey from Point2 Technologies revealed that real estate agents and brokers were less confident in the market than they were in August.

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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