California Real Estate Headline Roundup

Posts Tagged ‘Cleveland’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/16/12

Friday, March 16th, 2012

Sources:
Number of Failed Banks Rises to 13 After Illinois Bank Closing
Southern California Home Sales Rise on Investor Purchases
San Francisco Area Home Sales Climb on Investor Purchases
Jobless claims decline by 14,000 filings
Unemployment rate drops in 45 states
Home prices rise for first time in 18 months: RE/MAX
Foreclosures Fall 8% in U.S. With Seizure Increase Coming
Consumer sentiment lags as gas prices rise
Robo-signing settlement may boost short sales
After More Than a Month, $25B Settlement Filed in Court
Ally Will Write Some Borrowers’ Principal Down to 85% LTV
FOMC Votes 9-1 to Keep Rates Low, Housing Sector Still ‘Depressed’
Fed’s Stress Test Shows 15 out of 19 Banks Would Weather Storms
New York Reacehs $25M Settlement Over MERS Actions
Mortgage Rates Rebound

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 news of the week. .

In The News:

Housing Wire“US account deficit widens, positive housing trends emerge” (3-16-12)

“The United States account deficit widened in the fourth quarter, showing another area of economic weakness for the nation. Still, signs of a housing turnaround are emerging, analysts with Capital Economics say.”

San Francisco Chronicle“Foreclosure filings down, but ‘tide’ is coming” (3-16-12)

“Foreclosure filings in the United States fell 8 percent in February, the smallest year-over-year decrease since October 2010, as lenders began working through a backlog of seized properties, RealtyTrac said Thursday.”

DS News“First and Second Lien Holders to Share Losses Through Settlement” (3-16-12)

“Details of the $25 billion settlement involving state and federal officials and the five largest servicers will change how liens are prioritized, and in turn, opponents say, will benefit banks but hurt investors.”

Realty Times“Fixed-rate Mortgages Remain at or Near All-time Lows” (3-16-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates moved higher amid positive jobs data and increasing bond yields. Despite the increase, the average 30-year fixed rate mortgage has been below 4.00 percent for 15 consecutive weeks helping to keep homebuyer affordability high.”

Housing Wire - “Consumer sentiment lags as gas prices rise” (3-16-12)

“Higher gas prices and inflationary fears pushed consumer sentiment downward in a preliminary March report, according to the latest Thomson Reuters/University of Michigan Consumer Sentiment Index.”

DS News“HUD Grants $42M to Housing Counselors” (3-16-12)

“AHUD Secretary Shaun Donovan announced Friday the distribution of $42 million in grants to 468 housing counseling agencies nationwide. In his announcement Friday, Donovan called housing counseling programs ‘nothing less than indispensable’.”

Housing Wire“SEC finalizing Dodd-Frank CEO pay ratio rule within two months” (3-16-12)

“Under pressure from restless lawmakers awaiting action, Securities and Exchange Commission Chairwoman Mary Schapiro said her agency will implement the federally mandated CEO-to-employee pay ratio disclosure requirement ‘in the next couple of months’.”

Housing Wire“Cleveland prepares demolition projects under AG settlement” (3-16-12)

“The Cuyahoga County Land Bank and the City of Cleveland pledged $14 million toward vacant home demolition, and expect a match from the state foreclosure settlement coffers.”

Hard Money Loan Closed

Desert Hot Springs, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 2 bathroom home appraised for $67,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 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.

The Norris Group Real Estate News Roundup 7/27/11

Wednesday, July 27th, 2011

Today’s News Synopsis:

The FHFA reported that mortgage rates decreased to 4.62% in June, marking the third month in a row mortgage rates have been down.  On a weekly basis, mortgage applications decreased 5% from a week ago.  NAHB reported that the sale of new homes has only decreased 1%, thereby remaining consistently low.   Elizabeth Warren of the Consumer Financial Protection Bureau will be replaced by Raj Date.

In The News:

Housing Wire - “FHFA: Mortgage rates down for third straight month” (7-27-11)

“The national average mortgage rate charged for purchasing previously owned homes dropped 12 basis points to 4.62% in June, according to the Federal Housing Finance Agency.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (7-27-11)

“Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 22, 2011.”

Bloomberg - “BofA Donates Then Demolishes Houses to Cut Glut” (7-27-11)

“Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.  The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property.”

NAHB - “New Home Sales Remain Relatively Flat in June” (7-27-11)

“Sales of newly built, single-family homes declined 1 percent to a seasonally adjusted annual rate of 312,000 units in June, according to figures released today by the U.S. Commerce Department today.”

Housing Wire“Potential US downgrade may not disrupt REIT MBS investments” (7-27-11)

“Even if lawmakers fail to reach a compromise on the debt ceiling, leading to a sovereign rating downgrade, the agency mortgage-backed securities real estate investment trust model is likely to remain stable and viable, according to analysts at Keefe, Bruyette & Woods.”

DS News - “Trepp Estimates Declines in Delinquency Rates” (7-27-11)

“Trepp, LLC estimates decreases in all types of bank loan delinquencies in the second quarter of 2011. Delinquencies are expected to decline among residential mortgages, commercial mortgages, construction loans, and commercial and industrial loans, according to Trepp’s estimates.”

Los Angeles Times - “S&P chief says firm’s analysts don’t believe U.S. will default” (7-27-11)

“The head of Standard & Poor’s told lawmakers Wednesday the credit rating firm’s analysts don’t believe the U.S. will default on its obligations but are waiting for a “credible” plan to increase the debt ceiling by the Aug. 2 deadline that also will reduce the long-term budget deficit.”

San Francisco Chronicle - “Home prices tumble 4.5% in 20 U.S. cities” (7-27-11)

“Home prices in 20 U.S. cities dropped in the year ending in May by the most in 18 months, adding to evidence the housing market is struggling.  The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from May 2010, the group said Tuesday. The decline matched the median forecast of 32 economists surveyed by Bloomberg News.”

DS News - “Elizabeth Warrent to Depart Consumer Financial Protection Bureau” (7-27-11)

“Raj Date will replace Elizabeth Warren as special advisor to the secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB) when Warren departs from the agency at the end of this month, Treasury said in a statement Tuesday.”

Looking Back:

The S&P home price index suggested that prices increased by 1.3 percent from April to May 2010. 91 of the top 100 homebuying zip codes were in California. The vacancy rate for rental housing  remained flat at 10.6 percent for 2010. MPF Research reported the number of occupied apartments grew by 215,000 in the 64 largest U.S. markets in the first half of 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.