The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘commercial’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/21/13

Thursday, March 21st, 2013


Today’s News Synopsis:

The FHFA reported home prices increased by a total of 6.5% throughout 2012 and up to January.  In a big news day for mortgages, 30-year mortgage rates decreased to 3.54%, while at the same time mortgage applications also decreased 7.1% from last week.  Unemployment claims by 2,000 to 336,000 last week.

In The News:

Housing Wire- “NAR: Housing inventory growing at woefully slow pace” (3-21-13)

“After Freddie Mac predicted this spring to be the healthiest in six years, the National Association of Realtors confirmed by saying February existing-home sales and prices point towards a healthy housing spring.”

DS News“Home Values Climb for 16th Straight Month in February: Zillow” (3-21-13)

“Home values maintained their upward trajectory in February after climbing for the 16th straight month, according to Zillow’s monthly Home Value Index.”

Bloomberg“House Prices Rose 6.5% in Year Through January, FHFA Says” (3-21-13)

“U.S. house prices rose 6.5 percent in the year through January, the biggest jump since 2006, as values surged on the West Coast and in the area including Nevada and Arizona, the Federal Housing Finance Agency said.”

Mortgage Bankers Association - “MBA Releases 2012 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-21-13)

“Wells Fargo was the top commercial/multifamily mortgage originator in 2012, according to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA).”

NAHB - “List of Improving Housing Markets Rises to 274 in March” (3-21-13)

“The list of improving U.S. housing markets expanded for a seventh consecutive month in March to include 274 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-20-13)

“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2013.”

DS News - “First-Time Jobless Claims Edge Up; Trend Stays Positive” (3-21-13)

“First-time claims for unemployment insurance increased 2,000 to 336,000 for the week ending March 16—the first increase in a month—the Labor Department reported Thursday.”

Bloomberg- “U.S. Mortgage Rates Decline With 30-Year Fixed at 3.54%” (3-21-13)

“U.S. mortgage rates fell as concern that Cyprus’s debt crisis might worsen drove investors to the safety of the government bonds that guide home loans.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 4 bedroom, 4.5 bathroom home appraised for $420,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

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.

Looking Back:

Sales of existing homes decreased 0.9% the previous month; although year-over-year they increased over 8%.  Mortgage applications were down 7.4% from the previous week, although mortgage rates were increasing slightly to above 4%.  In addition, the number of mortgages 30 days overdue decreased 5% month-over-month and 14% year-over-year.

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 3/11/13

Monday, March 11th, 2013


Today’s News Synopsis:

The tally for the number of banks closed in 2013 is now at 4 with the recent closure of the Frontier Bank in Georgia.  The foreign real estate company Overseas Union Enterprise will be purchasing the U.S. Bank Tower in Los Angeles for $367.5 million.  The amount of debt for commercial/multifamily properties increased by $21.8 billion, or 0.9%, in the fourth quarter, the most since 2008.

In The News:

DS News- “Georgia Bank Collapses Over Weekend; 2013 Tally Now at 4″ (3-11-13)

“FDIC announced Friday the closure of Frontier Bank, based in LaGrange, Georgia.”

CNN Money“SEC charges state of Illinois with securities fraud” (3-11-13)

“The Securities and Exchange Commission and the Illinois state government have reached a settlement over charges that the state defrauded investors by not giving them proper information about its pension funds.”

Housing Wire“Milwaukee requests state help to remove vacant homes” (3-11-13)

“For Milwaukee to remove all of their vacant, boarded up properties, it would take $7.5 million, according to data from real estate technology firm SecureView.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Increases by Largest Amount Since 2008″ (3-11-13)

“The level of commercial/multifamily mortgage debt outstanding increased by $21.8 billion, or 0.9 percent, in the fourth quarter of 2012, as all four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

NAHB - “New Guide Helps Builders Navigate 2012 Residential Code” (3-11-13)

“A new guide co-published by the National Association of Home Builders (NAHB) and the International Code Council (ICC) provides critical answers to the most frequently asked residential construction jobsite code questions.”

Housing Wire - “Larger players, investors shift market for real estate agents” (3-11-13)

“Real estate agents live in a real estate market that is constantly shifting, pushing them in new directions.”

DS News - “Fitch: Prepayment Rate Elevated on Newer Loans” (3-11-13)

“Mortgages originated from 2010 and into early 2012 are seeing elevated prepayment rates as low mortgage rates continue to encourage refinance activity, Fitch Ratings explained in a recent report.”

Bloomberg- “California’s Tallest Building to Be Acquired for $367.5 Million” (3-11-13)

“The U.S. Bank Tower in Los Angeles, California’s tallest building, will be bought by Overseas Union Enterprise Ltd. (OUE) for $367.5 million as the real estate company seeks to expand beyond its base in Singapore.”

Hard Money Loan Closed

Torrance, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 3 bedroom, 2 bathroom home appraised for $504,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

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

 

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 7/31/12

Tuesday, July 31st, 2012

Today’s News Synopsis:

The most recent Case-Shiller Home Price Index report showed that home prices increased 2.2% in May, setting a new record for the highest increase.  Consumer spending decreased $1.3 billion last month despite a $61.8 billion increase in personal income.  Foreclosures decreased 24% in June from last year.  Senator Jeff Merkley announced his new plan to help underwater homeowners could help up to 75% of those with private underwater mortgages.


In The News:

Housing Wire“CoreLogic: Annual foreclosures drop 24%” (7-31-12)

“The U.S. ended the month of June with 60,000 completed foreclosures, a 24% drop from year ago levels when 80,000 foreclosures were reported for the same month, according to a report from mortgage data analytics firm CoreLogic ($23.08 0%).”

DS News“Case-Shiller Jumps a Record 2.2% in May” (7-31-12)

Home prices rose sharply in May, cutting the year-year drop in prices to 0.7 percent from 1.8 percent in April, Standard & Poor’s reported Tuesday in its Case-Shiller Home Price Index.”

Bloomberg“U.S. Housing Recovery Tested as Economy Tempers Optimism” (7-31-12)

“Rob Gray moved his family of four from Massachusetts to Texas, where he bought a new five-bedroom, five-bath, two-fireplace home built by Toll Brothers Inc. (TOL).”

Mortgage Bankers Association“Second Quarter Commercial/Multifamily Mortgage Originations Up 25 Percent from Q2 2011″ (7-31-12)

“Commercial/multifamily mortgage origination volumes during the second quarter of 2012 were up 25 percent from second quarter 2011 levels, and up 39 percent from the first quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

DS News“Personal Income Soared in June While Consumer Spending Dropped” (7-31-12)

Personal income rose $61.8 billion in June, but consumers held on to it as personal spending fell 1.3 billion in the month, the Bureau of Economic Analysis reported Tuesday.”

Realty Times“California Fair Housing Law Expanded To Cover Gender Identity and Gender Expression” (7-31-12)

“California fair housing law has generally had broader application than federal statutes. Effective January 1, 2012, that coverage became even broader. This was the result of Assembly Bill 887 (Atkins), The Gender Nondiscrimination Act, which was passed by the Legislature and approved by the Governor October 9 of last year.”

Housing Wire“Merkley refi plan could reach 75% of private underwater mortgages” (7-31-12)

“Roughly 75% of underwater mortgages securitized into private-label bonds could be eligible for a refinance under the new plan from Sen. Jeff Merkley, D-Ore., according to analysts at JPMorgan Chase ($36.18 0.04%).”

DS News“Idaho Judge Affirms Role of MERS as Trust Deed Beneficiary” (7-31-12)

“MERSCORP Holdings, Inc., announced Monday that an Idaho district judge upheld the role of Mortgage Electronic Registration Systems (MERS) as trust deed beneficiary.”

CNN Money“Stocks: Investors hit pause ahead of Fed, ECB” (7-31-12)

“U.S. stocks were little changed Tuesday amid another day of cautious trading ahead of meetings by U.S. and European central bankers.”

Hard Money Loan Closed

Oceanside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 4 bedroom, 2 bathroom home appraised for $295,000.

 

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 in Santa Clara 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.

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

Tuesday, June 12th, 2012

Today’s News Synopsis:

Moody’s Analytics reported more and more people are renting homes as opposed to buying them.  Reasons include the increase in foreclosures, income, and because the rental market is more favorable.  The Mortgage Bankers Association reported an $8.1 billion increase in debt for commercial/multifamily mortgages.  In relation to the first story, foreclosures in California increased 4.4% month-over-month in May, although they are still 5.3% lower than they were at that time in 2011.

In The News:

Housing Wire“Wells Fargo to limit FHA Streamline participation” (6-12-12)

“Wells Fargo ($31.25 0.26%) will only accept new streamlined refinancing on Federal Housing Administration mortgages serviced in-house beginning June 19, according to an alert sent to lenders Tuesday.”

Realty Trac“FHA To Sell Distressed Mortgages” (6-12-12)

“The FHA has a new plan to reduce foreclosures. The basic idea is to take properties in trouble and sell them off at discount to investors.”

DS News“Rental Market Still Tightening: Moody’s” (6-12-12)

“With vacancies declining and rental prices rising, the climate in the housing industry is clearly warming up to rental properties. According to Moody’s Analytics, “weak income gains, favorable demographics, and the foreclosure crises” are all causing people to choose renting over buying, and demand for rent will remain solid over the next two years.”

Bloomberg“Fed Says U.S. Wealth Fell 38.8% in 2007-2010 on Housing” (6-12-12)

“The financial crisis wiped out 18 years of gains for the median U.S. household net worth, with a 38.8 percent plunge from 2007 to 2010 that was led by the collapse in home prices, a Federal Reserve study showed.”

Inman“New REO-to-rental program seeks returns for investors” (6-12-12)

“A public-private partnership is trying a new foreclosure-to-rental strategy in Oakland, Calif., that will involve purchasing, renovating and renting up to 100 homes in two of the least affluent, inner-city neighborhoods in this city on San Francisco Bay.”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Balances Up $8.1 Billion in First Quarter” (6-12-12)

The level of commercial/multifamily mortgage debt outstanding increased by $8.1 billion, or 0.3 percent, in the first quarter of 2012, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

DS News“ForeclosureRadar: May Activity Dominated by Local Conditions” (6-12-12)

“Foreclosure activity in May was marked by lenders being impacted by local market conditions rather than any national trend, according to ForeclosureRadar’s May 2012 Foreclosure Report.”

Bloomberg“Congress Seen Defeating Purpose of New Mortgage Disclosure Law” (6-12-12)

“U.S. voters ought to be able to find out this week about the home mortgages of their senators and representatives, information required under a congressional ethics law enacted this year.”

DS News“New Mortgages 20% More Likely to Default than Those from the ’90s” (6-12-12)

“Investors and lenders should expect loans currently originated to have a 20 percent higher chance of default than those originated in the ’90s due to current economic conditions, according to the University Financial Associates (UFA).”

CNN Money“JPMorgan’s losses keep adding up” (6-12-12)

“The stock market hasn’t been kind to JPMorgan Chase lately.  The recent market gyrations have exacerbated the bank’s $2 billion loss from its bad bet on a thinly traded slice of the derivatives market.”

Los Angeles Times“New California foreclosure starts up slightly in May” (6-12-12)

“New foreclosure starts in California ticked up in May from the prior month, a new report shows.  The number of notices of default was up 4.4% from April, but down 5.2% from May 2011, according to the Foreclosure Radar website. Notices of default are the first formal stage of the foreclosure process in California, which does not require a court order for a home to be foreclosed on.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $71,000 on a 3 bedroom, 2 bathroom home appraised for $119,000.

 

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 19, 2012.

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

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women 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.

The Norris Group Real Estate News Roundup 3/7/12

Wednesday, March 7th, 2012

Today’s News Synopsis:

Apartments are the driving force for economic recovery right now as more and more people are choosing to live here.  On a monthly basis, mortgage applications increased in January, although on a weekly basis they actually decreased from last week.  216,000 new jobs were added to the private sector last month.

In The News:

DS News“When Excluding Distressed Sales, Home Prices Show Monthly Gain” (3-7-12)

“While prices declined on a year-over-year basis in January, a month-over-month gain was seen for January 2012 when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).”

Housing Wire“FHFA, Freddie faulted for overlooking mortgage servicers” (3-7-12)

“Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report.

Bloomberg“Apts Driving Commercial-Property Recovery” (3-7-12)

“Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.”

Realty Times“FHA Mortgage Applications Increase While FHA Mortgage Rates Remain Low” (3-7-12)

“FHA mortgage applications increased in January while FHA mortgage rates continued to remain low. According to FHA’s Single Family Outlook report, FHA purchase applications increased 7.5% which was 11.1% higher than last year.”

Inman“LeaseRunner updates suite of paperless tools” (3-7-12)

As the home rental market rises, a consequence of the foreclosure crisis that has led to a glut of vacant homes across the U.S., services to fill those homes with renters are ramping up.  LeaseRunner, a company founded in 2011 that digitizes the rental process for property managers and renters, has launched a streamlined version of its service.”

Bloomberg“Wells Fargo Branches May Be Closed, Merged” (3-7-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. lender, may close or consolidate branches as it examines ways to trim costs, according to its chief financial officer.  Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said today at a New York investor conference.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-7-12)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 2, 2012.”

CNN Money“Private sector adds 216,000 jobs in February” (3-7-12)

“Hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP.  Private employers added 216,000 jobs in the month, ADP said, roughly in line with forecasts for 218,000 jobs gained.”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Delinquencies Down; Best Performing Bank Loans During Recession” (3-7-12)

“Commercial and multifamily mortgage delinquency rates declined during the fourth quarter of 2011, and an analysis of data from the Federal Deposit Insurance Corporation (FDIC) shows that commercial and multifamily mortgages have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts, according to two reports released today by the Mortgage Bankers Association (MBA).”

CNN Money“‘End bank payday lending now,’ consumer groups urge” (3-7-12)

“Some of the nation’s biggest banks are offering short-term loans with sky-high fees that consumer groups say are just as predatory as payday loans.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

Results from an NAHB survey showed builders expected homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expected the economy to grow up to 4% by 2013. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators were attempting to push new rules that would require lenders to offer borrowers more principal write-downs.

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.

246-TNG Radio – Sean O’Toole 10-8-11

Friday, October 7th, 2011

Sean O'Toole


Sean O’Toole

President of ForeclosureRadar

(Full Bio)

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On October 14th, 2011, The Norris Group returns with its award-winning event I Survived Real Estate. An expert lineup of industry specialists join Bruce Norris to discuss current industry regulation, head-scratching legislation, and the opportunities emerging for savvy real estate professionals. 100% of the proceeds support the Orange County Affiliate of Susan G. Komen for the Cure. This event would not be possible without the generous help of the following platinum partners: Foreclosure Radar and Sean O’ Toole, Housing Wire, The San Diego Creative Real Estate Investors Association and President Bill Tan, Investors Workshops and President Shawn Watkins and Angel Bronsgeest, Invest Club for Women and Iris Veneracion and Bobbie Alexander, San Jose Real Estate Investors Association and Geraldine Berry, Real Wealth Networks, Frye Wiles Web and Branding, MVT Productions, and White House Catering, who will provide the 3-course meal for this black tie event. Visit iSurvived2011.com for more details.

Bruce is joined this week by Sean O’Toole. Sean is the founder and CEO of ForeclosureRadar.com. Prior to launching ForeclosureRadar, Sean successfully purchased and flipped more than 150 residential and commercial foreclosures. Leveraging 15 years in the software industry, Sean used technology as a key competitive advantage to build his successful real estate investment track record. Prior to that, he was involved in software startup companies.

Back in the late 80s and early 90s, Sean ran a homes and land real estate magazine in the Hawaiian Islands. He spent time taking a break from his software career to run this magazine and to buy and sell his own houses, which played a part in his real estate business career prior to buying at trustee sales. He became attracted to trustee sales after the .com bubble when he was trying to figure out what to do with his life. They were trying to take public company he had started and raised money for about the time that the bubble imploded, bringing it to an end. He was trying to figure out what he was going to do next when he was thinking of starting another software company since this was really all he had ever done. He was introduced to a friend who was buying foreclosures, and he said he should give it a try and if Sean helped him write some software to run his business, then his friend would teach him the rest of the business. At first Sean did not think this was very interesting; but then his friend showed him the kind of money he was making, and he became a lot more interested. Sean started buying at the trustee sales in 2002, which was an interesting time to be involved in something like this. During the era from 2002-2006, Sean was often surprised on the high side. He bought a property, and if it was a hassle to fix and get people out, he was bonused money along the way for the time delays.

One of Sean’s most profitable deals was where he had a gentleman fight him on the eviction for a year through multiple bankruptcy declarations to the point where the judge said he could never file bankruptcy again for the rest of his life. It seemed like a real headache until he went to sell the property, and it had gone up nearly 50%. It’s a very different world today. You would not want to have delays; if you can get to the finish line, then you would want to get there.

When Sean first started in the trust deeds business, it was tough to access information about properties and liens. There was a decent little service up in Northern California that later changed their business model and didn’t have as good of information as Sean had first used from them. After they changed their business model and stopped collecting the data directly, he had to find out how to collect the data himself. He was pulling data from the assessor’s office and the recorder’s office. The biggest thing was you would show up at the sales from everything that had been in the paper, and you would have a list of about 20 properties. They would then call 100 properties because the other 80 had been postponing for some period of time. Unless you went back years and went through all the notices, you had no idea what was still coming up for sale or not. You would have to play catch-up, which would be an awful lot of homework. People don’t realize unless they are in the business that each property entails a full-blown title search, an appraisal, and you have to determine if the pursuit is worth your time. Fortunately, from 2002-2006, there was natural equity most of the time. You wouldn’t have been following a lot of trustee sales that did not have equity; whereas now it is completely different. Back then, term “drop-bid” was unheard of at the time. It was very rare that the banks discounted the bid from the amount owed on the property and was unnecessary. The nice part about having inflation was that their loan was probably below what it was worth and therefore attractive to trustee sale buyers even though the number of trustee sales was way down compared to now. The amount of properties that had equity had to be very high in percentage.

Since Sean’s father is a logic professor, to him he needs things to make sense for him to understand them. So one of the hardest times he had with trustee sales was none of the deals sold on the courthouse steps made any sense. They had equity, and the person could have sold the house. It should not have gone to sale; they should have taken care of their problems, paid their mortgage, or refinanced. This was when he had learned that there were some basic reasons for foreclosure which had happened even in the best of times which were called the 5 D’s: drugs, divorce, death, denial, and disease. These things were not fun to talk about and made the business not feel very great on that side, but back in that period of time these were the reasons properties were foreclosed on. We still have foreclosures for those reasons, but the vast majority of foreclosures happening today are due to negative equity. We have an additional category that is really raining a lot of properties into the system. Back then when you were checking up on sales, you were on the phone and trying to get information to see if it was going to be worth going to the sale.

Sean’s website has really changed the process for someone wanting to be a trustee sale buyer and made it simpler. The person who taught him the business would take a Polaroid of each house and then write down the postponement dates. He had a shoebox organized by date of all the properties that could come up for sale, and literally each time a property came up for sale he had to put a new date on it and put it in a new spot in the shoebox. Other people would keep spreadsheets, and you really had to have somebody down at the sales every day to track everything. One of the big goals for ForeclosureRadar was to get people out of the really tedious sale tracking business. This is one of the areas where they have been very successful. Sean’s website is much more accessible and understandable, and it has made the competition greater. There are definitely new people that can go from novice to acceptable much quicker these days. Sean and his team was definitely in the right place at the right time, but he thinks the transition still would have happened if they were there or if somebody else was there. They launched in May of 2007, and it was towards the end of 2008 that banks began dropping bids and people began making a lot of money. At the same time, they had a lot of contractors and commercial real estate folks who suddenly saw their business go away and needed to find something else. Trustee sales were the right thin at the right time for a lot of people, and Sean and his team benefited from being the best tool at that time. However, he still thinks the transition and the competition would have heated regardless of whether they had been there or not.

Sean’s customer base is dominated by investors and realtors. Just in Sean’s little hometown of Discovery Bay, there is about 85 properties listed for sale; but there is 200-300 in some stage of foreclosure at any give time. If you want to call yourself a market expert, it is pretty hard to do if you don’t have a clue about the all the properties in some stage of foreclosure. If you’re listing a property, and two days later a bank-owned listing pops up next door, there is no excuse for not having known about it ahead of time. At ForeclosureRadar, they can give you months of advanced notice that is potentially coming, so you can work with your customers to be ready for it. The volume of dollars in sales as far as trustee sales in California is in the billions. Typically, the third-party investors are buying 20%, about half a billion dollars worth of property, a month. ForeclosureRadar’s peak month was around $8 billion at original loan value, not at current market value. The $8 billion encompassed the properties that would go to third party and to REO, anything for when someone has lost their house to foreclosure. The two categories combined, REOs and third-party bidders, is a resolution.

In California, there are currently 95,000 properties scheduled for sale, which is down quite a bit. A year ago, there were 120,000 properties scheduled for sale. Out of that, between homes sold back to the bank and sold to third parties, about 14-15,000 sell in a month. Last month, about 24,000 were added. If you take the 95,000 with 24,000 new added, you have 15,000 taken away. This means about 15% or more of the properties are bought by people that are investors to fix and resell. This is one of the reasons they don’t use trustee sales when talking about market sales. When NAR or CAR talks about the number of homes sold per year, they’re not including what happens at the trustee sales. The vast majority of things purchased at trustee sales are resold. Almost all the investors at trustee sales flip the property, and then the banks largely relist the properties as REOs.

Investors are the ones who tend to get rid of properties quicker. Right now in California, it takes banks on average 237 days and 131 days for third-party investors. Investors are a lot better at disposing of properties than banks. Investors are pretty motivated in terms of the fact that it is their money on the line and not a shareholder or tax payer. They also know the local markets better, and they invest in and fix up homes. The people who are fixing up properties put in new paint and carpet, and they are getting them ready for a first-time buyer or a landlord to turn them into a rental. Therefore, they usually try to make them really nice. The banks, usually because of the servicing agreements, try to do a little more than clean out the properties. You will have a lot of properties that are trashed that end up going as REO sales that first-time buyers simply can’t afford to buy, fix, and clean up. You also have some that are so trashed that you cannot get loans on them. The banks not fixing the properties is a big part of it.

When they first started talking about shadow inventory at ForeclosureRadar, it was prior to September 2008 because at that point the banks were taking on huge inventories of REOs that were not listed. Shadow inventory is described as bank-owned homes that were not listed for sale. After September 2008 when they really slowed down the foreclosure sales, at the time when the government made some changes that really slowed down the foreclosure sales, the bank-owned inventory came down to the levels where it really should be. Several folks that had been talking about shadow inventory changed the definition to now include the folks that were now in foreclosure and not-yet-bank-owned. Later, it was changed again to also include delinquent properties and not yet in foreclosure. Depending on who gives the term these days, Sean has even seen some people expand it to those who have so much negative equity they will eventually be delinquent, lose their home, and pay inventory. Sean even had someone the recently tell him that you also have to include all the people who like to sell their home, but not at the current prices. Pretty much most of the country is shadow inventory. Nationally, there are about 4.2 million properties that are between the stages of 90 days late and the bank already owns them. Of the folks that are in foreclosure, you have 134 that are at the default stage plus 94 scheduled for sale. You also have another 100 that are currently bank-owned. NODs are usually filed at the 13-month mark, although this has gone up a lot. Traditionally it was at the 90-day mark, and now it is at 13 months, which is roughly 398 days. The other 300 days, between 90 and 398 days, included defaults and delinquencies. Delinquencies in California are usually around 9%, so that is 30 or more days late. If you take 9% of homeowners with a mortgage, that is another 650,000. All combined, you have close to 1 million.

There are some problems that are going to have to be resolved one way or the other, which will be discussed with the group on the panel at I Survived Real Estate on October 14. They will be discussing possible resolutions since there seem to be conflicting goals. One document says it wants the country to save between $2 and $4 trillion so we can pay our bills, and we have an industry that almost needs more support. It will be interesting to see how the discussion comes about.

The percentage of owners that are over encumbered in California is unknown right now, but a lot of the larger properties are more over encumbered. They have not yet seen the declines in the upper end. There have certainly been declines in the Bay Area and in Newport Beach, but they have not been as traumatic as the declines in San Bernardino, Riverside, Central Valley, and Sacramento. This would most likely be attributed to the bulk of the inventory that is for sale being a foreclosure property. The other reason could be it was a different loan type that did not have the biggest problem as early as its subprime. Also, wealth plays a part. Higher end neighborhoods tend to have more wealth. In addition, data shows that the banks are taking a lot longer to foreclose on higher end homes where the losses are bigger, so part of the reason we have seen less in that area is because the banks are trying to delay losses and remain solvent.

Sean O’Toole will be on the panel for I Survived Real Estate 2011, taking place on October 14th. The Norris Group would like to thank their gold sponsors for the event: Adrenaline Athletics, Coldwell Banker Pioneer Real Estate, Conaway and Conaway, Delmae Properties, Elite Auctions, Inland Empire Investors Forum, Keller Williams of Corona, Keystone CPA, Kucan & Clark Partners, LLC, Las Brisas Escrow, Leivas Associates, Mike Cantu, Northern California Real Estate Investors Association, Northern San Diego Real Estate Investors Association, Pacific Sunrise Mortgage, Personal Real Estate Magazine, Realty 411 Magazine, Rick and LeaAnne Rossiter, Southwest Riverside County Board of Realtors, Starz Photography, uDirect IRA, Wilson Investment Properties, Tony Alvarez, Tri-Emerald Financial Group, and Westin South Coast Plaza. Visit isurvived2011.com for more details.

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 8/25/11

Thursday, August 25th, 2011

Today’s News Synopsis:

Mortgage rates went up a little today to 4.22% after being at their lowest in 50 years.  Government Sponsored Enterprises, specifically Fannie Mae and Freddie Mac, are expected to receive less money from the government, almost $35 billion less according to DS News.  The market is not looking good for both commercial real estate and homebuilders as both the sale of new homes are expected to be at their lowest since the 60′s and commercial real estate is being effected by a weak economy.

In The News:

Bloomberg -Mortgage Rates for 30-Year U.S. Loans Rise From Half-Century Low to 4.22%” (8-25-11)

“Mortgage rates in the U.S. rose for the first time in four weeks, pushing borrowing costs up from the lowest in more than half a century as a faltering economy holds back home purchases.

Housing Wire - “Freddie delinquencies tick up for first time in 10 months” (8-25-11)

“The Freddie Mac delinquency rate increased 1 basis point in July to 3.51%, the first increase since November.”

DS News - “Government to Spend Significantly Less on GSEs This Year” (8-25-11)

“In its August 2011 Budget and Economic Outlook update, the Congressional Budget Office (CBO) predicts the government will spend $35 billion less on Fannie Mae and Freddie Mac in 2011 than in 2010.”

Rismedia - “Mortgage Applications Decrease; Purchase Index Lowest in 15 Years” (8-25-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “Analyst: Homebuilders face growing challenges” (8-25-11)

“Recent statistics point to weakening marketing conditions for the homebuilding industry.  This week’s new home sales report by the US Census Bureau showed that new home sales ran at a seasonally adjusted rate of 298,000 in July — down 0.7% from June yet up 6.8% from a year ago. Still, the industry is on pace for slowest annual sales since 1963.”

Inman - “REO, preforclosure properties selling at a larger discount” (8-25-11)

“The share of bank-owned homes and homes in some stage  of foreclosure dropped 5 percent from the first quarter to the second  quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data  provider RealtyTrac.”

Housing Wire“Wells Fargo tops MBA’s commercial/multifamily servicer list” (8-25-11)

“Wells Fargo (WFC: 24.76 +1.35%) ranks first among master and primary servicers for its handling of $442.9 billion in commercial/multifamily loans tied to commercial mortgage-backed securities, collateralized debt obligations and other
asset-backed securities, the Mortgage Bankers Association said Thursday.”

Los Angeles Times - “Gov. Jerry Brown proposes job creation plan for California” (8-25-11)

“Gov. Jerry Brown wants to expand a hiring tax credit and provide tax relief to businesses that buy manufacturing equipment, while getting rid of a loophole that voters supported in elections in 2010.”

Realtor Magazine - “Foreclosures Sell for Up to 40% Less” (8-25-11)

“Foreclosures made up about one-third of all home sales during the spring quarter (April to June), and sales were about six times the percentage of foreclosures in a healthy housing market, RealtyTrac Inc. reports.”

Housing Wire“Commercial real estate outlook turns grim” (8-25-11)

“Just as the commercial real estate sector showed signs of recovery, analysts now forecast a renewed struggle as the economy slumps.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July 2010. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates the prior week. California’s 30-year rate decreased to 4.30%.

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.

The Norris Group Real Estate News Roundup 4/26/11

Tuesday, April 26th, 2011

Today’s News Synopsis:

The Commerce Department reports new home sales increased 11% in March. A study shows that short sales and foreclosures equally damage FICO scores. A survey from Pew shows 81% of adults believe purchasing a home is the best long-term investment a person can make. Morgan Stanley believes home prices will fall 6-11% this year.

In The News:

Mortgage Bankers Association“Study Examines the Impact of Homebuyer Education and Counseling on Mortgage Performance” (4-26-11)

“Potential homeowners who participate in prepurchase education and counseling programs may be more likely to pay their mortgages on time, although the evidence on this point is not consistent and compelling, according to a study released today by the Mortgage Bankers Association (MBA). The study also finds that those who participate in default counseling are more likely to have their loans modified.”

MSNBC - “Housing reality trumps dogma for some in GOP” (4-26-11)

“leading proponents of doing away with Fannie and Freddie aren’t predicting victory. As a precaution, they’re advancing eight bills taking bite-sized swipes at the issue. In the Democratic-led Senate, a sister measure by 2008 presidential candidate Sen. John McCain, R-Ariz., faces long odds, and the Banking Committee’s top Democrat and Republican are wary of quickly reshaping the market for financing home purchases.”

CNN - “Home prices in ‘double dip’” (4-26-11)

“Home prices in February sank 3.3% to just above the post-crisis lows reached in April 2009. It was the seventh straight month of declines. Home values are down 32% from their peak set in May of 2006, according to the S&P/Case-Shiller index of home prices in 20 cities.”

Housing Wire“Harvard finds dwindling housing supply abolishes affordable rentals” (4-26-11)

“The Harvard University Joint Center for Housing Studies released a report Tuesday, analyzing conditions in the housing market from 1999 to 2010. The study found the price to rent a home is trending inversely to renters’ annual income, just one of many factors hindering growth in the rental space.”

Housing Wire“FHFA: 30-year fixed-rate mortgage passes 5%” (4-26-11)

“The average interest rate on a 30-year, fixed-rate mortgage reached 5.06% in March, an increase of 9 basis points from the previous month, according the Federal Housing Finance Agency.”

Housing Wire“Study finds recent housing counseling cuts made in the dark” (4-26-11)

“Republicans and Democrats struck a late-hour deal in April on how to continue funding the U.S. government. But among the cuts, was $88 million used to fund nonprofit counseling groups approved by the Department of Housing and Urban Development.”

Housing Wire“Freddie Mac mortgage purchases plummet 31%” (4-26-11)

“The amount of monthly mortgages purchased for securitization by Freddie Mac fell nearly 31% in March to $26.9 billion. The government-sponsored enterprise reported its total mortgage portfolio decreased at an annualized rate of 4.7% during the month to $2.14 trillion.”

Los Angeles Times - “New home sales rose in March after weak winter” (4-25-11)

“New-home sales rose 11 percent last month from February to a seasonally adjusted rate of 300,000 homes, the Commerce Department said Monday. That follows three straight monthly declines. Still, the pace remains far below the 700,000 homes a year that economists view as healthy.”

New York Times“Stimulus by Fed Is Disappointing, Economists Say” (4-24-11)

“Mr. Bernanke and his supporters say that the purchases have improved economic conditions, all but erasing fears of deflation, a pattern of falling prices that can delay purchases and stall growth. Inflation, which is beneficial in moderation, has climbed closer to healthy levels since the Fed started buying bonds.”

Housing Wire“Short sales and foreclosures equally degrade FICO scores” (4-25-11)

“homeowners that entered short-sales found themselves with FICO scores in the 575-to-595 range — the same range reported for parties with foreclosures on their records.”

Housing Wire“Homeownership still considered best long-term investment: Pew” (4-25-11)

“The housing crash seems to have had little impact on consumer confidence, as 81% of adults believe buying a home is the best long-term investment a person can make”

Housing Wire“Distressed property index rises in March: Campbell/Inside Mortgage Finance”
(4-25-11)

“A distressed property index rose to 48.6% in March – the second highest level in the past 12 months while owner-occupant home purchases slowed during the same time period according to another index.”

Housing Wire“Wells economist: Foreclosure supply points to ‘long, arduous’ recovery” (4-25-11)

“Despite better-than-expected new home sales in March, a Wells Fargo (WFC: 28.56 +0.07%) economist said builders will continue to struggle until the foreclosure wave begins to recede.”

Bloomberg - “U.S. Home Prices May Decrease 6% to 11% This Year, Morgan Stanley Says” (4-25-11)

“U.S. home prices will fall 6 percent to 11 percent this year, more than previously forecast, as mortgages become harder to obtain and distressed sales drive down values, according to Morgan Stanley. ”

Bloomberg - “Fed Officials Count on Untested Tool to Hold Off Inflation” (4-25-11)

“Raising the rate, currently at 0.25 percent, is intended to entice banks to keep their money on deposit at the Fed instead of loaning it out and stoking inflation.”

Bloomberg - “Sales of New U.S. Homes Probably Rose From Record Low as Market Struggled” (4-25-11)

“New-home sales, tabulated when contracts are signed, climbed 12 percent to a 280,000 annual pace last month, according to the median estimate in a Bloomberg News survey of 64 economists. Purchases slumped 17 percent in February to a 250,000 rate, the weakest in data going back to 1963.”

Looking Back:

One year ago, the CIRB reported that permits were pulled for 3,714 total California housing units in March. Commercial mortgage delinquencies fell to 0.63% in Q1 of 2010. The MARI saw a 50 percent increase in appraisal fraud in 2009. Homeownership rates in Q1 of 2010 decreased to the lowest levels since 2000.

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 3/31/11

Thursday, March 31st, 2011

Today’s News Synopsis:

The Office of Thrift Supervision reports serious delinquencies decreases in the 4th quarter of 2010. Riverside was pronounced to be the most likely city to experience further economic trouble. Commercial and multifamily mortgage originations increased 88% in the last few months of 2010. Fannie Mae’s mortgage portfolio decreased by 15% in February.

In The News:

CNN - “JPMorgan’s Dimon: No mortgage writedowns” (3-31-11)

“The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can make payments, an idea at the center of talks aimed at fixing the mortgage mess.”

Housing Wire - “Chief risk officer Bob Ryan to head up FHA” (3-31-11)

“The Department of Housing and Urban Development tapped Bob Ryan, formerly the chief risk officer at the Federal Housing Administration as its acting commissioner, replacing David Stevens. Stevens departs the FHA Thursday and will run the Mortgage Bankers Association.”

Housing Wire“Fannie Mae’s gross mortgage portfolio drops 15.2%” (3-31-11)

“Fannie Mae said its gross mortgage portfolio fell at a compound annualized rate of 15.2% in February, while the government-sponsored enterprise’s entire book of business fell 0.7%.”

Housing Wire - “Jobless claims drop slightly for a third consecutive week” (3-31-11)

“The number of initial jobless claims filed by unemployed Americans fell to 388,000 in the week ending March 26, down from last week’s upwardly revised figure of 394,000, the Labor Department said Thursday.”

Office of Thrift Supervision“Mortgage Performance Slightly Better in Fourth Quarter of 2010; Serious Delinquencies Drop for the Fourth Consecutive Quarter” (3-31-11)

“The quarterly report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision showed that 87.6 percent of the 32.9 million loans in the portfolio were current and performing at the end of the fourth quarter of 2010.”

Mortgage Orb“Legislation Dismantles GSEs Piecemeal-Style” (3-30-11)

“Republicans on the House Financial Services Committee have introduced eight targeted bills that, taken together, aim to reduce the government’s involvement in housing and spark a resurgence among private capital.”

Yahoo - “Cities Where Things are Getting Worse” (3-29-11)

“Six California cities claim spots on our list of Cities Where The Economy May Get Worse. Riverside took the number one spot, thanks to a high unemployment rate (13.9%) coupled with weak job growth, a hefty number of mortgage loans 90 days or more delinquent (8.21% of all loans) and a projected migration pattern that finds 4,000 residents expected to leave the area this year.”

Housing Wire“Commercial and multifamily mortgage originations up 88%” (3-31-11)

“Commercial and multifamily mortgage originations grew 88% in the fourth quarter of 2010 when compared to 4Q 2009, the Mortgage Bankers Association said in its Fourth Quarter Commercial Real Estate-Multifamily Finance Quarterly Report.”

Housing Wire“Barney Frank says mortgage interest tax deduction is safe” (3-31-11)

“Rep. Barney Frank (D-Mass.) said at a House subcommittee hearing Thursday that the mortgage interest tax deduction would be safe. Currently, interest on a mortgage taken out to buy or improve a home can be fully deducted if the amount of the loan is less than $1 million for married couples and $500,000 for singles. Home equity loans taken out for anything else is limited to $100,000 for couples and $50,000 for singles.”

Housing Wire“Freddie Mac mortgage interest rates inch up this week” (3-31-11)

“The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday from 4.81% a week earlier. The average rate for a 15-year, fixed mortgage increased to 4.09% from 4.04 the prior week, according to the Freddie Mac survey.”

Housing Wire“Judge dismisses securities fraud case against Freddie” (3-31-11)

“A federal district court judge in New York dismissed a lawsuit filed by Southeast and Southwest Areas Pension Fund and National Elevator Industry Pension Plan — two Freddie investors, who allege Freddie mislead a class of investors after experiencing a $2 billion loss for the third quarter of 2007 by ‘materially misrepresenting Freddie’s exposure to risky mortgage products.’”

Looking Back:

One year ago, Mortgage loan application volume increased by 1.3 percent from the previous week. Vacation home sales increased by 7.9 percent in 2009.  Fannie Mae reported the percentage of seriously delinquent loans increased to 5.52% in January. FHA allowed mortgages to borrowers who sold their residence under short-sale provisions and then purchase a new home without the standard 3 year wait.

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 3/22/11

Tuesday, March 22nd, 2011

Today’s News Synopsis:

The CBIA reports home production has dropped 41% from last year. MacroMarkets believes a double dip in housing prices may soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January. U.S. home prices fell 3.9% year over year, according to FHFA.

In The News:

Housing Wire“Cleveland Fed president says housing remains weak link in recovery” (3-22-11)

“Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, says the housing sector remains one of the most ‘unforgiving aspects’ of the recession.”

Housing Wire“Elizabeth Warren aims to cut regulatory costs for community banks” (3-22-11)

“Elizabeth Warren, the special adviser to the Treasury Department, told an audience of community bankers Tuesday that the Consumer Financial Protection Bureau she is working to construct will look to cut regulatory costs for smaller financial institutions.”

CBIA - “California Housing Production Continues Decline in February, CBIA Announces” (3-22-11)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,088 total housing units in February, down 41 percent from the same month a year ago and down 26 percent from January. Permits for single-family homes totaled 1,204, down 34 percent from February 2010 and down 26 percent from the previous month, while multifamily permits totaled 884, down 48 percent from a year ago and down 24 percent from January.”

Housing Wire“Housing double dip could be coming: MacroMarkets” (3-22-11)

“A double-dip in housing could arrive this year with national home prices only 1% away from a new ‘post-crash low,’ MacroMarkets said in its March 2011 Home Price Expectation Survey.”

Housing Wire“Fannie Mae expects home sales to remain soft through spring season” (3-22-11)

“Home sales are expected to remain soft in the near term after mortgage applications fell 7.9% in January and another 3.3% in February, Fannie Mae said in its March Economic Outlook report.”

Bloomberg - “U.S. Commercial Property Prices Fell for Second Straight Month in January” (3-22-11)

“The Moody’s/REAL Commercial Property Price Index slumped 1.2 percent from the previous month and 4.3 percent from a year earlier. It’s up 4.2 percent from an eight-year low in August, Moody’s said in a statement today.”

Bloomberg - “Home Prices in U.S. Declined 3.9% in January From Year Earlier, FHFA Says” (3-22-11)

“U.S. home prices fell 3.9 percent in January from a year earlier as the housing market struggled to recover from the worst crash in seven decades, according to the Federal Housing Finance Agency.”

Housing Wire“Federal Reserve’s balance sheet grows on MBS, Treasury securities” (3-22-11)

“At Dec. 31, the Fed reported total assets of $2.43 trillion, up $193 billion from 2009, the Federal Reserve said in its consolidated 2010 financial report released Tuesday. The expanded balance sheet includes an $86 billion increase in mortgage-backed securities acquired from government-sponsored enterprises and federal agencies.”

Housing Wire“HUD updates Chinese drywall remediation guidance” (3-22-11)

“The Department of Housing and Urban Development and the Consumer Product Safety Commission recently released an updated version of their guidance on Chinese drywall remediation. The change comes after a study by Sandia National Laboratories found there were no correlating hazardous effects.”

Looking Back:

The total number of failed banks so far in 2010 has now reached 37. Geithner suggests that government officials listen more to harmed families and businesses than to large financial institutions while considering a financial overhaul bill. Lennar is investing over $3 billion into distressed real estate assets. California will offer about $3.1 billion in taxable debt sales this week.

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.