MDA DataQuick reports 35,202 houses and condos were sold in California during April. New home construction decreased 10.6% in April, according to the Commerce Department. Notice of default filings decreased 25.8% in March.

In The News:

MDA DataQuick – “California April Home Sales” (5-17-11)

“35,202 new and resale houses and condos were sold statewide last month. That was down 3.3 percent from 36,417 in March, and down 6.1 percent from 37,481 for April 2010. California sales for the month of April have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004, while the average is 44,359.”

Mercury News - “Construction of new homes plummeted in April” (5-17-11)

“Builders broke ground on 10.6 percent fewer new homes last month from the previous month. The seasonally adjusted rate fell to 523,000 homes per year, the Commerce Department said Tuesday. That’s less than half the 1.2 million homes per year that economists consider a sign of a healthy market.”

NAR - “NAR Member Survey Shows Focus on Training, Commitment to Profession” (5-17-11)

“The typical NAR member has 12 years of experience; nine out of 10 say they are certain they will remain in the business.”

Bloomberg - “Home Depot Profit Meets Analyst Estimates” (5-17-11)

“Home Depot Inc. (HD), the largest U.S. home-improvement retailer, said first-quarter profit rose 12 percent, meeting analysts’ estimates, as operating expenses fell faster than sales.”

Housing Wire – “Foreclosure filings drop across most of the West Coast” (5-17-11)

“California saw the number of notice of default filings fall 25.8% between March and April, while notice of trustee filings fell 10.9%. When compared to last year, notice of default filings in California plummeted 28% and notice of trustee sale filings dropped 31.2%. In addition, foreclosure sale cancellations increased 27% in April when compared to the previous month.”

Housing Wire – “Appeals Court rules in favor of ratings agencies in securitization cases” (5-17-11)

“The 2nd Circuit Court of Appeals in New York ruled in favor of the nation’s largest credit ratings agencies in a recent decision, saying the firms cannot be held liable ‘as underwriters or control persons’ in litigation stemming from the securitization of mortgages.”

Housing Wire – “BofAML survey reveals bleak assessment of global financial conditions” (5-17-11)

“A mere 10% of fund managers expect global financial conditions to improve over the next 12 months, according to the May Bank of America Merrill Lynch survey. Last month, BofAML said more than a quarter of fund managers surveyed felt the world economy would strengthen and about 58% were optimistic in February.”

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 Commerce Department reports construction spending increased 1.4% in March. Mortgage modification completions dropped nearly 20% in the first quarter, according to Hope Now. Maury Harris believes 750,000 to 1 million new households will be created in 2011.

In The News:

Sacramento Bee – “March construction spending rose 1.4 percent” (5-2-11)

“Construction spending rose 1.4 percent in March, the Commerce Department said Monday. It was the biggest advance since last April”

CNN - “Your Home: How to sell in tough times” (5-2-11)

“Many give in to the temptation to list the property above fair market value to see what happens. Big mistake. About a quarter of sellers in the past year initially listed too high and were forced to knock the price lower, according to Trulia.com. Even in cities that have held up well, such as Charlotte, 25% of sellers resort to at least one price cut, and often two.”

Orange County Register – “Slow spring: Home demand off 5%” (5-2-11)

“Demand, the number of new pending sales over the past month, decreased by 5% over the past month, shedding 169 pending sales and now totals 3,189. This year, the height in demand was reached on March 31st with 3,358 pending sales. Two weeks prior, on March 17th, demand had increased to 2,982.”

Housing Wire – “Private mortgage modifications drop 20% in first quarter” (5-2-11)

“Mortgage servicers completed 209,806 private modifications in the first quarter, down 19.7% from the previous period, according to data from the Hope Now alliance.”

Housing Wire – “Freddie Mac provides mortgage forbearance for victims of southern storms” (5-2-11)

“Freddie Mac will provide borrowers affected by recent storms in the South with a forbearance on mortgage payments for up to one year.”

Bloomberg - “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.” (5-2-11)

“Between 750,000 and 1 million new households will be created in 2011, predict UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. That compares with just 357,000 added in the year ended March 2010, the lowest on record, according to the Census Bureau. As employment picks up, new households are likely to rise above the past decade’s average of 1.3 million a year, according to Newport.”

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 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.

Sources:
House votes to kill Obama mortgage plan
U.S. Home ‘Shadow Inventory’ Totals Nine Months of Supply, CoreLogic Says
Calif. tops in new construction jobs
House Democrats give Geithner plan to revamp HAMP
U.S. Treasury to Publicly Grade Mortgage Servicers Over Loan Modifications
CBO drops estimate of TARP cost to $19 billion
S&P/Case-Shiller Home Price Indices
Vacation- and Investment-Home Shares Hold Even in 2010
Press Release
MBA Reacts to Risk Retention Proposal
Regulators vote for 20% down on QRM
House Republicans Introduce Eight Bills to Speed Wind-Down of GSEs
In Foreclosure Settlement Talks With Banks, Predictions of a Long Process
Proposed settlement would force banks to allow short sales for delinquent homeowners
In Prison for Taking a Liar Loan

Today’s News Synopsis:

Freddie Mac claims mortgage rates increased slightly to 4.86% last week. Construction spending decreased 1.4 percent in February, according to the Commerce Department. Statistics from the Bureau of Labor Statistics show the U.S. economy added 216,000 nonfarm payroll jobs in March. Veros estimates Orange County home prices will fall 1.3% within a year.

In The News:

San Francisco Chronicle – “30-year fixed-rate mortgages inch up to 4.86%” (4-1-11)

“That’s the average interest rate for a 30-year fixed mortgage in the week that ended Thursday, according to Freddie Mac. The rate fell to a record low of 4.17 percent in November as home foreclosures dragged on, then climbed above 5 percent in February. After dipping to 4.76 percent this month on turmoil in the Middle East and the nuclear crisis in Japan, loan rates are creeping up again.”

Los Angeles Times – “February construction activity drops, manufacturing cools” (4-1-11)

“The Commerce Department says construction spending tumbled for a third straight month, dropping 1.4 percent in February. The weakness pushed total activity down to a seasonally adjusted annual rate of $760.6 billion, the smallest total since October 1999.”

Housing Wire – “US added 216,000 nonfarm payroll jobs in March” (4-1-11)

“The U.S. economy added 216,000 nonfarm payroll jobs in March and unemployment inched down to 8.8%, the Bureau of Labor Statistics said Friday.”

Housing Wire – “Loan officer compensation ruling delayed” (4-1-11)

“The Federal Reserve’s rule governing how mortgage loan officers are paid is delayed until next week, giving the appellate court time to review lawsuits seeking to overturn the rule. Lawyers add they are confident the rule can be overturned.”

Housing Wire – “Obama housing stats underscore the fragility of the market” (4-1-11)

“Mortgage delinquencies along with foreclosure-related activity are dropping compared to a year ago, according to the Obama administration’s most recent housing scorecard. But experts are unwilling to say the figures signal positivity in the market. Department of Housing and Urban Development Assistant Secretary Raphael Bostic said February’s stats undermine the true fragility of the marketplace.”

Orange County Register – “Forecast: O.C. home prices to dip 1.3% in year” (4-1-11)

“Orange County home prices will fall 1.3% in the next year, according to the latest forecast from real estate tracker Veros from Santa Ana.”

Looking Back:

One year ago, the Commerce Department reported that construction spending decreased by 1.3 percent across the United States. The delinquency rate for CMBS loans increased to 7.61% in March. The delinquency rate for single family mortgages increased to 4.08 percent in February.

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 Associated General Contractors of America reports California ranked 18th in year over year economic improvement. According to LPS, Option ARM foreclosures currently represent 18.8% of foreclosure inventory. The Congressional Oversight Panel estimates HAMP will avert only 800,000 foreclosures. Statistics from S&P shows home prices decreased 3.1% year over year.

In The News:

Sign On San Diego – “California construction jobs up in February” (3-29-11)

“California added 15,500 construction jobs from January to February, far outpacing all other states. But it still ranks 18th in year-over-year improvement, according to the Associated General Contractors of America.”

CNN - “Home prices near a double dip” (3-29-11)

“January home prices fell for the sixth month in a row, edging closer to a double dip. The S&P/Case-Shiller home price index covering 20 major markets fell 3.1% year-over-year, hovering near the market’s bottom set in April 2009.”

Housing Wire – “House Democrats give Geithner plan to revamp HAMP” (3-29-11)

“the Congressional Oversight Panel estimates HAMP will avert only 800,000 foreclosures before the program ends, far short of the 3 million to 4 million originally estimated.”

Mercury News – “As gas, food prices rise, consumer confidence falls” (3-29-11)

“The Conference Board’s Consumer Confidence Index fell more than expected to 63.4 from a revised 72.0 in February. Economists expected a decline to 65.4, according to FactSet. A reading of 90 indicates a healthy economy.”

Housing Wire – “Foreclosure inventory volume outpacing actual foreclosure sales: LPS” (3-29-11)

“Another significant shift occurred in February with data showing a 23% hike in Option ARM foreclosures in the past six months. Option ARM foreclosures now make up 18.8% of the foreclosure inventory, outpacing subprime foreclosures.”

Bloomberg - “U.S. Treasury to Publicly Grade Mortgage Servicers Over Loan Modifications” (3-29-11)

“The U.S. Treasury Department plans to publicly grade mortgage servicers on how well they respond to homeowners seeking reductions in payments as the government encourages loan modifications to stem foreclosures.”

Housing Wire – “Average national mortgage rate rose in February: FHFA” (3-29-11)

“The average national contract mortgage rate for the purchase of previously occupied homes by combined lenders hit 4.79% in February, up 0.8% from the previous month, the Federal Housing Finance Agency said Tuesday.”

Housing Wire – “Regulators vote for 20% down on QRM” (3-29-11)

“Federal regulators voted in favor of the initial mortgage risk-retention proposal Tuesday. Qualified residential mortgages exempt from the rule will require a 20% down payment.”

DSNews - “House Republicans Introduce Eight Bills to Speed Wind-Down of GSEs” (3-29-11)

“The eight proposals include measures to raise guarantee fees the GSEs will charge for mortgage-backed securities they insure and to prevent the GSEs from offering any new products while they are under conservatorship or receivership.”

Looking Back:

One year ago, a study from USC showed that immigrants were more attracted to mid-size cities. Goodman claimed HAMP was bound to fail because of its failure to address negative equity. According to Realpoint, the delinquency rate among commercial mortgage-backed securities reached 6 percent within a month. First American CoreLogic estimated the average home experiencing negative equity would not obtain positive equity until late 2015.

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.

Pending home sales increased by 2.1%, according to the NAR. Interthinx claims California’s fraud risk decreased last year. A cash for keys program was recently proposed to Congress members, but has been strongly ridiculed. California had the largest gain in construction jobs in the nation during February.

In The News:

NAR - “February Pending Home Sales Rise” (3-28-11)

“The Pending Home Sales Index,* a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010.”

DSNews - “Fraud Criminals Migrate to Hardest Hit Areas” (3-28-11)

“California’s overall risk index value actually decreased to 180 points, from 222 in 2009. According to California-based Interthinx, this can be explained by a migration of fraudulent criminals to more vulnerable areas, such as Nevada, which saw its overall risk index value increase more than 30 points last years.”

Housing Wire – “Monday Morning Cup of Coffee” (3-28-11)

“The Federal Deposit Insurance Corp. is expected to unveil suggested guidelines for the new qualified residential mortgage rule on Tuesday.”

Housing Wire – “Electronic mortages: There is a way, but not enough will, tech panel finds” (3-28-11)

“Moving mortgage documents onto entirely electronic platforms provides numerous cost and operating efficiencies. It also doesn’t help that the industry is slow to adopt the necessary technology, experts say.”

Housing Wire – “‘Dreamed up’ cash for keys proposal draws heavy criticism” (3-28-11)

“Sources are downplaying discussions over a mandatory cash-for-keys program that would pay a reported $21,000 to a delinquent borrower, with one prominent Republican quickly shooting down the idea.”

Bloomberg - “Fed Should Weigh Curtailing $600 Billion in Bond Purchases, Bullard Says” (3-28-11)

“St. Louis Federal Reserve Bank President James Bullard said policy makers should review whether to curtail a plan to buy $600 billion in Treasury securities, noting that the U.S. recovery may not need that much stimulus.”

Housing Wire – “ALTA reports increases in FY, Q4 2010 title insurance premiums” (3-28-11)

“According to ALTA’s preliminary 2010 year-end market share analysis, the title insurance industry generated $9.61 billion in title insurance premiums in 2010 — up 0.2% from 2009.”

Orange County Register – “Calif. tops in new construction jobs” (3-28-11)

“California had the largest construction gain in the nation in February — adding 15,500 jobs, or 2.7 percent, from January, says an Associated General Contractors of America analysis of state employment data from the U.S. Labor Department.”

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.

RealtyTrac reports foreclosure notices decreased 14% in January. The House of Representatives voted to end FHA’s Short Refi program. According to a Zillow survey, 51% of Americans said the housing crisis has not affected their overall willingness to buy a home. The U.S. government posted the largest monthly deficit ever last month.

In The News:

USA Today – “Foreclosure activity slows sharply in February” (3-10-11)

“Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year, foreclosure listing firm RealtyTrac said Thursday.”

NAHB - “Optimistic Outlook for Multifamily Development, NAHB Indices Show” (3-10-11)

“The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8 –up more than 5 full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7 – the first time this component of the index has been above 50 since the second quarter of 2007.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans ticks up to 4.88 percent” (3-10-11)

“Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “House votes to end FHA Short Refi” (3-10-11)

“The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services Committee cleared the bill, H.R. 830, last week. The House voted 256 to 171 to kill the program.”

Housing Wire – “Zillow accommodates growing pool of renters” (3-10-11)

“Although 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 – “Securitization investors plan increased activity in 2011: survey” (3-10-11)

“Principia said 70% of investors and issuers said they plan to increase involvement in the ABS markets over the next year, with 50% expecting to ramp up activity in the next six months.”

Housing Wire – “Jobless claims rose 7% last week to 397,000″ (3-10-11)

“Initial jobless claims rose 7% last week, moving away from the nearly three-year low of the prior week although remaining lower than 400,000 once again. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended March 5 increased by 26,000 to 397,000.”

Housing Wire – “Mortgage modifications down 9% in January: Hope Now” (3-10-11)

“Mortgage servicers, investors and insurers participating in the Hope Now alliance completed 101,000 permanent modifications in January, down 9% from the month before. Of those that were completed, 73,000 were proprietary modifications, nearly three times the 27,957 done through the government’s Home Affordable Modification Program.”

Housing Wire – “Two mortgage trade groups suing Fed over loan originator compensation” (3-10-11)

“The National Association of Independent Housing Professionals sued the Fed for its final rule on loan originator compensation and yield spread premium disclosure under Regulation Z. The NAIHP states the rule will put mortgage brokers ‘at a significant and a permanent competitive disadvantage and will stifle competition in the mortgage lending industry to the detriment of consumers.’”

Bloomberg - “U.S. Posts a Record $222.5 Billion Monthly Budget Shortfall” (3-10-11)

“The U.S. government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled $222.5 billion last month compared with a $220.9 billion shortfall in February 2010, according to the Treasury Department”

Bloomberg - “Home Remodeling to Rebound in U.S. as Rising Confidence Spurs Renovations” (3-10-11)

“Spending on remodeling probably will rise 9.2 percent to $125.1 billion in the first quarter from $114.6 billion a year earlier, according to Harvard University’s Joint Center for Housing Studies. A 13 percent increase forecast for April through June would be the largest jump in five years, a report by the Cambridge, Massachusetts-based center shows.”

Looking Back:

One year ago, the MBA reported that mortgage loan application volume had increased by 0.5 percent. The percent of first-time buyers increased to 47 percent in 2009. FHFA was sued over attempts to secure records of political contributions from Fannie Mae and Freddie Mac. John Burns claimed that the real estate market was still in bad shape.

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 CBIA reports housing production decreased 56% from December, and the Commerce Department reports construction spending dropped 0.7%. A survey from Equity-Trax shows that short sales currently take around 4 to 9 months to complete. Lender Processing Services claims foreclosure starts fell 11.4% in January.

In The News:

CBIA - “California Housing Production Dips in January, CBIA Announces” (3-1-11)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,920 total housing units in January, down 5 percent from the same month a year ago and down 56 percent from December. Permits for single-family homes totaled 1,506, down 24 percent from January 2010 and down 55 percent from the previous month, while multifamily permits totaled 1,414, up 28 percent from a year ago but down 57 percent from December.”

Bloomberg - “U.S. Construction Spending Falls on Slump in Commercial Works” (3-1-11)

“The 0.7 percent drop brought the value of all projects down to a $791.8 billion annual rate, the lowest since August, Commerce Department figures showed today in Washington. Outlays on private non-residential works dropped 6.9 percent, the most since January 1994, which may in part reflect the influence of winter storms.”

Housing Wire – “Geithner wants Congress to act on Fannie, Freddie in next two years” (3-1-11)

“Treasury Secretary Timothy Geithner asked lawmakers Tuesday to pass legislation on Fannie Mae and Freddie Mac reform within the next two years.”

Housing Wire – “Short sales still take too long on average, report says” (3-1-11)

“Seventy-one percent of agents surveyed in a new study conducted by data analytics firm Equi-Trax Asset Solutions said it takes four to nine months on average to finish a short sale. About 10% of the transactions take more than 10 months, and 18.3% are finalized within the preferred three-month time frame, the report concluded after surveying 600 real estate agents.”

Housing Wire – “Freddie Mac mortgage purchases down 23% in January” (3-1-11)

“Mortgage purchases and issuances at Freddie Mac fell to $38.8 billion in January, down from $49.7 billion in December, according to Freddie’s latest monthly loan volume summary.”

Housing Wire – “Commercial real estate brought down failed banks in February” (3-1-11)

“Of the nonperforming loans on the balance sheets of the 12 banks that failed in February, 72% were for commercial real estate, according to analytics firm Trepp.”

Housing Wire – “Mortgage lenders move more foreclosures back into delinquent bucket: LPS” (3-1-11)

“The number of foreclosure starts fell about 11.4% in January from a month earlier, but delinquency rates rose slightly because many lenders are moving loans out of foreclosure and back into the seriously delinquent category, according to Lender Processing Services”

Bloomberg - “Commercial-Property Deals May Double in U.S. as Blackstone Bets on Rebound” (3-1-11)

“Blackstone Group LP’s planned $9.4 billion purchase of U.S. shopping centers and Ventas Inc.’s proposed $5.7 billion buyout of a health-care real estate investment trust, one of two multi- billion dollar health care REIT deals announced yesterday, may mean a wave of commercial real estate acquisitions is coming as buyers regain confidence in the market.”

Looking Back:

One year ago, California officials considered implementing new builder fees. Home sales had generated $934 million from the previous year. Fannie mae lost 15.9 billion dollars during quarter 4 of 2009. Warren Buffet predicted the residential real estate market would begin to recover 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.

A Survey from Harris Interactive shows 70% of Americans aspire to homeownership. According to S&P/Case-Shiller, national home prices fell 4.1% in the 4th quarter of 2010. FNC Residential seems to confirm this saying home prices fell 2.2% in December. CB Richard Ellis Group expects office rents to increase this year.

In The News:

Ventura County Star – “Apartments can be good investment as more people rent” (2-19-11)

“While construction in Ventura County has taken a significant hit since the downturn began, shedding about 7,700 jobs from June 2007 to June 2010, the pain has been uneven. Single-family homes have been hit hard and condominiums even harder, said Dawn Dyer, president of Dyer Sheehan Group, a Ventura real estate consulting firm.”

Los Angeles Times – “Homeownership loses its luster” (2-19-11)

“Two-thirds of Americans still see a home purchase as a safe investment, but that’s down from 83% in 2003, according to a study by Fannie Mae. Homeownership has fallen to 66.5% of the adult population, down from 69.2% in 2004. A Harris Interactive polls says 70% of Americans aspire to homeownership, down from 77% a year ago.”

San Francisco Chronicle – “Consumer Confidence Index hits 3-year high” (2-22-11)

“The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index’s fifth consecutive monthly increase. The figure topped economists’ expectations of a reading of 65, according to FactSet.”

CNN - “Home prices near 2009 lows — and may fall more” (2-22-11)

“National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.”

Housing Wire – “Fitch Solutions subprime credit default swap prices highest since October 2008″ (2-22-11)

“Analysts said the firm’s index for subprime swaps rose 5.2% in January on top of increases the prior two months, including a 7.2% gain in December. Fitch said the 2004 and 2007 vintages performed well last month with returns of more than 7% although constant default rates average 20% higher for the swaps from 2007.”

Housing Wire – “Moody’s finds commercial real estate eluding recovery” (2-22-11)

“After three consecutive months of increases, commercial real estate prices fell 0.9% in December, according to Moody’s Investors Service.”

Housing Wire - “Foreclosure sales weigh down home prices in 23 markets” (2-22-11)

“Home prices in 23 U.S. metropolitan areas fell 2.2% in December, the largest one-month drop for fiscal 2010, and a sign that foreclosed properties continue to weigh down home values across the nation, the FNC Residential Price Index revealed Monday.”

Bloomberg – “U.S. Office Rent Growth to Be ‘Modest’ in 2011, CB Richard Says” (2-22-11)

“U.S. office rents will increase for the first time in three years in 2011, with growth ‘modest and limited to key markets’ before a recovery accelerates in 2012, according to CB Richard Ellis Group Inc.”

Looking Back:

One year ago, Moody’s reported that commercial property prices increased by 4.1 percent in December. A survey showed that 87 percent of homebuilders expected to lose money due to the new FHA guidelines. Short sales accounted for 15.9% of home purchases in January 2010. Janet Yellen predicted the U.S. economy would perform below potential throughout this year and the next.

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.

Home Construction Rises in January

January Sales and Price Report

Majority of Freddie Mac borrowers refinanced to fixed-rate loans in 4Q 

West Coast Foreclosure Sales Clime to Pre-Robo-Signing Levels 

FHA to increase mortgage insurance premiums one quarter of one point