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The Norris Group Real Estate News Roundup 2/16/11

Wednesday, February 16th, 2011

Today’s News Synopsis:

The Commerce Department said home construction rose 14.5% in January. Mortgage delinquencies decreased 6.41% in the 4th quarter, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-16-11)

“The Refinance Index decreased 11.4 percent from the previous week and is the lowest Refinance Index recorded in the survey since the week ending July 3, 2009. The seasonally adjusted Purchase Index decreased 5.9 percent from one week earlier. The unadjusted Purchase Index decreased 0.9 percent compared with the previous week and was 18.2 percent lower than the same week one year ago”

CNN - “Home construction rises in January” (2-16-11)

“Housing starts, the number of new homes being built, rose 14.6% to an annual rate of 596,000 in January, up from 520,000 in December, the Commerce Department said.”

Mercury News – “Silicon Valley real estate: Foreclosure lull ends in Santa Clara County” (2-16-11)

“In Santa Clara County in January, 398 home were either repossessed or sold by lenders to third-party buyers, a nearly 70 percent jump from the month before, according to real estate information service ForeclosureRadar. San Mateo County had 160 foreclosures in January, a 75 percent jump from December. ”

Housing Wire – “Decrease in mortgage delinquencies losing momentum: TransUnion” (2-16-11)

“The ratio of borrowers 60 days of more delinquent on their mortgages dropped to 6.41% in the fourth quarter from 6.44% the quarter before. Compared to the same period in 2009, mortgages delinquencies are down about 7%, TransUnion reported. In the third quarter, the national rate tumbled 3.5%.”

Housing Wire – “HUD Secretary: Reforms will not substantially impact affordable housing” (2-16-11)

“Raising the Federal Housing Administration’s annual mortgage insurance premium 25 basis points will not have a dramatic impact on the affordability of homes in America, U.S. Department of Housing and Urban Development Secretary Shaun Donovan said Wednesday.”

Housing Wire – “FHA’s Stevens says mortgage servicers could face potential fines, claims” (2-16-11)

“Federal Housing Administration Commissioner David Stevens said mortgage servicers under review for improper foreclosures could face fines and potentially forced reimbursements, according to his testimony before a House subcommittee Wednesday.”

Housing Wire – “FOMC: High unemployment, limited construction continue to hinder recovery” (2-16-11)

“the Federal Open Market Committee voted unanimously to keep the target federal funds rate at next to nothing – 0% to 0.25% – and continue with its controversial $600 billion bond-buying plans.”

Housing Wire – “Frank proposes amendment to increase SEC funding by $131 million” (2-16-11)

“U.S. Rep. Barney Frank (D-Mass.) is pushing to increase budget funding for the Securities and Exchange Commission as House representatives debate a bill that could cut funding to the agency by $41 million.”

Looking Back:

One year ago, the median home price in Southern California decreased by 6 percent within a month. CBIA reported that home sales in new communities decreased by 15 percent from last month. John Burns estimated that 5 million houses and condominiums with delinquent mortgages would end up in foreclosure over the next few years. TransUnion reported that mortages over 60 days delinquent increased to 6.89% in quarter four of 2009.

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

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The Norris Group Real Estate News Roundup 2/4/11

Friday, February 4th, 2011

Resources:

Yahoo! and Zillow go live with largest online real estate network

Failure to Raise U.S. Debt Ceiling would be Dangerous, Top Obama Aid Says

Costs for home mortgages rise as Fannie, Freddie hike fees 

Mortgage modifications increase 42% in 2010: Hope Now 

DBRS finds half of mortgage modifications redefault

Senate committee considers foreclosure mediation program

Today’s News Synopsis:

The Labor Department reports the economy added 36,000 jobs in January. The Congressional Oversight Panel expects future losses on commercial real estate loans to cost between $200 billion and $300 billion. Orange County construction unemployment increased to 22.5%.

In The News:

Washington Post – “Housing finance changes likely to mean less government backing for some buyers” (2-4-11)

“The Obama administration is likely to recommend reducing the size of mortgages eligible for government backing, according to current and former officials”

Housing Wire – “Nonfarm payrolls add 36,000 jobs, unemployment down to 9%” (2-4-11)

“The Labor Department’s Bureau of Labor Statistics said the economy added 36,000 jobs during the first month of 2011 with gains in manufacturing and retail. Employment levels fell in the construction, transportation and warehousing sectors with little change in most other industries.”

Housing Wire – “Multifamily delinquency rate in CMBS climbs to 17.4%, highest ever recorded by Fitch” (2-4-11)

“The delinquency rate in the multifamily sector rose to 17.4% in January, up from 15.63% the prior month and at the highest level since Fitch began tracking CMBS delinquencies.”

Housing Wire – “Easing tax burdens on investors could stem CRE losses: COP” (2-4-11)

“Future losses on commercial real estate loans could cost between $200 billion and $300 billion, but easing certain tax levies against investors could alleviate the problem, according to the Congressional Oversight Panel.”

Housing Wire – “Hudson & Marshall to auction more than 700 homes in Southwest” (2-4-11)

“Several hundreds of real estate-owned properties in the Southwest United States are up for auction and, according to auction house Hudson & Marshall, that volume will be meeting equal demand. The firm is auctioning off more than 700 homes in Arizona, California and Nevada over the next two weeks.”

Housing Wire – “FDIC, SEC both name new general counsel” (2-4-11)

“The Federal Deposit Insurance Corp. named Michael Krimminger FDIC general counsel on Friday.”

Bloomberg - “U.S. Commercial Property Recovery Spares Economy” (2-4-11)

“Prices of commercial properties sold by institutional investors surged 19 percent in 2010, the second-biggest gain on record, according to an index developed by the MIT Center for Real Estate. Investments in office properties, the largest part of the market, more than doubled last year to $41.6 billion, according to Real Capital Analytics Inc., which tracks commercial property sales globally.”

Orange County Register – “Construction umeployment hits 22.5%” (2-4-11)

“Construction unemployment jumped to 22.5 percent. December’s construction unemployment was 20.7 percent.”

Orange County Register – “Bottom near for biggest O.C. properties” (2-4-11)

“I’m not quite sure where the apartment recession is. It’s definitely down in rents. There’s no doubt about that. (But) people are buying Southern California apartments like they’ll never be built again. And some of the smartest people I know — Donald Bren, the Lewis family — are building like mad.”

Looking Back:

One year ago, Marcus & Millichap annual apartment report placed San Diego in second place for stability and possible growth in 2010. Statistics from MDA DataQuick showed that 18,621 California homes sold for over 1 million dollars in 2009. Freddie Mac reported the rate for 30-year fixed rate mortgages increased to 5.01 percent. PMI predicted that home values were near to the bottom.

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

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The Norris Group Real Estate News Roundup 2/1/11

Tuesday, February 1st, 2011

Today’s News Synopsis:

The Commerce Department said construction spending fell 2.5% from July. Fiserv forecasts a 5.5% decline in home prices this year. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expect Orange County rents to rise 4.5% this year.

In The News:

Bloomberg - “Construction Spending in U.S. Unexpectedly Fell to Decade Low” (2-1-11)

“The 2.5 percent drop was the biggest since July and brought the value of all projects down to a $787.9 billion annual rate, the lowest since July 2000, Commerce Department figures showed today in Washington. The median estimate of economists in a Bloomberg survey called for a 0.1 percent gain.”

Housing Wire – “Fiserv sees housing prices stabilizing in most MSAs” (2-1-11)

“Fiserv Inc. (FISV: 63.03 +2.04%) expects home prices to decline 5.5% this year, but three-fourths of the 375 metro areas the company tracks will see prices stabilize by the end of the year with all markets stabilizing by the end of 2012. The company said 25% of all markets already show signs of prices leveling off, although the Fiserv Case-Shiller Indexes, which use data from the Federal Housing Finance Agency, still point to a slow recovery ‘with many false starts,’ especially in areas hit hard by foreclosures.”

Housing Wire – “Rep. Issa wants explanation for Fannie, Freddie legal fees” (2-1-11)

“Last week, Rep. Randy Neugebauer (R-Texas) released the results of his investigation into the fees. Since entering conservatorship in September 2008, Fannie and Freddie have spent more than $160 million in legal fees, including $24 million in defense of former Fannie CEO Frank Raines ($7.9 million), former Chief Financial Officer Tim Howard ($4.5 million) and former Controller Leanne Spencer ($11.8 million), according to the data.”

Housing Wire – “Senate committee considers foreclosure mediation program” (2-1-11)

“The Senate Committee on the Judiciary held a hearing Tuesday regarding possible legislation granting bankruptcy judges the power to require foreclosure mediation between banks and homeowners.”

Housing Wire – “Rosenberg warns against boosting 1Q GDP estimates” (2-1-11)

“David Rosenberg, chief economist and strategist at Toronto-based Gluskin Sheff + Associates, said the high level of housing inventory with many cities facing backlogs between 13 and 15 months’ of supply also continues to hinder growth.”

Bloomberg - “One in Five Mortgages Default Again After Modification” (2-1-11)

“The re-default rate for the Making Home Affordable Program averaged 20.4 percent after 12 months, 15.9 percent after nine months, 10.7 percent after six months and 4.6 percent after three months, according to a report released today by the Treasury Department.”

Orange County Register – “Forecast: O.C. rents to soar 4.5% in ’11″ (2-1-11)

“Orange County apartment tenants should brace themselves for the biggest rent hikes in three years, with landlords pocketing 4.5% more rent in 2011 than they did last year, a Los Angeles-based national real estate brokerage said forecast.”

Looking Back:

One year ago, the MBA reported there was a $1.45 trillion balance of outstanding mortgages held by non-bank investors. SIGTARP predicted a second housing bubble. Fannie Mae’s mortgage delinquency rate increased to 5.29% in November 2009. U.S. home construction spending decreased by 2.7 percent within a month.

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

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The Norris Group Real Estate News Roundup 1/28/11

Friday, January 28th, 2011

Resources:

JPMorgan: Annual homes sales must average 5.5 million to absorb liquidations

It’s Official: 2010 is Second-lowest Year on Record for Homebuilding in California 

Ten indicted in California mortgage fraud scheme 

New-home sales increase in December 

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage rates inch higher, Freddie Mac says

GOP introduces bill to eliminate HAMP

Today’s News Synopsis:

The Commerce Department said GDP growth increased 3.2% in the 4th quarter of 2010. Freddie Mac reports 30-year mortgage  rates averaged 4.8% this week. A representative of the Federal Reserve Bank of New York expects the foreclosure process to continue to weaken the economy for the rest of the year.

In The News:

NAHB - “Remodelers Expect Market Gains During 2011″ (1-28-11)

“The latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) edged up to 41.5 in the fourth quarter of 2010, compared to 40.8 in the third quarter. An RMI below 50 indicates that more remodelers say market activity is lower compared to the prior quarter than report it is higher. The RMI has been running below 50 since the final quarter of 2005.”

Housing Wire – “NY Fed official sees foreclosure procees weighing down home prices, construction” (1-28-11)

“While many economists are forecasting continued recovery in 2011, one official at the Federal Reserve Bank of New York expects the foreclosure process to remain a drag on the overall economy.”

Housing Wire – “GDP growth accelerates in 4Q” (1-28-11)

“The Commerce Department said GDP growth rose an inflation-adjusted 3.2% in the final three months of 2010, up from 2.6% growth for the third quarter. Analysts surveyed by Econoday projected fourth-quarter GDP growth of 3.5% with a range of estimates between 2.9% and 5.4%. Economists polled by MarketWatch were also expecting GDP growth of 3.5% for the quarter.”

Housing Wire - “Trepp sees correlation in CMBS payoffs, what’s owed investors” (1-28-11)

“Trepp broke down the eventual fate of the $30.2 billion in CMBS loans that were due to pay off in 2010. It found ‘a tight correlation between a loan’s debt yield and the likelihood that a loan would pay off.’ Analysts found that 28% of the loans with yields of 8% or less managed to pay off. That increased to 43% of loans with debt yields between 8% and 10%, and ballooned to 75% of loans with debt yield higher than 14%.”

Bloomberg - “Mozilo Predicted U.S. Housing Collapse as Fed Overlooked Risk” (1-28-11)

“Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo warned as early as 2004 of a possible housing-market collapse while the Federal Reserve overlooked the threat a year later, according to documents released by the Financial Crisis Inquiry Commission.”

Realty Times – “Bond Yields Rise and So Do Mortgage Rates” (1-28-11)

“30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending January 27, 2011, up from last week when it averaged 4.74 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.”

Realty Times - “Property Rights of Unmarried Couples” (1-28-11)

“When a married couple gets divorced, the distribution of their marital property is governed by Domestic Relations law. But, what happens if unmarried property owners call it quits?”

Looking Back:

One year ago, the 30-year fixed-rate mortgage fell by 0.01 percent from the previous week. Research from RealtyTrac showed that California and Florida accounted for 17 of the nation’s 20 worst housing markets. The Federal Reserve declared that the U.S. economywas in recovery.

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

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The Norris Group Real Estate News Roundup 12/03/10

Friday, December 3rd, 2010

Resources:
Foreclosure Freeze Chills Home Buying
Jobless claims continue bouncing around with 6.3% rise last week
Consumer confidence in Nov. hits 5-month high
Freddie Mac to suspend foreclosure evictions this holiday season
Fed made $9 trillion in emergency overnight loans
Fed data reveal wide scope of loan action during financial crisis
Fannie, Freddie Defend Foreclosures Amid Criticism

Today’s News Synopsis:

New Federal regulations on real estate appraisals have been released. FHA has chosen to leave the loan limit at $729,750 for 2011. Some builders are experiencing a 15 to 25 percent decrease in construction costs. The Bureau of Labor Statistics reports the unemployment rate increased to 9.8%.

In The News:

Wall Street Journal – “Deficit Plan Fails to Win Panel Support” (12-3-10)

“The president’s U.S. deficit commission received the backing of a majority of its 18-strong panel, but fell short of the 14 votes needed to possibly trigger congressional votes on its recommendations.”

Housing Wire – “Regulators set final guidance on appraisals” (12-3-10)

“Federal regulatory agencies released final guidance Thursday on how financial institutions will conduct real estate appraisals, the first nationwide update since 1994.”

Housing Wire – “Nonfarm payrolls add 39,000 jobs in November,unemployment rate up to 9.8%” (12-3-10)

“Nonfarm payroll employment rose slightly last month but considerably lower than most analysts were projecting adding just 39,000 jobs, and the unemployment level increased to 9.8%. The Labor Department’s Bureau of Labor Statistics said employment in most industries changed little during November although temporary workers and the health care sectors continue to see jobs gains while retailing shed another 28,0000 jobs during the month.”

Housing Wire – “FHA loan limit ceiling unchanged for 2011″ (12-3-10)

“The Federal Housing Administration released approved loan limits on mortgages it would insure in 2011, leaving the ceiling unchanged at $729,750. The Economic Stimulus Act of 2008 and the Housing and Economic Recovery Act of 2008 raised the FHA loan-limit ceiling to help stabilize a shaky housing market. The national floor remains unchanged as well at $271,050.”

Housing Wire – “Bair wants mortgages modified to mitigate losses before starting foreclosure” (12-3-10)

“Bair said servicing agreements need to give servicers the authority to attempt to mitigate losses in a timely manner and modify loans to address reasonably foreseeable defaults before putting the mortgage into the foreclosure process.”

Bloomberg - “Toll Brothers Deposits Rise 10% as Mortgage Rates Increase, Chairman Says” (12-3-10)

“Toll Brothers Inc., the largest U.S. luxury-home builder, saw deposits increase 10 percent compared with a year earlier in the past two weeks as mortgage rates began to rise, Chairman Robert Toll said.”

Orange County Register – “Builders benefit from cost savings” (12-3-10)

“Builders say construction costs are down 15 to 25 percent. That translates into an average cost of $100,000 to $140,000 for just the ‘sticks and bricks’ (without land) for a modest, 2,000-square-foot house.”

Realty Times – “Let it Shine, It’s Not Just Paint Color That Counts” (12-3-10)

“Many new tract homes are painted using a flat paint. While that may look nice at first, it can be very difficult to clean and instead of wiping off walls, you may find you have to touch them up with paint more frequently. Thankfully there are some other paint finishes that look great and are a bit more durable and easy to clean. The eggshell and low-sheen finishes put off a higher shine but they seem to last longer, stay cleaner, and are all around easier to maintain.”

Looking Back:

One year ago, Fannie Mae increased its minimum borrower credit score to 620. According to Lender Processing Services, loans were deteriorating 3 times faster than they are being approved. The average interest rate for 30-year, fixed rate mortgages declined to 4.7%

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/23/10

Tuesday, November 23rd, 2010

Today’s News Synopsis:

The CBIA reports housing production decreased 28% in October. National existing home sales declined 2.2%, and California home sales declined 3.5%, according to data from the NAR and CAR. Zillow claims interest rates fell again after last weeks sudden gain. Statistics from Lender Processing show foreclosures fell 36% in October.

In The News:

CBIA - “California Housing Production Continues Decline in October, CBIA Announces” (11-23-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,108 total housing units in October, down 28 percent from the same month a year ago and down 28 percent from September. Permits for single-family homes totaled 1,364, down 37 percent from October 2009 and down 21 percent from the previous month, while multifamily permits totaled 744, down 3 percent from a year ago and down 39 percent from September.”

NAR - “Existing-Home Sales Decline in October Following Two Monthly Gains” (11-23-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.”

CAR - “California home sales decline from previous month, year” (11-23-10)

“Statewide home resale activity declined 3.5 percent in October to a seasonally adjusted annualized rate of 450,360, down from September’s revised pace of 466,930, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. The October pace was down 19.6 percent from the revised 560,390 sales pace recorded in October 2009. The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.”

Housing Wire – “Zillow: 30-year mortgages head back down after one-week increase” (11-23-10)

“After a one-week turn around in mortgage rates, the 30-year, fixed-mortgage rate fell again to 4.27%, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA: 30-year mortgages drop to new low of 4.46% in October” (11-23-10)

“The average interest rate on a 30-year fixed-rate mortgage was 4.46% in October, a drop of 12 basis points from September when the rate was 4.58%, according to the Federal Housing Finance Agency.”

Housing Wire – “Freddie Mac delinquencies increase for first time since February” (11-23-10)

“Freddie Mac’s 90-plus day delinquency rate increased for the first time since February, according to the government sponsored enterprise’s monthly summary. The delinquency rate for single-family residences was 3.82% in October, up from 3.8% in September.”

Housing Wire – “Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high” (11-23-10)

“Third-quarter earnings at institutions insured by the Federal Deposit Insurance Corp. continue to get stronger even as the number of banks on the regulator’s problem list nears the highest level in 17 years.”

Bloomberg - “U.S. Office Rebound to Be Delayed by `Shadow’ Space, Berkeley’s Rosen Says” (11-23-10)

“Unoccupied ‘shadow inventory’ accounts for 3 percent to 5 percent of total business leases, and that space will be filled before firms sign new rental agreements, Rosen, chairman of Berkeley’s Fisher Center for Real Estate and Urban Economics, said at a conference in San Francisco. Cloud computing and other tech advances let employees work away from offices, further reducing space needs, he said.”

Bloomberg - “Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says” (11-23-10)

“Banks seized 79,886 homes, down 36 percent from a record 124,051 in September and the lowest number since May 2009, the Jacksonville, Florida-based real estate data company said in a report today. Lender Processing bases its figures on information collected from loan servicers at the time of foreclosure.”

Looking Back:

One year ago, the NAR reported that existing-home sales increased by 10.1 percent in October. Statistics showed that California workers, who earned the national median income, could afford 59.1 percent of the new and existing homes during the 3rd quarter of 2009. Multifamily lenders provided $88 billion in new financing for apartment buildings with 5 or more units during 2008.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/29/10

Friday, October 29th, 2010

Sources:
California Housing Starts Post Decline in September, CBIA Announces
September Existing-Home Sales Show Another Strong Gain
Foreclosures increase in 65% of MSAs in 3Q: RealtyTrac
Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says
California Mortgage Defaults Rise in Third Quarter
Banks `Want to Sit Down’ With States to Discuss Foreclosures
Wells Fargo Will File More Foreclosure Affidavits After Lapses
NYC Judge Foreclosure Smackdown Shows Problems With Bank “Technicalities” Defense
Title insurers seek to insulate themselves from foreclosure losses
Insurers Ease on Amnesty
FICO Mortgage Score

Today’s News Synopsis:

Fannie Mae intends to end the Payment Reduction Plan. McGraw-Hill Construction (MHP: 37.65 +0.32%) expects construction starts in 2011 to increase 8%. According to a survey from the Washinton Post, 1/3 of Americans are concerned about their ability to continue making their housing payments. The U.S. economy grew at a 2 percent annual rate in the 3rd quarter.

In The News:

Inman - “Most are worried about housing payments” (10-29-10)

“More than half of Americans are worried about not having enough money to pay their mortgage or rent, according to a survey from the Washington Post released today. A third of respondents were ‘very concerned’ about their ability to make housing payments, while a fifth were ‘somewhat concerned,’ adding up to 53 percent of respondents. This contrasts to the results of similar surveys the newspaper conducted in February 2009 and December 2008.”

San Francisco Chronicle – “U.S. Economy Picked Up in Third Quarter on Consumer Spending” (10-29-10)

“The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months, Commerce Department figures showed today in Washington.”

The Sacramento Bee – “$8.3 million available in Cash for Appliances” (10-29-10)

“California’s Cash for Appliances program had about $8.3 million in rebate funds remaining as of Tuesday night.”

Housing Wire – “LPS: no defects in related foreclosures, no fee-splitting” (10-29-10)

“Lender Processing Services (LPS: 28.84 +4.87%) began reducing its foreclosure signing services back in 2008 and stands by its mortgage processing services. Further, when the firm caught a manager robo-signing foreclosure documents, the only such case it says it found, that manager was immediately dismissed and documents remediated.”

Housing Wire – “Fannie Mae retires HAMP option for mortgage payment reductions” (10-29-10)

“Fannie Mae will end its Payment Reduction Plan (PRP), a program designed to give borrowers ineligible for the Home Affordable Modification Program temporary payment relief while the servicer works toward another foreclosure alternative.”

Housing Wire – “Construction market to rise 8% in 2011: McGraw-Hill” (10-29-10)

“McGraw-Hill Construction (MHP: 37.65 +0.32%) said construction starts in 2011 are expected to advance 8% to $445.5 billion, with single-family and multifamily starts leading the way.”

Housing Wire – “Barclays Capital sees limited impact to CMBS from MERS litigation” (10-29-10)

“Barclays Capital analysts don’t expect potential lawsuits against Mortgage Electronic Registration Systems to result in any significant issue in commercial mortgage-backed securities valuations.”

Inman - “Risk and rewards in Fed’s plan” (10-29-10)

“Monetary ‘easing’ is a central bank’s standard antidote to recession, tried and effective hundreds of times here and elsewhere. The central bank cuts its cost of money and ‘injects’ reserves into banks by buying Treasurys from them with invented money. These operations ignite lending and borrowing, and we recover.”

Looking Back:

One year ago, Moody’s estimated that prices would continue to decline until Q3 of 2010. According to Freddie Mac, interest rates on 30-year fixed rate loans increased to 5.03 percent. The U.S. Census Bureau reported that the number of vacant properties rose to 18.7 million, but the homeownership rate maintained at 67.6 percent.

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

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The Norris Group Real Estate News Roundup 10/25/10

Monday, October 25th, 2010

Today’s News Synopsis:

California government agencies got rid of 37,300 jobs in September. NAR reports existing home sales increased 10% last month. 47.5% of sales performed by agents last month were from distressed homes. U.S. home prices decreased 1.5% from a year ago, according to CoreLogic.

In The News:

Los Angeles Times – “Government job cuts ravage California” (10-23-10)

“Weighed down by a struggling economy, government agencies in California shed 37,300 workers last month — more jobs than were lost in the private sector — as cities and counties made their biggest payroll cutbacks since at least 1990.”

CBIA - “California Housing Starts Post Decline in September, CBIA Announces” (10-25-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,562 total housing units in September, down 16 percent from the same month a year ago and down 31 percent from August. Permits for single-family homes totaled 1,604, down 30 percent from September 2009 and down 14 percent from the previous month, while multifamily permits totaled 958, up 27 percent from a year ago but down 48 percent from August.”

NAR - “September Existing-Home Sales Show Another Strong Gain” (10-25-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.”

New York Times – “Foreclosures Had Errors, Bank Finds” (10-25-10)

“Even as Bank of America begins to restart foreclosure proceedings in 23 states on Monday, the bank confirmed that it had discovered errors, including incorrect data and misspelled names, in the paperwork it has reviewed.”

Housing Wire – “Monday Morning Cup of Coffee” (10-25-10)

“In his weekly address, President Obama said the coming financial reform will defend the interests of the middle class, as the Consumer Financial Protection Bureau will guard against unfair practices in mortgages and foreclosures.”

Housing Wire – “Bernanke: Federal banking agencies reviewing mortgage servicing operations” (10-25-10)

“Federal banking agencies are conducting an in-depth review of practices at the nation’s largest mortgage servicing operations as a result of reported irregularities in foreclosure practices, Federal Reserve Chairman Ben Bernanke said Monday. Preliminary results are expected next month.”

Housing Wire – “Real estate agents surveyed say distressed home sales nearly half of market” (10-25-10)

“Distressed home sales took up 47.5% of the total home purchases in September, up from 45.7% in August and 44.8% a year ago, according to a survey of more than 3,000 real estate agents. Campbell Surveys and Inside Mortgage Finance tapped a network of agents across the country to determine home sales and mortgage patterns.”

Housing Wire – “Fitch Ratings assigned triple-A to $735.9M Wells Fargo issue” (10-25-10)

“Fitch Ratings assigned its triple-A rating to most classes in a coming $735.9 million issue of commercial mortgage-backed securities by Wells Fargo.”

Housing Wire – “S&P: Defaults on CMBS loans to peak beyond 2011″ (10-25-10)

“S&P studied commercial real estate loans in CMBS it rates through June 2010. Roughly 1,200 CMBS loans defaulted in the first half of 2010 and should pass the 2,138 that occurred throughout 2009. Between January 2009 and June 2010, more than 3,300 defaulted for a cumulative default rate of 9.4% of those loans studied.”

Housing Wire – “CoreLogic home price index drops for first time in 2010″ (10-25-10)

“Home prices in the U.S. dropped 1.5% in August from a year ago, the first annual drop in prices measured in the CoreLogic (CLGX: 17.99 0.00%) Home Price Index in 2010.”

Housing Wire – “Obama housing scorecard: Market fragile with signs of stabilization” (10-25-10)

“The U.S. housing market remains fragile but is showing some signs of stabilization, according to the Obama administration’s 2010 October housing scorecard. Rates for 30-year, fixed-rate mortgages remain at all-time lows, helping 7.1 million homeowners refinance since April 2009 and resulting in $12.7 billion in homeowner savings, the scorecard noted.”

Bloomberg - “Bair Says Regulators Will Uncover More Flaws in Foreclosures” (10-25-10)

“Regulators are likely to discover more problems related to loan servicing by some of the biggest banks as they probe claims that documents were mishandled, Federal Deposit Insurance Corp. Chairman Sheila Bair said.”

Bloomberg - “Mortgage Lenders Say `Enough Is Enough’ as Buybacks Curb Loans” (10-25-10)

“Home lenders are making it tougher to get loans as investors step up demands for refunds on defective mortgages, damaging the housing market, executives said today at an industry conference.”

Bloomberg - “U.S. Mortgage Modifications Slow as Fewer Borrowers Qualify, Treasury Says” (10-25-10)

“An additional 27,840 delinquent borrowers qualified for permanent loan modifications through the Treasury’s Home Affordable Modification Program, bringing the total to 495,898. The 5.9 percent increase from August was the smallest gain since at least September 2009.”

Bloomberg - “Refinancing Surge Lifts Banks Amid Foreclosure Scrutiny” (10-25-10)

“Wells Fargo & Co., the biggest U.S. mortgage lender, received $194 billion of loan applications in the third quarter, the second-most in its history, Chief Financial Officer Howard Atkins said last week. About 80 percent were to refinance. Bank of America Corp. CFO Charles Noski said lending margins are up and demand should remain robust through yearend.”

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

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The Norris Group Real Estate News Roundup 10/20/10

Wednesday, October 20th, 2010

Today’s News Synopsis:

Mortgage application volume decreased 10.5% from last week, said the Mortgage Bankers Association. RealPoint reports CMBS delinquencies increased 1.3% in August. The Federal Reserve’s Beige Book shows economic growth continued in September. Fannie Mae expects total economic growth for this year to equal approximately 2.5%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-20-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week.”

North State Building Industry Association – “CA Mechanic’s Lien Law – Be Current on the Changes, eff 1/1/11″ (9-1-10)

“This presentation will provide critical updates to builders, suppliers, and subcontractors regarding changes in California Mechanic’s Lien Law that will take effect beginning January 1, 2011. The importance of the changes cannot be overstated – claimants will lose their lien rights if the changes are not taken into account on active construction projects after the first of the coming year.”

Los Angeles Times – “Investors pressure Bank of America to buy back bad mortgages” (10-20-10)

“Several major investment firms are moving to force Bank of America Corp. to buy back bad mortgages that were issued by Countrywide before the lender was acquired by the financial giant.”

Housing Wire – “Architectural billings positive for first time since 2008: AIA” (10-20-10)

“The Architectural Billings Index indicated a growth in design activity in September for the first time since January 2008. The index reached 50.4, according to the American Institute of Architects which released its data Wednesday. The index was 48.2 in August and has increased for four consecutive months.”

Housing Wire – “CMBS unpaid balances reach $62.19 billion, CRE CDO delinquencies up” (10-20-10)

“In its monthly delinquency report, Realpoint said the delinquent unpaid balance for CMBS last month rose 1.3% to $62.19 billion from $61.39 billion in August. The gain of $801.2 million in September is higher than the previous two months, but below the average of $3.14 billion a month during the first half of 2010, according to Realpoint. A year ago, the delinquent unpaid balance was $31.73 billion.”

Housing Wire – “Beige Book shows modest growth in economy” (10-20-10)

“The economy continued growing between September and early October but at a modest pace, according to the Federal Reserve. Still, the Beige Book, which gathers anecdotal evidence of economic conditions in the dozen Fed districts nationwide, showed lingering weakness in the housing market with lower home sales in most districts.”

Housing Wire – “Fannie Mae puts 2011 economic growth at 2.5%” (10-20-10)

“In its October economic outlook, the government-sponsored entity’s economics and mortgage market analysis group said the economic outlook remains clouded. The GSE sees growth of less than 2% as 2010 closes, with modest gains in the first half of next year and a ‘strengthening’ in the second half of next year.”

Bloomberg - “Apartment Rents Rise in U.S. West as Foreclosures Boost Apartment Demand” (10-20-10)

“Apartment rents rose across the U.S. West and South for the third straight quarter as record foreclosures boosted demand for rental housing, RealFacts said. The average asking rent climbed to $958 a month from $950 in the second quarter, according to a report released today by the Novato, California-based research company. It declined 0.7 percent from a year earlier.”

Looking Back:

One year ago, RealtyTrac’s Rick Sharga believed that approximately 450,000 to 500,000 repossessed properties had not yet been placed on the market. Default notices in California had decreased by 10.3 percent from the previous quarter and had increased by 18.5 percent from the previous year. The Commerce Department reported that housing and apartment construction increased by .5 percent with 1 month.

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

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The Norris Group Real Estate News Roundup 10/18/10

Monday, October 18th, 2010

Today’s News Synopsis:

A Rasmussen survey finds that 31% of homeowners expect their home prices to fall over the next year, while 50% expect their home values to increase over the next 5. According to the NAHB, builder confidence increased for the first time in 5 months. The Federal Reserve Bank of New York reports over 66%  of small businesses experienced declines in sales and revenue during the first half of the year. Robert Curran believes demand for housing will not return any earlier than late winter.

In The News:

MSNBC - “Qualified? Home lenders saying not so fast” (10-17-10)

“Banks are a lot pickier today. To protect themselves from defaults, they have sharply increased underwriting requirements — and paperwork — needed to get a loan. They’ve adopted less agreeable views on credit cards and other forms of revolving debt, investor properties and income history.”

Mish’s Global Economic Trend Analysis – “32% of Homeowners Expect Home Prices to Drop Next Year, Highest Short-Term Pessimism Ever; Recognition Phase Underway” (10-16-10)

“A new Rasmussen Reports survey finds that 32% expect the value of their home to decrease over the next year, the highest finding since Rasmussen Reports began asking the question regularly in December 2008. Just 21% believe the value of their home will go up over the next year.”

NAHB - “Builder Confidence Improves in October” (10-18-10)

“Builder confidence in the market for newly built, single-family homes rose three points to 16 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for October, released today. This was the first improvement registered by the HMI in five months, and returns the index to a level last seen in June of this year.”

Housing Wire – “Fannie issues appraiser guidance ahead of looming HVCC replacement” (10-18-10)

“Fannie Mae released appraiser independence guidance as the Federal Reserve continues work on a replacement for the Home Valuation Code of Conduct due in October. When President Obama signed the Dodd-Frank bill into law in July, regulators had 90 days to write new rules replacing the HVCC.”

Housing Wire – “NY Fed study shows limited lending to small businesses” (10-18-10)

“Data from a recent study by the Federal Reserve Bank of New York showed more than two-thirds of small businesses experienced declines in sales and revenue during the first half of the year, implying a broad weakening of finances in the industry. But only half of loan applicants were approved.”

Housing Wire – “Homebuyer tax credit casts shadow on mortgage market until next year” (10-18-10)

“During a Fitch Ratings teleconference Monday titled: Can U.S. Housing ‘Normalize’?, lead homebuilding analyst Robert Curran put the earliest return of demand for homes at late winter, with any substantial improvement not expected until the spring.”

Housing Wire – “Home construction numbers show a little optimism in residential building” (10-18-10)

“Residential building increased 6% in September to a seasonally adjusted annual rate of $116.7 billion, according to McGraw-Hill Construction.”

Bloomberg - “Obama’s Foreclosure Inaction Is Katrina Redux: Kevin Hassett” (10-18-10)

“Delayed foreclosures and litigation regarding how they are carried out might cost U.S. lenders $10 billion, according to one new estimate.”

Bloomberg - “Bank of America Plans to Revive Foreclosure Process on 102,000 U.S. Homes” (10-18-10)

“Bank of America Corp., the largest U.S. bank by assets, said it will start resubmitting foreclosure affidavits next week in 102,000 cases in which judgment is pending.”

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

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