The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Consumer Financial Protection Bureau’

« Older Entries

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/21/13

Tuesday, May 21st, 2013


Today’s News Synopsis:

Zillow reported home prices increase by 5% to $158,300, marking the sixth consecutive month to show price increases.  Fannie Mae and Freddie Mac announced today they will be offering relief to those recently affected by the tornado in Oklahoma.  The states that were helped the most by the recent national mortgage servicing settlement were those who were the most affected by the foreclosure crisis.

In The News:

Housing Wire - “Hardest-hit states record the most relief from servicers” (5-21-13)

“States hit the hardest by the foreclosure crisis benefited the most from the multi-billion dollar national mortgage servicing settlement, according to first-quarter 2013 data released by Joseph Smith, an independent monitor overseeing the distribution of aid.”

Bloomberg – “Fannie Mae Said to Plan $2 Billion CMBS Offering to Cut Holdings” (5-21-13)

“Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.”

Inman - “FHA policy shift leaves many condos ineligible for financing” (5-21-13)

“Is FHA intentionally targeting condominiums, trying to exclude hundreds or thousands of them around the country from qualifying for financing under its mortgage insurance program?”

DS News - “Home Prices Climb by at Least 5% for 6th Straight Month in April” (5-21-13)

“The majority of metros covered in Zillow’s Real Estate Market Reports saw home values inch up from March to April, the company reported Tuesday.”

Housing Wire - “QM likely to shrink mortgage lending space” (5-21-13)

“Despite the Consumer Financial Protection Bureau attempt to make the ability-to-repay rule flexible, members of the financial committee addressed a variety of risks that come with the qualified mortgage, including the high risk of lenders reducing lending volume based on the changes.”

Realty Times – “Homeownership Is Not a Tax Loophole” (5-21-13)

“It has been said that Congress does two things well: Nothing and Overreacting. In an important sense, last week’s message from Realtors® to their representatives in Washington was that legislators should do the former and not the latter.”

DS News – “GSEs Announce Relief to Borrowers Impacted by Oklahoma Tornado” (5-21-13)

“Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.”

Realty Trac - “Principal Forgiveness Would Save Taxpayers Billions” (5-21-13)

“Principal forgiveness is once again on the menu in Washington, this time spurred on by a new report which says taxpayers could save as much as $2.8 billion if troubled borrowers simply owed less.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $330,000 on a 3 bedroom, 2 bathroom home appraised for $548,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

A bank closed in Alabama, bringing the then total for 2012 to 24.  Delinquencies were on the rise again according to a preliminary report by the Lender Processing Services.  In another big story, four states were back at their highest employment since the recession, these states being Alaska, North Dakota, Texas, and Louisiana.

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.

Tags: , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

 

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.

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/23/13

Tuesday, April 23rd, 2013


Today’s News Synopsis:

According to the FHFA, home prices continue to increase as inventory continues to decrease.  Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%.  New home sales increased 1.5% last month to 417,000, despite having decreased almost 5% in February.  CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.

In The News:

Inman - “Best loan prospects may desert FHA” (4-23-13)

“It’s a catchy marketing pitch: “720 and above, don’t go gov.”And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.”

Housing Wire – “FHFA: Home shortage pushing prices” (4-23-13)

“Supply shortages in some housing markets continue to place upward pressure on prices.  As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.”

DS News – “Non-Current Inventory Hits 5-Year Low, Slips Below 5M Mark” (4-23-13)

“The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services (LPS), Inc.”

Housing Wire - “Fannie Mae economist: Housing recovery faces rough road ahead” (4-23-13)

“The year 2012 was a turning point for housing with the sector contributing to overall economic growth for the first time in years.”

DS News - “House Financial Services Committee Refuses Cordray’s Testimony” (4-23-13)

“A day before Consumer Financial Protection Bureau director Richard Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs to deliver his semi-annual report, Rep. Jeb Hensarling (R-Texas), chair of the House Committee on Financial Services—which was also slated to hear from Cordray—announced his committee cannot accept Cordray’s testimony as Cordray’s appointment is not legal.”

Housing Wire - “Census Bureau: New home sales turnaround” (4-23-13)

“New home sales made a U-turn after falling 4.6% in February to 411,000 homes sold. The sales of new single-family homes inched up 1.5% in March to 417,000 homes sold.”

DS News - “DataQuick’s REO-to-Rental Rankings Provide ZIP-Level Data” (4-23-13)

“Before deciding on an REO-to-rental investment, it’s important to understand distressed property trends on a neighborhood-level, according to DataQuick.”

Bloomberg - “Washington Faces Apartment Glut After Boom: Real Estate” (4-23-13)

“Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $159,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

According to the National Association of Realtors, more people were able to afford houses.  Home prices decreased in March 2012 with the increase in distressed properties.  Mortgage payments were also at low levels not seen in several decades.  Americans feared job losses and rising gas prices more than household debt.

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.

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/4/13

Thursday, April 4th, 2013


Today’s News Synopsis:

Mortgage rates decreased this past week with 30-year rates at 3.54% and 15-year rates at 2.74%.  The NAHB reported the number of improving housing markets remained the same this month after having shown improvement for seven months straight.  More consumers are having a positive outlook on the economy with the housing recovery.

In The News:

Inman - “Mortgage rates dip from last week” (4-4-13)

“Mortgages rates slipped this week, even as the S&P 500 Index and the Dow Jones Industrial hovered around record highs.”

NAHB - “Number of Improving Housing Markets Holding Steady in April” (4-4-13)

“Following seven consecutive months of gains, the list of improving U.S. housing markets remained virtually unchanged in April, with 273 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today.”

Bloomberg - “Investors Widen U.S. Rental Search as Home Costs Rise” (4-4-13)

“Landlords seeking the highest returns for single-family homes should hit the road as rental rates weaken in Atlanta, Phoenix and Las Vegas, where institutional investors have flooded the market.”

Housing Wire - “Residential mortgage debt may lead to tipping point in GSE takeover” (4-4-13)

“While it’s no surprise that Fannie Mae and Freddie Mac guaranteed the majority of new residential mortgage originated throughout the nation, the government-sponsored enterprises also guaranteed about half of the outstanding residential mortgage debt, the Congressional Budget Office said in its latest post.”

Realty Times – “Housing Recovery Prompts More Real Estate Agent Optimism” (4-4-13)

“If we’ve said it once, we’ll say it again: there’s nothing like boots-on-the-ground to get in-the-trenches information about the real estate market.”

Housing Wire - “Mortgage insurers respond to CFPB enforcement action” (4-4-13)

“The Consumer Financial Protection Bureau reached a deal with four major mortgage insurers, requiring the firms to pay a total of $15 million in penalties for allegedly paying kickbacks to lenders in exchange for business.”

Inman - “Report reveals best practices for real estate marketing worldwide” (4-4-13)

“Consulting firm AIM Group has released its annual real estate report that assesses real estate marketing practices around the world.”

DS News - “Fitch: High Rate of Unsuccessful Mods Threatens Asset Quality” (4-4-13)

“Servicers continue to make strides in home retention efforts, completing more than 360,000 retention actions in the fourth quarter of 2012, according to a report from Office of the Comptroller of the Currency (OCC).”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $64,000 on a 3 bedroom, 2 bathroom home appraised for $100,000.

 

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.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Looking Back:

209,000 jobs were added to the private sector this month, although the number of jobs was still not as much as February.  Home prices increased month-over-month in February, although this did not include distressed sales.  Mortgage applications increased 4.8% from last week, although mortgage rates continue to remain steady.

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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/1/13

Monday, April 1st, 2013


Today’s News Synopsis:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people are able to afford to buy houses now with the decrease in operating costs.

In The News:

Housing Wire - “Bank of America responds to CFPB mortgage complaint database” (4-1-13)

“Mortgage-related complaints involving Bank of America flooded the Consumer Financial Protection Bureau’s recently released public database of consumer financial complaints.”

NAHB - “Lower Operating Costs Mean New-Home Buyers Can Afford More House” (4-1-13)

“During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.”

DS News – “Foreclosed Properties Damage Quality of Life for Neighbors” (4-1-13)

“Since the foreclosure crisis, several studies have linked foreclosures to falling property values for neighboring homes.”

Bloomberg – “Construction Spending in U.S. Rises on Gain in Home Building” (4-1-13)

“Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years.”

Inman - “More millennials see homeownership as a good investment” (4-1-13)

“Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.”

Housing Wire - “FHA single-family purchases, refinances escalate” (4-1-13)

“Applications for loans insured by the Federal Housing Administration swelled 16% month-over-month due to increases in both home purchase and refinance filings, according to the agency’s latest outlook.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

Bloomberg- “Fannie Mae Profits Complicate U.S. Housing-Finance Overhaul” (4-1-13)

“The prospect of steady profits at U.S.-owned mortgage financiers Fannie Mae (FNMA) and Freddie Mac is complicating legislative efforts to shrink the federal role in securitizing home loans.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $212,000.

 

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.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

 

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.

Tags: , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 3/12/13

Tuesday, March 12th, 2013


Today’s News Synopsis:

The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record.  Richard Cordray is going through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau.  In an agreement reached by Ally Bank and Ocwen Financial, Ally will be selling a portfolio of their mortgage servicing rights to Ocwen.

In The News:

DS News- “Commercial, Multifamily Debt Grows in Q4″ (3-12-13)

“In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA).”

Housing Wire – “Ocwen wins bidding war for Ally MSRs” (3-12-13)

“Ally Bank reached an agreement to sell a portfolio of agency mortgage servicing rights to Ocwen Financial Corp.”

Inman – “Carrington’s wholesale division commits to 30-day loan closing” (3-12-13)

“The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days.”

Mortgage Bankers Association - “MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority” (3-12-13)

“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs.”

CNN Money - “The rich pay majority of U.S. income taxes” (3-12-13)

“Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.”

Housing Wire - “Richard Cordray jumps back into the ring” (3-12-13)

“Consumer Financial Protection Bureau Director Richard Cordray is scheduled for an intense grilling by U.S. Senators at a confirmation hearing on Tuesday to discuss his future as leader of the CFPB.”

DS News - “January Layoffs Drop to Record Low” (3-12-13)

“The number of layoffs fell 4.0 percent to 1,507,000 in January, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS) release, which details the ins and out of the labor market.”

Inman - “NAR backing test of agent rating surveys” (3-12-13)

“A subsidiary of the National Association of Realtors is partnering with state and local Realtor associations to offer members the ability to participate in a survey-based agent rating service provided by Quality Service Certification Inc.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.

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.

Looking Back:

In a big story, a $25 billion settlement was filed on this day regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the new total to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they were given higher credit on their principal reductions.

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.

Tags: , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/20/13

Wednesday, February 20th, 2013


Today’s News Synopsis:

The number of multifamily homes constructed decreased 8.5% to 890,000 last month according to HUD and the U.S. Census Bureau.  The Mortgage Bankers Association reported mortgage applications decreased 1.7% from last week.  Unemployment benefits may be cut by almost 10% with proposed budget cuts aimed for March 1.

In The News:

Housing Wire – “MBA CEO David Stevens: CFPB listens to mortgage market” (2-20-13)

“The housing finance system is still dealing with the challenge of having too many Washington D.C. policymakers, David Stevens, president and CEO of the Mortgage Bankers Association said at the trade group’s National Mortgage Servicing Conference & Expo in Grapevine, Texas.”

NAHB – “Housing Starts Down on Typical Multifamily Volatility; Permits Hit Four-Year High” (2-20-13)

“Due to a double-digit dip on the typically volatile multifamily side, nationwide housing starts declined 8.5 percent to a seasonally adjusted annual rate of 890,000 units in January, according to newly released data from HUD and the U.S. Census Bureau.”

Bloomberg - “Limited Mortgage Finance Role for U.S. Government Gains Support” (2-20-13)

“A bipartisan panel including former secretaries of the Department of Housing and Urban Development and retired U.S. senators is preparing to release a proposal for scaling back the government role in mortgage finance that would put taxpayer dollars at risk primarily under catastrophic circumstances.”

Realty Times - “Pushing for a Streamlined Process While Mortgage Rates are Low” (2-20-13)

“Last week, during the State of the Union address, President Obama stated that ‘overlapping regulations are keeping responsible young families from buying their first home’.”

Housing Wire - “Chamber of Commerce tells CFPB to improve, again” (2-20-13)

“The U.S. Chamber of Commerce issued a letter to Richard Cordray, Director of the Consumer Financial Protection Bureau, calling for a significant improvement in supervision and authority processes.”

DS News - “Risk of Default for Renters Down from Year Ago, Up Quarterly: Report” (2-20-13)

“Renters across the country are less likely to default compared to a year ago, but the risk of not fulfilling lease obligations has increased on a quarterly basis, according to CoreLogic’s SafeRent Renter Applicant Risk (RAR) index report.”

CNN Money - “Unemployed would lose benefits if federal budget cuts go through” (2-20-13)

“The long-term unemployed can kiss goodbye almost 10% of their weekly jobless benefits if federal budget cuts go into effect on March 1.”

Housing Wire – “Mortgage applications continue to sink” (2-20-13)

“Mortgage applications continued to sink, dropping 1.7% from last week according to data from the Mortgage Bankers Association.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 2 bedroom, 1 bathroom home appraised for $117,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/13/13

Wednesday, February 13th, 2013


Today’s News Synopsis:

Mortgage applications decreased last week by 6.4% with the decrease in both refinancing and home repurchases.  With the improving employment status and more households carefully managing their budgets, more and more homes avoided financial distress for the third quarter in a row.  Payroll taxes increased this year, but this did not stop consumers from spending as retail sales increased 0.1%.

In The News:

Realty Times – “Housing Continues to Advance While Mortgage Rates Remain Mostly Stable” (2-13-13)

“It doesn’t matter where you look, the overall data regarding the housing market continues to show advances while, at the same time, mortgage rates remain mostly stable.”

DS News- “U.S. Households Stay Out of Financial Distress for Third Straight Quarter” (2-13-13)

“U.S. households stayed out of financial distress for the third consecutive quarter as the employment situation improves and households manage their budget, according to the Consumer Distress Index from CredAbility, a nonprofit credit counseling agency.”

CNN Money - “Retail sales up despite payroll tax hike” (2-13-13)

“Higher payroll taxes didn’t stop U.S. consumers from hitting the malls in January.  Overall, retail sales rose 0.1% during the month, according to the Census Bureau.”

Housing Wire - “Falling mortgage applications dampen the mood around housing” (2-13-13)

“Mortgage application filings fell 6.4% for the week ending February 8 as both refinancing and home purchase activity declined, an industry trade group.”

DS News - “MortgageKeeper Reports Record Month in January” (2-13-13)

“MortgageKeeper Referral Services, the developer of a database that connects struggling homeowners with local, qualified nonprofit and government agencies, reported its best month thus far in January after more than 111,000 referrals were issued.”

Inman - “Move Inc. expecting double-digit 2013 revenue growth” (2-13-13)

“Realtor.com operator Move Inc. saw profits fall by more than half during the final three months of 2012, thanks in part to acquisitions that the company said will drive double-digit revenue growth this year.”

Housing Wire – “Galante: FHA takes action to reduce likelihood of Treasury bailout” (2-13-13)

“Federal Housing Administration Commissioner Carol Galante testified before the House Financial Services Committee, asserting that the federal agency can avoid an immediate Treasury bailout.”

Realty Trac - “Are We About to See a Massive Set-Back in the Housing Sector?” (2-13-13)

“It really could happen. It’s possible that thousands of pages of financial rules just issued by the Consumer Financial Protection Bureau (CFPB) could be tossed out, leaving a mortgage marketplace with far-higher loan rates, lower home values and far-ranging uncertainty.”

Housing Wire - “CFPB lays pathway to compliance for lenders, servicers” (2-13-13)

“The Consumer Financial Protection Bureau will provide lenders and servicers with plain-language guides, rule interpretations and other materials to help them comply with new mortgage lending and servicing rules.”

Realty Times- “Fair Housing Rules Updated to Address Bust-Boom Era Discrimination” (2-13-13)

“The U.S. Department of Housing and Urban Development (HUD) recently announced a final rule to update and formalize the national standard for determining whether a housing practice violates the Fair Housing Act as the result of discriminatory effect.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 1 bathroom home appraised for $206,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

In a big story, the owners of the Empire State Building in New York were planning to become their own real estate investors by raising money to allow investors to own a piece of the property.  In a series of  bank failures, two more banks in Indiana and Illinois closed over the weekend.  Gains in housing construction were expected to be lead by construction in new multifamily units.

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.

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/11/13

Monday, February 11th, 2013


Today’s News Synopsis:

Single-family home prices increased in 88% of cities in the United States with the decrease in interest rates and improving job market.  According to HOPE NOW, over 850,000 loan modifications were completed during all of last year.  The National Association of Realtors reported the national median home price increased year-over-year by the most in seven years.  This came with unsold inventory being at its lowest in twelve years and increasing home sales.

In The News:

Bloomberg – “Home Prices Rise in 88% of U.S. Cities as Recovery Gains” (2-11-13)

“Prices for single-family homes climbed in almost 88 percent of U.S. cities in the fourth quarter as the housing recovery broadened.”

DS News- “Foreclosures Prevented with 850K Mods, 422K Short Sales in 2012″ (2-11-13)

“For all of 2012, servicers completed more than 850,000 loan modifications, while the industry also continued to push for another foreclosure alternative—short sales, according to recent data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.”

Housing Wire - “Pent-up demand fuels home sales: NAR” (2-11-13)

“The national median home price saw the strongest year-over-year increase in seven years as a growing number of metropolitan areas posted higher median values in the fourth quarter of 2012, the National Association of Realtors said.”

DS News- “Senators Reintroduce Refi Bill” (2-11-13)

“Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners who are otherwise left without options.”

Realty Times - “Mortgage Servicing Rule Benefits Could Cost Mortgage Consumers” (2-11-13)

“Landmark mortgage servicing regulations, designed largely to protect consumers from abusive and costly practices, ironically could add to the cost of a mortgage.”

NAHB – “Latest NAHB Publication Offers Inside Look into the Financial Records of Remodelers” (2-11-13)

“Remodelers now have a unique opportunity to see how their business stacks up against the competition with a new publication from the National Association of Home Builders (NAHB).”

DS News- “CFPB Plans to Closely Monitor Loan Transfer Activity from Servicers” (2-11-13)

“As loans get transferred from one mortgage servicer to another, certain risks can inadvertently be placed on homeowners. So, in light of the heightened number of mortgage servicing transfers, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to servicers and subservicers to remind them of protections for consumers when loan transfers occur.”

Housing Wire- “Investors search for alternative routes in bond markets” (2-11-13)

“Recent weakness in the agency mortgage-backed securitization market may be a product of the growing view point that unwarranted housing strength will force the Federal Reserve to exit the open-ended third round of quantitative easing sooner than expected.”

DS News- “Cash Purchases in California Rise to Record High: DataQuick” (2-11-13)

“The number of homes purchased with cash in California reached an all-time high in 2012 as the mortgage environment kept other interested buyers out, according to DataQuick, a real estate information service.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $167,000 on a 2 bedroom, 1 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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.

Tags: , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/1/13

Friday, February 1st, 2013



Sources:
Tight inventories weigh on prospects for 2013 growth
U.S. home prices crawl upward
U.S. Home Vacancies Fell in 4th Quarter From Prior Year
U.S. Mortgage Rates Rise With 30-Year Highest in 4 Months
Economy Adds Another 157,000 Jobs; Rate Up to 7.9%
Q4 GDP Falls for First Time Since Recession Ended
San Bernardino County Rejects Eminent Domain Proposal
Housing Recovery Hit by Low Inventory
FHA to hike premiums on mortgages
LPS Resolves ‘Robo-Signing’ Allegations in $127M Multistate Settlement

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The Labor Department reported 157,000 jobs were added last month, showing an increase in jobs but slower rate month-over-month when 196,000 jobs were added in December.  The multifamily market has showed tremendous progress across the nation with the housing crisis and stronger economic climate.

In The News:

CNN Money- “Jobs report: Steady hiring continues” (2-1-13)

“The jobs recovery continued to crawl forward at a slow pace in January, and there’s little hope it will pick up any time soon.  The U.S. economy added 157,000 jobs in January, according to a Labor Department report released Friday. That’s slower growth than in December, when employers hired 196,000 workers.”

Housing Wire – “RBS: 10-year Treasury yield will grow despite bond-buying strategy” (2-1-13)

“The 10-year Treasury yield rose by 2% this week, its highest level since the Federal Reserve announced the continuation of an open-ended third round of quantitative easing on Sept. 13.”

DS News- “Report: Foreclosure Inventory Down Nearly 20% from Year Ago” (2-1-13)

“In December, the number of homes in some stage of the foreclosure process continued to shrink, and fewer homes were lost to foreclosure, according to the National Foreclosure Report from Corelogic.”

Housing Wire- “NRLB decision brings out CFPB opponents” (2-1-13)

“Opponents of the Consumer Financial Protection Bureau introduced legislation this week that would prevent the CFPB from enforcing or implementing regulations without a constitutionally confirmed director in place.”

Realty Times - “Mortgage Rates Trending Higher” (2-1-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market.”

Inman – “IRS provides guidance on HAMP principle reductions” (2-1-13)

“The Home Affordable Modification Program (HAMP) was established a few years ago by the Departments of the Treasury and Housing and Urban Development to help homeowners who are underwater avoid foreclosure.”

DS News- “Multifamily Sector to Remain Strong with a Few Hiccups in Some Markets” (2-1-13)

“The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap Real Estate Investment Services’ recently released National Apartment Report promises another year of expansion in the multifamily market as ‘the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance’.”

Housing Wire – “Lawmakers request more transparency in foreclosure settlement” (2-1-13)

“In an attempt to boost transparency, two lawmakers requested documents related to the $8.5 billion foreclosure settlement intended to compensate homeowners who allegedly experienced improper foreclosures.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 3 bathroom home appraised for $289,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from the previous day, the home ownership rate decreased for 7 years straight and was at levels that had not been seen in almost 14 years.  Both mortgage rates and applications continued to stay low.

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.

Tags: , , , , , , , , , , , , , ,
Posted in News, Video Blog | No Comments »

« Older Entries