California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Texas Shows the Best Numbers for Employment Growth

Monday, May 19th, 2014

 

Today’s News Synopsis:

CoreLogic reported an increase in REO properties, which now stand at 430,000.  Right now the state with the most positive numbers, particularly in the job market, is Texas with their addition of 64,100 new jobs in April.  Due to more residents leaving, smaller banks in rural areas are shown to be doing better than community banks in metropolitan areas.

In The News:

DS News - “Texas Employment Numbers Best in the Nation” (5-19-14)

“A new report by the Wells Fargo Economics Group found that Texas added 64,100 new jobs in April, the largest gain in the nation.  The boost in job numbers helped push unemployment down to 5.2 percent from 5.5 percent in March. Nationwide, unemployment was 6.3 percent for the month of April.”

Mortgage Professional America - “Watt: Private sector unready to replace Fannie and Freddie” (5-19-14)

“The head of the Federal Housing Finance Agency said Sunday that private lenders aren’t ready to replace Fannie Mae and Freddie Mac.”

Housing Wire - “4 maps show exactly what happened after the housing crash” (5-19-14)

“The effect on homeowners of the housing bubble and crash is pretty well reported.  But what about the big picture?  In 2006, the housing market crashed, and from 2007 to 2009, the value of real estate owned by households fell by nearly $6 trillion.”

DS News - “Small Banks Coping with Population Loss” (5-19-14)

“A new study by the FDIC found that thanks to a strong agriculture sector small banks based in rural areas are coping better than expected in the face of a steady exodus of residents.”

Housing Wire - “MBA CEO: Future of housing held back by sick market” (5-19-14)

“The CEO of the Mortgage Bankers Association David Stevens started the trade group’s annual National Secondary Market Conference, now underway in New York City, recalling how four years ago he made headlines for labeling housing finance ‘broken’.”

DS News - “REO Inventory Rising Again” (5-19-14)

“The number of REO properties increased to 430,000 as of March 2014, according to a new blog post by CoreLogic’s Sam Khater.  March’s figure reflects an increase of 15 percent from the low point of REO inventory in August 2013, when properties totaled 375,000.”

Housing Wire - “Timothy Geithner tries to spin White House housing efforts” (5-19-14)

“Speaking at the Politico Playbook lunch Monday in Washington, former Treasury Secretary Timothy Geithner said that the Obama Administration ‘tried to do as good a job as we could in our limited authority’.”

Mortgage Professional America - “Rising mortgage debt threatens retirement for millions, report claims” (5-19-14)

“Rising mortgage debt is threatening the retirement security of millions of senior citizens, according to a new report from the Consumer Financial Protection Bureau.”

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $50,000 on a 2 bedroom, 1 bathroom home appraised for $85,000.

Cathedral City Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

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.

FHFA Director Mel Watt Not Getting Involved in Mortgage Reform Debate

Wednesday, May 14th, 2014

 

Today’s News Synopsis:

FHFA director Mel Watt announced he will not be getting involved in the mortgage reform debate nor be increasing the limits on loans.  Rather, he will be leaving this work to Congress.  In addition, Democrat Gary Peters from Michigan said he does not see reform happening for Fannie and Freddie any time this year.  The latest Case-Shiller Index from CoreLogic showed home prices increased 11.3% in the fourth quarter last year.

In The News:

DS News“FHFA Adopts New Plan Under Director Watt; Won’t Reduce GSE Market Share” (5-14-14)

“In a speaking engagement at the Brookings Institution, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt spoke about his new 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, highlighting a few major changes to the plan.”

Housing Wire“Home prices grew 11.3% in 4Q2013″ (5-14-14)

“The latest CoreLogic (CLGX)-Case-Shiller index shows that home prices increased by 11.3% in the fourth quarter of 2013 compared to the same time a year ago.”

Mortgage Professional America - “Watt: FHFA won’t raise loan limits, enter GSE reform debate” (5-14-14)

“The director of the Federal Housing Finance Agency says the FHFA won’t be raising loan limits – or entering the debate on mortgage reform.”

Inman - “NAR flexes lobbying muscle at midyear conference in Washington, DC” (5-14-14)

“The National Association of Realtors flexed its lobbying muscle to members at its annual midyear conference in the District Tuesday night, calling attention to its aggressive fundraising and social media advocacy efforts this year.”

Bloomberg - “Bond Yields Nip on Heels of Dividends to Pressure Rally in REITs” (5-14-14)

“Some wise person, probably a Realtor, once said that real estate is always a good investment because they’re not making any more of it. Another wise person, probably not a Realtor, once said to ignore that original wise person when the property market crashed a few years ago.”

Housing Wire - “NAFCU members see regulatory costs spiking” (5-14-14)

“A survey of members of the National Association of Federal Credit Unions finds that while most say credit union lending has improved, new regulations and proposals including the QM rule and the National Credit Union Administration’s risk- based capital proposal threaten to increase costs and stall the lending activity growth.”

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (5-14-14)

“Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 9, 2014.”

Mortgage Professional America - “GSE reform unlikely to become law this year — congressman” (5-14-14)

“A House Democrat is predicting that legislation winding down Fannie Mae and Freddie Mac won’t become law this year.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $78,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking with LAREIA presenting Taking it to the Next Level in Arcadia TONIGHT.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

 

Looking Back:

New home sales began to increase once again as foreclosure and short sale inventory began to decline.  The NAHB reported housing affordability was at its highest on record in the first quarter at 73.7%.  TransUnion reported the national mortgage delinquency rate was 4.56%, which was much higher due to longer cures and foreclosure timelines.

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.

Consumers Granted Easier Access to Loans with New FHA and GSE Plan

Tuesday, May 13th, 2014

 

Today’s News Synopsis:

The FHA and GSEs are coming up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter last year according to the latest Case-Shiller Index.

In The News:

DS News“Case-Shiller Index: Home Prices Increase in Q4 2013″ (5-13-14)

“With 2014 nearing its halfway point, a broad spectrum look at more than 380 markets nationwide confirms home prices jumped 11.3 percent in 2013’s final quarter compared to the year prior.”

Housing Wire“FHFA, GSEs launch program to “stabilize” communities hit hardest by foreclosures” (5-13-14)

“Federal Housing Finance Agency Director Mel Watt addressed the future of the agency he leads and the future of Fannie Mae and Freddie Mac in his first public address on Tuesday.”

Mortgage Professional America - “JPMorgan may slash 10,000 more jobs than expected” (5-13-14)

“JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced.”

Inman - “FHA, Fannie and Freddie regulator making moves to ease mortgage credit” (5-13-14)

“A shift by the federal regulator of Fannie Mae and Freddie Mac could soon make getting a mortgage loan easier by giving lenders more wiggle room before the mortgage giants demand that they repurchase loans.”

DS News - “First Quarter Housing Affordability Edges Higher” (5-13-14)

“A decrease in median home prices coupled with steady mortgage rates helped contribute to higher housing affordability in the first quarter of 2014, according to the National Association of Home Builders (NAHB).”

Housing Wire - “CFPB execs, union rep subpoenaed by House Committee” (5-13-14)

“The House Financial Services Committee has subpoenaed two Consumer Financial Protection Bureau officials and a union representative to appear before the Subcommittee on Oversight and Investigations as part of an ongoing investigation into allegations of discrimination and retalition at the CFPB.”

Inman - “Florida developer’s new homes promise easy commute to Disney World” (5-13-14)

“An experienced developer has targeted an up-and-coming area of Florida that has improving transport links for a new project and expects strong demand from buyers.”

DS News - “FHA Program Aims to Expand Credit; Lower Risk” (5-13-14)

“The Federal Housing Administration (FHA) issued its “Blueprint for Access,” which aims to expand credit access for underserved borrowers by utilizing housing counseling as a means to reduce the possibility of loans becoming seriously delinquent.”

Hard Money Loan Closed

Stanton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 3 bedroom, 1 bathroom home appraised for $363,000.

Stanton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking with SDCIA presenting Taking it to the Next Level in San Diego TONIGHT.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

 

Looking Back:

The total number of closed banks was at 12 with the recent closure of two banks in North Carolina and Georgia.  Freddie Mac announced on this day their modification program for delinquent borrowers was ready and making streamlined loan mods available much more quickly.  Home prices continued to increase up into the double-digit numbers as more consumers tried to purchase homes in a market with less inventory.

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.

Plans for GSEs Put on Hold Once Again

Tuesday, April 29th, 2014


Today’s News Synopsis:

Plans for the GSEs have been put on hold once again as the Democrats and Senate have not reached a unanimous decision.  CoreLogic reported foreclosure inventory decreased 5.1% with only 48,000 foreclosures completed last month.  The homeownership rate decreased to 68.8% and is at the lowest in almost 20 years.

In The News:

CNN Money - “The low wage jobs explosion” (4-28-14)

“Looking for a job?  The ones you’ll find will likely be low wage.  The labor market has been recovering since the Great Recession ended, but many of the jobs created have been in low-wage industries, according to a new report by the National Employment Law Project, a left-leaning group.”

Bloomberg - “Senators Delay Action on Fannie Mae Amid Democrats’ Rift” (4-29-14)

“Prospects for a bipartisan housing-finance overhaul dimmed today as Democrats on a U.S. Senate panel struggled to reach consensus on how to replace Fannie Mae and Freddie Mac.”

DS News“48,000 Foreclosures Completed in March” (4-29-14)

“CoreLogic’s latest National Foreclosure Report, utilizing data through March 2014, found that foreclosure inventory is down 5.1 percent from February.”

Housing Wire“Mortgage servicing foreclosure review faults subpar regulation” (4-29-14)

“The Government Accountability Office released the results of its study of the Independent Foreclosure Review, conducted by the Office of the Comptroller of the Currency and the Federal Reserve in 2011 and 2012, and the results show that the foreclosure process is lacking in oversight and transparency.”

Inman - “Real Trends rankings reveal which real estate brokerages grew the fastest in 2013″ (4-29-14)

“Most of the U.S.’s largest brokerages grew their businesses in 2013 at a pace exceeding the growth of the market as a whole, according to an annual analysis by Real Trends that also reveals which companies grew the fastest.”

DS News - “Fast Home Sales in Some Markets Indicates Positive Spring” (4-29-14)

“According to the Fastest Markets Report issued by Redfin, homes are “flying off the market” in many places, such as San Francisco, California; Austin, Texas; and Washington, D.C. The report notes that although homes are selling faster, fewer total homes are selling. Inventory has risen in these metros, but prices are holding buyers back.”

DS News - “Case-Shiller Index Shows Slight Increase; Home Prices Steady” (4-29-14)

“Home prices as measured by S&P Dow Jones performed more or less as expected in February, with annual growth rates continuing to slow.”

Bloomberg - “U.S. Homeownership rate Falls to the Lowest Since 1995″ (4-29-14)

“The homeownership rate in the U.S. declined to the lowest in almost 19 years as rising property prices and mortgage rates held back demand.”

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

Colton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

Two more banks closed in North Carolina and Georgia, bringing the new total for the year to 10.  Pending sales for existing homes increased 1.5% the previous month after having seen a 1% decrease the prior month.  New Jersey received funding of $1.83 billion to go towards rebuilding from Hurricane Sandy.

 

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.

Foreclosures Decreasing as Mortgage Rates Rise

Thursday, April 3rd, 2014


Today’s News Synopsis:

Mortgage rates increased this past week with 30-year rates now at 4.41% and 15-year rates at 3.47%.  Both foreclosures and shadow inventory decreased in February with foreclosures decreasing 13.1% month-over-month and 15% year-over-year.  Work is continuing to be done to finalize the provisions on the Expiring Provisions Improvement Reform and Efficiency Act by the U.S. Senate Committee on Finance.

In The News:

Bloomberg - “U.S. Mortgage Rates Rise as Jobs Report Awaited” (4-3-14)

“U.S. mortgage rates rose as investors awaited this week’s jobs report and signs that the economy is rebounding after the disruption caused by harsh winter weather.”

DS News - “Foreclosure and Shadow Inventory Both Decline in February” (4-3-14)

“CoreLogic released its National Foreclosure Report for February, 2014, reporting 43,000 completed foreclosures for the month, a 13.1 percent decrease from January, 2014. Yearly, foreclosures declined 15 percent from February, 2013.”

Housing Wire - “3 reasons borrowers fare will with ARMs” (4-3-14)

“Rapidly rising interest rates have been driving a growing number of home buyers to adjustable rate mortgages, which have grown from a 3.4% share of all conforming home loans in December 2013 to a recent high of 9.9% in March 2014.”

CNN Money - “ECB considers Fed-style stimulus” (4-3-14)

“Negative interest rates?  Printing money? They’re now both firmly on the agenda in Europe if prices don’t start to pick up soon.”

Bloomberg“Gains in Services Signal Rebound Ahead for Growth: Economy” (4-3-14)

“Service industries picked up in March as the biggest part of the U.S. economy began to recover from the unusually harsh winter weather, showing growth will speed up in the second quarter.”

DS News - “Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury” (4-3-14)

“Poppi Metaxas, former president and CEO of Gateway Bank of Oakland, California, was charged with bank fraud, bank fraud conspiracy, and perjury in relation to a sham “round trip” transaction.”

Housing Wire - “MBA: 3 Expire Act provisions that impact you” (4-3-14)

“The U.S. Senate Committee on Finance marked up the Expiring Provisions Improvement Reform and Efficiency Act on Thursday in an effort to continue working on creating a final version on the tax extenders legislation.”

Mortgage Bankers Association - “MBA to Host 2014 Strategic Markets & Diversity Conference” (4-3-14)

“The Mortgage Bankers Association (MBA) announced today that it would host the 2014 Strategic Markets and Diversity Conference, June 25-27 at the Westin City Center in Washington, DC.”

Hard Money Loan Closed

Santa Ana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.

Santa Ana Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% decrease in mortgage applications from the previous week.  Home prices increased 10.2% annually, the most in almost 7 years.  First-time home buyer activity increased in February and was continuing to grow with the concern of interest rates and prices increasing.

 

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.

New Rules and New Home Prices Hit Market

Tuesday, April 1st, 2014


Today’s News Synopsis:

Spending on residential construction continues to remain low, having increased by only 0.1% month-over-month in February.  At the same time, home prices increased in February by 12.22% year-over-year.  A new rule regarding mortgage disclosure has been established by the CFPB in order for their loan disclosures to be in line with the Truth in Lending Act.

In The News:

Housing Wire - “Residential construction spending down for February” (4-1-14)

“Construction spending rose a mere 0.1% month-over-month in February to $945.7 million, with private residential construction spending down 0.8% and residential construction down 0.7%, according to the U.S. Census Bureau.”

Mortgage Professional America - “Washington State cracks down on foreclosure trustee” (4-1-14)

“About 450 Washington State homeowners will be receiving cash after the state attorney general’s legal action against a foreclosure trustee.”

DS News“Fannie Mae Reports Decline in Business” (4-1-14)

“Fannie Mae reported further contraction in its book of business for February—the second this year and the third in as many months—as new business acquisitions dropped to a five-year low.”

Bloomberg“Chinese Investments in U.S. Commercial Real Estate Surges” (4-1-14)

“Greenland, the state-owned builder that’s also developing one of China’s tallest towers, has become one of its country’s biggest investors in U.S. real estate.”

Realty Trac - “Fannie Mae, Freddie Mac: Were They Ever Broken?” (4-1-14)

“The government has collected more than $20 billion in the past year from lenders who sold allegedly-subpar mortgages and related securities to Fannie  Mae and Freddie Mac, with more settlements likely to come.”

DS News“CFPB Introduces New Forms for Integrated Disclosure Rule” (4-1-14)

“Charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act to integrate loan disclosures stemming from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA), the Consumer Financial Protection Bureau (CFPB) has created a united mortgage disclosure rule.”

Mortgage Bankers Association - “MBA Releases 2013 Commercial/Multifamily Mortgage Origination Volume Rankings” (4-1-14)

“According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; J.P. Morgan Chase & Company; Bank of America Merrill Lynch; Eastdil Secured; KeyBank; PNC Real Estate; HFF, L.P.; Meridian Capital Group, LLC; CBRE Capital Markets; and Prudential Mortgage Capital Company were the top commercial/multifamily mortgage originators in 2013.”

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.”

DS News - “Home Prices Post Gains in February” (4-1-14)

“CoreLogic released its Home Price Index (HPI) for February, which found that home prices increased by 12.2 percent from the previous year. The CoreLogic figure includes home prices of distressed sales, and represents 24 months of consecutive year-over-year increases in home prices nationally.”

Inman - “Re/Max raises dues for agents, franchisees” (4-1-14)

“On Jan. 1, Re/Max increased the annual dues its agents in the U.S. and Canada pay to affiliate with the brand and the monthly per-agent fees affiliated brokerages in U.S. company-owned master franchise regions pay the franchisor.”

Hard Money Loan Closed

Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $530,000 on a 4 bedroom, 2.5 bathroom home appraised for $814,000.

Covina Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

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 were able to afford to buy houses with the decrease in operating costs.

 

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

The Norris Group Real Estate News Roundup 3/26/14

Wednesday, March 26th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications this past week.  Bank of America reached a settlement with the FHFA regarding securities fraud related to Fannie and Freddie loans.  Property taxes collected in 2013 was $488.34 billion, the highest in 20 years.

In The News:

DS News - “What is Causing the Decline in Short Sales?” (3-26-14)

“Consequences stemming from the expiration of the Mortgage Forgiveness Debt Relief Act may be surfacing, according to a perspective piece written by CoreLogic’s Kathryn Dobbyn. The piece found that throughout 2012 and into 2013, short sales had been steadily declining, partly due to rising home prices.”

Bloomberg - “North Dakota Ranks as the Most Stable U.S. Housing Market” (3-26-14)

“North Dakota, Washington, D.C. and Wyoming rank as the most stable U.S. housing markets, according to a new Freddie Mac gauge that weighs criteria including mortgage applications, income ratios and employment.”

Realty Trac - “Why the Mortgage Marketplace is Never Normal” (3-26-14)

“The Urban Institute has come out with a new study which suggests that as many as 1.2 million people per year are not getting mortgages because of tight lending standards.”

Mortgage Bankers Association - “Independent Mortgage Banker Profits Reach New Lows in the Fourth Quarter of 2013″ (3-26-14)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $150 on each loan they originated in the fourth quarter of 2013, down from $743 per loan in the third quarter, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

DS News“Bank of America Settles with FHFA for $9.3B” (3-26-14)

“Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud related to loans sold to Fannie Mae and Freddie Mac at the height of the housing bubble.”

Inman - “FTC settlement puts RealtyTrac in the tax, deed and mortgage data licensing business” (3-26-14)

“A legal settlement that cleared the way for CoreLogic’s acquisition of DataQuick Information Systems Inc. also puts foreclosure data aggregator RealtyTrac in the tax, deed and mortgage data licensing business — making it the first new entrant in the field since Fidelity National Financial Inc. purchased IDM Corp. in 2001.”

Housing Wire - “Property taxes hit highest level in 20 years” (3-26-14)

“If the amount of property taxes collected by state and local governments is an indicator of the health of the economy, then the much-debated recovery is real.”

DS News - “National Credit Default Rates Fell in February” (3-26-14)

“Data released by S&P Dow Jones Indices and Experian found that national credit default rates during the month of February declined.”

Mortgage Bankers Association - “Purchase Applications Increase in Latest MBA Weekly Survey” (3-26-14)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 21, 2014.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

Big day in the news for real estate!  Sales of new homes increased the previous month by 12.3% year-over-year.  The latest Case-Shiller Index showed home prices increased the most year-over-year in almost seven years by over 8% in all 20 cities included in their survey.  Shadow inventory decreased by 18% to 2.2 million according to CoreLogic.

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

The Norris Group Real Estate News Roundup 3/7/14

Friday, March 7th, 2014

http://youtu.be/24eiyaiiJww

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  175,000 new jobs were added to the economy last month according to the latest report from the Labor Department.  Despite the economy showing signs of improvement with increasing home prices and decreasing foreclosures, officials are still worried about the scars the economy still has from the Great Recession.  However, at the same time CoreLogic reported good news that 4 million homes were brought out of negative equity last year.

In The News:

Inman - “Glimmers of hope in wages and lending, but jobs are holding back housing” (3-7-14)

“Contracts to purchase previously owned U.S. homes rose less than forecast in January, adding to signs housing was weakening in early 2014.”

Housing Wire - “FBR runs down the risks facing leading mortgage servicers” (3-7-14)

“FBR Capital Markets & Co. takes a close look at three companies heavy into mortgage servicing that are under close scrutiny by state and federal regulators.”

DS News“Economy Functioning at 87% of Pre-Crisis Levels” (3-7-14)

“Nationwide, the economy and housing market are functioning at a level about 87 percent of their pre-crisis normal levels, according to the National Association of Home Builders (NAHB) and First American’s Leading Markets Index released this week, which measures metro markets based on housing permits, home prices, and employment.”

Mortgage Professional America - “Housing activity now exceeding previous norms in many areas” (3-7-14)

“Once again, a big bank is giving mortgage employees the ax. Wells Fargo has announced that it’s cutting 700 mortgage employees as demand for home loans continues to shrink.”

DS News - “‘Significant Progress’ Made for Negative Equity Homes” (3-7-14)

“Nearly four million homes last year returned to a position of positive equity, leaving about 6.5 million upside-down, CoreLogic reported Thursday.”

Housing Wire - “Scorecard: Housing still wears Great Recession scar” (2-28-14)

“The housing economy posted strong results, with the purchases of new homes rising and foreclosures completions continuing to drop, but officials still caution that the economy is still healing from the Great Recession, the Obama Administration said in the February scorecard.”

DS News“Labor Department: Unemployment up to 6.7%” (3-7-14)

“According to the Labor Department, the U.S. economy added 175,000 jobs in February, beating expectations after two weak months but still failing to impress.”

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Chino Valley Real Estate Professionals on Friday, March 14, 2014.

 

Looking Back:

Jobless claims decreased by 7,000 to 340,000 the previous week according to the Labor Department.  Freddie Mac reported mortgage rates continued to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

 

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

The Norris Group Real Estate News Roundup 2/28/14

Friday, February 28th, 2014

Sources:

Home Prices in 20 U.S. Cities Increase at Slower Pace
Home Prices Rise in 38 States in Q4

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Pending home sales increased by 0.1% last month after having declined 5.8%, showing signs of a weaker economy.  The latest report from Zillow showed that 1 in 5 homeowners are still underwater.  A new bill was passed Thursday by the House of Representatives that will replace the director of the CFPB with a commission.

In The News:

Bloomberg - “Pending Sales of Existing Homes in U.S. Rose 0.1% in January” (2-28-14)

“Contracts to purchase previously owned U.S. homes rose less than forecast in January, adding to signs housing was weakening in early 2014.”

Housing Wire - “1 in 5 homeowners still underwater at year’s end” (2-28-14)

“Just under 1 in 5 homeowners are still underwater, according to the latest Zillow negative equity report, meaning they still owe more on their mortgage than their home is worth.”

DS News“Foreclosure Inventory Drops by One-Third, Still Elevated” (2-28-14)

“Foreclosure inventory in January was down by one-third over the year, although completed foreclosures ticked up over the month, according to CoreLogic’s National Foreclosure Report released Thursday.”

Mortgage Professional America - “Wells Fargo axes 700 mortgage employees” (2-28-14)

“Once again, a big bank is giving mortgage employees the ax. Wells Fargo has announced that it’s cutting 700 mortgage employees as demand for home loans continues to shrink.”

DS News - “Freddie Mac Reports Continued Quarterly Gains” (2-28-14)

“Freddie Mac released on Thursday its quarterly earnings report for the end of 2013, revealing yet another strong quarter—the ninth straight.”

Inman - “Transcripts of 2008 Fed meetings an astounding revelation into a continuing crisis” (2-28-14)

“The big news this week is an astounding historical revelation useful in the present, but before that a few current events.  In congressional testimony Janet Yellen acknowledged weakness in new economic data, but confirmed a continuing QE taper.”

Mortgage Professional America“Should Cordray be replaced with a commission?” (2-28-14)

“The House of Representatives passed a bill Thursday that would eliminate the director of the Consumer Financial Protection Bureau in favor of a commission.”

Realty Trac“Why FHA Mortgages Should Cost Less” (2-28-14)

“Federal Housing Administration (FHA) mortgages are a pillar of the lending system, but such loans cost too much and are too profitable according the Community Home Lenders Association, a group which wants to see a substantial reduction in FHA mortgage insurance premiums.”

 

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $247,000.

Yucaipa Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

Unemployment claims decreased drastically the previous week to 344,000 from 366,000.  30-year mortgage rates decreased for the first time in over a month and were at 3.51%.  The number of homes in foreclosure decreased 21% from the previous year.

 

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

The Norris Group Real Estate News Roundup 2/27/14

Thursday, February 27th, 2014


Today’s News Synopsis:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates now at 4.37%  and 15-year rates at 3.39%.  Bank of America is facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department will receive $10.4 billion from Freddie Mac next month as a return for helping bail them out back in 2008.

In The News:

Housing Wire - “Bank earnings are booming, but there’s a big problem” (2-26-14)

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Mortgage Professional America - “BOA facing mortgage probe” (2-27-14)

“Bank of America is facing a federal probe into its participation in a government housing program.  The U.S. Attorney’s Office is investigating the lender’s compliance with the requirements of the Federal Housing Administration’s Direct Endorsement Program, according to a Reuters report.”

DS News“CFPB Director Calls for Increased Financial Literacy” (2-27-14)

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

CNN Money“She’s back! Yellen testifies before the Senate” (2-27-14)

“The last time Janet Yellen testified before lawmakers, stocks rallied.  Now, she’s back.  The head of the Federal Reserve is testifying before the Senate Banking Committee on Thursday. Originally scheduled for two weeks ago, the hearing was postponed due to a snow storm in Washington.”

Housing Wire - “Ocwen Financial profits slightly under estimates” (2-27-14)

“Ocwen Financial Corp. (OCN) remains highly profitable, posting a net income of $105 million, or 74 cents per share, and revenue of $556 million in the fourth quarter.”

Bloomberg - “Freddie Mac Will Pay U.S. $10.4 Billion on Quarterly Profit” (2-27-14)

“Freddie Mac (FMCC), the U.S.-owned mortgage financier, will return $10.4 billion to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid after the 2008 credit crisis.”

Mortgage Professional America - “Fixed rates edge up for 4th week” (2-27-14)

“Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.”

Housing Wire- “Are foreclosures finally receding from the high-water mark?” (2-27-14)

“There were 48,000 completed foreclosures nationally in January, down from 59,000 in January 2013, a year-over-year decrease of 19%, but up 11.8% from the 43,000 reported in December 2013.”

Bloomberg - “S&P Says Too Soon to Give Rental-Home Securities Top AAA Grades” (2-27-14)

“New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from the previous week.  Pending homes sales increased 4.5% the previous month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

 

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.