California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Homeownership Rate Expected to Continue Decreasing into 2030

Tuesday, June 9th, 2015

 

 

Today’s News Synopsis:

The number of foreclosures completed was at 40,000 last month, showing signs of decrease but still remaining above where they were at before the recession.  Both Fitch and Moody’s are warning investors about the decrease in bond credit quality.  Homeownership is expected continue decreasing all the way into 2030.

 

In The News:

Bloomberg - “Slipping Standards in Commercial-Mortgage Debt Raise Fitch Alarm” (6-9-15)

“Fitch Ratings is joining Moody’s Investors Service in warning that the credit quality of bonds backed by real estate debt is slipping at the same time that underwriters show reluctance to strengthen safeguards against losses.”

DS News - “Completed Foreclosures Decline But Remain At Double Pre-Recession Levels” (6-9-15)

“While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic’s April 2015 National Foreclosure Report released Tuesday.”

Housing Wire- “Freddie Mac names Becketti new chief economist” (6-9-15)

“Freddie Mac today announced that Sean Becketti, an executive with broad experience in the private sector, government and academia, is joining the company as vice president and chief economist.”

Mortgage Professional America - “America’s most overvalued markets” (6-9-15)

“Sunny states make up the majority of the country’s most overvalued markets, with two major markets in Texas considered the country’s most overpriced, despite impressive job growth.”

Housing Wire - “Dodd-Frank continues to smother mortgage lending” (6-9-15)

“Ninety percent of the typical bank’s mortgage loans made last year were “qualified mortgages,” according to the American Bankers Association’s 22nd annual Real Estate Lending Survey.  The survey results, released today, revealed that nearly 80% of respondents expect the Consumer Financial Protection Bureau’s mortgage lending rules will continue to cause a reduction in credit availability with 19% characterizing the impact as severe.”

DS News - “Study Estimates Homeownership Rate Will Continue Decline Into 2030″ (6-9-15)

“New renters will outpace new homeowners in the next decade and a half and the homeownership rate will decline even though there will be more homeowners than renters, thus creating intense competition for rental housing, according to a study released by the Urban Institute (UI) this week.”

Bloomberg - “Carlyle Weighs U.S. Real Estate Expansion, Rubenstein Says” (6-9-15)

“Carlyle Group LP, the world’s second-biggest manager of alternatives to stocks and bonds, may add a real estate offering targeting about 10 percent returns, co-founder David Rubenstein said.”

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

The recent consumer survey by the Federal Reserve Bank of New York showed consumers in every region accept the South expected home prices to increase.  Outstanding mortgage debt for commercial and multifamily properties increased by $11.1 billion in the first quarter, a 0.4% increased from the fourth quarter.  The latest survey by Fannie Mae showed consumers were more concerned about the economy and their income, which could affect home sales.

Copyright: Image from www.flickr.com/photos/jaredzimmerman/

 

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.

 

If You Expected A Ruling from The Supreme Court on Disparate Impacts – You’ll Have to Wait

Monday, June 8th, 2015

 

 

Today’s News Synopsis:

The Supreme Court still has yet to come to a final decision regarding action on disparate impact in regards to the Fair Housing Act.  Distressed sales made up 12% of homes sold in March of this year.  Julian Castro, the secretary of HUD, is expected to testify in front of Congress this Thursday regarding the progress of HUD and its various programs.

 

In The News:

Bloomberg - “Cerberus Said to Buy 4,200 Rental Homes in Top U.S. Deal” (6-8-15)

“Cerberus Capital Management is buying about 4,200 U.S. houses, expanding its foray into home rentals in the industry’s largest bulk purchase.  The investment firm plans to acquire the properties from BLT Homes, a rental company owned by closely held Building & Land Technology, according to three people with knowledge of the transaction.”

DS News - “Freddie Mac Lists Steps To Help Distressed Borrowers Avoid Foreclosure Relief Scams” (6-8-15)

“Freddie Mac issued a list of “red flags” in a blog entry Monday for distressed borrowers seeking help with their mortgage to watch out for in order to avoid fraud.  Citing a Detroit Free Press story from April about Anthony Carta, who was sentenced to 30 to 99 years in prison for perpetrating a “faith-based” foreclosure relief scam in which he promised to help distressed borrowers avoid foreclosure in exchange for an up-front fee.”

Mortgage Professional America- “Morning Briefing: Economists hail the strong housing market” (6-8-15)

“There has been mixed data recently on the state of the US economy but many analysts are united in their view of the housing market; it’s strong and set for further growth.”

Bloomberg - “These Are the 13 Cities Where Millennials Can’t Afford a Home” (6-8-15)

“Soaring home prices and stagnant wages combine to make home-buying in some cities a pipe dream for young adults.  There’s no place like home — except when you can’t afford one.  Millennials have been priced out of some of the biggest U.S. cities, with residential real estate prices rising even as wage growth remains elusive.”

Housing Wire - “CoreLogic: Distressed sales accounted for 12% of home sales in March 2015″ (6-8-15)

“Distressed sales—real estate-owned and short sales—accounted for 12.1% of total home sales nationally in March 2015, a 3.2 percentage point drop from March 2014 and a 1.9 percentage point decrease from February 2015, according to the March report from CoreLogic.”

Mortgage Professional America- “Banks to pay millions more for mortgage crisis” (6-8-15)

“Goldman Sachs and Morgan Stanley are reportedly nearing settlements for a billion dollar mortgage payment case.  According to a Wall Street Journal report, the two banks – and seven others –are set to finalize the details soon, though an exact timeframe has not been given. However, sources said the matter could be settled as early as the end of the month.”

DS News - “HUD Secretary Castro to Testify Before Congress Thursday, June 11″ (6-8-15)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to testify before the full House Financial Services Committee on Thursday, June 11, for the second time since becoming the nation’s top housing official in July 2014.”

Mortgage Professional America- “Originators held back by antiquated system” (6-8-15)

“Could a new credit scoring model be on the horizon, and what could it mean for originators?  ’Today, lenders use credit-scoring models sanctioned by the Federal Housing Administration, Fannie Mae and Freddie Mac.’”

DS News - “Consumer Attitudes Toward Housing Improve Amid Positive Jobs Report” (6-8-15)

“Amidst the positive May job report from the Bureau of Labor and Statistics (BLS), consumer attitudes concerning the housing market showed vast improvement for the month of May, according to results from Fannie Mae’s May 2015 National Housing Survey. These positive changes also support the case for an increase in housing activity this year.”

Housing Wire - “No ruling on disparate impact from Supreme Court today” (6-8-15)

“Amidst the positive May job report from the Bureau of Labor and Statistics (BLS), consumer attitudes concerning the housing market showed vast improvement for the month of May, according to results from Fannie Mae’s May 2015 National Housing Survey. These positive changes also support the case for an increase in housing activity this year.”

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

Out of 350 metropolitan areas, 56 showed signs of improvement by being at normal levels this month.  Mortgage rates increased for the first time in six weeks with 30-year rates at 4.14% and 15-year rates at 3.23%.  In addition, the amount of mortgage credit available increased the previous month by 1.14%.

Copyright: Image from www.flickr.com/photos/kevinq2000/

 

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.

 

 

Bank of America Says Expect Decrease in Prices Over Next Three Years

Tuesday, June 2nd, 2015

 

 

Today’s News Synopsis:

 

CoreLogic reported a 6.8% increase in home prices last April across the nation.  However, Bank of America said they expect to see a decrease in prices over the next three years.  As a way to help more Hispanic investors, the MBA and NAHREP have formed a partnership.  .

 

In The News:

Housing Wire - “Latest Freddie Mac high-LTV risk-sharing mortgage bond prices tight” (6-2-15)

“Freddie Mac announced the pricing of its second high loan-to-value risk-sharing bond of 2015, which is supported by loans with LTV ratios of 80-95%.  According to Freddie Mac, the investor response toStructured Agency Credit Risk Series 2015-HQ2 was strong, and the deal priced tight compared with STACR Series 2015-HQ1.”

Mortgage Professional America - “Is this evidence that the market has fully rebounded from 2008?” (6-2-15)

“According to the National Association of Realtors, pending home sales rose in April for the fourth straight month and reached a nine-year record high – indicating the housing market is returning to levels not seen since pre-recession.”

DS News - “MBA, NAHREP Forge Partnership to Train and Recruit Hispanic Mortgage Bankers” (6-2-15)

“The Mortgage Bankers Association (MBA) and the National Association of Hispanic Real Estate Professionals (NAHREP) announced today a new partnership between the organizations to work together to advance NAHREP’s goal of advancing sustainable Hispanic homeownership and MBA’s goal of offering training and education to prospective and current mortgage professionals.”

NAHB- “Tim McCarthy Elected as Chairman of NAHB 50+ Housing Council” (6-2-15)

“The National Association of Home Builders (NAHB) announced that Tim McCarthy of Traditions of America has been elected chairman of NAHB’s 50+ Housing Council. Mr. McCarthy is the Managing Partner and founder of Traditions of America in Radnor, Pa., a leader in the 55+ housing industry.”

Housing Wire - “CoreLogic: Home prices rose 6.8% annually in April” (6-2-15)

“Home prices nationwide, including distressed sales, increased by 6.8% in April 2015 compared with April 2014, according to CoreLogic.  This change represents 38 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 2.7% in April 2015 compared with March 2015.”

Mortgage Professional America- “Morning Briefing: House prices will drop says Bank of America analyst” (6-2-15)

“The US faces three years of “modest” declines in house prices according to a new report from one of America’s biggest mortgage lenders.  Bank of America analyst Chris Flanagan wrote Monday that the prices will start to dip in 2017 and will continue on that trajectory until the end of the decade.”

Housing Wire - “Supreme Court rejects 2nd lien stripping in Chapter 7 bankruptcies” (6-2-15)

“The Supreme Court of the United States held in a unanimous decision announced today that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code.”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

Another bank was closed by the FDIC in Maryland, bringing the total for the year to 9.  Construction on both private and residential homes was below expectations the previous month, having only increased 0.2% instead of 0.7%.  JPMorgan faced accusations by the city of Los Angeles for selling risky home loans to minorities.

Copyright: Image from www.flickr.com/photos/jeepersmedia/

 

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 Financial Regulatory Relief Bill Approved

Friday, May 22nd, 2015

 

 

 

Sources:

Builder Confidence Falls Two Points in May
Housing Production Jumps 20.2 Percent in April

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  A new financial regulatory relief bill has just been approved by the Senate Banking Committee.  The Census Bureau reported that although housing starts increased 20.2% last month, it is not a new thing for increased starts as they have been rising since mid-2011.

 

In The News:

DS News - “Senate Banking Committee Approves Financial Regulatory Relief Bill” (5-22-15)

“The Senate Banking Committee narrowly approved a regulatory reform bill on Thursday by a party-line vote of 12 to 10, according to multiple media reports.  The Financial Regulatory Improvement Act of 2015, introduced last week by Senate Banking Committee Chairman Richard Shelby (R-Alabama) is aimed at providing regulatory relief for community and regional banks and credit unions, and proposes what Shelby calls “moderate” changes that would increase the transparency of the Federal Reserve.”

Housing Wire- “MBA analysts: April housing starts gain not an outlier” (5-22-15)

“The Census Bureau surprised the market this week with the strongest monthly report for starts and permits in seven and a half years.  Starts soared 20.2% in April to a much higher-than-expected annual rate of 1.135 million and with permits up 10.1% to a much higher-than-expected 1.143 million.”

Mortgage Professional America - “Time to get those refis in? Fed minutes show central bank itching to raise rates” (5-22-15)

“Brokers may want to start pushing refis while rates remain low. An account of the Federal Reserve’s recent policy meeting indicates that while the Fed probably won’t raise the benchmark interest rate in June, it won’t wait much longer.”

DS News - “REO Share Still Way Above ‘Normal’ Levels in Many Metros” (5-22-15)

“The national percentage of residential single-family properties that were REO was 10 percent as of February 2015, which is five times its pre-crisis share (2 percent), meaning that in many metro areas the REO share is still way above pre-crisis levels, according to CoreLogic Senior Economist Molly Boesel.”

Housing Wire - “Credit unions applaud bipartisan reform bill on FHLB membership” (5-22-15)

“The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria.”

Mortgage Professional America- “Daily Market Update: Existing Home sales lower in April as low supply adds pressure” (5-22-15)

“There were fewer sales of existing homes in April according to new data from the National Association of Realtors.  The number of completed transactions was down 3.3 per cent to a seasonally-adjusted annual rate of 5.04 million from an upwardly-revised 5.21 million in March.”

DS News - “Single-Family Built-for-Rent Market Higher than Historical Average, but Still Below Peak” (5-22-15)

“The number of single-family homes built-for-rent experienced a 50 percent year-over-year decline in Q1 2015, from 4,000 starts in the same quarter a year earlier down to 2,000 starts, according to data released recently by the National Association of Home Builders (NAHB).”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

Mortgage rates decreased for the fourth straight week with 30-year rates at 4.14% and 15-year rates at 3.25%.  April saw a decrease in foreclosures, which were down 5% from March and are were at their lowest since 2008.  However, despite signs of the economy looking positive last month people were still pessimistic due to an increase in both home prices and negative equity.

Copyright: Image from www.flickr.com/photos/lendingmemo/

 

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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Metropolitan Areas With Prices in Double-Digits Increase for Three Months Straight

Tuesday, May 12th, 2015

 

 

Today’s News Synopsis:

CoreLogic reported the amount of foreclosure inventory and foreclosures completed decreased in March and are now almost at levels not seen since the crisis.  The amount of mortgage credit that is available increased last month by 0.5% according to Mortgage Bankers Association.  The National Association of Realtors reported metropolitan areas with prices in the double-digits range increased fro three months straight.

In The News:

DS News - “Foreclosure Inventory, Completions Continue Decline Toward Pre-Crisis Levels” (5-12-15)

“Completed foreclosures experienced another substantial year-over-year decline in March, moving even further away from their peak from nearly five years ago, according to CoreLogic’s March 2015 National Foreclosure Report released on Tuesday.”

Housing Wire“CFPB Director Cordray corrects “serious misunderstanding” about TRID” (5-12-15)

“It will take an act of Congress to delay TILA/RESPA.  The Aug. 1, 2015 implementation date for the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule still stands, according to a speech from the Consumer Financial Protection Bureau at a National Association of Realtors conference in Washington D.C. on Tuesday.”

Mortgage Professional America - “Big bank in hot water over kickback allegations” (5-12-15)

“Wells Fargo is once again in hot water, this time over force-placed insurance.  The banking giant, along with perennial defendant Assurant, is being sued in federal court over an alleged force-placed insurance kickback scheme, in which plaintiffs claim that Assurant artificially inflated premiums on insurance in order to pay kickbacks to Wells Fargo.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in April” (5-12-15)

“Mortgage credit availability increased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Bloomberg - “Top-Ranked Bond Manager Itching for New Breed of Risky Mortgages” (5-12-15)

“Brad Friedlander of Angel Oak Capital Advisors has ranked among the top 6 percent of his peers by betting on boom-era U.S. housing debt in his $4 billion mutual fund. He’s now eager to buy bonds backed by riskier new mortgages that private lenders had until recently abandoned.”

DS News - “DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation” (5-12-15)

“The U.S. Department of Justice has made a non-public motion to have a lawsuit dismissed that was filed by MetLife four months ago over the “too big to fail” tag which the government applied to the New York-based global insurance provider, according to media reports.”

Mortgage Professional America - “Daily Market Update: Markets with double-digit price increases soared in Q1 2015″ (5-12-15)

“The number of metro areas where home prices increased by double-digits soared in the first three months of this year. The latest quarterly report from the National Association of Realtors shows that stronger demand and lagging inventory helped push prices higher in many areas with 51 metros showing double-digit rises.”

Housing Wire“Realtor.com launches all-out offensive in war with Zillow” (5-12-15)

“Vowing that Move (MOVE) will spend more than it has ever spent on a branding, advertising and marketing campaign, Move CEO Ryan O’Hara on Tuesday rolled out a star-studded Realtor.com strategy that shows how new owner News Corp (NWS) is going to “turbocharge the results” in the realtor.com war for listings and ad dominance with Zillow Group (Z).”

DS News - “Goldman Sachs Ordered to Pay Australian Bank $100 Million for MBS ‘Conflict of Interest’” (5-12-15)

“Goldman Sachs has been ordered by arbitrators to pay approximately $100 million to National Australia Bank (NAB) for a “conflict of interest” regarding mortgage-backed securities sales in the run-up to the mortgage meltdown, according to media reports.”

Mortgage Professional America - “What does financial literacy mean in 2015″ (5-8-15)

“The consumer financial services industry has undergone a dramatic transformation over the past ten years, facing challenging business environments, landmark financial reform and an evolving credit market.”

 

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 2 bedroom, 1 bathroom home appraised for $162,000.

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Looking Back:

The amount of cities that experienced home-price growth was at 74%, down from 89% in 2013 with the decrease in demand.  Mortgage risk increased to 11.89 with the increase in FHA loan volume.  The Mortgage Bankers Association reported a 5% increase in new home purchase applications.

Copyright: Image from www.flickr.com/photos/tarboxje/

 

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.

 

Almost 10% of Adults in America have no History of Credit According to Latest CFPB Report

Tuesday, May 5th, 2015

 

 

Today’s News Synopsis:

Almost 26 million, 0r 10%, of adults in America have no history of credit according to the latest report from the CFPB.  Freddie Mac reported their profit in the first quarter was $524 million, way up from $227 million in the fourth quarter of 2014.  Home prices increased 5.9% annually according to CoreLogic.

 

In The News:

DS News - “CFPB Report Finds 26 Million American Adults Have No Credit History” (5-5-15)

“A report titled “Data Point: Credit Invisibles” published Tuesday by the Consumer Financial Protection Bureau (CFPB) Office of Research found that 26 million American adults (about 10 percent) do not have a credit history with any of the three nationwide consumer reporting agencies, termed as “credit invisible” by the Bureau’s director.”

Bloomberg - “Pickup in Service Industries Points to U.S. Growth Rebound” (5-5-15)

“The biggest part of the U.S. economy awoke from its first-quarter torpor as service industries from real estate to transportation and banking picked up in April.  The Institute for Supply Management’s non-manufacturing index rose to 57.8, the highest since November, from 56.5 in March, the Tempe, Arizona-based group’s report showed Tuesday. Readings above 50 signal expansion.”

Housing Wire - “CoreLogic: Homes prices rose in March up 5.9% annually” (5-5-15)

“Home prices nationwide, including distressed sales, increased by 5.9% in March 2015 compared with March 2014, according to the latest home price index from CoreLogic (CLGX).”

DS News - “Morgan Stanley Says It Might Settle MBS Suit With Deutsche Bank for $292 Million” (5-5-15)

“Morgan Stanley reported in its quarterly filing that it might take a $292 million loss as a result of a potential settlement with Deutsche Bank over the misrepresentation of mortgage-backed securities.”

Mortgage Professional America - “Daily Market Update: Low income families can’t afford even the least expensive homes” (5-5-15)

“A new report from Zillow reveals that home ownership for America’s lowest-income families is worsening. The study shows that the least affluent third of families cannot afford even the least expensive homes as wages have failed to increase despite economic growth.”

Housing Wire“Moody’s: Stopping eminent domain seizures of underwater mortgages a credit positive” (5-5-15)

“The House of Representatives’ Appropriations Subcommittee approved a bill last week for Transportation, Housing and Urban Development appropriations for the fiscal year ending 30 September 2016.”

DS News - “Senator Seeks to Permanently Extend Foreclosure Protection for Servicemembers” (5-5-15)

“U.S. Senator Sheldon Whitehouse (D-Rhode Island) has announced legislation that would permanently protect servicemembers and their families from losing their homes to foreclosure, according to a release on Whitehouse’s website.”

Housing Wire - “Freddie Mac reports profit of $524M in first quarter” (5-5-15)

“Freddie Mac reported net income of $524 million for the first quarter of 2015, compared to $227 million for the fourth quarter of 2014.  The company also reported comprehensive income of $746 million for the first quarter of 2015, compared to $251 million for the fourth quarter of 2014.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 4 bedroom, 1 bathroom home appraised for $203,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

 

Looking Back:

Fannie Mae’s Book of Business decreased 2.2% in the first quarter and ended it at -1.8%.  The Wells Fargo Economics Group reported that personal income increased by .5%, up from .1% the previous month and continuing to remain strong.  Over the following weeks, the Justice Department was expected to press charges against several big banks for various charges.

 

Copyright: Image from www.flickr.com/photos/jakerust/

 

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.


 

All Cash Sales for Homes Decrease to 38.9% in January

Thursday, April 9th, 2015

 

Today’s News Synopsis:

New home purchase applications increased last month by 17% according to the Mortgage Bankers Association.  All cash sales for homes decreased in January to 38.9%, down from 41.4% year-over-year.  Mortgage rates decreased again with the weak job market; 30-year rates now stand at 3.66% and 15-year rates are at 2.93%.

 

In The News:

Housing Wire - “CFPB fines mortgage lender $250K for claiming government affiliation in ads” (4-9-15)

“The Consumer Financial Protection Bureau took action against RMK Financial Corporation for deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government.”

Mortgage Professional America“FICO and others announce new scores, but will lenders be using them?” (4-9-15)

“Recently, FICO announced a new score system that is expected to be launched industry wide at the end of this year. This score is designed for those that are “unscoreable”, or have little to no credit history, and cannot get credit cards.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in March” (4-9-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2015 shows mortgage applications for new home purchases increased by 17 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Housing Wire - “Cash home sales share drops to 38.9% in January 2015″ (4-9-15)

“Cash sales made up 38.9% of total home sales in January 2015, down from 41.4% in January 2014, down from the peak of 46.5%, according to CoreLogic.”

Mortgage Professional America - “Daily Market Update: Home buying makes financial sense but renters struggle to make the move” (4-9-15)

“Many renters in a nationwide survey say their personal finances are stopping them from making the move to home ownership. Zillow found that 16% of renters don’t qualify for a mortgage; 18% can’t afford the taxes; and 13% don’t have savings for a downpayment.”

OC Housing News“Sell now or be priced-in forever!” (4-9-15)

“Since lenders learned to can-kick their way out of any bout of irresponsible lending, they created a new phenomenon in modern real estate: priced-in forever.  In a bygone era prior to the housing bubble, it was nearly impossible to be priced-in to your home for very long.”

Housing Wire- “Mortgage rates decline on weaker jobs report” (4-9-15)

“Average fixed mortgage rates moved lower following a weaker than expected jobs report for March, according to the latest from Freddie Mac.  30-year fixed-rate mortgage averaged 3.66% with an average 0.6 point for the week ending April 9, 2015, down from last week when it averaged 3.70%. A year ago at this time, the 30-year FRM averaged 4.34%.”

Mortgage Professional America - “Why the government is keeping a lid on Fannie, Freddie profit sweep” (4-9-15)

“The head of the U.S. Senate Judiciary Committee wants federal officials to uncloak documents surrounding a 2012 decision to alter the terms of the taxpayer bailout of housing agencies Fannie Mae and Freddie Mac.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Mortgage applications decreased by 1.6% in the latest Mortgage Bankers Association Survey.  Weather conditions had a large effect the growth of the economy according to the Federal Open Market Committee.  Despite in years past making up only a small percentage of the market, second-home mortgages increased since 2009 and were shown to be at 4.76% average.

 

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.

Copyright: Image from www.flickr.com/photos/stevendepolo/

 

 

Increase in Non-Revolving Debt Leads to More Consumers Borrowing Money

Tuesday, April 7th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported the amount of mortgage credit that is available increased last month by 2.3% to 12.  In addition, consumer credit or the amount of money borrowed by consumers, increased in February with the increase in non-revolving debt.  CoreLogic reported the increase in home prices was slower month-over-month in February but increased greatly for the whole year at 5.6%.

 

In The News:

Bloomberg“Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt” (4-7-15)

“Consumer borrowing in the U.S. increased in February as the value of non-revolving debt climbed by the most since July 2011.  The $15.5 billion advance in household credit followed a $10.8 billion gain in January that was smaller than initially reported, Federal Reserve figures showed Tuesday in Washington.”

DS News - “Fannie Mae: Slow Wage Growth Stalls Consumer Housing Sentiment” (4-7-15)

“The optimism expressed by consumers toward the economy and the housing market at the beginning of the year has stalled as consumers’ attitudes toward personal finances and wage growth have taken a step backward, according to Fannie Mae’s March 2015 Housing Survey released Tuesday.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in March” (4-7-15)

“Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Housing Wire - “Second look: Home price surge unlikely to last” (4-7-15)

“CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February.  While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.”

DS News“Foreclosure Starts Leveling Off After Spiking to Start 2015″ (4-7-15)

“Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services’February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.”

Mortgage Professional America - “The strongest and weakest housing markets of 2015″ (4-7-15)

“While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.”

Realty Trac“Will Easier Credit Unleash Real Estate Sales?” (4-7-15)

“If there has ever been a time for a real estate home run this is about as good as it gets. Interest rates are near historic lows, home values have yet to return to their 2007 peak and the population has grown by nearly 20 million people in the past eight years.”

Bloomberg“U.S. Stocks Advance Amid Corporate Deals, Interest Rate Bets” (4-7-15)

“U.S. stocks fell, after two days of gains, amid declines in consumer and utility shares before the release of Federal Reserve meeting minutes Wednesday.  Equities in the final hour erased gains after the Standard & Poor’s 500 Index climbed as much as 0.4 percent amid corporate deals.”

Mortgage Professional America - “4 million: The number of mortgages that never happened” (4-7-15)

“Researchers at the Urban Institute (UI) claim that 4 million more loans would have been made between 2009 and 2013 if lenders had used the same credit standards as were used in 2001.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

More and more consumers were having a positive outlook on the market right and believed it was a good time to buy.  Citigroup reached a settlement with 18 institutional investors and agreed to pay $1.125 billion.  A bill was passed by the Senate on this day to extend jobless benefits through the end of May for over 2 million unemployed workers.

 

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.

Copyright: Image from www.flickr.com/photos/manoftaste-de/

 

 

1.2 Million Homeowners Came Out of Negative Equity in 2014

Tuesday, March 17th, 2015

 

 

Today’s News Synopsis:

Commercial/Multifamily Mortgage Debt by 1.9% ($48.9 billion) to $2.64 trillion, the fastest growth rate in 8 years.  Home prices in Southern California increased by about 8.4% month-over-month, while home sales decreased by 2.7% month-over-month.  CoreLogic reported 1.2 million homeowners came out negative equity in 2014.

In The News:

Los Angeles Times“Southern California home prices rise, sales fall in February” (3-17-15)

“Spring has not sprung just yet in Southern California’s housing market.  Home prices in the six-county Southland in February stayed about the same as they have been for nine months, while sales volume drooped compared to this time last year. That’s according to new figures out Tuesday from CoreLogic DataQuick.”

Housing Wire - “JPMorgan to buy $45B in Ocwen MSRs” (3-17-15)

“A name was finally given to the buyer of $45 billion of Ocwen (OCN) mortgage-servicing rights, which was first reported on at the beginning of March.”

NAHB“Housing Starts Fall 17 Percent in February” (3-17-15)

“Nationwide housing starts dropped 17 percent to a seasonally adjusted annual rate of 897,000 units in February, according to newly released data from the U.S. Commerce Department.”

Bloomberg“California’s Housing Costs Endanger Growth, Analyst Says” (3-17-15)

“California’s high housing costs threaten the state’s economy as workers increasingly struggle to afford a roof over their heads, the state Legislative Analyst’s Office said in a report released Tuesday.”

Mortgage Professional America - “Daily Market Update: High rents freeze out new homebuyers” (3-17-15)

“A new report reveals that renting is becoming less affordable in many parts of the United States. The National Association of Realtors (NAR) said the gap between rents and incomes is widening to “unsustainable levels” and is calling for more building to ease the pressure on demand.”

OC Housing News“Will Millennials move to the suburbs and buy houses?” (3-17-15)

“The Millennial generation is larger than the Baby Boomer generation, and Millennials are entering the stage in their lifecycles when people typically buy homes; therefore, the biggest component of housing demand over the next 20 years will likely be Millennial buyers.”

Housing Wire - “Experian: More homeowners going back to paying their mortgage” (3-17-15)

“The first mortgage default rate dropped for the first time since July 2014 after months of steady increases, the February S&P/Experian Consumer Credit Default Indices report said.  The first mortgage default rate decreased two basis points to 1% from the previous month, and is significantly down from 1.23% a year ago.”

Realty Trac“Will Google Disrupt The Mortgage Marketplace?” (3-17-15)

“When it comes to mortgages everyone gets the idea that borrowers should shop around and let lenders battle for their business. Such shopping largely doesn’t happen, but a looming new player in the mortgage comparison game may change that.”

Mortgage Professional America“What areas have the highest and lowest down payment averages?” (3-17-15)

“Home buyers who purchased a single-family home or condo in 2014 put 14% down, translating into an average $32,141, according to the latest data from RealtyTrac.  The real estate information firm’s report analyzed nearly 1.5 million purchase loans were included in the analysis in 386 counties nationwide.”

Housing Wire“CoreLogic: More than 1 million homeowners regained equity in 2014″ (3-17-15)

“Some 1.2 million borrowers regained equity in 2014, bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89% of all mortgaged properties, according to CoreLogic (CLGX).”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007″ (3-17-15)

“Total commercial/multifamily debt outstanding stood at $2.64 trillion in the fourth quarter of 2014, an increase of $48.9 billion, or 1.9 percent, over the third quarter, according to data collected by the Mortgage Bankers Association (MBA).”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Builder confidence increased only slightly this month to 47 according to the latest index report by the NAHB.  California was facing a lawsuit for using money meant to aid homeowners to pay off its own state debt.  Due to equity holdings increasing by $2.1 trillion to $10 trillion the previous year, 4 million homeowners were out of negative equity despite the still sluggish economy.

 

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.

Copyright: Image from www.flickr.com/photos/jakerust/

 

 

Homeowner Expectations Exceed Appraisers’ Regarding Home Values

Tuesday, March 10th, 2015

 

 

Today’s News Synopsis:

Foreclosures declined by 33.2% in January according to the latest CoreLogic Foreclosure Report.  Home prices increased that same month by 1.4%, although this increase is not expected to last.  The opinions of appraisers regarding the value of homes was lower than homeowner expectations by 0.13%.

In The News:

DS News“Foreclosure Inventory Drops By One-Third Year-Over-Year” (3-10-15)

“The nation’s foreclosure inventory and number of completed foreclosures continued their steady downward spiral in January, according to CoreLogic’s January 2015 National Foreclosure Report released on Tuesday.”

Mortgage Professional America - “WalletHub: FHA premiums costs borrowers as much as $12,000 in 2014″ (3-10-15)

“Private mortgage insurance was hard to come by in the years following the housing market collapse, as the companies that offer it incurred significant losses, with several even going bankrupt.  Federal Housing Administration’s (FHA) loans became the primary option for low-down-payment consumers, and its volume grew by more than 355% from 2007 to 2009.”

Housing Wire“January’s home price growth surge may be temporary” (3-10-15)

“The CoreLogic (CLGX) measure of house prices surged by a seasonally adjusted 1.4% month-over-month in January, the largest monthly gain in almost two years, however, Capital Economics thinks this surge will be short term.”

Realty Trac - “Millennials: One Generation in a Million” (3-10-15)

“The last time an age group could legitimately be named ‘Millennials’ was 1000 AD and innovation around the globe had given that younger generation longbows (Wales), bars of soap (Arabia), toothpaste (China), and something essential to life support for today’s Millennials, pizza.”

Mortgage Professional America“Daily Market Update: Record number of consumers believe it’s easy to get a mortgage” (3-10-15)

“More consumers believe it is easy to get a mortgage now than ever before according to the Fannie Mae National Housing Survey. The February edition of the report shows that a record high of 54% of those polled say it would be easy to get a mortgage while a record low of 43% think it would be difficult.”

DS News - “MCS: Challenges of Servicing FHA Mortgages Are ‘Real, But Not Insurmountable’” (3-10-15)

“In the February 2015 Mortgage Industry Outlook Report released last month by the Collingwood Group and the Five Star Institute, 39 percent of survey respondents who service Federal Housing Administration (FHA) mortgages said that the biggest challenge in servicing those loans was fulfilling the Agency’s property preservation requirements.”

Housing Wire“Appraiser opinions fall below homeowers for 1st time in 18 months” (3-10-15)

“Appraisers valued homes 0.13% lower than homeowners estimated in February, according to the Quicken Loans national Home Price Perception Index.  This is the first time appraiser opinions fell below homeowner estimates since August 2013.”

 

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

 

Looking Back:

With the recovering housing market, Fannie Mae and Freddie Mac had been showing progress and could profit by as much as $179.2 billion over the next ten years.  Home sizes increased substantially over the last few years as the economy recovered and more Americans were wanting larger homes.  The housing scorecard for February was released the previous week by HUD and the Treasury, showing and increase in home sales, decrease in foreclosures, and stability in home prices.

 

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.

Copyright: Image from www.flickr.com/photos/thomashawk/