California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Underwater Borrowers at a High of 4 Million Despite Showing Signs of Decrease

Thursday, December 4th, 2014

 

Today’s News Synopsis:

Mortgage rates decreased again to their lowest since May 2013 with 30-year rates at 3.89% and 15-year rates at 3.10%.  41,000 foreclosures were completed in October, down 26.4% year-over-year yet still at high levels.  Underwater borrowers are also high at 4 million despite showing signs of decrease.

In The News:

Bloomberg - “Mortgage Rates in U.S. Decline to Lowest Since May 2013″ (12-4-14)

“Mortgage rates for 30-year U.S. loans fell for a fourth week, reducing borrowing costs to the lowest level in a year and a half.  The average rate for a 30-year fixed mortgage was 3.89 percent, down from 3.97 percent last week, Freddie Mac said in a statement today. That was the lowest since May 2013. The average 15-year rate dropped to 3.10 percent from 3.17 percent, the McLean, Virginia-based mortgage-finance company said.”

Mortgage Bankers Association“Independent Mortgage Bankers Profits Drop Slightly Despite Higher Volume in the Third Quarter of 2014″ (12-4-14)

“ Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $897 on each loan they originated in the third quarter of 2014, down slightly from a reported gain of $954 per loan in the second quarter of 2014, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Mortgage Professional America“What are the top markets for 2015?” (12-4-14)

“The economic crash in 2008 hit housing hard, but the market has mostly rebounded. Some housing markets, however, have rebounded more than others.”

Housing Wire - “Moodys: Home sales and homebuilding will take off in 2015″ (12-4-14)

“Moody’s Investors Services is bullish on housing and homebuilding for 2015, as they say the year will start with near-record low inventories of completed and unsold new homes, and low inventories of existing homes.”

DS News“Foreclosure Completion Numbers Remain High Despite Steep Decline in October” (12-4-14)

“Foreclosure completions declined significantly both month-over-month and year-over-year in October, but are still way above pre-recession levels, according to CoreLogic’s October 2014 National Foreclosure Report released on Thursday.”

OC Housing News“Reflating the housing bubble hurts homebuilders” (12-4-14)

“Be careful what you ask for because you might get it.  Everyone who makes a living in real estate wanted to see the end of the price decline and a rapid price increase to reflate the housing bubble.”

Mortgage Professional America“Non-QM origination nearly doubles in third quarter” (12-4-14)

“The non-qualified mortgage (QM) share of originations nearly double in the third quarter to 2.6%, according to the National Association of Realtors (NAR) Fourth Quarter Survey of Mortgage Originators.”

DS News“Despite Continuing Decline, Underwater Borrowers Still Total Four Million” (12-4-14)

“Despite the declining share of underwater mortgages as a percentage of all mortgages in the U.S., which has fallen below 8 percent, about four million borrowers are still underwater, according to Black Knight Financial Services’ October 2014 Mortgage Monitor released today.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 4 bedroom, 2.5 bathroom home appraised for $375,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

A recent report from the Mortgage Bankers Association showed mortgage applications decreased 12.8% from the previous week.  Sales of new homes increased by 25.4% to 444,000 units in October.  Five major banks had not met compliance requirements laid down in the National Mortgage Settlement.  These banks were Bank of America, Chase, Citigroup, ResCap, and Wells Fargo.

 

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/8525214@N06/

Home Sales and Existing Prices Exceed 10-Year Average

Tuesday, December 2nd, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported delinquency rates for commercial and multifamily loans decreased in the third quarter by 0.37%.  Both home sales and existing home prices increased for the month of October and were higher than the 10-year average.  Spending on construction also increased in October by 1.1%.

In The News:

Housing Wire“Zillow 2015 forecast: More millennials dive into homebuying” (12-2-14)

“Zillow’s (Z) 2015 forecast says that the coming year will be big, and a major change is going to be millennials diving into the homebuying market amid rising rents.”

Mortgage Bankers Association“Commercial/Multifamily Delinquencies Continue Decline in Third Quarter” (12-2-14)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the third quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

Mortgage Professional America“Federal district court bars foreclosure sale of first lien HUD-insured mortgages” (12-2-14)

“Recently, the U.S. District Court for the District of Nevada held that a homeowners association (HOA) foreclosure sale is not valid against HUD-insured loans, but will the ruling be extended to GSE-insured mortgages?”

Housing Wire - “CoreLogic: Home prices moderate into late fall” (12-2-14)

“Home prices, including distressed sales, ticked up by 6.1% in October compared to a year ago, representing 32 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index said.”

OC Housing News“The fantasy of looser lending standards provides false hope for 2015″ (12-2-14)

“Everyone in the real estate industry is hopeful for a better 2015. Financial media panders to this hope with stories of looser credit standards.”

Mortgage Professional America“Renovation Loans and Distressed home sales create opportunity for investors and traditional buyers” (12-2-14)

“During the last few years, investors scooped up millions of cheap homes through foreclosures and short sales. Many transformed the properties to rentals, while others waited for the housing market to improve to sell the homes for a profit. The result is lower-priced homes that are left in less than pristine conditions.”

Housing Wire - “Construction spending ticks up largely on government projects” (12-2-14)

“Construction spending ticked up 1.1% in October from the month before, printing at a seasonally adjusted annual rate of $971.0 billion, reversing a two-month decline.”

DS News“October Sales, Prices for Existing Homes Top 10-Year Average” (12-2-14)

“The figures for both sales and median price for existing homes in October nationwide were higher than the “10-year October average,” or the average of that data from the previous 10 Octobers, according to the National Association of Realtors.”

 

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $291,000 on a 2 bedroom, 1 bathroom home appraised for $449,000.

Lakewood Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The FHFA made revisions to mortgage insurance policies for Fannie Mae and Freddie Mac.  The new policies provided extra protection to the GSEs as well as helped make clear what was required of insurers, originators, and servicers.  Bank of America reached a $404 million mortgage deal with Freddie Mac regarding repurchase claims and mortgages sold prior to the financial crisis.  Eminent domain was starting to become more common in areas where unemployment and poverty was higher.

 

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/59937401@N07/

Home Affordability for Middle Class Decreases

Tuesday, November 18th, 2014

 

Today’s News Synopsis:

The NAHB reported an increase in builder confidence by four points to 58.  Home affordability for the middle class decreased over the past year as a result of increased home prices according to Trulia.  In addition, first mortgage default rates continue to show signs of increase according to S&P/Experian, having increased 0.96% from 0.93% last month.

In The News:

NAHB“Builder Confidence Rises Four Points in November” (11-18-14)

“Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Housing Wire“Trulia: Home affordability slips for middle class” (11-18-14)

“Home affordability continues to challenge first-time, young and middle-class buyers, with some of the warmer climes generally making for the hottest – and least affordable – housing markets.”

DS News“CoreLogic Launches Compliance Solution for Servicers” (11-18-14)

“Irvine, California-based CoreLogic, a comprehensive comprehensive data, analytics, and services provider for the real estate and financial services industries, has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.”

Housing Wire“S&P/Experian: First mortgage default rate continues upward trend” (11-18-14)

“The first mortgage default rate marginally increased for the third consecutive month, rising to 0.96% in October, up from 0.93% in September and 1.38% a year ago, the S&P/Experian Consumer Credit Default Indices found.”

Bloomberg“U.S. Said to Pursue Charges Against More Mortgage Traders” (11-18-14)

“The U.S. government is building potential securities fraud cases against more Wall Street mortgage-bond traders after winning a conviction this year against a former Jefferies Group LLC trader, according to two people with knowledge of the investigations.”

OC Housing News“With the foreclosure crisis past, why are foreclosures rising?” (11-18-14)

“The foreclosure crisis never ended, it was merely delayed by lender can-kicking. Bankers designed policies to promote loan modification over foreclosure, specifically to drive down the reported delinquency rates. Further, HUD sold off non-performing loans to hedge funds that don’t report their delinquencies, which also lowers the reported rate.”

Realty Trac“20 Most Affordable Markets With Good Schools” (11-18-14)

“RealtyTrac analyzed school test scores for nearly 25,000 elementary  schools in more than 7,500 U.S. ZIP codes, along with home price affordability  in those same zip codes to identify the top zip codes with the ideal  combination of good schools and affordable home prices — and also with low  unemployment rates below the national average.”

Housing Wire“FHA mortgage insurance premiums won’t be going down in 2015″ (11-18-14)

“Despite the Federal Housing Administration showing improvement in its financial house, it’s unlikely FHA mortgage insurance premiums will be going down in 2015.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Builder confidence continued to remain unaltered at 54 according to the National Association of Home Builders.  Home prices increased quarterly to their highest since the beginning of the housing recovery with the increase in home sales and decrease in foreclosures.  JPMorgan Chase had just reached a $4.5 billion deal with over 21 investors to settle claims over residential mortgage-backed securities.

 

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/wwworks/

Local Home Sales and Prices Stronger than National Sales

Tuesday, November 4th, 2014

Copyright: Image from www.flickr.com/photos/106574022@N04/

 



Today’s News Synopsis:

The amount of mortgage credit available decreased again in October by 2.5% down to 113.2.  The numbers for sales and median sale prices for local homes was stronger than international sales.  A new regulation established by HUD that would make filing allegations against discrimination easier was thrown out this week by a federal judge.

In The News:

Housing Wire“Local housing markets outpace national numbers” (11-4-14)

“Both unit sales and median sales prices averaged growth in the mid single digits for the month of September, and inventory levels continue to be constrained at just above four months’ supply, according to a client note from Sterne Agee analysts Jay McCanless and Annie Worthman.”

Mortgage Professional America - “Baby Boomers plan to upsize, not downsize, if they move at all” (11-4-14)

“The iconic suburban, single-family American home isn’t going anywhere – and neither are their Baby Boomer owners. Contrary to common belief, the post-World War II generation will not be trading home ownership for renting, suburbs for cities, or yards and gardens for more maintenance-free living.”

Housing Wire - “Mortgage credit availability drops again” (11-4-14)

“Mortgage credit availability dropped in October according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association.”

Realty Trac - “Mortgages: Do we need inflation?” (11-4-14)

“Real estate needs a pick-me-up, something of a surprise considering that home values remain below 2007 prices and mortgage rates continue to hover around 4 percent.”

Mortgage Professional America - “Judge throws out Obama administration housing discrimination rule” (11-4-14)

“A federal judge this week has tossed out a Department of Housing and Urban Development (HUD) regulation that was designed at making filing allegations of housing discrimination easier.”

Housing Wire - “CoreLogic: Home price growth ‘clearly slowing’” (11-4-14)

“Home prices, including distressed sales, grew by 5.6% in September compared to a year ago, marking 31 months of straight consecutive year-over-year increases in homes prices nationally, CoreLogic’s home price index revealed.”

Inman“NAR betting Mitch McConnell will become Senate majority leader” (11-4-14)

“The National Association of Realtors is betting on Republicans to take control of the Senate in today’s election, spending nearly $2 million in soft money in the hopes of re-electing the man who is likely to lead it if they do.”

OC Housing News“First-time homebuyer participation hits three-decade low” (11-4-14)

“First-time homebuyers are the bedrock of the housing market, the foundation upon which all housing activity rests. The amounts first-time homebuyers can borrow determines the floor of housing market prices because first-time homebuyers generally have limited savings to push prices up beyond what lenders will loan them.”

Mortgage Professional America - “Single-family construction is set to take off” (11-4-14)

“A growing economy, rising household formations, low mortgage rates and pent-up demand will help single-family housing production to rev up in 2015, according to economists who participated in National Association of Home Builders (NAHB) 2014 Fall Construction Forecast Webinar.”

 

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 2 bedroom, 2 bathroom home appraised for $225,000.

Compton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The Lender Processing Services reported it is not likely that there will be more delinquencies as the result of ARM resets since 63% of the of the ARM loans had already been reset.  Several large banks were being sued by Fannie Mae for LIBOR rigging, alleging that the banks manipulated mortgage rates, credit cards, and other financial tools.  Ginnie Mae was coming closer toward modernization with the FHA continuing to push for new transparency and data disclosure.

 

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.

FOMC Announces End to Tapering

Wednesday, October 29th, 2014

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

 

 

 

Today’s News Synopsis:

 

In a big news story, the FOMC announced the end to tapering with the closure of their Quantitative easing program.  The Mortgage Bankers Association reported a 6.6% decrease in mortgage applications from last week.  Foreclosures also decreased by almost a third year-over-year in September.

 

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-29-14)

“Mortgage applications decreased 6.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 24, 2014.”

Housing Wire - “FOMC: Tapering is officially over” (10-29-14)

“It’s over.  Federal Open Market Committee officially decided to conclude its more than two-year-old asset purchase program this month due to the substantial improvement in the outlook for the labor market and strength in the broader economy.”

Mortgage Professional America“Regulator finds illegal practices in mortgage, student loans” (10-29-14)

“The Consumer Financial Protection Bureau (CFPB) issued a report Tuesday that alleges mortgage and student loan servicers are engaged in a bevy of illegal practices.”

Bloomberg“Mortgage Bonds Stare Down End of Fed Easing as Gains Persist” (10-29-14)

“The end of the Federal Reserve’s third round of bond purchases is proving to be a non-event for mortgage-backed debt.  That’s partly because even though the U.S. central bank won’t be adding more home-loan securities to its balance sheet, policy makers will still be buying enough to prevent its holdings from shrinking.”

OC Housing News“How to save money for a down payment to buy a house” (10-29-14)

“The biggest barrier to sales today is the lack of a down payment. In the post How restricted for-sale housing inventory saps demand, I demonstrated how stagnant wages and high rents hinders people from saving enough to obtain a down payment on a house.”

Housing Wire - “Completed foreclosures down almost one-third from September 2013″ (10-29-14)

“There were 46,000 completed foreclosures nationally, down from 68,000 in September 2013, a year-over-year decrease of 32.6% and down 61% from the peak of completed foreclosures in 2010, according to CoreLogic (CLGX).”

Mortgage Professional America“Home price gains continue to cool off” (10-29-14)

“The annual growth in U.S. home sales prices continues to grow more slowly in August, according to a report released by S&P/Case-Shiller.”

Housing Wire“Fannie Mae joins JPMorgan to launch new risk-sharing bond deal” (10-29-14)

“In its continuing effort to offload some of the credit risk it carries, Fannie Mae is preparing to launch a new credit-risk sharing deal with the help of JPMorgan Chase (JPM).”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

According to the latest S&P/Chase-Shiller Index, home prices increased again in August by 12.8% year-over-year, their fastest in over 6 1/2 years.  According to a recent study by USC, more Asian and Latino immigrants were able to keep their homes during the Great Recession as opposed to native-born citizens.  At the recent 100th annual MBA conference and expo, CFPB director Cordray defended the new mortgage applications some found controversial.

 

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.

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

Copyright: Image from www.flickr.com/photos/106574022@N04

 

 

 

Today’s News Synopsis:

 

Home prices continue to increase with their recent gains of 5.5% year-over-year and 0.2% month-over-month according to the latest Case-Shiller Index.  The homeownership rate decreased to its lowest since 1995 with its recent drop to 64.4 percent from 64.7% in the third quarter.  The risk of mortgage fraud increased 3.2% in the last year according to CoreLogic.

 

In The News:

DS News“Percentage of Short, Distressed Sales Falls to Three-Year Low” (10-27-14)

“Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac’s Q3 2014 Residential Sales Report released today.”

Housing Wire - “S&P Case-Shiller: Home price growth continues to slow” (10-28-14)

“Home price growth continues to slow, according to the latest S&P/Case-Shiller Home Price Indices for August 2014.  The 10-City Composite gained 5.5% year-over- year and the 20-City 5.6%, both down from the 6.7% reported for July.”

Bloomberg“U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans” (10-28-14)

“Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.  The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.”

OC Housing News“A fixed cost of housing is the best reason to buy a house” (10-28-14)

“The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very large mortgage to buy real estate.”

Housing Wire - “Moving up: Statebridge approved by Freddie Mac” (10-28-14)

“Freddie Mac officially approved Statebridge Company as a servicer, fulfilling one of its strategic goals, set when it was founded in 2008.  Statebridge is a mortgage servicer based in Denver, Colorado.”

Mortgage Professional America“Fitch: FHFA proposals help GSEs maintain their dominant positions” (10-28-14)

“The Federal Housing Finance Agency’s (FHFA) announcement last week to allow Fannie Mae and Freddie Mac to purchase mortgages with slightly higher loan-to-values (LTV) signals a continued shift in direction, according to Fitch Ratings.”

Bloomberg“U.S. Homeownership Rate Falls to Lowest Since Early 1995″ (10-28-14)

“The homeownership rate in the U.S. fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.”

Housing Wire“CoreLogic: Mortgage fraud risk rises 3.2% in last year” (10-28-14)

“The risk of mortgage fraud has increased by 3.2% in the past year, according to the CoreLogic Mortgage Fraud Report.  Based on its report, CoreLogic estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.”

Mortgage Professional America - “CA housing boom: Are you in?” (10-28-14)

“There may be fewer military boots on the ground overseas, but here in the U.S. there have been major campaigns in the housing market this year directed at veterans.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Pending sales for existing homes decreased 5.6%, the biggest in three years.  Housing affordability decreased across the nation with the increase in interest rates and prices and slow increase in income.  Over 950,000 homes had been purchased by investors since 2011, totaling $1 trillion.

 

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.

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

A new recent poll by Bankrate.com showed more and more Americans are saving money with the uncertainty about the economy’s future and slow income growth.  Rumor has it Facebook will be doing more business with lending.  Another survey from RealtyTrac showed over 50% of housing markets have improved from two years ago.

In The News:

Housing Wire - “Citigroup 3Q revenue jumps to $19.6B” (10-14-14)

“Citigroup (C) posted net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.”

DS News - “Survey Finds Consumer Spending Tight Despite Financial Security” (10-14-14)

“Stagnant income growth and uncertainties about the economy’s future have spurred more Americans to putting a tight lid on their monthly spending, according to a new poll.”

Bloomberg“Fannie Mae Common Shares Rally, Rebounding From Judge’s Ruling” (10-14-14)

“Fannie Mae and Freddie Mac common shares rose for a fifth day in New York trading, erasing most of their drop tied to a court ruling last month, while the companies’ preferred securities posted smaller gains.”

Housing Wire - “Is the era of buying homes with cash coming to an end?” (10-14-14)

“Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since august 2008.”

Mortgage Professional America“Social media giant to enter lending business” (10-14-14)

“With rumors already circulating about Facebook’s intention to offer payment services, the social media giant is now also believed to be looking at lending.”

DS News - “Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago” (10-14-14)

“A total of 811 U.S. county housing markets (52 percent) were rated as “better off” than they were two years ago, compared to only 11 percent (176 markets) categorized as “worse off,” according to RealtyTrac’s 2014 Election Housing Scorecard released on Tuesday.”

Housing Wire“Mortgage banking industry weighs in support for single GSE bond” (10-14-14)

“A common securitization platform and a single GSE bond is coming soon enough from the Federal Housing Finance Agency, and while details are still under discussion the mortgage banking industry is weighing in with their thoughts.”

OC Housing News“Is housing headed for another stimulus hangover?” (10-14-14)

“Ever since house prices began a steep, deep, and unprecedented decline in 2008, the government, lenders, and the federal reserve have changed policies and applied stimulus of various kinds to reverse the decline and reflate the previous bubble in order to restore collateral backing to bubble-era home loans to preserve the solvency of our banking system.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TOMORROW.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

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.

Housing Market Loses $83 Billion A Year Due to Increased Student Debt

Wednesday, October 8th, 2014

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

 

 



Today’s News Synopsis:

John Burns Real Estate Consulting confirmed reports by HousingWire that student debt and the housing recovery are correlated in that the housing market is losing $83 billion a year due to higher student debt.  Mortgage applications saw an increase this past week by 3.8% according to the latest Mortgage Bankers Association Applications Survey.  Consumer optimism over the housing market is continuing to show signs of increase.

 

In The News:

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (10-8-14)

“Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 3, 2014.”

Bloomberg“Tightest Credit Market in 16 Years Rejects Bernanke’s Bid” (10-8-14)

“Lenders are continuing to tighten the credit vise on homebuyers after five straight years of economic expansion, imposing the toughest standards since at least 1998, according to a new index by CoreLogic (CLGX) Inc.”

Housing Wire“Student debt costs housing $83B a year” (10-8-14)

“For more than a year HousingWire has been reporting on the link between high levels of student loan debt and the struggling housing recovery.  Now John Burns Real Estate Consulting has quantified the true measure of this dismal reality: Student debt will cost the housing industry approximately $83 billion in sales in 2014.”

Mortgage Professional America“The unlevel playing field: Mortgage originators versus banks” (10-8-14)

“It’s not news that much of the blame for the housing crisis has been directed at mortgage originators.  However, almost eight years later in a much improved housing climate, the group is still paying for the financial meltdown and shoddy lending practices.”

OC Housing News - “Is SoCal housing overvalued or merely as expensive as usual” (10-8-14)

“What is the best measure of value in a housing market? The two most commonly accepted measures are price-to-rent and price-to-income, but both have a similar weakness: they don’t consider the impact of fluctuations in mortgage interest rates.”

Bloomberg“What Central Bankers Want Is to Be Boring, Hampl Says: Economy” (10-8-14)

“Some central bankers have had enough of living in the limelight.  As policy makers, academics and investors debate whether the world economy can return to its pre-crisis shape, the community of central bankers is yearning to ditch unconventional tools and return to the standard monetary routine, even if they are unable to do so for now, Czech National Bank Deputy Governor Mojmir Hampl said.”

Mortgage Professional America - “Consumers more optimistic about housing” (10-8-14)

“Americans are getting more optimistic about the housing market after a recent dip in sentiment, according to new data from Fannie Mae. The jump in optimism, along with positive employment data, spurred hopes for a modest housing recovery in 2015.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The California housing market was expected to continue to improve into the coming year with the pending increase in home prices and sales.  Three top banks, Morgan Stanley, Bank of America, and Wells Fargo were expected to see an increase in earnings and lead the top six U.S. lenders.  With the recent government shutdown and hesitation about the debt ceiling, more and more investors were more cautious.

 

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

Home Price Growth Strongest in Five Months in August Despite Being on Overall Decline

Tuesday, October 7th, 2014

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior.  Despite this, growth was actually the strongest it had been in five months.  RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.

 

In The News:

Housing Wire“CoreLogic: Home price growth continues downward trend” (10-7-14)

“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”

Bloomberg“Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)

“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”

Realty Trac“Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)

“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”

Housing Wire“Capital Economics: August price growth was strongest in five months” (10-7-14)

“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”

Mortgage Professional America“CFPB is doing a good job overall — government watchdog” (10-7-14)

“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General.  The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”

OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)

“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”

Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)

“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”

Realty Trac“Boston Foreclosures Bouncing Back” (10-7-14)

“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits.  The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement.  Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.

 

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 Half of Foreclosures Over Last Year Completed in Five States

Thursday, October 2nd, 2014

 

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



Today’s News Synopsis:

Freddie Mac reported mortgage rates decreased slightly this week with 30-year rates now at 4.19% from 4.2%, and 15-year rates remained the same at 3.36%.  The amount of mortgage credit that is available remained the same this month at 116.1.  Almost half of the foreclosures completed over the last year were primarily in five states: Florida, Michigan, Texas, California, and Georgia.

In The News:

Bloomberg - “U.S. Apartment Vacancies Rise for First Time Since 2009″ (10-1-14)

“The U.S. apartment-vacancy rate rose for the first time in almost five years, a sign that supply is starting to catch up to rental demand after a boom in multifamily construction.”

Mortgage Bankers Association“Mortgage Credit Availability Unchanged in September” (10-2-14)

“Mortgage credit availability remained unchanged in September according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product.”

Los Angeles Times“Freddie Mac: Average 30-year mortgage rate drops to 4.19%, from 4.2%” (10-2-14)

“Mortgage-rate trends were mixed early this week, Freddie Mac said, with lenders offering a 30-year fixed loan at an average of 4.19%, down from 4.2% a week earlier..”

DS News“Five States Account for Nearly Half of Completed Foreclosures in Last 12 Months” (10-2-14)

“Five states accounted for almost half of all completed foreclosures nationwide in the 12-month period ending in August 2014, according to CoreLogic’s August National Foreclosure Report released on Thursday.”

Housing Wire - “Investors Unite forges ahead with plan to end Fannie, Freddie conservatorship” (10-2-14)

“The decision by retiring U.S. District Judge Royce Lamberth to dismiss one of the lawsuits brought against the Department of Treasury brought by Perry Capital and Fairholme Funds may have set back GSE investors. But, it also didn’t stop them.”

Inman“Arkansas Realtors developing safety measures in wake of agent’s murder” (10-2-14)

“Responding to the kidnapping and murder of real estate agent Beverly Carter, the Arkansas Realtors Association has formed a safety task force headed by former association president Karen Crowson, a broker for Crye-Leike Real Estate Services in Benton.”

Mortgage Professional America“Big banks falsely reported bankruptcy, foreclosure for thousands of borrowers — lawsuit” (10-2-14)

“The mortgage units of Wells Fargo and Citigroup will have to face allegations that they falsely notified credit reporting agencies that thousands of homeowners were bankrupt or in foreclosure.”

Bloomberg - “Fed Faulted Over Foreclosure Accord in Watchdog’s Report” (10-2-14)

“The Federal Reserve must take steps to improve handling of complex settlements like the one reached with mortgage servicers over improper foreclosures, an internal watchdog said in a report.”

Housing Wire - “Planned job cuts in September at lowest level since 2000″ (10-2-14)

“Challenger, Gray and Christmas’ count of layoff announcement totals 30,477 in September which is the lowest since all the way back in June 2000.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The initial NAHB forecast for single-family homes was lowed with the increase in interest rates and slowdown in the housing market growth.  Despite home prices increasing year-over-year by 12.4% in August, the housing market was in an off-season with slow growth month-over-month.  The FHFA announced that even during the government shutdown, they would continue to process government-backed mortgage applications.

 

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.