The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

The Norris Group Real Estate News Roundup 1/9/14

Thursday, January 9th, 2014

Today’s News Synopsis:

The recent market survey by Freddie Mac showed mortgage rates bot increased decreased only slightly but remained relatively stable, with 30-year rates now at 4.51% and 15-year rates at 3.56%.  Foreclosure inventory decreased by 29% year-over-year with 46,000 foreclosures completed in the year compared to 64,000 the previous year.  In addition, loan prices for commercial real estate increased ever so slightly to 92.7% in November.

In The News:

Housing Wire“5 big promises the White House is making now about housing” (1-9-14)

“The Secretary of Housing and Urban Development joined the education and agriculture secretaries Thursday in a press conference to elaborate on what will be involved in President Obama’s new “promise zone” initiative.”

CNN Money - “Far fewer mortgage borrowers ‘deeply underwater’” (1-9-14)

“A growing number of mortgage borrowers are keeping their heads above water, according to a report from Realty Trac.”

DS News- “Mortgage Rates React Light News Week” (1-9-14)

“This week saw conflicting reports of interest rate movements, despite markets having little news with which to react.  Freddie Mac’s Primary Mortgage Market Survey showed little movement among fixed rates for the week ending January 9, with the 30-year fixed-rate mortgage (FRM) averaging 4.51 percent (0.7 point), down from 4.53 percent. A year ago, the 30-year FRM was recorded at 3.40 percent.”

Bloomberg - “Home Equity Gains Spur the Economy as Owners Buy Cars: Mortgages” (1-9-14)

“Americans flush with cash as they regain equity in their homes are spending more after years of pinching pennies.”

Housing Wire“Foreclosure pipeline drains out” (1-9-14)

“The number of U.S. homes in foreclosure fell 29% in November with 46,000 completed foreclosures reported, a decrease from 64,000 in November 2012, CoreLogic’s foreclosure inventory report found this week.”

DS News- “Loan Prices Level Off for Commercial Real Estate” (1-9-14)

“Commercial real estate (CRE) loan prices in the secondary market were largely flat in November, according to the latest report from DebtX, a loan sale advisor for commercial, consumer, and specialty finance debt.”

Bloomberg- “Manhattan Apartment Rents Fall as Landlords Offer Breaks” (1-9-14)

“Manhattan apartment rents fell for a fourth month in December and the share of new leases with landlord concessions jumped to an almost three-year high as potential tenants were lured to the surging homebuying market.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 3 bedroom, 2 bathroom home appraised for $340,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased 11.7% from the previous week.  2012 was a record year for housing affordability according to the National Association of Realtors.  Attorney General Eric Schneiderman filed another suit against JPMorgan Chase for faulty mortgage-backed securities, although the bank was pushing to have it dismissed.

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

The Norris Group Real Estate News Roundup 1/8/14

Wednesday, January 8th, 2014

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 2.6% from last week.  The latest home price index from CoreLogic showed home prices increased 11.8% in November, leading to a strong housing growth by the end of the year.  Fannie Mae and Freddie Mac have been ordered by the FHFA to delay making changes to their guarantee fees.

In The News:

Mortgage Bankers Association - “Commercial Mortgage Lender Appetite Expected to Exceed that of Borrowers in 2014″ (1-8-14)

“Commercial and multifamily mortgage lending is expected to increase in 2014, as lenders’ appetites to place new loans grow even stronger, according to a new Mortgage Bankers Association survey of the top commercial and multifamily mortgage origination firms.”

CNN Money - “Fed wanted to taper ‘cautiously’” (1-8-14)

“Federal Reserve officials wanted to move forward “cautiously” with their plan to reduce their stimulus program at their last meeting in December, according to minutes released Wednesday.”

DS News - “Report: Home Prices End Year Strong” (1-8-14)

“CoreLogic’s Home Price Index (HPI) improved year-on-year for the 21st straight month in November, setting 2013 up to be the best year for home price gains since before the crash.”

Housing Wire“How the CFPB plan to empower homeowners” (1-8-14)

“The Consumer Financial Protection Bureau is living up to its name and putting consumers first, as the bureau rolls out tools to help borrowers hold financial firms accountable.”

DS News - “FHFA Directs Fannie and Freddie to Delay Changes to G-Fees” (1-8-14)

“The Federal Housing Finance Agency (FHFA) announced Wednesday that it has directed Fannie Mae and Freddie Mac to delay implementation of planned changes to the companies’ guarantee fee (g-fee) structure.”

CNN Money - “Long-term unemployed still face dim job prospects” (1-8-14)

“Friday morning could bring more good news about the economy when the Labor Department releases its latest monthly jobs report.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-8-14)

“Mortgage applications increased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 3, 2014.”

Bloomberg - “Wells Fargo Creates SWAT Team to Keep Loans In-House: Mortgages” (1-8-14)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, has assigned about 400 underwriters to originate mortgages for the bank to hold, with as many as 40 percent of those loans likely to fall outside government guidelines taking effect this week.”

Mortgage Professional America - “Housing market recovery continuing” (1-8-14)

“Housing markets across the nation are continuing to show gradual improvement, according to data released Tuesday.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 4 bedroom, 2 bathroom home appraised for $243,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

The number of improving markets increased drastically this month and was at 242.  The number of closures for mortgage related businesses was less in 2012 at only 82.  The IRS announced they would begin accepting tax returns as early as the end of this month.

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

The Norris Group Real Estate News Roundup 1/7/14

Tuesday, January 7th, 2014

Today’s News Synopsis:

The latest CoreLogic reported showed home prices increased 11.8% in November 2013.  The amount of mortgage credit available increased only slightly last month by 0.6%, but overall has remained relatively the same.  The NAHB reported that more Americans are choosing to build larger and more expensive homes.

In The News:

Mortgage Bankers Association - “Mortgage Credit Availability Essentially Flat in December” (1-7-14)

“Mortgage credit availability increased slightly in December 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.”

DS News - “Smaller Servicers Slated to Feel Pressure from New Rules” (1-7-14)

“Many smaller servicers have worked feverishly to keep up with the changes handed down from the Consumer Financial Protection Bureau (CFPB), but Fitch Ratings wonders is they’ll run into trouble keeping up with the cost of servicing after the changes are implemented.”

Housing Wire - “Home prices jump 11.8%” (1-7-14)

“Home prices, including distressed sales, shot up 11.8% in November 2013 when compared to a year earlier, representing the 21st consecutive monthly year-over-year increase in home prices nationally.”

NAHB“Housing Markets Continue to Show Gradual Improvement” (1-7-14)

“Markets in 56 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today.”

Housing Wire- “Bank of America down in mid-day trading” (1-7-14)

“Bank of America (BAC), which notably gained investor confidence in the early part of the new year with its shares advancing more than 5% in two days, continues to be the freckled-faced, red-headed stepchild of big banking — or at least one of many.”

DS News- “Regulator Reports Improving Loan Performance for 4th Straight Quarter” (1-7-14)

“The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the third quarter of 2013, reports the Office of the Comptroller of the Currency (OCC).”

CNN Money - “JPMorgan’s $2.6 billion Madoff reckoning” (1-7-14)

“It was a $2.6 billion day of reckoning for JPMorgan Chase over its decades of dealings with Bernard Madoff.”

Housing Wire- “Americans Build larger, more costly homes” (1-7-14)

Newly built single-family homes in the United States are getting bigger, costlier to build and more expensive, according to the National Association of Homebuilders. This news comes on the heels of news that home prices climbed 11.8% between November 2012 and November 2013.”

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

Bank of America settled a dispute with Fannie Mae to pay $11.7 billion to settle bad mortgage deals.  Also, ten of the largest banks in the nation also agreed to a foreclosure settlement of $8.5 billion with federal regulators.  Short sales for Fannie Mae and Freddie Mac were at their highest on record at 37,966 in September, an increase of 4% from the previous quarter.

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

The Norris Group Real Estate News Roundup 12/17/13

Tuesday, December 17th, 2013

Today’s News Synopsis:

The NAHB reported builder confidence for new single-family homes  increased by four points to 58.  The increase in home prices has led to 791,000 properties being brought out of negative equity, although 6.4 million remain underwater.  The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest rates.

In The News:

Housing Wire - “Federal Reserve raises the bar on stress tests” (12-17-13)

“The bar banks have to achieve in order to abide by next year’s stress tests is about to get higher as the Federal Reserve redefines the limits top banks need to reach to pass.”

DS News- “Holidays Cause Slowdown in Foreclosure Activity” (12-17-13)

“In California, notices of default, notices of trustee sale, and foreclosure sales declined in November to their lowest levels since January 2007. Analysts point to the holidays likely being a contributing factor.”

NAHB - “Builder Confidence Rises Four Points in December” (12-17-13)

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

Los Angeles Times - “Bay Area home prices rise, sales plunge in November” (12-17-13)

“Bay Area home prices rose while sales tumbled last month as buyers struggled to afford homes amid tight supply.  The median sales price in the nine-county San Francisco Bay Area increased 1.9% from October to $550,000, research firm DataQuick said Tuesday.”

Housing Wire“HARP refinances fall amid rising rates” (12-17-13)

“Total refinancing volume, including refinances through the Home Affordable Refinance Program, dipped in the third quarter of 2013 amid rising interest rates, the Federal Housing Finance Agency’s third-quarter 2013 Refinance Report revealed.”

DS News- “Full Housing Recovery Hinges on Young Adults Getting Jobs” (12-17-13)

“While the housing market is showing some signs of promise, a few major indicators continue to lag, according to the latest Trulia Housing Barometer.”

Housing Wire- “CoreLogic: 791,000 underwater homes return to positive equity” (12-17-13)

“Rising home prices continue to pull underwater homeowners into positive equity positions, with 791,000 additional properties returning to a situation in which the borrower no longer owes more than the home is worth in the third quarter, CoreLogic (CLGX) said Tuesday.”

Hard Money Loan Closed

Long Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 2 bedroom, 1 bathroom home appraised for $282,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

According to the latest Realty Trac report, the number of foreclosures filed the previous month decreased and were at their lowest in six years.  Barclays Capital reported the U.S. Bank Tower in Los Angeles was in danger of a loan default.  The number of bank closures was at 51 with the recent closure of the Missouri Division of Finance.

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

The Norris Group Real Estate News Roundup 12/09/13

Monday, December 9th, 2013

Today’s News Synopsis:

CoreLogic reported the number of foreclosures completed in October decreased to 48,000 and were down by almost one-third year-over-year.  On the other hand, jumbo loans increased by 34%, the good majority of these being comprised of ARMs.  HUD announced new loan limits will be put into place at the very beginning of next year for FHA single-family loans.

In The News:

DS News - “Business Declines for Private Mortgage Insurers” (12-9-13)

“Private mortgage insurers reported issuing more policies in October than in the month prior—but dollar volume decreased over the month, according to monthly numbers released by Mortgage Insurance Companies of America (MICA).”

Housing Wire- “CoreLogic: Completed foreclosures fall by 30%” (12-9-13)

“Completed foreclosures in the U.S. dropped to almost one third of last year’s level, falling to 48,000 in October from 68,000 a year ago, CoreLogic’s latest National Foreclosure report revealed.”

Bloomberg - “Jumbos Surge 34% With Record ARMS Belying ’08 Anxiety: Mortgages” (12-9-13)

“Jumbo loans, both adjustable and fixed-rate, increased by 34 percent to $216 billion in the first nine months of this year, with ARMs comprising the majority of the gain, said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication in Bethesda, Maryland.”

DS News - “As Borrowers Emerge from Underwater, Cloud of Problem HELOCs Rises” (12-9-13)

“The percentage of homeowners who owe more on their mortgages than their homes are worth has declined to less than 12 percent as of the third quarter of this year, according to Lender Processing Services’ Mortgage Monitor report.”

Inman“Multigenerational households, an often overlooked real estate niche, offer agents prime opportunity in 2014″ (12-9-13)

“Offshore buyers, unemployment rates hovering between 12 and 25 percent for adults aged 18-25, and an onslaught of baby boomers has caused the number of multigenerational households to explode. If you’re looking for a great niche in 2014, specializing in multigenerational housing can be an excellent choice.”

DS News - “Homes Selling Swiftly in Southwestern Pennsylvania” (12-9-13)

“Southwestern Pennsylvania saw a nearly 15 percent annual increase in the number of homes placed under sales agreement, according to the November housing report from the West Penn Multi-List, Inc. At the same time, the average number of days homes were on the market decreased by nearly 15 percent.”

Housing Wire - “Fannie Mae: Americans worried economy is on wrong track” (12-9-13)

“Nearly two thirds of American’s believe the economy is on “the wrong track,” as concerns over personal finances and the state of the economy heighten, the latest Fannie Mae November Housing Survey revealed.”

FHA Mortgage Limit Reduction


HUD.Gov 
- “HUD Announces New FHA Loan Limits To Take Effect January 1st” (12-9-13)

“Today the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA).”


DS News 
- “Why so Few Houses for Sale?  Lots of Reasons” (12-9-13)

“Inventories of homes for sale have been slow to bounce back since the 2007–09 recession, despite steady price appreciation since January 2012.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $298,000 on a 4 bedroom, 3 bathroom home appraised for $446,000.

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

The Norris Group Real Estate News Roundup 11/25/13

Monday, November 25th, 2013

Today’s News Synopsis:

Pending home sales decreased in October 0.6% month-over-month and are now at their lowest in ten months.  Commercial real estate, on the other hand, increased 11% year-over-year in the third quarter for smaller properties and 9% for larger properties.  Analysts are expecting a new person will be brought in as head of the FHFA to oversee Fannie Mae and Freddie Mac.

In The News:

Bloomberg - “Faucets at $1,000 Abound as Home Equity Spigot Opens: Mortgages” (11-25-13)

“Spending on home renovations is rising to records as banks such as Wells Fargo & Co. and JPMorgan Chase & Co. (JPM) increase lending for home equity lines of credit, or Helocs, after property prices this year gained at a pace not seen since the last housing boom.”

Los Angeles Times - “Pending home sales in the U.S. drop to 10-month low in October” (11-25-13)

“Signed contracts for existing homes fell nationwide in October for the fifth straight month, further evidence the housing market has slowed after a frenzied rebound earlier this year.”

DS News - “New Head of FHFA Expected” (11-25-13)

“Analysts expect to see a new face at the helm of the agency overseeing Fannie Mae and Freddie Mac now that Democrats in the Senate have changed the rules, eliminating the use of the filibuster to block presidential appointments.”

Mortgage Professional America - “Foreclosure inventory hits lowest level since 2008″ (11-25-13)

“The national foreclosure presale inventory has hit its lowest rate since 2008, according to data released Friday.”

Inman - “Good news for California homeowners facing short sales” (11-25-13)

“Under regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower.”

DS News - “LoanLogics Unveils MERS Monitoring and Review Service” (11-25-13)

“LoanLogics, a provider of loan quality management and performance analytics, announced the unveiling of its MERS Independent Third Party Performance Monitoring and Annual Review service.”

Mortgage Professional America - “Commercial real estate sees modest growth” (11-25-13)

“Commercial real estate is seeing modest but steady growth, but tight credit standards continue to slow recovery, according to data released Friday by the National Association of Realtors.”

Housing Wire - “S&P: Principal reductions perform better than rate decreases” (11-25-13)

“Only 10% of loan modifications studied by CoreLogic (CLGX) in the past four years involved principal write-downs, while interest rate reductions remained the preferred tool for minimizing the risk of foreclosure across the United States.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 4 bedroom, 2 bathroom home appraised for $336,000.

 

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.

 

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

The Norris Group Real Estate News Roundup 11/5/13

Tuesday, November 5th, 2013

 

Today’s News Synopsis:

The U.S. homeownership rate increased to 65.3% in the third quarter and is now at its lowest level in 18 years.  In addition, home buyer shares also decreased by one percentage point to 39% despite homebuyer activity actually picking up after the re-opening of the government.  Several small lenders are trying to open up their options for the secondary market by persuading Congress to allow smaller companies an equal chance to come into the industry.

In The News:

DS News- “Activity from Homebuyers Picks Up in Aftermath of Shutdown” (11-5-13)

“Homebuyers shook off their fears and returned to the market in force following the re-opening of the government in October, according to data presented by Redfin’s Research Center.”

Housing Wire- “FHFA directs GSEs to restrict force-placed insurance practices” (11-5-13)

“Mortgage giants are prohibiting servicers from being reimbursed for expenses associated with captive reinsurance arrangements.”

Inman“Colorado MLS adopts BIG technology that could allow it to take back control of listings” (11-5-13)

“Another multiple listing service — Aspen-Glenwood Springs MLS, a 940-member MLS in Colorado’s Rocky Mountains — has brought on board technology developed by Bridge Interactive Group (BIG) that MLSs can use to take back control of the distribution of listings to third-party sites like Zillow, Trulia and Homes.com.”

Bloomberg- “Homeownership Rate Climbs From Lowest Level Since 1995″ (11-5-13)

“The U.S. homeownership rate climbed from the lowest level in 18 years, signaling that the real estate rebound is drawing in more buyers.”

Housing Wire- “Congress mulls rules to open secondary markets to smaller lenders” (11-5-13)

“As the mortgage market begins to stabilize, many small lenders are diversifying their secondary mortgage market options, prompting Congress to propose equal opportunities for smaller institutions to enter the industry.”

Mortgage Professional America - “First home buyer share falling” (11-5-13)

“First-time home buyers’ market share fell this year, slipping one percentage point from 2012 and down from a long-term average of 40%. The market share for single home buyers is also on the decline as credit standards tighten, according to a study released Monday.”

Housing Wire - “Weakened mortgage operations squeeze Ally Financial profits” (11-5-13)

“Ally Financial (ALLY) posted weaker earning results in its mortgage operations due to charged tied to federal regulator settlements and the cease in new originations.”

DS News- “September Bucks Forebodings of Decelerating Price Gains” (11-5-13)

“With recent predictions forecasting a falloff in home price increases over the next year, gains nevertheless continued at a strong pace in September, CoreLogic reported Tuesday in its monthly Home Price Index (HPI) report.”

Hard Money Loan Closed

La Quinta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $104,000 on a 3 bedroom, 2 bathroom home appraised for $175,000.

Looking Back:

The number of bank failures increased to 49 this week with the closure of two more banks in Illinois and Florida.  Home prices increased 2.9% in October, while rentals increased 5.1% from the previous year.  Several real estate companies banded together to provide relief for the victims of Hurricane Sandy.

 

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

The Norris Group Real Estate News Roundup 11/1/13

Friday, November 1st, 2013

 

Today’s News Synopsis:

Aaron Norris gives the news of the week in this week’s real estate headline roundup video.  Foreclosures decreased in September by 39% year-over-year in September and continue to show signs of decrease.  Over half of consumers fear another imminent housing bubble despite the housing market showing signs of improvement.


In The News:

Inman“The recovery depends on housing, and housing depends on mortgage credit” (11-1-13)

“The Shutdown has opened, but has been replaced by Stuck.  Interest rates are stuck, the 10-year Treasury wandering north of 2.5 percent, and mortgages wandering south of 4.5 percent.”

Housing Wire“Single-family rental securitization market boasts near trillion-dollar potential” (11-1-13)

“The REO-to-rental securitization deal that Blackstone (BX) subsidiary Invitation Homes brought to market is just the tip of the iceberg, with KBW analysts forecasting a nearly trillion dollar market when calculating the lingering possibilities that exist for single-family rental securitization deals.”

DS News - “Carrington Extends Wholesale Business to Banks, Credit Unions” (11-1-13)

“Carrington Mortgage Services’ wholesale lending division is expanding its offerings to include banks and credit unions as approved third-party originators, the company announced.”

Bloomberg“Fannie Mae Sues Banks for $800 Million Over Libor Rigging” (11-1-13)

“Fannie Mae (FNMA) sued nine banks, alleging that their manipulation of the benchmark London interbank offered rate, which four of them have admitted, cost the mortgage-financing company about $800 million.”

Mortgage Professional America - “Foreclosures continue to plummet” (11-1-13)

Foreclosures plummeted year-over-year in September, according to a leading analytics firm.”

Housing Wire“Las Vegas September home sales buoyed by move-up buyers” (11-1-13)

“Despite the Las Vegas area posting a slowdown in sales last month when compared to August, overall activity was still slightly higher when compared to year ago levels, as relatively strong move-up buyers buoyed sales, the most recent DataQuick report reveals.”

DS News“Half of Consumers Fear Another Housing Bubble is Forming” (11-1-13)

“While many indicators suggest the housing market is on the road to recovery, some fear another bubble is already forming.”

Los Angeles Times - “How ‘mature’ is the performance of your office” (11-1-13)

“Real estate services firm CBRE Group Inc. has turned its downtown Los Angeles office into a “free-address” setup where nobody — including the chief executive — has a permanent desk.”

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $200,000.

 

Bruce Norris will be speaking at the Anaheim REI Expo on Sunday, November 3, 2013.

Looking Back:

Unemployment claims decreased again the previous week to 363,000 according to the Labor Department.  Mortgage rates were at record lows again after decreasing to 3.39% this week.  15-year rates were also at 2.7%.  Spending on construction also increased to the highest level since 2009 and was at $851.6 billion.

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

The Norris Group Real Estate News Roundup 10/31/13

Thursday, October 31st, 2013

Today’s News Synopsis:

Mortgage rates decreased again for the second week in a row and are now at a four-month low.  30-year rates are at 4.1%, and 15-year rates are at 3.2%.  According to the latest report from CoreLogic. 51,000 foreclosures were completed in the month of September, down from 84,000 at the same time last year.  The Federal Reserve announced they will be continuing with the quantitative easing program despite its controversies.


In The News:

Realty Trac“FHFA Starts Fifth Year Without Confirmed Leader as Watt Confirmation in Limbo” (10-31-13)

“In May, president Obama nominated U.S. Rep. Melvin L. Watt, a Charlotte, N.C., Democrat, to head the Federal Housing Finance Agency (FHFA).  The nomination has been in limbo ever since, and now it may be delayed further.”

Housing Wire - “RealtyTrac: Older housing stock offers attractive bargains” (10-31-13)

“Americans shopping for real estate don’t necessarily have the pickings when it comes to a home’s age. New data from RealtyTrac’s Aging Home Analysis shows that more than 70% of single-family U.S. homes were built before 1990.”

Bloomberg - “U.S. Mortgage Rates at 4-Month Low Fall for Second Week” (10-31-13)

“U.S. mortgage rates dropped for a second week, keeping borrowing costs at a four-month low as the Federal Reserve signaled that it would press on with its stimulus plan aimed at holding rates down.”

CNN Money - “Young and smart, but Millennials face homebuying hurdles” (10-31-13)

“High debt levels and weak job prospects have made it hard for many young, educated Americans to buy homes, and that could be a drag on the housing market for years to come.”

DS News“AMS Rolls Out HOA and Utility Resolution Service Suite” (10-31-13)

“Asset Management Specialists, Inc. (AMS), a national mortgage field services firm, recently launched its home-grown Vorticity’s multi-tier HOA and utility resolution services.”

Housing Wire- “CoreLogic: 51,000 foreclosures completed in Sept.” (10-31-13)

“The U.S. housing market saw only 51,000 completed foreclosures in September, a significant decline from 84,000 in September 2012, research firm CoreLogic (CLGX) said.”

Mortgage Professional America“Federal watchdog blasts states for TARP failures” (10-31-13)

“A federal watchdog on Tuesday blasted several states for spending a mere fraction of federal bailout funds to help struggling homeowners.”

Realty Trac“Federal Reserve Prolongs Quantitative Easing” (10-31-13)

“With the housing market recovery still fragile and unemployment stuck at stubbornly high 7.2 percent, members of the Federal Open Market Committee meeting in Washington decided to continue their $85 billion-per month controversial quantitative easing program.”

Hard Money Loan Closed

Mentone, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 3 bathroom home appraised for $261,000.

 

Bruce Norris will be speaking at the Anaheim REI Expo on Sunday, November 3, 2013.

Looking Back:

The number of foreclosures completed last month decreased 31% year-over-year, although overall they are still at high levels.  The Mortgage Bankers Association reported mortgage applications decreased 4.8% from last week.  HUD is offering disaster relief to borrowers who were affected by Hurricane Sandy in New York and New Jersey.

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

The Norris Group Real Estate News Roundup 10/9/13

Wednesday, October 9th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications this past week.  Shadow inventory decreased to the lowest level since August 2008 and now stands at 1.9 million.  Janet Yellen has been nominated to serve as the head of the Federal Reserve.  Should she be elected, she will be the first woman to serve in this position.


In The News:

DS News- “Housing Market Running at 85% of Normal, Pre-Recession Activity” (10-9-13)

“A new index from First American and the National Association of Home Builders (NAHB) suggests that about one in seven housing markets have returned to or surpassed their pre-recessionary levels of activity.”

Mortgage Bankers Association“Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (10-9-13)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 4, 2013.”

CNN Money“Obama nominates Janet Yellen to head the Fed” (10-9-13)

President Obama made what he called “one of the most important appointments that any president can make” Wednesday, nominating Janet Yellen to serve as the first female head of the Federal Reserve.”

Housing Wire“FOMC minutes show Fed officials fretting over QE tapering decision” (10-9-13)

“Minutes from the Federal Reserve’s most recent Federal Open Market Committee meeting suggest key monetary policymakers spent their last gathering pulled in different directions, whipsawed back and forth between the reality of employment growth and the expectations of investors. ”

Bloomberg- “Housing Boom Bigger in Texas as Home Bidding Wars Erupt” (10-9-13)

“Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush.”

Mortgage Bankers Association - “MBA’s Burke Testifies on Multifamily Housing Finance Reform” (10-9-13)

“E.J. Burke, Chairman-Elect of the Mortgage Bankers Association (MBA), testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled ‘Housing Finance Reform:  Essential Elements of the Multifamily Housing Finance System’.”

DS News“Shadow Inventory Falls to Lowest Level Since August 2008″ (10-9-13)

“Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic.  That’s the lowest shadow inventory tally reported since August 2008.”

Inman“Re/Max retains top global real estate franchisor spot” (10-9-13)

“Re/Max, which netted $225 million in an  initial public offering last week, has retained its title as the top real estate franchisor — and is also the 14th largest U.S.-based franchise operation in any industry by worldwide sales volume, according to an annual ranking from the Franchise Times.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $103,000 on a 2 bedroom, 1 bathroom home appraised for $157,000.

 

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.

Looking Back:

530 people were charged in mortgage schemes that caused homeowners to lose over $1 billion.  Shadow inventory decreased 10.2% year-over-year in July, putting it at a 6-month supply.  Optimism in the housing market greatly increased the previous month with both the increase in home prices and decreasing mortgage rates.

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.