California Real Estate Investing News

Posts Tagged ‘CoreLogic’

Freddie Mac Reports Loss in Third Quarter for First Time in Four Years

Tuesday, November 3rd, 2015

Today’s News Synopsis:

 

CoreLogic reported a 6.4% increase in home prices in September.  For the first time in nearly four years, Freddie Mac reported a net loss in the third quarter totaling a little over $500 million, putting their net income at now $4.2 billion.  Bank of America is more than on track to fulfill its obligation to consumers following a recent settlement.

 

In The News:

 

DS News – “House Postpones Vote on Proposal to Cap Salaries of Fannie Mae, Freddie Mac CEOs” (11-2-15)

“The U.S. House of Representatives has postponed voting on a bill that will limit the salaries of Fannie Mae and Freddie Mac CEOs due to a hefty lineup of other legislation, including voting on a new Speaker of the House.”

Mortgage Professional America “Morning Briefing: Underwater homes still too high says report” (11-3-15)

“It may be 7 years since the housing market crash but there is still a worryingly high proportion of underwater homes in the US according to a new report.”

Housing Wire “CoreLogic: Home prices up 6.4% in September” (11-3-15)

“Home prices nationwide, including distressed sales, increased by 6.4% in September 2015 compared with a year ago, according to CoreLogic’s (CLGX) latest home price index. This is up 0.6% compared to August 2015.”

DS News – “Freddie Mac Reports Q3 Net Loss of Nearly Half a Billion Dollars” (11-3-15)

“Freddie Mac reported a net loss of $475 million for Q3 2015 in its 10-Q filing with the Securities and Exchange Commission on Tuesday, the first time the GSE has reported a quarterly net loss in four years. The good news is that Freddie Mac will not need another draw from the Department of Treasury to continue operations.”

Housing Wire – “Nationstar 3Q earnings drop to $32 million” (11-3-15)

“Nationstar Mortgage Holdings’ (NSM) third-quarter adjusted earnings were $32 million, or $0.30 per share, for the quarter, compared to $35 million, or $0.32 per share, in the second quarter.”

Mortgage Professional America – “Biased lending accusation to benefit originators” (11-3-15)

“A New Jersey-based bank has been accused of discriminatory lending – but it may be indicative of big banks’ desire to take on the easiest possible deals.”

Housing Wire – “Wharf Street acquires majority stake in Kroll Bond Rating Agency” (11-3-15)

“Kroll Bond Rating Agency now has a new majority owner, as the credit ratings agency announced Tuesday that one of its minority investors, private-equity firm Wharf Street, acquired a majority stake in the firm.”

DS News – “Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation” (11-3-15)

“An independent monitor for Bank of America’s historic $16.65 billion mortgage settlement with the Department of Justice and six states in August 2014 reported that the bank is well ahead of its four-year deadline for providing the prescribed amount of $7 billion in consumer relief in slightly more than a year.”

 

 

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

 

Looking Back:

Spending on construction is down for the second month in a row, having decreased by 0.4% in September.  First-time home purchases also decreased to 33% from 38%, its lowest level in almost 30 years.  In a case of “doubling up,” over 5 million households have been lost due to rising costs outweighing income and an increase in millennials living with parents and roommates.

 

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.

MBA Reports Increase in New Home Purchase Applications

Tuesday, October 13th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported an increase in new home purchase applications by 3%.  For the eighth month in a row homeowners overestimated the value of their home, causing an even bigger increase in the gap between owner and appraiser opinion.  Wells Fargo plans to hire 3,000 more employees as well as buy assets from General Electric totaling $32 billion.

 

In The News:

DS News – “Legacy Loans Remain Problematic As Foreclosures Falls 25 Percent” (10-13-15)

“The pipeline of U.S. homes in some stage of foreclosure continues to decline with approximately 470,000 homes classified as in some state of distress during the month of August, down 25.2 percent from August of 2014, according to CoreLogic’s latest National Foreclosure report.”

Bloomberg – “Real Estate Safest Bet Amid Volatile Markets, Sternlicht Says” (10-13-15)

“Barry Sternlicht, chairman of Starwood Capital Group, said sharp movements in stocks and a lack of liquidity makes real estate the best major market to invest in right now.”

Mortgage Bankers Association – “Applications for New Home Purchases Increased in September” (10-13-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2015 shows mortgage applications for new home purchases increased by 3 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

DS News – “RESPA Claims Cited by Foreclosure Defendants” (10-13-15)

“Homeowners using the Real Estate Settlement and Procedures Act (RESPA) as a shield to foreclosure saw their claims fall flat in Florida court in recent months.”

Bloomberg – “Buffett Says U.S. Housing Picking Up, Citing Furniture Gains” (10-13-15)

“Warren Buffett, who oversees more than 80 businesses as chief executive officer of Berkshire Hathaway Inc., said a rebound in the residential real estate market is helping sustain growth in the U.S. economy.”

Housing Wire – “Homeowners overvalue homes for eighth month running” (10-13-15)

“Appraiser opinions of home values in September were 2% lower than homeowners’ views, according to the Quicken Loans’ national Home Price Perception Index.”

Bloomberg – “Wells Fargo to Buy $32 Billion GE Assets, Add 3,000 Workers” (10-13-15)

“Wells Fargo & Co. agreed to buy $32 billion in assets from General Electric Co. and take on about 3,000 employees as the industrial giant retreats from financial services.”

DS News – “Technology Figures to Play a Significantly Greater Role in the SFR Market” (10-13-15)

“As the single-family rental space becomes more populated with investors, all of whom are trying to gain any advantage that will help them cut costs and streamline processes, therefore maximizing profits, more of them are turning to technology.”

 

 

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

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

 

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.

CoreLogic Reports Closer Return to Normal for Distressed Property Sales

Thursday, October 8th, 2015

 

Today’s News Synopsis:

 

The House voted in favor yesterday of the H.R. 3192 bill that will allow for a TRID grace period.  Mortgage rates decreased with 30-year rates at 3.76% and 15-year rates at 3.07%.  CoreLogic reported a closer return to normal levels for the sale of distressed properties.

 

In The News:

DS News – “House Passes Bipartisan Bill to Provide Formal TRID Grace Period” (10-7-15)

“The House of Representatives voted Wednesday to pass a bipartisan bill (303-121) that will provide a “hold harmless” grace period for the Consumer Financial Protection Bureau’s (CFPB’s) TILA-RESPA Integrated Disclosure (TRID) Rule, which went into effect October 3.”

Housing Wire – “Freddie Mac: Mortgage rates plummet further below 4%” (10-8-15)

“Fixed-mortgage rates drastically decreased following a more than disappointing September jobs report, the most recent Freddie Mac Primary Mortgage Market Survey said.”

DS News – “Distressed Sales Move Closer to ‘Normal’ Levels” (10-8-15)

“Sales of distressed residential properties (REOs and short sales) continued heading toward their “normal” levels with another substantial year-over-year decline in July 2015, according to distressed sales data released by CoreLogic on Thursday.”

Mortgage Professional America – “Hiring quality employees a challenge in today’s market” (10-8-15)

“New operating systems and regulatory changes are presenting new problems for those entering the mortgage market – and for companies looking to hire, it can be difficult to find the right person for the job.”

DS News “Why Did Nearly One-Third of House Democrats Vote to Oppose the CFPB” (10-8-15)

“When it comes to the Consumer Financial Protection Bureau (CFPB), Democratic and Republican lawmakers are generally sharply divided with Democrats vigorously defending the Bureau or any action it takes.”

Housing Wire – “Clayton Holdings acquires title agency and AMC ValuAmerica” (10-8-15)

“Clayton Holdings, a provider of loan due diligence and services to the mortgage and real estate industries, announced it acquired ValuAmerica, a Pittsburgh-based, national title agency, appraisal management company and technology provider.”

Mortgage Professional America – “Good news for lenders: big penalties aren’t coming” (10-8-15)

“Fannie Mae and Freddie Mac released new guidelines detailing the remedies lenders will be responsible for providing should errors be found in loans they sell to the companies.”

DS News – “Fannie Mae, Freddie Mac Bring Foreclosure Prevention Total to 3.56 Million” (10-8-15)

“Fannie Mae and Freddie Mac completed another 19,485 foreclosure prevention actions in July, according to the FHFA’s July 2015 Foreclosure Prevention Report released Thursday.”

 

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 TONIGHT.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

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

 

Looking Back:

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

 

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.


Cash Sales of Homes Decrease to 31.3% According to CoreLogic

Tuesday, September 29th, 2015

 

Today’s News Synopsis:

 

According to the latest S&P/Case-Shiller Index, home prices increased 5% year-over-year in July in 20 cities across the country.  At the same time, cash sales decreased to 31.3% from 33.9% year-over-year in June according to CoreLogic.  Realtor.com reported now is a better time than ever to purchase a home and listed the 20 best places to buy.

 

In The News:

Housing Wire – “CoreLogic: Cash sales in June drop to 31%” (9-29-15)

“Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic.”

Realty Trac “Mortgages: What If There’s A Lender Shortage?” (9-29-15)

“The usual assumption when getting a mortgage is that there are a ton of lenders out there fighting for your business, so it makes sense to shop around for rates and terms. That’s surely true today but what about tomorrow? What happens if lending becomes an exotic craft in a market with lots of borrowers and far fewer lenders?”

Bloomberg – “All Eyes on Crowdfunded Loans Tucked Into Commercial Real Estate Bonds” (9-29-15)

“Morgan Stanley Analyst Richard Hill has been digging around in the monthly remittance reports that accompany bonds backed by commercial real estate loans, known as Commercial Mortgage-Backed Securities, and he’s found something interesting.”

Housing Wire – “Who wants to know the hottest 20 places to buy a home right now?” (9-29-15)

“With month-over-month declining prices and increased time on market, the September housing market has transitioned into a buyer’s market, according to realtor.com’s ‘Advance Read of September Trends.’”

Mortgage Professional America “Morning Briefing: Pending home sales down but not out” (9-29-15)

“America’s pending home sales declined slightly in August but the market remains healthy according to the National Association of Realtors. The Pending Home Sales Index was down 1.4 per cent in the month but is still 6.1 per cent above its August 2014 level.”

Housing Wire “3 reasons fall is a great time to buy a home” (9-29-15)

“Along with pumpkin spice lattes and flannel shirts, you might want to consider adding buying a home to your list of fall essentials.”

Mortgage Professional America “Foreclosures, delinquencies drop” (9-29-15)

“The delinquency rate in the United States dropped drastically year-over-year in August, according to Black Knight Financial Services and one industry player is crediting tighter underwriting.”

Bloomberg – “Home Prices in 20 U.S. Cities Increased 5% in Year to July” (9-29-15)

“Home prices in 20 U.S. cities rose 5 percent in July from the same month in 2014, propelled by improving demand and limited supply.  Year-to-year increases in the S&P/Case-Shiller index have hovered in a narrow range around 5 percent since February, indicating the rebound in residential real estate is stable.”

Housing Wire – “House committee grills CFPB director on TRID, HMDA and more” (9-29-15)

“The House Financial Services Committee heard the semi-annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, on Tuesday morning.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29

.

 

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

 

Looking Back:

Consumer confidence increased this month by 2.5% to 77.5, its highest since the Recession.  August saw a decrease in pending home sales, leading NAR to predict existing home sales would decrease 3% for the whole year.  Freddie Mac reported progress in the housing market declined the previous month with price recovery not being consistent and purchase applications struggling to progress.

 

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.

Number of Markets with Overvalued Homes Now Twice as Many

Monday, September 14th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported an increase in mortgage applications despite a brief scare in the stock market last month, leading to more and more optimism among industry leaders.  CoreLogic reported the number of markets with overvalued homes is now twice as many as the first quarter, numbered at 14 out of 100.  The Senate hopes to make changes with the GSEs but are currently being stalled.

 

In The News:

Mortgage Professional America – “Bank settles mortgage discrimination case” (9-14-15)

“New York’s Attorney General argues one bank participated in “redlining” mortgages, an illegal lending tactic that denies mortgages based on the racial makeup of communities.”

Housing Wire – “Senate push to jumpstart GSE Reform goes nowhere fast” (9-14-15)

“The latest effort in the Senate to advance a legislative package that would “Jumpstart GSE Reform” may be stalling.  Sen. Bob Corker’s, R-Tenn., “Jumpstart GSE Reform” package would reverse the recent Fannie Mae and Freddie Mac CEO compensation increase and prohibit the U.S. Treasury from selling or otherwise disposing of its shares in the government-sponsored enterprises without Congressional consent.”

Mortgage Professional America “Applications are up, and so is industry optimism” (9-14-15)

“The stock market scare of August 24 didn’t deter homebuyers, allowing lenders to breathe a sigh a relief after looking at the most recent numbers from the Mortgage Bankers Association’s weekly survey.”

Bloomberg“Here’s Why the Fed May Not Raise Rates This Week (VIDEO)” (9-14-15)

“Michael Gapen, Barclays Capital’s chief U.S. economist, discusses the outlook for Fed policy and the state of the economy with Bloomberg’s Joe Weisenthal and Scarlet Fu on “What’d You Miss?”.”

Housing Wire “Fitch upgrades Statebridge mortgage servicer rating” (9-14-15)

“Fitch Ratings upgraded its rating for Denvewr-based mortgage servicer Statebridge Company, moving it to ‘RPS3’ from ‘RPS3-‘, with a “Outlook Stable” rating.”

Mortgage Professional America “Rising sales lead to tighter U.S. housing market” (9-14-15)

“Rising sales and a limited number of existing homes entering the U.S. market have led to extremely tight market conditions and rising home prices, according to a client note from Capital Economics.”

Housing Wire – “Bubble, bubble? Number of overvalued markets doubles since first quarter” (9-14-15)

“A new report from CoreLogic (CLGX) identifies 14 of the top 100 markets in the U.S. as currently overvalued, double the number as of the end of the first quarter 2015.”

Mortgage Professional America “MBA releases TRID resources” (9-14-15)

“Industry players are preparing for the TRID learning curve that will surely mean file delays, and one industry association has provided some last-minute guidance for brokers to help them prepare.”

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

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.


Goldman Sachs Lawsuit Dropped on Grounds of Not Enough Evidence

Tuesday, September 8th, 2015

Today’s News Synopsis:

 

Quicken Loans reported another increase in the gap on opinions between appraisers and homeowners.  The amount of foreclosures decreased 28% year-over-year according to CoreLogic.  A pending lawsuit against Goldman Sachs has been dropped on the grounds of not enough evidence.

 

In The News:

DS News – “More Than Half of Current HELOC’s Facing Payment Shocks Over the Next Two Years” (9-8-15)

“Home equity lines of credit (HELOCs) originated during the housing bubble years of 2005 to 2007 have either reached or will soon reach their 10-year “end of draw” period, at which point borrowers will face a payment shock that may cause delinquency rates among HELOCs to rise substantially.”

Mortgage Professional America “Big banks not off the hook just yet” (9-8-15)

“A federal appeals court has reopened three lawsuits in which the City of Miami alleges three big banks engaged in predatory lending to African-American and Hispanic borrowers.”

Housing Wire “Judge dumps MBS class action against Goldman Sachs” (9-8-15)

“U.S. District Judge Victor Marrero dismissed a five-year class action lawsuit against Goldman Sachs (GS) over the sale of highly leveraged, subprime mortgage bonds that hedge fund Dodona I LLC said Goldman planned to bet against.”

Bloomberg – “Real Estate Reality Check: Comeback or Bubble? (Video)” (9-8-15)

“Laurie Hawkes of American Residential Properties and Vicky Schiff of Mosaic Real Estate Investors discuss the state of the U.S. real estate market, the shift to rentals from home ownership and the difficulty for consumers to secure a mortgage.”

Mortgage Professional America “Legislation that will benefit originators lacks industry support” (9-8-15)

“A proposed bill, which would allow brokers to originate smaller mortgages and help lower-income buyers more easily qualify, is not receiving enough industry support.”

Housing Wire – “Gap between what homeowners and appraisers think widens yet again” (9-8-15)

“Appraiser opinions of home values were 2.65% lower than homeowner estimates in August, according to the company’s national Home Price Perception Index, according to Quicken Loans.”

DS New – “Collingwood Group Hires Former Freddie Mac Executive” (9-8-15)

“The Collingwood Group, a Washington, D.C.-based business advisory firm, announced that Paul Mullings has joined the company as a managing director supporting the firm in business advisory and risk management and compliance practices.”

Housing Wire – “CoreLogic: National foreclosure inventory shrinks 28% since last year” (9-8-15)

“The national foreclosure inventory declined by 27.9% and completed foreclosures declined by 24.4% since July 2014, according to the latest foreclosure report from CoreLogic (CLGX).”

Mortgage Professional America “Morning Briefing: Asking price dropped by $50 million!” (9-8-15)

“A 25-acre estate in Beverly Hills has been dramatically reduced in price having been on the market since November. The home known as Palazzo di Amore (Palace of Love) is owned by Jeff Greene, friend of Mike Tyson, who told the New York Daily News that he is keen to find a buyer now.”

 

Hard Money Loan Closed

Sierra Madre, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $875,000 on a 3 bedroom, 3.5 bathroom home appraised for $1,389,000.

Sierra Madre Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/edrost88

 

Looking Back:

Employment grew, but at a slow pace according to the latest Employment Trends Index.  Loans increased 50% for independent mortgage bankers.  Fannie Mae believed the housing market would continue to show improvement into 2015.

 

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.


Herald Examiner Building to Be Converted Into Multiple Creative Offices for Various Uses

Tuesday, September 1st, 2015

 

Today’s News Synopsis:

 

CoreLogic reported a 6.9% increase in home prices in July.  Spending on construction increased by $1,083.4, or 0.7% to its highest in seven years.  The Herald Examiner building in downtown L.A., which now sits unused will be converted into different creative offices and used for multiple purposes.

 

In The News:

Realty Trac – “New Fannie Mortgage Recognizes It Takes a Village for Some Homebuyers to Qualify” (8-31-15)

“A new mortgage product will be available to borrowers later this year, one which represents the first step toward recognizing a widespread reality, the fact that many home purchases in America fall outside the outdated norm of one house, one family — and one family’s income to qualify to buy.”

Housing Wire “CoreLogic: Home prices rose 6.9% in July 2015” (9-1-15)

“Home prices nationwide, including distressed sales, increased by 6.9% in July 2015 compared with July 2014, according to CoreLogic.”

Mortgage Professional America “Real estate company gets hacked” (9-1-15)

“While the country is abuzz with talk about the Ashley Madison online hacking, another, smaller-scale breach is hitting closer to home for real estate professionals.”

Los Angeles Times – “Vacant Herald Examiner building in downtown L.A. to be converted to mixed use” (9-1-15)

“The former offices of the Herald Examiner opened a century ago on Broadway with red-tiled roofs and prominent arches in the Mission Revival style inspired by California’s past.”

Housing Wire “HUD proposes new rules for FHA loans” (9-1-15)

“The U.S. Department of Housing and Urban Development announced Tuesday a series of proposed changes to the rules for lenders that remit loans to the Federal Housing Administration.”

Mortgage Professional America “Morning Briefing: Freddie increases expectations for mortgages, home sales” (9-1-15)

“Mortgage originations for 2015 are estimated to reach $1.45 trillion according to the latest forecast from Freddie Mac. The corporation’s monthly insight and outlook for August shows an increased expectation for the year’s mortgage originations and 2016 figures have also been revised higher to $1.3 trillion.”

Housing Wire – “Construction spending rises to 7-year high” (9-1-15)

“Overall construction spending during July 2015 was estimated at a seasonally adjusted annual rate of $1,083.4 billion, 0.7% (±1.5%) above the revised June estimate of $1,075.9 billion, the Census Bureau reported Tuesday.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/7294653@N07/

 

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.

Residential Home Sales Highest in Seven Years Despite Being 3.2.% Down From June

Tuesday, August 18th, 2015

 

Today’s News Synopsis:

 

Sales on residential homes are still up year-over-year to their highest in seven years despite being 3.2% lower month-over-month.  Housing starts for single-family homes only increased by 0.2%, yet they are at their highest in eight years.  Fannie Mae just completed its third deal under the Credit Insurance Risk Transfer program as a way to relieve people of credit risk.

 

In The News:

Bloomberg – “Momentum Trade Gets New Hero as Every U.S. Homebuilder Gains” (8-17-15)

“Shares of U.S. homebuilders rallied further Tuesday, as real estate comes to the rescue of a U.S. bull market whose foundations have been weakening. Up almost 19 percent in 2015, the Standard and Poor’s Supercomposite Homebuilding Index has advanced to a two-year high against the broader index.”

NAHB “Single-Family Gains Push Housing Starts to Highest Level Since 2007” (8-18-15)

“Led by a strong jump in single-family production, nationwide housing starts inched up 0.2 percent to a seasonally adjusted annual rate of 1.206 million units in July, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. This is the highest level since October 2007.”

DS News – “Drop in REO Sales is Driving Continued Decline in Cash Sales Share” (8-18-15)

“The share of total residential home sales in May 2015 that was made up of all cash sales was 31.9 percent, down from 35.1 percent in May 2014, according to CoreLogic’s Cash Sales Data for May 2015 released on Tuesday.”

Housing Wire – “Mortgage defaults hold steady as bank, composites decline” (8-18-15)

“Mortgage defaults held steady through July even as composite and bank card default rates declined, according to S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.”

Bloomberg “Blackstone Bides Time for Home-Rental REIT as Stocks Sag” (8-18-15)

“Sometimes it pays to wait.  Wall Street landlords bought thousands of homes and sold stock to the public before they’d even filled many of the properties with renters. Now those companies are struggling to persuade investors they can operate efficient businesses.”

Mortgage Professional America – “Bank challenge to CFPB moves forward” (8-18-15)

“Originators have long lamented some of the CFPB’s decisions, and one bank is taking the regulator to court, alleging it is unconstitutional.”

DS News – “Home Sales Up Year-Over-Year; Reach Highest Level Since 2008” (8-18-15)

“Residential home sales fell in July, but still managed to hover over last July’s levels and reach new heights not seen since 2008, according to the RE/MAX July 2015 National Housing Report released Tuesday.”

 

Housing Wire – “Fannie Mae offloads more credit risk to insurers” (8-18-15)

“Seeking to further decrease the taxpayers’ liability, Fannie Mae announced Tuesday that it completed its third credit risk-sharing transaction as part of its Credit Insurance Risk Transfer program.”

 

Bruce Norris of The Norris Group will be presenting his How to Create a $100,000 Payday Per Deal in 2015 on Wednesday, August 19.

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

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

 

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

 

Looking Back:

The NAHB reported builder confidence increased in August by two points to 55.  Even though the outlook for the economy as a whole had been positive, the housing market outlook itself was less than positive with the slowdown in housing activity and only slight improvement.  Affordability for housing decreased in June to its lowest in 6 years.

 

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

 

Don’t Expect Fed Interest Rate Increase Any Time Soon

Tuesday, August 11th, 2015

 

Today’s News Synopsis:

 

CoreLogic’s latest foreclosure report showed a drop in foreclosures to levels they were before the recession.  The divide on opinions regarding home values by appraisers and homeowners continues to widen and is now double what it was before as of July.  Don’t expect to see an increase in Fed interest rates anytime soon since China’s recent loss in currency value may cause another delay.

 

In The News:

Mortgage Professional America – “Analysts predict Fed may delay rate hike” (8-11-15)

“China’s central bank devalued its currency Tuesday, a move that could delay a Fed interest rate hike, according to economists.  “What is of interest is how the U.S. will react to this move,” Nour Al-Hammoury, chief market strategist of ADS Securities said, according to MarketWatch.”

DS News “GSEs Have Totaled Nearly 3 Million Home Retention Actions During Conservatorship” (8-11-15)

“Fannie Mae and Freddie Mac combined to complete nearly 18,000 home retention actions for distressed homeowners in May 2015, bringing the total since the conservatorship began up to nearly 3 million, according to the FHFA’s May 2015 Foreclosure Prevention Report released Tuesday.”

Housing Wire – “Gap between appraiser, homeowner perceptions doubles in July” (8-11-15)

“Appraiser opinions of home values were 2.33% lower than homeowner estimates in July, according to the Quicken Loans national Home Price Perception Index.”

Realty Trac – “Better to own near Trader Joe’s or Whole Foods” (8-11-15)

“Two of our most basic needs as humans are food and shelter, so we thought it might be enlightening to run an analysis combining the two elements. For this analysis, RealtyTrac looked at home values, appreciation and property taxes in U.S. zip codes with a Whole Foods or a Trader Joe’s to determine the best combination of food and shelter when it comes to these two iconic grocery store chains with cult followings.”

DS News “Foreclosure Inventory Rate Drops to Below Pre-Recession Levels” (8-11-15)

“With nearly a 30 percent year-over-year decline in June, the nation’s foreclosure inventory rate—the share of residential homes with a mortgage in some state of foreclosure—is at 1.2 percent, the lowest level since 2007, according to CoreLogic’s June 2015 National Foreclosure Report released Tuesday.”

Housing Wire – “TransUnion: Credit unions go big in mortgage originations” (8-11-15)

“The appetite for credit unions to provide mortgage loans appears to be greater than other financial institutions, according to new TransUnion research.  Credit unions’ share of all mortgage originations has increased from 7% in the first quarter of 2013 to 11% in the first quarter of 2015.”

Mortgage Professional America – “Proposed legislation could increase originator business” (8-11-15)

“A proposed bill would allow brokers to originate smaller mortgages, which would help low-earners qualify for mortgages and open up a new revenue stream for originators.  H.R. 3393, a bill brought forth by Republican Congressman Bill Posey, aims to amend the Truth in Lending Act to remove lender compensation from QM points and fees compliance rules, which would encourage originators to fund smaller mortgages for clients.”

 

Hard Money Loan Closed

Sun City, 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 $155,000.

Sun City Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

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

 

Looking Back:

Mortgage delinquencies decreased again for the fifth quarter in a row to 6.04%, the lowest in seven years.  Increases in home prices was overall slow in the second quarter in the majority of U.S. cities.  The housing market showed signs of improvement, but overall it was far from becoming normal.

 

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

 

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 Slowly But Surely Increasing with Gains in Economic and Jobs

Thursday, August 6th, 2015

 

Today’s News Synopsis:

 

The housing market is slowly but surely increasing with the increase in both jobs and economics.  Mortgage rates decreased again according to Freddie Mac, with 30-year rates now at 3.91% and 15-year rates at 3.13%.  Builder confidence still showing positive signs for the 55+ group.

 

In The News:

DS News “Economic and Job Growth Pushing Housing Slowly Toward ‘Normal’ Levels” (8-6-15)

“The housing market is slowly but surely inching closer to normal levels with the help of economic and job growth.  According to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Thursday, markets in 75 of the approximately 360 metro areas nationwide have returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2015. This is an increase of 13 markets year-over-year.”

Mortgage Bankers Association “Mortgage Credit Availability Increases in  July” (8-6-15)

“Mortgage credit availability increased in July 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 – “Mortgage rates move down for third week” (8-6-15)

“Average fixed mortgage rates moved down for the third week in a row as uncertainty about the economy pushed Treasury yields lower earlier in the week, Freddie Mac reported Thursday morning.”

DS News – “Distressed Sales Share Drops Below 10 Percent” (8-6-15)

“Distressed home sales, which are sales of REO properties and short sales, comprised 9.9 percent of all U.S. home sales in May, the first time since the recession that the monthly distressed sales share has dipped below 10 percent, according to data released by CoreLogic on Thursday.”

Mortgage Professional America “Big banks loosen loan requirements” (8-6-15)

“One major bank has loosened the requirements for jumbo loan qualification, but industry players believe common sense underwriting should still apply.”

NAHB “Builders Remain Optimistic about the 55+ Housing Market” (8-6-15)

“Builder confidence in the single-family 55+ housing market remains in positive territory for the second quarter of 2015 with a reading of 57, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today. Despite the one-point dip from the previous quarter, this is the fifth consecutive quarter with a reading above 50.”

Bloomberg – “Service Industries in U.S. Expand at Fastest Pace in a Decade” (8-5-15)

“America’s service providers from restaurants to real estate agencies expanded in July at the strongest pace in a decade, putting the U.S. economy on track for faster growth.  The Institute for Supply Management’s non-manufacturing index jumped by 4.3 points to 60.3, the best reading since August 2005 and well above the most optimistic projection in a Bloomberg survey of economists, the group’s report showed Wednesday.”

DS News “New York AG Highlights Success of Foreclosure Avoidance Programs” (8-6-15)

“New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.”

Housing Wire “Fannie Mae’s net income jumps to $4.6B in 2Q” (8-6-15)

“Fannie Mae reported net income of $4.6 billion for the second quarter of 2015 and comprehensive income of $4.4 billion.  The company reported a positive net worth of $6.2 billion as of June 30, 2015 resulting in a dividend obligation to Treasury of $4.4 billion, which the company expects to pay in September 2015.”

Mortgage Professional America – “Commercial originations hit highs” (8-5-15)

“It’s not just the residential mortgage sector that is experiencing a post-recession resurgence, as commercial lending sees impressive volume increases as well.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

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

 

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

 

Looking Back:

The Mortgage Bankers Association reported a 1.6% increase in mortgage applications for this week.  Bank of America Merrill Lynch reported on the slowdown in home price gains believing it was related more to a return from out sized gains and not a weakening market.  Bank of America and the Justice Department nearly reached a settlement.

 

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.