California Real Estate Investing News

Posts Tagged ‘CoreLogic’

Housing Starts Expected to Reach Normal Levels in Two Years According to Lawrence Yun

Thursday, July 9th, 2015

 

Today’s News Synopsis:

Housing starts are expected to reach normal levels in the next two years, leading to an increase in home sales according to Lawrence Yun of the NAR.  Mortgage rates decreased after having seen substantial growth, putting 30-year rates at 4.04% and 15-year rates at 3.20%.  CoreLogic reported a decrease in distressed properties to their lowest in eight years.

 

In The News:

Realty Trac – “Potential Buy-to-Rent Returns Down From a Year Ago in 59 Percent of U.S. Counties for First Five Months of 2015” (7-8-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released a Buy-to-Rent analysis and a Buy-or-Rent analysis on 3-bedroom residential properties in 285 counties nationwide.”

Mortgage Professional America – “Home sales to see major spike” (7-9-15)

“Lawrence Yun, chief economist for the National Association of Realtors, believes home construction will in the next two years finally return to normal levels for the first time since the recession.”

DS News – “Are First-Time Homebuyers a Bigger Risk? Yes and No” (7-9-15)

“Mortgages by first-time homebuyers tend to perform worse than those of established buyers, but that doesn’t mean first-timers are an inherently riskier group, according to a new report by the Federal Housing Finance Agency.”

Housing Wire – “Freddie Mac: Mortgage rates reverse course, drop” (7-9-15)

“Mortgage rates stopped their upward trend and dropped back down due to global uncertainty, the latest Freddie Mac Primary Mortgage Market Survey said.  The 30-year fixed-rate mortgage averaged 4.04% for the week ended July 9, down from last week’s average of 4.08%. A year ago, the 30-year FRM averaged 4.15%.”

DS News – “Lawmakers Debate ‘Too Big to Fail’ and Criteria for ‘Systemically Important’ Tag” (7-9-15)

“The debate over whether  “too big to fail” has ended and the criteria for designating a bank holding company as “systemically important” under Dodd-Frank has continued this week as lawmakers convened to discuss the controversial law and its effect on the American financial system.”

Mortgage Professional America – “IMF on originators’ side” (7-9-15)

“The IMF is calling on the Federal Reserve to delay its inevitable rate hike until 2016, echoing the advice of originators across the US.”

Housing Wire“Mortgage settlement monitor credits Chase with $3.3B in consumer relief” (7-9-15)

“National Mortgage Settlement Monitor Joseph Smith released his fifth report on JPMorgan Chase & Co.’s (JPM) residential mortgage-backed securities settlement, detailing the firm’s progress toward satisfying its consumer relief requirements of the settlement.”

DS News – “Distressed Sales Fall to Eight-Year Low” (7-9-15)

“Sales of distressed properties in April 2015 hit their lowest point since April 2007, according to a report released Thursday by CoreLogic.  According to CoreLogic, distressed sales comprised 11 percent of home sales nationally in April.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

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

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

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased 1.9% from the previous week.  Julián Castro was approved for nomination by the Senate, a decision many industries approved.  Rental prices were believed to be increasing to the most that they would be able to and were expected to be topping off soon.

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

 

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.

 

 

TRID Decision May Be Delayed Yet Again to October

Wednesday, June 24th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported an increase in both refinance and purchase applications.  The refinance index increased 2%, while applications increased 1.6%.  Half of the states in the country now have stable housing markets with the prosperous buying season in the spring.  The CFPB, which had already postponed the decision on TRID, now wants to delay it until October.

 

In The News:

Housing Wire – “CoreLogic Chief Economist: Here’s how new policies can help homeownership” (6-24-15)

“The decline in the homeownership rate has been very steady, Frank Nothaft, chief economist for CoreLogic, said in an interview with HousingWire.  The rate has returned to what it was 20 years ago and is more severe for younger age groups, he explained.”

DS News “Spring Homebuying Season Pushes Half of States Into ‘Stable’ Housing Market Range” (6-24-15)

“More than half of the states plus the District of Columbia, along with more than a third of the nation’s largest metro areas, were categorized as in the “stable” range in April on the strength of a healthy spring homebuying season, according to Freddie Mac’s April 2015 Multi-Indicator Market Index (MiMi) released Wednesday.”

Mortgage Bankers Association – “Refi, Purchase Applications Both Up in Latest MBA Weekly Survey” (6-24-15)

“Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 19, 2015.”

Mortgage Professional America – “State sets sights on mortgage relief scams” (6-24-15)

“New York’s attorney general has kicked off a public awareness campaign that is taking aim at “mortgage rescue” scams.  Many companies – including legitimate law firms – making false promises of offering mortgage debt relief are making off with client money.”

DS News “Fed Vice Chairman Speaks On Evolution of Supervisory Stress Tests” (6-24-15)

“Speaking at the Riksbank Macroprudential Conference in Stockholm, Sweden, on Wednesday, U.S. Federal Reserve Vice Chairman Stanley Fischer related to the audience the critical role that stress tests played in restoring the U.S. financial system to health and of the continued evolution of those tests over the last six years.”

Housing Wire“Whistleblowers to testify on discrimination at CFPB” (6-24-15)

“For more than a year, the House Financial Services Committee has investigated serious allegations of discrimination and retaliation against employees at the Consumer Financial Protection Bureau.”

DS News – “CFPB Issues Proposed Amendment to Delay TRID Effective Date Until October 3” (6-24-15)

“The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015.”

Mortgage Professional America – “Underwater mortgages dropping” (6-24-15)

“New stats from CoreLogic show that 254,000 homes regained equity in the first quarter of this year, and the share of underwater mortgages has dropped to 10.2 percent.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

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

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

 

Looking Back:

The MBA expected high return of commercial and multifamily originations this year with the increase in housing volume.  Sales of newly constructed homes increased 18.6% and stood at 504.000.  According to the latest Case-Shiller Index, home prices increased 10.8% in 20 U.S. cities, falling short of expectations.

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

 

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.

 

Jumbo Reverse Mortgages Gaining Popularity Among High-Value Homeowners

Tuesday, June 23rd, 2015

 

Today’s News Synopsis:

 

The latest data from the Commerce Department showed new home sales increased last month by 2.2% to 546,000, their highest since 2008.  Home prices also increased by 0.3% the prior month according to the FHFA.  High-value homeowners are taking a bigger interest in something new: jumbo reverse mortgages

 

In The News:

Housing Wire – “Three American cities score high on global luxury list” (6-22-15)

“What do San Francisco, Los Angeles and Miami have in common besides beaches and tourist attractions? Real estate. All three cities are all on the list of the top ten luxury real estate markets in the world released by Knight Frank.”

Bloomberg – “Sales of New U.S. Homes Rise to Highest Level in Seven Years” (6-23-15)

“Purchases of new homes in the U.S. rose in May to the highest level in seven years, signaling the industry is gaining momentum heading toward the second half of the year.  Sales climbed 2.2 percent to a 546,000 annualized pace, exceeding all forecasts in a Bloomberg survey of economists and the most since February 2008, Commerce Department data showed Tuesday in Washington. Readings for February through April were revised up.”

DS News “CoreLogic Launches New Compliance Solution to Help Lenders With TRID” (6-23-15)

“CoreLogic recently announced the release of its LoanSafe Compliance Manager, a new solution to help lenders comply with a broad array of federal, state, and local residential mortgage lending regulations, including the upcoming TILA-RESPA Integrated Disclosure (TRID) rule.”

Realty Trac – “Can Boomerang Buyers Spark A Real Estate Revival?” (6-23-15)

“Boomerang buyers are out there by the millions, possible purchasers with the potential to heat up the real estate marketplace and with it large parts of the U.S. economy. And yet while the real estate industry is ready to gleefully welcome such buyers the path back to homeownership may be more difficult than expected.”

Mortgage Professional America – “Jumbo reverse mortgage a hit with high-value homeowners” (6-23-15)

“The popularity of reverse mortgages is growing among consumers – and one company is taking that concept to stratospheric levels.  Urban Financial of America, LLC (UFA), one of the top lenders of reverse mortgages in the United States, introduced its HomeSafe proprietary reverse mortgage in September – offering loan proceeds of up to $2.25 million, compared to traditional reverse mortgages or Home Equity Conversion Loans (HECMs), which currently have legislated maximum available loan proceeds of $469,125.”

Bloomberg – “U.S. Home Prices Rose 0.3% in April, FHFA Says” (6-23-15)

“U.S. home prices rose less than economists estimated in April as sellers put more properties on the market.  Prices climbed 0.3 percent on a seasonally adjusted basis from March, the Federal Housing Finance Agency said in a report Tuesday. The average economist estimate was for a 0.5 percent increase, according to data compiled by Bloomberg.”

Housing Wire“Fannie Mae: Economic rebound on the horizon” (6-23-15)

“Recent indicators suggest that the U.S. is experiencing a moderate rebound in economic growth in the current quarter following a temporary drop in activity in the first quarter, according to Fannie Mae’s Economic & Strategic Research Group.”

DS News – “Five Star Partners With Industry to Launch Mortgage Diversity Council” (6-23-15)

“The Five Star Institute has announced the launch of the American Mortgage Diversity Council (AMDC), a member organization comprised of industry leaders and advocates focused on shaping the diversity agenda for the mortgage industry.”

Mortgage Professional America – “Newly creditworthy buyers to ‘flood’ mortgage market” (6-23-15)

“According to a recently released study by credit agency TransUnion, 1.5 million Americans who were forced out of the housing market by the housing crash will flood the housing market in the next two years.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

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

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

 

Looking Back:

Existing home sales increased by an impressive amount the previous month with the increase in inventory and improving prices.  Existing home sales increased 4.9% month-over-month and were at 4.89 million. The number of failed banks stood at 11 with the closure of two subsidiaries of River Valley Bancorp.  Inventory for homes increased 11.8%, although most of the homes were purchased by the middle class

Copyright: Image from www.aag.com

 

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.

 

Underwater Homes Continue to Decrease While More Home Regain Equity

Tuesday, June 16th, 2015

 

 

Today’s News Synopsis:

 

The NAHB reported a decrease in housing starts by 11.1%, putting them now at 1.036 million units.  Mortgage debt for commercial/multifamily properties showed signs of increased growth with a 1.5% increase ($40.4 billion) in the first quarter.  CoreLogic reported underwater homes are continuing to decrease, while at the same time more properties are regaining equity.

 

In The News:

Bloomberg – “Mortgage-Bond Sales Soar in Sign U.S. Crisis Wounds Healing” (6-15-15)

“Almost seven years after the financial crisis, bond investors are rediscovering their appetite for new debt tied to the U.S. housing market.  Issuance of home-loan securities that don’t have government backing has accelerated this year to more than $32 billion from $18 billion a year ago, according to data compiled by Bloomberg and Bank of America Corp.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Continues Growth in the First Quarter of 2015” (6-16-15)

“The level of commercial/multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings. That is a 1.5 percent increase over the fourth quarter of 2014.”

Mortgage Professional America – “Retiring baby boomers struggling with mortgage payments” (6-16-15)

“More Americans are heading into their retirement years with outstanding mortgage payments – and the amounts of those payments are on the rise.  Christopher Mayer, a Columbia Business School professor of real estate, finance and economics, says that inflation-adjusted mortgage debt for homeowners ages 60 to 65 have more than tripled, from less than $30,000 to about $100,000, between 1992 and 2010.”

NAHB “Housing Starts Readjust in May” (6-16-15)

“Nationwide housing starts dropped 11.1 percent to a seasonally adjusted annual rate of 1.036 million units in May from an upwardly revised April reading, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance rose 11.8 percent to a rate of 1.275 million, the highest level since August 2007.”

Mortgage Professional America – “State bill to protect seniors on reverse mortgages” (6-16-15)

“Sponsored by Illinois Senator Jacqueline Collins and State Representative Arthur Turner, Senate Bill 1440 is headed for the desk of Illinois Governor Bruce Rauner to be enacted into law, riding a tide of bipartisan support.”

DS News – “Number of Properties With Equity Is Rising While Total of Underwater Homes Declines” (6-16-15)

“Approximately 254,000 properties regained equity in the first quarter of 2015, bringing the total of residential mortgaged properties with equity nationwide up to 44.9 million – approximately 90 percent of all mortgages, according to data released by CoreLogic on Tuesday.”

Housing Wire – “Group launches homeownership program to boost modest-income buyers” (6-16-15)

“The National Community Reinvestment Coalition, a nonprofit affordable housing organization, announced Tuesday the launch of GROWTH, an initiative designed to create new pathways to homeownership for low- and moderate-income families.”

Mortgage Professional America – “HUD clears up mortgage confusion” (6-16-15)

“Peter Bell, President of the National Reverse Mortgage Lenders Association, praised the new policy guidance from HUD regarding the Home Equity Conversion Mortgage for its clarity on what had been a confusing issue.”

DS News – “Trulia Hires New Chief Economist” (6-16-15)

“Trulia, a San Francisco-based home search resource for buyers and renters, has named Selma Hepp as chief economist.  In her new position with Trulia, Hepp will lead the company’s housing economics research team and provide key insights about the economy, housing trends, and public policy to house hunters.”

Bruce Norris of The Norris Group will be speaking at the NSDREI 11th Anniversary Dinner Party TODAY.

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

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

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

 

Looking Back:

Builder confidence increased this month by four points to 49.  Citigroup and JPMorgan Chase both faced lawsuits, one for fraud and the other over predatory lending.  Housing inventory increased the previous month by 9.1%, while home sales decreased 10%.

Copyright: Image from www.flickr.com/photos/staring-straight/

 

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 Expected to Continue Decreasing into 2030

Tuesday, June 9th, 2015

 

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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

 

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

Monday, June 8th, 2015

 

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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

 

 

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

Tuesday, June 2nd, 2015

 

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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

 

New Financial Regulatory Relief Bill Approved

Friday, May 22nd, 2015

 

 

 

Sources:

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

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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


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

Tuesday, May 12th, 2015

 

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

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

 

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

 

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

Tuesday, May 5th, 2015

 

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

 

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

 

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