California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Almost Half of Foreclosures Over Last Year Completed in Five States

Thursday, October 2nd, 2014

 

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



Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

 

Looking Back:

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

 

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

Housing Market Worse in Los Angeles Than Both New York and San Francisco

Wednesday, September 3rd, 2014

 

 

 

Today’s News Synopsis:

According to the latest Mortgage Applications Survey released by the Mortgage Bankers Association, mortgage applications increased 0.2% from last week.  Consumer sentiment improved in late August after low numbers earlier in the month, having increased to 82.5.  Los Angeles is showing more problems with the housing market than both New York and San Francisco.

In The News:

Housing Wire - “$4 billion more in bulk MSRs available for purchase” (9-3-14)

“The increasing rate of mortgage servicing rights transfers may have peaked the interest of the Consumer Financial Protection Bureau, which last month expressed “heightened” concern over the high volume of MSR transfers, but that hasn’t stopped sellers from bringing another massive portfolio to the market.”

DS News“Late August Finds Consumer Sentiment on Rebound” (9-3-14)

“After a poor reading earlier in the month, consumer sentiment in August recovered more than expected, despite concerns about the economy’s future direction.”

Bloomberg - “Case-Shiller Redo Shows Less Severe U.S. Home-Price Slump” (9-3-14)

“The collapse in U.S. home prices that stoked the worst recession since the Great Depression wasn’t quite as severe as initially estimated, according to data from S&P/Case-Shiller.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (9-3-14)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 29, 2014.”

Housing Wire - “Beige Book: A housing market divided in improvement” (9-3-14)

“Residential real estate activity was split between the twelve Federal Reserve Districts, with sales of existing homes and construction of new homes generally expanding or holding steady in about half of the districts, according to the latest Beige Book from the Federal Reserve.”

Bloomberg - “Housing Woes Worse in L.A. Than New York, San Francisco” (9-3-14)

“Surging property prices in the second-largest U.S. city are driving up costs in once-impoverished areas while pushing lower-income households into converted garages or to distant suburbs, where the tradeoff is hours stuck in traffic each day.”

DS News - “SIGTARP Requests More Transparency from Treasury” (9-3-14)

“The watchdog that oversees the money given under the Troubled Asset Relief Program (TARP) has called for more transparency from the U.S. Treasury Department.”

Inman“CoreLogic’s use of listing photos prompts copyright lawsuit” (9-3-14)

“Attorneys for two real estate photographers are seeking class-action status to represent others in a lawsuit against real estate data and technology firm CoreLogic Inc. alleging the company stripped identifying information from millions of home images uploaded to multiple listing services, making the images harder to protect against copyright infringement.”

Bloomberg - “Home Buyers Lose as U.S. Bond Rally Skips Mortgage Rates” (9-3-14)

“Potential home buyers watching this year’s plunge in 10-year Treasury yields can be forgiven for wondering why their borrowing costs aren’t falling at the same pace.”

 

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 4 bedroom, 2 bathroom home appraised for $147,000.

Palmdale Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

In their latest Home Price Index report, CoreLogic reported home prices increased 12.4% year-over-year back in July.  The latest data from the Lender Processing Services showed foreclosures were down 31%, while delinquencies were down 9% as of July.  Refinancing also decreased in the second quarter with the increase in mortgage rates.

 

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

Home Price Growth at its Slowest in 21 Months

Tuesday, September 2nd, 2014

 

 

 

Today’s News Synopsis:

Home prices saw a 7.4% increase this past July, a 1.2% increase month-over-month although its slowest growth overall in 21 months.  HUD released its latest report showing they have sold $15.8 billion in nonperforming loans over the last four years, leading to a decrease in foreclosures and insurance losses.  As a result of a reset in home equity lines of credit  set to happen over the next three years, almost 2.5 million borrowers may be faced with a $250 monthly increase on their mortgage payments.

In The News:

Housing Wire - “MERS wins again; this time in Pennsylvania” (9-2-14)

“MERSCORP Holdings secured another court victory in a suit brought against the company by a disgruntled mortgagor that claimed MERS didn’t have the authority to assign a mortgage.”

DS News“HUD: Loan Sales Cut Insurance Losses, Reduced Foreclosures” (9-2-14)

“The U.S. Department of Housing and Urban Development (HUD) announced in a report released last week it has sold $15.8 billion in nonperforming loans since 2010, cutting losses to its insurance fund and saving thousands of homeowners from foreclosure.”

Bloomberg - “FHFA Rules Aimed at Kicking REITs Out of Home-Loan Banks” (9-2-14)

“The overseer of the Federal Home Loan Banks is planning changes to membership rules that would keep investment firms and lenders lacking customer deposits out of the U.S. government-chartered system.”

Mortgage Professional America“FHFA wants to boost mortgage access to low-income borrowers” (9-2-14)

“The Federal Housing Finance Agency says it wants Fannie Mae and Freddie Mac to provide more support for low-income borrowers.  The FHFA has released proposed goals for the mortgage finance firms as part of agency director Mel Watt’s initiative to increase access to housing, according to a Reuters report.”

Housing Wire - “Home price growth slows to 21-month low” (9-2-14)

“Home prices nationwide, including distressed sales, increased 7.4% in July 2014 compared to July 2013, according to the July report from CoreLogic (CLGX) – a significant slowdown that continues the long-term trend and a 21-month low.”

DS News - “Report: Housing in U.S. Not Set Up to Handle Aging Population” (9-2-14)

“The U.S. is not prepared to accommodate its rapidly growing older population where housing needs are concerned, according to a report by Harvard Joint Center for Housing Studies and AARP Foundation released on September 2.”

OC Housing News“Federal reserve’s bad-debt preservation policies weakened the economy” (9-2-14)

“People stimulate economic activity when they borrow money and spend it. Politicians like debt growth and spending for the economic stimulus it provides; however, lenders like debt growth for a different reason; to a lender the initial loan is a sale, so lenders celebrate along with politicians, but lenders look forward the borrower’s interest payments because interest is income to lenders.”

Housing Wire - “2.5 million borrowers face imminent payment shock” (9-2-14)

“At least 2.5 million borrowers will face an average increase of $250 per month on their monthly mortgage payment due to the imminent reset in home equity lines of credit over the next three years, according to Black Knight Financial Services’ Mortgage Monitor Report.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $112,000 on a 4 bedroom, 3 bathroom home appraised for $172,000.

Lancaster Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

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.

Homes in California Are the Least Affordable Despite Rising Home Prices

Wednesday, August 27th, 2014

 

 

 


Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.8% increase in mortgage applications from last week in their latest Mortgage Applications Survey.  Foreclosures decreased 34.4% year-over-year and stands at 640,000 compared to 976,000 last year.  Homes in California, specifically Los Angeles and Orange County, are the least affordable despite a strong increase in home prices.

In The News:

Mortgage Professional America - “JPMorgan attacked by Russian computer hackers” (8-27-14)

“JPMorgan and at least one other bank have been attacked by Russian computer hackers, according to a Bloomberg report.”

DS News - “Secondary Market, Decreased Sales Fuel Freddie Mac Portfolio Growth” (8-27-14)

“Boosted by an increase in secondary market purchases and a decline in sales, Freddie Mac’s portfolio grew for the first time this year in July.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (8-27-14)

“Mortgage applications increased 2.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 22, 2014.”

Housing Wire - “Vacancies drop again in Invitation Homes rental securitizations” (8-27-14)

“The vacancy rate in the properties that make up Invitation Homes’ two REO-to-rental securitizations continued to decrease in July, according to a new report from Morningstar.”

OC Housing News - “Coastal California housing least affordable in US” (8-27-14)

“Despite the rapid home price increases from March 2012 to July 2013, I’ve consistently maintained we are not in a new bubble — at least not yet.  The housing market reports I publish each month compare the cost of owning real estate to the cost of renting it, and as long as these two alternatives for acquiring homes is in balance, I consider the market affordable.”

DS News - “Foreclosure Inventory Down Nearly 35 Percent Year-Over-Year in July” (8-27-14)

“Foreclosure activity was down all over the nation in July, particularly in the area of foreclosure inventory – homes that are in any stage of the foreclosure process – where there was a 34.4 percent drop from July 2013, according to CoreLogic’s July 2014 National Foreclosure Report released on August 27.”

Press Enterprise - “Economy: Job fairs make a comeback” (8-27-14)

“Seeing the real estate industry well into its recovery is quite a comfort after the tribulation of recent years. Comfort can be drawn from scenes around the area showing the real estate industry is well in its recovery mode.”

Bloomberg - “Paramount Group Files for REIT IPO Poised to Be Largest” (8-27-14)

“Paramount Group Inc., a U.S. office landlord, filed for an initial public offering that is poised to be the largest ever for a real estate investment trust.”

 

Hard Money Loan Closed

San Marcos, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 2 bedroom, 2 bathroom home appraised for $365,000.

San Marcos Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

Home prices continued to show signs of increase according to the latest S&P/Case-Shiller Index.  Prices increased by 12.1% in 20 of the largest cities in the nation in June.  Home sales also increased the previous month by 3% month-over-month and 17.6% year-over-year.  In the meantime, mortgage delinquencies continued to show signs of decrease both by 3.96% month-over-month and 8.76% year-over-year.

 

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.

Settlement With Bank of America Nearly Reached by the Justice Department

Wednesday, August 6th, 2014

 

Today’s News Synopsis:

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 is related more to a return from out sized gains and not a weakening market.  Bank of America and the Justice Department have nearly reached a settlement.

In The News:

Bloomberg“JPMorgan Wins Dismissal of Los Angeles Bias Lending Case” (8-6-14)

“JPMorgan Chase & Co. won dismissal of claims by Los Angeles accusing the bank’s Washington Mutual unit of targeting minority borrowers with predatory loans, while a judge said the allegations could be refiled against the parent company.”

DS News - “Report: Justice Department Nears Settlement With Bank of America” (8-6-14)

“Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad, according to a report from the Wall Street Journal.”

OC Housing News - “Will a global economic slowdown trigger a US recession and housing bust?” (8-6-14)

“The US economy struggles for growth five years after the Great Recession officially ended. Economists point to encouraging signs of future growth — just as they erroneously have over the last five years.”

Mortgage Bankers Association“Refinance Applications, Share Increase in Latest MBA Weekly Survey” (8-6-14)

“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 August 1, 2014.”

Housing Wire - “BofAML: Home price slowdown is snapback from outsized gains” (8-6-14)

“Bank of America Merrill Lynch believes that Tuesday’s report from CoreLogic (CLGX) on the general slowdown in home price gains is more the pendulum swinging back from outsized gains than a general weakness.”

Bloomberg“Freddie Mac Pays More to Sell Risk-Sharing Securities” (8-6-14)

“Bond investors demanded to be paid more to potentially bear losses on mortgages guaranteed by Freddie Mac (FMCC), amid a slump in risk-sharing notes sold earlier by the firm and competitor Fannie Mae.”

Housing Wire - “Non-QM lending: The new normal for mortgages?” (8-6-14)

“Alamo, California based RPM Mortgage is following suit with the industry and entering the newly chartered territory of non-Qualified Mortgage lending.”

DS News - “Century 21 Earns Top Customer Satisfaction Rating” (8-6-14)

“Century 21 gained the highest customer satisfaction rating among real estate brokerages in all four buyer/seller categories, according to the J.D. Power 2014 Home Buyer/Seller Satisfaction Study released on Aug. 6.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $30,000 on a 2 bedroom, 1.5 bathroom home appraised for $48,000.

Victorville Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

The number of available jobs increased by 29,000 the previous month to their highest in five years according to the Bureau of Labor Statistics.  CoreLogic reported home prices increased 11.9%, marking the 16th month in a row home prices have increased.  In the same month,the national delinquency rate increased by 10% according to the Lender Processing Services.

 

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.

Available Mortgage Credit Increases 0.5% Month-Over-Month

Tuesday, August 5th, 2014

 

Today’s News Synopsis:

The amount of mortgage credit available increased last month by 0.5% according to the Mortgage Bankers Association.  Homeownership decreased to 64.7%, its lowest in almost twenty years despite decreased interest rates.  At the same time, gains in home prices decreased to 7.5% this past June compared to last year according to CoreLogic’s latest home price index.

In The News:

Housing Wire“Fed: CFPB rules are driving down mortgage lending” (8-5-14)

“Mortgage rules imposed by the Consumer Finance Protection Bureau are driving down the number of loans banks are making, the Federal Reserve says.”

DS News - “Economic Woes Cited By Parents of Home Bound Millennials” (8-5-14)

“Experts have surveyed the young generation again and again as to why they are staying with their parents, but now Fannie Mae has completed a survey of the parents they live with.  As it turns out, more than half of them don’t mind their children living at home.”

OC Housing News - “BofA: Reflated mini-bubble to peak in 2016″ (8-5-14)

“How can you tell whether a market is overvalued, undervalued, or fairly valued? It’s more than an academic concern today because lenders, realtors, and even government officials push average families to buy houses ostensibly to gain the financial benefits of home ownership.”

Mortgage Bankers Association“Mortgage Credit Availability Increases Slightly in July” (8-5-14)

“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 the AllRegs® Market Clarity® product.”

Housing Wire - “Homeownership at near 20-year low, but some bright spots” (8-5-14)

“Despite low interest rates and expanding credit availability, homeownership in the U.S. continues to fall, down to a low of 64.7%, a level not seen since 1995.”

Bloomberg“Zillow Tops Analysts’ Estimates for Second-Quarter Sales” (8-5-14)

“Zillow Inc. (Z), the real estate website that’s acquiring smaller rival Trulia Inc. for $3.5 billion, reported second-quarter sales that topped analysts’ estimates as traffic increased and more agents used its home-listing service.”

Housing Wire - “Home prices gains slow to 7.5% as forecast calls for further decline” (8-5-14)

“Home prices nationwide, including distressed sales, increased 7.5% in June 2014 compared to June 2013, reflecting a general slowdown that continues and will worsen through June 2015.”

DS News - “Delinquencies Drop as Fannie Mae Book of Business Shrinks” (8-5-14)

“Fannie Mae’s book of business decreased at a compound annualized rate of 1.7 percent over the month of June, slower than the previous month’s rate of 2.4 percent but continuing a streak of decreases that has persisted all year so far. Year-to-date, Fannie Mae’s book of business has declined at a compound annualized rate of 2.2 percent.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 2 bedroom, 1 bathroom home appraised for $241,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

The Mortgage Bankers Association reported the amount of mortgage credit available the previous month increased by 2.2% to 112.3.  Another bank closed in Florida in the past week, bringing the new total of closed banks to 17.  The OCC nearly completed mailing all of their foreclosure review checks.

 

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.

218,000 New Jobs Added This Month

Thursday, July 31st, 2014

Today’s News Synopsis:

Foreclosures decreased 35% year-over-year and now stand at 648,000, down from 1 million.  218,000 new jobs were added this month according to the latest ADP National Employment Report.  In an update on an earlier story, Richard Cordray spoke before the House Financial Services Committee  yesterday telling them they are doing what they can to make improvements to the work environment and employee review processes.

In The News:

Housing Wire - “CoreLogic: Foreclosure inventory tumbles 35%” (7-31-14)

“The national foreclosure inventory is down 35% from a year ago, with approximately 648,000 homes in some stage of foreclosure, compared to 1 million a year ago, CoreLogic’s latest June National Foreclosure Report found.”

DS News“Job Market Adds 218,000 Jobs in July” (7-31-14)

“The ADP National Employment Report for July 2014 shows that job growth continued throughout the month in yet another step along the way to full economic recovery.”

OC Housing News“Shiller: housing faces “turning point” as seasonally adjusted prices fall in May” (7-31-14)

“When a housing market reaches a top, it’s usually preceded by an unexpected drop in sales during the prime selling season. In June of 2006, sales fell off a cliff, and prices soon followed, and in July of 2010 after expiration of the tax credits, sales again suddenly collapsed, and home prices fell for another 18 months.”

DS News - “Cordray Responds to Allegations of Discrimination at the CFPB” (7-31-14)

“Following allegations of racial and gender discrimination at the Consumer Financial Protection Bureau (CFPB), the bureau’s director, Richard Cordray spoke before the House Financial Services Committee Wednesday. Cordray said the bureau is working to improve the working environment and review processes for its employees.”

Mortgage Professional America - “BOA ups settlement offer to $14bn, government still balks” (7-31-14)

“Bank of America wants to be done with government probes. The bank significantly upped its settlement offer to resolve a Justice Department probe over mortgage-backed securities, but the two sides still haven’t reached an agreement.”

DS News“SIGTARP Calls for Changes to HAMP” (7-31-14)

“The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.”

Los Angeles Times - “Freddie Mac: Mortgage rates hold steady; 30-year averaging 4.12%” (7-31-14)

“Mortgage rates are moving fast in one direction this summer — sideways.  Freddie Mac’s weekly survey, out Thursday, showed the average rate for a 30-year fixed-rate home loan was 4.12%, practically unchanged from last week’s 4.13%.”

Mortgage Bankers Association - “Commercial/Multifamily Borrowing Remains on Pace with Last Year” (7-31-14)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

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.

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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.

Janet Yellen Says Housing Recovery Moving at Slow Pace

Tuesday, July 15th, 2014

Today’s News Synopsis:

CoreLogic reported home prices increased 8.8% last May for the 27th week in a row, leading to a decrease in housing affordability.  Janet Yellen spoke with the Senate Banking Committee saying that the recovery for the housing market is still moving along at slower pace, primarily due to a large increase in mortgage rates last year.  The numbers for the latest earnings report for JPMorgan were mixed with second-quarter profits dropping almost 8% year-over-year.

In The News:

Housing Wire“NAR: One chart shows widening affordability gap” (7-15-14)

“Housing affordability is taking a giant hit as home prices continue to rise, even if it is at a slower pace.  According to the latest CoreLogic home price index, national home prices rose 27 weeks straight year-over-year, with home prices, including distressed sales, increasing 8.8% in May 2014 from a year ago.”

DS News - “JPMorgan Earnings Report Mixed” (7-15-14)

“Second-quarter profits at JPMorgan Chase dipped nearly 8 percent year-over-year as the bank continued to work with a diminished mortgage market.   JPMorgan’s latest earnings report, released Tuesday, shows the megabank earned $6.0 billion in profits over the latest three months, putting its performance somewhere between the $5.3 billion reported in the first quarter and $6.5 billion a year ago.”

Mortgage Professional America - “House: Fed needs more accountability” (7-15-14)

“Republican members of the House Financial Services Committee say the Federal Reserve needs more oversight.  The committee recently held a hearing to examine HR 5018, the Federal Reserve Accountability and Transparency Act.”

OC Housing News - “Is current housing weakness a fundamental shift away from home ownership?” (7-15-14)

“When house prices crashed in 2008, we had an opportunity to usher in a new era of affordable housing with a lower percentage of income devoted to housing in the United States.”

Housing Wire - “Credit Suisse: Homebuyers discouraged by rising prices” (7-15-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Mortgage Professional America - “Yellen: Housing recovery still too slow” (7-15-14)

“The head of the Federal Reserve says the housing recovery isn’t moving fast enough – due in part to last year’s mortgage-rate spike.”

Housing Wire - “Goldman Sachs 2Q14 earnings tick up to $9.13B” (7-15-14)

“Goldman Sachs’ (GS) second-quarter 2014 net revenue increased to $9.13 billion, up from $8.6 billion a year ago, with earnings per share rising to $4.10 from $3.70 for the second quarter of 2013.”

DS News - “Earnings Preview: Major Banks give Insight into Economic Health” (7-15-14)

“Two Down, Two to go. It’s earnings season. This week is one of four times a year that the world’s largest corporations report their earnings to their shareholders. It’s time to look back on the second quarter of 2014.”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The FHFA was working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing had seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement were cashed or deposited.

 

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.

Rents May Be Reaching Highest Level Possible

Wednesday, July 9th, 2014

Today’s News Synopsis:

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

In The News:

Bloomberg - “Citigroup Said Close to $7 Billion Mortgage Settlement” (7-9-14)

“Citigroup Inc. (C) may reach a $7 billion agreement with federal prosecutors that would include about $4 billion in cash to resolve a civil probe into sales of mortgage-backed bonds, a person familiar with the negotiations said.”

Los Angeles Times - “Rent Prices in the Southland may be topping out” (7-9-14)

“Rents in Southern California may be running out of room to climb.  The growth in apartment rents has slowed noticeably this year, according to new figures out Wednesday, the latest sign that housing is becoming too expensive for many Angelenos.”

Realty Trac“Will 30-Year Mortgages Disappear?” (7-9-14)

“We usually think of 30-year mortgages as the basic pillars of real estate finance but do we really need fixed-rate loans that last three decades?”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (7-9-14)

“Mortgage applications increased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 4, 2014.”

Housing Wire - “Fannie, Freddie foreclosure inventory hits new peak in Florida” (7-9-14)

“Foreclosure inventory continues to decrease nationally, down 4.8% in May. That marked 31 consecutive months of year-over-year declines.”

DS News“Market Changes Challenge Home Buyers, Sellers” (7-9-14)

“As the housing recovery downshifts from last year’s pace, the latest survey of real estate agents by national brokerage Redfin finds homebuyers and sellers are having trouble getting on the same page with each other and with the new shape of the market.”

Mortgage Professional America - “Affordable homes more likely to be underwater than expensive homes” (7-9-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Inman - “Demand for purchase mortgages down 10 percent from a year ago” (7-9-14)

“Demand for purchase mortgages climbed last week even as rates ticked up slightly and the nation geared up to celebrate Independence Day.”

Housing Wire - “Castro’s confirmation as HUD Secretary met with industry approval” (7-9-14)

“On Wednesday, the Senate voted to approve the nomination of Julián Castro as the next Secretary of Housing and Urban Development by a 71-26 margin. Castro will now take over as the head of HUD for the departing Shaun Donovan, who has been nominated to the post of Director of Office of Management and Budget.”

OC Housing News - “It’s no longer a seller’s market” (7-9-14)

“California’s housing markets are nearly always a seller’s market because we have a chronic shortage of available housing. This causes people to substitute down in quality relative to their incomes and live in smaller, less opulent abodes than their income would accommodate in other areas of the country.”

DS News“Foreign Buyers Competing in U.S. Housing Market” (7-9-14)

“As analysts, industry participants, and policymakers struggle to boost homeownership among Americans, foreign activity in the U.S. housing market remains strong.”

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Looking Back:

The number of jobs available increased slightly in May, showing the first signs of increase since February.  The number of markets that showed signs of improvement decreased this month and stood at 255, down from 263 last month.  According to a recent survey by FICO, 47% of bankers said they anticipated mortgage delinquencies would decrease.  

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.