California Real Estate Investing News

Posts Tagged ‘CoreLogic’

Existing-Home Sales Expected to Rise After CFPB Puts TRID Into Action

Tuesday, January 5th, 2016

 

Today’s News Synopsis:

 

CoreLogic reported a 6.3% increase in home prices last November.  Existing-home sales are expected to continue to show signs of increase following the CFPB putting the  TILA-RESPA Integrated Disclosure rule into action.  Mortgage rates are expected to increase again following a history of relatively cheap rates.

 

In The News:

Housing Wire – “Existing-home sales projected to recover from TRID aftermath” (1-5-16)

“Existing-home sales are projected to recover after a weak report in November due to the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, according to the latest Auction.com Residential Real Estate Nowcast report.”

Mortgage Professional America – “Morning Briefing: UCLA economist makes 2016 predictions” (1-5-16)

“David Shulman, the senior economist at UCLA Anderson Forecasting, has made his predictions for real estate during the coming year in a letter published by UCLA Ziman Center for Real Estate.”

DS News – “OCC Lets JPMorgan Chase and EverBank Off the Hook, Sort of” (1-5-16)

“The good news for JPMorgan Chase Bank and EverBank: The Office of the Comptroller of the Currency (OCC) announced on Tuesday that it has terminated mortgage-related consent orders against them.”

Housing Wire – “Bernie Sanders unveils foundation-shattering Wall Street reform plans” (1-5-16)

“It’s not exactly a stretch to say that Sen. Bernie Sanders, I-VT, is not the biggest fan of Wall Street.  The Democratic Presidential hopeful recently castigated the Federal Reserve, its decision-making, its policies, and its sheer existence in a scathing editorial published by the New York Times.”

Mortgage Professional America – “Veteran calls for more clarity around grace period” (1-5-16)

“The CFPB teased originators with a suggested TRID grace period but more concrete and official information is needed, according to one industry veteran.”

Bloomberg – “Bank of America Merrill Lynch: The Shanghai Composite Will Plummet by Nearly 30% in 2016” (1-5-16)

“The early January blues for Chinese stocks will persist through 2016, according to Bank of America Merrill Lynch, which expects the Shanghai Composite index to end the year down roughly 27 percent, at about 2,600.”

Housing Wire – “CoreLogic: Home prices surge 6.3% in November” (1-5-16)

“Home prices nationwide, including distressed sales, surged 6.3% in November 2015 compared with November 2014 and increased by 0.5% in November 2015 compared with October 2015, according to the latest report from CoreLogic.”

Mortgage Professional America – “Economists predicting an end to the good times” (1-5-16)

“A decade after home sales peaked, buyers who have enjoyed historically cheap mortgage rates during the industry’s recovery are now bracing for an end to the gravy train.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate TONIGHT.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

More and more of the younger generation were becoming new homebuyers as the economy continued to show signs of improvement.  Mortgage rates were low at the end of 2014 with 30-year rates at 3.87% and 15-year rates at 3.15%, although they were expected to increase again in 2015.  Home prices continued to stay strong, although sales decreased drastically by 21%.

 

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

Cash Sales On Homes Declining to Levels Seen Before Crisis

Monday, December 21st, 2015

Today’s News Synopsis:

Cash sales on homes are actually declining to levels seen before the housing crisis.  More and more are able to afford homes now with activity decreasing with the season.  The first pool of non-performing loans by Freddie Mac was just sold off to Community Loan Fund of New Jersey, Inc.

 

In The News:

Housing Wire – “Freddie Mac sells first pool of non-performing loans to non-profit buyer” (12-21-15)

“Freddie Mac announced Monday that it sold its first pool of non-performing loans to a non-profit buyer, Community Loan Fund of New Jersey, Inc.”

Bloomberg – “This Startup Wants a Stake in Your Home, Poor Credit No Problem” (12-21-15)

“Financing to homeowners is loosening up after a 30 percent increase in property values nationally since the 2012 trough. While many lenders have been letting the most credit-worthy borrowers tap their homes’ equity, Point is targeting customers who have been largely unable to trade accumulated wealth for cash or don’t want to take on the additional monthly payments associated with traditional loans.”

DS News“Fed Seeks Comment on Capital Buffer for Internationally Active Banks” (12-21-15)

“The Federal Reserve Board announced on Monday that it is seeking public comment on a policy statement proposal that lays out the framework the Central Bank would follow in setting the capital requirements for internationally active banks known as the Countercyclical Buffer, or CCyB.”

Mortgage Professional America – “Morning Briefing: First-timers ‘anxious’ about rising mortgage rates” (12-21-15)

“A poll of existing homeowners and prospective home buyers has found differing views among the two groups on the effect of higher interest rates.”

DS News“Five Star CEO Delgado Applauds Passage of Omnibus Appropriations Bill” (12-21-15)

“The omnibus appropriations bill, which is a $1.1 trillion bipartisan spending bill that includes the extension of several tax relief provisions, was signed into law late last week. The bill includes a standalone proposal sponsored by U.S. Rep. Tom Reed (R-New York) known as the Mortgage Relief Assistance Act.”

Bloomberg – “Fed Releases Capital Buffer Plan for Containing Credit Risk” (12-21-15)

“The Federal Reserve is seeking public comment on the standards it would use in requiring the biggest banks to set aside additional capital as a buffer in periods when market risks raise the threat of future losses.”

Housing Wire – “CoreLogic: Cash sales share continues trend back towards ‘normal'” (12-21-15)

“The percentage of home sales conducted in cash continued its trend back towards pre-crisis levels during the month of September, a new report from CoreLogic showed.”

Mortgage Professional America – “Market to remain strong in 2016” (12-21-15)

“The market will continue to rebound next year, despite expected rate increases.  ‘MBA has been projecting a rate increase all year and we have factored rising mortgage rates into our 2016 mortgage finance forecast,’ Mike Fratantoni, MBA’s Chief Economist and Senior Vice President for Research and Industry Technology said.”

DS News“Seasonal Slowdown Keeps Homes at an Affordable Level” (12-21-15)

“As the winter season presses on, the housing market is experiencing a seasonal slowdown in activity among home sales, prices, and inventory.  The RE/MAX National Housing Report for November 2015 showed that home sales in were down this month for the third time this year in 53 metros surveyed.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/saintseminole

 

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.




Over $1 Billion in Seriously Delinquent Loans Just Sold by Freddie Mac

Tuesday, December 8th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported the amount of mortgage credit available decreased last month by 0.8% to 127.4.  The same group also said profits from independent mortgage banks increased by were lower than the third quarter at $1,238 compared to $1,522.  Over $1 billion in seriously delinquent loans were just sold off by Freddie Mac.

 

In The News:

Mortgage Bankers Association – “Mortgage Credit Availability Decreased in November” (12-8-15)

“Mortgage credit availability decreased in November 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.”

Mortgage Professional America – “A win for originator clients” (12-8-15)

“Clients will not have to deal with price hikes for Fannie and Freddie-backed loans, following the advocacy of one industry association that went to bat for home buyers.”

DS News“Much of Remaining Foreclosure Inventory is Concentrated in a Few States” (12-8-15)

“The nation’s foreclosure inventory, or the share of residential mortgage loans in some state of foreclosure, is only a fraction of what it was at its peak.”

Mortgage Bankers Association“Independent Mortgage Bank Profits in 3rd Quarter 2015 Down from Previous Quarter – Up on Year-over-Year Basis” (12-8-15)

“Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,238 on each loan they originated in the third quarter of 2015, down from a reported gain of $1,522 per loan in the second quarter of 2015, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Mortgage Professional America – “Morning Briefing: Mortgage Bankers Association hits back at NY Times” (12-8-15)

“An article in the New York Times which questioned the housing finance reform advocacy of the Mortgage Bankers Association has been refuted.”

Housing Wire – “Freddie Mac sells off $1.1 billion in non-performing loans” (12-8-15)

“Freddie Mac announced Tuesday that it sold off 5,311 seriously delinquent loans from its investment portfolio. The loans carry an unpaid principal balance of approximately $1.1 billion.”

DS News – “Wells Fargo Welcomes New President & COO” (12-8-15)

“Wells Fargo & Company recently announced that Timothy J. Sloan will now serve as President and COO, reporting to Chairman and CEO John G. Stumpf.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA TONIGHT.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

 

 

Looking Back:

Fannie Mae announced a new program that would allow first-time homebuyers to put down a payment of as low as 3%.  In the same way, Freddie Mac was launching their own Home Possible Advantage program that would also allow homeowners a 3% down payment.  The National Association of Realtors predicted mortgage rates would increase by up to as much as 5% the following 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.

Las Vegas Showing More Stability in their Housing Market

Monday, December 7th, 2015

Today’s News Synopsis:

 

More landlords are forming mergers with each other in hopes this will help increase profit on single-family rentals.  CoreLogic’s predictions for next year’s housing market include an increase in home sales and prices but a decrease in the volume of refis.  One market that seems to be fairing very well, making a comeback, and a safe bet for investors now is Las Vegas.

 

In The News:

CNBC – “Merging Landlords See Growing Profit on rentals” (12-7-15)

“It was supposed to be a short-term play. Investors would buy thousands of bargain-basement single-family homes during the foreclosure crisis, rent them for a few years and then sell them off and be done.”

Mortgage Professional America – “Association calls for unity in industry” (12-7-15)

“Independent mortgage professionals obviously lack the political sway the big banks enjoy, but that just means more unity is needed among the smaller players to improve their collective clout.”

NAHB – “EPA’s Streamlined Stormwater Compliance Guide a Boon for Builders, Says NAHB” (12-7-15)

“The National Association of Home Builders (NAHB) applauded today’s announcement that the Environmental Protection Agency (EPA) has unveiled a voluntary Construction General Permit (CGP) stormwater compliance template for residential building lots of one acre or less.”

Realty Trac – “Will FHA Defections Change The Mortgage Marketplace?” (12-7-15)

“The FHA is facing a mutiny. Despite terrific results in fiscal 2015, some of the largest lenders in the country have had it with the nation’s per-eminent mortgage insurance program. They’re offering borrowers alternative loan options and setting up the mortgage industry for a clash of financial titans.”

DS News“Housing Outlook for 2016: Higher Home Sales and Prices, Falling Refi Volumes” (12-7-15)

“The year 2016 is expected to usher in the creation of 1.25 million new households, higher rental demand, increased home sales, and a rise in home purchase loan originations even as refinancing volume plummets, CoreLogic’s Chief Economist predicted Monday.”

Mortgage Professional America – “Morning Briefing: Las Vegas housing market now a safer bet” (12-7-15)

“The housing market in Las Vegas is starting to stabilize after many years of turbulence following the crash. The Greater Las Vegas Association of Realtors reported Friday that even at this traditionally-slower time of year there has been better activity; home sales of 2,476 were just 7 lower than November 2014 while the median price for single-family existing homes increased by 8.9 per cent to $220,000.”

Housing Wire – “Black Knight: Consumers aren’t getting Fannie, Freddie 3% down mortgages” (12-7-15)

“For all the uproar that surrounded Fannie Mae and introducing loan programs that allowed buyers to put down as little as 3% around this time last year, not many buyers are actually taking advantage of the low down payment loans, according to a new report from Black Knight Financial Services (BKFS).”

DS News – “GSE Reform Must Go Through the Financial Stability Oversight Council” (12-7-15)

“Everyone agrees that there must be GSE reform, but no one agrees on exactly how it should be accomplished.  Eight of the nine voting members on the Financial Stability Oversight Committee will testify Tuesday before the House Financial Services Committee, and over at The Hill, the argument is made that GSE reform has to run through FSOC.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/mandj98

 

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.





More Large Banks Cutting Back on Lending to Small Businesses

Wednesday, December 2nd, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a slight 0.2% decrease in mortgage applications from last week.  CoreLogic also reported the sale of distressed homes is also decreasing and are now at 9.7%.  More and more large banks are cutting back on how much they are lending to small businesses.

 

In The News:

Housing Wire – “CoreLogic: Distressed home sales continue to trend lower” (12-2-15)

“Distressed sales, which include real estate-owned properties and short sales, continued to drop and accounted for 9.7% of total home sales nationally in September 2015, according to the latest report from CoreLogic (CLGX).”

Mortgage Bankers Association – “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (12-2-15)

“Mortgage applications decreased 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 November 27, 2015.  This week’s results included an adjustment for the Thanksgiving holiday.”

Mortgage Professional America – “Major banks dial down on small business lending” (12-2-15)

“The United States’ biggest banks are making even less loans to small businesses than they did about ten years ago, according to a Wall Street Journal story. Because of this, alternative non-bank lenders have acquired the market share of some of these banks and are able to charge considerably higher rates for their services.”

DS News“Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement” (12-2-15)

“While tight inventory combined with increasing home prices have caused some concern about affordability as of late, the Federal Reserve reported in its December Beige Book released Wednesday that housing markets improved at a “moderate” pace on balance since the previous Beige Book was issued in mid-October.”

Housing Wire – “Quicken Loans considers quitting FHA loans” (12-2-15)

“The contentious legal battle between Quicken Loans and the Department of Justice over the DOJ’s allegations that Quicken violated the False Claims Act by “knowingly” submitting hundreds of “improperly underwritten” loans insured by the Federal Housing Administration may just be enough to drive Quicken Loans out of FHA lending completely.”

Mortgage Professional America – “Industry warned about fraudulent reverse mortgage appraisals” (12-2-15)

“The Office of the Inspector General for the Department of Housing and Urban Development (HUD OIG) is warning the industry about inflated reverse mortgage appraisals.”

DS News – “HUD Secretary Castro: Country is Experiencing an Affordable Housing Crisis” (12-2-15)

“The future of housing in America can seem so close, yet so far away, but government officials and housing experts are already hot on the case making their evaluations of the present state of the market and predictions for the future.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/jakerust

 

Looking Back:

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

 

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

CoreLogic Reports 6.8% Increase in Home Prices in October

Tuesday, December 1st, 2015

Today’s News Synopsis:

 

CoreLogic reported a 6.8% increase in home prices in October.  Commercial and multifamily delinquency rates, on the other hand, decreased in the third quarter according to the Mortgage Bankers Association.  The Federal Housing Finance Agency will only fund loans of up to $417,000 next year despite median home prices continuing to show signs of increase.

 

In The News:

Housing Wire – “CoreLogic: Home prices rise 6.8% in October” (12-1-15)

“Home prices nationwide, including distressed sales, increased by 6.8% in the month of October when compared with one year ago, according to CoreLogic’s (CLGX) latest Home Price Index.”

Mortgage Bankers Association – “Commercial/Multifamily Delinquencies Continue Decline” (12-1-15)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the third quarter of 2015, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

Realty Trac – “The Two Faces of Real Estate” (12-1-15)

“It’s hard to look at 2015 and think that real estate has had anything but a banner year and yet there are persistent murmurs in the marketplace that we’re not quite there yet, wherever “there” might be.”

Mortgage Professional America – “Delinquency fears warranted?” (12-1-15)

“One advocacy group is calling for more scrutiny around who is obtaining loans, but are those concerns exaggerated?  Delinquency fears warranted?  “I think lending standards are healthy right now,” Steven Balazic, a mortgage specialist with New Penn Financial, told Mortgage Professional America.”

DS News“Fannie Mae’s Mortgage Portfolio Continues Rapid Contraction” (12-1-15)

“Fannie Mae’s gross mortgage portfolio contracted for the seventh consecutive month in October and the eighth time in 10 months year-to-date in 2015, according to Fannie Mae’s October 2015 Monthly Volume Summary.”

Housing Wire – “Genworth survey: Compliance with TRID still weighs heavily on housing industry” (12-1-15)

“As we approach the two-month anniversary of the implementation of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, concerns over complying with the TRID rules are still weighing heavily on mortgage industry professionals, a new survey showed.”

Mortgage Bankers Association – “MBA’s Mortgage Action Alliance Launches New Advocacy Action Center” (12-1-15)

“Today, the Mortgage Bankers Association’s (MBA) Mortgage Action Alliance (MAA) launched a new grassroots advocacy action center designed to help people better engage policymakers and stay informed about key policy and regulatory decisions regarding the real estate finance industry.”

Mortgage Professional America – “Despite rising prices, Fed keeps lid on loan backing” (12-1-15)

“While the decision won’t affect most – with the median home price in most parts of the U.S. pegged at $219,600 – it will have an impact on markets with fast-rising home values, such as California.”

DS News – “Third-Party Service Providers Progressing Despite Heavy Regulatory Scrutiny” (12-1-15)

“The last several years have been painful for many of the third-party service providers to the mortgage loan industry. The OCC Bulletin 2013-29, CFPB Bulletin 2012-03, and Federal Consent Orders represent only a few of the significant regulatory impacts on these service providers and the mortgage industry. With all of the oversight scrutiny, there has been progress made.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/dragontomato

 

Looking Back:

With fewer people wanting to keep the HARP program and mortgage interest continuing to stay low, refinance volume continued to to increase.  Private debt was also continuing to increase, which in turn was preventing the housing market from continuing to improve.  At the same time, more people were demanding home renovation as home values continued to increase and housing inventory continued to age.

 

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.

Consumer Sentiment Below Expectations Despite Expected Increase in Interest Rates

Tuesday, November 10th, 2015

Today’s News Synopsis:

 

Foreclosures continued to show signs of decrease in September with completed foreclosures dropping 17.6% and declining nationally by 24.3%.  The Mortgage Bankers Association reported commercial and multifamily mortgage originations increased 12% year-over-year in the third quarter.  Despite interest rates expected to increase soon, consumer sentiment was still below expectations, coming in at 83.2.

 

In The News:

 

DS News – “Investors Must Consider Prices, Job Market, and Yield When Seekign SFR Properties” (11-10-15)

“When deciding to purchase a property, investors must consider a number of things including home prices, gross rental yield, and job growth within housing markets. These factors influence their decision when looking to buy a home.”

Mortgage Professional America “Morning Briefing: Housing sentiment flat amid interest rate expectation” (11-10-15)

“Consumer sentiment in the US housing market was flat in October on expectation that the Fed will raise interest rates before Christmas. The Home Purchase Sentiment Index from Fannie Mae showed a slight decrease to 83.2 with the Household Income component falling 4 points and the Good Time to Buy and Good Time to Sell components dipping 2 and 6 points respectively.”

Housing Wire “Freddie Mac partners with Ellie Mae to integrate mortgage software solution” (11-10-15)

“Freddie Mac and Ellie Mae announced a partnership Tuesday that will integrate some of the GSE’s Loan Advisor Suite components into Ellie Mae’s Encompass solution.”

DS News – “FHFA Expands Neighborhood Stabilization Initiative to 18 Metros” (11-10-15)

“The Federal Housing Finance Agency (FHFA) announced Tuesday that it will expand the Neighborhood Stabilization Initiative (NSI) to 18 more metro areas across the country to provide REO relief to communities.”

Housing Wire – “CoreLogic: Foreclosures continue downward trend in September” (11-10-15)

“The national foreclosure inventory continued its downward trend and declined by 24.3%, while completed foreclosures dropped by 17.6% compared with September 2014, according to the latest report from CoreLogic (CLGX).”

Mortgage Bankers Association – “Third Quarter Commercial & Multifamily Mortgage Originations Up 12 Percent Year-over-Year” (11-10-15)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, third quarter 2015 commercial and multifamily mortgage loan originations were 12 percent higher than during the same period last year and three percent higher than the second quarter of 2015.”

Realty Trac“What Happens When Markets & Surveys Collide?” (11-10-15)

“Four times a year the Federal Reserve comes out with a Senior Loan Officer Opinion Survey, an effort to see how bankers view financial trends.  The reports get a lot of attention but if you look carefully you’ll see that there are very good reasons to regard such surveys with caution.”

DS News – “Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans” (11-10-15)

“It is not yet midway through the week, and the GSEs have already had a busy week with their aggressive campaign to excise deeply delinquent, non-performing loans (NPLs) from their respective single-family residential mortgage investment portfolios.”

Bloomberg – “McDonald’s Decides Against REIT as It Focuses on Cutting Costs” (11-10-15)

“McDonald’s Corp., the world’s largest restaurant chain, has decided not to create a real estate investment trust, a proposal touted by some investors as a way to unlock value from its massive property holdings.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/batega

 

Looking Back:

Bank of America and US Bancorp were accused of holding back information on faulty MBS loans and were required to pay $69 million dollars in a settlement.  Although millennials were having a harder time purchasing homes due to tighter inventory and having a harder time receiving credit, they still made up 60% of first-time homebuyers and were expected to be the top demographic to purchase a home the following year.  Economic and housing activity returned to normal levels in 59 out of the 350 metropolitan areas in the nation.

 

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 Bills Passed by House Financial Services Committee to Give Regulators More Accountability

Wednesday, November 4th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications decreased 0.8% in their latest survey.  CoreLogic reported a decrease in distressed home sales by 2.3 percentage points, putting them at their lowest in 8 years.  Several new bills were passed by the House Financial Services Committee today aimed at giving financial regulators more accountability.

 

In The News:

NAHB – “NAHB Calls for Passage of Bills to Reduce Regulatory Burdens on Small Businesses” (11-3-15)

“The National Association of Home Builders (NAHB) today urged Congress to pass two bills that would help ease regulatory burdens and uncertainties facing home building firms and other small businesses.”

Mortgage Bankers Association – “Mortgage Applications Slightly Decrease in Latest MBA Weekly Survey” (11-4-15)

“Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2015.”

Mortgage Professional America “Canadian lender sets sights on American originator business” (11-4-15)

“It’s a lucrative market for originators and it’s one being targeted by an influential big bank.  Royal Bank of Canada – the country’s largest bank, based on profits – is planning on using its acquisition of City National Corp. to grow its influence in the American jumbo mortgage market.”

Housing Wire “CoreLogic: Distressed home sales at lowest level in 8 years” (11-4-15)

“Distressed sales, which include real estate-owned properties and short sales, accounted for 9.3% of total home sales nationally in August 2015, down 2.3 percentage points from August 2014 and down 0.4 percentage points from July 2015, CoreLogic (CLGX).”

DS News – “Fed Chair Yellen Hints at Possible December Rate Hike in Congressional Testimony” (11-4-15)

“Federal Reserve Chair Janet L. Yellen testified before the House Financial Services Committee Wednesday morning to discuss supervision and regulation among U.S. financial institutions, but the looming interest rate hike was the subject no one could resist touching on.”

Realty Trac – “Where the Ground Shakes: The Top 5 Counties with High Risk for Earthquakes” (11-4-15)

“RealtyTrac released a recent report on natural disasters. The report identified the risk levels, ranging from Very Low to Very High, in natural disasters across the U.S. Displayed are the counties ranked by earthquake risk.”

Mortgage Professional America – “Denver tops list of hottest U.S. housing markets” (11-4-15)

“Denver has moved to the top spot among the 20 hottest U.S. housing markets, according to realtor.com’s latest housing report.  According to the report, October’s 20 hottest markets received between 1.8 and 3.6 times the number of views per listing as the national average.”

Housing Wire – “Here’s the outrageous price of NYC’s most expensive condo” (11-4-15)

“One57 is officially the most expensive building in New York City, surpassing 15 Central Park West, according to the semiannual CityRealty 100 report.”

DS News – “House Committee Passes Bills Aimed at Increasing Accountability of Financial Regulators” (11-4-15)

“The House Financial Services Committee on Wednesday announced the passage of several bills aimed at supporting economic growth and increasing the accountability of financial regulators.”

 

 

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

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

 

Looking Back:

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

 

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.

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

Tuesday, November 3rd, 2015

Today’s News Synopsis:

 

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

 

In The News:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

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

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

 

Looking Back:

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

 

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

MBA Reports Increase in New Home Purchase Applications

Tuesday, October 13th, 2015

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

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

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

 

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

 

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