California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

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

 

 

 

Today’s News Synopsis:

 

Home prices continue to increase with their recent gains of 5.5% year-over-year and 0.2% month-over-month according to the latest Case-Shiller Index.  The homeownership rate decreased to its lowest since 1995 with its recent drop to 64.4 percent from 64.7% in the third quarter.  The risk of mortgage fraud increased 3.2% in the last year according to CoreLogic.

 

In The News:

DS News“Percentage of Short, Distressed Sales Falls to Three-Year Low” (10-27-14)

“Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac’s Q3 2014 Residential Sales Report released today.”

Housing Wire - “S&P Case-Shiller: Home price growth continues to slow” (10-28-14)

“Home price growth continues to slow, according to the latest S&P/Case-Shiller Home Price Indices for August 2014.  The 10-City Composite gained 5.5% year-over- year and the 20-City 5.6%, both down from the 6.7% reported for July.”

Bloomberg“U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans” (10-28-14)

“Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.  The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.”

OC Housing News“A fixed cost of housing is the best reason to buy a house” (10-28-14)

“The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very large mortgage to buy real estate.”

Housing Wire - “Moving up: Statebridge approved by Freddie Mac” (10-28-14)

“Freddie Mac officially approved Statebridge Company as a servicer, fulfilling one of its strategic goals, set when it was founded in 2008.  Statebridge is a mortgage servicer based in Denver, Colorado.”

Mortgage Professional America“Fitch: FHFA proposals help GSEs maintain their dominant positions” (10-28-14)

“The Federal Housing Finance Agency’s (FHFA) announcement last week to allow Fannie Mae and Freddie Mac to purchase mortgages with slightly higher loan-to-values (LTV) signals a continued shift in direction, according to Fitch Ratings.”

Bloomberg“U.S. Homeownership Rate Falls to Lowest Since Early 1995″ (10-28-14)

“The homeownership rate in the U.S. fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.”

Housing Wire“CoreLogic: Mortgage fraud risk rises 3.2% in last year” (10-28-14)

“The risk of mortgage fraud has increased by 3.2% in the past year, according to the CoreLogic Mortgage Fraud Report.  Based on its report, CoreLogic estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.”

Mortgage Professional America - “CA housing boom: Are you in?” (10-28-14)

“There may be fewer military boots on the ground overseas, but here in the U.S. there have been major campaigns in the housing market this year directed at veterans.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Pending sales for existing homes decreased 5.6%, the biggest in three years.  Housing affordability decreased across the nation with the increase in interest rates and prices and slow increase in income.  Over 950,000 homes had been purchased by investors since 2011, totaling $1 trillion.

 

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.

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

A new recent poll by Bankrate.com showed more and more Americans are saving money with the uncertainty about the economy’s future and slow income growth.  Rumor has it Facebook will be doing more business with lending.  Another survey from RealtyTrac showed over 50% of housing markets have improved from two years ago.

In The News:

Housing Wire - “Citigroup 3Q revenue jumps to $19.6B” (10-14-14)

“Citigroup (C) posted net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.”

DS News - “Survey Finds Consumer Spending Tight Despite Financial Security” (10-14-14)

“Stagnant income growth and uncertainties about the economy’s future have spurred more Americans to putting a tight lid on their monthly spending, according to a new poll.”

Bloomberg“Fannie Mae Common Shares Rally, Rebounding From Judge’s Ruling” (10-14-14)

“Fannie Mae and Freddie Mac common shares rose for a fifth day in New York trading, erasing most of their drop tied to a court ruling last month, while the companies’ preferred securities posted smaller gains.”

Housing Wire - “Is the era of buying homes with cash coming to an end?” (10-14-14)

“Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since august 2008.”

Mortgage Professional America“Social media giant to enter lending business” (10-14-14)

“With rumors already circulating about Facebook’s intention to offer payment services, the social media giant is now also believed to be looking at lending.”

DS News - “Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago” (10-14-14)

“A total of 811 U.S. county housing markets (52 percent) were rated as “better off” than they were two years ago, compared to only 11 percent (176 markets) categorized as “worse off,” according to RealtyTrac’s 2014 Election Housing Scorecard released on Tuesday.”

Housing Wire“Mortgage banking industry weighs in support for single GSE bond” (10-14-14)

“A common securitization platform and a single GSE bond is coming soon enough from the Federal Housing Finance Agency, and while details are still under discussion the mortgage banking industry is weighing in with their thoughts.”

OC Housing News“Is housing headed for another stimulus hangover?” (10-14-14)

“Ever since house prices began a steep, deep, and unprecedented decline in 2008, the government, lenders, and the federal reserve have changed policies and applied stimulus of various kinds to reverse the decline and reflate the previous bubble in order to restore collateral backing to bubble-era home loans to preserve the solvency of our banking system.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TOMORROW.

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 presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

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 Loses $83 Billion A Year Due to Increased Student Debt

Wednesday, October 8th, 2014

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

 

 



Today’s News Synopsis:

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

 

In The News:

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (10-8-14)

“Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 3, 2014.”

Bloomberg“Tightest Credit Market in 16 Years Rejects Bernanke’s Bid” (10-8-14)

“Lenders are continuing to tighten the credit vise on homebuyers after five straight years of economic expansion, imposing the toughest standards since at least 1998, according to a new index by CoreLogic (CLGX) Inc.”

Housing Wire“Student debt costs housing $83B a year” (10-8-14)

“For more than a year HousingWire has been reporting on the link between high levels of student loan debt and the struggling housing recovery.  Now John Burns Real Estate Consulting has quantified the true measure of this dismal reality: Student debt will cost the housing industry approximately $83 billion in sales in 2014.”

Mortgage Professional America“The unlevel playing field: Mortgage originators versus banks” (10-8-14)

“It’s not news that much of the blame for the housing crisis has been directed at mortgage originators.  However, almost eight years later in a much improved housing climate, the group is still paying for the financial meltdown and shoddy lending practices.”

OC Housing News - “Is SoCal housing overvalued or merely as expensive as usual” (10-8-14)

“What is the best measure of value in a housing market? The two most commonly accepted measures are price-to-rent and price-to-income, but both have a similar weakness: they don’t consider the impact of fluctuations in mortgage interest rates.”

Bloomberg“What Central Bankers Want Is to Be Boring, Hampl Says: Economy” (10-8-14)

“Some central bankers have had enough of living in the limelight.  As policy makers, academics and investors debate whether the world economy can return to its pre-crisis shape, the community of central bankers is yearning to ditch unconventional tools and return to the standard monetary routine, even if they are unable to do so for now, Czech National Bank Deputy Governor Mojmir Hampl said.”

Mortgage Professional America - “Consumers more optimistic about housing” (10-8-14)

“Americans are getting more optimistic about the housing market after a recent dip in sentiment, according to new data from Fannie Mae. The jump in optimism, along with positive employment data, spurred hopes for a modest housing recovery in 2015.”

 

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 presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The California housing market was expected to continue to improve into the coming year with the pending increase in home prices and sales.  Three top banks, Morgan Stanley, Bank of America, and Wells Fargo were expected to see an increase in earnings and lead the top six U.S. lenders.  With the recent government shutdown and hesitation about the debt ceiling, more and more investors were more cautious.

 

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 Strongest in Five Months in August Despite Being on Overall Decline

Tuesday, October 7th, 2014

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



Today’s News Synopsis:

Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior.  Despite this, growth was actually the strongest it had been in five months.  RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.

 

In The News:

Housing Wire“CoreLogic: Home price growth continues downward trend” (10-7-14)

“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”

Bloomberg“Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)

“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”

Realty Trac“Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)

“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”

Housing Wire“Capital Economics: August price growth was strongest in five months” (10-7-14)

“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”

Mortgage Professional America“CFPB is doing a good job overall — government watchdog” (10-7-14)

“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General.  The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”

OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)

“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”

Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)

“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”

Realty Trac“Boston Foreclosures Bouncing Back” (10-7-14)

“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”

 

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 presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits.  The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement.  Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.

 

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 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.