California Real Estate Investing News

Posts Tagged ‘CoreLogic’

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.

CoreLogic Reports Closer Return to Normal for Distressed Property Sales

Thursday, October 8th, 2015

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

 

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

 

Looking Back:

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

 

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


Cash Sales of Homes Decrease to 31.3% According to CoreLogic

Tuesday, September 29th, 2015

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

.

 

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

 

Looking Back:

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

 

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

Number of Markets with Overvalued Homes Now Twice as Many

Monday, September 14th, 2015

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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


Goldman Sachs Lawsuit Dropped on Grounds of Not Enough Evidence

Tuesday, September 8th, 2015

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Sierra Madre Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

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

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

 

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

 

Looking Back:

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

 

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