The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Plans for GSEs Put on Hold Once Again

Tuesday, April 29th, 2014


Today’s News Synopsis:

Plans for the GSEs have been put on hold once again as the Democrats and Senate have not reached a unanimous decision.  CoreLogic reported foreclosure inventory decreased 5.1% with only 48,000 foreclosures completed last month.  The homeownership rate decreased to 68.8% and is at the lowest in almost 20 years.

In The News:

CNN Money - “The low wage jobs explosion” (4-28-14)

“Looking for a job?  The ones you’ll find will likely be low wage.  The labor market has been recovering since the Great Recession ended, but many of the jobs created have been in low-wage industries, according to a new report by the National Employment Law Project, a left-leaning group.”

Bloomberg - “Senators Delay Action on Fannie Mae Amid Democrats’ Rift” (4-29-14)

“Prospects for a bipartisan housing-finance overhaul dimmed today as Democrats on a U.S. Senate panel struggled to reach consensus on how to replace Fannie Mae and Freddie Mac.”

DS News“48,000 Foreclosures Completed in March” (4-29-14)

“CoreLogic’s latest National Foreclosure Report, utilizing data through March 2014, found that foreclosure inventory is down 5.1 percent from February.”

Housing Wire“Mortgage servicing foreclosure review faults subpar regulation” (4-29-14)

“The Government Accountability Office released the results of its study of the Independent Foreclosure Review, conducted by the Office of the Comptroller of the Currency and the Federal Reserve in 2011 and 2012, and the results show that the foreclosure process is lacking in oversight and transparency.”

Inman - “Real Trends rankings reveal which real estate brokerages grew the fastest in 2013″ (4-29-14)

“Most of the U.S.’s largest brokerages grew their businesses in 2013 at a pace exceeding the growth of the market as a whole, according to an annual analysis by Real Trends that also reveals which companies grew the fastest.”

DS News - “Fast Home Sales in Some Markets Indicates Positive Spring” (4-29-14)

“According to the Fastest Markets Report issued by Redfin, homes are “flying off the market” in many places, such as San Francisco, California; Austin, Texas; and Washington, D.C. The report notes that although homes are selling faster, fewer total homes are selling. Inventory has risen in these metros, but prices are holding buyers back.”

DS News - “Case-Shiller Index Shows Slight Increase; Home Prices Steady” (4-29-14)

“Home prices as measured by S&P Dow Jones performed more or less as expected in February, with annual growth rates continuing to slow.”

Bloomberg - “U.S. Homeownership rate Falls to the Lowest Since 1995″ (4-29-14)

“The homeownership rate in the U.S. declined to the lowest in almost 19 years as rising property prices and mortgage rates held back demand.”

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

Colton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

Two more banks closed in North Carolina and Georgia, bringing the new total for the year to 10.  Pending sales for existing homes increased 1.5% the previous month after having seen a 1% decrease the prior month.  New Jersey received funding of $1.83 billion to go towards rebuilding from Hurricane Sandy.

 

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

Foreclosures Decreasing as Mortgage Rates Rise

Thursday, April 3rd, 2014


Today’s News Synopsis:

Mortgage rates increased this past week with 30-year rates now at 4.41% and 15-year rates at 3.47%.  Both foreclosures and shadow inventory decreased in February with foreclosures decreasing 13.1% month-over-month and 15% year-over-year.  Work is continuing to be done to finalize the provisions on the Expiring Provisions Improvement Reform and Efficiency Act by the U.S. Senate Committee on Finance.

In The News:

Bloomberg - “U.S. Mortgage Rates Rise as Jobs Report Awaited” (4-3-14)

“U.S. mortgage rates rose as investors awaited this week’s jobs report and signs that the economy is rebounding after the disruption caused by harsh winter weather.”

DS News - “Foreclosure and Shadow Inventory Both Decline in February” (4-3-14)

“CoreLogic released its National Foreclosure Report for February, 2014, reporting 43,000 completed foreclosures for the month, a 13.1 percent decrease from January, 2014. Yearly, foreclosures declined 15 percent from February, 2013.”

Housing Wire - “3 reasons borrowers fare will with ARMs” (4-3-14)

“Rapidly rising interest rates have been driving a growing number of home buyers to adjustable rate mortgages, which have grown from a 3.4% share of all conforming home loans in December 2013 to a recent high of 9.9% in March 2014.”

CNN Money - “ECB considers Fed-style stimulus” (4-3-14)

“Negative interest rates?  Printing money? They’re now both firmly on the agenda in Europe if prices don’t start to pick up soon.”

Bloomberg“Gains in Services Signal Rebound Ahead for Growth: Economy” (4-3-14)

“Service industries picked up in March as the biggest part of the U.S. economy began to recover from the unusually harsh winter weather, showing growth will speed up in the second quarter.”

DS News - “Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury” (4-3-14)

“Poppi Metaxas, former president and CEO of Gateway Bank of Oakland, California, was charged with bank fraud, bank fraud conspiracy, and perjury in relation to a sham “round trip” transaction.”

Housing Wire - “MBA: 3 Expire Act provisions that impact you” (4-3-14)

“The U.S. Senate Committee on Finance marked up the Expiring Provisions Improvement Reform and Efficiency Act on Thursday in an effort to continue working on creating a final version on the tax extenders legislation.”

Mortgage Bankers Association - “MBA to Host 2014 Strategic Markets & Diversity Conference” (4-3-14)

“The Mortgage Bankers Association (MBA) announced today that it would host the 2014 Strategic Markets and Diversity Conference, June 25-27 at the Westin City Center in Washington, DC.”

Hard Money Loan Closed

Santa Ana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.

Santa Ana Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% decrease in mortgage applications from the previous week.  Home prices increased 10.2% annually, the most in almost 7 years.  First-time home buyer activity increased in February and was continuing to grow with the concern of interest rates and prices increasing.

 

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 Rules and New Home Prices Hit Market

Tuesday, April 1st, 2014


Today’s News Synopsis:

Spending on residential construction continues to remain low, having increased by only 0.1% month-over-month in February.  At the same time, home prices increased in February by 12.22% year-over-year.  A new rule regarding mortgage disclosure has been established by the CFPB in order for their loan disclosures to be in line with the Truth in Lending Act.

In The News:

Housing Wire - “Residential construction spending down for February” (4-1-14)

“Construction spending rose a mere 0.1% month-over-month in February to $945.7 million, with private residential construction spending down 0.8% and residential construction down 0.7%, according to the U.S. Census Bureau.”

Mortgage Professional America - “Washington State cracks down on foreclosure trustee” (4-1-14)

“About 450 Washington State homeowners will be receiving cash after the state attorney general’s legal action against a foreclosure trustee.”

DS News“Fannie Mae Reports Decline in Business” (4-1-14)

“Fannie Mae reported further contraction in its book of business for February—the second this year and the third in as many months—as new business acquisitions dropped to a five-year low.”

Bloomberg“Chinese Investments in U.S. Commercial Real Estate Surges” (4-1-14)

“Greenland, the state-owned builder that’s also developing one of China’s tallest towers, has become one of its country’s biggest investors in U.S. real estate.”

Realty Trac - “Fannie Mae, Freddie Mac: Were They Ever Broken?” (4-1-14)

“The government has collected more than $20 billion in the past year from lenders who sold allegedly-subpar mortgages and related securities to Fannie  Mae and Freddie Mac, with more settlements likely to come.”

DS News“CFPB Introduces New Forms for Integrated Disclosure Rule” (4-1-14)

“Charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act to integrate loan disclosures stemming from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA), the Consumer Financial Protection Bureau (CFPB) has created a united mortgage disclosure rule.”

Mortgage Bankers Association - “MBA Releases 2013 Commercial/Multifamily Mortgage Origination Volume Rankings” (4-1-14)

“According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; J.P. Morgan Chase & Company; Bank of America Merrill Lynch; Eastdil Secured; KeyBank; PNC Real Estate; HFF, L.P.; Meridian Capital Group, LLC; CBRE Capital Markets; and Prudential Mortgage Capital Company were the top commercial/multifamily mortgage originators in 2013.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

DS News - “Home Prices Post Gains in February” (4-1-14)

“CoreLogic released its Home Price Index (HPI) for February, which found that home prices increased by 12.2 percent from the previous year. The CoreLogic figure includes home prices of distressed sales, and represents 24 months of consecutive year-over-year increases in home prices nationally.”

Inman - “Re/Max raises dues for agents, franchisees” (4-1-14)

“On Jan. 1, Re/Max increased the annual dues its agents in the U.S. and Canada pay to affiliate with the brand and the monthly per-agent fees affiliated brokerages in U.S. company-owned master franchise regions pay the franchisor.”

Hard Money Loan Closed

Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $530,000 on a 4 bedroom, 2.5 bathroom home appraised for $814,000.

Covina Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people were able to afford to buy houses with the decrease in operating costs.

 

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.

The Norris Group Real Estate News Roundup 3/26/14

Wednesday, March 26th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications this past week.  Bank of America reached a settlement with the FHFA regarding securities fraud related to Fannie and Freddie loans.  Property taxes collected in 2013 was $488.34 billion, the highest in 20 years.

In The News:

DS News - “What is Causing the Decline in Short Sales?” (3-26-14)

“Consequences stemming from the expiration of the Mortgage Forgiveness Debt Relief Act may be surfacing, according to a perspective piece written by CoreLogic’s Kathryn Dobbyn. The piece found that throughout 2012 and into 2013, short sales had been steadily declining, partly due to rising home prices.”

Bloomberg - “North Dakota Ranks as the Most Stable U.S. Housing Market” (3-26-14)

“North Dakota, Washington, D.C. and Wyoming rank as the most stable U.S. housing markets, according to a new Freddie Mac gauge that weighs criteria including mortgage applications, income ratios and employment.”

Realty Trac - “Why the Mortgage Marketplace is Never Normal” (3-26-14)

“The Urban Institute has come out with a new study which suggests that as many as 1.2 million people per year are not getting mortgages because of tight lending standards.”

Mortgage Bankers Association - “Independent Mortgage Banker Profits Reach New Lows in the Fourth Quarter of 2013″ (3-26-14)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $150 on each loan they originated in the fourth quarter of 2013, down from $743 per loan in the third quarter, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

DS News“Bank of America Settles with FHFA for $9.3B” (3-26-14)

“Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud related to loans sold to Fannie Mae and Freddie Mac at the height of the housing bubble.”

Inman - “FTC settlement puts RealtyTrac in the tax, deed and mortgage data licensing business” (3-26-14)

“A legal settlement that cleared the way for CoreLogic’s acquisition of DataQuick Information Systems Inc. also puts foreclosure data aggregator RealtyTrac in the tax, deed and mortgage data licensing business — making it the first new entrant in the field since Fidelity National Financial Inc. purchased IDM Corp. in 2001.”

Housing Wire - “Property taxes hit highest level in 20 years” (3-26-14)

“If the amount of property taxes collected by state and local governments is an indicator of the health of the economy, then the much-debated recovery is real.”

DS News - “National Credit Default Rates Fell in February” (3-26-14)

“Data released by S&P Dow Jones Indices and Experian found that national credit default rates during the month of February declined.”

Mortgage Bankers Association - “Purchase Applications Increase in Latest MBA Weekly Survey” (3-26-14)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 21, 2014.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

Big day in the news for real estate!  Sales of new homes increased the previous month by 12.3% year-over-year.  The latest Case-Shiller Index showed home prices increased the most year-over-year in almost seven years by over 8% in all 20 cities included in their survey.  Shadow inventory decreased by 18% to 2.2 million according to CoreLogic.

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.

The Norris Group Real Estate News Roundup 3/7/14

Friday, March 7th, 2014

http://youtu.be/24eiyaiiJww

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  175,000 new jobs were added to the economy last month according to the latest report from the Labor Department.  Despite the economy showing signs of improvement with increasing home prices and decreasing foreclosures, officials are still worried about the scars the economy still has from the Great Recession.  However, at the same time CoreLogic reported good news that 4 million homes were brought out of negative equity last year.

In The News:

Inman - “Glimmers of hope in wages and lending, but jobs are holding back housing” (3-7-14)

“Contracts to purchase previously owned U.S. homes rose less than forecast in January, adding to signs housing was weakening in early 2014.”

Housing Wire - “FBR runs down the risks facing leading mortgage servicers” (3-7-14)

“FBR Capital Markets & Co. takes a close look at three companies heavy into mortgage servicing that are under close scrutiny by state and federal regulators.”

DS News“Economy Functioning at 87% of Pre-Crisis Levels” (3-7-14)

“Nationwide, the economy and housing market are functioning at a level about 87 percent of their pre-crisis normal levels, according to the National Association of Home Builders (NAHB) and First American’s Leading Markets Index released this week, which measures metro markets based on housing permits, home prices, and employment.”

Mortgage Professional America - “Housing activity now exceeding previous norms in many areas” (3-7-14)

“Once again, a big bank is giving mortgage employees the ax. Wells Fargo has announced that it’s cutting 700 mortgage employees as demand for home loans continues to shrink.”

DS News - “‘Significant Progress’ Made for Negative Equity Homes” (3-7-14)

“Nearly four million homes last year returned to a position of positive equity, leaving about 6.5 million upside-down, CoreLogic reported Thursday.”

Housing Wire - “Scorecard: Housing still wears Great Recession scar” (2-28-14)

“The housing economy posted strong results, with the purchases of new homes rising and foreclosures completions continuing to drop, but officials still caution that the economy is still healing from the Great Recession, the Obama Administration said in the February scorecard.”

DS News“Labor Department: Unemployment up to 6.7%” (3-7-14)

“According to the Labor Department, the U.S. economy added 175,000 jobs in February, beating expectations after two weak months but still failing to impress.”

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Chino Valley Real Estate Professionals on Friday, March 14, 2014.

 

Looking Back:

Jobless claims decreased by 7,000 to 340,000 the previous week according to the Labor Department.  Freddie Mac reported mortgage rates continued to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

 

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.

The Norris Group Real Estate News Roundup 2/28/14

Friday, February 28th, 2014

Sources:

Home Prices in 20 U.S. Cities Increase at Slower Pace
Home Prices Rise in 38 States in Q4

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Pending home sales increased by 0.1% last month after having declined 5.8%, showing signs of a weaker economy.  The latest report from Zillow showed that 1 in 5 homeowners are still underwater.  A new bill was passed Thursday by the House of Representatives that will replace the director of the CFPB with a commission.

In The News:

Bloomberg - “Pending Sales of Existing Homes in U.S. Rose 0.1% in January” (2-28-14)

“Contracts to purchase previously owned U.S. homes rose less than forecast in January, adding to signs housing was weakening in early 2014.”

Housing Wire - “1 in 5 homeowners still underwater at year’s end” (2-28-14)

“Just under 1 in 5 homeowners are still underwater, according to the latest Zillow negative equity report, meaning they still owe more on their mortgage than their home is worth.”

DS News“Foreclosure Inventory Drops by One-Third, Still Elevated” (2-28-14)

“Foreclosure inventory in January was down by one-third over the year, although completed foreclosures ticked up over the month, according to CoreLogic’s National Foreclosure Report released Thursday.”

Mortgage Professional America - “Wells Fargo axes 700 mortgage employees” (2-28-14)

“Once again, a big bank is giving mortgage employees the ax. Wells Fargo has announced that it’s cutting 700 mortgage employees as demand for home loans continues to shrink.”

DS News - “Freddie Mac Reports Continued Quarterly Gains” (2-28-14)

“Freddie Mac released on Thursday its quarterly earnings report for the end of 2013, revealing yet another strong quarter—the ninth straight.”

Inman - “Transcripts of 2008 Fed meetings an astounding revelation into a continuing crisis” (2-28-14)

“The big news this week is an astounding historical revelation useful in the present, but before that a few current events.  In congressional testimony Janet Yellen acknowledged weakness in new economic data, but confirmed a continuing QE taper.”

Mortgage Professional America“Should Cordray be replaced with a commission?” (2-28-14)

“The House of Representatives passed a bill Thursday that would eliminate the director of the Consumer Financial Protection Bureau in favor of a commission.”

Realty Trac“Why FHA Mortgages Should Cost Less” (2-28-14)

“Federal Housing Administration (FHA) mortgages are a pillar of the lending system, but such loans cost too much and are too profitable according the Community Home Lenders Association, a group which wants to see a substantial reduction in FHA mortgage insurance premiums.”

 

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $247,000.

Yucaipa Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

Unemployment claims decreased drastically the previous week to 344,000 from 366,000.  30-year mortgage rates decreased for the first time in over a month and were at 3.51%.  The number of homes in foreclosure decreased 21% from the previous 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.

The Norris Group Real Estate News Roundup 2/27/14

Thursday, February 27th, 2014


Today’s News Synopsis:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates now at 4.37%  and 15-year rates at 3.39%.  Bank of America is facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department will receive $10.4 billion from Freddie Mac next month as a return for helping bail them out back in 2008.

In The News:

Housing Wire - “Bank earnings are booming, but there’s a big problem” (2-26-14)

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Mortgage Professional America - “BOA facing mortgage probe” (2-27-14)

“Bank of America is facing a federal probe into its participation in a government housing program.  The U.S. Attorney’s Office is investigating the lender’s compliance with the requirements of the Federal Housing Administration’s Direct Endorsement Program, according to a Reuters report.”

DS News“CFPB Director Calls for Increased Financial Literacy” (2-27-14)

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

CNN Money“She’s back! Yellen testifies before the Senate” (2-27-14)

“The last time Janet Yellen testified before lawmakers, stocks rallied.  Now, she’s back.  The head of the Federal Reserve is testifying before the Senate Banking Committee on Thursday. Originally scheduled for two weeks ago, the hearing was postponed due to a snow storm in Washington.”

Housing Wire - “Ocwen Financial profits slightly under estimates” (2-27-14)

“Ocwen Financial Corp. (OCN) remains highly profitable, posting a net income of $105 million, or 74 cents per share, and revenue of $556 million in the fourth quarter.”

Bloomberg - “Freddie Mac Will Pay U.S. $10.4 Billion on Quarterly Profit” (2-27-14)

“Freddie Mac (FMCC), the U.S.-owned mortgage financier, will return $10.4 billion to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid after the 2008 credit crisis.”

Mortgage Professional America - “Fixed rates edge up for 4th week” (2-27-14)

“Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.”

Housing Wire- “Are foreclosures finally receding from the high-water mark?” (2-27-14)

“There were 48,000 completed foreclosures nationally in January, down from 59,000 in January 2013, a year-over-year decrease of 19%, but up 11.8% from the 43,000 reported in December 2013.”

Bloomberg - “S&P Says Too Soon to Give Rental-Home Securities Top AAA Grades” (2-27-14)

“New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from the previous week.  Pending homes sales increased 4.5% the previous month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

 

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.

The Norris Group Real Estate News Roundup 2/5/14

Wednesday, February 5th, 2014


Today’s News Synopsis:

Panelists at the latest NAHB press conference predicted that multifamily housing demand will increase this year and continue to do so for several years.  The Mortgage Bankers Association reported a 0.4% increase in mortgage applications from last week.  Although 175,000 new jobs were added to the private sector last month, it was still a weak month for hiring and may have happened as a result of bad weather and snowstorms.

In The News:

NAHB“Demand for Multifamily Housing will Continue to Rise in 2014 and Beyond” (2-5-14)

“Strong demand for apartments will increase over the next several years, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas. And while multifamily construction continues to be strong, NAHB does expect the speed to decrease as sustainable levels are reached in 2015 or 2016.”

DS News- “Morgan Stanley Announces $1.25B Settlement with FHFA” (2-5-14)

“Morgan Stanley is the latest company to make peace with the Federal Housing Finance Agency (FHFA) over alleged misrepresentation of bad securities sold to Fannie Mae and Freddie Mac.”

Housing Wire - “AIG demands stay in $8.5 billion Bank of America ruling” (2-5-14)

“American International Group is joining a number of companies asking a New York state supreme court judge to delay the approval of an $8.5 billion agreement between Bank of America (BAC) and mortgage bond investors.”

Mortgage Bankers Association - “Mortgage Applications Increase Slightly in Latest MBA Weekly Survey” (2-5-14)

“Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 31, 2014.”

Inman - “Key claims in CoreLogic real estate valuation patent ruled invalid” (2-5-14)

“A patent review board has ruled that several key claims made in a CoreLogic patent for an automated real estate appraisal system are “unpatentable abstract ideas” that were anticipated or obvious in view of “prior art” — information or practices already in public circulation when the patent was issued.”

CNN Money“Stormy weather weighs on job growth” (2-5-14)

“Snowstorms put some hiring on hold in January, according to a report by payroll processing firm ADP.”

Bloomberg - “Market’s 19th Breakdown Sees Bulls Unmoved as Trillions Lost” (2-5-14)

“Eighteen times Michael Shaoul has watched the U.S. stock market lose 5 percent or more since 2009. Eighteen times he’s been rewarded for holding on.”

DS News- “Long Island Ranked Nation’s Hottest Market, Florida Metros Struggle” (2-5-14)

“Pro Teck Valuation Services released on Tuesday January’s Home Value Forecast (HVF), a measure of single family residential markets. Long Island was ranked the strongest market in the nation.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 4 bedroom, 2.5 bathroom home appraised for $312,000.

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Looking Back:

CoreLogic reported national home prices increased in December for the tenth month in a row to their highest in almost seven years.  Clear Capital also reported home prices increased 5.4% year-over-year in January.  Trulia reported rents increased 4.1% the previous month, although the rate of increase was slower with the increase in multifamily units.

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.

The Norris Group Real Estate News Roundup 2/4/14

Tuesday, February 4th, 2014


Today’s News Synopsis:

Janet Yellen was officially sworn in yesterday as the new chair of the Federal Reserve.  According to the latest Home Price Index from CoreLogic, home prices increased 11% year-over-year in December.  The biggest concern among homeowners today is whether or not financing will be available as well as how much inventory will be on hand.

In The News:

NAHB“Builder Confidence in the 55+ Housing Market Ends Fourth Quarter on a Record High” (2-3-14)

“Builder confidence in the 55+ housing market for the fourth quarter of 2013 is up sharply, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. All segments of the market—single-family homes, condominiums and multifamily rental—registered strong increases compared to the same quarter a year ago.”

DS News - “Current Home Sellers Concerned About Financing Availability, Inventory” (2-4-14)

“While homeowners are feeling more confident about the prospect of selling their homes, they do harbor concerns regarding the availability of home financing and the low inventory available for their next purchases, according to the Redfin Real-Time Seller Survey released Tuesday.”

Housing Wire“Where are lenders driving mortgage traffic?” (2-4-14)

“Lending standards have shifted over the past three months following the recent implementation of the Consumer Financial Protection Bureau Qualified Mortgage rule, according to the Federal Reserve Senior January Loan Officer Opinion Survey on Bank Lending Practices.”

Inman - “Visits to real estate websites surge 25 percent from December to January” (2-4-14)

“Homes.com, Apartment Guide and Rent.com all moved up in Experian Marketing Services’ rankings of top real estate websites in January, surging past MSN Real Estate.”

CNN Money - “Senate deal would extend jobless benefits” (2-4-14)

“A bipartisan deal has emerged that may extend federal jobless benefits for more than a million unemployed Americans.”

Bloomberg - “Ex-Deutsche Bank Trader Dixon Said to Plan $200 Million Fund” (2-4-14)

“Former Deutsche Bank AG mortgage-bond trader Troy Dixon’s new investment firm is projecting its first hedge fund will start in July with $200 million of capital.”

Mortgage Professional America - “Yellen sworn in as Fed chair” (2-4-14)

“Janet Yellen was sworn in Monday as the chair of the Federal Reserve. She is the first woman to head the agency.”

DS News“December Home Prices Up 11% from 2012″ (2-4-14)

“CoreLogic released its Home Price Index (HPI) for December 2013, noting an 11 percent bump since December 2012. The figure includes distressed sales.”

CNN Money - “Deficit continues to drop sharply – CBO” (2-4-14)

“The age of trillion-dollar deficits is well over.  For now.  Thanks to a recovering economy, spending restraint and higher tax receipts, the Congressional Budget Office now projects the deficit for 2014 will be $514 billion, or 3% of the size of the U.S. economy.”

Housing Wire- “Tip 9 cities for flipping houses” (2-4-14)

“Investors gobbled up 156,862 single family homes and flipped them in 2013, up 16% from 2012 and up 114% from 2011, according to RealtyTrac.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $122,000 on a 3 bedroom, 2 bathroom home appraised for $190,000.

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OC FIBI TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Today was a big news day for the multifamily market.  $33.8 billion was provided to the multifamily sector by Fannie Mae the previous year.  The Mortgage Bankers Association reported mortgage originations for the multifamily market increased 49% throughout the previous year, and they predicted they would continue to grow 11% to $254 billion in the current 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.

The Norris Group Real Estate News Roundup 1/29/14

Wednesday, January 29th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported a decrease in mortgage applications by 0.2%.  The amount of foreclosure inventory decreased by 31% according to the latest report from CoreLogic.  Federal Reserve Chairman Ben Bernanke’s term will be up in two days, but  the decisions he made will likely not be repeated again.

In The News:

Housing Wire- “Don’t look now: Fannie, Freddie, Ginnie bonds are on a roll” (1-29-14)

“While the Federal Reserve continues to reduce holdings of mortgage-backed securities and Treasurys, the mortgage bond market is reacting well. Very well.”

Bloomberg“Bernanke’s Unprecedented Rescue Unlikely to Be Repeated” (1-29-14)

“As Federal Reserve Chairman Ben S. Bernanke shuts the door to his office for a final time in two days, he can say he took actions that were the first or the biggest of their kind in the central bank’s 100-year history.”

Mortgage Bankers Association - “Mortgage Applications Essentially Flat in Latest MBA Weekly Survey” (1-29-14)

“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 January 24, 2014.”

Housing Wire- “SEC charges Western Asset Management for mortgage-related trades” (1-29-14)

“In the midst of the financial crisis, investment advisory firm Western Asset Management, a subsidiary of Legg Mason, engaged in the cross-selling of mortgage-backed securities, the Securities and Exchange Commission and the Special Inspector General for the Troubled Asset Relief Program claim in a report released Wednesday.”

DS News- “Foreclosure Inventory Down 31% in 2013, Slow Progress Expected in 2014″ (1-29-14)

“National foreclosure inventory fell 31 percent year-over-year in December, with 2.1 percent of all homes with a mortgage in some stage of foreclosure, according to CoreLogic’s December National Foreclosure Report.”

Bloomberg“Goldman Sachs Said to Lead American Homes 4 Rent Bond Deal” (1-29-14)

“American Homes 4 Rent, the second-largest single-family landlord in the U.S., has selected Goldman Sachs Group Inc. to arrange a bond backed by rental home payments, less than three months after Blackstone Group LP (BX) completed the first sale of its type.”

Housing Wire- “PHH charged over mortgage insurance kickbacks” (1-29-14)

“The Consumer Financial Protection Bureau initiated an administrative proceeding against PHH Corp. and its affiliates for allegedly harming consumers through a mortgage insurance kickback scheme that started as early as 1995 in its latest enforcement action.”

Hard Money Loan Closed

Highland, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 4 bedroom, 3 bathroom home appraised for $358,000.

 

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City TOMORROW.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Looking Back:

Vacancies of homes declined in the fourth quarter.  Rentals declined to 8.7% while owner-occupied homes decreased to 1.9%.  Mortgage rates decreased slightly the previous month to 3.29% according to the Federal Housing Finance Agency.  Housing starts showed the biggest gain in Las Vegas, the same city hit hardest by the real estate crash.

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.