California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

 

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

Janet Yellen Says Housing Recovery Moving at Slow Pace

Tuesday, July 15th, 2014

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

 

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

Rents May Be Reaching Highest Level Possible

Wednesday, July 9th, 2014

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

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

New Ruling by CFPB Will Help Property Heirs Avoid Foreclosure

Tuesday, July 8th, 2014

 

Today’s News Synopsis:

CoreLogic reported foreclosures decreased again this past May by 9.4% with 47,000 completed that month.  The amount of available mortgage credit increased last month by 0.6% to 115.8, up from 115.1.  A new ruling was just issued by the CFPB that will help heirs of property to be included on the mortgage and not face foreclosure.

In The News:

Bloomberg - “Office REITs in U.S. Plan the Most Construction in Decade” (7-7-14)

“Office buildings in top U.S. markets are getting so expensive that landlords are choosing to build rather than buy, spurring the most development by real estate investment trusts in at least a decade.”

DS News“Watt Blames Homeowner Skepticism for HARP Slowdown” (7-8-14)

“In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency (FHFA), blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program (HARP).”

Mortgage Bankers Association“Mortgage Credit Availability Increases Slightly in June” (7-8-14)

“Mortgage credit availability increased in June 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 - “Shrinking distressed inventory, new construction may hurt existing home sales” (7-8-14)

“One of the boons for homebuyers over the past couple of years has been the large inventories of distressed properties going through foreclosures and short sales.”

DS News“CFPB Issues Ruling to keep Heirs from Falling Into Foreclosure” (7-8-14)

“When a borrower dies, the passing of property to the remaining family members can be a complicated process. Even if there are no issue with the borrower’s estate there can be issues transferring the mortgage to a party that had no previous relationship with the servicer.”

Mortgage Professional America - “Mortgage Master joins affordable housing initiative” (7-8-14)

“Mortgage Master, one of the country’s largest privately owned mortgage companies, has become the first non-depository lender to join the Massachusetts Home Ownership Compact to provide affordable mortgage solutions to low-income first-time home buyers.”

Inman - “More than half of North American mortgage bankers worry housing bubble is forming” (7-8-14)

“A majority of North American mortgage bankers fear another real estate bubble is forming, according to a recent survey conducted for FICO, a predictive analytics software company.”

Housing Wire - “Foreign investors go big on U.S. real estate” (7-8-14)

“Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers, who snapped up $92.2 billion in U.S. real estate properties and investments between April 2013 and March 2014.”

DS News“Foreclosures Down Again in May” (7-8-14)

“Another month, another promising sign of housing recovery.  Corelogic reported on Tuesday that 47,000 foreclosures had been completed in May, a year-over-year decrease of 9.4 percent from May of 2013.”

 

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

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

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

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

 

Looking Back:

The nation saw declines in inventory across the nation, while at the same time home prices were on the rise.  According to a Fannie Mae survey, the increase in mortgage rates could lead to an increase in demand for homes.  The number of people renting also increased in the second quarter by 3.1% 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.

Mortgage Rates Increase for the First Time in Six Weeks

Thursday, June 5th, 2014

 

Today’s News Synopsis:

Out of 350 metropolitan areas, 56 are showing signs of improvement by being at normal levels this month.  Mortgage rates increased for the first time in six weeks with 30-year rates now at 4.14% and 15-year rates at 3.23%.  In addition, the amount of mortgage credit available increased last month by 1.14%.

In The News:

NAHB - “Leading Markets Index Shows 56 Metros at or Above Normal Levels in June” (6-5-14)

“Of the approximately 350 metro markets nationwide, 56 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in May” (6-5-14)

“Mortgage credit availability increased in May 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.”

Bloomberg - “U.S. Mortgage Rates Rise for First Time in Six Weeks” (6-5-14)

“Mortgage rates in the U.S. rose, increasing home-loan costs for the first time in six weeks.  The average rate for a 30-year fixed mortgage was 4.14 percent this week, up from 4.12 percent, Freddie Mac said in a statement today.”

Inman“Price gains push 3.5 million homes above water” (6-5-14)

“Rising home prices propelled 3.5 million U.S. properties out of negative equity in one year, but the number of underwater mortgages will shrink at a slower pace in the future as price appreciation cools, according to data released today by CoreLogic and Trulia.”

DS News“Why Do People Move?  Census Bureau Answers” (6-5-14)

“Among the 36 million people who moved between 2012 and 2013, a new study from the United States Census Bureau found that the most important reason to move was to find a new/better home or apartment.”

Mortgage Professional America - “Americans believe country still in grips of housing crisis” (6-5-14)

“A new survey has claimed most Americans remain dour on the housing market in spite of falling foreclosures and improving home values.”

Housing Wire - “Here are the states with the highest and lowest unemployment” (6-5-14)

“Nationally, the rate of unemployment continues to hover around a 7-year low. In fact, the seasonally adjusted insured unemployment during the week ending May 24 was 2.6 million.”

NAHB“Green Homes Show Growth in a Recovering Market According to New Report from McGraw Hill Construction” (6-5-14)

“Residential construction is a key engine behind economic growth in the United States. According to McGraw Hill Construction’s Dodge Construction Market Forecast, single and multifamily housing projects account for about 45% of the value of all construction projects started in the United States in 2014.”

 

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, 2 bathroom home appraised for $218,000.

Highland Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 11.5% from the previous week.  135,000 new jobs were added to the private sector the previous month according to a recent report by ADP.  Fannie Mae announced on this day their plan for making the short sale process move faster and more effectively.

 

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 Prices Show 10.5% Increase Year-Over-Year

Tuesday, June 3rd, 2014

 

Today’s News Synopsis:

Commercial and multifamily delinquency rates decreased again in the first quarter by 0.69% to 6.16%.  CoreLogic reported home prices increased 10.5% year-over-year, although it is expected that appreciation will continue at only half of last year’s rate.  At the same time, home sales decreased 2.3% in Massachusetts in the month of April.

In The News:

Mortgage Bankers Association - “Commercial/Multifamily Delinquencies Continue Decline in First Quarter” (6-3-14)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the first quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

DS News - “Massachusetts AG Sues Fannie/Freddie Over Buyback Programs” (6-3-14)

“Massachusetts Attorney General Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and mortgage giants Fannie Mae and Freddie Mac, alleging the companies’ refusal to engage in foreclosure buybacks programs is “unfairly and illegally causing Massachusetts families to lose their homes.”

Inman - “Home price appreciation expected to cool by half” (6-3-14)

“The weakness in home sales during the spring buying season “is clearly signaling a slowdown in price appreciation” data aggregator CoreLogic reported today.”

Realty Trac“The New American Migration” (6-3-14)

“If you’ve been watching the real estate reports for the last few weeks you know that a number of very bright spots have begun to emerge, local housing markets which are just booming.”

DS News“Survey: Is the Country Still in a Housing Crisis?” (6-3-14)

“While the housing market continues to make strides toward recovery following last decade’s crash, a new survey finds the majority of the American public still harbors doubts about whether the worst of it is truly over.”

Mortgage Professional America - “Bank slashes more mortgage jobs” (6-3-14)

“More layoffs have hit mortgage servicers as a major lender announced it will shed nearly 60 Fort Worth workers.”

Housing Wire - “Ocwen will stop using gag orders” (6-3-14)

“Ocwen Financial (OCN) reached an agreement with the New York Department of Financial Services, saying that it would stop using gag orders on mortgage modifications.”

DS News“April Home Sales Drop in Bay State” (6-3-14)

“April sales of Massachusetts single-family homes dropped 2.3 percent compared with the same month last year, according to the latest from the Warren Group.”

 

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $78,000 on a 3 bedroom, 2 bathroom home appraised for $134,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

According to the FDIC, the number of closed banks was at 14 this week with the closure of a bank in Wisconsin.  Senators announced a plan they were putting into actions to do away with Fannie Mae and Freddie Mac and replace them with a new government establishment to handle mortgage securities.  Despite interest rates recovering, down payments continued to show signs of decrease.

 

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

Sales of Pending Homes Decreased 9.2% Last Month

Thursday, May 29th, 2014

 

Today’s News Synopsis:

Sales of pending homes decreased in the past month by 9.2%.  Mortgage rates decreased again for the fifth week in a row with 30-year rates now at 4.2% and 15-year rates at 3.21%.  GDP also showed sings of decrease in the first quarter, although it is expected to improve by next quarter.

In The News:

DS News - “Q1 GDP Declines; ‘Marked Turnaround’ Expected for Q2″ (5-29-14)

“Economic news went from bad to worse this week with a new report suggesting the nation’s output declined in the first quarter for the first time since 2011.  The Bureau of Economic Analysis (BEA) released Thursday its second look at gross domestic product (GDP) for Q1, estimating an annualized 1.0 percent decline as private inventory investment dropped further than originally reported. BEA’s first estimate, released late April, put growth at an estimated annual rate of 0.1 percent compared to Q4’s final rate of 2.6 percent.”

Housing Wire“Pending home sales plunge 9.2% in April” (5-29-14)

“Pending home sales for the month of April plummeted 9.2% compared to April 2013, the National Association of Realtors reported Thursday.”

Bloomberg“Freddie Mac 30% Gains Luring Non-Agency 2.0 Investors” (5-29-14)

“Hedge-fund manager Chris Hentemann has found what he calls his favorite deal of all time.  Hentemann’s 400 Capital Management LLC bought a new type of bond sold by Freddie Mac in July in which private investors share the risk of home-loan defaults with the mortgage-finance company.”

DS News“Foreclosure Inventory Continues to Decline in April” (5-29-14)

“CoreLogic released its National Foreclosure Report, looking at data as of the end of April 2014. The company reported that completed foreclosures in April totaled 46,000, down 0.4 percent from March and down 18 percent year-over-year.”

Realty Trac - “GSE Overhaul Bill Clears Senate Committee” (5-29-14)

“The Senate Banking Committee approved a bipartisan measure to overhaul Fannie Mae and Freddie Mac on May 15, setting the stage for a possible floor vote.”

Realty Times - “Studies Show: Housing Prices More Sustainable and Stable; Children Influence Homebuyers” (5-29-14)

“It looks like the double-digit housing price gains that catapulted some homeowners out from under water, may now be slowing. Housing experts say that’s good news because it creates a sustainable and stable market, according to the Standard and Poor’s/Case-Miller’s 20-City Index report.”

Mortgage Professional America - “Delinquencies down in April” (5-29-14)

“Mortgage delinquencies were down slightly in April, according to new data released by Freddie Mac.”

Bloomberg - “U.S. Mortgage Rates Decline for a Fifth Week” (5-29-14)

“U.S. mortgage rates fell for a fifth week, reducing borrowing costs as home-price gains slow.  The average rate for a 30-year fixed mortgage was 4.12 percent this week, down from 4.14 percent and the lowest since October, Freddie Mac (FMCC) said in a statement today. The average 15-year rate slipped to 3.21 percent from 3.25 percent, the McLean, Virginia-based mortgage-finance company said.”

 

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $310,000 on a 5 bedroom, 3.5 bathroom home appraised for $492,000.

Corona Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach TONIGHT.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

The amount of foreclosures decreased 24% year-over-year according to recent data from CoreLogic.  The Mortgage Bankers Association reported mortgage applications decreased 8.8% from the previous week.  Commercial and savings institutions insured by the FDIC showed their best earnings on record for the first quarter, leading to a decrease in the number of “problem” banks.

 

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.

Texas Shows the Best Numbers for Employment Growth

Monday, May 19th, 2014

 

Today’s News Synopsis:

CoreLogic reported an increase in REO properties, which now stand at 430,000.  Right now the state with the most positive numbers, particularly in the job market, is Texas with their addition of 64,100 new jobs in April.  Due to more residents leaving, smaller banks in rural areas are shown to be doing better than community banks in metropolitan areas.

In The News:

DS News - “Texas Employment Numbers Best in the Nation” (5-19-14)

“A new report by the Wells Fargo Economics Group found that Texas added 64,100 new jobs in April, the largest gain in the nation.  The boost in job numbers helped push unemployment down to 5.2 percent from 5.5 percent in March. Nationwide, unemployment was 6.3 percent for the month of April.”

Mortgage Professional America - “Watt: Private sector unready to replace Fannie and Freddie” (5-19-14)

“The head of the Federal Housing Finance Agency said Sunday that private lenders aren’t ready to replace Fannie Mae and Freddie Mac.”

Housing Wire - “4 maps show exactly what happened after the housing crash” (5-19-14)

“The effect on homeowners of the housing bubble and crash is pretty well reported.  But what about the big picture?  In 2006, the housing market crashed, and from 2007 to 2009, the value of real estate owned by households fell by nearly $6 trillion.”

DS News - “Small Banks Coping with Population Loss” (5-19-14)

“A new study by the FDIC found that thanks to a strong agriculture sector small banks based in rural areas are coping better than expected in the face of a steady exodus of residents.”

Housing Wire - “MBA CEO: Future of housing held back by sick market” (5-19-14)

“The CEO of the Mortgage Bankers Association David Stevens started the trade group’s annual National Secondary Market Conference, now underway in New York City, recalling how four years ago he made headlines for labeling housing finance ‘broken’.”

DS News - “REO Inventory Rising Again” (5-19-14)

“The number of REO properties increased to 430,000 as of March 2014, according to a new blog post by CoreLogic’s Sam Khater.  March’s figure reflects an increase of 15 percent from the low point of REO inventory in August 2013, when properties totaled 375,000.”

Housing Wire - “Timothy Geithner tries to spin White House housing efforts” (5-19-14)

“Speaking at the Politico Playbook lunch Monday in Washington, former Treasury Secretary Timothy Geithner said that the Obama Administration ‘tried to do as good a job as we could in our limited authority’.”

Mortgage Professional America - “Rising mortgage debt threatens retirement for millions, report claims” (5-19-14)

“Rising mortgage debt is threatening the retirement security of millions of senior citizens, according to a new report from the Consumer Financial Protection Bureau.”

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $50,000 on a 2 bedroom, 1 bathroom home appraised for $85,000.

Cathedral City Hard Money Loan closed by the Norris Group

 

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.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

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

FHFA Director Mel Watt Not Getting Involved in Mortgage Reform Debate

Wednesday, May 14th, 2014

 

Today’s News Synopsis:

FHFA director Mel Watt announced he will not be getting involved in the mortgage reform debate nor be increasing the limits on loans.  Rather, he will be leaving this work to Congress.  In addition, Democrat Gary Peters from Michigan said he does not see reform happening for Fannie and Freddie any time this year.  The latest Case-Shiller Index from CoreLogic showed home prices increased 11.3% in the fourth quarter last year.

In The News:

DS News“FHFA Adopts New Plan Under Director Watt; Won’t Reduce GSE Market Share” (5-14-14)

“In a speaking engagement at the Brookings Institution, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt spoke about his new 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, highlighting a few major changes to the plan.”

Housing Wire“Home prices grew 11.3% in 4Q2013″ (5-14-14)

“The latest CoreLogic (CLGX)-Case-Shiller index shows that home prices increased by 11.3% in the fourth quarter of 2013 compared to the same time a year ago.”

Mortgage Professional America - “Watt: FHFA won’t raise loan limits, enter GSE reform debate” (5-14-14)

“The director of the Federal Housing Finance Agency says the FHFA won’t be raising loan limits – or entering the debate on mortgage reform.”

Inman - “NAR flexes lobbying muscle at midyear conference in Washington, DC” (5-14-14)

“The National Association of Realtors flexed its lobbying muscle to members at its annual midyear conference in the District Tuesday night, calling attention to its aggressive fundraising and social media advocacy efforts this year.”

Bloomberg - “Bond Yields Nip on Heels of Dividends to Pressure Rally in REITs” (5-14-14)

“Some wise person, probably a Realtor, once said that real estate is always a good investment because they’re not making any more of it. Another wise person, probably not a Realtor, once said to ignore that original wise person when the property market crashed a few years ago.”

Housing Wire - “NAFCU members see regulatory costs spiking” (5-14-14)

“A survey of members of the National Association of Federal Credit Unions finds that while most say credit union lending has improved, new regulations and proposals including the QM rule and the National Credit Union Administration’s risk- based capital proposal threaten to increase costs and stall the lending activity growth.”

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

“Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 9, 2014.”

Mortgage Professional America - “GSE reform unlikely to become law this year — congressman” (5-14-14)

“A House Democrat is predicting that legislation winding down Fannie Mae and Freddie Mac won’t become law this year.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $78,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking with LAREIA presenting Taking it to the Next Level in Arcadia TONIGHT.

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.

 

Looking Back:

New home sales began to increase once again as foreclosure and short sale inventory began to decline.  The NAHB reported housing affordability was at its highest on record in the first quarter at 73.7%.  TransUnion reported the national mortgage delinquency rate was 4.56%, which was much higher due to longer cures and foreclosure timelines.

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.

Consumers Granted Easier Access to Loans with New FHA and GSE Plan

Tuesday, May 13th, 2014

 

Today’s News Synopsis:

The FHA and GSEs are coming up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter last year according to the latest Case-Shiller Index.

In The News:

DS News“Case-Shiller Index: Home Prices Increase in Q4 2013″ (5-13-14)

“With 2014 nearing its halfway point, a broad spectrum look at more than 380 markets nationwide confirms home prices jumped 11.3 percent in 2013’s final quarter compared to the year prior.”

Housing Wire“FHFA, GSEs launch program to “stabilize” communities hit hardest by foreclosures” (5-13-14)

“Federal Housing Finance Agency Director Mel Watt addressed the future of the agency he leads and the future of Fannie Mae and Freddie Mac in his first public address on Tuesday.”

Mortgage Professional America - “JPMorgan may slash 10,000 more jobs than expected” (5-13-14)

“JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced.”

Inman - “FHA, Fannie and Freddie regulator making moves to ease mortgage credit” (5-13-14)

“A shift by the federal regulator of Fannie Mae and Freddie Mac could soon make getting a mortgage loan easier by giving lenders more wiggle room before the mortgage giants demand that they repurchase loans.”

DS News - “First Quarter Housing Affordability Edges Higher” (5-13-14)

“A decrease in median home prices coupled with steady mortgage rates helped contribute to higher housing affordability in the first quarter of 2014, according to the National Association of Home Builders (NAHB).”

Housing Wire - “CFPB execs, union rep subpoenaed by House Committee” (5-13-14)

“The House Financial Services Committee has subpoenaed two Consumer Financial Protection Bureau officials and a union representative to appear before the Subcommittee on Oversight and Investigations as part of an ongoing investigation into allegations of discrimination and retalition at the CFPB.”

Inman - “Florida developer’s new homes promise easy commute to Disney World” (5-13-14)

“An experienced developer has targeted an up-and-coming area of Florida that has improving transport links for a new project and expects strong demand from buyers.”

DS News - “FHA Program Aims to Expand Credit; Lower Risk” (5-13-14)

“The Federal Housing Administration (FHA) issued its “Blueprint for Access,” which aims to expand credit access for underserved borrowers by utilizing housing counseling as a means to reduce the possibility of loans becoming seriously delinquent.”

Hard Money Loan Closed

Stanton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 3 bedroom, 1 bathroom home appraised for $363,000.

Stanton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking with SDCIA presenting Taking it to the Next Level in San Diego TONIGHT.

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.

 

Looking Back:

The total number of closed banks was at 12 with the recent closure of two banks in North Carolina and Georgia.  Freddie Mac announced on this day their modification program for delinquent borrowers was ready and making streamlined loan mods available much more quickly.  Home prices continued to increase up into the double-digit numbers as more consumers tried to purchase homes in a market with less inventory.

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.