California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Job Growth Slower Last Month At Only 213,000

Wednesday, February 4th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications from last week.  Job growth was slower in January at only 213,000 for private-paying jobs.  More than 200 mortgage employees are expected to be laid off by Bank of America in their office in Virginia.

In The News:

Mortgage Professional America“New FHFA rules won’t change nonbank servicers unprofitability” (2-4-15)

“The Federal Housing Finance Agency’s (FHFA) proposed rules for minimum capital and liquidity requirements for nonbank mortgage servicers will have little effect on the industry, according to Fitch Ratings.”

Housing Wire“Initial estimates show slowdown in job growth” (2-4-15)

“Initial job reports before Friday’s release of the Bureau of Labor Statistics Employment Situation report, suggest January job growth will be slowing.”

Mortgage Professional America“Mile-high growth for America’s best housing market” (2-4-15)

“U.S. home values rose at a slower price last year, a sign that the housing market is shifiting. Real estate data provider CoreLogic reported that home prices rose 5% in December compared to 12 months earlier.”

Housing Wire - “Freddie Mac: The return of the refinance market” (2-4-15)

“Refinance applications revived toward the end of 2014 and into the new year as mortgage rates dropped back down to levels not seen since 2013.”

OC Housing News - “Why the federal reserve will not raise rates in 2015″ (2-4-15)

“From the beginning of the Great Recession, many concerned citizens, and particularly the wealthy, feared the government and federal reserve would institute policies that would devalue the currency, cause bond prices to collapse, and create hyperinflation. With near-zero inflation, a rallying dollar, and the 10-year bond yielding record lows, it’s obvious none of the predictions of economic doom have come to pass.”

Mortgage Professional America - “Big bank to lay off hundreds of its mortgage staff” (2-4-15)

“Bank of America has announced it is planning to lay off more than 200 employees from its legacy mortgage servicing operations in its Norfolk, Virginia, office. The division of the bank handles troubled mortgages.”

Housing Wire - “Mortgage applications continue to climb with 1.3% increase” (2-4-15)

“Mortgage applications increased 1.3% from the previous week, continuing their upward trajectory for the fourth week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 30, 2015.”

 

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

Janet Yellen was officially sworn in 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 at this was whether or not financing would be available as well as how much inventory will be on hand.

 

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.

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

Mortgage Fraud Decreased 2% by Quarter and 9% Year-Over-Year

Tuesday, February 3rd, 2015

 

 

Today’s News Synopsis:

CoreLogic reported an increase in home prices by 7.4% year-over-year in December.  Mortgage originations increased 27% quarter-over-quarter for both commercial and multifamily properties.  Mortgage fraud decreased last year by 2% quarter-over-quarter and 9% year-over-year according to Interthinx.

In The News:

Mortgage Bankers Association - “2014 Q4 Commercial/Multifamily Mortgage Originations Up Eleven Percent from 2013 Q4; 2014 Total Up Seven Percent from 2013 Total” (2-2-15)

“Commercial and multifamily mortgage originations increased 27 percent between the third and the fourth quarters of 2014, and were up eleven percent compared to the fourth quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Housing Wire“CoreLogic: Home prices increased 7.4% in 2014″ (2-3-15)

“Home prices continued to moderate as last year came to a close, with home prices, including distresses sales, increasing 5% in December 2014 compared to last year, the latest CoreLogic (CLGX) home price report said.”

DS News“Credit Rater Reaches $1.37 Billion Settlement with DOJ, 19 States over RMBS Ratings” (2-3-15)

“New York-based credit ratings agency Standard & Poor’s Ratings Services and its parent company, McGraw Hill Financial, have entered into settlements with the U.S. Department of Justice and Attorneys General of 19 states and the District of Columbia over claims that S&P misrepresented residential mortgage-backed securities and collaterized debt obligations to investors, according to a release from McGraw Hill on Tuesday morning.”

Mortgage Professional America“REO sales continue to top short sales in recovery of unpaid balances” (2-3-15)

“In its latest mortgage monitor report, Black Knight Financial Services showed gross REO sales prices over the past two years have made up a higher percentage of corresponding unpaid loan balances due to increasing home prices nationwide.”

Housing Wire - “Interthinx: Mortgage fraud declines in 2014″ (2-3-15)

“Mortgage fraud maintained its decline at the end of 2014, falling 2% from the last quarter and 9% from one year ago, according to Interthinx’s quarterly interactive Mortgage Fraud Risk Report, covering data collected in the third quarter of 2014.”

OC Housing News - “Prime mortgage borrowers inflated the housing bubble” (2-3-15)

“Yesterday I noted that most former subprime borrowers are no longer homeowners, but despite enduring most of the negative consequences, it wasn’t subprime borrowers that inflated the housing bubble: prime borrowers did that.”

DS News - “Bank of America Loses Bid to Overturn Verdict in ‘Hustle’ Case” (2-3-15)

“Bank of America lost its bid on Tuesday to overturn a jury verdict that resulted in a $1.27 billion civil penalty over the packaging and selling of toxic residential mortgage-backed securities to Fannie Mae and Freddie Mac in the run-up to the financial crisis, according to media reports..”

Housing Wire - “House investigating allegations of legal, ethical wrongdoing at HUD” (2-3-15)

“The Department of Housing & Urban Development will be in the barrel on Capitol Hill on Wednesday, when a committee will convene to investigate allegations that senior HUD officials violated federal law and obstructed investigators’ efforts to uncover potential wrongdoing.”

 

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 TODAY.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19

.

 

Looking Back:

Originations for commercial and multifamily mortgages increased 34% and were at their highest in 7 years.  Although Ben Bernanke’s term ended with the Federal Reserve over weekend, he was made a Distinguished Fellow in Residence for the Brookings Institution Foreclosures and mortgage delinquencies showed signs of improvement after having decreased for the fourth year in a row and stood at 6.47%.

 

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.

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

Pending Home Sales in California Increase for First Time in Two Years

Monday, January 26th, 2015

 

 

Today’s News Synopsis:

Existing home sales were low this month compared to January, although they are expected to be up from last year.  At the same time, pending home sales increased 2.6%, having increased for the first time in two years.  Mel Watt, director of FHFA will be speaking before the House Committee tomorrow regarding future plans for the GSEs and where they currently stand.

In The News:

Housing Wire“January existing home sales come in flat compared to December” (1-26-15)

“Auction.com projects that existing home sales for January will fall between seasonally adjusted annual rates 4.9-5.21 million annual sales, with a targeted number of 5.06 million.”

Bloomberg“CoreLogic Hires Freddie Mac’s Nothaft as Chief Economist” (1-26-15)

“U.S. home prices rose more than economists estimated in November, a sign job growth is helping to boost housing demand.  Prices climbed 0.8 percent on a seasonally adjusted basis from October, the Federal Housing Finance Agency said in a report from Washington.”

NAHB - “Millennials Seek Smaller Houses, But Won’t Sacrifice Details, Panelists Say” (1-26-15)

“As Millennials begin to enter the home buying market in larger numbers, homes will get a little smaller, laundry rooms will be essential, and home technology will become increasingly prevalent, said panelists during an International Builders’ Show press conference on home trends and Millennials’ home preferences held last week.”

Housing Wire“Moody’s: FHA premium cut a credit positive for HFAs” (1-26-15)

“Last week the White House directed the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, and now Moody’s Investors Service says it will be a positive for Housing Finance Agencies.”

Mortgage Professional America - “California pending home sales see first annual increase in nearly two years” (1-26-15)

“Pending home sales in California reported higher on a year-over-year basis for the first time since January 2013, according the California Association of Realtors (CAR).”

Housing Wire“FHFA Director Watt goes before House committee Tuesday” (1-26-15)

“Federal Housing Finance Agency Director Mel Watt will appear Tuesday morning before the House Financial Services Committee entitled ‘Sustainable Housing Finance’.”

Mortgage Professional America - “FHA premium change begins today, here’s what to expect” (1-26-15)

“The 50 basis point reduction for Federal Housing Administration (FHA) mortgage insurance premiums begins today, and the agency expects the high volume of applications will slow down processing times.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Hard Money Loan Closed

Alpine, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $400,000 on a 3 bedroom, 2.5 bathroom home appraised for $615,000.

Alpine Hard Money Loan closed by the Norris Group

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.

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

New Home Purchase Applications Decrease 0.4%

Thursday, January 15th, 2015

 

 

Today’s News Synopsis:

New home purchase applications decreased last month by 0.4% according to the latest MBA Builder Application Survey.  Mortgage rates decreased again for the third week in a row with 30-year rates now at 3.66% and 15-year rates at 2.98%.  Foreclosures starts decreased 18% last month, down 61% from its highest in 2010 at 2,871,891 properties .

In The News:

Los Angeles Times“Average rate on 30-year mortgage falls to 3.66%” (1-15-15)

“Average long-term U.S. mortgage rates fell for the third straight week, with the benchmark 30-year rate again marking its lowest level since May 2013. The average for a 15-year mortgage, a popular choice for people who are refinancing, dipped below 3% for the first time since then.”

Mortgage Professional America“More buyers going to credit unions for mortgages” (1-15-15)

“More home buyers are going to credit unions for mortgages, according to a new report by Sageworks.  Credit unions are making more of a presence in a category traditionally reserved for specialized mortgage companies and banks.”

DS News - “All Indicators Experience Growth in Q4 Housing Barometer” (1-15-15)

“While housing recovery has generally been uneven for the last few years, the housing market experienced substantial growth in the fourth quarter of 2014 for all five indicators of Trulia’s Q4 2014 Housing Barometer, which was released on Thursday.”

Mortgage Bankers Association“Applications for New Home Purchases Decreased in December” (1-15-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2014 shows mortgage applications for new home purchases decreased by 0.4 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Housing Wire“RealtyTrac: Foreclosure starts increase two months straight” (1-15-15)

“Foreclosure filings — default notices, scheduled auctions and bank repossessions — maintained their downward trajectory in December, falling 18% from a year ago to 1,117,426 properties in December 2014, the latest RealtyTrac foreclosure market report found.”

Los Angeles Times“Anaheim developments revive city’s vision of a new downturn for O.C.” (1-15-15)

“Anaheim’s Platinum Triangle neighborhood is finally showing signs of life following a downturn that mothballed the city’s vision of a new downtown for Orange County.”

Mortgage Professional America“Cash sales to reach pre-crisis levels by 2017″ (1-15-15)

“Cash sales made up 35.5% of total home sales in October 2014, down from 38.7% in October 2013, according to CoreLogic.  At the current rate of decline, cash sales share should reach pre-crisis levels by 2017.”

Housing Wire - “BofA misses on revenues, posting $18.7B in 4Q” (1-15-15)

“Bank of America Corporation (BAC) reported revenue, net of interest expense, as $18.73 billion, compared to $21.7 billion in the fourth quarter of 2013.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

According to the latest data from the Mortgage Bankers Association, mortgage applications increased 11.9% from the previuos week.  Nine out of the twelve Federal Reserve districts reported fair economic growth, which was actually down from before when all twelve districts reported growth.  Both Wells Fargo and JP Morgan Chase reported a decrease in mortgage originations as more people were choosing smaller lenders.

 

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.

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

Underwater Homes Decreases in Every State But Seven

Thursday, January 8th, 2015

 

 

Today’s News Synopsis:

The amount of mortgage credit available increased last month by one percent to 115.7 according to the latest MBA Mortgage Credit Availability Index.  Mortgage rates decreased below 4% and are at record lows for the beginning of the year.  30-year rates now stand at 3.73% and 15-year rates stand at 3.05%.  CoreLogic reported underwater homes decreased in the third quarter in every state but 7.

In The News:

Los Angeles Times“L.A. County office market perks up as vacancy falls and rents rise” (1-8-14)

“Growing companies in Los Angeles County ramped up demand for office space in the fourth quarter, demonstrating that more businesses are confident about their prospects.”

Housing Wire“Housing to help drive employment and economy in 2015″ (1-8-14)

“Economic job reports show the nation’s employment situation is on the upswing, with housing projected to help further boost the market in 2015.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in December” (1-8-14)

“Mortgage credit availability increased in December 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“Obama Cutting FHA Cost Boosts First-Time Buyers, Builders” (1-8-14)

“A quarter of a million Americans who have been shut out of the housing recovery may be able to get a mortgage now that President Barack Obama has cut the cost to insure their loans.”

Mortgage Professional America“Number of underwater homes drops in all but seven states” (1-8-14)

“According to the latest CoreLogic report released today, U.S. negative equity share declined in all but seven states during the third quarter of 2014.”

Housing Wire - “Freddie Mac: Mortgage rates begin 2015 at record lows” (1-8-14)

“Mortgage rates began 2015 by sliding even further below 4% as bond yields dropped amid concerns about the economy.  According to the latest Freddie Mac Primary Mortgage Market survey, the 30-year, fixed-rate mortgage averaged 3.73% for the week ended Jan. 8, down from last week’s 3.87%. In 2014, it averaged, 4.51%.”

OC Housing News“Lowering FHA insurance fees will spur the housing market” (1-8-14)

“Last November I stated that the FHA will come under intense pressure to lower the FHA insurance fees in order to increase home sales to first-time homebuyers.”

Housing Wire- “Zillow: Here’s how a 50 bps FHA premium cut would break down” (1-8-14)

“President Obama will be formally announcing at noon a story first reported Wednesday by HousingWire, that he will direct the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.”

 

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased 2.6% from the previous week.  The latest home price index from CoreLogic showed home prices increased 11.8% in November, leading to a strong housing growth by the end of the year.  Fannie Mae and Freddie Mac were ordered by the FHFA to delay making changes to their guarantee fees.

 

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.

Copyright: Image from www.flickr.com/photos/marcopako/ and www.flickr.com/photos/thomashawk/

 

President Obama To Speak on Housing and the GSEs this Thursday

Tuesday, January 6th, 2015

 

 

Today’s News Synopsis:

President Obama will be speaking in Phoenix on Thursday to follow up his state of the Union address regarding housing and the GSEs.  CoreLogic reported home prices increased 5.5% last November and continue to fluctuate.  Growth for rent also increased 4.7% and is at levels not seen since 2011.

In The News:

Housing Wire - “President to speak on Fannie, Freddie on Thursday” (1-6-14)

“President Obama will be talking housing this week when he travels to Phoenix on Thursday, in the run up to his State of the Union”

DS News - “Report: Mortgage Regulations Have Had Positive Impact on RMBS Sector” (1-6-14)

“While the onslaught of new mortgage regulations in the last year has created headaches for lenders, it’s had a clear positive impact in one area, Fitch Ratings says in a new report: the residential mortgage-backed securities (RMBS) sector.”

Bloomberg“U.S. REITs Seen as Ripe for Takeovers with More Activism” (1-6-14)

“Takeovers among U.S. real estate investment trusts are poised to accelerate as shareholder activism increases and executives become more receptive to deals, according to research firm Green Street Advisors LLC.”

Housing Wire - “CoreLogic: Home prices continue to moderate” (1-6-14)

“Home prices nationwide, including distressed sales, increased 5.5% in November 2014 compared to November 2013, marking 33 months of straight year-over-year increases in home prices, the newest CoreLogic (CLGX) home price index found.”

OC Housing News“The inescapable math of higher mortgage rates” (1-6-14)

“Most housing market economists predict rising mortgage rates and rising house prices in 2015. Personally, I don’t think this is very likely because the math simply doesn’t work.”

Mortgage Professional America“U.S. rental growth pace reaches 2011 levels” (1-6-14)

“The rent growth pace for U.S. apartments accelerated to 4.7% during 2014, according to MPF Research, the market intelligence division of RealPage Inc. This performance is a return to price inflation levels not seen since 2011, after growth cooled somewhat to 3% annually in 2012-2013.”

Housing Wire- “FBR: Mortgage Banking will rejuvenate in 2015″ (1-6-14)

“Mortgage banking is projected to overcome the significant headwinds it faced last year and instead bring in a profit in 2015, according to Paul Miller, an analyst with FBR Capital Markets.”

DS News- “HUD Secretary Castro to Speak at DC Luncheon on January 13″ (1-6-14)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to speak at the National Press Club (NPC) luncheon on Tuesday, January 13, to address the state of the housing industry and what HUD’s plans are for 2015, the NPC announced on Tuesday.”

 

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

 

Looking Back:

Two confirmations were made on this day regarding leaders in government positions: Janet Yellen was confirmed as chair of the Federal Reserve, and Mel Watts was confirmed as director of the FHFA.  In the analogy of the tortoise and the hare, markets that were showing a higher growth rate were the very markets hit hardest by the downturn in the housing market.  This lead Clear Capital to expect home prices to not increase by too much at only around 3.4%.

 

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.

 

 

34.8% of Total Homes Sold Were Cash Sales

Tuesday, December 9th, 2014

 

Today’s News Synopsis:

The amount of mortgage credit available increased last month by 1.2% according to the latest Mortgage Credit Availability Index.  Out of the total amount of homes sold in September 2014, 34.8% of them were cash sales, down from 37.2% year-over-year.  A new moratorium for evictions was just recently announced by Fannie Mae and Freddie Mac as a way to help those with single-family foreclosed homes.

In The News:

Housing Wire“Cash sales still almost 35% of sales even as share declines” (12-9-14)

“Cash sales made up 34.8% of total home sales in September 2014, down from 37.2% in September 2013, according to CoreLogic.  The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in November” (12-9-14)

“ Mortgage credit availability increased in November 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”

DS News“Fannie Mae, Freddie Mac Announce Moratorium On Evictions for Foreclosed Properties” (12-9-14)

“Fannie Mae and Freddie Mac announced on Tuesday a moratorium on evictions for single-family foreclosed homes for the holiday season.  The GSEs said evictions will not be enforced from December 17, 2014, until January 2, 2015, for single-family homes that have been foreclosed on, meaning that families living in those homes will be able to continue to live there during that two-week period.”

OC Housing News“Americans increase debt servitude and restart Ponzi schemes” (12-9-14)

“Why should we celebrate when debt increases? Does anyone like debt? Does anyone want more debt? Debt is not income, despite what some people may think.  In a lender’s ideal world, borrowers would turn to lenders the moment a borrower gets a raise to turn that slow trickle of income into a torrent of debt spending.”

Mortgage Professional America“GSE mortgages could be the cheaper option for homeowners” (12-9-14)

“The new Fannie Mae and Freddie Mac mortgage guidelines that were announced Monday may make it easier for prospective home buyers to qualify for loans, but it may also shake up the mortgage insurance market.”

Housing Wire“Zillow: Renting is twice as expensive as buying” (12-9-14)

“It’s more affordable to buy a home now in most U.S. metros than it was 15 years ago, even for millennials putting down less money on a home, according to a Zillow analysis of third-quarter income and home value data.”

Realty Trac- “Is Real Estate Ownership Now Beyond Reach?” (12-9-14)

“Real estate predictions for the coming year suggest both increased sales and higher prices, but will that be the case?  According to the National Association of Realtors 2015 should see home sales grow from 4.9 million  units to 5.3 million, a nice increase.”

Housing Wire“Realtors push for more policies to boost first-time buyers” (12-9-14)

“Congress and the administration must address key policy issues in order to facilitate a healthy real estate market that serves current and future homeowners and drives the national economy forward, the National Association of Realtors told the U.S. Senate Banking Subcommittee on Housing on Monday.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $440,000.

Hawthorne Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

 

Looking Back:

CoreLogic reported the number of foreclosures completed in October decreased to 48,000 and were down by almost one-third year-over-year.  On the other hand, jumbo loans increased by 34%, the good majority of these being comprised of ARMs.  HUD announced new loan limits would be put into place at the very beginning of the upcoming year for FHA single-family loans.

 

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.

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

Underwater Borrowers at a High of 4 Million Despite Showing Signs of Decrease

Thursday, December 4th, 2014

 

Today’s News Synopsis:

Mortgage rates decreased again to their lowest since May 2013 with 30-year rates at 3.89% and 15-year rates at 3.10%.  41,000 foreclosures were completed in October, down 26.4% year-over-year yet still at high levels.  Underwater borrowers are also high at 4 million despite showing signs of decrease.

In The News:

Bloomberg - “Mortgage Rates in U.S. Decline to Lowest Since May 2013″ (12-4-14)

“Mortgage rates for 30-year U.S. loans fell for a fourth week, reducing borrowing costs to the lowest level in a year and a half.  The average rate for a 30-year fixed mortgage was 3.89 percent, down from 3.97 percent last week, Freddie Mac said in a statement today. That was the lowest since May 2013. The average 15-year rate dropped to 3.10 percent from 3.17 percent, the McLean, Virginia-based mortgage-finance company said.”

Mortgage Bankers Association“Independent Mortgage Bankers Profits Drop Slightly Despite Higher Volume in the Third Quarter of 2014″ (12-4-14)

“ Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $897 on each loan they originated in the third quarter of 2014, down slightly from a reported gain of $954 per loan in the second quarter of 2014, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Mortgage Professional America“What are the top markets for 2015?” (12-4-14)

“The economic crash in 2008 hit housing hard, but the market has mostly rebounded. Some housing markets, however, have rebounded more than others.”

Housing Wire - “Moodys: Home sales and homebuilding will take off in 2015″ (12-4-14)

“Moody’s Investors Services is bullish on housing and homebuilding for 2015, as they say the year will start with near-record low inventories of completed and unsold new homes, and low inventories of existing homes.”

DS News“Foreclosure Completion Numbers Remain High Despite Steep Decline in October” (12-4-14)

“Foreclosure completions declined significantly both month-over-month and year-over-year in October, but are still way above pre-recession levels, according to CoreLogic’s October 2014 National Foreclosure Report released on Thursday.”

OC Housing News“Reflating the housing bubble hurts homebuilders” (12-4-14)

“Be careful what you ask for because you might get it.  Everyone who makes a living in real estate wanted to see the end of the price decline and a rapid price increase to reflate the housing bubble.”

Mortgage Professional America“Non-QM origination nearly doubles in third quarter” (12-4-14)

“The non-qualified mortgage (QM) share of originations nearly double in the third quarter to 2.6%, according to the National Association of Realtors (NAR) Fourth Quarter Survey of Mortgage Originators.”

DS News“Despite Continuing Decline, Underwater Borrowers Still Total Four Million” (12-4-14)

“Despite the declining share of underwater mortgages as a percentage of all mortgages in the U.S., which has fallen below 8 percent, about four million borrowers are still underwater, according to Black Knight Financial Services’ October 2014 Mortgage Monitor released today.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 4 bedroom, 2.5 bathroom home appraised for $375,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

A recent report from the Mortgage Bankers Association showed mortgage applications decreased 12.8% from the previous week.  Sales of new homes increased by 25.4% to 444,000 units in October.  Five major banks had not met compliance requirements laid down in the National Mortgage Settlement.  These banks were Bank of America, Chase, Citigroup, ResCap, and Wells Fargo.

 

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.

Copyright: Image from www.flickr.com/photos/8525214@N06/

Home Sales and Existing Prices Exceed 10-Year Average

Tuesday, December 2nd, 2014

 

Today’s News Synopsis:

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%.

In The News:

Housing Wire“Zillow 2015 forecast: More millennials dive into homebuying” (12-2-14)

“Zillow’s (Z) 2015 forecast says that the coming year will be big, and a major change is going to be millennials diving into the homebuying market amid rising rents.”

Mortgage Bankers Association“Commercial/Multifamily Delinquencies Continue Decline in Third Quarter” (12-2-14)

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

Mortgage Professional America“Federal district court bars foreclosure sale of first lien HUD-insured mortgages” (12-2-14)

“Recently, the U.S. District Court for the District of Nevada held that a homeowners association (HOA) foreclosure sale is not valid against HUD-insured loans, but will the ruling be extended to GSE-insured mortgages?”

Housing Wire - “CoreLogic: Home prices moderate into late fall” (12-2-14)

“Home prices, including distressed sales, ticked up by 6.1% in October compared to a year ago, representing 32 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index said.”

OC Housing News“The fantasy of looser lending standards provides false hope for 2015″ (12-2-14)

“Everyone in the real estate industry is hopeful for a better 2015. Financial media panders to this hope with stories of looser credit standards.”

Mortgage Professional America“Renovation Loans and Distressed home sales create opportunity for investors and traditional buyers” (12-2-14)

“During the last few years, investors scooped up millions of cheap homes through foreclosures and short sales. Many transformed the properties to rentals, while others waited for the housing market to improve to sell the homes for a profit. The result is lower-priced homes that are left in less than pristine conditions.”

Housing Wire - “Construction spending ticks up largely on government projects” (12-2-14)

“Construction spending ticked up 1.1% in October from the month before, printing at a seasonally adjusted annual rate of $971.0 billion, reversing a two-month decline.”

DS News“October Sales, Prices for Existing Homes Top 10-Year Average” (12-2-14)

“The figures for both sales and median price for existing homes in October nationwide were higher than the “10-year October average,” or the average of that data from the previous 10 Octobers, according to the National Association of Realtors.”

 

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $291,000 on a 2 bedroom, 1 bathroom home appraised for $449,000.

Lakewood Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The FHFA made revisions to mortgage insurance policies for Fannie Mae and Freddie Mac.  The new policies provided extra protection to the GSEs as well as helped make clear what was required of insurers, originators, and servicers.  Bank of America reached a $404 million mortgage deal with Freddie Mac regarding repurchase claims and mortgages sold prior to the financial crisis.  Eminent domain was starting to become more common in areas where unemployment and poverty was higher.

 

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.

Copyright: Image from www.flickr.com/photos/59937401@N07/

Home Affordability for Middle Class Decreases

Tuesday, November 18th, 2014

 

Today’s News Synopsis:

The NAHB reported an increase in builder confidence by four points to 58.  Home affordability for the middle class decreased over the past year as a result of increased home prices according to Trulia.  In addition, first mortgage default rates continue to show signs of increase according to S&P/Experian, having increased 0.96% from 0.93% last month.

In The News:

NAHB“Builder Confidence Rises Four Points in November” (11-18-14)

“Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Housing Wire“Trulia: Home affordability slips for middle class” (11-18-14)

“Home affordability continues to challenge first-time, young and middle-class buyers, with some of the warmer climes generally making for the hottest – and least affordable – housing markets.”

DS News“CoreLogic Launches Compliance Solution for Servicers” (11-18-14)

“Irvine, California-based CoreLogic, a comprehensive comprehensive data, analytics, and services provider for the real estate and financial services industries, has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.”

Housing Wire“S&P/Experian: First mortgage default rate continues upward trend” (11-18-14)

“The first mortgage default rate marginally increased for the third consecutive month, rising to 0.96% in October, up from 0.93% in September and 1.38% a year ago, the S&P/Experian Consumer Credit Default Indices found.”

Bloomberg“U.S. Said to Pursue Charges Against More Mortgage Traders” (11-18-14)

“The U.S. government is building potential securities fraud cases against more Wall Street mortgage-bond traders after winning a conviction this year against a former Jefferies Group LLC trader, according to two people with knowledge of the investigations.”

OC Housing News“With the foreclosure crisis past, why are foreclosures rising?” (11-18-14)

“The foreclosure crisis never ended, it was merely delayed by lender can-kicking. Bankers designed policies to promote loan modification over foreclosure, specifically to drive down the reported delinquency rates. Further, HUD sold off non-performing loans to hedge funds that don’t report their delinquencies, which also lowers the reported rate.”

Realty Trac“20 Most Affordable Markets With Good Schools” (11-18-14)

“RealtyTrac analyzed school test scores for nearly 25,000 elementary  schools in more than 7,500 U.S. ZIP codes, along with home price affordability  in those same zip codes to identify the top zip codes with the ideal  combination of good schools and affordable home prices — and also with low  unemployment rates below the national average.”

Housing Wire“FHA mortgage insurance premiums won’t be going down in 2015″ (11-18-14)

“Despite the Federal Housing Administration showing improvement in its financial house, it’s unlikely FHA mortgage insurance premiums will be going down in 2015.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Builder confidence continued to remain unaltered at 54 according to the National Association of Home Builders.  Home prices increased quarterly to their highest since the beginning of the housing recovery with the increase in home sales and decrease in foreclosures.  JPMorgan Chase had just reached a $4.5 billion deal with over 21 investors to settle claims over residential mortgage-backed securities.

 

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.

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