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The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 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 event 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.

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The Norris Group Real Estate News Roundup 10/6/11

Thursday, October 6th, 2011

Today’s News Synopsis:

According to the Orange County Register, home prices in California dropped 6.2% year-over-year in August from last year.  However, for the whole United States home prices dropped .4% month-over-month from July to August, the first drop in prices CoreLogic has reported in four months.  Rates on a 30-year mortgage dipped below 4%, according to Bloomberg.

In The News:

Housing Wire - “3Q house prices up but Clear Capital predicts 2012 dip” (10-6-11)

“Home prices rose nationally 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital.”

Bloomberg - “30-Year Mortgage Rates in U.S. Fall Below 4%” (10-6-11)

“Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.”

O.C. Register - “Calif. home prices off 6.2%, 7th worst drop” (10-6-11)

“California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.”

NAHB - “Number of Improving Housing Markets Nearly Doubles in October” (10-6-11)

“The second edition of the National Association of Home Builders/ First American Improving Markets Index (IMI), released today, shows 23 individual housing markets now qualifying as “improving” under the new gauge’s parameters. This is nearly double the 12 housing markets that made the list last month.”

DS News - “Congress Scrutinizes Federal Housing Programs” (10-6-11)

“Several Federal housing programs came under attack during a hearing Thursday morning titled “The Obama Administration’s Response to the Housing Crisis’.”

Realty Times - “Remodeling Double-dip Offers Opportunity for Homeowners” (10-6-11)

“Remodeling is suffering a double dip in sales, not unlike the double dip in home prices, but just as it’s a good time to buy an affordable home, it’s a good time to budget for and negotiate a home improvement deal.”

Housing Wire – “Homeownership rate at lowest level in 70 years” (10-6-11)

“The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau.”

DS News – “CoreLogic Records First Drop in Home Prices in Four Months” (10-6-11)

“Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.”

Looking Back:

One year ago, the National League of Cities expected city property-tax revenues to decrease 1.8% in 2010. The IMF believed a double-dip in real estate was possible. A new program from HUD allowed delinquent borrowers, who were unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report showed the private sector lost 39,000 jobs in September 2010.

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 event 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.

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The Norris Group Real Estate News Roundup 10/5/11

Wednesday, October 5th, 2011

Today’s News Synopsis:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications are down 4.3% from last week.  Housing Wire reported the number of job cuts for the month of September were at the highest they had been at in two years, having doubled from the month of August.  Members of NAR and other leaders in the real estate industry met together with the Progressive Policy Institute and Economic Policies for the 21st Century to discuss ways to help the economy recover.

In The News:

Mortgage Bankers Association – “Mortgage Applications, except Government Refinances, Decrease in Latest MBA Weekly Survey” (10-5-11)

“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 30, 2011.”

Bloomberg – “BofA May Face Fraud Claims for Soured Loans” (10-5-11)

“Bank of America Corp. (BAC) should face fraud proceedings after its Countrywide unit submitted faulty data to back up claims for reimbursement on federally insured mortgages, according to an audit by a U.S. watchdog.”

DS News – “Fannie Mae Opens Mortgage Help Center in St. Louis” (10-5-11)

“Fannie Mae has opened up a new Mortgage Help Center in St. Louis, Missouri, to provide free education and counseling services to struggling homeowners.”

Housing Wire – “Private mortgage modifications perform worse than HAMP” (10-5-11)

“Mortgage modifications completed through private bank programs redefaulted at a rate nearly twice as high as the government’s.  More than 34% of the 129,000 private workouts completed in the first quarter of 2010 went two months without a payment within the first 12 months, according to recent data from the Office of the Comptroller of the Currency.”

Inman – “CoreLogic shutting down LeadClick” (10-5-11)

“Real estate information, analytics and services provider CoreLogic says it’s closing down the company’s marketing services business and will write off $140 million in goodwill and assets associated with it.”

Los Angeles Times - “More borrowers gain permanent mortgage relief in August” (10-5-11)

“The number of borrowers who received permanent aid through the Obama administration’s signature foreclosure relief program ticked up slightly in August.  ”

Housing Wire - “Planned job cuts more than double in September” (10-5-11)

“The number of announced job cuts in September more than doubled from the prior month, climbing to the highest level in more than two years, according to Challenger, Gray & Christmas.”

Realtor Magazine - “‘Do No Harm’ Is Mantra at Housing Solutions Conference” (10-5-11)

“The Progressive Policy Institute and Economic Policies for the 21st Century, two policy institutions, hosted key members of Congress, NAR, and other housing industry leaders and policy strategists at the New Solutions for America’s Housing Crisis event in Washington, D.C., yesterday to devise ways to spur the housing market and in turn get the U.S. economy back on a solid growth path.”

NAHB - “‘Housing is Key to Job Creation, Economic Recovery” (10-5-11)

“Discussions on the need to restore the nation’s languishing housing market in order to rouse job creation from anemic levels and boost economic growth has been prominent this week in congressional testimony from Federal Reserve Chairman Ben Bernanke and in newspapers across the country, leaving many wondering when leaders in Washington will take action to address this problem.”

DS News – “Industry Responds to Government’s Request for REO Rental Ideas” (10-5-11)

“With an estimated 250,000 foreclosed homes on Fannie Mae’s and Freddie Mac’s books, the government is considering inventive ways to divulge excess inventory and return stability to the housing market.”

Looking Back:

CAR predicted the housing market would require a more lengthy amount of time to recover. Trepp reported CMBS delinquencies increased to 9.05% in September 2010. Zillow claimed California’s 30-year mortgage rate decreased to 4.18%.

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 event 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.

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The Norris Group Real Estate News Roundup 10/4/11

Tuesday, October 4th, 2011

Today’s News Synopsis:

Inman News reported a 20% increase in foreclosure starts on a month-by-month basis from July to August.  CoreLogic released a new report forecasting that mortgage frauds will decrease 40% in the coming year.  In other news, the National Association of Realtors reported a 1.2% decrease in pending home sales for the month of August.

In The News:

Bloomberg – “BofA’s Countrywide May Face Fraud Claim After Housing Audit” (10-4-11)

“Bank of America Corp. (BAC), the biggest U.S. lender by assets, should face fraud claims after the firm’s Countrywide unit submitted incorrect data on borrowers for government-insured loans, a federal watchdog said.”

DS News – “Credit Union Coalition Develops Foreclosure Intervention Toolkit” (10-4-11)

“The New York-based National Federation of Community Development Credit Unions has completed a new “Credit Union Foreclosure Intervention Toolkit” to help credit unions combat the foreclosure crisis in their communities.”

Housing Wire – “FHA and the Short Refi left behind” (10-4-11)

“The $8 billion Federal Housing Administration Short Refi program, launched last September to refinance underwater mortgages helped 301 borrowers in 11 months, according to Department of Housing and Urban Development data analyzed by HousingWire.”

Realty Times – “Pending Home Sales Decline “ (10-4-11)

“The latest National Association of REALTORS found that sales dropped 1.2 percent in August.  Lawrence Yun, NAR chief economist, said the decline reflects an uneven market.”

Inman - “Foreclosure starts leap in August” (10-4-11)

“Foreclosure starts jumped 20 percent from July to August, with first-time foreclosure starts hitting a 2011 high, data aggregator Lending Processing Services Inc. reportss.”

O.C. Register - “Mortgage fraud down 40% this year” (10-4-11)

“Santa Ana-based data firm CoreLogic estimated that the total value of U.S. mortgages tainted by fraud will drop 40% this year to $7.4 billion.  That compares $12 billion worth of fraudulent loans issued in 2010, the firm reported.  The decrease is due mainly to a decline in the overall number of home loans being issued”

San Francisco Chronicle - “Mortgage REITs Tumble to Worst Two-Day Loss Since December 2008″ (10-4-11)

“Real estate investment trusts that buy U.S. mortgage debt tumbled to the steepest losses since December 2008, on concern that their main source of financing will be roiled by European bank woes.”

CNN Money – “Fannie Mae ignored foreclosure abuses” (10-4-11)

“Fannie Mae (FNMA, Fortune 500), the government-controlled mortgage giant, ignored indications that attorneys it hired to handle defaults were abusing the foreclosure process, according to a report from the inspector general for the Federal Housing Finance Agency (FHFA), the agency that oversees Fannie.”

USA Today – “Shadow inventory keeps home prices depressed” (10-4-11)

“Stagnant home prices have become part of the new normal nationwide, and one of the big reasons is the nation’s giant shadow inventory — the hundreds of thousands of homes like those on McGregor’s route that are either in foreclosure or repossessed by banks, but not yet on the market.”

Housing Wire - “Consumer advocates urge Fed to reject Capital One-ING merger” (10-4-11)

“Consumer advocates Tuesday focused their criticism of the proposed Capital One Financial Corp. (COF: 38.80 +2.78%) acquisition of ING Direct USA (ING: 6.80 +5.43%) on what they described as Capital One’s predatory lending practices and inadequate commitment to reinvest in local communities.”

Looking Back:

GMAC Mortgage, JPMorgan Chase and Bank of America were reconsidering past evictions due to poor foreclosure processing procedures. According to the NAR, pending home sales rose 4.3% in August 2010. CAR expected 2010 home sales to be 10% lower than the total number of sales in 2009. 10.2% of all mortgages in the nation’s top-100 most populated areas were over 90 days delinquent.

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 event 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.

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The Norris Group Real Estate News Roundup 10/3/11

Monday, October 3rd, 2011

Today’s News Synopsis:

Bloomberg reported spending on construction increased in August the most it has been in two years.  Foreclosures are also increasing again, accoring to the Realty Times.  Despite this, a new study was released by CoreLogic showing that there are still positive numbers for equity in the country, showing that more homeowners are doing well than it may seem.

In The News:

Bloomberg - “Strategic Mortgage Delinquencies as High as 27%” (10-3-11)

“The number of borrowers choosing to fall behind on payments on U.S. home loans packaged into bonds without government backing has held steady over the past year, meaning the “strategic delinquencies” account for a larger share of new late payments, according to JPMorgan Chase & Co. (JPM) .”

Housing Wire - “Jumbo mortgages to remain steady after conforming loan limit drop” (10-3-11)

“The elevated conforming loan limit on mortgages guaranteed or insured by the government expired Saturday, but the only issuer of private-label jumbo securities since the crash said the largest banks will still move forward.”

DS News - “Moody’s: Refinancing Is Key to Housing Market Recovery” (10-3-11)

“If all of Fannie Mae’s and Freddie Mac’s borrowers paying interest rates that are higher than the median rate were to refinance at 4 percent, the savings would total $63 billion.”

Realty Times - “Real Estate Outlook: Foreclosures Rise Again” (10-3-11)

“Housing has remained in its state of flux this week, with mixed news from across the sector.  The National Association of Realtors latest existing-home sales report shows that sales rose in August by 7.7 percent”

San Francisco Chronicle - “Gross Says Recession Risk Overtaking New Normal Forecast” (10-3-11)

“Bill Gross, the manager of the world’s biggest bond fund, said the global  economy risks lapsing into recession with the pace of growth falling below the  “new normal” level the firm has predicted since 2009.”

DS News - “Closing of Texas Bank Pushes Year’s Failures to 74″ (10-3-11)

“The Texas Department of Banking and the FDIC seized control of First International Bank in Plano, Texas, over the weekend.”

Housing Wire - “CoreLogic launching new borrower credit report” (10-3-11)

“CoreLogic (CLGX: 10.38 -2.72%) is launching a new credit score service it claims will give lenders a much stronger sense of a borrower’s outstanding debts.”

Realtor Magazine - “Appraisals Blamed for More Deals Falling Through” (10-3-11)

“Appraisers are increasingly taking the heat for more transactions being canceled or delayed after more appraisals reportedly are coming through that don’t meet the contract price.”

Los Angeles Times - “Most homeowners still faring well, with positive equity” (10-3-11)

“A new study, conducted by mortgage and real estate data firm CoreLogic for this column, found that there are substantial reserves of positive equity across the country. CoreLogic maintains the largest database on home loans — 42 million
active accounts, more than 80% of all existing mortgages — with information supplied regularly by lenders and servicers.”

Bloomberg - “Construction Spending in U.S. Unexpectedly Rose in August on Local Outlays” (10-3-11)

“Construction spending in the U.S. unexpectedly rebounded in August, propelled by the biggest jump in state and local government outlays in more than two 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 event 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.

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The Norris Group Real Estate News Roundup 9/29/11

Thursday, September 29th, 2011

Today’s News Synopsis:

Bloomberg reported a 1.2% decrease in pending home sales, while shadow inventory of distressed homes also decreased according to the O.C. Register.  DS News reported fixed mortgage rates are at their lowest, although Basel III has plans that will increase mortgage rates.  Rick Sharga, formerly of RealtyTrac, has left to begin working now for Carrington Mortgage Holdings.

In The News:

Bloomberg - “Pending U.S. Home Sales Decline 1.2% as Lower Prices Fail to Stoke Demand” (9-29-11)

“The number of contracts to purchase previously owned U.S. homes fell in August, a sign that lower prices and borrowing costs are doing little to stoke demand.”

Housing Wire - “FHFA warns Basel III may increase mortgage rates” (9-29-11)

“Basel III will increase capital requirements for big banks, resulting in higher mortgage rates, the Federal Housing Finance Agency said.”

DS News - “Fixed Mortgage Rates Sink to Lowest on Record” (9-29-11)

“Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of “Operation Twist”.”

Inman - “RealtyTrac exec departs to Carrington Mortgage Holdings” (9-29-11)

“Rick Sharga, the RealtyTrac senior vice president who was often the company’s public face in news reports about its widely followed foreclosure reports, has left the company after seven years to take on a similar role with Carrington Mortgage Holdings.”

Los Angeles Times - “Second quarter economic growth revised up as jobless claims fall” (9-29-11)

“The economy grew at an annual rate of 1.3% from April through June, an anemic but slightly better pace than the most recent estimate of 1%, federal officials said Thursday.”

Housing Wire – “CoreLogic sees $7 billion in mortgage fraud” (9-29-11)

“Analysts at CoreLogic (CLGX: 11.07 +0.64%) predicted $7 billion in originated mortgages this year would show some signs of fraud.”

Inman - “NAR forecasts slow economic growth in 2011-12″ (9-29-11)

“A monthly index that gauges pending  sales of U.S. resale homes jumped 7.7 percent year-over-year in August but  dipped 1.2 percent compared to July 2011, the National Association of Realtors  reported today.”

Orange County Register – “‘Shadow Inventory’ of distressed homes shrinks” (9-29-11)

“The hidden market of distressed homes – the so-called “shadow inventory” – is shrinking, but likely will be a drag on the housing market “for an extended period of time,” Santa Ana-based data giant CoreLogic reported this week.”

Bloomberg - “1 in 5 Modified Loans Default Again: Comptroller” (9-29-11)

“One in five homeowners whose mortgages were modified under a program aimed at reducing foreclosures defaulted again within a year after their payments were cut, the U.S. Comptroller of the Currency reported today.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume decreased 0.8%. Fannie Mae’s mortgage portfolio increased 3.8% year over year. Harvey Rosenblum of the Dallas Fed predicted the recovery would be long and slow. Witten Advisors reported more people were moving to multifamily 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 event 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.

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The Norris Group Real Estate News Roundup 9/27/11

Tuesday, September 27th, 2011

Today’s News Synopsis:

In a big story in the news, U.S. home prices fell 4.1% in July from a year ago, which was actually less than what was predicted.  CoreLogic reported a decrease in shadow inventory, leading distressed  properties to out weigh new delinquent properties.  According to the Los Angeles Times, consumer confidence is still at a low.

In The News:

DS News - “Distressed Dispositions Outpace New Delinquencies as Shadows Shrink” (9-27-11)

“The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations.”

Bloomberg - “Home Prices in U.S. Cities Fall 4.1%” (9-27-11)

“Home prices in the U.S. declined less than forecast in July from a year earlier, a sign bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.”

Realty Times - “New Requirements for Landlords Who Deny on the Basis of Credit Score” (9-27-11)

“Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). This is because the FCRA has been amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).”

Los Angeles Time - “Consumer confidence remains poor, Conference Board says” (9-27-11)

“After plunging in August, consumer confidence remained poor in September as Americans continued to worry that renewed economic troubles would limit their future earnings, the Conference Board reported Tuesday.”

Housing Wire - “FHFA: Mortgage rates drop for fifth straight month” (9-27-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises in August averaged 4.56%, a drop of 1 basis point from the previous month, according to the Federal Housing Finance Agency.”

CNN Money - “U.S. agency chided in mortgage buyback deal” (9-27-11)

“The federal government’s mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general’s report said Tuesday.”

Housing Wire – “Gulf remains between AGs, banks in robo-signing talks” (9-27-11)

“Two attorneys general met with the largest mortgage servicers Friday in another effort to settle an investigation into the robo-signing case, but a deal remains elusive nearly one year later.”

Inman - “California hits ZipRealty with $17M wage suit” (9-27-11)

“ZipRealty  Inc. violated California labor law during a four-year period by failing to pay  hundreds of real estate agents the state’s minimum wage of $8 an hour  and premiums for overtime, the state’s labor commissioner alleges in a  lawsuit seeking more than $17 million in back wages, damages and  penalties.”

San Francisco Chronicle - “Credit Markets Driving Up Buyout Costs, Private-Equity Firms Say” (9-27-11)

“Private-equity deals are becoming more expensive as the reluctance of banks and  investors to lend drives up the cost of borrowing, industry executives said  today.”

Realtor Magazine - “Foreclosure Lawsuits Skyrocket” (9-27-11)

“An uptick in court cases challenging the foreclosure process sent the Mortgage Litigation Index in the second quarter to its highest level on record, dating to 2007.  Foreclosure litigation—which involves rulings in favor of borrowers or cases against rescue firms—jumped two-thirds in the second quarter (April 1 to June 30) compared to the first quarter of the year, according to the Mortgage Litigation Index, which monitors mortgage-related legal actions covered by MortgageDaily.com”

Looking Back:

California air-quality regulators adopted 10- and 25-year targets for reducing greenhouse gases. Fannie Mae was developing a loan forbearance program for military families. Nearly 33% of Americans had credit scores below 620. John Burns predicted that sales of distressed properties would peak in 2011 at 2.3 million transactions.

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 event 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.

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The Norris Group Real Estate News Roundup 9/13/11

Tuesday, September 13th, 2011

Today’s News Synopsis:

According to Housingwire, Freddie Mac just completed a new modification option they will make available at the beginning of October that will allow mortgage servicers to more closely evaluate those eligible for the HAMP program.  Bloomberg reported the number of people who owed more than the worth of their property decreased, but this was due to the increase in foreclosures the second quarter.  Foreclosures are especially seeing increases in the western states.

In The News:

Bloomberg - “U.S. Homeowners ‘Underwater’ on Mortgages Drop as Foreclosures Increase” (9-13-11)

“The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc. (CLGX).”

Housing Wire – “Freddie Mac finalizes new modification option” (9-13-11)

“Freddie Mac finalized requirements for a new modification option that will be made available to qualified borrowers on Oct. 1.”

DS News - “Fannie Mae Opens Sacramento Mortgage Help Center” (9-13-11)

“Fannie Mae last week opened a mortgage help center in Sacramento, California, to provide free education and counseling services to struggling local homeowners with Fannie Mae-owned mortgages.”

Inman - “Foreclosure starts surge in Western states” (9-13-11)

“Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.”

Los Angeles Times - “FDIC approves ruling requiring ‘living wills’ for largest banks” (9-13-11)

“The Federal Deposit Insurance Corp. on Tuesday approved a rule requiring the nation’s largest banks to submit “living wills” to help regulators shut them down in an orderly way if they are seized on the brink of failure.”

Housing Wire – “JPMorgan Chase brings $1 billion CMBS to market” (9-13-11)

“JPMorgan Chase (JPM: 32.49 +0.22%) is coming to market with $1 billion of commercial mortgage-backed securities to the market containing 44 loans on 209 properties, according to the pre-sale report from credit rating agency
Morningstar.”

DS News - “Government Guarantees Called Into Question at Senate Hearing” (9-13-11)

“The Senate Banking Committee held a hearing Tuesday on housing finance reform, the first of three housing-related hearings on the agenda this week. The issue of government guarantees for mortgages came under fire.”

Bloomberg - “Morgan Stanley’s Multi Gets $1.2 Billion Loan Package, New Chief Executive” (9-13-11)

“Multi Corp. BV, the European mall developer that’s 85 percent owned by a Morgan Stanley (MS) fund, named a new chief executive officer as it announced a new 850 million-euro ($1.16 billion) financing package.”

Realtor Magazine - “Home Sale Delays from Irene Still Plague East Coast” (9-13-11)

“Closings on thousands of homes under contract from North Carolina to New York City are being delayed, put on hold in the aftermath of Hurricane Irene. Banks and lenders are requesting new inspections of homes that are currently sold, wanting to ensure the homes in Hurricane Irene’s path were not damaged and are still at the value they were originally appraised at.”

Inman – “Startup rolls out ‘apartment matching engine’” (9-13-11)

“Apartment hunters and technology aficionados, take note: Vertical Brands, a San Francisco-based startup, this week officially launched what it claims is the “first online apartment matching engine.”

Looking Back:

Many predictions were being made regarding the economy and the housing market. Most of the articles had an overall positive outlook on the economy, while most had a negative outlook for the housing market. New delinquencies decreased 8.5% in August 2010. As far as September 2010, the FDIC said 119 banks failed so far.

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 event 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.

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The Norris Group Real Estate News Roundup 9/8/11

Thursday, September 8th, 2011

Today’s News Synopsis:

Fannie Mae and Freddie Mac are the largest providers for mortgage-backed securities, now issuing securities commercial properties.  Mortgage rates are now again at a new record low this week, according to Freddie Mac.  The Multifamily Production Index increased for the fourth quarter in a row, showing signs of improvement for the multifamily housing market.

In The News:

DS News - “Americans Harbor Glum Outlook for Housing and the Economy” (9-8-11)

“Americans continue to harbor a glum outlook for the housing industry and the economy at large.  According to Fannie Mae’s August National Housing Survey, August was the third month in a row that more respondents expect housing prices to decrease than increase in the next 12 months.”

Housing Wire - “Fannie and Freddie now dominate multifamily CMBS” (9-8-11)

“Fannie Mae and Freddie Mac provide a the largest portion of mortgage financing for residential properties in the United States.  And, according to a report from Standard & Poor’s, the government-sponsored enterprises now also dominate issuance of commercial mortgage-backed securities.”

Inman - “Mortgage rates break records again” (9-8-11)

“Mortgage giant Freddie Mac reports that mortgage rates set new record lows this week, as concerns over the European debt crisis and a weak U.S. employment report for August sent investors fleeing to the relative safety of Treasuries and mortgage-backed securities that fund most home loans.”

Bloomberg - “Bernanke: Fed Will Weigh Stimulus at Next Meeting” (9-8-11)

“Federal Reserve Chairman Ben S. Bernanke said policy makers will discuss the tools they could use to boost the recovery at their next meeting this month and stand ready to use them if necessary.”

Los Angeles Times - “Los Angeles area foreclosure rates decline in June” (9-8-11)

“Foreclosure rates in the Los Angeles area were down for the month of June when compared with their levels a year ago, a data firm said Thursday.  For outstanding mortgage loans in the Los Angeles area, about 2.64% were in foreclosure compared with 2.93% the year prior, according to Santa Ana-based research firm CoreLogic.”

NAHB - “Multifamily Housing Production Index Shows Ongoing Market Improvement” (9-8-11)

“The multifamily housing market continued to show improvement in the second quarter of 2011, as the Multifamily Production Index (MPI) compiled by the National Association of Home Builders (NAHB) increased for the fourth consecutive quarter.”

O.C. Register - “Foreclosure investment broker charged with fraud” (9-8-11)

“A former Seal Beach real estate broker has been booked on 34 counts of scamming elderly investors out of almost $300,000, making false claims that he bought bank-owned homes with backers’ cash, authorities alleged recently.”

Housing Wire – “CBO casts doubt over Fed refinancing plan” (9-8-11)

“A federally induced mortgage-refinancing plan would cost private bond investors $13 billion to $15 billion, while doing little to improve the overall mortgage default rate, the Congressional Budget Office said in a new report.”

DS News - “LPS Offers Alternative Valuation System” (9-8-11)

“Lender Processing Services (LPS) has released a new product that combines the objective precision of AVMs with the detailed review of BPOs.  Because AVMs do not often take property condition into account, many default servicers rely on BPOs. However, BPOs allow for a greater amount of subjectivity and can result in inconsistencies.”

CNN Money - “Unemployment filings show weak jobs picture” (9-8-11)

“More Americans filed for their first week of unemployment benefits last week, reflecting continued weakness in the job market.  The number of first-time filers for unemployment benefits rose to 414,000 in the week ended Sept. 3, the Labor Department said Thursday. The number was up 2,000 from a revised 412,000 the week before.”

Looking Back:

The California Housing Finance Agency offered 4 percent mortgages to low and moderate income homebuyers. The MBA’s weekly survey showed mortgage application volume decreased 1.5% the week of September 8, 2010. According to CoreLogic, 39.6% of the subprime loans were 60 days delinquent.

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 event 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.

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The Norris Group Real Estate News Roundup 8/31/11

Wednesday, August 31st, 2011

Today’s News Synopsis:

Lots of numbers in the news today.  The prices of homes decreased in almost 40 out of the 50 states.  Pending home sales also dropped 1.3% for the whole year ending in July according to Realty Times.  However, the good news is home prices did incease .8% month over month in July for the fourth straight month.  Also, Fannie Mae is getting ready to sell one of their large servicing portfolios worth $485 million.

In The News:

Mortgage Bankers Association – “MBA Study Shows Second Quarter 2011 Improvements in Production Profits Among Independents and Subsidiaries, Driven By Heavier Purchase Activity” (8-31-11)

“Independent mortgage banks and subsidiaries made an average profit of $575 on each loan they originated in the second quarter of 2011, up from $346 per loan in the first quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Second Quarter 2011 Mortgage Bankers Performance Report released today.”

Bloomberg - “S&P Rates Subprime Mortgages Higher than U.S.” (8-31-11)

“Standard & Poor’s is giving a higher rating to securities backed by subprime home loans, the same type of investments that led to the worst financial crisis since the Great Depression, than it assigns the U.S. government.”

Housing Wire – “Another Fannie Mae servicing portfolio goes up for sale” (8-31-11)

“MountainView Servicing Group will help sell a $485 million servicing portfolio of Fannie Mae mortgages.  Nearly all of the loans in the portfolio are fixed rate and primarily located in Illinois. The average delinquency rate on the portfolio is 2.21%. Interest rates average 4.67%, and the average FICO score is 761. The portfolio also carries an average 30-basis-point servicing fee”

DS News - “Home Prices Post Slight Gain for July But Still Below Year-Ago Levels” (8-31-11)

“Home prices rose 0.8 percent during the month of July, marking the fourth consecutive month of increase, according to CoreLogic’s July home price index, released Wednesday.”

Realty Times - “Pending Home Sales Decline” (8-31-11)

“The latest pending home sales numbers reveal that housing is still struggling to recover after a ripple effect of the subprime crisis and the deep recession of 2009. Last month’s decline in pending home sales is more evidence that housing will not recover until access to credit and jobs return and financial markets stabilize.”

Inman - “Unemployment rate drops in nearly 7 of 10 U.S. metros” (8-31-11)

“Jobless rates fell in most U.S. metro areas in July compared to the same month a year ago, according to the latest figures released today from the U.S. Bureau of Labor Statistics.”

Los Angeles Times - “BofA to sell or close another mortgage arm, putting jobs at risk” (8-31-11)

“Bank of America Corp. has put another giant piece of the Countrywide mortgage empire on the auction block — the correspondent lending arm, which buys closed home loans from mortgage bankers, commercial banks and other loan originators.”

O.C. Register - “Home prices decline in 40 states” (8-31-11)

“Homeownership’s a losing proposition in much of America.  Home prices fell in 40 of the 50 states (plus D.C.) in the year ended in July, says real estate tracker CoreLogic from Santa Ana.”

Housing Wire - “Appraisal industry readies for confusing GSE UAD deadline” (8-31-11)

“Appraisers are somewhat confused about the looming Sept. 1 deadline for ensuring appraisal forms prepared for Fannie Mae and Freddie Mac are compliant with certain GSE standards.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-31-11)

“Mortgage applications decreased 9.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 26, 2011.”

Housing Wire – “More borrowers refinance to shorter FRMs with higher monthly payments: CoreLogic” (8-31-11)

“An increasing number people are choosing to pay off their mortgage loans in a shorter time period, according to data provided by CoreLogic. The data shows at 26% of all loans, or 252,600 loans, were refinanced to a 15-year fixed-rate mortgage (FRM), up from 18.5% in 2009 and 16.3% in 2008. In 2007, only 9.4% of loans were refinanced to a 15-year FRM.”

Housing Wire – “Consumer confidence rises in August, but conditions weaken” (8-31-11)

“An improved short-term outlook boosted consumer confidence for the first time in two months in August but the average American’s take on current economic conditions continued to weaken during the month, according to the private research firm The Conference Board. The board’s consumer confidence index for August was 53.5, topping the consensus analysts’ estimate of 50.5, according to Thomson Reuters, and up from a revised July figure of 51.”

Looking Back

According to Capital Economics, business investment rose 17% during the second quarter of 2010. Multiple forecasters suspected the housing market and the economy were in a double dip. Zillow reported that 18.2% of all O.C. homes sold for a loss. The Case-Shiller 20-city home price index showed prices increased 1% from May to June 2010.

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 event 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.

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