California Real Estate Headline Roundup

Posts Tagged ‘CoreLogic’

By Bruce Norris .

Increase in Non-Revolving Debt Leads to More Consumers Borrowing Money

Tuesday, April 7th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported the amount of mortgage credit that is available increased last month by 2.3% to 12.  In addition, consumer credit or the amount of money borrowed by consumers, increased in February with the increase in non-revolving debt.  CoreLogic reported the increase in home prices was slower month-over-month in February but increased greatly for the whole year at 5.6%.

 

In The News:

Bloomberg“Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt” (4-7-15)

“Consumer borrowing in the U.S. increased in February as the value of non-revolving debt climbed by the most since July 2011.  The $15.5 billion advance in household credit followed a $10.8 billion gain in January that was smaller than initially reported, Federal Reserve figures showed Tuesday in Washington.”

DS News - “Fannie Mae: Slow Wage Growth Stalls Consumer Housing Sentiment” (4-7-15)

“The optimism expressed by consumers toward the economy and the housing market at the beginning of the year has stalled as consumers’ attitudes toward personal finances and wage growth have taken a step backward, according to Fannie Mae’s March 2015 Housing Survey released Tuesday.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in March” (4-7-15)

“Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Housing Wire - “Second look: Home price surge unlikely to last” (4-7-15)

“CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February.  While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.”

DS News“Foreclosure Starts Leveling Off After Spiking to Start 2015″ (4-7-15)

“Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services’February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.”

Mortgage Professional America - “The strongest and weakest housing markets of 2015″ (4-7-15)

“While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.”

Realty Trac“Will Easier Credit Unleash Real Estate Sales?” (4-7-15)

“If there has ever been a time for a real estate home run this is about as good as it gets. Interest rates are near historic lows, home values have yet to return to their 2007 peak and the population has grown by nearly 20 million people in the past eight years.”

Bloomberg“U.S. Stocks Advance Amid Corporate Deals, Interest Rate Bets” (4-7-15)

“U.S. stocks fell, after two days of gains, amid declines in consumer and utility shares before the release of Federal Reserve meeting minutes Wednesday.  Equities in the final hour erased gains after the Standard & Poor’s 500 Index climbed as much as 0.4 percent amid corporate deals.”

Mortgage Professional America - “4 million: The number of mortgages that never happened” (4-7-15)

“Researchers at the Urban Institute (UI) claim that 4 million more loans would have been made between 2009 and 2013 if lenders had used the same credit standards as were used in 2001.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

More and more consumers were having a positive outlook on the market right and believed it was a good time to buy.  Citigroup reached a settlement with 18 institutional investors and agreed to pay $1.125 billion.  A bill was passed by the Senate on this day to extend jobless benefits through the end of May for over 2 million unemployed workers.

 

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/manoftaste-de/

 

 

1.2 Million Homeowners Came Out of Negative Equity in 2014

Tuesday, March 17th, 2015

 

 

Today’s News Synopsis:

Commercial/Multifamily Mortgage Debt by 1.9% ($48.9 billion) to $2.64 trillion, the fastest growth rate in 8 years.  Home prices in Southern California increased by about 8.4% month-over-month, while home sales decreased by 2.7% month-over-month.  CoreLogic reported 1.2 million homeowners came out negative equity in 2014.

In The News:

Los Angeles Times“Southern California home prices rise, sales fall in February” (3-17-15)

“Spring has not sprung just yet in Southern California’s housing market.  Home prices in the six-county Southland in February stayed about the same as they have been for nine months, while sales volume drooped compared to this time last year. That’s according to new figures out Tuesday from CoreLogic DataQuick.”

Housing Wire - “JPMorgan to buy $45B in Ocwen MSRs” (3-17-15)

“A name was finally given to the buyer of $45 billion of Ocwen (OCN) mortgage-servicing rights, which was first reported on at the beginning of March.”

NAHB“Housing Starts Fall 17 Percent in February” (3-17-15)

“Nationwide housing starts dropped 17 percent to a seasonally adjusted annual rate of 897,000 units in February, according to newly released data from the U.S. Commerce Department.”

Bloomberg“California’s Housing Costs Endanger Growth, Analyst Says” (3-17-15)

“California’s high housing costs threaten the state’s economy as workers increasingly struggle to afford a roof over their heads, the state Legislative Analyst’s Office said in a report released Tuesday.”

Mortgage Professional America - “Daily Market Update: High rents freeze out new homebuyers” (3-17-15)

“A new report reveals that renting is becoming less affordable in many parts of the United States. The National Association of Realtors (NAR) said the gap between rents and incomes is widening to “unsustainable levels” and is calling for more building to ease the pressure on demand.”

OC Housing News“Will Millennials move to the suburbs and buy houses?” (3-17-15)

“The Millennial generation is larger than the Baby Boomer generation, and Millennials are entering the stage in their lifecycles when people typically buy homes; therefore, the biggest component of housing demand over the next 20 years will likely be Millennial buyers.”

Housing Wire - “Experian: More homeowners going back to paying their mortgage” (3-17-15)

“The first mortgage default rate dropped for the first time since July 2014 after months of steady increases, the February S&P/Experian Consumer Credit Default Indices report said.  The first mortgage default rate decreased two basis points to 1% from the previous month, and is significantly down from 1.23% a year ago.”

Realty Trac“Will Google Disrupt The Mortgage Marketplace?” (3-17-15)

“When it comes to mortgages everyone gets the idea that borrowers should shop around and let lenders battle for their business. Such shopping largely doesn’t happen, but a looming new player in the mortgage comparison game may change that.”

Mortgage Professional America“What areas have the highest and lowest down payment averages?” (3-17-15)

“Home buyers who purchased a single-family home or condo in 2014 put 14% down, translating into an average $32,141, according to the latest data from RealtyTrac.  The real estate information firm’s report analyzed nearly 1.5 million purchase loans were included in the analysis in 386 counties nationwide.”

Housing Wire“CoreLogic: More than 1 million homeowners regained equity in 2014″ (3-17-15)

“Some 1.2 million borrowers regained equity in 2014, bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89% of all mortgaged properties, according to CoreLogic (CLGX).”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007″ (3-17-15)

“Total commercial/multifamily debt outstanding stood at $2.64 trillion in the fourth quarter of 2014, an increase of $48.9 billion, or 1.9 percent, over the third quarter, according to data collected by the Mortgage Bankers Association (MBA).”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Builder confidence increased only slightly this month to 47 according to the latest index report by the NAHB.  California was facing a lawsuit for using money meant to aid homeowners to pay off its own state debt.  Due to equity holdings increasing by $2.1 trillion to $10 trillion the previous year, 4 million homeowners were out of negative equity despite the still sluggish economy.

 

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/jakerust/

 

 

Homeowner Expectations Exceed Appraisers’ Regarding Home Values

Tuesday, March 10th, 2015

 

 

Today’s News Synopsis:

Foreclosures declined by 33.2% in January according to the latest CoreLogic Foreclosure Report.  Home prices increased that same month by 1.4%, although this increase is not expected to last.  The opinions of appraisers regarding the value of homes was lower than homeowner expectations by 0.13%.

In The News:

DS News“Foreclosure Inventory Drops By One-Third Year-Over-Year” (3-10-15)

“The nation’s foreclosure inventory and number of completed foreclosures continued their steady downward spiral in January, according to CoreLogic’s January 2015 National Foreclosure Report released on Tuesday.”

Mortgage Professional America - “WalletHub: FHA premiums costs borrowers as much as $12,000 in 2014″ (3-10-15)

“Private mortgage insurance was hard to come by in the years following the housing market collapse, as the companies that offer it incurred significant losses, with several even going bankrupt.  Federal Housing Administration’s (FHA) loans became the primary option for low-down-payment consumers, and its volume grew by more than 355% from 2007 to 2009.”

Housing Wire“January’s home price growth surge may be temporary” (3-10-15)

“The CoreLogic (CLGX) measure of house prices surged by a seasonally adjusted 1.4% month-over-month in January, the largest monthly gain in almost two years, however, Capital Economics thinks this surge will be short term.”

Realty Trac - “Millennials: One Generation in a Million” (3-10-15)

“The last time an age group could legitimately be named ‘Millennials’ was 1000 AD and innovation around the globe had given that younger generation longbows (Wales), bars of soap (Arabia), toothpaste (China), and something essential to life support for today’s Millennials, pizza.”

Mortgage Professional America“Daily Market Update: Record number of consumers believe it’s easy to get a mortgage” (3-10-15)

“More consumers believe it is easy to get a mortgage now than ever before according to the Fannie Mae National Housing Survey. The February edition of the report shows that a record high of 54% of those polled say it would be easy to get a mortgage while a record low of 43% think it would be difficult.”

DS News - “MCS: Challenges of Servicing FHA Mortgages Are ‘Real, But Not Insurmountable’” (3-10-15)

“In the February 2015 Mortgage Industry Outlook Report released last month by the Collingwood Group and the Five Star Institute, 39 percent of survey respondents who service Federal Housing Administration (FHA) mortgages said that the biggest challenge in servicing those loans was fulfilling the Agency’s property preservation requirements.”

Housing Wire“Appraiser opinions fall below homeowers for 1st time in 18 months” (3-10-15)

“Appraisers valued homes 0.13% lower than homeowners estimated in February, according to the Quicken Loans national Home Price Perception Index.  This is the first time appraiser opinions fell below homeowner estimates since August 2013.”

 

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

 

Looking Back:

With the recovering housing market, Fannie Mae and Freddie Mac had been showing progress and could profit by as much as $179.2 billion over the next ten years.  Home sizes increased substantially over the last few years as the economy recovered and more Americans were wanting larger homes.  The housing scorecard for February was released the previous week by HUD and the Treasury, showing and increase in home sales, decrease in foreclosures, and stability in home prices.

 

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/thomashawk/

 


 

Cash Sales See Almost 3% Decrease in December 2014

Monday, March 9th, 2015

 

 

Today’s News Synopsis:

Cash sales for home decreased year-over-year in December by about 3% from 38.5% in 2013 to 35.5% in 2014.  Mortgage premiums paid through the FHA have totaled up to $12,000 and higher.  Repeat foreclosure starts are at their highest in 12 months according to the latest data from Black Knight Financial Services.

In The News:

Housing Wire“CoreLogic: Cash sales drop to 35.5% of home sales” (3-9-15)

“Cash sales made up 35.5% of total home sales in December 2014, down from 38.5% in December 2013, marking the 24th consecutive month of declines, the latest report from CoreLogic (CLGX) said.”

Mortgage Professional America - “What cities have the best downturns?” (3-9-15)

“Which cities that are attracting new residents and businesses are also drawing tourists?  Livibility.com  has released a list of the best downtowns in America,  which according to the site should foster creativity, inclusion and innovation along with offering a mix of attractions and a chance for people of all walks of life to connect.”

Wallet Hub“2014 Mortgage Insurance Report” (3-9-15)

“Private mortgage insurance was hard to come by in the years following the housing market collapse, as the companies that offer it incurred significant losses, with several even going bankrupt.”

Mortgage Professional America“Loan officers are among the happiest careers in the U.S.” (3-9-15)

“Sure, mortgage pros have had a rough few years, but those woes aren’t bringing them down. According to online jobs site CareerBliss.com, loan officers have one of the most satisfying professions in America.  For its list of the 10 happiest U.S. jobs for 2015, CareerBliss collected and analyzed data from more than 25,000 reviews by the website’s users over the last two years.

Housing Wire“Black Knight: 1st time, repeat foreclosure starts at 12-month high” (3-9-15)

“The latest mortgage monitor from Black Knight Financial Services shows that both first-time and repeat foreclosure starts reached 12-month highs, although there was clear separation in the levels of increase between the two.”

 

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

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

 

 

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/

 

 

It’s Expected Real Estate Crowdfunding Will Increase To Over $2.5 Billion This Year

Tuesday, March 3rd, 2015

 

Today’s News Synopsis:

Home prices increased almost 6% in January according to CoreLogic’s latest Home Price Index.  The Mortgage Bankers Association reported a continued decrease in commercial/multifamily delinquencies to 5.11%.  It is believed real estate crowdfunding will see an increase this year over $2.5 billion.

In The News:

Housing Wire“CoreLogic: Home prices gain nearly 6%” (3-3-15)

“CoreLogics January Home Price Index reports that home prices nationwide, including distressed sales, increased 5.7% in January 2015 compared to January 2014.”

Mortgage Professional America - “FHFA puts new rules on non-performing GSE mortgages” (3-3-15)

“The Federal Housing Finance Agency (FHFA) has enhanced requirements for sales of non-performing loans (NPLs) by Freddie Mac and Fannie Mae (the Enterprises).”

Mortgage Bankers Association - “Commercial/Multifamily Delinquencies Continue Decline” (3-3-15)

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

DS News“Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion” (3-3-15)

“Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to an announcement on Ocwen’s web site late Monday night.”

Bloomberg“Real Estate Crowdfunding Seen Topping $2.5 Billion in ’15″ (3-3-15)

“Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.”

Housing Wire“CFPB Director Cordray talks HMDA exemptions and more” (3-3-15)

“Consumer Financial Protection Bureau Director Richard Cordray will appear before the House Financial Services Committee today at 2:30 p.m. ET for his semi-annual report to Congress, but here’s a preview of his opening remarks, unedited.”

Mortgage Professional America - “Google may launch U.S. mortgage comparison tool” (3-3-15)

“In late 2012, Google launched its mortgage comparison tool via Compare in the U.K. and now, it appears the search giant is bringing it stateside.  Compare is aimed at helping users find deals on mortgages, credit cards, auto insurance and travel.”

DS News“JPMorgan Chase Settles for $50 Million With DOJ Over Robo-Signing, Other Violations” (3-3-15)

“JPMorgan Chase Bank has agreed to pay more than $50 million to more than 25,000 homeowners in bankruptcy as part of a settlement with the Department of Justice’s U.S. Trustee Program (USTP), according to an announcement from the DOJ on Tuesday.”

 

San Pedro, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 8 bedroom, 4 bathroom home appraised for $742,000.

San Pedro Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

Another bank closed in Virginia, bringing the new total for closed banks in 2014 to four.  The percentage of homeowners underwater was below 20%, the lowest in several years according to Zillow.  The most recent report from Keefe, Bruyette & Woods showed residential loans decreased by $10.2 billion the week ending February 19, a bad start for the first quarter.

 

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/lendingmemo/

 

 

Housing Reform a Bigger Issue Now with GSE’s Low Profits

Wednesday, February 25th, 2015

 

Today’s News Synopsis:

New home sales continue to hold high at six years with 481,000 properties being purchased last month and having increased by 21% since last July.  Mortgage delinquencies decreased again in the fourth quarter by a rate of 5.68%.  Fannie Mae and Freddie Mac both posted decreasing profits recently, raising more awareness of additional housing finance reform.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 20, 2015.”

Mortgage Professional America“Wall Street companies close to reaching major deal with U.S. regulators” (2-25-15)

“Morgan Stanley and Goldman Sachs Group Inc. are close to reaching a deal with federal litigators regarding allegations the two Wall Street companies mislead investors in mortgage bonds that decreased in value during the economic downturn.”

Bloomberg“Purchases of New Homes in U.S. Hold Near Six-Year High: Economy” (2-25-15)

“New-home sales in January held close to the fastest pace in more than six years, consistent with slow and steady progress that’s been the hallmark of the U.S. housing market since early 2012.  Americans purchased 481,000 properties at an annualized rate last month, little changed from the 482,000 pace in December that was the strongest since June 2008, Commerce Department data showed Wednesday in Washington. Since a lull in July, sales of new homes have climbed 21 percent.”

DS News“Foreclosure Inventory Down Despite Rise in Starts” (2-25-15)

“Foreclosure inventory was way down nationwide year-over-year in January  despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services’ First Look at January Mortgage Data.”

Housing Wire“Mortgage Risk Index hits series high in January” (2-25-15)

“At 11.97%, the composite National Mortgage Risk Index for Agency purchase loans, compiled by the AEI’s International Center on Housing Risk, hit a series high in January, up 0.4 percentage point from the average for the prior three months and 0.8 percentage point from a year earlier.”

Mortgage Professional America“Improving home prices push distressed sales to 7-year low” (2-25-15)

“The share of distressed sales in December reached a seven-year low, according to the latest data from CoreLogic.  The data reported distressed sales (REO and short sales) accounted for 12.8% of total home sales nationally in December 2014, a 2.8 percentage point decrease from December 2013, and a 1.2 percentage point decrease from November 2014.”

OC Housing News“FHA wants to allow banks to make more bad loans” (2-25-15)

“At the most basic level, lenders, realtors, and borrowers inflated a housing bubble because they got everything they asked for.  From 2004 to 2006, there were no barriers whatsoever to completely real estate transactions as inventory was abundant, prices were financeable, and buyers were motivated. It was the best of all possible real estate markets.”

Housing Wire - “MBA: Mortgage delinquencies continue decline in 4Q14″ (2-25-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.68% of all loans outstanding at the end of the fourth quarter of 2014.”

Mortgage Professional America“Fannie, Freddie declining profits revive push for housing reform” (2-25-15)

“The recent announcement of the declining profits at Fannie Mae and Freddie Mac is reviving previous efforts made by policymakers pushing Congress to move quickly on advancing housing finance reform.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 10 bedroom, 10 bathroom home appraised for $487,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers accest to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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/lendingmemo/

 

 

Actors Brad Pitt, Christian Bale, and Ryan Gosling to Star in Movie Based on Housing Crash

Tuesday, February 17th, 2015

 

Today’s News Synopsis:

In a a unique news story, actors Brad Pitt, Christian Bale and Ryan Gosling are set to begin filming a new movie based off the book “The Big Short: Inside the Doomsday Machine,” which focuses on the housing crash and financial crisis.   The NAHB reported a decrease in builder confidence this month with confidence falling two points and now standing at 55.  Lenders in New York may be required to keep up with zombie homes if the tenants are not ordered out by a judge.

In The News:

DS News“Economist: Leverage Plays Major Role in Driving Foreclosures” (2-16-15)

“With the nation’s homeownership rates similar to those of 50 years ago, the foreclosure rate is significantly higher compared to the early 1960s. The main reason for the increase in foreclosure risk while the homeownership rate remains little changed is leverage, according to CoreLogic chief economist Sam Khater.”

Housing Wire“Proposed overtime exemption change hurt mortgage loan originators” (2-17-15)

“The White House is moving ahead with plans to require overtime pay protections to lower-salaried managers who don’t qualify for them currently, and it could have a direct, deleterious impact on the mortgage lending space.”

Mortgage Professional America“Lenders could be forced to keep up zombie homes” (2-17-15)

“Lenders in New York could be in for a shock if new legislation passes requiring them to maintain zombie homes or allow the troubled borrowers to stay in the house until ordered out by a judge.”

NAHB“Builder Confidence Slightly Lower in February on Harsh Weather Conditions” (2-17-15)

“Builder confidence in the market for newly built, single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Housing Wire“Household debt rising as student loan delinquencies increase” (2-17-15)

“Outstanding household debt increased $117 billion from the third quarter, according to the fourth quarter 2014 Household Debt and Credit Report from the Federal Reserve Bank of New York.”

OC Housing News“Lender offers FHA loans with no FICO score requirement” (2-17-15)

“Many have quipped that FHA has become the replacement for subprime because they have very low standards for qualification, a very low down payment requirement (currently 3.5%), and as a result, they have become the loan-of-necessity for anyone who doesn’t have the credit requirements or the down payment necessary to obtain other financing.”

Mortgage Professional America“What do Brad Pitt, Christian Bale and Ryan Gosling have to do with the mortgage industry?” (2-17-15)

“A movie adaptation of the 2010 best-selling book “The Big Short: Inside the Doomsday Machine” is reportedly about to start filming in New Orleans with some Hollywood A-listers.  The book, written by Michael Lewis, tells the story of the housing crash and the financial crisis, including the world of real estate derivatives and sub-prime mortgages.”

DS News“Mortgage Default Index Remains Unchanged; Composite Measure Inches Upward” (2-17-15)

“The nation’s first mortgage default index stayed flat in January while the national composite credit default index rose slightly for the sixth straight month, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for January 2015 released Tuesday.”

Housing Wire“It’s official: Zillow now owns Trulia” (2-17-15)

“It’s finally official. After months of speculation, investigation, and consternation, Zillow (Z) and Trulia (TRLA) are now one and the same. Zillow’s acquisition of Trulia is complete.”

 

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 presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

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.

 

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/75348994@N00/

Foreclosures Continue to Show Signs of Decrease

Tuesday, February 10th, 2015

 

 

Today’s News Synopsis:

Foreclosures are continuing to show signs of decrease over the last few months, including a 34.3% decrease in December to 552,000.  In other foreclosure news, five large banks:  JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing, have all been required to pay $123 million in a lawsuit as a result of foreclosures that were in violation of the Servicemembers Civil Relief Act.  Over half of young millennials are shown to be living at home.

In The News:

NAHB - “NAHB Publication Shows Builders & Remodelers How to Earn Greater Profits with Less Time and Energy” (2-9-15)

“BuilderBooks, the book publishing arm of the National Association of Home Builders (NAHB) recently released a new publication, Managing Your Business With 7 Key Numbers. This new book lays out a process that will help business owners see where they stand every day, with every job, by monitoring just seven key numbers that drive all profits and cash flow.”

DS News - “Foreclosures Continue Steady Decline Nationwide in December” (2-10-15)

“Foreclosures in the United States have been steadily declining for months nearly every way the numbers are broken down, and December was no exception, according to CoreLogic’s December 2014 National Foreclosure Report released Tuesday.”

Mortgage Professional America“Borrowers still confused about reverse mortgages” (2-10-15)

“While reverse mortgages are only available to a select group of consumers (homeowners aged 62 years and older), the product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau (CFPB).”

Housing Wire“Military members to receive $123 million for unlawful foreclosures” (2-10-15)

“The mortgage servicers that are subject to the National Mortgage Settlement are set to pay out $123 million in consumer relief to U.S. service members whose homes were illegally foreclosed on.”

NAHB - “More Than Half of Young Millennials Move Back in With Parents” (2-10-15)

“A recent study of “Boomerang Millennials” who move out of their parents’ home only to move back in may have important implications for this key demographic and what it means for the housing market.”

Mortgage Professional America - “HUD budget shows HECM program is regaining momentum” (2-10-15)

“U.S. President Barack Obama’s proposed budget for the Federal Housing Administration (FHA) in 2016 revealed that the administration is starting to see reverse mortgages as viable again.”

DS News - “Fiver Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures” (2-10-15)

“Five of the nation’s largest mortgage servicers will pay more than $123 million to 952 service members and their co-borrowers as part of a settlement with the U.S. Department of Justice over non-judicial foreclosures that violated the Servicemembers Civil Relief Act (SCRA), according to an announcement from the Justice Department.”

Housing Wire“ABS Vegas: What’s holding the non-agency RMBS market back?” (2-10-15)

“What is stopping the marginal non-agency residential mortgage-backed securitization deal today, and if volume increases, what are the inhibitors to gaining scale in the market?”

 

ruce 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 presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

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:

In a big news story, the Justice Department was sued in regards to their recent settlement with JPMorgan Chase, claiming the settlement was way too lenient for the agency’s years of illegal conduct.  Freddie Mac reached $1 billion in the number of bond securities sold, matching two sales done the previous year.  In addition, Freddie Mac along with Fannie Mae also reached another milestone in completing 3 million HARP refinancings.

 

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/stevendepolo/

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/