The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Cushman & Wakefield’

By Bruce Norris .

The Norris Group Real Estate News Roundup 1/8/13

Tuesday, January 8th, 2013

Today’s News Synopsis:

The number of improving markets increased drastically this month and is now at 242.  The number of closures for mortgage related businesses was less in 2012 at only 82.  The IRS announced they will begin accepting tax returns as early as the end of this month.

In The News:

Bloomberg- “BofA Escaping Countrywide Helps Moynihan Build: Mortgages” (1-8-13)

“Bank of America Corp. yesterday struck deals to settle lending complaints, sell rights to service $300 billion of mortgages and repair relations with regulators. For Chief Executive Officer Brian T. Moynihan, it offers his best chance to rebuild the home lending business.”

Inman- “Re/Max takes control of franchising in Texas” (1-8-13)

“Denver-based franchisor Re/Max LLC will now have the right to sign up Re/Max franchisees in Texas after taking ownership of the “master franchise” region.”

DS News- “Number of Improving Markets Spikes in January, Hits 242″ (1-8-13)

“The National Association of Home Builders (NAHB)/ First American Improving Markets Index (IMI) continued its trend of marked monthly improvements in January, according to a release from the NAHB.”

CNN Money“IRS will accept tax returns starting Jan. 30″ (1-8-13)

“The Internal Revenue Service will start processing tax returns for the vast majority of filers on Jan. 30. The agency had planned to open the tax season on Jan. 22, but had to push back the date because Congress took until New Year’s Day to pass needed tax provisions.”

Housing Wire- “Fitch: QM and QRM resolution will restart private RMBS market” (1-8-13)

“The recent announcement by the Consumer Finance Protection Bureau’s intention to issue a final rule on the ability to repay requirement as part of the final Qualified Mortgage definition are key milestones for the private-label residential mortgage-backed securitization market.”

DS News- “Mortgage Daily: Mortgage Business Closings Finish 2012 at 82″ (1-8-13)

“Fewer businesses in the mortgage industry went under in Q4 2012, according to data from Mortgage Daily.”

Bloomberg- “NYC Midtown South Office-Vacancy Rate Rises as Rents Jump” (1-8-13)

“The office-vacancy rate in New York’s midtown south climbed for a fourth straight quarter as rents rose faster than some of the area’s technology and media tenants could pay, Cushman & Wakefield reported.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $136,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

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

The Norris Group Real Estate News Roundup 4/3/12

Tuesday, April 3rd, 2012

Today’s News Synopsis:

Both foreclosure starts and sales decreased 15% and 19% from last month, although the inventory of foreclosures is still at a high.  The prices of homes are expected to decrease 10% due to being uncared for a year during foreclosure investigations.  The Federal Reserve is requiring Morgan Stanley to conduct a thorough review of Saxon Mortgage Services as well as be fined for mishandled foreclosures.

In The News:

Inman“Real estate professionals optimistic about home values” (4-2-12)

“A survey conducted by home valuation website HomeGain found that the number of real estate professionals who expect home values to increase has more than doubled over just one quarter.”

Housing Wire“LPS: Foreclosure starts, sales decline” (4-3-12)

“Foreclosure starts and sales were down 15% month-over-month, while foreclosure sales fell 19%, according to a report on loan level data from Lender Processing Services ($25.51 -0.03%).”

DS News“Loan Performance Improved, Foreclosure Inventory Still High Despite Decrease in Starts” (4-3-12)

“Across the board, loan performance improved for February, and foreclosure starts were down compared to the month before in January, according to a report from Lender Processing Services (LPS) Applied Analytics.”

Bloomberg“Home Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages” (4-3-12)

“As many as 1.25 million of America’s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market.  Sales of repossessed properties probably will rise 25 percent this year from 1 million in 2011, according to Moody’s Analytics Inc.”

CNN Money“IMF’s Lagarde: ‘Recovery is still very fragile’” (4-3-12)

“The global economy remains fragile and it should be the United States that takes the lead on creating a lasting recovery, the head of the International Monetary Fund said Tuesday.”

Bloomberg“Office Rents Increase 5.6% in Manhattan’s Midtown South” (4-3-12)

Rising demand for space from Internet and media firms helped boost rents at office buildings south of midtown Manhattan by 5.6 percent in the first quarter, according to a report by Cushman & Wakefield Inc.

San Francisco Chronicle“Manhattan Apartment Prices Decline as Buyers Seek Starter Units” (4-3-12)

“Manhattan apartment prices dropped in the first quarter as new buyers seeking refuge from rising rents drove purchases of lower-cost studios and one-bedroom units to a two-year high.”

Housing Wire“Fed to fine Morgan Stanley for Saxon foreclosure problems” (4-3-12)

“The Federal Reserve will force Morgan Stanley ($19.67 -0.14%) to conduct a review of its previously owned Saxon Mortgage Services files and will issue a fine for alleged foreclosure abuses.”

Realty Times- “Borrowing Adjustments: What are CMHC & OSFI Doing For You or To You?” (4-3-12)

“Recently, CMHC reported that it would reduce its role as a national mortgage insurance lender. Although CMHC is no longer the sole source, its broader approval criteria for mortgage insurance allows borrowers from rural and small communities, and self-employed borrowers access to mortgage funds which they might otherwise not qualify for.”

Bloomberg“U.S. Mortgage-Bond Sale Surge Will Prove Fleeting, Fitch Says” (4-3-12)

“A surge in sales of securities backed by new U.S. home loans will probably be short-lived, according to Fitch Ratings.”

Housing Wire“FHA eases new rule on collections accounts” (4-3-12)

“The Federal Housing Administration will allow borrowers to provide a written explanation of some disputed collections accounts in order to qualify for a government-backed mortgage, according to a rule clarification sent to lenders.”

DS News“BofA to Invest $15M for Programs Addressing Housing Crises” (4-3-12)

“The Bank of America Charitable Foundation is inviting nonprofit organizations to submit funding proposals for programs addressing housing market challenges.”

Housing Wire“Economic confidence rises again: Gallup” (4-3-12)

“The Gallup economic confidence index reached -20 in March, up from -22 in February — its highest level since Gallup daily tracking began in January 2008.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $84,000 on a 4 bedroom, 2 bathroom home appraised for $141,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

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

The Norris Group Real Estate News Roundup 1/10/12

Tuesday, January 10th, 2012

Today’s News Synopsis:

In a big news story, the president and CEO of Fannie Mae, Michael Williams, is expected to resign.  According to the latest Zillow report, the values of homes in the United States decreased almost 5% year-over-year and are now at the level they were at in 2003.  HOPE NOW said a lot fewer loans were modified than last year, but on a positive note the number of loan modifications did increase in November from October.

In The News:

CNN Money - “Turning foreclosures into rentals” (1-9-12)

“Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.  The program, which was cited by Federal Reserve Chairman Ben Bernanke last week as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) to investors in bulk. The properties would then be converted into rentals.”

DS News“Suspected Mortgage Fraud Continues to Rise, But at Slower Pace” (1-10-12)

“Suspicious activity reports (SARs) involving fraud in the financial industry rose from 1.32 million in fiscal 2010 to 1.45 million in fiscal 2011, according to the latest annual report from the Financial Crimes Enforcement Network (FinCEN), based in Vienna, Virginia.”

Housing Wire“Zillow: Home values in November back at 2003 levels” (1-10-12)

“Home values in the United States in November remained flat with the prior month but declined 4.6% from last year, according to the latest real estate markets report from Zillow Inc. (Z: 24.19 +5.04%).”

Bloomberg - “Manhattan’s Office Leasing Reaches 11-Year High, Cushman & Wakefield Says” (1-10-12)

“Manhattan office leasing climbed 16 percent last year as tenants agreed to occupy the most space in more than a decade, Cushman & Wakefield Inc. said.”

Realty Times - “New California Law Protects Tenants’ Political Signs” (1-10-12)

“Any discrimination that prevents freedom of expression, based on whether or not you own property is a denial of rights that belong to all people.”  That’s what California State Senator Christine Kehoe said in advocating her bill, Senate Bill 337, during the recent session of the California Legislature.  The aim of SB 337 was to prevent landlords from forbidding their tenants to post political signs on the property that they rent.”

DS News“Fannie Mae CEO to Resign” (1-10-12)

“Michael Williams has decided to step down from his position as CEO and president of Fannie Mae, the GSE announced today.”

NAHB - “Home Builders, Former NFL Players Strengthen Communities with Touchdown for Homes” (1-10-12)

“Up until now, one of the few things home builders had in common with football players was that builders constructed the houses where millions of families watched their favorite NFL teams compete each week. But with Touchdown for Homes, a charitable outreach program of the National Association of Home Builders and the NFL Players Association, home builders and former NFL players are teaming up around the country to build or renovate homes for children or families in need and veterans.”

Housing Wire - “2011 mortgage modifications fall short of previous year” (1-10-12)

“Mortgage servicers are on track to modify far fewer loans in 2011 than the previous year, according to the most recent data provided by the Hope Now alliance formed by these firms and others in the industry.”

DS News - “Loan Mods and Delinquencies Rise in November: HOPE NOW” (1-10-12)

“The number of mortgage modifications completed during the month of November rose 5 percent from October, bringing the year-to-date total to about 969,000, according to HOPE NOW, a voluntary private sector alliance of mortgage industry participants.”

CNN Money - “Federal Reserve pays $77 billion to Treasury” (1-10-12)

“Ben Bernanke is about to hand Timothy Geithner a very large check.  The Federal Reserve announced Tuesday that it plans to pay the Treasury $76.9 billion, the bulk of the Fed’s 2011 income after accounting for its own operating expenses.”

San Francisco Chronicle - “Encumberances And Nonpossessory Interests In Real Property” (1-10-12)

“Property  is a legal concept that grants and protects a person’s exclusive right to own,  possess, use and dispose of a thing. The term property does not suggest a  physical item, but describes a legal relationship of a person to a thing.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $50,000 on a 3 bedroom, 1 bathroom home appraised for $106,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

According to the Federal Reserve Board, the amount of net income reserve banks took in was 34% higher than the previous year.  The Federal Reserve Board, in turn, made a profit of $78.4 the previous year, the largest profit it had made in several years.  The then recent ruling by the Massachusetts Supreme Court was not expected to change foreclosure practices drastically but rather opens the door to allow trustees to hold mortgages.

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

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

Thursday, November 4th, 2010

Today’s News Synopsis:

The MBA reports 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter. Jobless claims rose 4.5% last week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believes commercial real estate rents will rise in 2011.

In The News:

Mortgage Bankers Association“MBA: Commercial Mortgage Originations Continue to Rise in Third Quarter” (11-4-10)

“Third quarter 2010 commercial and multifamily mortgage loan originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Mercury News“Mortgage rates: 30-year fixed loans rise to 4.24 percent, near record low” (11-4-10)

“The average rate for 30-year fixed loans rose from 4.23 percent the previous week, mortgage buyer Freddie Mac said Thursday. It was the third weekly increase in a row.”

Sacramento Bee“State commercial loan delinquencies steady” (11-4-10)

The statewide commercial loan delinquency rate held steady at 1.28 percent in this year’s third quarter, the Sacramento-based California Mortgage Bankers Association said. The association said that was an increase of only 0.02 percent from the second quarter.”

Housing Wire“Weekly jobless claims rose 4.5% to 457,000″ (11-4-10)

“Initial jobless claims rose 4.5% last week to 457,000, which is well above analysts’ estimates and at the highest rate since the end of last year.”

Housing Wire“Bank of America first mortgage originations down 24% in 3Q” (11-4-10)

“Bank of America (BAC: 12.155 +5.51%) originated $73 billion in first mortgages in the third quarter, down 24.7% from a year ago, according to a report the bank put out Thursday.”

Housing Wire“S&P: Repurchase obligations could weigh on banks’ earnings” (11-4-10)

“Repurchase obligations could prove both contentious and costly to banks’ earnings, with an estimated price tag of $43 billion total, according to a report published Thursday by Standard & Poor’s Ratings Services.”

Housing Wire“JPMorgan Chase to refile foreclosure affidavits in coming weeks” (11-4-10)

“JPMorgan Chase (JPM: 39.38 +4.40%) expects to begin refiling corrected foreclosure affidavits in 40 states and the District of Columbia within a couple of weeks. Charlie Scharf, the bank’s CEO of retail financial services spoke told investors Thursday at the Bancanalysts Association of Boston Conference that recent affidavit problems affected roughly 127,000 mortgage loans.”

Bloomberg - “U.S. Commercial Real Estate Rents to Rise in 2011, Cushman’s Mosler Says” (11-4-10)

“Commercial real estate rents are poised to rise in 2011 after reaching a low this year, according to Bruce Mosler, co-chairman of Cushman & Wakefield Inc., the largest closely held property services company.”

Bloomberg - “U.S. Commercial Property `Substantially’ Off Bottom, Vornado’s Roth Says” (11-4-10)

“U.S. commercial property prices are recovering and ‘substantially’ off the bottom after more than a year of decline, said Steven Roth, chairman of real estate investment firm Vornado Realty Trust.”

Looking Back:

One year ago, the MBA’s weekly mortgage survey showed that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from the previous week. The FHA expected 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it would not buy the full $200 billion debt amount that it had previously planned to take. BarCap reported that the 30-plus day delinquency rate increased to 5.5 percent in October 2009.

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.