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The Norris Group Real Estate News Roundup 12/14/11

Wednesday, December 14th, 2011

Today’s News Synopsis:

In a big news story, mortgage applications are up 4.1% according to the most recent MBA Weekly Survey.  Home sales in Southern California increased last month from October and from the same time a year ago according to Housing Wire.  In other news, mortgage fraud is the highest in California despite mortgage activity being down in the third quarter.

In The News:

Mortgage Bankers Association - “Refinance Applications Increase as Rates Drop to 2011 Lows in Latest MBA Weekly Survey” (12-14-11)

“Mortgage applications increased 4.1 percent from one week earlier, driven by a surge in refinance applications, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2011.”

Housing Wire - “California ranks No. 1 for mortgage fraud” (12-14-11)

“Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.”

Los Angeles Times - “New signs of trouble for Goldman Sachs” (12-14-11)

“Goldman Sachs, the once-mighty king of Wall Street, appears to be losing employees, market share and the confidence of investors.  One of the most outspoken Wall Street analysts. Richard Bove, announced this week that he is cutting his outlook for Goldman’s fourth-quarter earnings by 66%, estimating that the bank will earn 79 cents a share.”

San Francisco Chronicle - “U.S. Stock-Index Futures Rise; S&P 500 May Snap Two-Day Decline” (12-14-11)

“U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will snap a two-day decline, amid mounting optimism that the world’s largest economy will remain insulated from the euro-area debt crisis.”

Housing Wire - “Foreign homebuyers clicking on depressed US housing markets” (12-14-11)

“Foreigners looking to purchase homes in the U.S. are increasing their online search activity for bargains, as sliding home prices continue to attract investors from around the globe — especially Canada.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.

In The News:

Bloomberg - “Morgan Stanley Real-Estate Fund Said Likely to Win New Deadline” (12-14-11)

“Morgan Stanley’s (MS) $4.7 billion real-estate fund, known as MSREF VII, will probably win approval to extend the deadline for finding new investments into 2013, aperson familiar with the discussions said.”

Housing Wire - “SoCal home sales rise on declining prices” (12-14-11)

“The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000.”

Bloomberg - “San Francisco Bay Area Home Prices Fall as Distressed-Property Sales Gain” (12-14-11)

“San Francisco Bay Area home pricesfell 4.3 percent last month from a year earlier as distressed properties made up a greater share of sales, DataQuick said.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

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

Looking Back:

Robo-signing took an effect on foreclosures in the Western states, which decreased almost 40%.  Oustanding debt on commercial/mulitfamily mortgages decreased 1.3% in the third quarter of 2010.  In the first half of 2010, suspicious activity reports for mortgage fraud increased 7% from one earlier.

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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/16/11

Wednesday, November 16th, 2011

Today’s News Synopsis:

In a big story in the news, home-builder confidence rose to 20 points this month, the highest it has been since May 2010.  According to the latest Mortgage Application Survey, mortgage applications are down 10% from last week, although mortgage rates have remained relatively the same.  Rentals in Southern California increased for the 14th straight month.

In The News:

Bloomberg - “Southern California Home Prices Fall 4.8%” (11-15-11)

“Sales of high-end properties in Southern California dropped last month to the lowest level in more than two years after the size of mortgages backed by the government was reduced, according to DataQuick.”

NAHB - “Builder Confidence Rises Three Points in November” (11-16-11)

“Builder confidence in the market for newly built, single-family homes rose by three points to 20 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for November, released today. The gain builds on a revised three-point increase in October, and brings the confidence gauge to its highest level since May of 2010.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-16-11)

“Mortgage applications decreased 10.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 11, 2011.  This week’s results include an adjustment to account for the Veterans Day holiday.”

Housing Wire - “DePaul study warns of growing gap in affordable rental housing” (11-16-11)

“The need for affordable rental housing increased substantially over the past decade in Cook County, Ill., in what mirrors a national trend, according to a study from the Institute for Housing Studies at DePaul University in Chicago.”

Realty Times - “Mortgage Rates Remain Unchanged As Investors Eye Europe” (11-16-11)

“Low conforming mortgage rates have been the driving factor for the increase in mortgage applications. According to the Mortgage Banker’s Association, mortgage refinance applications increased 12.1% and purchase applications increased 4.8% for the week ending November 4th. Current 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%.”

O.C. Register - “SoCal rents rise for 14th straight month” (11-16-11)

“Rents in Southern California rose on an annual basis for the 14th consecutive month, the U.S. Bureau of Labor Statistics reports.  The rent slice of the regional Consumer Price Index shows “rent of primary residence” rising in October at 1.1% annual rate.”

Realtor Magazine - “Freddie Mac Launches Winter REO Sale” (11-16-11)

“HomeSteps, a Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of foreclosed homes in several cities.”

Wall Street Journal - “Zell Firm Leads Bids for Archstone” (11-16-11)

“Equity Residential, the apartment company headed by real-estate mogul  Sam Zell, has emerged as the lead bidder in the contest to buy roughly half of rival Archstone in what would be one of the largest real-estate transactions since the downturn, according to people familiar with the situation.”

Housing Wire – “Architecture billings index up, overall demand still down” (11-16-11)

“The architecture billings index improved its score by nearly three points from September, though the 49.4 score still reflects low demand, according to the American Institute of Architects.”

Looking Back:

16,744 new and resale homes sold in Southern California during October of 2010. Builder confidence increased slightly this in November 2010, according to the NAHB. Sean O’Toole of ForeclosureRadar believed the foreclosure investigation would only have a brief effect on the market. FHA wrote $319 billion in new insurance in 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/24/11

Monday, October 24th, 2011

Today’s News Synopsis:

A big story in the news is changes are being made to the refinancing program to help more homeowners who are underwater.  Campbell/Inside Mortgage Finance reported the time it takes to approve a mortgage could now take up to 60 days as opposed to 30 originally.  Realty Times reported an increase in builder confidence this month.  In select states, foreclosed homes currently owned by HUD can be purchased at only a $100 down payment.

In The News:

MSNBC.com - “US announcs help for underwater homeowners” (10-24-11)

“A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners of the estimated 11 million whose homes are worth less than their mortgage.”

Housing Wire – “Clogged application process extends mortgage approval timelines” (10-24-11)

“The time it takes to approve a mortgage in the United States grew from an average of 30 days to between 45 and 60 days over the past month, according to the latest survey from Campbell/Inside Mortgage Finance.”

Bloomberg - “CMBS Underwriting Standards ‘Worrisome’ as Sales Surged, Moody’s” (10-24-11)

“Lenders loosened terms on commercial mortgages originated to be packaged into bonds during the third quarter as sales of the securities surged, according to Moody’s Investors Service.”

Realty Times - “Real Estate Outlook: Builder Confidence Rises” (10-24-11)

“Builder confidence is up for the month of October thanks to renewed buyer interest in select markets. This is the largest one-month gain since April 2010 when renewed confidence from the home buyer tax credit was in full swing.”

DS News - “HUD Offers REO Homes for $100 Down in Select States” (10-24-11)

“HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.  In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.”

San Francisco Chronicle - “Fed Wants to Ensure U.S. Housing Affordability, Dudley Says” (10-24-11)

“Federal Reserve Bank of New York President William C. Dudley said the central  bank wants to keep mortgage interest rates from rising too much and may do more  to hold down borrowing costs.”

O.C. Register – “Homebuying rises in 40 ZIPs!  Yours?” (10-24-11)

“For the 22 business days ending October 6 — DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -3.8% vs. a year ago.”

Housing Wire - “Stephens analyst expects LPS to top 3Q earnings estimates” (10-24-11)

“Lender Processing Services (LPS: 16.55 +7.47%) should easily beat third-quarter earnings forecasts after benefiting from improved foreclosure and mortgage metrics, according to one analyst at Stephens Inc.”

Los Angeles Times - “California housing agency forcing foreclosures” (10-24-11)

“A state agency that provides low-interest mortgages is foreclosing on a small number of clients even though they are making their monthly payments, a state Senate watchdog group reported.  The California Housing Finance Agency is foreclosing on homes because their financially strapped owners temporarily rent them out and move into cheaper rental properties, the Senate Office of Oversight and Outcomes said Monday.”

Inman - “Home Affordable Refinancing Program revamped to boost refis” (10-24-11)

“In an attempt to boost participation in the Obama administration’s  mortgage refinance program, Fannie Mae and Freddie Mac will release  lenders who sign off on a refinanced loan from some legal liabilities  associated with the original loan.”

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 10/18/11

Tuesday, October 18th, 2011

Today’s News Synopsis:

According to Bloomberg News, mortgage defaults were up by 26% in the third quarter.  Fannie Mae and Freddie Macs’ foreclosure attorney network programs will be going through changes by order of the FHFA.  Foreclosure filings were up in August for the third quarter according to the Los Angeles Times, and the sale of short sale properties could help increase housing prices.

In The News:

Bloomberg – “California Mortgage Defaults Rise 26%” (10-18-11)

“Mortgage defaults in California rose 26 percent in the third quarter from the previous three months as lenders began working through a backlog of delinquent loans after a nationwide delay, according to DataQuick.”

Housing Wire - “Moody’s: CMBS delinquencies up to 9.36% in September” (10-18-11)

“The delinquency rate of loans in commercial mortgage-backed securities rose in September while total issuance fell as more seasoned loans left CMBS than new deals came into the sector, according to Moody’s Investors
Service.”

DS News - “Fannie Mae and Freddie Mac to Do Away With Attorney Networks” (10-18-11)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to transition away from their current foreclosure attorney network programs, and move to a system where mortgage servicers will select law firms based on minimum qualifications and uniform criteria.”

Inman - “Companies offer real estate rewards programs” (10-18-11)

“Real estate franchisor Re/Max LLC has rolled out a  loyalty program for agents and clients.  The program, Re/Max Rewards, is powered by loyalty platform provider Next Jump.”

Los Angeles Times - “Number of Californians entering foreclosure jumps in third quarter” (10-18-11)

“A big August surge in foreclosure actions by Bank of America and Bank of New York sent the number of California homeowners entering foreclosure to levels not seen in a year.  The third-quarter jump in notices of default, the first formal step in the foreclosure process, came after such filings had dropped to a three-year low earlier this year. Defaults were up 25.9% from the prior quarter, according to according to San Diego-based DataQuick, a real estate information service.”

Bloomberg - “Home Short Sales Rise in ‘Dramatic Shift’ That May Boost U.S. House Prices” (10-18-11)

“U.S. home prices may get a boost from an unlikely source: a pickup in sales of properties in default before they reach the stage where they are repossessed by the bank and sold.  There has been a “dramatic shift” in banks’ willingness to sell a property for less than the mortgage balance to avoid foreclosing, said Ron Peltier, chairman and chief executive officer of HomeServices of America Inc., the second-biggest U.S. residential brokerage”

San Francisco Chronicle - “The new normal: Higher bank fees are here to stay” (10-18-11)

“The latest third-quarter earnings reports from this week confirm that banks are  struggling to make money the old-fashioned way, by lending money to consumers  and businesses. The main reason: interest rates are at historic lows. That makes  it harder for banks to charge high rates on loans.”

Housing Wire – “Buyer of invalid foreclosure loses appeal to clear property title” (10-18-11)

“A man who bought a house that turned out to be an invalid foreclosure cannot sue the previous homeowner over his clouded title because the bank foreclosed before receiving an actual mortgage assignment, the Massachusetts Supreme
Judicial Court said Tuesday.”

Bloomberg - “Homebuilders Rise Most in Two Years as Sentiment Index Unexpectedly Climbs” (10-18-11)

“U.S. homebuilders rose the most in two years after an index of developer sentiment unexpectedly increased to its highest level since May 2010, spurring optimism that demand for new houses may be improving.”

DS News - “States and Servicers Consider New Proposal for Aiding Those Underwater” (10-18-11)

“Help for underwater homeowners has reportedly moved from principal writedowns to refinancing in settlement negotiations between state attorneys general and the nation’s five largest mortgage servicers.”

Looking Back:

A Rasmussen survey found that 31% of homeowners expected their home prices to fall over the next year, while 50% expected their home values to increase over the next 5. According to the NAHB, builder confidence increased for the first time in 5 months in October 2010. The Federal Reserve Bank of New York reported over 66% of small businesses experienced declines in sales and revenue during the first half of 2010. Robert Curran believed demand for housing would not return any earlier than late winter of 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 10/17/11

Monday, October 17th, 2011

Today’s News Synopsis:

A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times.  There are now 80 failed banks with the recent seizure of four more institutions.  The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.

In The News:

Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)

“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”

Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)

“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”

DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)

“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”

Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)

“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”

San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)

“California voters approved Proposition 13 to rein in property taxes that had  doubled in 10 years. More than three decades later, that rebellion has mortgaged  the state’s future, saddling it with the nation’s highest debt and lowest credit  rating.”

Housing Wire – “Different mortgage types default at different times” (10-17-11)

“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”

O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)

“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”

DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)

“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”

Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)

“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.  There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)

“There’s no question that as a society we are more mobile than we have ever been.  With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”

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 10/13/11

Thursday, October 13th, 2011

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Today’s News Synopsis:

In this week’s video, Aaron Norris talks about I Survived Real Estate 2011 and how you can participate in the live event.  Home sales in Southern California have remained relatively stable, although the median price has decreased.  Rates on 30-year mortgages bounced back up again this week with a 4% increase.  According to Housing Wire, Freddie Mac has changed the way it will pay its employees, now basing it off of surveys showing how satisfied the lenders were.

In The News:

Los Angeles Times - “Southern California housing market stalls in September” (10-13-11)

“Southern California’s housing market stalled in September as sales were essentially flat over the same month a year earlier and the region’s median price fell.  Sales increased 0.3% from the same month a year earlier, when the market was reeling from the effect of an expired tax credit that had boosted sales for much of the year.“

DS News - “Thirty-Year Rate Jumps Back Up Above 4% Mark in One Week’s Time” (10-13-11)

“The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.”

Inman - “Foreclosue activity shows signs of ramping up in Q3″ (10-13-11)

“In the third quarter, a downward trend in nationwide foreclosure activity showed signs of reversing, according to the latest report  from foreclosure data site RealtyTrac. At the same time, foreclosure  processing and sales timelines hit record highs, the report said.”

Housing Wire - “Jobless claims down slightly last week” (10-13-11)

“Initial jobless claims remained essentially flat last week, staying higher than 400,000.The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 8 fell by 1,000 to 404,000 from 405,000 the previous week, which was revised upward 4,000.”

Bloomberg - “HomeServicers’ Peltier Says Housing Recovery Will Begin Next Year” (10-13-11)

“A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.”

DS News - “CFPB Releases Servicing Examination Procedures” (10-13-11)

“In preparation to begin reviewing the nation’s largest banks, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers.”

Housing Wire – “Freddie to link employee pay with customer satisfaction” (10-13-11)

“How Freddie Mac pays its employees will be linked directly to future lender satisfaction surveys.  Freddie CEO Charles “Ed” Haldeman told a group of Mortgage Bankers Association members on Tuesday the firm will be changing the focus of how its employees work with banks that sell, service and invest with the company.”

CNN Money - “JPMorgan ‘cautious’ as income dips” (10-13-11)

“JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company’s trading and investment banking operations.”

Looking Back:

Mortgage application volume increased 14.6% the week of October 14, 2010. All 50 state attorney generals were currently involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA urged GSEs to accelerate the foreclosure process once the AG reviews were over. Foreign investors planned to purchase large amounts of commercial property.

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.

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The Norris Group Real Estate News Roundup 9/23/11

Friday, September 23rd, 2011

Today’s News Synopsis:

According to Housing Wire, there are fewer and fewere mortgage lenders due to the economy.  In the meantime, fixed rate mortgages are still at their lowest recorded, although they are continuing to stay at this level and have not changed much.  DataQuick has developed a new homebuying index to show trends for home sales and median sales prices.

In The News:

DS News - “Divide Widens Within AG Camp Over Robo-Signing Settlement” (9-23-11)

“A year after evidence of robo-signing related to the processing of home foreclosures surfaced and officials vowed to hold mortgage servicers accountable, state attorneys general don’t seem to be any closer to a consensus on what should and shouldn’t be included in the settlement.”

Housing Wire - “Number of mortgage lenders dwindling” (9-23-11)

“The current economic crisis is continuing to claim mortgage lenders, with the number of active originators down for the fourth year in a row.”

Mortgage Bankers Association - “Management of MISMO to Transfer to MBA” (9-23-11)

“The Mortgage Bankers Association (MBA) and MERSCORP,Inc.®  (the parent company of Mortgage Electronic Registration Systems, Inc., MERS) jointly announced today that management of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®) will transfer to MBA on December 1, 2011.”

Realty Times – “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-23-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets.”

O.C. Register – “New index finds U.S. home prices, sales in decline” (9-23-11)

“A new homebuying index — this one from DataQuick and its analysts at DQNews — attempts to give a weekly snapshot into most-recent trends using “not modeled” home sales counts and median selling prices.”

Rismedia - “Experts’ Forecast for 2011 Prices Improves” (9-23-11)

“The home price picture for this year is shaping up to be a littel better than it looked in June, according to the September 2011 home price expectations survey of 111 leading housing economists and experts sponosoredby MarcoMarkets LLC.”

Sacramento Bee - “First Team Real Estate Marketing Campaign Shows Positive Impact Agents Make on  Clients’ Lives” (9-23-11)

“First Team® Real Estate today launched a new  marketing campaign focusing on the profound, positive impact its agents make  in their clients’ lives.”

Housing Wire – “Mortgage bankers ask lawmakers to reinstall HUD counselor funds” (9-23-11)

“The Mortgage Bankers Association asked lawmakers to reinstall funding cut from the Department of Housing and Urban Development counselor program earlier in the year.”

Looking Back:

Existing home sales increased 7.6% in August 2010, according to the NAR. The MBA reported commercial and multifamily mortgage debt decreased to $3.24 trillion in the second quarter of 2010. The CAR’s monthly analysis showed California home sales rose 1.8 percent from July 2010. Freddie Mac said mortgage rates did not change that week, despite Zillow’s claim they decreased.

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.

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The Norris Group Real Estate News Roundup 9/14/11

Wednesday, September 14th, 2011

Today’s News Synopsis:

The Los Angeles Times reported the sale of homes rose in August, despite a continuing decrease in prices.  According to the latest MBA weekly survey released last week, the number of mortgage applications increased 6.3%.  A Senate subcommittee fears risks and negative results in Obama’s plan for refinancing millions of underwater borrowers.

In The News:

Bloomberg - “AIG May Post Loss on Mortgage Writedowns, AIA Decline, Deutsche Bank Says” (9-14-11)

“American International Group Inc. (AIG), the insurer majority owned by the U.S., may be unprofitable this quarter on declines in its stake in AIA Group Ltd. (1299) and mortgage- related investments, Deutsche Bank AG said.”

DS News - “New Jersey Lifts Its Final Foreclosure Ban” (9-14-11)

“New Jersey’s Superior Court has lifted the last of six injunctions handed down late last year, giving Ally Financial and its GMAC Mortgage unit the go-ahead to resume foreclosure actions in the state.”

Realty Times - “Homeowners Expect Prices to Fall” (9-14-11)

“HomeGain’s nationwide third quarter 2011 home values survey found that forty-seven percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months.”

Housing Wire - “Real estate experts advocate for mortgage finance changes” (9-14-11)

“Real estate, economic and financial leaders are slated to testify today before a Senate subcommittee on new ideas for refinancing and restructuring mortgage loans.”

Inman - “For-sale inventories shrank for fourth month in a row” (9-14-11)

“Inventories of homes, condos, townhouses and co-ops shrank for the fourth month in a row in August, falling 1.9 percent from July and 19 percent from a year ago, to 2.27 million, according to the latest numbers from Realtor.com.”

Los Angeles Times - “Southern California home sales rose in August but prices declined” (9-14-11)

“Southern California’s housing market showed some signs of life in August, with sales increasing (though that was mostly because of the calendar), but prices continued to fall.  Sales were up 8.6% from the month before and 6.0% from August 2010 with a total of 19,654 properties selling across the six-county Southland in August, according to DataQuick of San Diego.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-14-11)

“Mortgage applications increased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 9, 2011. This week’s results include an adjustment to account for the Labor Day holiday.”

Housing Wire - “Senate hears hidden risks of major refinancing plan” (9-14-11)

“As the Obama administration works to construct a plan to refinance millions of underwater borrowers into lower-rate mortgages, a Senate subcommittee heard the hidden risks and difficulties of building such a program Wednesday.”

San Francisco Chronicle - “‘Underwater’ homes slip to foreclosures” (9-14-11)

“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 Tuesday from CoreLogic Inc.”

Mortgage Bankers Association - “MBA’s Stevens Testifies on Restructuring and Refinancing Mortgage Loans” (9-14-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), testified today before the Senate Banking Subcommittee on Housing, Transportation and Community Development at a hearing titled, ‘New Ideas for
Refinancing and Restructuring Mortgage Loans’.”

Looking Back:

Independent mortgage bankers and subsidiaries increased their average profit on each loan they originated by over 50% in the 2nd quarter of 2010. Statistics from MDA DataQuick showed 18,541 new and resale houses and condos closed escrow in August 2010. According to the NAHB, current and expected demand for rental apartments improved significantly in the second quarter of 2010. Foreclosure Radar reported notice of default filings in California increased 16.6% in August 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 8/19/11

Friday, August 19th, 2011

Sources:
July sales and price report
Mortgage Rates in U.S. Tumble to Lowest in More than 50 Years
Jobless claims up to 408,000 last week
Realtor.com, Yahoo Real Estate trading places in Web rankings
Mortgage servicers bypass foreclosure delays with more short sales
Case against MERS reaches Supreme Court
Fed to Keep Interest Rates Low until 2013
NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Despite home sales dropping, it was reported they are actually in better shape this year as sales are up from a year ago.  Two Multiple Listing Services in California, CRMLS and SoCalMLS, will be merging to form the largest firm in the United States.

In The News:

Housing Wire – “Delinquencies on commercial real estate loans fall again in July” (8-19-11)

“Delinquencies for securities backed by commercial real estate loans fell in July for the third consecutive month, according to Fitch Ratings.”

San Francisco Chronicle - “Inflation May Embolden Opponents of Fed’s Moves to Spur Growth” (8-19-11)

“Signs that consumer prices are rising even as the U.S. economy slows maydelay additional moves by Federal Reserve Chairman Ben S. Bernanke to spur growth.”

DS News - “Zillow: Price-to-Income Ratios Still High in Some Markets” (8-19-11)

“While an August report from Capital Economics states that housing values overall are undervalued by 20 percent, Zillow reports that many metro price-to-income ratios are still above their historic averages.”

Rismedia - “Home Sales Down in July but Up Strongly from a Year Ago” (8-19-11)

“Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of REALTORS®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.”

Housing Wire - “Ocwen, Altisource extend ties to keep costs down” (8-19-11)

“Two years after the spin-off, Ocwen Financial Corp. (OCN: 12.57 -1.95%) will extend certain services to Altisource (ASPS: 32.30 -3.29%) for an additional 12 months to minimize costs, according to a filing with the Securities and Exchange Commission.”

Mortgage Bankers Association - “MBA Increases Origination Forecast in 2011, Predicts Greater Drop in Origination Volume in 2012″ (8-19-11)

“The Mortgage Bankers Association’s (MBA) Economic and Mortgage Finance Forecasts released today project $1.1 trillion in residential mortgage origination volume in 2011, roughly $100 billion more than earlier forecasts, as low mortgage rates have brought in higher than expected refinance volume, while purchase volume has been less than anticipated.

Realtor Magazine - “Housing Affordability at Highest in 20 Years” (8-19-11)

“Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.”

Inman - “2 California MLSs merge to become largest in nation” (8-19-11)

“Visions of a statewide multiple listing service in California are a stepcloser to reality today, with the California Regional Multiple Listing Service Inc. (CRMLS) announcing a merger that will double its size and make it the nation’s largest, with 68,000 participants and subscribers.”

Orange County Register - “August home sales show signs of improvement” (8-19-11)

“For the 22 business days ending August 5 – DataQuick’s latest homebuying report — Orange County saw 2,663 O.C. residences sold — up 4.3% from a year-ago! If the trend continues for the full month of August, this could break O.C.’s 13-month losing streak.”

RisMedia - “Builder Confidence Unchanged in August” (8-19-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released recently.”

Looking Back:

Energy efficiency loans hit the skids as many banks saw the risk outweighing the rewards. A White House-created commission looked at possibly increasing the age for retirement benefits with the backing of AARP. California rates were one of the country’s hottest real estate markets for price increases while a PMI Mortgage Insurance Co. report listed 7 California areas (both northern and southern) that would most likely witness price declines 2011 and 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.

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The Norris Group Real Estate News Roundup 8/17/11

Wednesday, August 17th, 2011

Today’s News Synopsis:

Top story in the news is the sales of California homes dropped 11% last month from 38,975 in June to 34,695.  In other news, Housing Wire reported that a case against MERS that sparked much controversy is going to the Supreme Court.  Consumers fears of the market and unstable economy have led to a decrease in mortgage rates.

In The News:

Housing Wire – “California home sales decline 11% in July” (8-17-11)

“California home sales fell 11% in July with 34,695 homes sold last month compared to 38,975 in June, real estate data firm DataQuick said Wednesday.“

Inman - “MLSs, Realtor associations pitch in $7.5M for patent license” (8-17-11)

“Multiple listing services and Realtor associations now have blanket protection from legal claims by a company that holds several patents on location-based Internet search techniques, after the National Association of Realtors raised $7.5 million in licensing fees by Tuesday’s deadline.”

Bloomberg - “Fortress Joins LBO Firms Seeking Real Estate Funds as Fees Under Pressure” (8-17-11)

“Fortress Investment Group LLC (FIG), Colony Capital LLC and Starwood Capital Group LLC are among a record number of private-equity firms raising real estate funds, according to people familiar with the process, driving down fees in a business reeling from earlier losses.”

Realty Times - “Mortgage Rates Sink Lower With Unsteady Markets” (8-17-11)

“Another active week occurred with mortgage rates sinking lower as uneasiness continues to create unsteady markets. Concerns over economic stress around the globe has markets reacting unpredictably each day of the week and have resulted in sliding mortgage ratesrket.”

DS News - “HUD Offers Discounted REOs to Storm Victims” (8-17-11)

“HUD has announced it will sell almost 90 REO properties to public housing authorities in central Alabama and Joplin, Missouri — areas suffering the impact of this spring’s tornadoes.”

NAHB - “NAHB Applauds EPA Decision on ELGs” (8-17-11)

“The Environmental Protection Agency’s decision today to reconsider the imposition of a nationwide cap on how much sediment can be part of the stormwater draining from a construction site is a nod to the importance of sound science – and a big victory for home buyers, according to the National Association of Home Builders (NAHB).”

Housing Wire - “Case against MERS reaches Supreme Court” (8-17-11)

“A controversial case challenging the ability of Mortgage Electronic Registration Systems to foreclose on a California man was filed with the Supreme Court Monday, making it the first major MERS case to reach the nation’s highest court.”

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (8-17-11)

“Mortgage applications increased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 12, 2011.”

CNN Money - “Fed dissenters speak out” (8-17-11)

“Three Federal Reserve officials are starting to speak out about why they disagree with Chairman Ben Bernanke on the central bank’s latest policy move.  The Federal Reserve decided last Tuesday to leave interest rates exceptionally low until at least 2013 — a dramatic move considering the Fed doesn’t typically give hints, let alone outright time frames, for monetary policy that far in advance.”

Realtor Magazine – “Borrowers Opt for Shorter Loan Terms” (8-17-11)

“Record-reaching low interest rates have prompted more home owners to shorten the terms of their mortgages. Thirty-four percent of refinancers changed their loan to a 20- or 15-year mortgage during the first quarter — the highest level in seven years, Freddie Mac reports.”

Looking Back:

Statistics from MDA DataQuick showed 18,946 new and resale homes were sold in Southern California in July 2010. Frank Nothaft of Freddie Mac announced that refinancing activity had accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent in July 2010, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and would damage the industry.

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.

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