The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘David Crowe’

By Bruce Norris .

The Norris Group Real Estate News Roundup 10/27/11

Thursday, October 27th, 2011

Today’s News Synopsis:

In today’s news, the pending sales for existing homes fell 4.6& in the U.S., according to Bloomberg.  Mortgage rates are holding steady at their lowest recorded in almost 60 years.  Last week the number of people filing for unemployment decreased to 402,000, although the number of unemployed is still high.

In The News:

Bloomberg - “Pending Sales of U.S. Existing Homes Fall 4.6%” (10-27-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly fell in September as lower prices and borrowing costs failed to support demand.”

Housing Wire“GDP growth 2.5% in third quarter” (10-27-11)

“Real gross domestic product grew at an annual rate of 2.5% in the third quarter when compared to the previous three months, the Commerce Department said Thursday.”

NAHB - “Remodeling Activity Remains Slow Under Current Economic Conditions” (10-27-11)

“The current state of the national economy continues to affect the remodeling industry, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The index dropped to 41.7 in the third quarter from 43.9 in the second quarter, after having reached a four-year high of 46.5 in the first quarter. An RMI below 50 indicates that more remodelers report that market activity is declining than report that it is increasing.”

Los Angeles Times“Weekly jobless claims dip to 402,000 but still are high” (10-27-11)

“New jobless claims dipped last week to 402,000, another somewhat encouraging sign for the still-troubled economy — though still too high to make a dent in the unemployment rate.”

Housing Wire“Republican blueprints mortgage market without Fannie, Freddie” (10-27-11)

“Rep. Scott Garrett (R-N.J.) proposed his idea of a future mortgage market Thursday, one with new underwriting standards and transparency but without Fannie Mae, Freddie Mac or the upcoming risk-retention rule.”

DS News - “Fixed Mortgage Rates Show Little Movement” (10-27-11)

“Fixed mortgage rates showed little change for the second consecutive week amid mixed consumer confidence and housing data, and remain near their 60-year lows.”

CNN Money – “Small banks still stuck in federal bailout” (10-27-11)

“Hundreds of struggling small community banks could be stuck in the federal government’s much-maligned bank bailout program, a watchdog agency warned in a report released Thursday.”

DS News - “Delaware AG Sues MERS” (10-27-11)

“Delaware Attorney General Beau Biden filed suit Thursday against MERSCORP and its subsidiary, Mortgage Electronic Registration Systems (MERS). Biden charges MERSCORP with violating Delaware’s Deceptive Trade Practices Act.”

Inman - “Redfin raises $14.8M in new funding” (10-27-11)

“Technology-based real estate brokerage Redfin has raised $14.8 million in a new round of funding the company’s chief executive officer says will help it expand and weather seasonal ups and downs.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume increased 3.2% the week of October 27, 2010. Mortgage bankers estimated the housing market would not recover until 2012 at least. HUD reported only 24,000 houses sold in September 2010.

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

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.

The Norris Group Real Estate News Roundup 7/28/11

Thursday, July 28th, 2011

Today’s News Synopsis:

The sales for existing homes increased 2.4% in June according to Bloomberg.  However, chief economist for Fannie Mae warned this does not necessarily mean a turn-around in the market.  In other news, despite a huge decrease in foreclosures in 84% of U.S. cities, there are still ten cities with high foreclosure rates and thus not indicating a positive turn in the market.

Housing Wire - “Vacant foreclosures in Ohio forming housing black hole (7-28-11)

“Every single vacant, foreclosed property in Ohio is proving to be a black hole that sucks down home prices, sits on the market for significantly longer, blights entire neighborhoods and boggles the mind through the sheer amount of REO volume.”

Bloomberg - “Existing Home Sales in U.S. Rose 2.4% in June” (7-28-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs.  The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

NAHB - “Remodeling Activity Slows Under Economic Uncertainty” (7-28-11)

“The remodeling market slipped under pressure from a sluggish economy according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), which dipped during the second quarter to 43.9 from the first quarter result of 46.5. An RMI below 50 indicates that more remodelers report market activity is lower compared to the prior quarter than report it is higher.”

DS News - “Increase in Pending Sales May Not Indicate Market Upswing” (7-28-11)

“The National Association of Realtors (NAR) released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June,
marking the third of the last four months that the index has increased.”

Inman - “Trulia launches agent recommendation system” (7-28-11)

“Real estate search and marketing site Trulia today launched an agent recommendation system that incorporates endorsements from Facebook friends.”

Realty Times - “Chase, BofA Offer Modifications Without Homeowner Request” (7-28-11)

“JPMorgan Chase and Bank of America are reportedly modifying loans for borrowers who haven’t asked for help, in some cases slashing mortgage balances in half.  The two major banks were among others recently criticized for mishandling federally sanctioned mortgage modifications and slammed for botching foreclosures.”

NAHB - “Federal Proposal Could Raise Refinance Costs For Nearly 25 Million Homeowners” (7-28-11)

“Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate “Qualified Residential Mortgage” (QRM) for refinancing.”

Mortgage Bankers Association - “MBA Statement on Debt Ceiling Negotiations” (7-28-11)

“‘The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt. The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised. We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy’.”

The Wall Street Journal - “UBS Is Sued for Mortgage Losses” (7-28-11)

“The federal regulator for Fannie Mae and Freddie Mac on Wednesday sued UBS AG, accusing the Swiss investment bank of costing the two mortgage giants at least $900 million by selling them shaky mortgage-backed securities during the housing market boom.”

Realtor Magazine - “Foreclosures Fall, But 10 Areas Still Hard-Hit” (7-28-11)

“During the first half of the year, foreclosures have dropped in more than 84 percent of U.S. metro areas, RealtyTrac reports. Is this a sign of a turnaround? Not quite, say analysts.”

Looking Back:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter of 2010. Mortgage application volume decreased 4.5 percent from the previous week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter of 2010. The number of foreclosure starts for 2010 was at 1.46m.

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 7/18/11

Monday, July 18th, 2011

Today’s News Synopsis:

According to NAHB index, confidence for newly-built single-family homes increases two points.  DS News reported former Ohio attorney genereal has been nominated by Obama as the new head of the Consumer Financial Protection Bureau.  Republicans John Campbell and Gary Ackerman have introduced a new bill that will increase the loan limits on mortgages backed by Fannie Mae and Freddie Mac.

In The News:

NAHB - “Builder Confidence Gains Two Points in July” (7-18-11)

“Builder confidence in the market for newly built, single-family homes rose two points to 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today. The gain largely offsets a three-point dip recorded in June, and marks the ninth time out of the past 10 months in which the index has held within the same three-point range.”

Inman - “NAR hits second CIVIX milestone “ (7-18-11)

“The National Association of Realtors has met a second milestone in a goal of raising $7.5 million in licensing fees to obtain blanket immunity for multiple listing services and Realtor associations from legal claims by a company that holds several patents on location-based Internet search techniques.”

DS News“Obama Nominates Former Ohio Attorney General to Head CFPB” (7-18-11)

“President Obama on Sunday announced his pick to lead the new Consumer Financial Protection Bureau (CFPB) – Richard Cordray, former attorney general for the state of Ohio.”

Housing Wire - “Freddie Mac says housing sector unlikely to see double-dip” (7-18-11)

“Despite uncertainty about the debt ceiling and an unemployment rate that remains stubbornly higher than 9%, Freddie Mac said the housing market is unlikely to experience a double dip.”

Realty Times“Real Estate Outlook: Housing Market Struggles” (7-18-11)

“While it might not be at the pace that economists would like, the economy is recovering. Federal Reserve Chairman, Ben Bernanke, reported last week to the Committee on Financial Services, that “the pace of the expansion so far this year has been modest.”

Bloomberg - “BofA Needs $50 Billion Cushion as Mortgage Expenses Swell” (7-18-11)

“Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.”

Housing Wire - “Freddie Mac offering $1 billion of multifamily bonds” (7-18-11)

“Freddie Mac plans to offer $1 billion of pass-through certificates this week backed by 90 recently originated multifamily mortgages.”

DS News - “Top Lenders’ Early Earnings Point to Continuing Mortgage Losses” (7-18-11)

“JPMorgan Chase kicked off the banking sector’s second-quarter earnings season with a $5.4 billion profit. It was followed by Citigroup’s announcement late last week that it pulled in net income of $3.3 billion during the April-June timeframe.”

Realtor Magazine - “Bill Calls for Extending Jumbo Loan Limits” (7-18-11)

“A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.  The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.”

Bloomberg - “Builders Push ‘Green’ Homes to Stand Out in Foreclosure-Filled U.S. Market” (7-18-11)

“In the 20 years Ron Betenbough’s company has been building homes in west Texas, he’s always been willing to compete on price. Now, in a market crowded with cheap properties, he’s also touting environmentally friendly construction and energy-saving features.”

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 6/14/10

Monday, June 14th, 2010

Today’s News Synopsis:

Christopher Cagan from First American predicts a dip in housing prices in the near future. A study from Harvard University seems to show that high unemployment is fueling the foreclosure crisis. Christopher Thornberg of Beacon Economics believes the recession is currently over, but he expects economic conditions to get worse over the next two years. REIS Inc predicts U.S. apartments may lead a rebound in commercial real estate.

In The News:

Orange County Register – “‘Double dip’ decline seen for housing” (6-13-10)

“In the short to near term, I expect a double dip.  This is the logical aftermath of the sugar shot from the Federal first time buyer tax credit.  It borrowed buyers from the future, and we are now going into that future.  Also we are not too far from the end of the traditional SoCal buying season.  I have already seen asking prices reduced 5% or so in May from April.”

Wall Street Journal“Trading Down: Can It Still Bankroll Your Retirement?” (6-13-10)

“Trading down to a smaller home is a retirement-planning staple. According to an April study by the Society of Actuaries, 20% of not-yet retirees say they plan to downsize after the last child leaves the nest.”

Los Angeles Times - “Home shortages could develop as recovery unfolds” (6-13-10)

“A housing deficiency isn’t a sure thing, but the potential is certainly there, says David Crowe, chief economist at the National Assn. of Home Builders, who paints a rather ominous scenario in which house and apartment builders won’t be able to keep up with the demand. Wherever the new households come from — adult children moving out for the first time or leaving the nest a second or third time after returning to Mom and Dad’s to weather the economic storm, roommates uncoupling and going their separate ways or young couples starting families — most of them are typically renters. Therefore, the multifamily sector is apt to feel the pinch first, if only because it takes so much longer to build apartments than houses.”

Bloomberg - “U.S. Housing Market Recovery Dependent on Jobs Growth, Harvard Report Says” (6-14-10)

“Job growth will be the key factor in whether the U.S. real estate market can extend a recovery after the end of the federal homebuyer tax credit, according to a Harvard University study. High unemployment is fueling the foreclosure crisis and discouraging the household formation that drives property demand, according to the State of the Nation’s Housing report issued today by Harvard’s Joint Center for Housing Studies.”

Housing Wire“Monday Morning Cup of Coffee” (6-14-10)

“The Federal Bureau of Investigation (FBI) is preparing a nationwide crackdown on mortgage fraud, with arrests expected to count in the hundreds, beginning as early as this week, the Financial Times reported.”

Housing Wire“Negative GDP Growth in Q3? Really?” (6-14-10)

“Thornberg essentially noted in his speech that while the recession is over, for now, we’re not there yet in terms of a sustainable economic recovery. He exhorted attendees to enjoy 2010, as he expects the year to be a relatively good one compared to what we may see in 2011 and 2012.”

Housing Wire“Subprime Mortgage Performance Improving as Delinquencies Drop” (6-14-10)

“The performance of historical subprime mortgages is improving according to two separate reports from Moody’s Investors Service and the Royal Bank of Scotland (RBS). And the rate of homeowners behind on their subprime mortgage is lower across all levels of days past due, albeit at different speeds.”

Housing Wire“Fiserv Sees Buyer ‘Optimism’ Behind Home Price Increases” (6-14-10)

“Home prices trended up in more than 40% of metropolitan areas (155 of 384 markets) in Q409, including markets in California, Ohio, Michigan and Washington DC, according to analysis of price trends by financial data services provider Fiserv. On average, home prices were down 2.5% in Q409 from the year-ago quarter, which Fiserv noted could be due to continued high unemployment levels, rising interest rates and a high volume of distressed property in markets like Florida, Arizona and Nevada. The data studied for the quarterly report is based on the Fiserv Case-Shiller Indexes.”

Bloomberg - “Equity Residential May Start California Project Within a Year” (6-14-10)

“Equity Residential, the largest publicly traded U.S. apartment landlord, may start building a new development in California within the next year, Chief Executive Officer David Neithercut said. U.S. apartments may lead a rebound in commercial real estate as the economy adds jobs, property research firm Reis Inc. said in May. Vacancies probably will peak at 8.2 percent in 2010 and start to decline in 2011.”

Orange County Register“Portola Hills homes quickest to sell” (6-14-10)

“The ‘hardest’ O.C. town to find a home to buy in terms of ‘market time’ (supply of homes for sale vs. new purchase deals inked in past month) is Portola Hills at 1.3 months to theoretically sell all for-sale homes at the current buying pace. Or, looking at it another way: quickest to sell. A year ago, this town was at 0.6 months.”

Orange County Register“Home demand off 20% without tax break” (6-14-10)

“March and April’s surge due to the housing credit robbed May and June of normal activity. There is nothing cyclical about the recent swings in demand, but it is making its way back to normal. It should be back on track by July. Demand, the number of new pending sales over the prior month, decreased by 136 in the past two weeks and now totals 3,167. That is after a 603 home drop two weeks ago. For the first time since March 2008, demand is less than the prior year with 485 fewer pending sales.”

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.