The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘David H. Stevens’

By Bruce Norris .

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.

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 9/7/11

Wednesday, September 7th, 2011

Today’s News Synopsis:

Realty Times reported mortgage rates are continuing to remain steady due to people not wanting to take risks with the slow economy.  Mortgage applications decreased 4.9%, according to the Mortgage Bankers Association.  Los Angeles times reported an increase in the number of jobs posted and job openings in July, but the number of people looking for jobs continues to remain high.

In The News:

DS News - “NY Fed Economists Suggest State Aid for Unemployed Homeowners” (9-7-11)

“Two economists from the Federal Reserve Bank of New York suggest states may be able to help stabilize the housing market by making bridge loans to temporarily unemployed homeowners who struggle to make their monthly mortgage payments.”

Housing Wire - “Private-label RMBS players support MERS and stronger guarantees” (9-7-11)

“Investor wariness over risks associated with loan pools in residential mortgage-backed securities is stalling a recovery in the private-label market, industry experts said Wednesday. However, a recovery in the market is possible, experts say, as long as a few incentives are implemented.”

Realty Times - “Sluggish Economy Keeping Low Mortgage Rates in Place” (9-7-11)

“Recently reported data regarding U.S. jobs is having a negative impact on global markets throughout the world. As stocks have suffered, the sluggish economy is keeping low mortgage rates in place as investors continue to choose safe assets.”

Bloomberg - “Dodd-Frank Forces Early Call in SEC Probe of Former Fannie Mae Chief Mudd” (9-7-11)

“Last March the U.S. Securities andExchange Commission told Daniel Mudd, former head of Fannie Mae, that he could face claims for his role in the firm’s collapse.  He may be the first chief executive officer to benefit from a rule that regulators sue or drop such cases within six months.”

Inman - “Lyon Real Estate names new president” (9-7-11)

“The largest brokerage in the Greater Sacramento, Calif., market, Lyon Real Estate, has a new president, Pat Shea, a 22-year industry veteran with roots in the area.”

Los Angeles Times - “Despite growth in job openings, job seeker ratio remains high” (9-7-11)

“Employers posted 3.2 million job openings in July, a slight uptick from June, as industries such as manufacturing, arts and entertainment added positions, according to new data from the Bureau of Labor Statistics.
There were 1.1 million more job openings in July than there were the previous year, according to the Job Opening and Labor Turnover Summary, or JOLTS.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-7-11)

“Mortgage applications decreased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 2, 2011.”

O.C. Register - “Calif. property tax values see 1st gain in 3 years” (9-7-11)

“Taxable property values in California saw their first gain in three years, but the increase was a mere 0.3 percent, the state Board of Equalization has reported.”

DS News - “GSEs’ Long Run of Declining Delinquencies Comes to an End” (9-7-11)

“For the first time in over a year neither Fannie Mae or Freddie Mac are showing any downward movement in their seriously delinquent mortgage rates.”

Housing Wire – “Freddie Mac offers mortgage relief to borrowers hurt by Hurricane Irene” (9-7-11)

“Freddie Mac is suspending foreclosure and eviction proceedings up to 12 months for distressed homeowners with property damaged by Hurricane Irene.”

Mortgage Bankers Association - “MBA Hires Jeffrey Schummer to be Vice President of Education” (9-7-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Jeffrey M. Schummer as Vice President of Education. In this role, Schummer will be driving the strategic vision,
development and growth of MBA’s educational programs.”

Looking Back:

According to SiteSelection, California experienced a loss in total migration. FHA was beginning to permit lenders to give more borrowers refinanced loans backed by the government. Trepp reported the delinquency rate for commercial mortage-backed securities increased to 8.92%. Zillow claims mortgage rates increased to 4.27% the previous week.

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.

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

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

Monday, August 8th, 2011

Today’s News Synopsis:

In the wake of the U.S. credit rating being dropped, stocks decreased and the Dow is now below 11,000, the lowest it has been since November.  Bloomberg reported Bank of America was sued by AIG in regards to false information regarding mortgage-bond investments.  Inman reported rentals are increasing while homeownership is decreasing.   

In The News:

CNN Money - “Stocks Plunge Following S&P Downgrade” (8-8-11)

“U.S. stocks plunged deep into the red on Monday as fearful investors faced the news that the United States had lost its coveted “AAA” credit rating.”

Mortgage Bankers Association - “MBA Hires Brian Hartman to be Associate Vice President of Marketing” (8-8-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Brian Hartman as Associate Vice President of Marketing. In this role, he will help develop, execute and manage MBA’s direct marketing programs.’“

Bloomberg - “AIG Plans to Sue Bank of America Over Losses Tied to Mortgage Underwriting” (8-8-11)

“American International Group Inc. (AIG), the bailed-out insurer, sued Bank of America Corp. over $10 billion in losses on mortgage-bond investments. The bank dropped 16.5 percent in New York trading.”

DS News - “Servicers’ Policies on Foreclosures in Bankruptcy Courts Being Examined” (8-8-11)

“Eleven mortgage servicers recently received letters from two senators inquiring about their policies regarding foreclosures in bankruptcy courts.”

Inman - “Demand for real estate rentals rises, homeownership rate drops” (8-8-11)

“In the teeter-tottering relationship between rental housing and homeownership, demand for rentals stayed up in the second quarter of 2011 while homeownership remained static, according to residential vacancy and homeownership data released by the U.S. Census Bureau at the end of July.”

Housing Wire – “Freddie Mac narrows loss in 2Q” (8-8-11)

“Freddie Mac swung to a $2.1 billion loss in the second quarter following a profit in the first quarter.  But Freddie narrowed its loss from the $4.7 billion loss it recorded in the year-ago period.”

Realty Times - “Real Estate Outlook: Market Continues to Struggle” (8-8-11)

“Will a change to the mortgage interest deduction threaten a housing market recovery? This is the message from the National Association of Realtors® (NAR). “As the leading advocate for housing and homeownership, NAR firmly believes that the mortgage interest deduction is vital to the stability of the American housing market and economy,” says NAR Chief Economist Lawrence Yun. “The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working middle-class families”.”

Bloomberg - “Bulk Buying Would Ease Home Crisis, Morgan Stanley Analysts Say” (8-8-11)

“Encouraging investors to buy foreclosed homes in bulk would help shrink the U.S. housing surplus, stabilize property prices and provide affordable rentals, Morgan Stanley (MS) housing analysts said in a report today.”

Rismedia - “June Prices Still in Red; Northeast Booms” (8-8-11)

“National average home prices in June were still 7.9 percent below a year ago, which was the height of the boomlet spawned by the tax credit. However, prices are still up 4.1 percent over the first quarter.”

Housing Wire – “Mortgage credit growth drops 4% over last year” (8-8-11)

“Credit conditions across the United States remained mixed in July, with growth in new mortgage credit slipping 4% in July compared to year-ago levels, according to a new report from CreditForecast.”

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »