California Real Estate Investing News

Posts Tagged ‘Department of Commerce’

Mid-Tier Homes are Housing Recovery’s Achilles Heal

Monday, August 3rd, 2015

 

Today’s News Synopsis:

 

According to both the U.S. Census Bureau and the Department of Commerce, spending on construction increased 0.1% in June.  At the same time, the number of borrowers considered underwater is showing signs of decrease at at faster rate than usual.  The latest report from Clear Capital showed the biggest weakness in helping the economy recover is mid-tier houses.

 

In The News:

DS News “Third Circuit Court Rules in MERS’ Favor in Pennsylvania County Recording Case” (8-3-15)

“The U.S. Court of Appeals for the Third Circuit on Monday ruled in the favor of MERSCORP Holdings that the company was not duty-bound by the Pennsylvania recording statute to record all land conveyances, according to an announcement from MERS.”

Mortgage Professional America – “Morning Briefing: Home prices in Texas hit all-time high” (8-3-15)

“Home prices in Texas hit their highest-ever level in the second quarter of this year while sales have continued to see high demand. Median prices have increased by 8.1 per cent to $200,000 with average prices up 9 per cent to $258,786 in the second quarter of 2015 compared to a year earlier.”

Bloomberg – “Manufacturing in U.S. Cooled in July From Five-Month High” (8-3-15)

“Manufacturing in the U.S. cooled in July from the highest level in five months, a sign of fitful progress in the industry.  The Institute for Supply Management’s index fell to 52.7 from a June reading of 53.5 that was the fastest since the start of the year, a report from the Tempe, Arizona-based group showed Monday.”

Housing Wire“Construction spending rises 0.1% in June” (8-3-15)

“Construction spending during June 2015 was estimated at a seasonally adjusted annual rate of $1,064.6 billion, 0.1% (±1.5%) above the revised May estimate of $1,063.5 billion, the U.S. Census Bureau of the Department of Commerce reported Monday.”

DS News “Goldman Sachs Agrees to $270 Million RMBS Settlement with Pension Funds” (8-3-15)

“Goldman Sachs has agreed to pay approximately $270 million to resolve claims that it sold billions of dollars worth of faulty residential mortgage-backed securities (RMBS) to investors, according to multiple media reports.”

Mortgage Professional America – “CFPB tells lenders to back off MSAs” (8-3-15)

“The Consumer Financial Protection Bureau wants mortgage lenders to back off using marketing services agreements.  The agreements are a common practice in the industry, but the CFPB says they’re too easy to abuse. The agency has gone after several lenders in recent months, issuing fines for alleged kickbacks and other MSA-related violations, according to HousingWire.”

DS News “Number of Underwater Borrowers is Declining at an Accelerated Pace” (8-3-15)

“The number of borrowers who have negative equity (“underwater” on their mortgages), declined by approximately one million (a 26 percent drop) in the five-month period from January 1, 2015, until the end of May, according to Black Knight Financial Services’ June 2015 Mortgage Monitor released Monday.”

Housing Wire “The housing recovery’s great big weak spot: Mid-tier homes” (8-3-15)

“The July market report from Clear Capital shows that trends have been manifesting across price tiers, and it shows that the biggest segment of housing — mid-tier priced homes — is doing the worst.”

Mortgage Professional America – “Mortgage servicers play critical role in how U.S. foreclosures affect communities” (8-3-15)

“Mortgage servicers can play a critical role in whether communities experience the negative effects of foreclosure sales, according to a new study.  The study, conducted by Abt Associates senior analyst Hannah Thomas, found that the sales practices favored by mortgage servicers generally favor investor-buyers.”

DS News – “Industry Analyst Defends Massive Pay Hike for Fannie Mae and Freddie Mac CEOs “ (8-3-15)

“The debate continues as to what the compensation level for the CEOs of Fannie Mae and Freddie Mac should be since FHFA Director Mel Watt announced on July 1 that the top executives at the GSEs would each be receiving raises from $600,000 annually to about $4 million.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.

 

Areas Hit Hardest By Crisis Were Positively Effected By Freddie Mac’s Take Root Program

Tuesday, July 28th, 2015

 

Today’s News Synopsis:

 

The homeonwership rate decreased in the second quarter to its lowest in almost 50 years at 63.4%.  The program established by Freddie Mac after the housing crisis called the Take Root Program has proven very useful in areas hit hardest by the crisis.  The House Committee is reviewing Dodd-Frank to see how well it has helped Americans.

 

In The News:

Bloomberg – “U.S. Homeownership Rate Falls to the Lowest Level Since the 1960s” (7-28-15)

“The share of Americans who own their homes fell to the lowest level in almost five decades, extending a multiyear decline as families struggle to regain ground lost during the financial crisis and rentals gain favor.”

DS News “GAO Reports ‘Limited Initial Effects’ of QM and QRM Regulations” (7-28-15)

“In a report examining the effects of the CFPB’s regulations establishing standards for qualified mortgage (QM) loans and the final qualified residential mortgage (QRM) rule jointly issued by six agencies, the Government Accountability Office (GAO) found that these regulations would have “limited initial effects” because recent loans already largely conformed with criteria set forth by the QM rule.”

Housing Wire“Key housing, mortgage finance bills facing markup in House” (7-28-15)

“The full House Financial Services Committee meets today to markup several bills of critical interest to the mortgage finance and housing industries, including a measure to formalize the TRID “hold harmless” grace period and a cap on CEO compensation for Fannie Mae and Freddie Mac.”

Mortgage Professional America – “Originators to see an influx of rate shoppers?” (7-28-15)

“Mortgage loan officers are too familiar with potential clients who flee deals in the 11th hour for a slightly lower rate, and they may now have to deal with the issue more often following a CFPB mortgage study and the advice it has spawned.”

DS News “Mission Capital to Advise on $57.6 Million Loan Sale for FDIC” (7-28-15)

“New York-based real estate capital markets solutions firm Mission Capital Advisors has announced that the Federal Deposit Insurance Corporation (FDIC) has retained the firm’s Commercial Loan Sales and Trading Group as the loan sale advisor on a diverse portfolio of loans with an aggregate unpaid principal balance of $57.6 million.”

Housing Wire“CFPB orders Paymap to repay $33.4 million for deceiving customers” (7-28-15)

“The Consumer Financial Protection Bureau announced Tuesday that it is ordering Paymap, a Colorado-based payment processing company, to return $33.4 million to consumers for falsely promising mortgage savings to borrowers who used their biweekly mortgage payment program.”

Mortgage Professional America – “Bank delivers important indication of housing market recovery” (7-28-15)

“It’s the little engine that could, as U.S. home sales chugged to a high not seen since the economic downturn, according to one big Canadian Bank.  According to the report, both single family homes increased month-over-month by 2.8 percent and multi-family homes (+6.6 percent, month-over-month) – and home sales hit their highest level in over eight years, providing another indicator that the housing market is continuing its impressive recovery.”

DS News – “House Committee Examines Dodd-Frank’s Impact On American Prosperity” (7-28-15)

“The second in a series of three full Committee hearings examining the impact of the Dodd-Frank Act on American prosperity, freedom, and financial stability five years after the controversial law was enacted took place in the House Financial Services Committee on Tuesday.”

Housing Wire“Homeownership rate drops to 48-year low” (7-28-15)

“The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967, according to data from the Department of Commerce’s Census Bureau.”

DS News “Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas” (7-28-15)

“Freddie Mac’s Take Root program in Milwaukee, one of the areas hit hardest by the foreclosure crisis, has resulted in more than 16,400 low- to moderate-income residents being able to buy or fix a home, strengthen finances, or avoid foreclosure, according to an announcement on Freddie Mac’s blog on Tuesday.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Copyright: Image from www.flickr.com/photos/martinlabar/

 

Looking Back:

Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB was scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations.

 

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.

 

 

Regulator Test Failed by Several Big Banks

Wednesday, July 1st, 2015

 

Today’s News Synopsis:

 

According to Fannie Mae’s latest Housing Insight Report, the homes more millennials prefer are single-family.  Spending on construction increased 0.8% in May, although spending on residential properties was below expectations.  Several big banks, including Wells Fargo, JPMorgan Chase U.S. Bancorp, failed on their regulator satisfactory tests.

 

In The News:

Housing Wire – “Construction spending rises in May but residential component weak” (7-1-15)

“Construction spending during May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8% above the revised April estimate of $1,027.0 billion, the U.S. Census Bureau of the Department of Commerce announced today.”

Mortgage Professional America – “California leads pack in hottest housing markets” (7-1-15)

“California continued to dominate the list of the hottest U.S. housing markets in June – but if recent trends continue, housing markets across the country are on their way to being the best since 2006, according to new data from realtor.com.”

DS News “CFPB Asks For Comments on Enhanced Consumer Complaint Database” (7-1-15)

“The Consumer Financial Protection Bureau (CFPB) has issued a request for information regarding its consumer complaint database after going live with an enhanced version of the database last week, according to the CFPB.”

Mortgage Bankers Association – “Mortgage Applications Drop in Latest MBA Weekly Survey as Rates Increase” (7-1-15)

“Mortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 26, 2015.”

Bloomberg – “Oaktree, JPMorgan Buy $3.2 Billion of Loans From Commerzbank” (7-1-15)

“Commerzbank AG sold 2.9 billion euros ($3.2 billion) of commercial real estate loans to Oaktree Capital Group LLC and JPMorgan Chase & Co., making headway with its plan to reduce riskier assets.”

DS News “Freddie Mac’s Mortgage Portfolio Expands for Eighth Time in Nine Months” (7-1-15)

“Freddie Mac’s total mortgage portfolio expanded at an annualized rate of 2.2 percent in May up to a balance of about $1.919 trillion, an increase of about $3.5 billion from April, according to Freddie Mac’s May 2015 Monthly Volume Summary.”

Housing Wire“Millennials demand single-family homes” (7-1-15)

“Young adults prefer single-family homes, and in fact, 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than their predecessors, Fannie Mae’s latest Housing Insight report showed.”

DS News – “Newspaper Files Motion to Unseal Depositions in Fairholme GSE Profits Lawsuit” (7-1-15)

“The New York Times Company has filed a motion with the U.S. Court of Federal Claims to intervene and to have the “protected information” designation removed from the testimony of key government officials in Fairholme Funds’ GSE profits lawsuit.”

Mortgage Professional America – “Big banks fail regulator tests” (7-1-15)

“Despite promising to rectify numerous foreclosure abuses, Wells Fargo, JPMorgan Chase U.S. Bancorp and several others have not properly satisfied the regulators.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Copyright: Image from www.flickr.com/photos/phobia/

 

Looking Back:

Zillow and Bloomberg recently collaborated to come up with a list of the twenty most risky and most stable markets in the U.S.  Hartford, Connecticut was found to be the most risky while Buffalo, New York was the most stable.  Due to the booming commercial mortgage market, more and more debt from the bubble was being shaved off and helping the market improve.  A recent dismissal of a lawsuit against MERSCORP was affirmed by the U.S. Court of Appeals.

 

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.

 

 

Household debt continues to increases despite delinquency rates showing signs of improvement

Monday, June 1st, 2015

 

 

Today’s News Synopsis:

 

Household debt continues to increases despite delinquency rates showing signs of improvement.  Spending on construction increased 2.2% in April according to the U.S. Census Bureau of the Department of Commerce.  Richard Green is the new senior advisor for HUD’s housing finance.

 

In The News:

Bloomberg – “Fed’s Fischer Says Real Estate a Crisis Risk in Some Countries” (6-1-15)

“Fed Vice Chair Stanley Fischer says he doesn’t ‘at present see a major financial crisis on the horizon. But whenever you say that, you know you’re looking for trouble.'”

DS News – “Household Debt Outstanding Inches Upward While Delinquency Rates Are Improving” (6-1-15)

“Total household debt outstanding increased by about $24 billion up t0 $11.85 trillion (an increase of about 0.2 percent) from the fourth quarter of 2014 to the first quarter of 2015, according to the Federal Reserve Bank of New York’s quarterly Household Debt and Credit Report.”

Housing Wire“HUD selects Richard Green as senior advisor for housing finance” (6-1-15)

“The U.S. Department of Housing and Urban Development appears to have found a replacement for former HUD Senior Advisor Edward Golding, who recently took over as head of the Federal Housing Administration.”

NAHB – “Increasing Housing Affordability Opens Doors to Homeownership for More Americans” (6-1-15)

“As America’s home builders celebrate National Homeownership Month in June, lower interest rates and home prices are boosting housing affordability across the country.  According to the latest NAHB/Wells Fargo Housing Opportunity Index, 66.5% of new and existing homes sold between January and the end of March were affordable to families earning the U.S. median income of $65,800.”

DS News – “Nevada Senate Passes Bill to Amend ‘Superiority-Priority Lien’ Law” (6-1-15)

“The Nevada State Senate passed a bill at the last minute just before the end its legislative session that revises the provisions of a law that allows homeowner’s associations (HOAs) to foreclose non-judicially on a residential home when the homeowner’s HOA dues become delinquent, according to the Nevada State Legislature.”

Housing Wire – “Construction spending up 2.2% in April” (6-1-15)

“The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2015 was estimated at a seasonally adjusted annual rate of $1,006.1 billion, 2.2% (±1.5%) above the revised March estimate of $984.0 billion.”

DS News “Millennials Leading Revival In Urban Areas, According to Home Value Forecast” (6-1-15)

“In an examination of whether millennials are helping inner cities experience a rebirth, the authors of ProTeck Valuation’s Home Value Forecast (HVF) for May determined that while some urban areas with populations dominated by millennials are thriving, urban recovery is still happening slowly nationwide, according to a press release from ProTeck on Monday.”

Housing Wire – “Supreme Court rejects 2nd lien stripping in Chapter 7 bankruptcies” (6-1-15)

“The Supreme Court of the United States held in a unanimous decision announced today that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code.”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.


 

Mortgage Debt Being Handled More Efficiently Due to Decrease in Delinquencies and Write-Offs

Wednesday, May 20th, 2015

 

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 1.5% decrease in mortgage applications from last week.  Mortgage debt is being handled better due to the decrease in delinquencies and write-offs.  Changes to the TILA-RESPA rule could lead to increased risk for mortgage-backed securities according to Moody’s Investors Service.  The median home price in California increased above $400,000, putting it at its highest in 8 years.

 

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-20-15)

“Mortgage applications decreased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2015.”

DS News – “With Fewer Write-Offs and Severe Delinquencies, Borrowers Are Managing Mortgage Debt Better” (5-20-15)

“Borrowers are managing their mortgage debt better, reporting substantial declines in write-offs and severe delinquency rates, according to Equifax’s Q1 2015 National Consumer Credit Trends Report released earlier this week.”

Bloomberg – “Auction.com to Market U.S. Real Estate to Chinese Buyers” (5-20-15)

“Chinese investors will have a new way to buy U.S. commercial real estate without leaving home.  International property website Juwai.com formed a venture that will open Auction.com LLC’s real estate sales to Chinese-speaking users in mainland China and elsewhere. While the offerings will focus initially on apartments, hotels, retail properties and office buildings, U.S. homes will probably be added as well, the companies said in a statement Wednesday.”

Mortgage Professional America“Privatizing Fannie & Freddie could send mortgage rates soaring – – report” (5-20-15)

“Many frustrated shareholders in Fannie Mae and Freddie Mac want the mortgage finance giants released from federal control, so they can reap the profits of their investments. But that might not be so great for the mortgage industry, according to a new study.”

Housing Wire – “Moody’s: New mortgage disclosure rule will increase risk for US RMBS” (5-20-15)

“The initial operational challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure Rule rule, along with the potential for increased costs in the event of non-compliance, raise the risk of losses for RMBS trusts, according to a report from Moody’s Investors Service.”

Mortgage Professional America – “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)

“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce.  The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”

DS News – “Black Knight Financial Services Debuts IPO at a Total Price of $441 Million” (5-20-15)

“An initial public offering (IPO) of 18 million shares of Class A common stock from Black Knight Financial Services, a Jacksonville, Florida-based technology, data and analytics solutions provider for the mortgage industry, debuted Wednesday morning at the New York Stock Exchange.”

Housing Wire – “Progress Residential announces third single-family rental securitization” (5-20-15)

“Progress Residential’s third single-family rental securitization is getting ready to hit the market, which will be collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income-producing single-family homes.”

Property Radar – “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007” (5-20-15)

“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors.  According to the latest Realty Trac report, countries with one in five homeowners underwater were inhabited by almost 1/3 of Americans.  The total number of people underwater was at about 9.7 million, while more first-time homebuyers were underwater compared to higher-priced homes.

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.


 

Mortgage Servicing Rules for the GSEs Undergoing Revisions by the FHFA

Monday, March 2nd, 2015

 

Today’s News Synopsis:

Sales of pending homes increased 1.7% in January to 104.2, putting them at their highest in a year and a half.  Spending on construction was slower at $971.4 billion, down 1.1% from $982 billion.  Rules and regulations regarding mortgage servicing for Fannie Mae and Freddie Mac are undergoing revisions by the FHFA.

In The News:

Mortgage Professional America“Pending home sales reach highest level since August 2013” (3-2-15)

“Improved buyer demand at the beginning of 2015 pushed pending home sales in January to their highest level since August 2013, according to the National Association of Realtors (NAR).”

Housing Wire – “Construction spending slows in January” (3-2-15)

“The U.S. Census Bureau of the Department of Commerce announced Monday that construction spending during January 2015 was estimated at a seasonally adjusted annual rate of $971.4 billion, 1.1% below the revised December estimate of $982.0 billion.”

Mortgage Professional America“Daily Market Update: Home goes missing, yes, the entire house” (3-2-15)

“It’s a bizarre case but a log cabin in Oregon was reported stolen by its co-owner.  The 1,400-square-foot home located in a remote site about 270 miles south of Portland disappeared last week promoting the owner to contact the bemused local police.”

Housing Wire“FHFA revamps nonperforming mortgage servicing rules for Fannie and Freddie” (3-2-15)

“The Federal Housing Finance Agency is setting up new requirements for sales of nonperforming loans by Freddie Mac and Fannie Mae to help insure the loans go into the hands of more experienced, empathetic and capable mortgage servicers.”

DS News – “Survey: Fannie Mae, Freddie Mac Should Take On More Risk-Sharing Transactions” (3-2-15)

“Fannie Mae and Freddie Mac should take on more risk-sharing transactions, according to a vast majority of survey respondents in the March 2015 Mortgage Industry Outlook Report released Monday by The Collingwood Group and The Five Star Institute.”

Housing Wire“Clear Capital: San Francisco facing bubble 2.0?” (3-2-15)

“A new report from Clear Capital says that while four of the California Bay Area’s nine counties are near or exceeding their pre-meltdown valuation highs, local market forces will keep bubble-like behavior at bay for the rest of the state and throughout the nation.”

Mortgage Professional America“Ocwen loses two mortgage servicing contracts” (3-2-15)

“Troubled mortgage servicer Ocwen Financial Corp. has announced that it had is been terminated from overseeing debt backing two bond deals and for their handling of home loans.”

 

Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $300,000 on a 3 bedroom, 3 bathroom home appraised for $445,000.

Vista Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

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

Copyright: Image from www.flickr.com/photos/applerealty/


 

Over 5 Million Potential Households Lost as More Millennials are Living at Home

Monday, November 3rd, 2014

Copyright: Image from www.flickr.com/photos/59937401@N07/

 



Today’s News Synopsis:

Spending on construction is down for the second month in a row, having decreased by 0.4% in September.  First-time home purchases also decreased to 33% from 38%, its lowest level in almost 30 years.  In a case of “doubling up,” over 5 million households have been lost due to rising costs outweighing income and an increase in millennials living with parents and roommates.

In The News:

Los Angeles Times – “First-time home buying hits lowest level in nearly three decades” (11-3-14)

“First-time home buyers aren’t buying homes like they used to.  The share of houses bought by first-time owners is at its lowest level in nearly three decades and down sharply from 2013, according to a new survey out Monday from the National Assn. of Realtors.”

Mortgage Professional America – “California organizations urge CFPB to increase mortgage disclosure transparency” (11-3-14)

“Forty-one California organizations joined the California Reinvestment Coalition (CRC) in calling on the Consumer Financial Protection Bureau (CFPB) to bringing greater transparency to the Home Mortgage Disclosure Act (HMDA).”

Housing Wire – “Zillow: Millions of potential houses lost to ‘doubling up'” (11-3-14)

“It’s not just millennials that are moving back in with mom and dad. The number of Americans living with roommates or adult family members jumped to more than a third of U.S. adults in 2012, up from 27.4% in 2006, a new report from Zillow said.”

DS News“Five States Account for 44 Percent of 12-Month Foreclosure Sum in September” (11-3-14)

“Just as they did in August, the same five states accounted for nearly half of all completed foreclosures in the U.S. for the previous 12-month period, according to CoreLogic’s September 2014 National Foreclosure Report released last week.”

Mortgage Professional America – “Is it time for a new credit-scoring system?” (11-3-14)

“For years Fannie Mae and Freddie Mac have used the FICO model to test the creditworthiness of borrowers, but a different scoring system may be giving lenders pause.”

Housing Wire “Construction spending declines for second month” (11-3-14)

“For the second month in a row construction spending took a downturn, dropping 0.4% in September after August’s 0.8% drop.  The U.S. Census Bureau of the Department of Commerce said Monday that construction spending during September 2014 was estimated at a seasonally adjusted annual rate of $950.9 billion, below the revised August estimate of $955.2 billion.”

Inman“Survey confirms yard signs, open houses taking a back seat to mobile” (11-3-14)

“It’s official: Homebuyers, particularly young ones, are now more likely to get information from mobile apps and websites than yard signs and open houses, according to an annual survey released today by the National Association of Realtors.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 2 bedroom, 2 bathroom home appraised for $128,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

 

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 1/31/14

Friday, January 31st, 2014

Sources:

FDIC Marks Second Bank Collapse of 2014
HUD and Census Bureau Report New Residential Sales in December

Today’s News Synopsis:

This week’s video is a slideshow of highlights from the news of the week.  The homeownership rate decreased in the fourth quarter to 65.2%.  This comes with the increase in the cost to borrow and tighter credit.  U.S. mortgage securities backed by the government increased by 1.5%, the most since 2008.  The amount of vacant homes is still high in the marketplace despite tighter levels of housing inventory.

In The News:

DS News “FHA to Accept e-Signatures on More Documents” (1-31-14)

“In its ongoing bid to modernize its processes, the Federal Housing Administration (FHA) has granted expanded authority to lenders to accept e-Signatures on loan documents.”

Housing Wire“America still has plenty of vacant homes” (1-31-14)

“Despite tighter housing inventory levels, the number of vacant homes in America remains somewhat elevated.  The overall year-round vacancy rate hit 10.2% when accounting for total housing units, while approximately 2.7 of the total units were for rent, the Department of Commerce’s Census Bureau said.”

Bloomberg “U.S. Homeownership Rate Falls on Highers Costs for Buyers” (1-31-14)

“The homeownership rate in the U.S. declined in the fourth quarter as higher borrowing costs and tight credit blocked many first-time buyers.”

CNN Money“Goldman’s Blankfein gets $14.7 million in stock” (1-31-14)

“It’s another big CEO payday on Wall Street.  Goldman Sachs says CEO Lloyd Blankfein will receive shares in the firm currently worth $14.7 million, and that will be only part of his pay package.”

Housing Wire “NY Court signs off on $8.5B BofA settlement over pooled mortgages” (1-31-14)

“After more than two years of legal wrangling, a New York judge signed off on a controversial $8.5 billion settlement between Bank of America (BAC) and The Bank of New York Mellon over toxic mortgage securities.”

Mortgage Professional America – “RealtyTrac names ’20 best places to buy foreclosures'” (1-31-14)

“Most large metro markets in the U.S. saw increased foreclosure activity in 2012, according to a report from foreclosure data aggregator RealtyTrac.”

Bloomberg“Mortgage Bonds Poised for Biggest Gains Since 2008 in Reversal” (1-31-14)

“Government-backed U.S. mortgage securities are poised for their biggest monthly gains since 2008 after posting their first annual losses in 19 years, as investors seek havens amid turmoil in developing nations.”

Hard Money Loan Closed

Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 2 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Freddie Mac reported mortgage rates increased for the second week in a row, with 30-year rates at 3.353%, their highest in four months.  The Lender Processing Services reported trends in delinquencies, which increased 0.7% month-over-month in December, foreclosure starts up from 4.8%, and negative equity.  The FHA announced that they will raise premiums by 0.1% on new 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 1/15/13

Tuesday, January 15th, 2013


Today’s News Synopsis:

CoreLogic reported homes prices increased 7.4% last November to their highest in seven years.  An $8.5 billion foreclosure settlement with JP Morgan Chase has finally come to an end, but with it came the layoff of 839 employees.  The housing market is recovering faster than anyone originally thought, leading to many homeowners coming out from underwater.

In The News:

Housing Wire“Home prices up the most since 2006” (1-15-13)

“Home prices nationwide, including distressed sales, rose 7.4% year-over-year in November, according to the latest home price index from CoreLogic ($26.34 0%).”

DS News“Retail Activity Beats December Forecasts” (1-15-13)

“Total retail sales rose 0.4 percent in December, the Department of Commerce reported Tuesday.”

Bloomberg“Recovery in U.S. Saving 8 Million Underwater Homeowners” (1-15-13)

“The housing market is rebounding faster than anyone thought possible, according to Blackstone Group LP (BX)’s global head of real estate Jonathan Gray, as the Federal Reserve buys mortgage bonds to keep rates near record lows and investors sop up a diminishing supply of properties for sale.”

Inman“New mortgage rules could crimp lending” (1-15-13)

“Though the new “ability to pay” (aka Qualified Mortgage or QM) rules released last week by the Consumer Financial Protection Bureau drew extensive media coverage, there are still widespread misunderstandings about how they’ll work in practic.”

Housing Wire“Carrington offers 203K loans for fixer-uppers” (1-15-13)

“Lender and servicer Carrington Mortgage Services has not been shy about expanding at a time when the basic nature of lending and servicing remains in transition.”

CNN Money“Construction jobs: Not quite a comeback yet” (1-15-13)

“Some construction firms expect to hire more workers in 2013, but don’t call it a comeback just yet.  About 31% of construction companies plan to hire workers this year, while only 9% of firms plan to cut jobs.”

Bloomberg“Appraisal Standards for Higher-Risk Mortgages Approved by FDIC” (1-15-13)

“U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms.”

DS News“End of Foreclosure Review Leads to 839 Layoffs at JPMorgan” (1-15-13)

“The $8.5 billion foreclosure settlement on January 7 led to the conclusion of the Independent Foreclosure Review, and it also led to the layoff of more than 800 contract workers at JPMorgan Chase, according to a report from the Wall Street Journal.”

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2 bathroom home appraised for $375,000.

 

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.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 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 4/30/12

Monday, April 30th, 2012

Today’s News Synopsis:

The number of closed banks is now at 22 with the closure of five more banks last Friday.  The home ownership rate is at its lowest in 15 years at 65.5%, while at the exact same time the number of families renting is now at its highest in 15 years, showing that more people are renting than buying.  The decision to allow principal reduction on mortgages provided by Fannie Mae and Freddie Mac is being postponed by the FHFA.

In The News:

Bloomberg“Debt ‘Bubble’ in Property Is Like 2007, Sterlicht Says” (4-30-12)

“Competition to buy high-quality commercial real estate has led to a debt “bubble” in some U.S. property sectors, said Barry Sternlicht, chief executive officer of Starwood Capital Group LLC.”

DS News“Regulators Shut Down Five Banks Friday, Raising 2012 Tally to 22” (4-30-12)

“After what seemed to be a slow month for bank closings, with just one closing April 20 for the entire month, the FDIC announced five bank closings Friday, raising the national tally of failed banks to 22 so far this year.”

Realty Times“Real Estate Outlook: Sales Declined in March “ (4-30-12)

“Good weather and a drop in unemployment aren’t having the positive affect on home sales that builders would like. According to the latest figures from HUD and the U.S. Commerce Department, the sales of newly built, single-family homes declined 7.1 percent for the month of March.”

Housing Wire“FHFA delays principal reduction ruling” (4-30-12)

“The Federal Housing Finance Agency delayed its decision to allow principal reduction on Fannie Mae and Freddie Mac mortgages.  American Banker first reported the development Friday. A spokesperson confirmed the delay.”

DS News“Homeownership Rate Falls to 15-Year Low” (4-30-12)

“The nation’s homeownership rate (seasonally adjusted) dropped to 65.5 percent in the first quarter, its lowest level since the first quarter of 1997, the Census Bureau reported Monday.”

Inman“Zillow’s new Android app only for rentals” (4-30-12)

“Property search and valuation site Zillow today released its first mobile application devoted solely to rentals.”

Housing Wire“American family rentals reach 15-year high” (4-30-12)

“The nation’s rental and homeowner housing vacancy rates declined in the first quarter as supply conditions in the rental sector tightened and the proportion of families renting reached a 15-year high.”

Wall Street Journal“Housing Ends Slide but Faces a Long Bottom” (4-30-12)

“Nearly six years after home prices started falling, more U.S. housing markets appear to be nearing a new phase: a prolonged bottom.  Hitting a bottom, of course, isn’t the same as a full-fledged recovery, which is still years off for many housing markets—as well as for millions of people who purchased homes or took cash out during the bubble.”

DS News“Consumer Spending Slows Sharply in March; Savings Rate Edges Up” (4-30-12)

“Consumer spending grew just 0.3 percent in March, down from the 0.9 percent growth in February, the Bureau of Economic Analysis reported Monday.”

Housing Wire“Federal Reserve: Banks to increase real estate loan exposure” (4-30-12)

“Borrower demand for prime residential mortgage loans is strengthening, causing some banks to anticipate increasing their exposure to such loans over the next year.

Bloomberg“Fed Says Banks Eased Loan Standards As Demand Increased” (4-30-12)

“U.S. banks saw increased demand for lending in the first quarter and made loans easier to get, according to a Federal Reserve survey.”

Hard Money Loan Closed

Loma Linda, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $167,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at South Bay on Thursday, May 03, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 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.