California Real Estate Investing News

Posts Tagged ‘Department of Housing and Urban Development’

Judge Tosses Lawsuit that DOJ and HUD Faced By Quicken Loans

Monday, January 4th, 2016

 

Today’s News Synopsis:

Zillow reported the value of residential homes in America totaled $28.5 trillion at the end of 2015.  The latest Home Price Index by Black Knight Financial Services showed home prices are continuing to increase, having increased 0.2% last October.  A federal judge just tossed a lawsuit that the Department of Justice and HUD were facing by Quicken Loans.

 

In The News:

Bloomberg – “U.S. Real Estate to Draw More Foreigners in 2016, Survey Says” (1-3-16)

“Most foreign investors expect to put more money into U.S. property this year than they did in 2015, with New York remaining the top target market worldwide, according to a survey by the Association of Foreign Investors in Real Estate.”

Realty Trac – “The Top Rental Scams and How to Avoid Them” (1-4-16)

“While Christina and I have focused our business on flipping houses, we know that a lot of real estate investors enjoy getting passive income on a regular basis from rental properties. Unfortunately, there are a lot of rental scams out there that you really need to be aware of if you’re going to hold rental properties.”

Mortgage Professional America – “Morning Briefing: US homes valued at $28.5 trillion at year end” (1-4-16)

“The total value of America’s residential real estate hit $28.5 trillion at the end of 2015 according to analysis by Zillow. The housing market added $1.1 trillion in value, a 4.1 per cent increase on 2014.”

Bloomberg – “Young Money: Solutions for Millennial Financial Worries” (1-4-16)

“Keep your spending mindful and your savings mindless. That’s one key bit of financial advice for millennials from Karen Carr, a 27-year-old certified financial planner with Society of Grownups, a personal finance education and planning company based in Brookline, Mass.”

Housing Wire – “Quicken Loans’ lawsuit against DOJ, HUD tossed out by federal judge” (1-4-16)

“A federal judge tossed out Quicken Loans’ lawsuit against the U.S. Department of Justice and the Department of Housing and Urban Development that alleged the lender was being forced to make public admissions that were blatantly false, as well as pay a penalty or face legal action.”

Bloomberg – “Canada Pension Adds U.S. Student Housing With Joint Venture” (1-4-16)

“Canada’s largest pension-fund manager made its first foray into U.S. student housing, forming a joint venture with the Scion Group LLC and Singapore’s GIC Pte. to purchase a group of properties for $1.4 billion.”

DS News“Home Prices Continue Steady Upward Move” (1-4-16)

“Despite seasonal changes, home prices continued their upward trend in October 2015.  Black Knight Financial Services’ Data and Analytics division released its October 2015 Home Price Index (HPI) report, finding that U.S. home prices rose marginally by 0.2 percent in October.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

 

 

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.

After Long Process, Fed Has Decided to Raise Interest Rates

Wednesday, December 16th, 2015

Today’s News Synopsis:

 

Breaking News: After a long process, the Fed made the decision today to raise interest rates by 25 basis points.  Housing starts for single-family homes increased 10.5% according to the U.S. Department of Housing and Urban Development and the Commerce Department.  Despite having been passed in October of last year, H.R. 3192 was not included in the year-end spending bill that was announced yesterday.

 

In The News:

DS News“It’s Official: The Fed Finally Raises Rates” (12-16-15)

“The Federal Reserve made the long-awaited, much-anticipated announcement on Wednesday afternoon that federal funds target rate will increase by 25 basis points from its near-zero level where it has been since 2006.”

Mortgage Bankers Association – “MBA Releases White Paper on Affordable Rental Housing and Need for Holistic Policy Solutions” (12-16-15)

“The Mortgage Bankers Association (MBA) today released a white paper outlining the importance of – and recommendations to expand – affordable rental housing.”

Housing Wire – “Fannie Mae: Expect 3 more Fed rate hikes in 2016” (12-16-15)

“December 16, 2015, will forever be known as the day that the Federal Open Market Committee increased the federal funds rate for the first time since June 2006, but one housing industry insider expects that this rate hike won’t be the last one — far from it, in fact.”

Realty Trac – “How Home Affordability Will Suffer as Interest Rates Rise: County-Level Heat Map” (12-16-15)

“With the Federal Reserve announcement today that it will be raising short-term interest rates by a quarter point — the first time it has done so since June 2006 — RealtyTrac took a look at the potential impact of rising interest rates on home affordability.”

Mortgage Professional America – “Morning Briefing: Buyers won’t be put off by higher interest rates” (12-16-15)

“With the Fed widely expected to increase interest rates by 25 basis points this week with further hikes to come, Zillow Mortgages has polled consumers to gauge how it might affect their home-buying plans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-16-15)

“Mortgage applications decreased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 11, 2015.”

NAHB – “Single-Family Starts Reach Seven-Year High in November” (12-16-15)

“Nationwide housing starts rose 10.5 percent to a seasonally adjusted annual rate of 1.173 million units in November, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Housing Wire – “TRID grace period bill looks for a plan B” (12-16-15)

“The Homebuyers Assistance Act, H.R. 3192, which passed the House in October by a vote of 303-121, failed to make it into the year-end spending bill that was announced late Tuesday.”

DS News – “GSEs Approaching Foreclosure Prevention Milestone” (12-16-15)

“The Federal Housing Finance Agency (FHFA), conservator of Fannie Mae and Freddie Mac, reported that the GSEs have completed almost three million home retention actions since the beginning of the conservatorships in September 2008.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

 Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

Production on new homes Decreased 1.6% the previous month according to NAHB.  Mortgage debt for commercial/multifamily properties increased by $28.6 billion, or 1.1%, its highest on record.  Freddie Mac reported that they expected to see  the highest amount of home sales in 2015.

 

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.





House Votes to Revise Qualified Mortgage Definition

Wednesday, November 18th, 2015

Today’s News Synopsis:

 

The House of Representatives voted today to revise the definition of the a qualified mortgage.  However, this new ruling is already under threat of veto.  Housing starts decreased by 11% with the decrease in multifamily housing.

 

In The News:

DS News – “Slight Increases In Mortgage Default Rates Should Not Raise Concerns” (11-18-15)

“The default rates for first and second mortgages has been up and down for nearly all of 2015, and in October, both rates were on the way up. The first mortgage default rate jumped by five basis points up to 0.81 percent and the second mortgage default rate spiked by nine basis points up to 0.56 percent, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for October 2015.”

Housing Wire – “House votes to revamp Qualified Mortgage rules” (11-18-15)

“The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape.”

NAHB“Multifamily Drop Pushes Housing Starts Down 11 Percent in October, Permits Rise” (11-18-15)

“Led by a steep drop in multifamily production, nationwide housing starts fell 11 percent to a seasonally adjusted annual rate of 1.06 million units in October, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Bloomberg – “CMBS Market Starts to Get ‘Frothy’ as Valuations Rise, Voya Says” (11-18-15)

“Voya Financial Inc.’s Christine Hurtsellers said she’s staying away from new issues of commercial mortgage-backed securities, echoing concerns from Federal Reserve officials and bond graders about loosening underwriting standards in the market.”

Housing Wire – “Despite slow down, California housing still on target for 2015 forecast” (11-18-15)

“Although California’s housing market softened in October as both statewide sales and median price contracted from the previous month, it is still on target to meet forecast projections, the California Association of Realtors reported.”

DS News – “Fed Reform, Mortgage Access Bills Under Threat of Veto from the White House” (11-18-15)

“Federal Reserve Chair Janet Yellen is not the only one who disapproves of a bill that calls for more transparency from the Fed. Now the White House is threatening to veto that bill as well as another piece of legislation that would allow loans in portfolio to qualify for an exemption under the Consumer Financial Protection Bureau (CFPB)’s qualified mortgage (QM) rule, which passed in the House on Wednesday.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-18-15)

“Mortgage applications increased 6.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 13, 2015.  This week’s results included an adjustment for the Veterans Day holiday.”

 

DS News – “Delgado Applauds Passage of Ohio Foreclosure Fast Track Bill, Urges Senate to Act” (11-18-15)

“On the topic of blight in residential neighborhoods, Ohio-based Safeguard Properties Chairman Robert Klein said, ‘A vacant and abandoned house is not a bottle of wine. It doesn’t get better with age.'”

 

Bruce and Aaron Norris will be speaking with the Inland Empire Real Estate Investment Club on Monday, November 23.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Image copyright source: www.flickr.com/photos/jeremybrooks

 

Looking Back:

The NAHB reported an increase in builder confidence by four points to 58.  Home affordability for the middle class decreased over the previous year as a result of increased home prices according to Trulia.  In addition, first mortgage default rates continued to show signs of increase according to S&P/Experian, having increased 0.96% from 0.93% the previous month.

 

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.

Money from Single-Family Rental Securitizations Now Higher Than $13 Billion

Wednesday, October 21st, 2015

 

Today’s News Synopsis:

Mortgage applications increased 11.8% from last week, driven by an increase in government applications.  Morningstar Credit Ratings announced the total amount issued from single-family rental securitizations is now higher than $13 billion.  HUD is hoping to provide harassment victims more protection through a new rule proposed today.

 

In The News:

Housing Wire – “HUD proposes new rule to further protect victims of harassment” (10-21-15)

“Victims of harassment in housing may soon have more protection, thanks to a new rule proposed Wednesday by the Department of Housing and Urban Development.”

Mortgage Bankers Association – “Government Applications Drive Increase in Latest MBA Weekly Survey” (10-21-15)

“Mortgage applications increased 11.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 16, 2015.  This week’s results include an adjustment to account for the Columbus Day holiday.”

DS News – “Fannie Mae Prices First Credit Risk Sharing Transaction Under Actual Loss Framework” (10-21-15)

“Fannie Mae announced on Wednesday the pricing of the latest risk sharing transaction under the Connecticut Avenue Securities (CAS) Series at $1.45 billion. The latest transaction is Fannie Mae’s 10th under the CAS Series and first CAS transaction structured for an actual loss framework.”

Mortgage Professional America – “Biggest TRID challenge coming” (10-21-15)

“Brokers are reporting TRID implementation has been relatively painless, especially considering the uncertainty of how it would impact the originations process, but they should be prepared for some disruption in the coming weeks, according to one player.”

Housing Wire “OCC: Credit risk now at the forefront of concern” (10-21-15)

“As the economy recovers and banks once again take on the risk of less-creditworthy borrowers, the Office of the Comptroller of the Currency has signaled that its focus is shifting, too — away from the operational and compliance risk it has emphasized since the financial crisis and back to credit risk.”

Mortgage Professional America – “Recovery continues in hard-hit market” (10-21-15)

“Sales prices in one distressed market have hit a 10-year high, according to recent statistics – pointing to a recovering market and higher potential for originators.”

DS News “Single-Family Rental Securitizations Surpass $13 Billion in Issuance in Just Two Years” (10-21-15)

“As a testament to the growing popularity of the single-family rental asset class, total issuance for 25 single-family securitizations in two years have amounted to $13.08 billion backed by loans on nearly 100,000 homes, according to an announcement from Morningstar Credit Ratings.”

 

Bruce Norris of The Norris Group is currently speaking at the AOA “Million Dollar” Trade Show and Landlording Conference.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

 

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

 

Looking Back:

Existing home sales increased by 2.4% the previous month to a 5.17 million annual rate, leading organizations like Capital Economics to be optimistic about the economy improving.  The Mortgage Bankers Association was also optimistic mortgage originations would increase 7% in 2015.  A new QRM rule was in the final states of being completed by financial regulators.

 

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.

Fed Finally Reaches Decision to Not Raise Interest Rates

Thursday, September 17th, 2015

Today’s News Synopsis:

 

The Fed has finally reached a decision to not raise interest rates for this month.  The NAHB reported a decrease in housing starts by 3%, putting them now at 1.126 million.  Freddie Mac reported mortgage rates have not shown much change with 30-year rates at 3.91% and 15-year rates at 3.11%.

 

In The News:

Housing Wire “Freddie Mac: Mortgage rates will weather any Fed interest rate hike” (9-17-15)

“Mortgage rates remained largely unchanged in the lead up to the Federal Open Market Committee’s announcement on Thursday on whether interest rates will rise or not, the latest Freddie Mac Primary Mortgage Market Survey said.”

NAHB – “Housing Starts Edge Lower in August, Permits Up” (9-17-15)

“Nationwide housing starts dropped 3 percent to a seasonally adjusted annual rate of 1.126 million units in August, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance rose 3.5 percent to a rate of 1.170 million.”

Housing Wire “It’s official: Fed punts on interest rate hike” (9-17-15)

“The Federal Reserve said today it is not raising federal funds interest rate this month.  “To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4% target range for the federal funds rate remains appropriate,” reads a statement from the Federal Open Market Committee.”

Bloomberg – “Under the Hood of the U.S. Housing Starts Is Tamer Rental Inflation” (9-17-15)

“Here’s one key takeaway from the Commerce Department’s report Thursday in Washington that showed housing starts fell in August, indicating the real-estate recovery will take time to evolve.”

Housing Wire “Fannie Mae: Lenders say it’s now easier to get a mortgage” (9-17-15)

“Lenders witnessed an easing in lending standards across all loan types over the third quarter, according to Fannie Mae’s third quarter 2015 Mortgage Lender Sentiment Survey.”

Mortgage Professional America “US consumer borrowing jumps $19.1 billion in July to record $3.45 trillion” (9-17-15)

“U.S. consumer borrowing climbed to a fresh record in July, the latest evidence that the U.S. economy is on track to grow at a healthy pace in the second half of this year.”

Housing Wire – “Fannie Mae says housing can survive market volatility this year” (9-17-15)

“Mortgage rates remained largely unchanged in the lead up to the Federal Open Market Committee’s announcement on Thursday on whether interest rates will rise or not, the latest Freddie Mac Primary Mortgage Market Survey said.”

 

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

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

 

Looking Back:

The NAHB reported builder confidence increased to 59, bringing it to its highest level in nine years.  Mortgage applications also increased from the previous week by 7.9% according to the Mortgage Bankers Association.  Freddie Mac reported the multifamily sector was increasing drastically despite the housing market as a whole still struggling.

 

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.


New home sales increase 2.2% Month-Over-Month

Friday, June 26th, 2015

 

 

 

Sources:

 

Today’s News Synopsis:

 

In this week’s video Aaron Norris gives the news of the week in the world of real estate.  New home sales increased last month by 2.2% month-over-month.  However, this news is not as good as it sounds since most of the home sales were the result of a large increase of sales in the Northeast, which in turn was a result of New York state’s Program 421-a expiring.  Bank of America Merrill Lynch just released a new chart showing which investments are most at risk due to increasing interest rates.  Despite the latest ruling in the disparate impact claims case, people still have to be careful when presenting there case as certain aspects could still be considered unconstitutional, including racial targets and quotas.

 

In The News:

DS News – “Former FDIC Chair to Deliver Keynote Address at Women in Housing Leadership Forum” (6-26-15)

“Former Federal Deposit Insurance Corp. chair Sheila Bair has announced as the keynote speaker for the Third Annual Women in Housing Leadership Forum at the 12th Annual Five Star Conference and Expo on September 18 in Dallas, according to an announcement from the Five Star Institute.”

Housing Wire“Hurdles remain for disparate impact claims in housing despite SCOTUS ruling” (6-26-15)

“On Thursday the Supreme Court ruled in a contentious and qualified opinion that the legal doctrine of “disparate impact” is cognizable under the Fair Housing Act, but a closer look at the ruling shows it may not be as perilous for the mortgage industry as initially thought.”

Mortgage Professional America – “Organization makes plea that will benefit originators” (6-26-15)

“The U.S. Conference of Mayors is urging the U.S Department of Housing and Urban Development, Fannie Mae and Freddie Mac to sell non-performing mortgage loans to non-profit organizations instead of Wall Street investors”

Bloomberg – “BofAML: These Asset Classes Are Most at Risk When Interest Rates Rise” (6-26-15)

“As we enter the second half of the year, more and more investors are talking about when the Federal Reserve will first increase its benchmark interest rate. A number of FOMC members have continued to speak out on a liftoff sometime this year, so it’s no wonder that investors and analysts are thinking about which asset classes are the most exposed to the loss of zero interest rate policies, or ‘Zirp’.”

Housing Wire“Digging deeper: May new home sales increase has weak foundation” (6-26-15)

“Sales of new single-family houses in May 2015 came in Monday at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April.  And looking at the report on an annual basis, May new home sales were a staggering 19.5% above the May 2014 estimate of 457,000, with huge gains in the Northeast region markets.”

DS News – “Wells Fargo Leader Named Chairperson of National Mortgage Servicing Association” (6-26-15)

“J.K. Huey, SVP of asset management and preservation with Wells Fargo Home Mortgage, has been appointed the chairperson of the Five Star Institute National Mortgage Servicing Association (NMSA), according to an announcement from Five Star.”

Mortgage Professional America – “Millennials more optimistic about home buying” (6-26-15)

“U.S. millennials are becoming more optimistic about home ownership and may gain market share in the latter half of the year, according to new data from realtor.com.”

DS News – “HUD Appropriations Bill Passes in Senate Committee” (6-26-15)

“The U.S. Senate Committee on Appropriations recently approved the FY2016 Transportation, HUD (THUD), and related agencies Appropriations Bill. The major goals of the bill are to increase the efficiency and affordability of federal housing programs and provide funding for transportation and infrastructure priorities, working within the guidelines of the Budget Control Act. The bill was approved on a 20-10 vote.”

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.

 

Looking Back:

Mortgage rates decreased again and were at levels below 2014.   30-year rates stood at 4.14%, and 15-year rates were at 3.22%.  The number of foreclosures completed was only half of what it was before according to a recent report by the Office of the Comptroller of the Currency.  90,852 foreclosures were completed in the first quarter, down 50% for the quarter and 33.9% year-over-year.  Recent date from Trulia showed there was not expected to not be another housing bubble anytime soon due to an increasing number of undervalued homes.

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

 

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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Seriously Underwater Homes Increase for First Time in Three Years

Thursday, April 23rd, 2015

 

Today’s News Synopsis:

Sales of new homes decreased last month by 11.4% to 481,000 from 543,000.  Freddie Mac reported mortgage rates decreased again this week with 30-year rates at 3.65% and 15-year rates at 2.92%.  The number of homes underwater increased in the first quarter for the first time in three years.

 

In The News:

Realty Trac – “Share of Seriously Underwater Homes Increases in First Quarter For First Time Since Second Quarter 2012” (4-22-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for the first quarter of 2015, which shows that at the end of the first quarter of 2015 there were 7,341,922 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13.2 percent of all properties with a mortgage.”

DS News – “Bank of America Asks for Removal of $1.27 Billion Penalty, Accuses Judge of Impartiality” (4-23-15)

“Bank of America has requested an appeals court to dismiss a $1.27 billion court-imposed penalty against the bank over mortgage fraud and has also asked that the judge who imposed the penalty be removed from the case.”

Housing Wire – “Redfin: Home inventory shortage worse than it looks” (4-23-15)

“As the spring selling season gets into full swing, Redfin examined 50 markets to see if fresh inventory is growing, and whether it’s growing enough.  As of March 31, nearly 70% of homes on the market were stale, meaning they had languished unsold for more than a month, according to the latest report by real estate brokerage Redfin.”

NAHB“Housing Recovery Slow and Steady in 2015, Will Pick Up Pace Next Year” (4-23-15)

“Solid employment gains, attractive mortgage rates, a growing economy and pent-up demand will help keep the housing market moving forward throughout 2015 and into next year, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar.”

Los Angeles Times – “New-home sales collapse in March” (4-23-15)

“Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South.  The Commerce Department said Thursday that new-home sales fell 11.4 percent last month to a seasonally adjusted annual rate of 481,000.”

NAHB – “Remodelers Confident In Gradual Market Improvement” (4-23-15)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the first quarter of 2015, off slightly from the historically high level of 60 in the last quarter of 2014, but above the key break-even point of 50.”

Mortgage Professional America – “Purchases drive mortgage volume gains” (4-23-15)

“Amid the news that house prices across the nation are continuing to rise, the good news that total mortgage application volume rose 2.3% last week underlines that we are well on the way to a full housing recovery.”

Housing Wire“Mortgage rates decline again, hover at 2015 lows” (4-23-15)

“Average fixed mortgage rates moved down slightly this week and remained near their 2015 lows as the spring homebuying season continues, according to Freddie Mac.”

 

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 3 bedroom, 2 bathroom home appraised for $417,000.

Chino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Sales of new homes decreased by 14.5% to 384,000, their lowest in 8 months.  Mortgage applications on also decreased from the previous week by 3.3%.  The Leading Economic Index by the Conference Board, which kept track of everything from unemployment to consumer expectations, increased 0.8% the previous month to 100.9.

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

 

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.

 


 

Shortage of Labor Believed to be Cause of Less Homebuilding

Tuesday, March 24th, 2015

 

Today’s News Synopsis:

A recent report by the NAHB showed a lack of labor is causing a drag on the homebuilding industry and fewer houses being built.  Home sales increased greatly by almost 25% last month to 539,000.  Home prices, on the other hand, also increased but were below expectations at only 0.3%.

In The News:

Bloomberg“U.S. Home Prices Rose Less Than Expected in January” (3-24-15)

“U.S. home prices increased less than economists estimated in January as traditional buyers took the place of investors, leading to smaller gains.  Prices climbed 0.3 percent on a seasonally adjusted basis from December, the Federal Housing Finance Agency said in a report from Washington on Tuesday.”

Housing Wire – “New home sales rebound 25% in February” (3-24-15)

“Sales of new single-family houses in February 2015 picked back up to a seasonally adjusted annual rate of 539,000, 24.8% above last year’s estimate of 432,000, the latest report from the U.S. Census Bureau and the Department of Housing and Urban Development.”

DS News“U.S. Supreme Court Hears Opening Arguments in ‘Stripping Off’ Mortgage Cases” (3-24-15)

“In the opening arguments on Tuesday morning for two cases in the U.S. Supreme Court to determine the legality of extinguishing, or “stripping off” an underwater second mortgage as unsecured debt for a debtor in bankruptcy, an attorney representing Bank of America contended that the high court should uphold a 1992 decision that outlawed stripping off, while attorneys representing the debtors argued that the decision is irrelevant to these two cases.”

Mortgage Professional America – “What’s keeping home builders up at night?” (3-24-15)

“Homebuilding continues to fall behind pre-recession levels, even as the economy shows gains and buyer demand is high. So why the drag?  According to a recent National Association of Home Builders (NAHB) survey, it’s lack of labor.”

Bloomberg“Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)

“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”

Housing Wire – “Freddie Mac prices first high-LTV risk-sharing bond of 2015” (3-24-15)

“Freddie Mac priced its first high loan-to-value risk-sharing bond of 2015, which is supported by loans with LTV ratios of 80-95%.  According to Freddie, STACR Series 2015-HQ1 features a reference pool of 75,508 recently originated single-family mortgages with an unpaid principal balance of more than $16.5 billion.”

Mortgage Professional America – “Daily Market Update: Landslide survivors still in mortgage limbo one year on” (3-24-15)

“The deadliest landslide disaster in U.S. history happened just over a year ago in Oso, four miles east of Washington. For the 43 that lost their lives there have been memorial ceremonies this week.”

DS News“Ocwen Announces $25 Billion MSR Sale to Nationstar” (3-24-15)

“Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, and Nationstar Mortgage, a subsidiary of Nationstar Mortgage Holdings, have agreed in principle to the sale by Ocwen of the mortgage servicing rights (MSR) on an Agency portfolio with approximately $25 billion in unpaid principal balance, according to an announcement on Ocwen’s website on Tuesday.”

Mortgage Professional America – “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)

“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

A new report from RealtyTrac showed 96% of housing markets were showing improvement since the foreclosure peak in 2010. First mortgages showed a 2.8% increasing, putting the total at $7.97 trillion and mortgage debt at its highest in 6 years.  The latest monthly update from the American Enterprise Institute’s International Center on Housing Risk showed an increase in securitized mortgage risk and decrease in the quality of lending practices.

 

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/armchairbuilder/

 


 

Latest Multifamily Production Index Comes in at 54 for the Fourth Quarter of 2014

Thursday, February 26th, 2015

 

Today’s News Synopsis:

Mortgage rates continued to show signs of increase for the third week in a row with 30-year rates at 3.80% and 15-year rates at 3.07%.  Developer sentiment continues to remain above 50 for the multifamily market for the third week straight.  The latest Multifamily Production Index came in at 54 for the fourth quarter of 2014.  Home prices increased 1.4% in the fourth quarter in December.

In The News:

DS News“Morgan Stanley Agrees to Pay $2.6 Billion to Resolve RBMS Claims” (2-25-15)

“Investment firm Morgan Stanley agreed in principle on Wednesday to pay $2.6 billion to resolve claims that it packaged and sold faulty residential mortgage-backed securities leading up to the financial crisis, according to multiple media reports.”

Housing Wire“Freddie Mac: Mortgage rates increase three weeks straight” (2-26-15)

“Although mortgage rates grew for the third consecutive week, they still remain near lows experienced in late May 2013, the latest Freddie Mac Primary Mortgage Rate Survey found.”

NAHB – “Developers’ Sentiment About Multifamily Market Holds Steady in the Fourth Quarter” (2-26-15)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), held steady with a reading of 54 for the fourth quarter of 2014. This capped the third straight year of quarterly readings consistently at 50 or above.”

Housing Wire“Fannie Mae: Strong job growth could boost economy” (2-26-15)

“Despite the slate of bad news that’s started off 2015, Fannie Mae’s analysts predict that the economy is poised for a pickup in growth in 2015.  Fannie’s Economic & Strategic Research Group say they expect a strengthening employment sector, rising income growth, and declining commodity prices.”

DS News“FHA Commissioner Reaffirms Commitment to Middle Class, Administration’s Role” (2-26-15)

“Federal Housing Administration (FHA) Acting Commissioner Biniam Gebre reaffirmed his organization’s commitment to America’s middle class as well as the role of the Administration and defended the FHA’s recent lowering of the mortgage insurance premiums in statement released Thursday.”

Mortgage Professional America“Daily Market Update: New home sales hold steady” (2-26-15)

“Newly released data from the US Department of Housing and Urban Development and the U.S. Census Bureau show that sales of new homes was down slightly in January, falling 0.2% to an adjusted annual rate of 481,000.”

Housing Wire – “FHFA: House prices edge up 1.4% in December” (2-26-15)

“House prices rose 1.4% in the fourth quarter of 2014 according to the Federal Housing Finance Agency house price index.  This is the fourteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for December was up 0.8% from November.”

Mortgage Professional America“TRID: I don’t think it means what you think it means” (2-26-15)

“The new integrated disclosure rule is set to take effect in August 1 and is something the mortgage industry has been warned about again and again. However, while many are aware of the rule, they are unaware of one of its key changes, according to a recent poll conducted by mortgage data firm Secure Settlements Inc. (SSI).”

DS News“Freddie Mac’s Mortgage Portfolio Contracts; Serious Delinquency Rate Hits 6-Year Low” (2-26-15)

“Freddie Mac’s total mortgage portfolio contracted to start 2015 after ending 2014 with hits highest annualized growth rate for a single month in five years while the serious delinquency rate for the Enterprise’s loans fell to a six-year low, according to the Enterprise’s January 2014 Monthly Volume Summary released Thursday.”

 

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $482,000.

Lakewood 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.

 

Looking Back:

The FHFA reported home prices increased 7.7% in the fourth quarter along with other goods and services, which showed a 0.7% increase.  New home sales increased the previous month by 9.6%, the highest in over five years.  Mortgage applications showed an 8.5% decrease in the latest Mortgage Bankers Association Application survey.

 

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/25205705@N02/

 

 

Four Big Banks to Pay Massachusetts $2.7 Million for Improper Foreclosures

Tuesday, January 27th, 2015

 

 

Today’s News Synopsis:

HUD and U.S. Census Bureau reported sales of new homes increased 11.6% last month and now stand at 481,000.  Twenty cities in the U.S. showed signs of increase for home prices by 4.3% in November.  Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, will be paying the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.

In The News:

NAHB“New Home Sales Rise 11.6 Percent in December” (1-27-15)

“Sales of newly built, single-family homes rose 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Home Prices in 20 U.S. Cities Increased 4.3% in November” (1-27-15)

“Home prices in 20 U.S. cities rose at a slower pace in the year ended in November, a sign the industry struggled to find momentum even amid low mortgage rates.”

Housing Wire “Redfin: January home prices up, demand at record level” (1-27-15)

“The 2015 housing market is off to a very strong start, according to Redfin, the customer-first real estate brokerage.  Redfin reports home price data early using its proprietary models and projections based on sales in the first three weeks of the month and from its own brokerage activity.”

Mortgage Professional America“7.3 million boomerang home buyers hit the market” (1-27-15)

“The first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis in 2015 are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home, according to RealtyTrac.”

OC Housing News“CFPB launches new mortgage interest rate checker” (1-27-15)

“The more information consumers have, the better decisions they make. When I launched the new system on this site that provides detailed cost of ownership information, I did that to provide consumers more information of higher quality than they can find elsewhere to help them make better housing decisions.”

Housing Wire“CFPB issues confidential supervisory information bulletin” (1-27-15)

“The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.”

Mortgage Professional America “Four banks to pay millions to Massachusetts” (1-27-15)

“JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi have agreed to pay a total of $2.7 million to the state of Massachusetts after they allegedly foreclosed on homes they didn’t have a right to foreclose on.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

New home sales decreased by 7% in December and were at a seasonally adjusted annual rate of 414,000.  Although, they actually increased 4.5% from December of 2012.  Home prices increased 8.5% year-over-year and 0.3% month-over-month in December.  The FDIC reported the second bank closure of 2014 with the recent closing of the Bank of Union in El Reno, Oklahoma.

 

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/werkunz/