California Real Estate Headline Roundup

Posts Tagged ‘Department of Housing and Urban Development’

By Bruce Norris .

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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/wwworks/

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

Copyright: Image from www.flickr.com/photos/106574022@N04

 

 

 

Today’s News Synopsis:

 

Home prices continue to increase with their recent gains of 5.5% year-over-year and 0.2% month-over-month according to the latest Case-Shiller Index.  The homeownership rate decreased to its lowest since 1995 with its recent drop to 64.4 percent from 64.7% in the third quarter.  The risk of mortgage fraud increased 3.2% in the last year according to CoreLogic.

 

In The News:

DS News“Percentage of Short, Distressed Sales Falls to Three-Year Low” (10-27-14)

“Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac’s Q3 2014 Residential Sales Report released today.”

Housing Wire - “S&P Case-Shiller: Home price growth continues to slow” (10-28-14)

“Home price growth continues to slow, according to the latest S&P/Case-Shiller Home Price Indices for August 2014.  The 10-City Composite gained 5.5% year-over- year and the 20-City 5.6%, both down from the 6.7% reported for July.”

Bloomberg“U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans” (10-28-14)

“Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.  The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.”

OC Housing News“A fixed cost of housing is the best reason to buy a house” (10-28-14)

“The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very large mortgage to buy real estate.”

Housing Wire - “Moving up: Statebridge approved by Freddie Mac” (10-28-14)

“Freddie Mac officially approved Statebridge Company as a servicer, fulfilling one of its strategic goals, set when it was founded in 2008.  Statebridge is a mortgage servicer based in Denver, Colorado.”

Mortgage Professional America“Fitch: FHFA proposals help GSEs maintain their dominant positions” (10-28-14)

“The Federal Housing Finance Agency’s (FHFA) announcement last week to allow Fannie Mae and Freddie Mac to purchase mortgages with slightly higher loan-to-values (LTV) signals a continued shift in direction, according to Fitch Ratings.”

Bloomberg“U.S. Homeownership Rate Falls to Lowest Since Early 1995″ (10-28-14)

“The homeownership rate in the U.S. fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.”

Housing Wire“CoreLogic: Mortgage fraud risk rises 3.2% in last year” (10-28-14)

“The risk of mortgage fraud has increased by 3.2% in the past year, according to the CoreLogic Mortgage Fraud Report.  Based on its report, CoreLogic estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.”

Mortgage Professional America - “CA housing boom: Are you in?” (10-28-14)

“There may be fewer military boots on the ground overseas, but here in the U.S. there have been major campaigns in the housing market this year directed at veterans.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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.

 

Looking Back:

Pending sales for existing homes decreased 5.6%, the biggest in three years.  Housing affordability decreased across the nation with the increase in interest rates and prices and slow increase in income.  Over 950,000 homes had been purchased by investors since 2011, totaling $1 trillion.

 

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.

Multifamily Lending Numbers Sets New Record for 2013 with 18% increase from 2012

Friday, October 17th, 2014

Copyright: Image from www.flickr.com/photos/22318392@N04/

 

 

Sources:

Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago
Mortgage lending regulation compliance costs up 30%



Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Housing starts increased above 1 million for the third time this year.  The number of foreclosures filed last quarter decreased 17% year-over-year and are down to their lowest in nine years.  Lending on multifamily properties increased 18% from 2012, setting a new record for 2013.

In The News:

Mortgage Bankers Association - “Multifamily Lending Hits New Record in 2013″ (10-17-14)

“In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).”

NAHB“Nationwide Housing Starts Top 1 Million for Third Time this Year” (10-17-14)

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “FHFA, Fannie &Freddie near deal to open mortgage credit box” (10-17-14)

“As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive.”

OC Housing News“Will the CAR 2015 housing market sales forecast be way off?” (10-17-14)

“Past performance is not always the best indicator of the skill of forecasters. For example, if meteorologists issue a standard forecast for weather in Southern California of morning clouds, afternoon sun, and highs in the upper 60s or low 70s, they would be correct over 80% of the time, but what have they forecast? Nothing.”

Mortgage Professional America - “SEC official: Too many regulators are ‘piling on’” (10-17-14)

“For years the federal government has been heaping regulations bureaucracy and red tape on originators. Finally, at least one SEC official has said it’s too much.”

Bloomberg - “Rates Below 4% Leave U.S. Refinancing Banker Sleepless” (10-17-14)

“The drop in mortgage rates below 4 percent has cut into Debra Shultz’s sleep. The New York City banker is busier than she’s been in months, working with three dozen homeowners eager to lower their payments.”

Housing Wire - “This could happen now that mortgage rates dropped below 4%” (10-17-14)

“Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but meanwhile the market is trying to determine what the recent weakness in US economic reports.”

Los Angeles Times“California foreclosure filings fall to lowest level since 2005″ (10-17-14)

“The foreclosure crisis is rapidly becoming a thing of the past.  The number of foreclosure filings on California homes fell to their lowest level in nearly nine years last quarter, according to a report released Friday.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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.

 

Looking Back:

Home prices increased back in August and were at levels last seen in 2009.  More and more people were flipping homes due to a decrease in good deals on homes.  Consumer confidence decrease again, causing Fannie Mae to change their outlook on the economy.

 

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 Reach Highest Level in Six Years

Wednesday, September 24th, 2014

 

Copyright: Image from http://www.aag.com

 

Today’s News Synopsis:

New home sales reached their highest in six years at 500,000 last month according to the latest data from HUD and the Census Bureau.  At the same time, the number of mortgage applications decreased 4.1% from last week.  Freddie Mac said with this decrease in mortgage applications and struggling home prices, the housing market is still having a hard time keeping its momentum.

In The News:

DS News“Maryland Woman Convicted for Role in Mortgage Fraud Scam” (9-24-14)

“A Maryland jury has convicted Annika Boas, 37, for her role in a residential mortgage fraud scheme, U.S. Attorney for the District of Maryland Rod J. Rosenstein announced late last week.”

Mortgage Professional America“19,000 mortgage jobs get the axe” (9-24-14)

“Thousands of mortgage jobs fell under the axe in the second quarter, according to a new report.  April, May and June saw a net job loss of almost 19,000, according to a Mortgage Daily analysis.”

Bloomberg“Lending to Minorities Declines to a 14-Year Low in U.S.” (9-24-14)

“The share of mortgage lending to minority borrowers fell to at least a 14-year low as U.S. regulators struggle to ease credit to blacks and Hispanics shut out of the housing recovery.”

Housing Wire - “Freddie Mac: Housing market struggling to keep momentum” (9-24-14)

“Freddie Mac’s latest Multi-Indicator Market Index shows the housing market is still struggling to maintain momentum as housing prices continue to moderate and purchase applications fall.”

OC Housing News“Will subprime mortgage lending 2.0 be a disaster?” (9-24-14)

“Subprime lending as an industry barely existed prior to 1994. There were few lenders willing to loan to people with poor credit, and there was no secondary market to purchase these loans if they were originated.”

Mortgage Professional America“Real estate crowdfunding platform receives major financial boost” (9-24-14)

“Another online real estate crowdfunding platform has announced it will receive a significant amount of funding, giving more clout to the growing alternative financing source.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-24-14)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 19, 2014.”

NAHB - “New-Home Sales Top 500,000 in August, Highest Level Since  2008″ (9-24-14)

“Sales of newly built, single-family homes increased 18 percent in August to a seasonally adjusted annual rate of 504,000 units in August, the highest level in six years, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America“Non-QM loans offer opportunities for brokers” (9-24-14)

“With the advent of the CFPB’s qualified mortgage rule in January, many originators worried that QM restrictions would deal a deathblow to their businesses.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

 

Looking Back:

Several large banks were facing a lawsuit on terms that they lead to the failure of two credit unions by selling them faulty mortgages.  Home prices increased in July by 1.9% month-over-month and 12.3% year-over-year according to the latest Case Shiller Index.  At the same time, consumer confidence decreased this month to 79.7.

 

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.

Housing Starts Decrease Almost 15% with the Decrease in Multifamily Production

Thursday, September 18th, 2014

 

 

Today’s News Synopsis:

Housing starts decreased by 14.4% last month with the decrease in multifamily production.  Mortgage rates increased again to a 3-month high with 30-year rates now at 4.23% and 15-year rates at 3.37%.  In a recent announcement by the Federal Reserve, tapering will be completed by the end of next month, meaning an end to the bond-buying program.

In The News:

DS News - “Report: Home Sales Down, Prices Up For August” (9-18-14)

“Home sales in August remained below last year’s pace for yet another month as prices inched higher, RE/MAX reported on September 16.”

NAHB“Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August” (9-18-14)

“Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “The taper is nearly complete — lock your borrowers in while rates are low” (9-18-14)

“The Federal Reserve said yesterday that its bond-buying program will end in October as scheduled. So does that mean mortgage rates will see an immediate spike? The short answer is: not yet.”

DS News “Real Estate Investors Discuss Buying Hot Spots” (9-18-14)

“With so many single-family distressed homes out there on the market, real estate investors are aware of the need to choose carefully which homes to buy – and it’s more than just the house itself that figures into the equation when buyers are making that determination.”

Housing Wire - “Freddie Mac: Mortgage rates move to 3-month high” (9-18-14)

“Mortgage rates shot up for the week ended Sept. 18, making their biggest one-week gain so far this year, the latest Freddie Mac Primary Mortgage Market Survey found.”

OC Housing News“Low mortgage rates fail to overcome buyer reluctance” (9-18-14)

“I would like to own a Lexus LS 460. It’s a beautiful and luxurious automobile; however, I am reluctant to buy one because the price is just too high. They could lower the interest rate to zero, and I would be unlikely to buy a car that costs that much. No matter how much people may want something, if the price is too high, they will be reluctant to buy it.”

DS News“CFPB Has Caused Businesses to Heavily Emphasize Compliance” (9-18-14)

“With the mortgage industry becoming more heavily regulated in the last four to five years, those who work within the industry have had to place an increased emphasis on compliance.”

Inman“Heat map shows baby boomers and millennials on the move” (9-18-14)

“RealtyTrac has analyzed Census Bureau data to map the migration patterns of baby boomers and millennials from 2007 to 2013 in more than 1,800 counties.”

Housing Wire“Fitch: Rise of nonbank servicers threatens private-label RMBS” (9-18-14)

“The precipitous growth of nonbank mortgage servicers in recent years presents a threat to the performance of private-label residential mortgage-backed securitizations, Fitch Ratings said in a new report.”

DS News - “Analyst Predicts Home Price Decline In Report to White House” (9-18-14)

“Former Goldman Sachs executive Joshua Pollard sent a sobering 18-page report to the White House on September 17 warning of a potential downturn in home prices that could put the country back into a recession before the ripples of the previous one settle.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $130,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos TONIGHT.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

 

Looking Back:

Mortgage applications saw an 11.2% increase over the previous week according to the Mortgage Bankers Association.  According to the latest FNC Residential Price Index report, home prices were at their highest in three years with a 0.7% increase in July.  However, housing starts were below expectations, having risen by only 0.9% to 891,000.

 

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 Decrease 2.4%

Monday, August 25th, 2014

 

 

 


Today’s News Synopsis:

The sale of new homes decreased 2.4% and now stand at 412,000 as of July.  Goldman Sachs is coming closer to reaching a settlement worth $1.1 billion with the FHFA over bad mortgage-backed securities they sold to Fannie Mae and Freddie Mac.  A 6.0-magnitude earthquake hit San Francisco yesterday morning, causing what could be up to $1 billion in damage and served as a wake-up call for investors with RMBS concentration in San Francisco.

In The News:

Bloomberg“Jackson Hole Theme: Labor Markets Can’t Take Higher Rates” (8-24-14)

“Global central bankers led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.”

Los Angeles Times - “FICO score change unlikely to help home buyers in near future” (8-24-14)

“You may have noticed the big media splash recently when Fair Isaac Corp., developer of the FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.”

Housing Wire - “HousingWire asks if immigrants can save housing, Fannie Mae answers yes” (8-25-14)

“The latest Housing Insights from Fannie Mae’s Economic & Strategic Research Group, they look at how the homeownership rate gap has changed during the past 10 years and, in particular, during the recent housing crisis compared to previous years.”

NAHB“New-Home Sales Down 2.4 Percent in July” (8-25-14)

“Sales of newly built, single-family homes fell 2.4 percent to a seasonally adjusted annual rate of 412,000 units in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “Goldman nearing $1.1bn settlement with FHFA — reports” (8-25-14)

“Goldman Sachs is reportedly preparing to pay $1.1 billion to settle government claims that it sold shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.”

OC Housing News - “Chinese government policy change kills Coastal California housing market” (8-25-14)

“The people who deny a real estate bubble in China are wrong, and the deflating Chinese property bubble could destabilize the world economy, but of greater interest to owners of Coastal California real estate, the deflating Chinese housing bubble could turn local real estate buyers into desperate sellers.”

Inman - “Buyers are driving cameras through homes on the other side of the world” (8-25-14)

“New technology is taking virtual tours a step further by letting buyers drive cameras mounted on remote-controlled vehicles through distant homes, venturing from room to room, peeking around corners and taking in near-360-degree views from multiple vantage points.”

Housing Wire“San Francisco earthquake rattles jumbo mortgage-bond collateral” (8-25-14)

“At 3:20 a.m. on Sunday morning, the largest earthquake in 25 years hit the San Francisco Bay Area. The magnitude-6.0 earthquake was centered in the Napa Valley, home to some of the most expensive homes in the country as well as countless wine vineyards.”

Realty Times - “Buyer’s Right to Know of Competition?” (8-25-14)

“Does a buyer have a right to know if some other buyer is competing against him for the same property? Shouldn’t buyers be given all relevant information so that they can make a fully informed decision? That’s what the plaintiffs thought in a case heard earlier this year by the Supreme Court of South Carolina (Woodson v. DLI Properties, South Carolina Supreme Court, January 14, 2014).”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $276,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

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.

Consumer Sentiment Decreases This Month to 79.2

Tuesday, August 19th, 2014

 


 

Today’s News Synopsis:

Housing starts increased 15.7% to 1.093 million units last month, an increase driven by the growth in both single and multifamily properties.  Debt on households decreased with the decrease in mortgage default rates to .88% from .89%.  Consumer sentiment also decreased this month to 79.2, down from 81.8 in July.

In The News:

Housing Wire“Mortgage default rate drives down household debt” (8-19-14)

“Household debt continued to fall in July as the first mortgage default rate dropped to .88% from .89% last month, according to the S&P/Experian Consumer Credit Default Indices.”

NAHB“Combined Single-and Multifamily Gains Boost Housing Starts in July” (8-19-14)

“Fueled by strong single- and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July, the highest level since November 2013, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “CFPB cracks down on servicers” (8-19-14)

“The Consumer Financial Protection Bureau released a bulletin today outlining expectations for mortgage servicers that transfer loans.”

DS News - “Consumer Sentiment Drops in August” (8-19-14)

“A first-look reading shows consumer sentiment plummeted to a nine-month low in August as expectations dimmed.  The Thomson Reuters/University of Michigan Index of Consumer Sentiment came in at 79.2 in the preliminary August reading, down from a final reading of 81.8 in July and several points below the consensus forecast of 82.3.”

OC Housing News“Housing recovery hopes crushed as July home sales plummet” (8-19-14)

“Do you remember all the happy talk and wishful thinking that dominated financial reporting over the last few months? Weren’t we lead to expect a better second half of 2014?”

Housing Wire - “RealtyTrac: Cash purchases disappearing from home sales” (8-19-14)

“All-cash sales made up 37.9% of the single-family property sales in the second quarter of 2014, a fall from 42% in the first quarter, which marked a three-year high for cash sales.”

Mortgage Professional America - “Cash sales, institutional investor share dwindle” (8-19-14)

“All cash purchases have edged back from a three-year high while institutional investor share of the housing market has dropped to a three-year low.”

DS News - “CFPB Raises Loan Thresholds for 2015″ (8-19-14)

“Seven months after the implementation of its ability-to-repay and qualified mortgage (QM) rules, the Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans effective January 1, 2015.”

 

Hard Money Loan Closed

Big Bear City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

Big Bear City Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

The latest survey from Re/MAX showed median home prices decreased the previous month by 2.1%, although year-over-year they showed a drastic increase.  Housing starts and construction permits increased 5.9% the previous month to 896,000 units.  The housing market was back on the road to recovery with increasing home prices and decreasing foreclosures.

 

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.

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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.

HARP Refinancing to be Heavily Promoted by GSE Regulators

Wednesday, June 25th, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1% decrease in mortgage applications from last week.  GDP decreased in the first quarter by 2.9%, which was actually below expectations from analysts. HARP Refinancing is expected to be heavily pushed for again by the regulator for Fannie Mae and Freddie Mac in order to help those with little to no equity.

In The News:

DS News“Legal Action Possible for Excessive Lender-Placed Insurance Rates” (6-25-14)

“In 2012, lender-placed insurance issues cost Fannie Mae and Freddie Mac a combined $360 million, and now the federal government may take legal action against servicers for charging excessive LPI rates, according to a report released Wednesday by the Federal Housing Finance Agency’s Office of the Inspector General.”

Bloomberg“Fannie-Freddie Regulator Starts New Push for HARP Refinancing” (6-25-14)

“The regulator of Fannie Mae and Freddie Mac (FMCC) will conduct a series of town-hall events to convince hundreds of thousands of U.S. borrowers with little or no equity in their homes to refinance.”

Housing Wire - “Senate commitee endorses Julian Castro as HUD” (6-25-14)

“The Senate Banking Committee on Wednesday voted on a largely party line basis to endorse San Antonio Mayor Julián Castro to lead the Department of Housing and Urban Development.”

DS News - “May Equity Home Sales Continue to Rise in California” (6-25-14)

“Higher home values have continued to fuel more equity home sales, making up more than 80 percent of all home sales for the past 11 consecutive months, according to the California Association of Realtors (CAR).”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-25-14)

“‘Mortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 20, 2014.”

Housing Wire“Trulia: Housing shaking off spring slump?” (6-25-14)

“Trulia (TRLA) is making the case that the underlying fundamentals of the housing industry are on track, and that only a few components are missing from a full-on charge out of the late winter, whole of spring downturn — first-time buyers.”

DS News - “GDP Declines in First Quarter 2014″ (6-25-14)

“A revised estimate of gross domestic product (GDP) in the first quarter shows the economy turning in its worst performance since 2009 as consumer spending disappointed and outgoing trade declined.”

Bloomberg“JPMorgan Said to Sell $304 Million Mortgage-Bond Issue” (6-25-14)

“JPMorgan Chase & Co. (JPM) sold bonds tied to about $304 million of U.S. home loans without government backing, adding to signs of life in the market..”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Home prices increased in April by 12.1% year-over-year, exceeding expectations.  The national delinquency rate stood at 6.08% in May, the lowest since May 2008.  At the same time, foreclosure inventory also decreased to 3.05%, the lowest since March 2009.  A new bill was drafted to replace Fannie Mae and Freddie Mac with the single Federal Mortgage Insurance Corp and to help improve the secondary mortgage market.

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.

MBA Expects Big Return of Commercial and Multifamily Originations

Tuesday, June 24th, 2014

 

Today’s News Synopsis:

The MBA expects high return of commercial and multifamily originations this year with the increase in housing volume.  Sales of newly constructed homes increased 18.6% and now stand at 504.000.  According to the latest Case-Shiller Index, home prices increased 10.8% in 20 U.S. cities, falling short of expectations.

In The News:

NAHB“New-Home Sales Up 18.6 Percent in May” (6-24-14)

“Sales of newly built, single-family homes rose 18.6 percent to a seasonally adjusted annual rate of 504,000 units in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Sold Signs on Builder Lots as U.S. Confidence Rises” (6-24-14)

“Buyers swarmed builder lots in May to propel the biggest gain in sales of new homes in 22 years, while consumer confidence this month was the strongest since 2008, showing how an improving U.S. job market is giving the economy a much-needed lift.”

Housing Wire - “The housing market’s failure to launch in 2014″ (6-24-14)

“Although the housing market is starting to pick up speed after a slow start to the year, little hope remains for it to come close to the major housing numbers seen in 2013, according to Fannie Mae’s most recent housing report.”

DS News - “Freddie Mac’s Portfolio Shrinks 2.1% in May” (6-24-14)

“Freddie Mac released its monthly volume summary for May 2014, tracking information on the company’s mortgage-related portfolio, securities issuance, risk management, delinquencies, debt activities, and other investments.”

Mortgage Professional America - “Commercial’s big comeback” (6-24-14)

“‘Is the commercial lending industry due for a comeback?’ That’s the question MPA asked back in August, and today the answer seems to be a resounding yes.”

Housing Wire“Ginnie Mae’s MBS portfolio reaches $1.5 trillion” (6-24-14)

“Ginnie Mae’s mortgage-backed securities portfolio has reached a record level.  Just four years after Ginnie’s portfolio reached $1 trillion, the corporation’s portfolio now stands at more than $1.5 trillion.”

DS News - “HUD, Real Estate Company Settle Allegations of Discrimination” (6-24-14)

“The U.S. Department of Housing and Urban Development (HUD) announced that Brotman Enterprise, LLC will pay $25,000 as part of an agreement resolving allegations of discrimination.”

Bloomberg“Home Prices in 20 U.S. Cities Rise at a Slower Pace” (6-24-14)

“Home prices in 20 U.S. cities rose at a slower pace than forecast in the year ended in April as declining affordability put a lid on appreciation.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

According to the Lender Processing Services, home prices increased in every one of the largest states in the U.S, having gone up 1.5%.  Homes sold to foreign buyers decreased by 17% and were at $68.2 billion.  This news came with the slowdown in the economy in both Europe and Asia.  The previous month also saw a a decrease in investor activity according to the Campbell/Inside Mortgage Finance HousingPulse Tracking 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.