California Real Estate Headline Roundup

Posts Tagged ‘Department of Housing and Urban Development’

By Bruce Norris .

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.

Increase in Multifamily Housing Leads to Increase in Housing Starts

Friday, May 16th, 2014

Sources:

Applications for New Home Purchases Increased in April 2014
First Quarter Housing Affordability Edges Higher


Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  An increase in multifamily housing projects helped housing starts increased to highest in five months last April.  Housing starts increased 13.2% to 1.07 million that month.  Non-distressed home prices increased 9% year-over-year and 0.6% month-over-month.

In The News:

DS News“Economy and Housing Market Projected to Grow in 2015″ (5-16-14)

“The good thing about economic recovery, even when it’s not living up to expectations, is that forecasters always remain optimistic for tomorrow.  Despite many beginning-of-the-year predictions about spring growth in the housing market falling flat, and despite a still chugging economy that changes its mind quarter-to-quarter, economists at the National Association of Realtors and other industry groups expect an uptick in the economy and housing market through next year.”

Bloomberg - “FHFA’s Watt Says He Doesn’t Worry About Fannie Shareholders” (5-16-14)

“The regulator of Fannie Mae (FNMA) and Freddie Mac (FMCC) said it isn’t his job to worry about the two companies’ shareholders.”

NAHB - “Multifamily Surge Propels Housing Starts Over 1 Million Mark in April” (5-16-14)

“Soaring production of multifamily apartments pushed nationwide housing starts above the million-unit mark in April, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg - “Apartment Projects Fuel Jump in U.S. Housing Starts” (5-16-14)

“A surge in construction of multifamily dwellings in April propelled U.S. housing starts to the highest level in five months, helping overcome slack demand for single-family homes.”

Inman“Re/Max grows agent count, revenue and profits” (5-16-14)

“The spring homebuying season might have gotten off to a slower-than-expected start in many regions of the country, but franchisor Re/Max LLC grew its agent count, revenue and profits during the first three months of the year.”

DS News - “CFPB Rules Cited as Top Concern in Survey of Lenders” (5-16-14)

“The Consumer Financial Protection Bureau’s (CFPB) mandates and deadlines are still the top concern for lenders, according to QuestSoft’s eighth annual compliance survey. More than 500 lenders responded to this year’s survey—62.2 percent ranked the Qualified Mortgage (QM) rule as a high concern.”

Bloomberg - “Builders Worked on More U.S. Homes Than Forecast in April” (5-16-14)

“The pace of U.S. home construction jumped in April to its highest level since November, exceeding all analysts’ forecasts and showing builders returned to sites after freezing temperatures restrained work earlier this year.”

DS News - “Home Prices Jump 9% for Non-Distressed Homes” (5-16-14)

“Home prices rose 9 percent year-over-year for the first quarter of this year, according to FNC, Inc.’s Residential Price Index, which measures sales activity for non-distressed homes in the 100 largest metros in the country. On a monthly basis, prices rose 0.6 percent in March.”

Hard Money Loan Closed

Canyon Lake, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 3 bedroom, 2.5 bathroom home appraised for $365,000.

Canyon Lake Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

Looking Back:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims were at 360,000, their highest in six weeks.

 

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

The Norris Group Real Estate News Roundup 5/30/13

Thursday, May 30th, 2013


Today’s News Synopsis:

Unemployment claims increased by 10,000 to 354,000 for the week ending May 25, marking the third week in the last month to see increases.  Pending home sales increased by 0.3% in April, lower than expected after sales saw a 1.5% increase the month prior.  Mortgage rates increased again for the fourth straight week with 30-year rates now at 3.81% and 15-year rates at 2.98%.

In The News:

DS News - “First-Time Jobless Claims in Surprise Increase” (5-30-13)

“First-time claims for unemployment insurance rose for the third time in the last four weeks, increasing 10,000 to 354,000 for the week ending May 25, the Labor Department reported Thursday.”

Bloomberg“Pending Sales of U.S. Existing Homes Rise Less Than Forecast” (5-30-13)

“Fewer Americans than forecast signed contracts in April to buy previously owned homes, indicating limited inventory is holding back further progress in the housing market.”

Realty Times - “Home Warranties Useful for Some, Not All” (5-30-13)

“Home warranties for resale homes are on the rise as the housing market recovers and more homes hit the market for sale.  So says the Service Contract Industry Council (SCIC), a trade group comprised of most of the nation’s home warranty purveyors.”

Housing Wire - “Mortgage rates hit highest level in a year: Freddie Mac” (5-30-13)

“Fixed-mortgage rates escalated for the fourth week in a row, reaching the highest rates in a year, Freddie Mac said in a report on Thursday.”

DS News“First Quarter GDP Growth Dips; Corporate Profits Fall” (5-30-13)

“The nation’s economy grew at a seasonally adjusted annual rate of 2.4 percent in the first quarter, slightly slower than originally reported, the Bureau of Economic Analysis (BEA) said Thursday.”

Bloomberg“Foreclosure Deals Drop 22% as Rising Prices Delay Sales” (5-30-13)

“Foreclosure (HOMFCLOS)-related U.S. home sales fell 22 percent in the first quarter from a year earlier as rising prices reduced the incentive to sell for owners who owe more than their properties are worth, RealtyTrac said.”

Housing Wire - “Obama administration extends Making Home Affordable Program until 2015″ (5-30-13)

“The Department of Housing and Urban Development teamed up with the Treasury Department on Thursday to announce an extension of the Obama administration’s Making Home Affordable Program through Dec. 31, 2015.”

CNN Money - “U.S. economy continues sluggish recovery” (5-30-13)

“The U.S. economy grew at a slightly slower pace than originally reported in the first quarter, according to revisions released by the Commerce Department on Thursday.”

Inman - “ForeclosureRadar rebrands as PropertyRadar” (5-30-13)

“Foreclosure information and software provider ForeclosureRadar has changed its name to PropertyRadar and expanded its business model to provide analytics across all types of California properties, not just foreclosures.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $128,000 on a 3 bedroom, 1 bathroom home appraised for $185,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The number of mortgage applications filed decreased 1.3% from the previous week.  Pending home sales decreased 5.5% the previous month to their lowest in over a year, although the index was still better compared to 2011.  The delinquency rate for commercial mortgage-backed securities was at 10.4%, the highest on record.

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

The Norris Group Real Estate News Roundup 5/22/13

Wednesday, May 22nd, 2013


Today’s News Synopsis:

Existing home sales increased 0.6% in April to a three-year high and are now at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from last week according to the Mortgage Bankers Association.

In The News:

Bloomberg - “Sales of Previously Owned U.S. Homes Rise to Three-Year High” (5-22-13)

“Sales of previously owned U.S. homes rose in April to the highest level in more than three years as housing continued to gain momentum.”

Housing Wire“Number of Americans in foreclosure plummets: LPS” (5-22-13)

“The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-22-13)

“Mortgage applications decreased 9.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2013.”

DS News - “Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses” (5-22-13)

“As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody’s most recent ResiLandscape.”

Realty Times - “Builder Confidence Rises Along With Increase in Building Permits” (5-22-13)

“Housing market improvements continue to be seen with builder confidence on the rise along with an increase in building permits.  The U.S. Census Bureau and the Department of Housing and Urban Development reported that residential building permits increased 14.3% for the month of April and was 35.8% higher than a year ago at the same time.”

Housing Wire - “Bernanke forewarns against hitting the brakes too early” (5-22-13)

“The economy is on sturdier footing than a year ago, but Ben Bernanke, chairman of the Federal Reserve, is trying to avoid squashing the current recovery.”

Realty Times“Credit Scores Continue to Confound Consumers” (5-22-13)

“It’s just not surprising credit scores baffle 20 to 40 percent of consumers.  The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren’t the same as the ones lenders use – and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.”

Inman“Seller financing: an untapped resource for real estate agents” (5-22-13)

“While the residential real estate market is generally believed to be improving nationwide, some of the residual effects of the Great Recession still affect the ability of real estate agents to facilitate home sales.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 4 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The National Association of Realtors reported existing home sales increased to 4.62 million the previous month from 4.47 million in March.  At the same time, however, the number of contracts signed to buy a home decreased 8% the previous month.  Home affordability was at its highest on record at 77.5% for the quarter.

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

The Norris Group Real Estate News Roundup 4/26/13

Friday, April 26th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Shaun Donovan of HUD announced a new plan to put $1.7 billion into a recovery act for those hit hardest by Hurricane Sandy.  GDP increased 2.5% in the first quarter, slower than expected but drastically higher than the previous quarter.

In The News:

Housing Wire - “San Francisco housing market becomes nearly unaffordable” (4-26-13)

“At a recent real estate conference in Dallas, Trulia Chief Economist Jed Kolko discussed how his hometown, San Francisco, was experiencing unreasonably high prices as a result of extremely limited potential land development and tight inventory.”

DS News“Moody’s: Home Prices to Increase, Loss Severities to Remain High” (4-26-13)

“Home prices will increase over the next three years as the economy expands and servicers work through their distressed inventories, according to a report from Moody’s Analytics.  However, the firm predicts rising prices will not be enough to offset anticipated rising loss severities.”

Bloomberg“Investor Passion Cooling for Private Mortgage Securities” (4-26-13)

“Investors’ rekindled passion for sales of private mortgage securities is cooling.  Yields on $397.3 million of top-rated securities sold yesterday by Redwood Trust Inc. (RWT) were 175 basis points more than benchmark swap rates, up from 170 basis points on bonds it sold earlier this month and 97 basis points, or 0.97 percentage point in January.”

Housing Wire - “Hardest-hit communities receive funding to rebuild” (4-26-13)

“Policymakers are taking further action to help homeowners and neighborhoods devastated by the aftermath of super storms.”

DS News - “Non-Investor Homebuyers also Driving Market Recovery, Survey Finds” (4-26-13)

“Investors aren’t the only major players driving the housing recovery. According to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey for March, first-time homebuyers and current homeowners are also building a strong presence as they dominate the non-distressed market.”

CNN Money - “When will the debt ceiling need to be raised?” (4-26-13)

“If you enjoy the spectacle of lawmakers fruitlessly fighting over the budget, then you’re in luck. Congress is expected to have even more time to chase its tail this summer before it must do something concrete — raise the country’s legal debt limit.”

Realty Times - “Short Sale Lease Back Alternative to Foreclosure Available” (4-26-13)

“Some lenders will allow you to buy a home immediately after a short sale in certain circumstances and others will give you a mortgage two to three years after a short sale.”

DS News - “Q1 GDP Shows Sharp Gain Over Previous Quarter” (4-26-13)

“The nation’s economy rose at a seasonally adjusted annual rate of 2.5 percent in the first quarter, slightly slower than economists had expected but more than six times the growth rate in the fourth quarter, the Bureau of Economic Analysis (BEA) reported Friday.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 3 bedroom, 2 bathroom home appraised for $199,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The National Association of Realtors reported a 4.1% increase the previous month in the purchases of pending homes.  More and more homes were being foreclosed on after having been put on hold due to the recent robo-signing issues.  Jobless claims declined by 9,000 from the previuos week, but they were still at levels higher than wanted.  Fixed mortgage rates were still at their lowest on record at 3.00% for 30-year and 3.12% for 15-year.

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

The Norris Group Real Estate News Roundup 4/1/13

Monday, April 1st, 2013


Today’s News Synopsis:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people are able to afford to buy houses now with the decrease in operating costs.

In The News:

Housing Wire - “Bank of America responds to CFPB mortgage complaint database” (4-1-13)

“Mortgage-related complaints involving Bank of America flooded the Consumer Financial Protection Bureau’s recently released public database of consumer financial complaints.”

NAHB - “Lower Operating Costs Mean New-Home Buyers Can Afford More House” (4-1-13)

“During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.”

DS News“Foreclosed Properties Damage Quality of Life for Neighbors” (4-1-13)

“Since the foreclosure crisis, several studies have linked foreclosures to falling property values for neighboring homes.”

Bloomberg“Construction Spending in U.S. Rises on Gain in Home Building” (4-1-13)

“Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years.”

Inman - “More millennials see homeownership as a good investment” (4-1-13)

“Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.”

Housing Wire - “FHA single-family purchases, refinances escalate” (4-1-13)

“Applications for loans insured by the Federal Housing Administration swelled 16% month-over-month due to increases in both home purchase and refinance filings, according to the agency’s latest outlook.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

Bloomberg- “Fannie Mae Profits Complicate U.S. Housing-Finance Overhaul” (4-1-13)

“The prospect of steady profits at U.S.-owned mortgage financiers Fannie Mae (FNMA) and Freddie Mac is complicating legislative efforts to shrink the federal role in securitizing home loans.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $212,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

 

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

The Norris Group Real Estate News Roundup 12/19/12

Wednesday, December 19th, 2012

Today’s News Synopsis:

Today is a big day for home construction.  In November, new homes were created at a  pace of 861,000 homes, down 3% from October.  However, housing starts overall increased 21.6% year-over-year.  Building permits and applications also increased last month to their highest in four years, a strong sign for the housing market recovery.  Fitch Ratings confirmed housing is expected to improve next year.  In addition, home values increased for the thirteenth month in a row.

In The News:

CNN Money- “Home building slows, but still going strong” (12-19-12)

“The pace of home building slowed slightly in November but remained near the four-year high reached the previous month, according to a government report released Tuesday.”

Mortgage Bankers Association- “Refinance Applications Fall to Lowest Level in Over a Month in Latest MBA Weekly Survey” (12-19-12)

“Mortgage applications decreased 12.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 14, 2012.”

Bloomberg- “Bank of America Delinquent Loans Mean Losses: Mortgages” (12-19-12)

“Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined.”

DS News- “HOPE NOW: Nearly 6M Mods Since 2007″ (12-19-12)

“Short sales continued to increase in October, while foreclosure starts fell, according to data from HOPE NOW, an industry alliance of mortgage servicers, investors, mortgage insurers. and non-profit counselors.”

Realty Trac“Fannie & Freddie: Turning the ‘American Dream’ into a Nightmare” (12-19-12)

“Who’s responsible for the housing and foreclosure crisis? In 2011, The Financial Crisis Inquiry Commission, a 10-member panel created by Congress in 2009 to investigate the cause of the financial crisis, concluded that Fannie and Freddie “contributed to the crisis but were not a primary cause,” blaming instead everybody else — federal regulators, Wall Street investment banks, subprime lenders and irresponsible borrowers.”

Bloomberg- “Building Permits Increase as U.S. Housing Rebounds: Economy” (12-19-12)

“The number of building applications issued in November rose to a four-year high, a sign the U.S. housing-market recovery will extend into 2013.”

DS News- “Zillow: Home Values Rise for 13 Straight Months, Rents Fall Flat” (12-19-12)

“Home values still rose into November, marking more than a year of monthly price gains, while national rents fell flat, according to data from Zillow.”

Housing Wire- “Strained housing inventory buoys homebuilders: Fitch” (12-19-12)

“As a by-product of a moderately growing economy, employment gains and consumer confidence, housing is expected to further improve well into 2013, according to Fitch Ratings outlook on U.S. Housing and Homebuilders.”

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $155,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2012.

Looking Back:

Home sales increased again in November 2011 for the fifth month in a row, increasing 8% from the previous year. The latest data from the Lender Processing Services showed that the number of loans delinquent at the end of November 2011 had increased almost 3% on a monthly basis. In another big story, homebuilder confidence increased for the third month in a row.

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.