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By Bruce Norris .

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.

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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.

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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.

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The Norris Group Real Estate News Roundup 10/22/12

Monday, October 22nd, 2012

Today’s News Synopsis:

September saw in an increase in mortgage delinquencies last month according to a recent report from the Lender Processing Services.  The rate, originally at 7.4%, is now at 7.72%.  The number of bank failures is now at 46 with the closure of three more banks in Tennessee, Minnesota, Arkansas.  In order to help JP Morgan with their mortgage margins and to keep taxpayers safe, Fannie Mae and Ginnie Mae are limiting the number of loans they are purchasing from firms.


In The News:

Bloomberg- “Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits” (10-21-12)

“Fannie Mae and Ginnie Mae are seeking to protect taxpayers as a flood of new lenders apply to do business with them. That’s also helping big banks’ profit and blunting Federal Reserve efforts to boost housing.”

DS News – “Three Bank Failures Raise 2012 Tally to 46″ (10-22-12)

“The FDIC’s deposit insurance fund got a little bit lighter Friday as three more banks fell, the corporation announced.”

Mortgage Bankers Association- “Stevens Calls for Federal Housing Policy Coordinator, Greater Transparency from FHFA” (10-22-12)

“David H. Stevens, President & CEO of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 99th Annual Convention and Expo in Chicago, IL.”

Housing Wire – “Federal housing leaders seek faster return of private capital” (10-22-12)

“The leaders of the nation’s federal housing agencies want a faster, not slower, transition to a housing finance system supported by private capital.”

Inman – “Survey: Younger generation not fazed by housing crisis” (10-22-12)

“A survey of 18- to 35-year-old Americans shows that the housing downturn hasn’t deterred most from aspiring to buy a home, and most feel that the crisis made them more knowledgeable about homeownership. ”

DS News- “Home Prices Forecast to Make Slow Progress from Floor Reached in Q1″ (10-22-12)

“Home prices reached a sustainable bottom during the first quarter of this year, according to Barclays’ U.S. residential credit strategy team.”

Realty Times – “Real Estate Outlook: Builder Confidence Rises” (10-22-12)

“According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence is at the strongest levels since June of 2006. What does this mean for the market?”

Housing Wire – “RealtyTrac: 65% of housing markets worse off than in 2008″ (10-22-12)

“Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm.”

DS News – “LPS: Delinquency Rate Suddenly Spikes in September” (10-22-12)

“Foreclosure inventory continued to diminish in September, but the delinquency rate saw a sudden month-over-month surge, according to the “first look” mortgage report from Lender Processing Servicers (LPS), which has a loan-level database covering about 70 percent of the market.”

Inman – “Fannie and Freddie becoming ‘wards of the state’?” (10-22-12)

“The government’s failure to overhaul mortgage giants Fannie Mae and Freddie Mac is pushing the U.S. toward nationalization of the mortgage market, and would-be homeowners will be the losers if competition between private companies isn’t restored. ”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 4 bedroom, 4 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/5/12

Friday, October 5th, 2012



Sources:
CoreLogic: Home prices rise 4.6% from last year
Illinois Bank Failure Raises 2012 Tally to 43
Real Estate Outlook: Housing Starts Rise
Foreclosures Decline but Remain High, Prepayments Surge: LPS
Unemployment Rate Falls to 7.8%
NY AG files mortgage bond suit against JPMorgan, Bear Stearns, EMC
FHFA announces second winning bidder in REO pilot program
Waypoint Secures $245 Million Loan From Citigroup
Bank of America to extinguish up to 150,000 second liens
Americans face $3,500 fiscal cliff tax hit

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The unemployment rate decreased to 7.8% and is now below 8% for the first time in four years.  The FHFA just released a new white paper yesterday regarding mortgage securitization details, and they are now asking for the public’s advice.

In The News:

Associated Press- “US jobless rate falls to 7.8 pct., 44-month low” (10-5-12)

“The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.”

DS News – “FHFA’s White Paper Proposes New Infrastructure for Secondary Market “ (10-5-12)

“The Federal Housing Finance Agency (FHFA) is asking for the public’s input on a white paper it released Thursday containing proposals for a common securitization platform and a model Pooling and Servicing Agreement.”

Housing Wire- “Calif. hands trial lawyers ‘nuclear weapon’ to use against mortgage industry: legal expert” (10-5-12)

“The Homeowner Bill of Rights launched in California not only changed hundreds of years of real estate law, it may have turned the West Coast state into a judicial foreclosure state with financial firms on high alert, legal experts claim.”

Realty Times – “Mortgage Rates Hit All-time Record Lows For Second Consecutive Week “ (10-5-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates fell to a new all-time record low for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy.”

CNN Money- “Individual investors have insatiable appetite for ETFs” (10-5-12)

“Individual investors’ appetite for exchange traded funds is growing stronger. In fact, more than 80% of 1,000 U.S. investors surveyed by Charles Schwab agreed that ETFs are “here to stay,” and over 40% said they plan in invest in more ETFs during the course of the next year.”

Housing Wire – “Freddie’s REO inventory down 30% from peak levels” (10-5-12)

“Freddie Mac executives feel more optimistic about the housing market with Freddie’s REO inventory down 30% from peak levels, home prices on the rise and unemployment edging lower.”

DS News – “Asking Prices Up, Rent Prices Rising Faster than Home Prices: Trulia” (10-5-12)

“If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia.”

CNN Money- “Deficit tops $1 trillion for 4th straight year” (10-5-12)

“The federal government logged a $1.1 trillion deficit in fiscal year 2012 — marking the fourth straight year of trillion-dollar shortfalls.”

Housing Wire- “Obama scorecard shows home equity highest since 3Q 2008″ (10-5-12)

“The Obama administration’s latest housing scorecard reflects an improving market, with rising home values taking homeowner equity to its highest level since the third quarter of 2008.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 3 bedroom, 2 bathroom home appraised for $108,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Looking Back:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications decreased 4.3% from the previous week.  Housing Wire reported the number of job cuts for the month of September were at the highest they had been at in two years, having doubled from the month of August 2011.  Members of NAR and other leaders in the real estate industry met together with the Progressive Policy Institute and Economic Policies for the 21st Century to discuss ways to help the economy recover.

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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The Norris Group Real Estate News Roundup 8/22/12

Wednesday, August 22nd, 2012

Today’s News Synopsis:

According to the National Association of Realtors, existing home sales increased 2.3% for the first time in eight months.  Mortgage applications decreased 7.4% last week according to the latest survey released by the Mortgage Bankers Association.  Home builder confidence increased by 2 points to 37 and is now at the highest it has been since February 2007.


In The News:

Bloomberg – “Sales of U.S. Existing Homes Increase From Eight-Month Low” (8-22-12)

“Sales of existing homes climbed in July from an eight-month low, adding to signs U.S. housing may pick up in the second half.”

DS News – “Households Climb Out of Financial Distress in Q2: CredAbility” (8-22-12)

“U.S. households have found their way out of financial distress for the first time in nearly four years, with housing as the main reason for the improvement, according to the CredAbility Consumer Distress Index released Wednesday.”

Housing Wire – “Nearly half of Fannie Mae REO unable to reach market” (8-22-12)

“Only half of the previously foreclosed homes owned by Fannie Mae are either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system.”

Inman – “Home prices post strongest growth since 2006″ (8-22-12)

“Demand for homes grew faster than the inventory of homes for sale in July, helping push the national median price of existing homes up for the fifth month in a row despite a modest increase in sales that fell short of some analysts’ expectations.”

DS News – “Analysis: Investors Driving Recovery as Activity Surges” (8-22-12)

“A recent analysis from John Burns Real Estate Consulting suggests that investors may be the biggest driving force in the housing recovery.”

Realty Times – “Home Builder Confidence Improves as Mortgage Rates Stay Low” (8-22-12)

“As mortgage rates have continued to stay low, builders’ confidence has improved for the fourth consecutive month in August according to the National Association of Home Builders/Wells Fargo Housing Market Index.”

Mortgage Bankers Association – “Refinance Applications Decline as Rates Increase” (8-22-12)

“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 17, 2012.”

Housing Wire – “FOMC minutes show lower economic expectations” (8-22-12)

“The Federal Reserve declined to provide more stimulus after its last meeting, but minutes released Wednesday show more members of the Federal Open Market Committee lowered their outlook for the economy.”

Bloomberg – “Fannie Mae Tightens Mortgage Standards for Some Home Buyers” (8-22-12)

“Fannie Mae, the largest source of money for U.S mortgages, told lenders that it’s tightening some of its qualification standards for people buying homes or refinancing loans.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $178,000 on a home appraised for $296,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The mortgage Bankers Association reported an increase in delinquency rates for 1-4 unit homes, and also an decrease in foreclosures.  According to the latest Moody’s survey, the prices for commerical real estate properties rose .9% in June 2011.  Also, Fannie Mae warned of another potential double-dip recession, according to Housing Wire.

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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The Norris Group Real Estate News Roundup 7/25/12

Wednesday, July 25th, 2012

Today’s News Synopsis:

New home sales decreased to 350,000 in June and are now at their lowest in five months.  Mortgage applications increased 0.9% from last week according to the Mortgage Bankers Association.  Senator Jef Merkley just submitted a plan to help underwater homeowners by having the government buy up to 8 million underwater mortgages and refinance them to decrease their rates.


In The News:

CNN Money – “New-home sales slump” (7-25-12)

“New-home sales flopped in June, an indication that the housing market may take longer than expected to recover.”

Housing Wire – “Senator unveils plan to refi 8 million underwater borrowers” (7-25-12)

“Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.”

Mortgage Bankers Association – “As Low Rate Environment Persists, Refinance Applications Reach Highest Level Since 2009 in Latest MBA Weekly Survey” (7-25-12)

“Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 20, 2012.”

Bloomberg – “Wells Fargo Ranks No. 1 in Hard-to-Value Assets, S&P Says ” (7-25-12)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, ranked first among the six biggest U.S. commercial banks with the highest percentage of hard-to-value assets in its securities portfolio, Standard & Poor’s said.”

Housing Wire – “Lawmakers press Geithner to release AIG escape plan” (7-25-12)

“House Republicans pressed Treasury Secretary Timothy Geithner Tuesday to release a detailed plan to unwind remaining taxpayer exposure to American International Group ($30.25 -0.275%).”

DS News – “LPS Releases June First-Look Delinquency Data “ (7-25-12)

“Lender Processing Services (LPS) released Wednesday its “first look” month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year.”

Bloomberg – “TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says” (7-25-12)

“Distressed homeowners have received only 10 percent of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program, a U.S. auditor’s report said today.”

Housing Wire – “Housing turnaround becomes tailwind for weak economy” (7-25-12)

“The housing market is converting into a tailwind for the broader economy as construction activity gains momentum at a double-digit pace and home prices finally rise, says Joseph LaVorgna, housing analyst at Deutsche Bank ($27.34 -0.83%).”

DS News – “Barclays: Distressed Areas Leading Recovery” (7-25-12)

“Data in Barclays’ newest Securitization Products Weekly suggests that distressed markets are outperforming others in home appreciation and paving the way for a broad-based housing recovery.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $235,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The Wall Street Journal reported that more foreclosed homes would be featured on reality television shows.  In other news, the Reality Times reported that the sale of existing homes fell the previous month, the Northeast being the lowest.  According to Housing Wire, some of the big banks showed improvement in the second quarter of 2011 with increased loans and bigger pre-provision earnings.

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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The Norris Group Real Estate News Roundup 7/18/12

Wednesday, July 18th, 2012

Today’s News Synopsis:

Construction on new homes increased 6.9% and are now at the highest level not seen since 2008.  Mortgage applications increased 16.9% from last week as a result of decreasing interest rates and more people choosing to refinance their mortgages.  According to a recent survey by RE/MAX, both home sales and prices increased in 31 out of 53 large metropolitan areas.


In The News:

Housing Wire – “FHA opens bids on 9,000 delinquent mortgages” (7-18-12)

“The Federal Housing Administration began taking bids from qualified investors for 9,000 delinquent loans.”

Bloomberg – “Home Starts in U.S. Rise to Highest Level Since 2008: Economy” (7-18-12)

“New U.S. home construction rose in June to the highest level in almost four years, indicating the residential real estate market is strengthening even as other parts of the economy cool.”

Realty Times – “Record Low Mortgage Rates Improve Housing Market Confidence” (7-18-12)

“As record low mortgage rates continue to remain stable, housing market confidence amongst American consumers has shown improvement even as optimism in the overall economy and personal finances has stalled.”

DS News – “RE/MAX Survey: 31 Out of 53 Metros Report Increases in Sales and Prices” (7-18-12)

“Rising home prices and sales signal that the housing recovery may finally be underway, according to RE/MAX.”

Housing Wire – “Mortgage applications rise nearly 17% on refinancing activity” (7-18-12)

“Plummeting interest rates prompted more U.S. borrowers to refinance their mortgages for the week ending July 13, pushing overall mortgage applications up 16.9% from the previous week.”

DS News – “DataQuick: Southland Home Sales Up for Sixth Straight Month in June” (7-18-12)

“California received sunny news Tuesday as DataQuick’s latest home sales report showed an increase in sales in the state’s Southland region.”

Bloomberg – “BofA Profit Rebound Marred by $22.7 Billion in Mortgage Claims” (7-18-12)

“Bank of America Corp.’s second- quarter profit report was marred by record demands for refunds on faulty mortgages, casting doubt on whether improvements in the company’s real estate operations will last.”

Inman – “Mobile game ad campaign deemed a success” (7-18-12)

“Last year, franchisor Century 21 Real Estate launched an advertising campaign on We City, a social, mobile online game where users build SimCity-like virtual metropolises. This year, it was recognized as a success.”

Housing Wire – “U.S. Bank passes on overheated commercial property markets” (7-18-12)

“Top-ten mortgage originator U.S Bank ($10.67 -0.0001%) is passing on commercial real estate opportunities in certain markets at risk of overheating because of new construction.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 5 bedroom, 3 bathroom home appraised for $427,000.

 

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

Looking Back:

According to NAHB index, confidence for newly-built single-family homes increased two points.  DS News reported former Ohio attorney genereal had been nominated by Obama as the new head of the Consumer Financial Protection Bureau.  Republicans John Campbell and Gary Ackerman introduced a new bill that would increase the loan limits on mortgages backed by Fannie Mae and Freddie Mac.

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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The Norris Group Real Estate News Roundup 6/26/12

Tuesday, June 26th, 2012

Today’s News Synopsis:

The rate at which homes prices decreased in April was the slowest in a year, a good sign for the economy.  Consumer confidence decreased again for the fourth month in a row to 62. from 64.4.  Banks are no longer allowed to rely solely on credit ratings agencies as a way to determine whether or not their security holds an “investment grade” status according a rule just passed by the Office of the Comptroller of the Currency.


In The News:

Housing Wire – “Banks take on ‘investment grade’ duties under final OCC rule” (6-26-12)

“The Office of the Comptroller of the Currency finalized a rule prohibiting banks from relying on credit ratings agencies to determine whether a security is ‘investment grade’.”

Bloomberg – “Home Prices in U.S. Cities Fall at Slowest Pace Since ’10″ (6-26-12)

“Residential real estate prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market was firming.”

DS News – “Bay State Home Sales Continue to Rise as Prices Drop” (6-26-12)

“Bay-state home sales were up almost 35 percent in May making it the highest level of transactions since June 2010, according to The Warren Group.”

CNN Money – “Consumer confidence falls for 4th straight month” (6-26-12)

“Consumer confidence fell for the fourth consecutive month, hitting the lowest levels since January, according to a survey that measures Americans’ optimism regarding the state of the economy released Tuesday.”

San Francisco Chronicle – “Homebuilders lead stocks up on Wall Street” (6-26-12)

“Homebuilders led stocks up on Tuesday, helping major indexes recoup some losses from the day before. Rupert Murdoch’s News Corp. surged after the media conglomerate said it may split into two companies.”

DS News – “Mortgage Loan Fraud Reports Decrease 31% Yearly: FinCEN “ (6-26-12)

“For the first quarter of 2012, the number of Mortgage Loan Fraud (MLF) Suspicious Activity Reports (SARs) submitted decreased 31 percent to 17,651 over a one-year period, according to a Financial Crimes Enforcement Network (FinCEN) report.”

Housing Wire – “Mortgage bankers ask Congress to pass HUD funding bill” (6-26-12)

“The Mortgage Bankers Association asked Congress to pass a Department of Housing and Urban Development spending bill and avoid a stalemate that could undermine a still fragile housing recovery.”

DS News – “SEC Settlement Against Former Bear Stearns Managers Approved” (6-26-12)

“A civil litigation case brought on by the Securities and Exchange Commission (SEC) against two former portfolio managers with Bear Stearns was settled and received approval from the U.S. District Court for the Eastern District of New York.”

Realty Trac – “Is Real Estate “Affordability” An Illusion?” (6-26-12)

“With mortgage rates at their lowest levels in decades and home values down almost 18 percent from 2007 there shouldn’t be much of a debate regarding real estate affordability.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $130,000 on a 6 bedroom, 3 bathroom home appraised for $239,000.

 

The Norris Group posted a new event. Craig Hill of the Norris Group will be interviewed by Shawn Watkins at the Investors Workshops Wednesday, June 27, 2012.

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.

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

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The Norris Group Real Estate News Roundup 6/8/12

Friday, June 8th, 2012


Sources:
Homebuilder stocks rise after sharp decline
Bank closings decline, hundreds still at risk
CoreLogic: HPI Increased in April, Will Continue in May
Clear Capital: Prices See First Quarterly and Yearly Gain Since August ’10
Real Estate Outlook: Pending Home Sales Decline
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Rates in U.S. Fall to Record Lows With 30-Year at 3.67%
Initial Jobless Claims in First Drop in Five Weeks
S&P Revising Commercial Mortgage Ratings After Freeze-Out
S&P to tighten CMBS ratings criteria
Supreme Court Decides RESPA Case On Unearned Fees
Fed proposal would boost bank safety cushions
FHA Disputes Foreclosures Spike

Today’s News Synopsis:

This week’s video is a slideshow of important events in the world of real estate.  The net worth for the average U.S. household increased in the first quarter according to a report released by the Federal Reserve.  Mortgage rates are at their lowest on record since mortgage finance companies began tracking mortgages back in 1971.  The new bipartisan bill, Preserving American Homeownership Act of 2012, was introduced in the House of Representatives today.

In The News:

DS News – “U.S. Household Net Worth Grows as Debt Shrinks: Fed” (6-8-12)

“Household net worth increased in the first quarter of 2012 due to gains in the stock market, while household debt declined, according to the 2012 first quarter “Flow of Funds” report released by the Federal Reserve Thursday.”

Realty Times – “Record-Setting Low Fixed Mortgage Rates Persist” (6-8-12)

“Freddie Mac released the results of its Primary Mortgage Market Survey®, showing average fixed mortgage rates falling to new all-time record lows for the sixth consecutive week amid weak economic and job data helping to keep homebuyer affordability high.”

San Francisco Chronicle – “Oakland foreclosed homes to be converted to rentals” (6-8-12)

“An Oakland real estate investment company that converts distressed single-family homes to rentals in California is now focusing on its immediate backyard.”

Housing Wire – “New bill directs GSE, FHA principal reduction programs” (6-8-12)

“A bipartisan bill introduced in the House of Representatives Friday would require regulators to craft principal reduction programs for government-backed mortgages.”

DS News – “Recovery Still in Place: Capital Economics” (6-8-12)

“Negative reports on the economy may be shaking up confidence, but Capital Economics released a report Friday stating that in their view, the foundations for a sustainable recovery are still in place.”

Realty Trac – “CA Foreclosure Bill Package Criticized by the Feds” (6-8-12)

“Being one of the key contributors to the success of the $25 billion federal foreclosure settlement, California Attorney General Kamala Harris had to expect that trying to literally adopt the major components of the federal agreement and make them permanent fixtures in California law was going to face potentially harsh criticism.”

San Francisco Chronicle – “Mortgage rates lowest since tracking began in 1971″ (6-8-12)

“U.S. mortgage rates dropped to record lows for a sixth straight week as concerns over slowing job growth pushed investors into the safety of government bonds that guide interest costs.”

Housing Wire – “Credit ratings agencies gauge REO-to-rental securitization risk” (6-8-12)

“Credit ratings agencies are exploring ways to evaluate risks in the possible securitization of REO-to-rental cashflows.”

Inman – “Realogy ready to go public again” (6-8-12)

“Real estate brokerage and franchise giant Realogy Corp. is preparing to go public again, nearly six years after the company was taken private by a hedge fund at the height of the housing boom.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 4 bedroom, 2 bathroom home appraised for $150,000.

 

Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 19, 2012.

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the InvestClub for Women Tuesday, September 18, 2012.

Looking Back:

Inman news reported that home prices actually rose in April and May after bottoming out the month prior, despite reports of double-dipping.  Housing Wire said the Treasury Department should not have expected the money back it paid to Fannie Mae and Freddie Mac.  Mortgage applications saw a decrease of .4% according to the Mortgage Bankers Association, and the value of homes fell 8% according to a report by Zillow.

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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