California Real Estate Headline Roundup

Posts Tagged ‘Department of Housing and Urban Development’

By Bruce Norris .

Seriously Underwater Homes Increase for First Time in Three Years

Thursday, April 23rd, 2015

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Chino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

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

 

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

 


 

Shortage of Labor Believed to be Cause of Less Homebuilding

Tuesday, March 24th, 2015

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

 


 

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

Thursday, February 26th, 2015

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Lakewood Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

 

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

Copyright: Image from www.flickr.com/photos/25205705@N02/

 

 

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

Tuesday, January 27th, 2015

 

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

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.