The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Econoday’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/13/12

Friday, April 13th, 2012

Sources:
Multifamily Bonds Surging to Record U.S. as CMBS Fade: Mortgages
Rentals Continue to Outshine Purchase Market, Home Values Still Plagued By Foreclosures
Labor-Market Worries Rise With Jobless Claims
FHA Delaying Disputed Debt Rule Until July
DeMarco Says Principal Writedowns May Save FHFA $1.7 Billion
Making Government More Efficient

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.  JP Morgan and Wells Fargo exceeded analysts’ expectations with high first-quarter earnings.  Consumer sentiment decreased 1/2 a percent in April after being at its highest in a year.  15-year mortgage rates are at an all-time low.

In The News:

Housing Wire – “Consumer sentiment takes slight dip from year-high” (4-13-12)

“Consumer sentiment dipped slightly in a preliminary reading for April, according to a report released Friday.”

Bloomberg – “Wells Fargo Profit Rises as Results Improve on Mortgages” (4-13-12)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, reported a 13 percent rise in first-quarter profit, setting a record as the bank made more money on new mortgages and curbed losses from old ones.”

DS News – “RE/MAX Joins With eMerge to Create Online Marketing Program” (4-13-12)

“RE/MAX LLC partnered with technology firm eMerge to provide an innovative online marketing program to service its nearly 90,000 agents and brokers worldwide.”

Realty Times – “15-Year Fixed-Rate Mortgage Hits New All-Time Record Low” (4-13-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates declined for the third consecutive week on the heels of a weaker than expected employment report.“

Housing Wire – “JPMorgan Chase reports $5.4 billion 1Q profit“ (4-13-12)

“JPMorgan Chase ($44.84 0%) reported a $5.4 billion profit in the first quarter of 2012, or $1.31 per share, a 3.6% decline from a year earlier when the bank earned $5.6 billion.”

NAHB – “Builders Get Leg-Up on Competition at Upcoming Green Building Conference” (4-13-12)

“Building professionals looking to expand their green building skills, or those just getting started in building green, will find tools for success at the 2012 National Green Building Conference and Expo in Nashville, Tenn., April 29-May 1.”

San Francisco Chronicle- “Historical $25B Settlement Approved by Federal Judge” (4-13-12)

“Wells Fargo faces a U.S. probe over allegations it neglects bank-owned homes in minority communities, according to a person briefed on the matter.”

Bloomberg – “JPMorgan, Wells Fargo Beat Estimates on Surge in Mortgage Fees“ (4-13-12)

“JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), the two most profitable U.S. banks last year, reported first-quarter earnings that topped analysts’ estimates on a surge in mortgage fees.

Hard Money Loan Closed

Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 4 bedroom, 3 bathroom home appraised for $350,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

Looking Back:

MDA DataQuick reported 19,412 houses and condos sold in Southern California the previous month. Freddie Mac believed home sales would rise 5% in 2011. President Barack Obama revealed the White House’s deficit reduction plan, which aimed to reduce the nation’s deficit by $4 trillion in 12 years. Home Depot sales showed Americans were doing more home improvement.

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 3/22/12

Thursday, March 22nd, 2012

Today’s News Synopsis:

In a big story in the news, mortgage rates are slowly but surely continuing to increase and are now above 4%.  Prices of homes had the smallest decrease in two years last January at 0.8%.  The Labor Department reported claims of unemployment decreased to 348,000 last week.

In The News:

DS News – “Mortgages Rates Up, With 30-Year Fixed Above 4 Percent” (3-22-12)

“Moving along side higher yields on bonds, mortgage rates continued to climb upwards, with the 30-year fixed rate mortgage above the 4 percent benchmark for the first time since October 27, 2011, according Freddie Mac’s Primary Mortgage Market Survey.”

Realty Times – “Two-Study Mashup Reveals Rental Market Boom Towns” (3-22-12)

“There’s a mother lode of single-family home investment opportunities popping up around the nation, with big, fat, shiny veins snaking through the Golden State and the Sunshine State.  In a first quarter 2012 ranking of top rental property investment markets, California, from San Diego to Sacramento, yielded 12 markets.”

Bloomberg – “U.S. Home Prices Have Smallest Decline in More Than 2 Years” (3-22-12)

“U.S. home prices fell 0.8 percent in January from a year earlier, the smallest decline in more than two years, as the U.S. property market begins to stabilize.”

Housing Wire – “FHFA: Home prices level off in January” (3-22-12)

“Home prices remained unchanged in January from a downwardly adjusted December level, but fell 0.8% from a year earlier, according to the Federal Housing Finance Agency’s index.”

DS News – “New York Foreclosure Firm Settles With State for $4M” (3-22-12)

“New York Attorney General Eric T. Schneiderman announced a $4 million settlement with a New York foreclosure law firm due to abuses in its foreclosure-related legal work.”

San Francisco Chronicle – “Buying a home cheaper than renting in most places” (3-22-12)

“Purchasing a home is cheaper than renting in 98 out of the 100 largest U.S. metropolitan areas, a survey by real estate site Trulia showed.”

Bloomberg – “Insurance Upstart Signals U.S. Housing Rebound: Mortgages” (3-22-12)

“Reports of the U.S. mortgage- insurance industry’s demise have been greatly exaggerated.  NMI Holdings, a new home-loan guarantor, has hired investment bank FBR & Co. (FBRC) to help it raise $550 million after record homeowner defaults felled three competitors and left all but one of the survivors with junk credit grades, according to two people familiar with the company’s plans. Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) are among the backers of another upstart, Essent Guaranty Inc.”

Housing Wire – “Weekly jobless claims fall 5,000 to 4-year low” (3-22-12)

“Initial jobless claims fell to 348,000 for the week ended March 17 from an upwardly adjusted 353,000 a week earlier, according to the Labor Department.”

CNN Money – “Job challenges loom for war vets” (3-22-12)

“Veterans of the wars in Iraq and Afghanistan face unique hurdles in an already tough job market.”

Los Angeles Times – “Federal judge shuts down Santa Ana mortgage-relief operation” (3-22-12)

“A judge has shut down a Santa Ana mortgage-relief operation after federal officials accused it of falsely promising help for struggling homeowners to avoid foreclosure or get their mortgage payments reduced.”

Bloomberg – “Mortgage Rate-Yield Gap Eases Selloff in Bonds: Credit Markets” (3-22-12)

“Interest rates on new U.S. home loans are rising slower than yields on the mortgage securities they’re packaged into, helping to contain an increase in borrowing costs across debt markets.  The gap between the cost of 30-year loans and benchmark Fannie Mae yields, a measure of lenders’ profit margins called the primary-second spread, has tightened to about 0.8 percentage point, compared with a two-year high of more than 1.3 percentage points in January, according to data compiled by Bloomberg.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2 bathroom home appraised for $188,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

Looking Back:

The CBIA reported home production dropped 41% from the previous year. MacroMarkets believed a double dip in housing prices would soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January 2011. U.S. home prices fell 3.9% year over year, according to FHFA.

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 2/29/12

Wednesday, February 29th, 2012

Today’s News Synopsis:

According to the latest survey from the Mortgage Bankers Association, mortgage applications decreased 0.3% from last week.  GDP increased 3% in the fourth quarter, according to the Commerce Department.  Prices for condos bottomed out after Morgan Stanley decreased their prices by almost 40%.

In The News:

CNN Money – “Fewer banks in trouble” (2-28-12)

“The number of banks at risk of failing fell in the fourth quarter, marking the third straight quarterly decline, according to a government report issued Tuesday.  The Federal Deposit Insurance Corp. also said banks posted the largest loan balance increase in four years. The uptick was modest, at 1.8%, with most of the increase stemming from business loans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-29-12)

“Mortgage applications decreased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2012.  This week’s results are adjusted for the Presidents Day holiday.”

Housing Wire – “4Q GDP growth revised higher to 3%” (2-29-12)

“Gross domestic product grew at an annual rate of 3% in the fourth quarter, the Commerce Department said Wednesday.  In January, the Bureau of Economic Analysis estimated the measure of the economy’s output of goods and services rose at a rate of 2.8% for the fourth quarter”

DS News – “Fannie Mae Reports Quarterly and Yearly Losses” (2-29-12)

“Fannie Mae reported a net loss of $2.4 billion in the fourth quarter of 2011 on Wednesday, compared to a loss of $5.1 billion for the previous quarter.”

Housing Wire – “Fannie Mae cut business ties with BofA first, GSE claims” (2-29-12)

“Fannie Mae initiated a reduction in its mortgage business with Bank of America ($8.12 0.08%), not the other way around, according to an executive at the government-sponsored enterprise.”

CNN Money – “Uncle Sam wants you to rent out its foreclosed homes” (2-29-12)

“Want to become a landlord in one of the nation’s hardest-hit foreclosure neighborhoods? Well, Uncle Sam has a deal for you.  Fannie Mae will offer up nearly 2,500 distressed properties in eight locations to investors who are willing to buy them in bulk and rent them out for a set number of years.”

Realty Times – “Housing Reports Show Improvement as Low Mortgage Rates Continue” (2-29-12)

“Housing reports continue to show improvement at the same time that low mortgage rates continue to remain intact. The current housing market conditions are favorable for consumers who wish to purchase and finance a home under very affordable circumstances.”

San Francisco Chronicle – “Condos Bottom With Morgan Stanley Pairing Loan Losses: Mortgages” (2-29-12)

“Morgan Stanley is finding the bottom in the U.S. condominium market.  The bank, which ended up as an owner of the largest luxury condominium project in the U.S. Northwest with other lenders after the developer defaulted on loans made at the height of the housing boom, cut prices by about 40 percent to jumpstart sales and reduce mortgage losses.”

Housing Wire – “Bernanke says lack of down payment, job concerns hurt housing” (2-29-12)

“Federal Reserve Chairman Ben Bernanke suggested that affordable housing prices and low interest rates are not enticements for potential buyers lacking down payments and job security.”

Housing Wire – “Beige Book shows modest residential real estate growth” (2-29-12)

“All 12 Federal Reserve districts noticed modest economic growth in January and early February as the residential real estate market noted a modest uptick in activity.”

Realtor Magazine – “Rich Stay Put Longer When in Foreclosure, Study Says” (2-29-12)

“An analysis by The Wall Street Journal finds that banks take longer to evict once-wealthy home owners who live in expensive homes but stop making their payments than defaulting home owners who live in more modest homes.”

Hard Money Loan Closed

Reseda, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $351,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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 1/5/12

Thursday, January 5th, 2012

Today’s News Synopsis:

In some good news for jobs, the number of unemployment claims decreased last week, while at the same time 325,000 new jobs were added in December for the private sector.  Mortgage rates start the year off at the lowest on record according to Bloomberg.  Vacancy rates for apartments are also at their lowest levels since 2001.

In The News:

Housing Wire - “Private sector adds 325,000 jobs in December” (1-5-12)

“Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report.”

CNN Money - “Consumer bureau: Now, it can do something” (1-5-12)

“With President Obama’s recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks — including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.”

Wall Street Journal - “Apartment-Vacancy Rate Tumbles to 2001 Level” (1-5-12)

“The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.”

Housing Wire - “Jobless claims drop to 372,000 last week” (1-5-12)

“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”

DS News - “Mortgage Modifications Scams Make Top Ten Scam List for 2011″ (1-5-12)

“Mortgage modification scams made the list of “Top Ten Scams of 2011,” assembled by the Better Business Bureau (BBB) Wednesday.”

Inman - “Top 10 US places with a net influx of movers” (1-5-12)

“Only Washington, D.C., and nine states — primarily in the Southwest and Mid-Atlantic regions — were labeled “inbound” by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines’ 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Match the Record Low of 3.91%” (1-5-12)

“Mortgage rates (NMCMFUS) for 30-year U.S. loans declined, matching the lowest level on record amid signs that demand for housing may be recovering.”

Bloomberg - “Wells Fargo Faces Scrutiny by Investors on Mortgage Bonds” (1-5-12)

“A bondholder group that won an $8.5 billion settlement (BAC) from Bank of America Corp. (BAC) on securities backed by soured home loans may also seek payments from Wells Fargo & Co. (WFC), the nation’s biggest mortgage lenderion.”

Housing Wire – “Fannie Mae to provide loan-level data on single-family MBS” (1-5-12)

“In a push for increased transparency, Fannie Mae plans to provide loan-level data on single-family mortgage-backed securities to help investors.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

Altera Real Estate forecasted an increase in interest rates for 2011. Hope Now reported mortgage lenders completed nearly 1.65 million permanent loan modifications in November 2010. President Obama signed the National Credit Union Stabilization Act.

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 12/20/11

Tuesday, December 20th, 2011

Today’s News Synopsis:

According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels.  Zillow predicted home prices would continue to declien through 2013, according to Bloomberg.  Housing Wire reported an increase in mortgage debt last month in every U.S. region.

In The News:

Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)

“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”

Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)

“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”

Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)

“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another.  But what about the association suing a homeowner?  Maybe it’s one of those “only in California” things; but, yes, it has happened in California.  (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”

Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)

“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“

DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)

“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”

Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)

“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies.  The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”

Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)

“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”

CNN Money - “Home building spikes higher” (12-20-11)

“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.  Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”

Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)

“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”

DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)

“Florida’s mandatory foreclosure mediation program has come to an end.  State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  In October 2009, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 2010.

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 10/13/11

Thursday, October 13th, 2011

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Today’s News Synopsis:

In this week’s video, Aaron Norris talks about I Survived Real Estate 2011 and how you can participate in the live event.  Home sales in Southern California have remained relatively stable, although the median price has decreased.  Rates on 30-year mortgages bounced back up again this week with a 4% increase.  According to Housing Wire, Freddie Mac has changed the way it will pay its employees, now basing it off of surveys showing how satisfied the lenders were.

In The News:

Los Angeles Times - “Southern California housing market stalls in September” (10-13-11)

“Southern California’s housing market stalled in September as sales were essentially flat over the same month a year earlier and the region’s median price fell.  Sales increased 0.3% from the same month a year earlier, when the market was reeling from the effect of an expired tax credit that had boosted sales for much of the year.“

DS News - “Thirty-Year Rate Jumps Back Up Above 4% Mark in One Week’s Time” (10-13-11)

“The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.”

Inman - “Foreclosue activity shows signs of ramping up in Q3″ (10-13-11)

“In the third quarter, a downward trend in nationwide foreclosure activity showed signs of reversing, according to the latest report  from foreclosure data site RealtyTrac. At the same time, foreclosure  processing and sales timelines hit record highs, the report said.”

Housing Wire - “Jobless claims down slightly last week” (10-13-11)

“Initial jobless claims remained essentially flat last week, staying higher than 400,000.The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 8 fell by 1,000 to 404,000 from 405,000 the previous week, which was revised upward 4,000.”

Bloomberg - “HomeServicers’ Peltier Says Housing Recovery Will Begin Next Year” (10-13-11)

“A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.”

DS News - “CFPB Releases Servicing Examination Procedures” (10-13-11)

“In preparation to begin reviewing the nation’s largest banks, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers.”

Housing Wire – “Freddie to link employee pay with customer satisfaction” (10-13-11)

“How Freddie Mac pays its employees will be linked directly to future lender satisfaction surveys.  Freddie CEO Charles “Ed” Haldeman told a group of Mortgage Bankers Association members on Tuesday the firm will be changing the focus of how its employees work with banks that sell, service and invest with the company.”

CNN Money - “JPMorgan ‘cautious’ as income dips” (10-13-11)

“JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company’s trading and investment banking operations.”

Looking Back:

Mortgage application volume increased 14.6% the week of October 14, 2010. All 50 state attorney generals were currently involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA urged GSEs to accelerate the foreclosure process once the AG reviews were over. Foreign investors planned to purchase large amounts of commercial property.

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 9/22/11

Thursday, September 22nd, 2011

Today’s News Synopsis:

According to Bloomberg, claims for unemployment benefits decreased 9,000 last week, although still more filed claims than was predicted.  Month over month prices for homes increased last July, but are still down year-over-year by about 3%.  According to Freddie Mac’s latest survey, mortgage rates continue to remain at their lowest.

In The News:

Housing Wire - “FHFA: Home prices hit 2004 levels” (9-22-11)

“House prices inched higher in July, but are down 3.3% for the year ended July 31 and 18.4% lower than the April 2007 peak, according to the Federal Housing Finance Agency.”

Bloomberg - “Initial Jobless Claims in U.S. Fell Last Week” (9-22-11)

“More Americans than forecast filed first-time claims for unemployment insurance payments last week as the labor market struggled to improve.”

Sacramento Bee - “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-22-11)

“Freddie Mac (OTC: FMCC) today released  the results of its Primary Mortgage  Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid  sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09  percent, while the 15-year fixed dropped a single basis point to 3.29 percent,  marking a new record low.”

DS News - “Banks Respond to Moody’s Ratings Downgrades” (9-22-11)

“The three major banks that received downgraded ratings from Moody’s Wednesday responded with disappointment and assertions of their value.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Increased For First Time Since 2009″ (9-22-11)

“The level of commercial/multifamily mortgage debt outstanding increased by 0.1 percent in the second quarter of 2011, the first quarterly increase since the third quarter of 2009, according to the Mortgage Bankers Association (MBA).”

Inman - “Fed keeping lid on mortgage rates” (9-22-11)

“Mortgage rates remained at or near record lows this week as the  Federal Reserve moved to keep a lid on long-term interest rates in order  to encourage borrowing in the face of ongoing concerns that the  European debt crisis will derail an economic recovery.”

Housing Wire – “Cornerstone Real Estate Advisers names Higgins president” (9-22-11)

“Real estate investment advisory firm Cornerstone Real Estate Advisers appointed Mark Higgins president.  Hartford, Conn.-based Cornerstone promoted Higgins as the firm aggressively
expands activities tied to its portfolio of commercial properties.”

Realtor Magazine - “Down Payment Remains Obstacle to Home Ownership” (9-22-11)

“More than half of renters who wish to buy a home say they are unable to because they’re not able to save enough for a down payment, according to Trulia’s Fall 2011 American Dream survey.”

CNN Money - “Federal Reserve launches Operation Twist” (9-22-11)

“The Federal Reserve announced “Operation Twist” Wednesday, a widely expected stimulus move reviving a policy from the 1960s.”

Wall Street Journal - “Home Resales Up, But Remain Weak” (9-22-11)

“Sales of previously occupied homes in the U.S. rose in August to the highest level in five months but remained weak overall as the sputtering housing market fails to propel the economy.”

Looking Back:

Mortgage loan applications decreased 1.4% the week of September 20, 2010. FHFA reported national house prices fell 0.5% in July 2010. HAMP converted 33,342 trial modifications into permanent status in August 2010. The Bush tax cuts were expected to end soon.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event 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 7/21/11

Thursday, July 21st, 2011

Today’s News Synopsis:

U.S. homes prices decreased 6.3% year over year in May, but on a positive note prices increased the same month on a month to month basis.  According to Freddie Mac, mortgage rates have not changed much this week, remaining at around 4.5% and 3.6%.  Jobless claims are now at 418,000, having increased 2.4% last week.

In The News:

Bloomberg - “U.S. Home Prices Decreased 6.3% in May From Previous 12 Months, FHFA Says” (7-21-11)

“U.S. home prices fell 6.3 percent in May from a year earlier as foreclosures weighed down values and purchases slumped.  The decline was led by a 9.9 percent decrease in the region that includes California, the Federal Housing Finance Agency said today in a report from Washington. The second-largest drop was 9.2 percent in the area that includes Nevada and Arizona.”

Housing Wire - “Litigation costs mount at BofA, Chase over foreclosure, mortgage issues” (7-21-11)

“Legal expenses at Bank of America (BAC: 10.15 +3.05%) and JPMorgan Chase (JPM: 42.14 +2.88%) more than doubled for the second quarter from the previous period, according to each bank’s financial documents.”

Realty Times - “Remodeling Market Heats Up” (7-21-11)

“The cost-to-value ratio may be down across much of the country for remodeling, but BuildFax is reporting that May was the hottest remodeling month on record.  According to their BuildFax Remodeling Index (BFRI), May hit its 19th straight month of year-to-year gains and was up 22 percent from May 2010″

Wall Street Journal - “Home Resales Decline Again as Buyers Hesitate” (7-21-11)

“Existing-home sales in June fell to a seven-month low, and the number of contract cancellations soared, signaling that buyers are rethinking home purchases amid national economic uncertainty.”

Los Angeles Times - “Mortgage rates holding steady, Freddie Mac says” (7-21-11)

“There’s been little change in home mortgage interest rates this week, with no clear trend in economic and housing data to affect the cost of loans, Freddie Mac says.”

DS News - “FHFA Records Second Straight Monthly Increase in Home Prices” (7-21-11)

“Home prices in the U.S. rose in May, marking the second consecutive monthly increase, the Federal Housing Finance Agency (FHFA) reported Thursday.  Before the string of two-month gains, FHFA’s market gauge had recorded declines in property prices for 10 straight months.”

Housing Wire - “Jobless claims rise to 418,000″ (7-21-11)

“Initial jobless claims rose about 2.4% last week, staying higher than 400,000 for the 15th straight week.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended July 16 increased by 10,000 to 418,000 from an upwardly revised 408,000 the previous week”

Realtor Magazine - “Countrywide to Offer Borrowers Refunds” (7-21-11)

“More than 450,000 borrowers who took out mortgages with Countrywide Financial Corp. will soon receive refund checks as part of a $108 million settlement over claims that the lender charged high fees to borrowers facing foreclosure, the Federal Trade Commission reports.”

Mortgage Bankers Association - “Refinance Applications Surge in Latest MBA Weekly Survey” (7-21-11)

“Mortgage applications increased 15.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 15, 2011.”

Orange County Register - “Fewest empty O.C. apartments since ’07″ (7-21-11)

“The Orange County apartment occupancy rate has held steady for nine months at 95% — highest since fourth quarter of 2007 — a point where there’s little momentum to push up rents,
according to apartment tracker RealFacts.”

Looking Back:

MDA DataQuick reported 70,051 Notices of Default were filed during the second quarter of 2010. The weekly survey from the MBA showed mortgage application volume increased by 7.6 percent the week of July 19, 2010. Some analysts feared the new financial reform would significantly damage the mortgage industry. The LAEDC believed Orange County would experience a building boom in 2011.

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 7/14/11

Thursday, July 14th, 2011

Today’s News Synopsis:

Freddie Mac reported in their latest survey that mortgage rates decreased .09% .  Distressed properties in the commercial real estate sector are now at almost $181 billion, a $5oo million increase from April according to DS News.  In other news, Housing Wire reported the number of jobless claims remained above 400,00 for the 14th week in a row, although they did decrease last week. 

In The News:

Los Angeles Times - “Mortgage rates ease again on rising unemployment” (7-14-11)

“If you’re strong enough financially to qualify for a home loan, the latest round of bad economic news has done you a favor: Mortgage rates have fallen again, Freddie Mac said in its latest weekly survey.  Lenders were offering the 30-year fixed-rate mortgage to solid borrowers at an average of 4.51%, down from 4.60% last week, Freddie Mac said Thursday morning”

Bloomberg - “JPMorgan Lists $2.5 Billion of Costs Tied to Faulty Home Lending” (7-14-11)

“JPMorgan Chase & Co. (JPM) listed about $2.5 billion in second-quarter costs tied to cleaning up faulty mortgages and foreclosures as the industry tries to quell concern over lending practices.”

Mortgage Bankers Association - “Homeownership Rates Could Drop Further After Unsustainable Jump During Last Decade” (7-14-11)

“The drop in the homeownership rate from an all-time high of 69.2 percent in 2004 to 66.4 percent in the first quarter of 2011 reflects a decline from unsustainable levels to something closer to historical averages, according to a study released today by MBA’s Research Institute for Housing America (RIHA). While the homeownership rate may have bottomed out, it could fall another one or two percentage points because of tightened credit and other factors, the paper says.”

Realty Times - “Employment-Challenged Get Extended Forbearance, Interest-Free Loans” (7-14-11)

“The Obama Administration recently quadrupled the mortgage payment forbearance period for unemployed homeowners and announced interest-free loans for unemployed and under-employed homeowners.”

Housing Wire – “Jobless claims drop, remain higher than 400,000″ (7-14-11)

“Initial jobless claims decreased again last week, but remained higher than 400,000 for the 14th straight week.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended July 9 fell by 22,000 to 405,000 from an upwardly revised 427,000 the previous week”

Inman - “New consumer bureau to police real estate kickbacks” (7-14-11)

“The Department of Housing and Urban Development (HUD) next week will transfer hundreds of pending investigations of alleged violations of the Real Estate Settlement Procedures Act (RESPA) to the newly created Consumer Financial Protection Bureau (CFPB), which is taking over responsibility for RESPA enforcement.”

RisMedia - “Commercial/Multifamily Real Estate Markets Show Turn of the Real Estate Cycle” (7-14-11)

“The Mortgage Bankers Association (MBA) released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the first quarter of 2011. First quarter data on the commercial real estate markets show the natural effects of the turn of the real estate cycle.”

Housing Wire – “Study says 25% of U.S. banks are undercapitalized” (7-14-11)

“Twenty-five percent of all U.S. banks do not meet the minimum risk-based 8% Tier 1 capital requirement, according to a two-year stress test completed by financial risk management firm Invictus Group.”

Los Angeles Times - “JPMorgan Chase mortgage results bode well for Wells Fargo” (7-14-11)

“Many foreclosures are back on hold as the big banks wrestle with regulators over the price they must pay for botching their handling of distressed borrowers.  Bank of America, preannouncing its earnings, said in late June that it would record an additional $20 billion in costs stemming from its 2008 takeover of Countrywide Financial, the former mortgage goliath of Calabasas.”

DS News - “Distress Claims $181 Billion in Commercial Real Estate Sector” (7-14-11)

“Distressed commercial real estate in the United States stood at $181.1 billion in June, according to the analysts at Delta Associates. That tally includes properties in default, in foreclosure, and lender REO.”

Looking Back:

MDA DataQuick reported 23,871 homes were sold in Southern California the previous month. Statistics from CoreLogic showed that prices in May 2010 grew 0.9% from the previous month. According to Foreclosure Radar, lenders canceled nearly 22,000 California foreclosure sales in June of 2010. A comparative analysis from Credit Suisse showed that the cost of owning a home was cheaper than renting in multiple areas.

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 6/16/11

Thursday, June 16th, 2011

Today’s News Synopsis:

NAHB reported that the U.S. Commerce Department released new numbers reporting that housing starts increased 3.5% in the month of May.  CNN reported that the number of filings for foreclosures fell for the 8th month in a row, while DSNews reported that the U.S. Conference of Mayors and Wells Fargo Home Mortgage are collaborating to help prevent foreclosures.  On another positive note, the sales and prices of homes were the same this month as in April, showing a positive trend.

In The News:

Inman – “Mortgage rates level off at 2011 lows” (6-16-11)

“Mortgage rates leveled off this week at or near their lows for the year after declining for eight consecutive weeks, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.”

RisMedia – “Monthly Housing Market Trends Point in a Positive Direction” (6-16-11)

“Home sales and prices were both nearly the same as April in the May 2011 RE/MAX National Housing Report when compared to the same time last year. ”

DSNews – “CoreLogic Launches New Property Condition Report” (6-16-11)

“California-based CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report.”

NAHB - “Housing Starts Gain 3.5 Percent in May” (6-16-11)

“Nationwide housing starts rose 3.5 percent to a seasonally adjusted annual pace of 560,000 units in May, according to newly released figures from the U.S. Commerce Department. The gain partially offsets a larger decline that was registered in April.”

Inman – “California sales, prices sag in May” (6-16-11)

“Sales of existing single-family homes in California fell 5.8 percent from April to May to a seasonally adjusted annual rate of 471,480 units, according to statistics collected by the California Association of Realtors from 90 Realtor associations and multiple listing services.”

Housing Wire - “Bair floats combining mortgage servicer consent orders with AG settlement” (6-16-11)

“Federal Deposit Insurance Corp. Chairman Sheila Bair said there is a possibility the servicing standards from both the recently signed consent orders and the ongoing negotiations with the 50 state attorneys general can be combined.”

CNN Money – “Foreclosures fall for 8th straight month” (6-16-11)

“Foreclosure filings experienced their eighth straight month of declines, according to RealtyTrac.”

Housing Wire - “Jobless claims fell to 414,000 last week” (6-16-11)

“Initial jobless claims fell last week, coming in well below most analysts’ estimates and remaining higher than 400,000.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended June 11 decreased about 3.7% to 414,000 from 430,000 the previous week, which was revised upward by 3,000 claims.”

Los Angeles Times – “California home sales fall 13.3% in May” (6-16-11)

“Sales of homes in California plunged 13.3% in May from the same month a year ago, when tax incentives were fueling the market, according to real estate research firm DataQuick of San Diego.”

DSNews – “Freddie: 30-Year Fixed Rate Ticks Up for First Time in Nine Weeks” (6-16-11)

“Freddie Mac released its weekly survey of mortgage interest rates Thursday, which showed that the 30-year rate edged up 1 basis point while the 15-year rate dropped 1 basis point.”

DSNews – “Wells Fargo and U.S. Mayors Form Foreclosure Prevention Alliance” (6-16-11)

“The U.S. Conference of Mayors and Wells Fargo Home Mortgage have joined forces to create a national alliance focused on foreclosure prevention, property disposition, homeownership promotion, and community development.”

Looking Back:

The Commerce Department reported housing starts fell 10% from April of 2010. According to the MBA, mortgage application volume increased 17.7 percent from the prior week. Fitch Ratings Ltd. predicted that most borrowers who received lower mortgage payments under a federal government program would default within 12 months. New home sales were down 27% in May of 2010, according to a John Burns Real Estate Consulting builder 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.

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