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The Norris Group Real Estate News Roundup 7/27/11

Wednesday, July 27th, 2011

Today’s News Synopsis:

The FHFA reported that mortgage rates decreased to 4.62% in June, marking the third month in a row mortgage rates have been down.  On a weekly basis, mortgage applications decreased 5% from a week ago.  NAHB reported that the sale of new homes has only decreased 1%, thereby remaining consistently low.   Elizabeth Warren of the Consumer Financial Protection Bureau will be replaced by Raj Date.

In The News:

Housing Wire - “FHFA: Mortgage rates down for third straight month” (7-27-11)

“The national average mortgage rate charged for purchasing previously owned homes dropped 12 basis points to 4.62% in June, according to the Federal Housing Finance Agency.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (7-27-11)

“Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 22, 2011.”

Bloomberg - “BofA Donates Then Demolishes Houses to Cut Glut” (7-27-11)

“Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.  The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property.”

NAHB - “New Home Sales Remain Relatively Flat in June” (7-27-11)

“Sales of newly built, single-family homes declined 1 percent to a seasonally adjusted annual rate of 312,000 units in June, according to figures released today by the U.S. Commerce Department today.”

Housing Wire – “Potential US downgrade may not disrupt REIT MBS investments” (7-27-11)

“Even if lawmakers fail to reach a compromise on the debt ceiling, leading to a sovereign rating downgrade, the agency mortgage-backed securities real estate investment trust model is likely to remain stable and viable, according to analysts at Keefe, Bruyette & Woods.”

DS News - “Trepp Estimates Declines in Delinquency Rates” (7-27-11)

“Trepp, LLC estimates decreases in all types of bank loan delinquencies in the second quarter of 2011. Delinquencies are expected to decline among residential mortgages, commercial mortgages, construction loans, and commercial and industrial loans, according to Trepp’s estimates.”

Los Angeles Times - “S&P chief says firm’s analysts don’t believe U.S. will default” (7-27-11)

“The head of Standard & Poor’s told lawmakers Wednesday the credit rating firm’s analysts don’t believe the U.S. will default on its obligations but are waiting for a “credible” plan to increase the debt ceiling by the Aug. 2 deadline that also will reduce the long-term budget deficit.”

San Francisco Chronicle - “Home prices tumble 4.5% in 20 U.S. cities” (7-27-11)

“Home prices in 20 U.S. cities dropped in the year ending in May by the most in 18 months, adding to evidence the housing market is struggling.  The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from May 2010, the group said Tuesday. The decline matched the median forecast of 32 economists surveyed by Bloomberg News.”

DS News - “Elizabeth Warrent to Depart Consumer Financial Protection Bureau” (7-27-11)

“Raj Date will replace Elizabeth Warren as special advisor to the secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB) when Warren departs from the agency at the end of this month, Treasury said in a statement Tuesday.”

Looking Back:

The S&P home price index suggested that prices increased by 1.3 percent from April to May 2010. 91 of the top 100 homebuying zip codes were in California. The vacancy rate for rental housing  remained flat at 10.6 percent for 2010. MPF Research reported the number of occupied apartments grew by 215,000 in the 64 largest U.S. markets in the first half of 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 6/20/11

Monday, June 20th, 2011

Today’s News Synopsis:

According to a recent risk assessment released by the PMI Group, the chance of the prices of Orange County homes declining is almost 90%. According to Housing Wire, HUD is starting a new program to provide loans interest-free to borrowers who are unemployed and cannot afford to pay their mortgages. 

In The News:

Realty Times - “Real Estate Outlook: Debt Ceiling and Energy Concerns” (6-20-11)

“Energy-efficiency has broiled to the forefront of the Senate as energy and fuel costs rise across the nation.”

The Wall Street Journal - “Government Stays Glued to Mortgage Market” (6-20-11)

“A weak start to the spring housing season, which could be underscored later this week by reports on sales of new and previously owned homes, is raising the prospect that the U.S. government will dominate the mortgage market for a long time. ”

Bloomberg - “Republicans Request Details on Warren’s Role in Mortgage Foreclosure Talks” (6-20-11)

“U.S. House Republicans will press for new details on Elizabeth Warren’s role in talks to settle federal and state claims that mortgage servicers improperly processed foreclosures.”

Housing Wire - “More lawmakers join major push to reduce QRM down payment” (6-20-11)

“More lawmakers in the House of Representatives signed a second letter Friday requesting federal regulators to lower the 20% down payment on the qualified residential mortgage.”

Inman - “A slow-motion real estate recovery” (6-20-11)

“Looking for signs of an economic and housing recovery might be like watching grass grow.”

DSNews - “HUD, NeighborWorks Roll Out Emergency Program for Unemployed” (6-20-11)

“Lost income from unemployment has left many homeowners unable to make their mortgage payments and pushed them to the brink of default, some into foreclosure.”

Housing Wire - “HUD releases unemployment mortgage assistance to 27 states” (6-20-11)

“The Department of Housing and Urban Development launched a long-awaited program to provide interest-free loans to help unemployed borrowers in 27 states with their mortgage payments.”

Orange County Register - “Report: 89% chance O.C. home price decline” (6-20-11)

“There’s an 89.1% chance that Orange County home prices will be lower in two years, according to a new risk assessment by mortgage insurer PMI Group.”

DSNews - “Mortgage Servicing Litigation Jumps 88%: Report” (6-20-11)

“Litigation related to mortgage servicing surged during the first quarter, after last fall’s robo-signing issues raised questions about servicers’ procedures and garnered widespread attention from mainstream media.”

Realtor Magazine - “Foreclosures Slow as Banks Face Backlogs” (6-20-11)

Nationwide, new foreclosure cases and repossessions have dropped by a third since last fall as banks, as greater scrutiny over banks’ foreclosure procedures and more home owners fighting back in court has slowed the pace. Banks, already facing huge backlogs of foreclosures they’ve already repossessed, also may be reluctant to add on more to their inventory, experts say.”

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 3/22/11

Tuesday, March 22nd, 2011

Today’s News Synopsis:

The CBIA reports home production has dropped 41% from last year. MacroMarkets believes a double dip in housing prices may soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January. U.S. home prices fell 3.9% year over year, according to FHFA.

In The News:

Housing Wire – “Cleveland Fed president says housing remains weak link in recovery” (3-22-11)

“Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, says the housing sector remains one of the most ‘unforgiving aspects’ of the recession.”

Housing Wire – “Elizabeth Warren aims to cut regulatory costs for community banks” (3-22-11)

“Elizabeth Warren, the special adviser to the Treasury Department, told an audience of community bankers Tuesday that the Consumer Financial Protection Bureau she is working to construct will look to cut regulatory costs for smaller financial institutions.”

CBIA - “California Housing Production Continues Decline in February, CBIA Announces” (3-22-11)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,088 total housing units in February, down 41 percent from the same month a year ago and down 26 percent from January. Permits for single-family homes totaled 1,204, down 34 percent from February 2010 and down 26 percent from the previous month, while multifamily permits totaled 884, down 48 percent from a year ago and down 24 percent from January.”

Housing Wire – “Housing double dip could be coming: MacroMarkets” (3-22-11)

“A double-dip in housing could arrive this year with national home prices only 1% away from a new ‘post-crash low,’ MacroMarkets said in its March 2011 Home Price Expectation Survey.”

Housing Wire – “Fannie Mae expects home sales to remain soft through spring season” (3-22-11)

“Home sales are expected to remain soft in the near term after mortgage applications fell 7.9% in January and another 3.3% in February, Fannie Mae said in its March Economic Outlook report.”

Bloomberg - “U.S. Commercial Property Prices Fell for Second Straight Month in January” (3-22-11)

“The Moody’s/REAL Commercial Property Price Index slumped 1.2 percent from the previous month and 4.3 percent from a year earlier. It’s up 4.2 percent from an eight-year low in August, Moody’s said in a statement today.”

Bloomberg - “Home Prices in U.S. Declined 3.9% in January From Year Earlier, FHFA Says” (3-22-11)

“U.S. home prices fell 3.9 percent in January from a year earlier as the housing market struggled to recover from the worst crash in seven decades, according to the Federal Housing Finance Agency.”

Housing Wire – “Federal Reserve’s balance sheet grows on MBS, Treasury securities” (3-22-11)

“At Dec. 31, the Fed reported total assets of $2.43 trillion, up $193 billion from 2009, the Federal Reserve said in its consolidated 2010 financial report released Tuesday. The expanded balance sheet includes an $86 billion increase in mortgage-backed securities acquired from government-sponsored enterprises and federal agencies.”

Housing Wire – “HUD updates Chinese drywall remediation guidance” (3-22-11)

“The Department of Housing and Urban Development and the Consumer Product Safety Commission recently released an updated version of their guidance on Chinese drywall remediation. The change comes after a study by Sandia National Laboratories found there were no correlating hazardous effects.”

Looking Back:

The total number of failed banks so far in 2010 has now reached 37. Geithner suggests that government officials listen more to harmed families and businesses than to large financial institutions while considering a financial overhaul bill. Lennar is investing over $3 billion into distressed real estate assets. California will offer about $3.1 billion in taxable debt sales this week.

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 9/17/10

Friday, September 17th, 2010

Today’s News Synopsis:

Fitch Ratings reports delinquencies on commercial real estate CDOs increased to 12.1% last month. Statistics from BarCap show GDP slowed to an annual rate of 1.6% in the 2nd quarter. I Survived Real Estate 2010 is taking place tonight. Multiple experts from different regions of the real estate industry will be speaking at the event. You can watch it live at www.isurvived2010.com

In The News:

Housing Wire – “White House appoints Warren to set up consumer protection bureau” (9-17-10)

“President Obama appointed Elizabeth Warren advisor to Secretary of the Treasury, and she will be in charge of setting up the Consumer Financial Protection Bureau. Warren was the chair of the Congressional Oversight Panel, which oversees the Treasury’s implementation of the Troubled Asset Relief Program”

Housing Wire – “CRE CDO delinquencies up slightly in August, near record-high” (9-17-10)

“Delinquencies on commercial real estate loan collateralized debt obligations rose slightly in August, up to 12.1%, according to Fitch Ratings. The agency’s CREL CDO index in July was 12% and 7.5% a year earlier. The record reached a record high of 13% in January.”

Housing Wire – “BarCap anticipates stronger GDP growth in 3Q, double dip risk receding” (9-17-10)

“In the second quarter of 2010, GDP slowed to an annual rate of 1.6%, slightly better than what analysts projected. According to BarCap, a narrowed trade deficit in July, stronger-than-expected business inventories, and moderating growth in manufacturing activity suggest more GDP growth in the third quarter.”

Bloomberg - “Consumers Resist Smart Meters After $3.4 Billion Stimulus Push” (9-17-10)

“G&E Corp., Cisco Systems Inc. and General Electric Co. are all betting that energy-monitoring devices will catch on in homes. Convincing consumers that they’re a good thing is turning out to be a tough sell. Power companies have traditionally relied on workers walking house to house to monitor electricity use. Smart meters are designed to give utilities a real-time picture of electricity consumption, eventually allowing them to create pricing plans that will encourage conservation during peak hours. About 43 percent of U.S. homes will have the new meters by 2014, up from 14 percent at the end of last year, according to Dallas-based market researcher Parks Associates.”

Bloomberg - “Small Business Can’t Get Loans From Bailed-Out Banks in U.S.” (9-17-10)

“Chip Besse figured he could hire a dozen people once he got a $1.1 million small-business loan. Wells Fargo & Co. turned him down. U.S. taxpayers helped the San Francisco-based bank weather the 2008 financial crisis with a $25 billion loan and $9.5 billion of debt guarantees. By July 2009, when Besse wanted to buy and expand a Colorado snowmobile-rental business, Wells Fargo wasn’t sharing the wealth, he said.”

Orange County Register – “Real estate job placements improving” (9-17-10)

“The UC Irvine Center for Real Estate reports that it’s having an easier time finding jobs for its students, a possible sign of improvement in the real estate jobs market. Both large banks, like Wells Fargo and Bank of America, and emerging businesses are hiring, center officials said. There’s also increased interest on the part of full-time employers, summer employers, people interested in interns and people interested in mentorships.”

Orange County Register – “Irvine woman sues over loan mod ‘hoax’” (9-17-10)

“An Irvine homeowner is suing a large national mortgage servicing company, saying they perpetrated a ‘loan modification hoax’ and committed fraud by promising but never granting her a permanent home loan modification.”

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 2/11/10

Thursday, February 11th, 2010

Today’s News Synopsis:

According to the NAR, home sales increased in 32 states from the 3rd quarter of 2009. Statistics from the CBIA show that the construction industry currently provides only one sixth of the jobs it provided in 2005. Some speculate that Fannie and Freddie’s purchasing of debt could get rid of all mortgage debt within a year. RealtyTrac reports that foreclosure filings increased by 15 percent from last year.

In The News:

NAR - “Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas” (2-11-10)

“Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases. Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.”

CBIA - “Study Shows Housing Industry is Vital to California’s Economic Recovery” (2-11-10)

“Preliminary numbers from the report found that new housing construction in California contributed $14.3 billion dollars to the state’s economy in 2009 and supported nearly 80,000 jobs, representing just a fraction of the $67.7 billion dollars and 487,000 jobs that the industry had contributed in 2005.  The report also found that every dollar spent on new housing construction in California generates another $0.8 in total economic activity and that each job created through residential construction supports an additional 1.2 jobs.”

Inman - “ZipRealty: Fewer sellers slash prices” (2-11-10)

“Fewer sellers cut their list prices for the fifth straight month in January, according to a report by real estate brokerage ZipRealty. The report covered 27 of 36 U.S. metropolitan areas in which the brokerage operates. The statistics in the monthly report reflect the brokerage’s multiple listing service data as of Jan. 4.”

Bloomberg - “Fannie, Freddie Loan Purchases May Spur ‘Wad of Cash’” (2-11-10)

“Fannie Mae and Freddie Mac’s plan to step up purchases of delinquent loans may boost prepayments on their securities to rates that in some cases would erase all of the debt within a year. Yields over government notes on some of their bonds fell to 17-year lows on speculation the move would lead to reinvestments in the mortgage market. ”

Bloomberg - “U.S. Foreclosure Filings Top 300,000 for 11th Month” (2-11-10)

” U.S. foreclosure filings rose 15 percent in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed to keep delinquent borrowers in their homes, RealtyTrac Inc. said. A total of 315,716 properties received a notice of default, auction or bank seizure last month, or one in 409 households, the Irvine, California-based seller of default data said today in a statement. Filings fell 10 percent from December.”

Bloomberg - “Mortgage Rates on 30-Year U.S. Loans Fall to 4.97%” (2-11-10)

“Mortgage rates in the U.S. fell for the fifth time in six weeks, making home purchases and refinancing more affordable. The rate for 30-year fixed U.S. home loans fell to 4.97 percent for the week ended today from 5.01 percent, mortgage finance company Freddie Mac said in a statement today. The average 15-year rate was 4.34 percent, according to the Mclean, Virginia-based company.”

Bloomberg - “TARP Watchdog Says Commercial Real Estate Loans Pose Danger” (2-11-10)

“Commercial real estate loans have the potential to go sour and wreck the U.S. economy unless regulators prepare now, according to a report today from a watchdog Congress created for the government’s financial bailout program. The report should be a ‘red flag’ that prompts regulators to increase preparations for staving off another banking crisis, said Elizabeth Warren, a Harvard law professor and chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program. The panel was created in October 2008 to monitor the Treasury’s efforts to rescue the banking system from the worst financial crisis in decades. ”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 44 percent from 2008. A budge proposal in California would have significantly increased income, sales, gas taxes, and car fees. 76 percent of all U.S. homes declined in value in 2008, but only 57 percent of homeowners recognized this decline.

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