The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Eric Schneiderman’

By Bruce Norris .

Pending Home Sales Increase in Latest NAR Report

Monday, June 30th, 2014

 

Today’s News Synopsis:

The NAHB saw a major accomplishment this week when the Supreme Court ruled the EPA cannot require pre-construction permits for greenhouse gasses emitted on multifamily and commercial homes.  According to the latest National Association of Realtors report, pending home sales increased 6.1% month-over-month but decreased 5.2% year-over-year.  In a unique news story, a 91-year old woman bought a house for the first time in her life.

In The News:

CBIA“NAHB’s Supreme Court Stops EPA in its tracks in major victory for all builders” (6-30-14)

“In a major victory for NAHB, the U.S. Supreme Court today ruled that the Environmental Protection Agency (EPA) does not have the authority to require multifamily and commercial builders to obtain costly pre-construction permits for greenhouse gasses emitted from the buildings they construct.”

Bloomberg“S&P 500 Little Changed on Home Sales Amid Quarterly Rally” (6-30-14)

“The Standard & Poor’s 500 Index was little changed, capping the longest string of quarterly gains since 1998, as a jump in pending home sales offset weaker-than-forecast manufacturing data.”

Housing Wire - “US Bancorp pays $200M to resolve FHA mortgage-lending violations” (6-30-14)

“U.S. Bancorp (USB) has agreed to pay the United States $200 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements, the Justice Department announced Monday.”

DS News“Millennials are Heading to Suburbia” (6-30-14)

“Analyzing data from the United States Census, Trulia’s chief economist Jed Kolko found that the population growth of millennials in big, dense cities was outpaced by big-city suburbs and lower-density cities.”

Realty Trac - “91-Year-Old Buys Her First Home” (6-30-14)

“Vera Bigham, 91, never owned a home before. But on her 91st birthday, the Jamestown, Calif., resident unpacked the American Dream.”

Inman - “Pending home sales surge on growing inventory, lower mortgage rates” (6-30-14)

“The number of homes that went under contract in May leaped from the previous month as lower mortgage rates and growing home inventory stimulated buyer activity, according to a report from the National Association of Realtors.”

DS News“New York AG Announces State Loan Program to Prevent Foreclosures” (6-30-14)

“The government of New York is taking further steps to try to stem the tide of foreclosures that still lingers in the Empire State today.  New York Attorney General Eric T. Schneiderman announced the launch of the New York State Mortgage Assistance Program, or NYS MAP, which will provide targeted small loans to families with the aim of helping them avoid foreclosure.”

Housing Wire - “3 ways older households weren’t immune to the Great Recession” (6-30-14)

“While the Great Recession managed to creep into every crevice of the industry, householders aged 65 and over managed to deflect a lot of the damage that many other homeowners felt.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

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

The Norris Group Real Estate News Roundup 10/2/13

Wednesday, October 2nd, 2013

Today’s News Synopsis:

The initial NAHB forecast for single-family homes has been lowed with the increase in interest rates and slowdown in the housing market growth.  Despite home prices increasing year-over-year by 12.4% in August, the housing market is in an off-season with slow growth month-over-month.  The FHFA announced that even during the government shutdown, they will continue to process government-backed mortgage applications.


In The News:

DS News- “Wells Fargo Predicts Market Rebound” (10-2-13)

“Wells Fargo announced Tuesday that it anticipates a market rebound.”

Housing Wire“Extraordinary expenses pose structural challenges for RMBS” (10-2-13)

“Most of the post-crisis residential mortgage-backed securities deals are structured in a way that doesn’t account for ‘extraordinary expenses’ upfront. This alone can build credit risk into the deals and cause ratings volatility.”

Bloomberg“U.S. Government Shutdown Threatening Housing Recovery” (10-2-13)

A U.S. government shutdown will immediately slow approval of thousands of mortgages. If it lasts more than a week, it threatens housing and the broader economic recovery.”

Mortgage Professional America - “Housing hits its off-season” (10-2-13)

“Home prices nationwide were up on a year-over-year basis, but saw negligible growth for the month as the market hits an off-season. ”

Bloomberg“Homebuilder Group Lowers Starts Forecast After Rate Jump” (10-2-13)

“The National Association of Home Builders lowered its forecast for U.S. single-family home starts this year and next as higher interest rates slow the pace of growth in the housing market.”

CNN Money“Wells Fargo charged with violating mortgage deal” (10-2-13)

“New York State Attorney General Eric Schneiderman is suing Wells Fargo, the nation’s largest home lender, alleging that it’s violating last year’s National Mortgage Settlement, which was reached to deal with a flood of illegal foreclosures.”

DS News“RE/MAX Sets IPO Price” (10-2-13)

“RE/MAX announced the pricing of its initial public offering of 10,000,000 shares of Class A common stock at a public offering price of $22.00 per share Wednesday.”

Mortgage Professional America- “FHFA pulls about face on shutdown implications” (10-2-13)

“The Federal Housing Administration will continue to process applications for government-backed mortgage during a government shutdown, the Department of Housing and Urban Development said Monday.”

Hard Money Loan Closed

Long Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 2 bedroom, 1 bathroom home appraised for $192,000.

 

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.

Looking Back:

Home prices posted their strongest gain from the previous year at 4.6%, according to Corelogic.  JP Morgan Chase and two of its financial firms – Bear Stearns and EMC Mortgage Corp. – were facing a lawsuit from New York Attorney General Eric Schneiderman over mortgage-backed securities.  The number of closures of institutions that worked with mortgages-related business decreased in the third quarter.  Only 17 closed compared to 25 from the previous quarter.

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

The Norris Group Real Estate News Roundup 6/4/13

Tuesday, June 4th, 2013


Today’s News Synopsis:

Mortgage rates for commercial and multifamily properties decreased overall in the first quarter of 2013 according to the Mortgage Bankers Association.  Home prices increased year-over-year by 12.1% in April and 8.2% year-over-year last month.  The credit report system is being revised to separate short sales from foreclosures rather than including them in the same category.

In The News:

DS News - “New York AG Sues HSBC, Alleging Failure to Follow Foreclosure Law” (6-4-13)

“HSBC faces a lawsuit from New York Attorney General Eric T. Schneiderman, who accused the bank of failing to follow a state foreclosure law that mandates a settlement conference for past due borrowers.”

Housing Wire“Commercial, multifamily delinquency rates dive for the most part” (6-4-13)

“Delinquency rates for commercial and multifamily mortgages mostly dropped in the first quarter of 2013, the Mortgage Bankers Association (MBA) said in a report Tuesday.”

Realty Times - “Credit Report Problems Resurface” (6-4-13)

“A new credit report study says far more consumers than recently thought have credit report problems.”

Bloomberg - “Senators Draft Plan to Abolish Fannie Mae, Shrink Backstop” (6-4-13)

“A bipartisan group of U.S. senators is putting the final touches on a bill that would liquidate Fannie Mae and Freddie Mac (FMCC) and replace them with a government reinsurer of mortgage securities behind private capital.”

DS News - “CoreLogic: Home Prices Post 12.1% Annual Gain in April” (6-4-13)

“Home prices climbed higher for the 14th straight month and displayed another impressive double-digit annual gain, according to CoreLogic’s Home Price Index (HPI) report.”

Inman“Short sales may show up on credit reports as foreclosures” (6-4-13)

“Here’s some good news for the large numbers of short sellers whose transactions have been classified as “foreclosures” by the credit reporting system: There is a new code on the launch pad that could bring more accuracy to the process, separating out short sales from foreclosures rather than having them lumped together.”

DS News“Amid Regional Gains, Metros Present Wide Range of Price Shifts” (6-4-13)

“While national home prices continue to post gains, Clear Capital’s VP of research and analytics, Alex Villacorta, insists ‘granularity in home prices remains key’.”

Housing Wire - “Upbeat buyers push prices higher: Clear Capital” (6-4-13)

“Spring home buying activity picked up in May with home prices growing 1.3% over the previous quarter and soaring 8.2% annually, Clear Capital said Tuesday.”

Hard Money Loan Closed

Long Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $500,000 on a 3 bedroom, 3 bathroom home appraised for $766,000.

 

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

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

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Looking Back:

Pending home sales were on the decline again after seeing a three-month gain.  NAR reported pending home sales decreased 5.5% in May 2012.  Standard & Poor’s announced they were changing the way they were rating their commercial mortgage-backed securities.  Trepp reported a continued increase in CMBS loan resolutions.

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

The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times“Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB“Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

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

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

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

 

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

The Norris Group Real Estate News Roundup 1/9/13

Wednesday, January 9th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 11.7% from last week.  2012 was a record year for housing affordability according to the National Association of Realtors.  Attorney General Eric Schneiderman is filing another suit against JPMorgan Chase for faulty mortgage-backed securities, although the bank is pushing to have it dismissed.

In The News:

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-9-13)

“Mortgage applications increased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 4, 2013.”

DS News- “Florida Rep. Introduces Law to Expedite Foreclosure Process” (1-9-13)

“The state with the highest foreclosure rate in the nation may experience a change in its foreclosure laws that will help speed up the process of foreclosure in order to help reduce some of the backlog of properties making their way through the process.”

Housing Wire- “BofA clearing up mortgage operations not enough for Credit Suisse” (1-9-13)

“Credit Suisse ($26.82 0.425%) downgraded its rating on Bank of America ($11.90 -0.08%) to Neutral from Outperform because shares appear expensive to forward earnings when compared to other banking giants.”

Los Angeles Times- “2012 a banner year for housing affordability, industry group says” (1-9-13)

“Last year was probably one of the most affordable years ever to buy a house as prices bottomed and mortgage interest rates hit record lows.”

Inman“Carrington expanding mortgage operations” (1-9-13)

“In a sign of optimism for what the new year will bring, the lending division of Carrington Mortgage Services is opening two operations centers in Indiana and Connecticut.”

DS News- “JPMorgan Files Motion to Dismiss RMBS Working Group Suit” (1-9-13)

“It’s been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging.”

Bloomberg- “Goldman Sachs Said to Be Part of Fed-Led Foreclosure Deal” (1-9-13)

“Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 4 bedroom, 2 bathroom home appraised for $247,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Looking Back:

The prices of homes in the U.S. declined in November by 4.3% according to CoreLogic.  On a positive note, the sales of homes, both new and existing, increased for the year according to HUD.  The Mortgage Bankers Association reported a 3.7% decrease in mortgage applications.

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

The Norris Group Real Estate News Roundup 11/20/12

Tuesday, November 20th, 2012

Today’s News Synopsis:

The U.S. Commerce Department reported housing starts increased 3.6% last month.  Consumer default rates also increased last month after nine months of steady improvement due to more consumers failing to pay their bills on time.  The housing market is continuing to show improvement; however, home sales are not expected to increase dramatically any time in the near future.

In The News:

DS News- “Report: Repurchase Requests Stay High, but New Claims Move Past Peak ” (11-20-12)

“An analysis released by Keefe, Bruyette & Woods (KBW) found representation and warranty costs for loan repurchases remained elevated in Q3.”

NAHB- “Housing Starts Up 3.6 Percent in October” (11-20-12)

“Nationwide housing production rose 3.6 percent in October to a seasonally adjusted annual rate of 894,000 units, according to the U.S. Commerce Department. This is the highest pace of new-home construction since July of 2008.”

Los Angeles Times- “Consumer default rates rose in October for first time this year” (11-20-12)

“After nine-straight months of improvement, consumers slipped in October in keeping up with their bills.  A closely followed composite index of defaults on mortgages, credit cards and auto loans increased last month after hitting a post-recession low in September.”

Inman“Forecast for steady growth, but no boom in home sales” (11-20-12)

“The national outlook for home sales next year looks “very good,” though tight credit means housing will not see rapid growth anytime soon.”

Bloomberg- “Banks Hiring for Home Loans as U.S. Rebounds” (11-20-12)

“U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.”

DS News- “Mortgage Insurers Report Q3 Refis and Modifications” (11-20-12)

“Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means.”

Housing Wire- “Attorneys general request extended tax relief for distressed homeowners” (11-20-12)

“Four attorneys general are leading the fight to extend tax relief to homeowners who faced financial hardship such as a foreclosure and were granted mortgage debt forgiveness.”

DS News- “New York AG Targets Credit Suisse in Second RMBS Task Force Suit “ (11-20-12)

“New York Attorney General Eric Schneiderman announced a complaint was filed Tuesday against Credit Suisse Securities (USA) LLC and its affiliates for allegedly misrepresenting residential mortgage-backed securities (RMBS) sold to investors.”

Housing Wire- “SBA: Hopeful housing signs in an uncertain economy” (11-20-12)

“Loan origination and default data suggest that a recovery in the housing industry has been in effect since 2010, according to the Small Business Administration.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $192,000 on a 4 bedroom, 3.5 bathroom home appraised for $324,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting the 7 Profit Centers for 2012 and Beyond with SDCIA at the Scottish Rite Center in San Diego on Tuesday, December 11, 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.

The Norris Group Real Estate News Roundup 6/21/12

Thursday, June 21st, 2012

Today’s News Synopsis:

Prices on homes increased 0.8% in April for the third month in a row, although at the same time home sales dipped 1.5% the following month.  Capital Economics expects homes prices to increase 2% this year and 5% by 2012.  Unemployment claims are still high despite dropping by 2,000 last week.  Mortgage rates are also at a new record low at 3.66%.


In The News:

Housing Wire“Feds extend foreclosure review deadline, detail payouts to come” (6-21-12)

“Federal regulators extended the deadline for a wide-scale foreclosure review and detailed how much will be paid to borrowers for any abuses discovered.”

DS News“Prices to Gain by 2% in 2012 and 5% in 2013: Capital Economics” (6-21-12)

“The recent softening of economic activity will not stop the country’s housing market recovery, Capital Economics said in a report Wednesday.”

Bloomberg“U.S. House Prices Rise in April for a Third Month, FHFA Says” (6-21-12)

“U.S. house prices rose 0.8 percent in April from the previous month, the third straightadvance, as the property market shows signs of stabilization, the Federal Housing Finance Agency said.”

Housing Wire“NAR existing home sales constrained by supply in May” (6-21-12)

“Existing home sales declined 1.5% in May to a seasonally adjusted annual rate of 4.55 million in May from 4.62 in April due to limited supplies of housing inventory, according to the National Association of Realtors.”

DS News“Initial Jobless Claims Dip But Remain High” (6-21-12)

“First time claims for unemployment insurance fell to 387,000 for the week ended June 16 from the prior week’s 389,000, (revised from the originally reported 387,000), the Labor Department reported Thursday.”

Bloomberg“U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures” (6-21-12)

“U.S. banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) will pay as much as $125,000 plus equity to individual customers most harmed by mishandled foreclosures in 2009 and 2010, according to a remediation plan released by bank regulators.”

Los Angeles Times“Stocks lower following home sales, jobs data” (6-21-12)

“Stocks were lower in early trading on Wall Street following a report showing existing home sales declined last month.”

DS News“New York Assembly Passes Foreclosure Fraud Justice Bill” (6-21-12)

“New York Attorney General Eric Schneiderman’s proposed “Foreclosure Fraud Prevention Act of 2012” passed in the state Assembly, the Office of the Attorney General announced Thursday.”

Bloomberg“U.S. Mortgage Rates Fall With 30-Year at a Record-Low 3.66%” (6-21-12)

“U.S. mortgage rates for 30-year fixed loans declined to a record low, reducing borrowing costs amid an uneven recovery in the housing market.”

Hard Money Loan Closed

Pico Rivera, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 1 bathroom home appraised for $301,000.

 

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

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

Looking Back:

Housing Wire reported that JP Morgan was expected to pay$153.6 in a settlement regarding misleading information with mortgage security transactions.  Bloomberg reported that the price of existing homes decreased in May 2011 to the lowest they had been in six months.  According to DS News, Moody’s Investors Service’s Delinquency Tracker recently showed that loan delinquency rates dropped four points to 9.18%.

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

The Norris Group Real Estate News Roundup 6/15/12

Friday, June 15th, 2012

 

Today’s News Synopsis:

This week’s video is a slideshow of important events in the world of real estate.  The news today recaps past stories from this week covered in the video.  Top stories include four banks closing last Friday, bringing the new total now to 28.  Moody’s Analytics reported more and more people are renting homes as opposed to buying them.  Reasons include the increase in foreclosures, income, and because the rental market is more favorable.  The Mortgage Bankers Association reported an increase in mortgage applications by as much as 18% from last week, the highest since 2009.

Top News Stories of the Week:

Realty Trac“REO Inventory Ballooning as Banks Hold Back Housing” (6-11-12)

“In the May 2012 issue of the Foreclosure News Report, real estate attorney, investor, author and trainer William Bronchick argues that banks are “hoarding foreclosure inventory” and overvaluing their real estate owned (REO) properties in an attempt to squeeze more money out of their distressed portfolios. Bronchick believes that the growing glut of REO is hurting real estate markets where inventory is tight.”

DS News“Bank Failure Tally Jumps to 28 After Busy Friday” (6-11-12)

“The FDIC’s Deposit Insurance Fund (DIF) took a combined hit of approximately $80.8 million Friday after the closure of four banks.”

Housing Wire“CoreLogic: Negative equity props up home prices in toughest markets” (6-11-12)

“The negative equity problem may actually be pushing up home prices at the bottom of some of the hardest-hit housing markets, according to a report from CoreLogic ($16.97 0.03%).”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Balances Up $8.1 Billion in First Quarter” (6-12-12)

The level of commercial/multifamily mortgage debt outstanding increased by $8.1 billion, or 0.3 percent, in the first quarter of 2012, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Los Angeles Times“New California foreclosure starts up slightly in May” (6-12-12)

“New foreclosure starts in California ticked up in May from the prior month, a new report shows.”

DS News“Rental Market Still Tightening: Moody’s” (6-12-12)

“With vacancies declining and rental prices rising, the climate in the housing industry is clearly warming up to rental properties.”

Bloomberg“Southern California Home Prices Climb to a 20-Month High” (6-13-12)

“Southern California home prices rose in May to their highest level in 20 months as costlier properties in coastal areas made up a bigger share of sales, DataQuick said.”

Mortgage Bankers Association“Mortgage Applications Reach Highest Level Since 2009 in Latest MBA Weekly Survey” (6-13-12)

“Mortgage applications increased 18.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 8, 2012.  Last week’s results included an adjustment for the Memorial Day holiday.”

Housing Wire“FHFA: Fannie, Freddie still in critical condition” (6-13-12)

“The Federal Housing Finance Agency, in its fourth annual report to Congress assessing Fannie Mae’s and Freddie Mac’s financial soundness, said the GSEs remain in critical shape.”

DS News“Shadow Inventory Falls to 1.5M, Lowest Level Since 2008: CoreLogic” (6-14-12)

“As of April 2012, 1.5 million homes are in shadow inventory, which is a 14.8 percent decrease from last year in April when the number of homes hiding in the shadows was 1.8 million, CoreLogic reported Thursday.”

DS News“Jobless Claims Climb for 5th Time in 6 Weeks “ (6-14-12)

“First time claims for unemployment insurance rose to 386,000 for the week ended June 9, from the prior week’s 38,000, (revised from the originally reported 377,000) the Labor Department, reported Thursday.”

DS News“New York AG Introduces Bill to Punish Fraudulent Foreclosures ” (6-14-12)

“New York Attorney General Eric Schneiderman announced Thursday the introduction of his bill in the state Legislature that would protect New Yorkers from fraudulent business practices in the foreclosure process.”

DS News“Foreign Housing Market Continues to Grow in U.S.: Realtor Report “ (6-14-12)

“The combination of low housing prices and the comparative weakness of the dollar continues to push foreign buyers to the United States raising international home sales to $82.4 billion up from $66.4 billion last year, according to the National Association of Realtors (NAR) 2012 Profile of International Home Buying Activity.”

Hard Money Loan Closed

Palm Desert, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 2 bedroom, 2 bathroom home appraised for $380,000.

 

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

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

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

Looking Back:

Fannie Mae announced that it will be extending its offering of money to partially cover the closing cost of a house that they earlier repossessed now back on the market.  According to Inman News, economists adjusted their predictions of the economy, now not expecting a recovery until 2012.  The median price of homes in the Bay Area fell drastically from a year prior, according to DQ News.

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

The Norris Group Real Estate News Roundup 6/14/12

Thursday, June 14th, 2012

Today’s News Synopsis:

Unemployment insurance claims increased to 386,000 for the week ended June 9.  Shadow inventory is at its lowest level since 2008 according to CoreLogic.  New York Attorney General Eric Schneiderman introduced a bill that would punish foreclosure fraud more harshly.  Foreclosures decreased 4% from last month, although despite this the Inland Empire showed the highest rate of foreclosures.


In The News:

Los Angeles Times“Freddie Mac: Mortgage rates edge up from record lows” (6-14-12)

“Fixed mortgage rates ended a six-week string of record lows, with the latest Freddie Mac survey showing lenders were offering 30-year home loans at an average 3.71% this week, up from 3.67% a week earlier.”

DS News“New York AG Introduces Bill to Punish Fraudulent Foreclosures ” (6-14-12)

“New York Attorney General Eric Schneiderman announced Thursday the introduction of his bill in the state Legislature that would protect New Yorkers from fraudulent business practices in the foreclosure process.”

Bloomberg“Americans See Biggest Home Equity Jump in 60 Years: Mortgages” (6-14-12)

“Americans are digging themselves out of mortgage debt.  Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008 as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal.”

Housing Wire“CoreLogic: Shadow inventory shrinks” (6-14-12)

“The number of properties pending foreclosure or REO, but not yet on the market to sell, is down year-over-year in April. The shadow inventory supply now stands at 1.5 million units, representing a four-month supply, according to CoreLogic ($16.97 0.03%).”

DS News“Foreign Housing Market Continues to Grow in U.S.: Realtor Report” (6-14-12)

“The combination of low housing prices and the comparative weakness of the dollar continues to push foreign buyers to the United States raising international home sales to $82.4 billion up from $66.4 billion last year, according to the National Association of Realtors (NAR) 2012 Profile of International Home Buying Activity.”

Realty Times“Volatility Keeping Low Mortgage Rates on Track “ (6-14-12)

“There is a lot of volatility happening in markets these days as Europe continues to battle its financial crisis.”

Bloomberg“U.S. Housing Rebound Evident in Bond Yield Gap: Credit Markets” (6-14-12)

“Investors are accepting the lowest yields since the real estate boom peaked in 2005 on the debt of U.S. homebuilders relative to the rest of the junk-bond market as evidence mounts that housing is on the rebound.”

DS News“Jobless Claims Climb for 5th Time in 6 Weeks” (6-14-12)

“First time claims for unemployment insurance rose to 386,000 for the week ended June 9, from the prior week’s 38,000, (revised from the originally reported 377,000) the Labor Department reported Thursday.”

Bloomberg“U.S. Foreclosure Filings Fall 4% as Lenders Increase Short Sales” (6-14-12)

“Foreclosure filings in the U.S. fell 4 percent in May from a year earlier as lenders disposed of more properties through short sales, where the price is less than the amount owed, according to RealtyTrac Inc.”

Los Angeles Times“Inland Empire posts highest foreclosure rate of big metro areas” (6-14-12)

“The Inland Empire had the highest foreclosure rate out of the nation’s 20 biggest metropolitan regions last month, a new report shows, underscoring that distressed property remains elevated in California despite an improving housing market.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $73,000 on a 2 bedroom, 1 bathroom home appraised for $122,000.

 

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

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

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

Looking Back:

Inman News reported that Zillow updated their database to increase the number of properties and decrease their margin of error to 8.5%.  RE/MAX was optimistic of a recovering economy as they reported positive statistics for home sales.  Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient.

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

The Norris Group Real Estate News Roundup 3/14/12

Wednesday, March 14th, 2012

Today’s News Synopsis:

In February, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months.  According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from last week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-14-12)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.”

DS News“New York Reaches $25M Settlement Over MERS Actions” (3-14-12)

“New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS).

Bloomberg - “Southern California Home Sales Jump” (3-14-12)

“Southern California home sales jumped 8.4 percent last month from a year earlier as a record number of investors made purchases, according to DataQuick.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Flat in 4th Quarter; Down 0.6 percent in 2011″ (3-14-12)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the fourth quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2011 was $14 billion lower than at the end of 2010, a decline of 0.6 percent.”

Housing Wire - “Home prices rise for first time in 18 months: RE/MAX” (3-14-12)

“For the first time in 18 months, home prices increased year-over-year in February, a turnaround that RE/MAX said signifies a ‘very active selling season’.”

Realty Times - “Current Mortgage Rates Intact After Jobs Report” (3-14-12)

“FHA mortgage rates remained the same this week with FHA 30 year fixed mortgage rates at 3.250%, FHA 15 year fixed mortgage rates at 2.750% and FHA 5/1 adjustable mortgage rates at 2.750%.”

Housing Wire - “Mortgage bankers throw weight behind GSE refi bill” (3-14-12)

“Sen. Al Franken, D-Minn., got a boost to a bill he introduced last month that could eliminate repurchase risk for banks choosing to refinance Fannie Mae and Freddie Mac mortgages.”

DS News“Fed’s Stress Test Shows 15 out 0f 19 Banks Would Weather Storms” (3-14-12)

“If extremely severe economic conditions were to fall upon the U.S., 15 of the 19 banks tested by the Fed’s stress scenario projections are said to be able to survive and continue to lend.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 4 bedroom, 2 bathroom home appraised for $142,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at NORCALREIA tomorrow, March 15, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Downey Association of Realtors today.

Looking Back:

FHA extended HARP until June 30, 2012. The Supreme Court of New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.

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.