California Real Estate Headline Roundup

Posts Tagged ‘Eric Schneiderman’

By Bruce Norris .

Debate Continues Over Loosening Mortgage Credit

Monday, October 6th, 2014

 

 

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Despite a decrease in average gross ROI and profit, California is still fourth on the list of states leading home flipping.  Freddie Mac saw a drop in their serious delinquency rate by 2% last August.  Different organizations, including the Federal Reserve Board and BofA Merrill Lynch Global Research, continue to debate over whether or not mortgage credit is loosening.

 

In The News:

Housing Wire“Credit Suisse: This is slowing down homeownership” (10-6-14)

“Affordability is no longer a compelling motivator for first-time homebuyers, according to a new report from Credit Suisse.  Due to the combination of higher mortgage insurance costs, higher interest rates and higher home prices, affordability is back to the long-term averages for first-time buyers.”

DS News“California Ranks Fourth in Home Flipping Despite Drops in Average Gross ROI, Profit” (10-6-14)

“Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.”

Realty Trac“Are Banks Smart To Haggle With the FHA?” (10-6-14)

“The growing battle between the FHA and the lending industry could soon impact home sales and refinancing nationwide, a contest to win both hearts and minds not to mention loan originations worth billions of dollars.”

Mortgage Professional America“S&P faces new investigation over mortgage bond ratings” (10-6-14)

“Standard & Poor’s is in hot water over its ratings of mortgage bonds again, this time with New York Attorney General Eric Schneiderman.”

OC Housing News - “Why aren’t Millennials buying homes?” (10-6-14)

“In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the suburbs, enshrining our nostalgic notions of the American Dream. Unfortunately, lenders destroyed all that.”

DS News“Freddie Mac’s Serious Delinquency Rate Dips Below 2 Percent” (10-6-14)

“Freddie Mac followed the lead of its sister government-sponsored enterprise, Fannie Mae, and reported a serious delinquency rate of less than 2 percent for August in its recently-released August 2014 Monthly Summary.”

Housing Wire“Is mortgage credit loosening or not?” (10-6-14)

“The Federal Reserve Board’s Quarterly Senior Loan Officer Survey of credit conditions indicates that mortgage credit loosened in Q2 2014.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

 

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.

Ben Bernanke Says Nice Tax Breaks and Low Interest Rates Are Why He Still Wants a Mortgage

Friday, October 3rd, 2014

 

 

 

Sources:

September Consumer Confidence Rises to Highest Post-Recession Level
Pending home sales slowed in August



Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this week’s real estate headline roundup video.  Unemployment is now at 5.9%, its lowest in six years with a large increase in hiring.  A recent review showed that 86% of borrowers who utilize the Home Equity Conversion Mortgage program by HUD are not in compliance with regulations.  Ben Bernanke, when asked why he wants a mortgage when he could not refinance his house, said it was because of low interest rates and a nice tax break.

In The News:

DS News - “New York AG Sues Law Firms for Mortgage Loan Relief Scam” (10-3-14)

“New York Attorney General Eric Schneiderman has sued two law firms and their principal attorney in a New York County Supreme Court, accusing them of participating in a fraudulent mortgage rescue scam, Schneiderman’s office announced earlier in the week.”

Bloomberg“Hiring Surge Pushes U.S. Jobless Rate to Six-Year Low: Economy” (10-3-14)

“A surprisingly powerful surge in hiring pushed unemployment to a six-year low of 5.9 percent in September as the U.S. labor market showed renewed vigor.”

Housing Wire - “HUD OIG: 86% of reviewed HECM borrowers out of compliance” (10-3-14)

“Borrowers who use the U.S. Department of Housing and Urban Development’s Home Equity Conversion Mortgage program are slipping through the cracks and are not in compliance with residency requirements when concurrently participating in the Housing Choice Voucher program.”

OC Housing News“Is San Francisco ripe for a housing bust?” (10-3-14)

“Back in January I asked, Is San Francisco, the most overvalued US housing market, going to crash? At the time, I challenged housing bears to construct a scenario where house prices could drop in the face of an improving economy and successful lender can-kicking.”

Realty Trac“Best and Worst Markets for Buying Rentals in Q3 2014: Heat Map” (10-3-14)

“RealtyTrac released a report earlier this week ranking the best — and worst — markets for buying rental property in the third quarter of 2014, which found that while solid returns can still be realized by rental property, rental properties purchased in the third quarter of this year on average will generate less cash flow than rental properties that were purchased last year, thanks primarily to sharp increases in home prices over the past year.”

Housing Wire - “MERS hot streak continues” (10-3-14)

“For the second day in a row, MERSCORP is celebrating a legal victory in a case brought by disgruntled mortgagors who claim that MERS doesn’t have the authority to assign a mortgage.”

Bloomberg - “Why Does Bernanke Want a Mortgage, Anyway?  Low Rats and Tax Breaks” (10-3-14)

“Ben S. Bernanke says he can’t refinance his house. With his book advance and speaking fees, why does the former Federal Reserve chairman even want a mortgage?”

Mortgage Professional America“Investor appeals ruling over Fannie, Freddie profits” (10-3-14)

“An investor in Fannie Mae and Freddie Mac is appealing a recent ruling dismissing claims that the government lacked the authority to seize the mortgage finance companies’ profits.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased by 0.4% the previous week with the increase in refis.  Mortgage rates decreased again with 30-year rates at 4.22% and 15-year rates at 3.29%.  This decrease came with the decrease in consumer confidence and fears over debt defaults.  The NAHB reported the housing market was continuing to show signs of recovery despite there still being some challenges to a full recovery.

 

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.

Office Space Rents Increase the Most in San Jose and Dallas

Wednesday, October 1st, 2014

 

 



Today’s News Synopsis:

The Mortgage Bankers Association reported a 0.2% drop in mortgage applications from last week.  Spending on construction decreased by 0.8% last month to $961 billion according to the Census Bureau.  Rents for office space increased the most in San Jose and Dallas.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (9-30-14)

“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 26, 2014.”

Housing Wire - “Investors Unite: We have not yet begun Fannie, Freddie fight” (10-1-14)

“The judicial dismissal of a lawsuit brought in District Court by Perry Capital and Fairholme Funds is definitely a set back, but the shareholders fighting against the federal government’s sweep of profits from the GSEs say they are down, but not out – by a long shot”

DS News“New York AG Commits More Funds to Homeowner Protection Program” (10-1-14)

“The office of New York Attorney General Eric Schneiderman will be committing up to $40 million to aid organizations that work through the Homeowner Protection Program (HOPP) to provide housing counseling and legal services to struggling homeowners, Schneiderman announced on Monday.”

Housing Wire - “JPMorgan’s $13B mortgage settlement reaches homeowners” (10-1-14)

“JPMorgan Chase (JPM) has provided relief to 46,404 borrowers in a gross principal amount of $7.6 billion as part of its $13 billion agreement to settle claims regarding the packaging, marketing, sale and issuance of residential mortgage-backed securities by Chase, Bear Stearns and Washington Mutual to investors before the financial crisis.”

Mortgage Professional America“Judge throws out suit over Fannie, Freddie profits” (10-1-14)

“A federal judge has thrown out a lawsuit that sought to prevent the government from forcing Fannie Mae and Freddie Mac to turn over their profits to the Treasury.”

Los Angeles Times - “Higher-wage industries boost hiring in L.A., but income growth lags” (10-1-14)

“California is “in growth mode from top to bottom,” but the expansion is happening unevenly around the state, a report by Los Angeles research firm Beacon Economics found.”

Bloomberg - “Increases in U.S. Office Rents Led by San Jose and Dallas” (10-1-14)

“San Jose, California, and Dallas led the U.S. in office-rent increases in the third quarter as cities benefiting from growth in the technology and energy industries outperformed the gradual national recovery.”

Housing Wire - “Construction spending declines 0.8% in August” (10-1-14)

“Construction spending fell 0.8% in August to a seasonally adjusted annual rate of $961 billion, well below analyst expectations and below the July printing of $968.8 billion, the Census Bureau said.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Home values increased more than 10% according to both the latest report from CoreLogic and housing price index from Clear Capital.  The FHA was accepting a $1 billion bailout to cover losses from their reverse mortgage program and legacy books.  More community banks in the Midwest were continuing to show signs of improvement with the decrease in delinquencies and loan losses.

 

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.

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.