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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/21/13

Tuesday, May 21st, 2013


Today’s News Synopsis:

Zillow reported home prices increase by 5% to $158,300, marking the sixth consecutive month to show price increases.  Fannie Mae and Freddie Mac announced today they will be offering relief to those recently affected by the tornado in Oklahoma.  The states that were helped the most by the recent national mortgage servicing settlement were those who were the most affected by the foreclosure crisis.

In The News:

Housing Wire - “Hardest-hit states record the most relief from servicers” (5-21-13)

“States hit the hardest by the foreclosure crisis benefited the most from the multi-billion dollar national mortgage servicing settlement, according to first-quarter 2013 data released by Joseph Smith, an independent monitor overseeing the distribution of aid.”

Bloomberg – “Fannie Mae Said to Plan $2 Billion CMBS Offering to Cut Holdings” (5-21-13)

“Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.”

Inman - “FHA policy shift leaves many condos ineligible for financing” (5-21-13)

“Is FHA intentionally targeting condominiums, trying to exclude hundreds or thousands of them around the country from qualifying for financing under its mortgage insurance program?”

DS News - “Home Prices Climb by at Least 5% for 6th Straight Month in April” (5-21-13)

“The majority of metros covered in Zillow’s Real Estate Market Reports saw home values inch up from March to April, the company reported Tuesday.”

Housing Wire - “QM likely to shrink mortgage lending space” (5-21-13)

“Despite the Consumer Financial Protection Bureau attempt to make the ability-to-repay rule flexible, members of the financial committee addressed a variety of risks that come with the qualified mortgage, including the high risk of lenders reducing lending volume based on the changes.”

Realty Times – “Homeownership Is Not a Tax Loophole” (5-21-13)

“It has been said that Congress does two things well: Nothing and Overreacting. In an important sense, last week’s message from Realtors® to their representatives in Washington was that legislators should do the former and not the latter.”

DS News – “GSEs Announce Relief to Borrowers Impacted by Oklahoma Tornado” (5-21-13)

“Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.”

Realty Trac - “Principal Forgiveness Would Save Taxpayers Billions” (5-21-13)

“Principal forgiveness is once again on the menu in Washington, this time spurred on by a new report which says taxpayers could save as much as $2.8 billion if troubled borrowers simply owed less.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $330,000 on a 3 bedroom, 2 bathroom home appraised for $548,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

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.

Looking Back:

A bank closed in Alabama, bringing the then total for 2012 to 24.  Delinquencies were on the rise again according to a preliminary report by the Lender Processing Services.  In another big story, four states were back at their highest employment since the recession, these states being Alaska, North Dakota, Texas, and Louisiana.

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 5/20/13

Monday, May 20th, 2013


Today’s News Synopsis:

The OCC announced that as of May 16 over 2.4 million foreclosure review checks valued at $2.2 billion have been cashed.  The Center for Responsible Lending expressed objection to H.R. 1077 (Consumer Mortgage Choice Act) citing it would force borrowers to take out more expensive loans and lead to higher loan costs and fees.  The NAHREP said immigration could be a big contributing factor to helping the housing market grow.

In The News:

Housing Wire - “Housing will reaccelerate economic growth: Fannie Mae” (5-20-13)

“The year’s solid economic start faded late in the first quarter, but the recent setback is a temporary one, analysts claim.”

DS News – “OCC: More than 2.4M Foreclosure Review Checks Cashed” (5-20-13)

“In its most recent update on the status of foreclosure review checks, the Office of the Comptroller of the Currency (OCC) announced more than 2.4 million checks valued at $2.2 billion have been cashed or deposited as of May 16.”

Housing Wire – “Housing begins to directly contribute to economy” (5-20-13)

“The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D’Vari.”

Inman - “NAHREP: Immigration reform would boost housing” (5-20-13)

“Proposed immigration reform could pump more than half a trillion dollars into the U.S. economy by paving the way for about 3 million Hispanics to buy homes over a five-year period, according to an estimate released by the National Association of Hispanic Real Estate Professionals (NAHREP).”

DS News - “CRL Warns Against Consumer Mortgage Choice Act” (5-20-13)

“The Center for Responsible Lending (CRL) again voiced its opposition to legislation that would amend the Truth in Lending Act (TILA) to exclude certain factors when calculating points and fees for determining qualified mortgage (QM) eligibility.”

Housing Wire - “Investors should strike on agency MBS, but remain cautious: BofAML” (5-20-13)

“The lull in April’s volatility proved to be the calm before the storm, particularly in agency mortgage-backed securities, analysts suggested.”

DS News - “MBA Proposes ‘Up-Front Risk Sharing’ Concept for Mortgage Market” (5-20-13)

“The Mortgage Bankers Association (MBA) shared a proposal that it says would bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $106,000 on a 3 bedroom, 2 bathroom home appraised for $154,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

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.

 

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 5/17/13

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Redfin reported a strong housing market for the month of April with increases in inventory, home sales and prices.  The National Association of Realtors is in danger of experiencing losses in the next three years.

In The News:

Housing Wire - “Bid list indicates first signs of GSE risk reduction” (5-17-13)

“The Federal Housing Finance Agency plans to sell 5% of the illiquid portion of its retained portfolio assets by the end of the year, meaning the collateral Freddie Mac and Fannie Mae had before the conservatorship.”

DS News – “CoreLogic Case-Shiller Forecasts Waning Price Appreciation” (5-17-13)

“With housing prices on the rise across the nation, and double-digit increases in some markets, CoreLogic quashes any fears of another housing bubble forming any time soon.”

Bloomberg – “Wells Fargo Cites New Facts in Bid to Disband Plaintiffs” (5-17-13)

“Wells Fargo & Co. (WFC), citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.”

Inman - “NAR could be in the red for the next 3 years” (5-17-13)

“A budget proposal for the National Association of Realtors projects the trade group will run at a loss for the next three years.”

Realty Times - “Mortgage Rates Move Higher for Second Consecutive Week” (5-17-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending.”

DS News - “Redfin Reports Gains in Inventory, Sales, and Prices for April” (5-17-13)

“The housing market came out of April in a particularly strong position, according to Redfin’s latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country.”

Housing Wire - “FHFA director nomination may be pushed to back burner” (5-17-13)

“The IRS scandal brewing in Washington D.C. may prompt Senate Republicans to put Rep. Mel Watt’s nomination to lead the FHFA on the back burner for now, analysts with Compass Point Research & Trading said this week.”

Realty Times - “Here We Go: Building Booming and Home Prices Rising” (5-17-13)

“In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it’s still a sign of better times, according to Corelogic.com.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $133,000 on a 3 bedroom, 2 bathroom home appraised for $194,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with Chino Valley TODAY.

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

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.

Looking Back:

Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 the previous week.  The number of people who could afford to buy a home was at its highest on record at 77.5%.  At the same time, foreclosures were at their lowest in five years.

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 5/14/13

Tuesday, May 14th, 2013


Today’s News Synopsis:

New home sales are beginning to increase once again as foreclosure and short sale inventory begins to decline.  The NAHB reported housing affordability was at its highest on record in the first quarter at 73.7%.  TransUnion reported the national mortgage delinquency rate was 4.56%, which is much higher due to longer cures and foreclosure timelines.

In The News:

Housing Wire - “Housing recovery no longer constricted as confidence booms” (5-14-13)

“A little more than 97,700 Fannie Mae and Freddie Mac mortgages refinanced through the Home Affordable Refinance Program (HARP) in February, representing 21% of the total refinance volume, the Federal Housing Finance Agency said Tuesday.”

DS News – “Household Debt Recedes with Mortgage, Credit Card Balances” (5-14-13)

“In the first quarter of this year, mortgage originations increased, but total outstanding mortgage debt decreased, according to the Household Debt and Credit Report from the Federal Reserve Bank of New York.”

Bloomberg - “Fed’s Plosser Says Slowing Inflation No Concern for Policy” (5-14-13)

“Federal Reserve Bank of Philadelphia President Charles Plosser said a slowing in U.S. inflation to the lowest rate in more than three years doesn’t warrant a Fed policy response.”

NAHB - “Housing Affordability Holding Strong in Early 2013″ (5-14-13)

“Nationwide housing affordability held near historic highs in this year’s first quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today”

Realty Times - “California Listing Agreement Changes Conditions For Earning A Commission” (5-14-13)

“When is a listing agent owed a commission? The answer to that depends, of course, on the language in the listing agreement.”

DS News - “New Home Sales Begin to Flourish as Distressed Inventory Declines” (5-14-13)

“The available supply of foreclosures and short sales previously stunted the recovery for new home sales, according to CoreLogic’s May MarketPulse report.”

Housing Wire - “Experts paint a private capital market for regulators” (5-14-13)

“To bring private capital back into the mortgage finance market, experts are proposing various restructuring initiatives, including plans to turn the jumbo mortgage market back to the private sector and to form securitization cooperatives that function like Fannie Mae and Freddie Mac.”

Inman – “Are we in a housing bubble? Not even close, Trulia says” (5-14-13)

“Though recent leaps in home prices may stoke fears of another bubble, the housing market is definitely not in one, listing site Trulia said in introducing ‘Trulia’s Bubble Watch’.”

DS News – “Report: Long Cure, Foreclosure Timelines Cause High Delinquency Rate” (5-14-13)

“The national mortgage delinquency rate might be “stubbornly high,” according to TransUnion, but the delinquency rate would actually reflect normal levels seen 10 years ago if cure or foreclosure timelines were shortened.”

Realty Trac - “First Quarter Increase in Building Permits Positioned to Fill Void in Housing Market Left by Declining Foreclosures” (5-14-13)

“Single Family Building Permits Up 27 Percent from a Year Ago, Foreclosure Starts Down 27 Percent during Same Time Period 19 Markets with Jumps in Both Building Permits and Foreclosure Starts Include Las Vegas, Seattle, and Raleigh.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 6 bedroom, 3 bathroom home appraised for $410,000.

 

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.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

In a big news story, Ally Financial’s mortgage unit ResCap filed for bankruptcy.  With this bankruptcy, Ally Financial focused their efforts on paying off their debt to the Treasury from a $17.2 billion bailout.  Due to the increase in foreclosures, serious delinquencies increased .5% in December for the first time since showing signs of decreases between December 2009 and June 2011.

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

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The Norris Group Real Estate News Roundup 5/9/13

Thursday, May 9th, 2013


Today’s News Synopsis:

Foreclosure activity was down last month to its lowest in 74 months, despite foreclosures increasing in several judicial states.  Mortgage rates increased to 3.42% and 2.61%, marking their first increase in six weeks.  At the same time, delinquency rates for mortgages also increased to 7.25%.  The National Association of Realtors reported home prices increased to their highest in 7 years.

In The News:

Mortgage Bankers Association - “Mortgage Delinquency Rates Increase, But Foreclosure Inventory Rate Down Sharply” (5-9-13)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.25 percent of all loans outstanding at the end of the first quarter of 2013, an increase of 16 basis points from the previous quarter, but down 15 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”

DS News – “Foreclosure Filings Drop to 74-Month Low, Judicial State Auctions Rise” (5-9-13)

“Foreclosure activity in April fell to a 74-month low across the country, but many judicial states are experiencing rising foreclosures. Furthermore, judicial foreclosure auctions reached a 30-month high, according to RealtyTrac’s April U.S. Foreclosure Market Report.”

Bloomberg - “Mortgage Rates in U.S. Rise for First Time in Six Weeks” (5-9-13)

“Mortgage rates in the U.S. rose for the first time in six weeks after borrowing costs near all-time lows spurred demand for home loans.”

Inman - “Home prices post highest gain in more than 7 years” (5-9-13)

“The median existing single-family home price posted its highest annual gain in more than seven years in the first quarter of 2013, as market conditions for home sellers continued to improve and home sales increased, the National Association of Realtors (NAR) reported today.”

NAHB - “Builder Confidence in the 55+ Housing Market Shows Strong Growth in First Quarter” (5-9-13)

“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis  to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”

Housing Wire - “Fannie Mae profit soars, posts largest pre-tax quarterly income to-date” (5-9-13)

“Mortgage finance giant Fannie Mae reported first-quarter pre-tax net income of $8.1 billion on Thursday morning, compared to $7.6 billion from the previous quarter, as a result of strong credit results driven by an improving housing market and the enterprise’s resolution agreement with Bank of America.”

DS News – “Fed: 96K Foreclosure Review Checks to Be Sent to Underpaid Borrowers” (5-9-13)

“About 96,000 borrowers who received a check under the foreclosure review settlement should expect a second payment since their checks were for a lesser amount than what they should have received, the Federal Reserve announced in a statement.”

Realty Times – “Housing Recovery A Return To ‘Good Times’” (5-9-13)

“The housing recovery comes with an economic boost, more jobs and higher incomes, but it can also help create a higher level of “good times” in the neighborhood.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 3 bedroom, 2 bathroom home appraised for $137,000.

 

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.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

The Mortgage Bankers Association reported a 1.7% increase in mortgage applications from the previous week.  Single-family home prices increased in almost half of the cities in the U.S. with the median price increasing in 74 of 146 metropolitan areas.  The Florida Supreme Court was set to make a decision regarding fraud in foreclosure proceedings.  Fannie Mae reported they made enough profit in the first quarter and would not have to be bailed out by the Treasury or taxpayers.

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 5/7/13

Tuesday, May 7th, 2013


Today’s News Synopsis:

The FHFA reported low interest rates are helping spark more refinancings in February.  March saw a growth in home prices, their largest in seven years.  Consumer confidence is up as the National Housing Survey showed majority of Americans expect home prices to continue to rise.

In The News:

Housing Wire - “Low interest rates fuel February HARP refinancings: FHFA” (5-7-13)

“A little more than 97,700 Fannie Mae and Freddie Mac mortgages refinanced through the Home Affordable Refinance Program (HARP) in February, representing 21% of the total refinance volume, the Federal Housing Finance Agency said Tuesday.”

DS News – “March Home Prices Accelerate, Post Biggest Annual Gain in 7 Years” (5-7-13)

“Year-over-year home price gains in March landed in the double-digit territory, according to CoreLogic’s Home Price Index (HPI) report.”

Bloomberg - “Bankers Warn Fed of Farm, Student Loan Bubbles Echoing Subprime” (5-7-13)

“A group of bankers that advises the Federal Reserve’s Board of Governors has warned that farmland prices are inflating “a bubble” and growth in student-loan debt has ‘parallels to the housing crisis’.”

Inman - “Tax reform could include revamp of mortgage interest deduction” (5-7-13)

“Is Congress finally moving toward fundamental tax code reform — a streamlining that lowers maximum individual rate brackets, cuts taxes for corporations, but also might take whacks at the mortgage interest deduction, second homes and second mortgages, among a myriad of other special interest write-offs?”

Bloomberg - “MBIA Escapes Distressed Label in BofA Accord: Corporate Finance” (5-7-13)

“MBIA Inc. is no longer considered by credit-derivatives traders to be in distress after Bank of America Corp. (BAC) agreed to a legal settlement that injects $1.6 billion of cash into the bond insurer and resolves five years of litigation stemming from the U.S. housing crisis.”

DS News - “Fannie Mae Rolls Out Tool to Improve Foreclosure Prevention Efforts” (5-7-13)

“After being developed and tested over the past three years, Fannie Mae announced the broad release of a tool that helps to streamline foreclosure prevention efforts.”

Housing Wire - “Loan officers, banks tighten FICO standards” (5-7-13)

“Obtaining a mortgage with a FICO score in the 620 range is more difficult in today’s lending environment, the Federal Reserve concluded in its April survey of loan officers and bank lenders.”

Inman – “Optimism over home prices reaches milestone” (5-7-13)

“A majority of Americans now expect home prices to increase over the next year, pointing to growing optimism among housing-market observers, according to the results of Fannie Mae’s April 2012 National Housing Survey.”

DS News – “A Look at Construction Employment in a ‘Normal’ Market” (5-7-13)

“While Fannie Mae’s Economic and Strategic Research (ESR) Group believes homebuilding activity will bounce back to normal by 2016, employment in residential construction may not recover as well.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $390,000 on a 2 bedroom, 1 bathroom home appraised for $603,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC TODAY.

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.

Looking Back:

Fannie Mae reported higher confidence in both the economy and value of homes improving.  However, Lewis Ranieri believed the housing market was reaching its lowest level.  Loan modifications decreased 31% in the first quarter of 2012 according to HOPE NOW.  Third party reviews of FHFA REO-t0-Rental program applications were expected to come to a close shortly.

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 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.

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The Norris Group Real Estate News Roundup 4/30/13

Tuesday, April 30th, 2013


Today’s News Synopsis:

The latest S&P/Case-Shiller Index showed home prices in 20 U.S. cities increased 9.3% year-over-year to their highest since May 2006.  At the same time, homeowner ship rate was at 65% in the first quarter, its lowest since 1995.  A case was just dismissed against MERS in Cleveland County, Oklahoma.

In The News:

DS News - “Baby Boomers Plagued by Mortgage Debt as They Enter Retirement” (4-30-13)

“As the Baby Boomer generation heads into retirement, many are plagued with debt, and mortgage debt is their most common financial hardship, according to a study released Monday by Securian Financial Group, a St. Paul, Minnesota-based financial services firm.”

Housing Wire – “FHFA gears up for single GSE securitization platform” (4-30-13)

“A key objective of the Federal Housing Finance Agency is to execute various risk transfer transactions aimed at reducing the enterprises’ footprint in housing finance.”

Realty Times – “New Homes Price Increases Projected To Outstrip Resales” (4-30-13)

“Is this a good time to sell your home? Could be. Especially if you plan to buy a new home.  New home prices are increasing faster than resales, a trend expected to continue for months to come, according to Brad Hunter, chief economist for Metrostudy.”

Bloomberg - “U.S. Homeownership Rate Falls to Lowest Since 1995″ (4-30-13)

“The U.S. homeownership rate fell to the lowest in almost 18 years, reflecting rising demand for rentals and investor purchases in the housing market.”

Mortgage Bankers Association - “Q1 2013 Commercial/Multifamily Mortgage Bankers Originations Up 9% from Q1 2012″ (4-30-13)

“First quarter 2013 commercial and multifamily mortgage loan originations were nine percent higher than during the same period last year and 36 percent lower than the fourth quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Bloomberg - “Mortgage Reform Likely to Pass House in ’13, Garrett Says” (4-30-13)

“The U.S. House of Representatives is likely to pass a bill this year to reduce the influence of the government-backed Federal Housing Administration, Fannie Mae and Freddie Mac, Representative Scott Garrett said today.”

DS News - “Completed Foreclosures Rise in March, Foreclosure Inventory Falls” (4-30-13)

“The number of residential properties lost to foreclosure increased from February to March, while foreclosure inventory was down from month and year ago levels, according to data from CoreLogic.”

Bloomberg - “Home Prices in 20 U.S. Cities Climb by Most Since May 2006″ (4-30-13)

“Residential real-estate prices increased in February by the most since May 2006, showing the U.S. housing market is strengthening.”

Housing Wire – “Another MERS county recording-fee suit dismissed” (4-30-13)

“County commissioners in Cleveland County, Okla., became the latest plaintiffs to see a recorder-fee lawsuit filed against the Mortgage Electronic Registration Systems dismissed by a judge.”

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $64,000 on a 3 bedroom, 2 bathroom home appraised for $100,000.

 

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.

Looking Back:

The number of closed banks was at 22 with the closure of five more banks the previous Friday.  The home ownership rate was at its lowest in 15 years at 65.5%, while at the exact same time the number of families renting was at its highest in 15 years, showing that more people were renting than buying.  The decision to allow principal reduction on mortgages provided by Fannie Mae and Freddie Mac was postponed by the FHFA.

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

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The Norris Group Real Estate News Roundup 4/23/13

Tuesday, April 23rd, 2013


Today’s News Synopsis:

According to the FHFA, home prices continue to increase as inventory continues to decrease.  Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%.  New home sales increased 1.5% last month to 417,000, despite having decreased almost 5% in February.  CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.

In The News:

Inman - “Best loan prospects may desert FHA” (4-23-13)

“It’s a catchy marketing pitch: “720 and above, don’t go gov.”And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.”

Housing Wire – “FHFA: Home shortage pushing prices” (4-23-13)

“Supply shortages in some housing markets continue to place upward pressure on prices.  As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.”

DS News – “Non-Current Inventory Hits 5-Year Low, Slips Below 5M Mark” (4-23-13)

“The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services (LPS), Inc.”

Housing Wire - “Fannie Mae economist: Housing recovery faces rough road ahead” (4-23-13)

“The year 2012 was a turning point for housing with the sector contributing to overall economic growth for the first time in years.”

DS News - “House Financial Services Committee Refuses Cordray’s Testimony” (4-23-13)

“A day before Consumer Financial Protection Bureau director Richard Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs to deliver his semi-annual report, Rep. Jeb Hensarling (R-Texas), chair of the House Committee on Financial Services—which was also slated to hear from Cordray—announced his committee cannot accept Cordray’s testimony as Cordray’s appointment is not legal.”

Housing Wire - “Census Bureau: New home sales turnaround” (4-23-13)

“New home sales made a U-turn after falling 4.6% in February to 411,000 homes sold. The sales of new single-family homes inched up 1.5% in March to 417,000 homes sold.”

DS News - “DataQuick’s REO-to-Rental Rankings Provide ZIP-Level Data” (4-23-13)

“Before deciding on an REO-to-rental investment, it’s important to understand distressed property trends on a neighborhood-level, according to DataQuick.”

Bloomberg - “Washington Faces Apartment Glut After Boom: Real Estate” (4-23-13)

“Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $159,000.

 

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.

Looking Back:

According to the National Association of Realtors, more people were able to afford houses.  Home prices decreased in March 2012 with the increase in distressed properties.  Mortgage payments were also at low levels not seen in several decades.  Americans feared job losses and rising gas prices more than household debt.

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 4/22/13

Monday, April 22nd, 2013


Today’s News Synopsis:

Existing home sales decreased unexpectedly last month by 0.6%.  The NAHB is urging Congress to make changes that will improve the guest workers provisions in the Immigration Bill.  California Attorney General Kamala Harris announced that grant funds obtained by the recent mortgage settlement will be used to help many homeowners affected by foreclosures.

In The News:

Bloomberg - “Previously Owned U.S. Home Sales Unexpectedly Fell in March” (4-22-13)

“Sales of previously owned U.S. homes unexpectedly dropped in March, showing uneven progress in the industry.”

Housing Wire – “Majority opinion: Reduce Treasuries first, hold fast on MBS” (4-22-13)

“While the technical backdrop has improved for mortgage-backed securities, the vast majority of investors appear complacent with respect to the Federal Reserve’s exit from the market, said JPMorgan Chase in its latest survey.”

DS News – “California Groups Awarded $9.4M to Provide Foreclosure Help” (4-22-13)

“Grant funds secured through the national mortgage settlement will be used to provide a wide range of assistance to California homeowners impacted by the state’s foreclosure crisis. California Attorney General Kamala D. Harris announced 21 organizations were awarded funds through a $9.4 million grant.”

NAHB - “Home Builders Call on Congress to Improve Immigration Bill’s Guest Worker Provisions” (4-22-13)

“The National Association of Home Builders (NAHB) commends the bipartisan Senate sponsors of legislation to advance comprehensive immigration reform and today called on lawmakers to improve the guest worker provisions in the bill to address the significant role that foreign workers play in the housing industry and to help alleviate current labor challenges that are hampering the housing and economic recovery.”

Realty Times - “Freddie Mac Offers Delinquent Borrowers Streamlined Modification” (4-22-13)

“Struggling homeowners are getting a big break this summer from Freddie Mac’s and Fannie Mae’s Streamlined Modification program.”

Housing Wire - “Redwood maps out geographically diverse RMBS deal” (4-22-13)

“It’s like clockwork.  Real estate investment trust Redwood Trust is exceeding its monthly issuance goal, setting out with its sixth and most geographically diverse private-label residential mortgage-backed securitization deal of the year.”

DS News - “Gallup: More Americans Expect Home Prices to Rise in Their Area” (4-22-13)

“The infectious optimism surrounding the housing market has the majority of Americans feeling more positive, according to survey results from Gallup.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 3 bedroom, 1 bathroom home appraised for $146,000.

 

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 TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 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.

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