The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘FDIC’

« Older Entries

By Bruce Norris .

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

Monday, May 13th, 2013


Today’s News Synopsis:

The total number of closed banks is now at 12 with the recent closure of two banks in North Carolina and Georgia.  Freddie Mac announced today their modification program for delinquent borrowers is ready and will make streamlined loan mods available much more quickly.  Home prices are continuing to increase up into the double-digit numbers as more consumers are trying to purchase homes in a market with less inventory.

In The News:

Housing Wire - “Freddie Mac speeds up availability of streamlined loan mods” (5-13-13)

“Freddie Mac announced the immediate availability of its streamlined modification program for delinquent borrowers on Monday, pushing up the roll out from its originally scheduled launch date of July 1.”

DS News – “Two Banks Collapse, Bringing 2013 Tally to 12″ (5-13-13)

“Pisgah Community Bank (Asheville, North Carolina) and Sunrise Bank (Valdosta, Georgia) became the 11th and 12th federally insured banks to fail in the nation this year, FDIC announced.”

Realty Times – “Competition For Low Inventories Generating Double Digit Price Increases” (5-13-13)

“Buyers scrambling for homes in housing market with too few homes for sale continue to drive up prices by percentages that run well into double-digits.”

DS News - “Autos Boost April Retail Sales; Retail Space Under Siege” (5-13-13)

“Driven by stronger auto sales (but held back by falling gasoline prices), total retail sales increased an unexpected 0.1 percent in April, the Census Bureau reported Monday. Economists had expected sales to fall 0.3 percent.”

Housing Wire - “Reperforming, nonperforming mortgage bonds may fill investor appetite” (5-13-13)

“Some investors may find nonperforming and reperforming loan securitizations as an attractive alternative to private-label residential mortgage-backed securitization deals.”

DS News - “NAR: Median Income for Realtors Recovering with Housing Market” (5-13-13)

“As the housing market improves, so has the income for Realtors, according to a report from the National Association of Realtors (NAR).”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $231,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.

 

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.

 

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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/29/13

Monday, April 29th, 2013


Today’s News Synopsis:

Two more banks closed in North Carolina and Georgia, bringing the new total for this year to 10.  Pending sales for existing homes increased 1.5% last month after having seen a 1% decrease the prior month.  New Jersey received funding of $1.83 billion to go towards rebuilding from Hurricane Sandy.

In The News:

Housing Wire - “Payouts to borrowers harmed by Goldman, Morgan Stanley set to begin” (4-29-13)

“Borrowers potentially harmed by foreclosures initiated by Goldman Sachs through its former Litton Loan Servicing subsidiary and Morgan Stanley through Saxon Mortgage Services will be compensated for their losses in the near future, the Federal Reserve said Monday.”

DS News – “Bank Failure Tally Rises to 10 After Two Weekend Closings” (4-29-13)

“This year’s bank failure tally rose to double digits over the weekend with the collapse of two more federally insured institutions.  FDIC announced the closing of Parkway Bank in Lenoir, North Carolina, and Douglas County Bank in Douglasville, Georgia, bringing the total number of bank closings this year to 10″

Bloomberg – “Pending Sales of Existing Homes in U.S. Climbed 1.5% in March” (4-29-13)

“More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market.”

CNN Money - “For the unemployed, no reprieve on budget cuts” (4-29-13)

“Starting this week, many in California collecting federal unemployment benefits will get about 17.7% less than they got last week, thanks to Washington’s across-the-board budget cuts.”

DS News - “New Jersey Plan to Rebuild After Sandy Receives $1.83B” (4-29-13)

“New Jersey received approval and funding totaling $1.83 billion for its disaster recovery plan that will help homeowners and businesses rebuild after Hurricane Sandy, HUD Secretary Shaun Donovan announced in a release Monday. The funds were from the department’s Community Development Block Grant (CDBG) Program.”

Realty Times - “Prevention Programs to Consider to Help Keep Your Property from Becoming a Crime Statistic” (4-29-13)

“Most property managers and owners have probably at least heard of the Crime Free Multi-Housing Association, started in Mesa Arizona, by the Mesa Police Department in 1992.”

Housing Wire - “Investors face new housing era obstacles” (4-29-13)

“In this new era, trading mortgages has been challenging over the past year for investors due to a number of reasons.”

DS News - “Slow Wage Growth Holds Down March Personal Income” (4-29-13)

“Restrained by slow wage growth, personal income rose a disappointing $30.9 billion (0.2 percent) in March—half of what economists expected—as spending rose $21.0 billion or 0.2 percent, the Bureau of Economic Analysis, reported Monday.”

Hard Money Loan Closed

Lancaster, 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 $108,000.

 

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.

Tags: , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/19/13

Friday, April 19th, 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.  The amount of homes flipped in California increased by almost three times the amount from last year and are now at their highest level since September 2005.  According to a recent announcement by the OCC, the second wave of foreclosure checks was sent out last week.

In The News:

Housing Wire - “The gap between large and small homebuilders widens” (4-19-13)

“The 14% increase in land values during the first three quarters of 2012 was four times greater than the rise in house prices, Capital Economics said in a new report.”

CNN Money - “Inflation is very, very low. Time to worry?” (4-19-13)

“Prices aren’t going up very much. Should we celebrate?  Not really. Inflation that’s too low could be a bad sign for the U.S. economy, and some Federal Reserve officials are starting to get concerned.”

DS News – “California Flipping Activity at Highest Level Since 2005″ (4-19-13)

“Real estate sales have been weakening in California, but ForeclosureRadar found flipping activity in the state reached its highest level since September 2005.”

Bloomberg – “Deutsche Bank Loan Signals Rental Home Bond Dreams” (4-19-13)

“Deutsche Bank AG (DBK) is moving closer to turning U.S. rental home payments into bonds, which would be one of the first new types of securitization since the 2008 credit crisis, and pave the way for an infusion of capital.”

Realty Times - “Welcome Back Vacation Homes” (4-19-13)

“Vacation home sales improved in 2012 by 10 percent and the outlook for second-home sales continues to look good because of favorable conditions, according to the National Association of Realtors.”

Housing Wire - “FDIC sues Florida law firm over failed bank” (4-19-13)

“Several law firms in Florida became the center of an intense attorney generals investigation after the financial crisis for their handling of foreclosures.”

Inman - “Census Bureau infographic shines light on home investment” (4-19-13)

“The Census Bureau has released an infographic that illustrates the level of commitment among many homeowners to improving their homes, highlighting some of the most common-remodeling projects and tallying up $359 billion in total investments from 2009 through 2011.”

DS News - “Second Wave of 1.4M Foreclosure Review Checks Sent” (4-19-13)

“The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $440,000 on a 2 bedroom, 2 bathroom home appraised for $71,000.

 

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.

Looking Back:

Claims for unemployment decreased by 2,000 with claims being at 386,000 compared to 388,000 the week prior.  Existing home sales also decreased 2.6% the previous month for the third time in the previous four months.  Mortgage rates increased to 3.9% at this time last year, the first time in four weeks mortgage rates saw an increase.

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.

Tags: , , , , , , , , , , , , , ,
Posted in News, Video Blog | No Comments »

The Norris Group Real Estate News Roundup 3/11/13

Monday, March 11th, 2013


Today’s News Synopsis:

The tally for the number of banks closed in 2013 is now at 4 with the recent closure of the Frontier Bank in Georgia.  The foreign real estate company Overseas Union Enterprise will be purchasing the U.S. Bank Tower in Los Angeles for $367.5 million.  The amount of debt for commercial/multifamily properties increased by $21.8 billion, or 0.9%, in the fourth quarter, the most since 2008.

In The News:

DS News- “Georgia Bank Collapses Over Weekend; 2013 Tally Now at 4″ (3-11-13)

“FDIC announced Friday the closure of Frontier Bank, based in LaGrange, Georgia.”

CNN Money – “SEC charges state of Illinois with securities fraud” (3-11-13)

“The Securities and Exchange Commission and the Illinois state government have reached a settlement over charges that the state defrauded investors by not giving them proper information about its pension funds.”

Housing Wire – “Milwaukee requests state help to remove vacant homes” (3-11-13)

“For Milwaukee to remove all of their vacant, boarded up properties, it would take $7.5 million, according to data from real estate technology firm SecureView.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Increases by Largest Amount Since 2008″ (3-11-13)

“The level of commercial/multifamily mortgage debt outstanding increased by $21.8 billion, or 0.9 percent, in the fourth quarter of 2012, as all four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

NAHB - “New Guide Helps Builders Navigate 2012 Residential Code” (3-11-13)

“A new guide co-published by the National Association of Home Builders (NAHB) and the International Code Council (ICC) provides critical answers to the most frequently asked residential construction jobsite code questions.”

Housing Wire - “Larger players, investors shift market for real estate agents” (3-11-13)

“Real estate agents live in a real estate market that is constantly shifting, pushing them in new directions.”

DS News - “Fitch: Prepayment Rate Elevated on Newer Loans” (3-11-13)

“Mortgages originated from 2010 and into early 2012 are seeing elevated prepayment rates as low mortgage rates continue to encourage refinance activity, Fitch Ratings explained in a recent report.”

Bloomberg- “California’s Tallest Building to Be Acquired for $367.5 Million” (3-11-13)

“The U.S. Bank Tower in Los Angeles, California’s tallest building, will be bought by Overseas Union Enterprise Ltd. (OUE) for $367.5 million as the real estate company seeks to expand beyond its base in Singapore.”

Hard Money Loan Closed

Torrance, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 3 bedroom, 2 bathroom home appraised for $504,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, March 6 in Sacramento.

 

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.

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 1/23/13

Wednesday, January 23rd, 2013


Today’s News Synopsis:

According to the Federal Housing Finance Agency, home prices increased 0.6% month-over-month in November.  The Lender Processing Services reported inventory and mortgage delinquency rates were both down for the month of December.  Customers withdrew the most money this month since 9/11, leading to the biggest decrease in deposits since then.

In The News:

Housing Wire – “Home prices maintain upward trajectory” (1-23-13)

“Home prices in the U.S. rose 0.6% from October to November, according to the Federal Housing Finance Agency’s latest house price index. This compares to the index’s 0.5% increase in October.”

DS News- “LPS: Foreclosure Inventory, Delinquency Rates Decrease from Year Ago” (1-23-13)

“Lender Processing Services (LPS) offered preliminary data on mortgage performance in December, revealing foreclosure inventory and delinquency rates were both down year-over-year.”

Mortgage Bankers Association- “Biggest Banks Back to Black in Fed-Fueled Recovery: Mortgages” (1-23-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 18, 2013.”

Bloomberg- “U.S. Bank Deposits Drop Most Since 9/11 Terror Attacks” (1-23-13)

“Clients of the largest U.S. banks withdrew funds this month at the fastest weekly pace since the Sept. 11 attacks as a deposit-insurance program ended and customers tapped into their year-end cash hoards.”

Inman- “Feds propose social media guidance for mortgage lenders” (1-23-13)

“Responding to requests from industry and consumer groups, federal regulators have released proposed guidance for financial institutions to follow when using social media to market products including residential mortgage loans.”

DS News – “FFN Announces Offering for $85M in Loans from NOVA Bank” (1-23-13)

“On belief of the FDIC, First Financial Network, Inc. (FFN) is selling $85 million in loans from the failed NOVA Bank based in Berwyn, Pennsylvania.”

Bloomberg- “New York Protecting Defaulters Stalls Rebound: Mortgages” (1-23-13)

“New Yorkers Paul and Angelica Kashman, declared in default on their mortgage in July 2010 and foreclosed on by Wells Fargo & Co. (WFC) in February 2011, say they aren’t deadbeats.”

Housing Wire- “Wealth effect creeps back into American households” (1-23-13)

“The nascent housing recovery is beginning a shift from economic headwind to tailwind, creating the indirect effect of giving average American households hope to, once again, begin to retain a level of wealth.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 4 bedroom, 2 bathroom home appraised for $156,000.

 

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 today.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Looking Back:

CNN Money reported the neighborhoods hit hardest by foreclosures were those in cul-de-sacs and tree lined streets as well as neighborhoods with modern homes.  Moody’s Investor Services reported a decrease in loan modifications.   Banks and other companies were beginning to move away from using FICO scores to determine a borrower’s credit worthiness and were instead moving toward using mathematical algorithms.

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.

Tags: , , , , , , , , ,
Posted in News | No Comments »

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

Tuesday, December 4th, 2012

Today’s News Synopsis:

As part of a Christmas gift, Fannie Mae and Freddie Mac are suspending foreclosures from December 19 through January 2, 2013.  Home prices increased 6.3% in October to their highest in 6 years.  Trulia reported asking prices for homes increased 3.8% last month to their highest since the beginning of the recession.

In The News:

DS News- “REO Sales Diminish to Under 20% of Overall Home Sales: Clear Capital” (12-4-12)

“Clear Capital released a new market report Tuesday, tracking home prices through the end of November.”

Los Angeles Times- “Home prices show biggest jump in 6 years in October” (12-4-12)

“Home prices increased 6.3% in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.”

WTSP 10 News- “Fannie, Freddie halt foreclosures for the holidays” (12-4-12)

“Fannie Mae (FNMA) and Freddie Mac (FMCC), along with some of the nation’s biggest lenders, said Monday that they will suspend some foreclosures during the holidays.”

Bloomberg – “Banks Discover Money Management Again as Trading Declines” (12-4-12)

“Global banks, forced by regulators to reduce their dependence on profits from high-risk trading, have rediscovered the appeal of the mundane business of managing money for clients.”

Inman- “Asking prices stay strong into autumn” (12-4-12)

“Asking prices for homes on real estate portal Trulia’s website were up 3.8 percent in November from a year ago, the largest year-over-year increase since the housing recession began, according to a monthly report from Trulia.”

DS News- “FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks” (12-4-12)

“FDIC-insured banks continued to show improving health in the year’s third quarter, the agency reported Tuesday.”

Housing Wire- “S&P: Private-label RMBS may hit $15 billion in 2013″ (12-4-12)

“Total private-label residential mortgage backed securitized issuance is about $6 billion this year, compared with $2.8 billion from 2011, according to Standard & Poor’s ratings service.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 11/14/12

Wednesday, November 14th, 2012

 

Today’s News Synopsis:

According to the latest housing summary, the total amount of for-sale inventory in the United States is at 1.76 million as of October, the lowest in history.  The Mortgage Bankers Association reported a 12.6% increase in mortgage applications last week.  In another big story, 30,000 borrowers were approved for a total of $4.75 billion in principal reductions from Bank of America.

In The News:

Realtor- “October 2012 Real Estate Data” (11-14-12)

“The total US for-sale inventory of single family homes, condos, townhomes and co-ops remained at historic lows, with 1.76 million units for sale in October 2012, down -17.00% compared to a year ago.”

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-14-12)

“Mortgage applications increased 12.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 9, 2012.”

Housing Wire- “Connecticut lawmakers argue against FHFA g-fee hikes” (11-14-12)

“Connecticut lawmakers sent a letter to the Federal Housing Finance Agency warning a proposed hike to guarantee fees on mortgages acquired by Fannie Mae and Freddie Mac will increase the cost of homeownership.”

Realty Times- “Keeping Mortgage Rates Low Spurs Housing Market Recovery” (11-14-12)

“The housing market has returned to life this year as improvements continue to be seen in a variety of sectors. With the third quarter behind us, consumer attitudes have changed for the better as shown by the Thomson Reuters/University of Michigan preliminary reading of consumer sentiment which came in at 84.9, the highest level in five years.”

CNN Money- “Nearly 50 million Americans in poverty under alternate measure” (11-14-12)

“There were nearly 50 million Americans living in poverty in 2011, under an alternative measure released by the Census Bureau Wednesday.”

DS News- “FDIC to Close Last Temporary Satellite Office” (11-14-12)

“FDIC put a date on the closure of the last of its satellite offices established in the wake of the financial crash.”

Housing Wire- “Housing recovery under way, but lending still too tight: FOMC” (11-14-12)

“A housing recovery appears to be under way in the U.S., but the market has yet to fully recover with lending still too tight and the rapid pace of refinancings creating backlogs, the Federal Open Market Committee said in its latest meeting minutes.”

Bloomberg- “KKR to Develop Housing Community in Oil-Rich North Dakota” (11-14-12)

“KKR & Co. (KKR), the buyout firm that started a real estate unit last year, plans to develop a housing community in Williston, North Dakota, to meet demand from an influx of workers in the state’s booming oil industry.”

Housing Wire- “BofA offers 30,000 borrowers $4.75 billion in principal reductions” (11-14-12)

“Bank of America ($9.14 -0.19%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program.”

DS News- “California Dual-Tracking Ban Leads to Spike in Cancelled Foreclosures” (11-14-12)

“A specific provision in California’s Homeowner Bill of Rights may have led to a surge in foreclosure cancellations, according to a report from ForeclosureRadar.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 4 bedroom, 2 bathroom home appraised for $128,000.

 

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.

Looking Back:

Prices of homes declined across the nation 28.3% since June 2006, according to the latest LPS home price index.  According to Housing Wire, more people were hired in the mortgage industry than were laid off in the third quarter of 2011.  According to Inman, NAR had recently admitted overestimating the number of homes sold.

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.

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 11/5/12

Monday, November 5th, 2012

 

Today’s News Synopsis:

The number of bank failures increased to 49 this week with the closure of two more banks in Illinois and Florida.  Home prices increased 2.9% in October, while rentals increased 5.1% from last year.  Several real estate companies are banding together to provide relief for the victims of Hurricane Sandy.

In The News:

DS News- “MetLife Agrees to Sell Servicing Portfolio to JPMorgan” (11-5-12)

“The country’s largest life insurance provider announced it is selling its mortgage servicing portfolio to one of the country’s biggest mortgage servicers.”

Housing Wire- “October home prices rise 2.9% as rents soar above 5%” (11-5-12)

“Home prices rose 2.9% over last year in October, but had nothing on the rental market which saw rates rise 5.1% from 2011 levels, Trulia said Monday.”

Realty Times – “Real Estate Outlook: Pending Sales Little Unchanged “ (11-5-12)

“Pending home sales remained mostly unchanged in September, but are holding higher than year ago levels.”

Bloomberg- “FHA Said to Set Stage for Treasury Draw as Losses Mount” (11-5-12)

“The Federal Housing Administration, faced with continuing losses from the housing bubble, will issue a financial analysis next week setting the stage for what could be its first draw from the U.S. Treasury in its 78-year history, according to three people briefed on the report.”

Housing Wire- “Bank of America doubles repurchase risk exposure” (11-5-12)

“Bank of America ($9.69 -0.16%) doubled exposure to unresolved mortgage-buyback risk in the first nine months of the year as more putback claims surfaced.”

Inman- “Real estate companies join Sandy relief efforts” (11-5-12)

“Realtors and real estate companies — many of them hard hit by Hurricane Sandy themselves — are bolstering official relief efforts for storm victims with initiatives of their own.”

DS News- “Goldman Sachs Asks Court to Dismiss Class Action Securities Suit “ (11-5-12)

“Goldman Sachs is asking the U.S. Supreme Court to dismiss a mortgage securities class action lawsuit that the company says could cost Wall Street tens of billions of dollars, according to a report from Reuters.”

Los Angeles Times- “Sellers’ return to housing market could be slow, surveys indicate” (11-5-12)

“When will sellers return? That’s a burning question in residential real estate circles these days as inventory has fallen and the market has grown increasingly competitive.”

Inman- “Zillow buying mortgage pricing engine” (11-5-12)

“Real estate information marketplace Zillow Inc. says it has an agreement to acquire mortgage product and pricing engine Mortech Inc. that will accelerate the development of Zillow’s Mortgage Marketplace.”

DS News- “Two Bank Failures Raise 2012 Total to 49″ (11-5-12)

“The FDIC added two more banks to this year’s failed bank list Friday, bringing the total year-to-date to 49.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 4 bathroom home appraised for $332,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

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.

 

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.

Tags: , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 10/29/12

Monday, October 29th, 2012

Today’s News Synopsis:

The number of bank closures has reached 47 with another closure in Pennsylvania.  LPS reported profit increased 44% in the third quarter with the increase in demand for mortgage technology as well as refinancing.  Consumer spending increased 0.8% last month, double what income increased at 0.4% the same month.


In The News:

Housing Wire- “Foreclosures wipe out $2 trillion in neighborhood equity” (10-29-12)

“During the past few years, properties located next to foreclosures lost an estimated $1.95 trillion in value, according to the Center for Responsible Lending.”

DS News – “Pennsylvania Bank Failure Raises Tally to 47″ (10-29-12)

“The FDIC closed another Pennsylvania institution, bringing the state’s year-to-date tally to two and the national tally to 47.”

Bloomberg- “Hedge Funds Drawn to Fannie-Freddie Risk-Sharing Plan” (10-29-12)

“Bond buyers are vying with insurers to strike deals with Fannie Mae (FNMA) and Freddie Mac as their regulator seeks to draw private capital to the government- dominated mortgage market.”

Realty Times – “Real Estate Outlook: Existing-Home Sales” (10-29-12)

“Existing-home sales may have experienced a slight dip in the month of September, but national median home prices are continuing their upward movement.”

Housing Wire- “CoreLogic: Hurricane Sandy threatens damage to 284,000 homes” (10-29-12)

“As Hurricane Sandy pushes through the Northeast, data firm CoreLogic ($23.12 -0.46%) estimates 284,000 properties with an approximate value of $87 billion remain at risk from high winds and storm surge. ”

DS News- “September Spending Outpaces Income” (10-29-12)

“Consumer spending rose $87.9 billion, 0.8 percent, in September, twice the 0.4 percent growth in personal income, $48.1 billion, the Bureau of Economic Analysis reported Monday.”

Housing Wire – “Refinancing, mortgage tech demand pushes LPS third-quarter profit” (10-29-12)

“A refinancing craze and increased demand for mortgage technology solutions pushed Lender Processing Services- ($27.33 -0.84%) third-quarter profit 44% higher than year ago levels.”

DS News – “Agents Suggest Banks May Be Holding onto REOs” (10-29-12)

“A sharp drop in distressed sales is one of the main drivers behind the steady rise in home prices seen in certain areas throughout the country, according to the monthly Campbell/Inside Mortgage Finance HousingPulse survey. ”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $126,000 on a 3 bedroom, 2 bathroom home appraised for $197,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 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.

Tags: , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 10/22/12

Monday, October 22nd, 2012

Today’s News Synopsis:

September saw in an increase in mortgage delinquencies last month according to a recent report from the Lender Processing Services.  The rate, originally at 7.4%, is now at 7.72%.  The number of bank failures is now at 46 with the closure of three more banks in Tennessee, Minnesota, Arkansas.  In order to help JP Morgan with their mortgage margins and to keep taxpayers safe, Fannie Mae and Ginnie Mae are limiting the number of loans they are purchasing from firms.


In The News:

Bloomberg- “Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits” (10-21-12)

“Fannie Mae and Ginnie Mae are seeking to protect taxpayers as a flood of new lenders apply to do business with them. That’s also helping big banks’ profit and blunting Federal Reserve efforts to boost housing.”

DS News – “Three Bank Failures Raise 2012 Tally to 46″ (10-22-12)

“The FDIC’s deposit insurance fund got a little bit lighter Friday as three more banks fell, the corporation announced.”

Mortgage Bankers Association- “Stevens Calls for Federal Housing Policy Coordinator, Greater Transparency from FHFA” (10-22-12)

“David H. Stevens, President & CEO of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 99th Annual Convention and Expo in Chicago, IL.”

Housing Wire – “Federal housing leaders seek faster return of private capital” (10-22-12)

“The leaders of the nation’s federal housing agencies want a faster, not slower, transition to a housing finance system supported by private capital.”

Inman – “Survey: Younger generation not fazed by housing crisis” (10-22-12)

“A survey of 18- to 35-year-old Americans shows that the housing downturn hasn’t deterred most from aspiring to buy a home, and most feel that the crisis made them more knowledgeable about homeownership. ”

DS News- “Home Prices Forecast to Make Slow Progress from Floor Reached in Q1″ (10-22-12)

“Home prices reached a sustainable bottom during the first quarter of this year, according to Barclays’ U.S. residential credit strategy team.”

Realty Times – “Real Estate Outlook: Builder Confidence Rises” (10-22-12)

“According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence is at the strongest levels since June of 2006. What does this mean for the market?”

Housing Wire – “RealtyTrac: 65% of housing markets worse off than in 2008″ (10-22-12)

“Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm.”

DS News – “LPS: Delinquency Rate Suddenly Spikes in September” (10-22-12)

“Foreclosure inventory continued to diminish in September, but the delinquency rate saw a sudden month-over-month surge, according to the “first look” mortgage report from Lender Processing Servicers (LPS), which has a loan-level database covering about 70 percent of the market.”

Inman – “Fannie and Freddie becoming ‘wards of the state’?” (10-22-12)

“The government’s failure to overhaul mortgage giants Fannie Mae and Freddie Mac is pushing the U.S. toward nationalization of the mortgage market, and would-be homeowners will be the losers if competition between private companies isn’t restored. ”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 4 bedroom, 4 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 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.

Tags: , , , , , , , , , , , , , ,
Posted in News | No Comments »

« Older Entries