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The Norris Group Real Estate News Roundup 2/3/12

Friday, February 3rd, 2012

Sources:
Real Estate Outlook: Existing-Home Sales Rise Again
CoreLogic Records 4.7% Drop in Home Prices in 2011
ADP: Private sector adds 170,000 jobs in January
Jobless rate drops to lowest level in almost three years
Unemployment rate falls to 8.3%
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record-Low 3.87%
Housing construction spending hits 16-year low
Homeownership rate falls to 14-year low
Robo-Signing Settlement Update: Friday is Cutoff for States to Join
Foreclosures Draw Private Equity as U.S. Sells Homes
Report: Freddie Mac bets against homeowner refinancings
Obama administration details refinance plan for underwater borrowers
Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac

Today’s News Synopsis:

This week’s video features a slide show of the news of the week in the world of real estate and other big news stories.  According to CoreLogic, prices for homes decreased 4.7% in 2011, making it the fifth year in a row home prices declined over the year.  Unemployment is at 8.3%, the lowest in three years with the addition of 243,000 new jobs added last month.

In The News:

DS News – “CoreLogic Records 4.7% Drop in Home Prices in 2011″ (2-2-12)

“Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values.”

Housing Wire – “Unemployment rate falls to 8.3%” (2-3-12)

“The economy added 243,000 jobs in January and the unemployment rate fell to 8.3%, its lowest level since February 2009.  The Labor Department said large gains in professional and business services, leisure and hospitality, and manufacturing jobs drove the gains, which came in well above most analysts’ estimates. The rate in December was 8.5%.”

CNN Money - “Stealth jobs boom: 6 months, 2 million jobs” (2-3-12)

“Companies are saying the job market is getting better. Workers are saying it’s already kicked into high gear.  Friday’s jobs report showed a gain of 243,000 jobs. But a separate survey of households used to determine the unemployment rate shows much, much stronger job gains.”

Realty Times – “Average Mortgage Rates Ease Setting New Record Lows” (2-3-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.”

Housing Wire – “Obama mortgage refinance plan accelerates equity rebuild” (2-3-12)

“One option under the most recent refinancing plan from the Obama administration would allow borrowers to not only surface from underwater but actually begin building equity in their home at a quicker pace.”

Realty Times – “Real Estate Drops But Second Home Market May See Increase” (2-3-12)

“Interest rates continue to remain low for mortgages and it looks as though the Federal Reserve will keep the rate at which banks lend to each other overnight low through 2014. The federal funds rate is expected to remain at zero to 1/4 percent for the next few years due to the depressed housing market and slow business investments.”

San Francisco Chronicle – “Mortgage rates for 30-year loans hit record low” (2-3-12)

“Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Senate adds Fannie, Freddie bonus ban to Stock Act” (2-3-12)

“The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.”

Bloomberg - “Goldman Sachs Mortgage-Backed Securities Suit Granted Class-Action Status” (2-3-12)

“A suit against Goldman Sachs Group Inc. (GS) may go forward as a class action on behalf of all investors in a $698 million mortgage-backed securities offering, a federal judge in Manhattan ruled.”

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 2 bedroom, 2 bathroom home appraised for $120,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Freddie Mac reported the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined the previous week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expected the government to hit the $14.29 trillion debt limit before 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 1/3/12

Tuesday, January 3rd, 2012

Today’s News Synopsis:

According to the latest report by Standard and Poor’s, the prices of homes are back at levels not seen since 2001.  Bloomberg reported an increase in construction spending in November for the third month in a row.  Mortgage rates are still at the lowest they have even been.

In The News:

DS News - “FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales” (1-3-12)

“The Federal Housing Administration (FHA) is extending the temporary waiver of its property anti-flipping rule through the end of 2012.”

Housing Wire – “S&P: Home prices back to 2001 levels” (1-3-12)

“Current home prices when adjusted for inflation are back to 2001 levels, suggesting the high prices experienced over the  past decade did little to effectuate significant long-term gains, according to David Blitzer, chairman of Standard & Poor’s index committee.”

Bloomberg - “Construction Spending in U.S. Climbs 1.2%” (1-3-12)

“Construction spending in the U.S. rose in November for a third time in four months, indicating the industry helped boost growth at the end of 2011.”

NAHB - “‘Dancing with the Stars’ Champ to Appear at the NAHB International Builders’ Show” (1-3-12)

“Iraq war veteran and “Dancing with the Stars” sensation J.R. Martinez will talk about his work with Operation Finally Home, a charitable program providing new homes for injured soldiers, when he visits the International Builders’ Show (IBS) in February.”

Realty Times - “Home Loan Amounts Vary by State” (1-3-12)

“According to the latest release from LendingTree, Hawaii leads the nation in average home loan amounts. The average loan price there is $677,299. The large number of vacation and second homes in this state up the price for paradise.”

San Francisco Chronicle - “Sears Distressed as Investors Reject Closings: Corporate Finance” (1-3-12)

“Sears Holdings Corp.’s bonds have crossed into distressed territory as its plan to close as many as 120 locations may fail to stem more than four years of declining sales and prevent it from using up cash as profitability wanes.”

Realtor Magazine - “Mortgage Rates End the Year Near Record Lows” (12-30-11)

“Home buyer affordability continues to be pushed higher due to mortgage rates remaining at record lows, Freddie Mac reports in its weekly mortgage market survey.  Mortgage rates ended the year hovering near historic lows in an already affordable housing market,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.”

Housing Wire - “Miami-Dade County pending home sales jump 25%” (1-3-12)

“Pending home sales in Miami-Dade County  jumped 25% in November from a  year earlier, the Miami Association of Realtors said Tuesday.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking today at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Tom Wind of J.I. Kislak Mortgage expected refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasted lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices settled first with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believed foreclosure activity would improve in Orange County during 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 12/05/11

Monday, December 5th, 2011

Today’s News Synopsis:

According to the FHA and the latest Case-Shiller Index, home prices decreased for the third quarter.  In other news, Housing Wire reported a downgrade in JPMorgan Chase commercial mortgage securities by Fitch Ratings.  Recent data released by the Labor Department shows unemployment benefits in the last four years have cost $434 billion.

In The News:

Housing Wire - “Fitch downgrades JPMorgan Chase commercial mortgage securities” (12-5-11)

“Eight classes of JPMorgan Chase Commercial Mortgage Securities Corp. (JPM: 33.51 +3.65%) securities certificates were downgraded by Fitch Ratings.”

Bloomberg - “FHA Unlikely to Follow Fannie Mae Offering Refinancing Aid, Barclays Says” (12-5-11)

“The Federal Housing Administration is unlikely to change its stance of forcing homeowners with older mortgages to pay larger insurance premiums in refinancings as Fannie Mae (FNMA) and Freddie Mac loosen their rules to help borrowers lower their payments, according to Barclays Capital.”

Realty Times - “Real Estate Outlook: Home Prices Fall” (12-5-11)

“Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.”

CNN Money - “Cost of federal unemployment benefits so far: $434 billion” (12-5-11)

“Jobless Americans have collected $434 billion in unemployment benefits over the past four years.  Taxpayers have footed $184.7 billion of the tab incurred during the federal government’s unparalleled response to the Great Recession, according to Labor Department data. State and federal taxes on employers cover the rest.”

DS News - “Foreclosure Crisis Isn’t Even Halfway Over: Study” (12-5-11)

“The foreclosure crisis has had a long and destructive run – five years and counting, and more than 3 million families have lost their homes. According to the Center for Responsible Lending (CRL), we’re not even halfway through the devastation.”

Housing Wire – “November bank failures tied to CRE exposure, more closures to come” (12-5-11)

“The five banks that failed in November were victims of exposure to commercial real estate, analytics firm Trepp LLC said Monday.”

Mortgage Bankers Association - “MBA Announces Completion of MISMO Transition” (12-5-11)

“The Mortgage Bankers Association (MBA) today announced it has completed the transition, announced in September, and will resume support for the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®). With the successful transition, MISMO will now focus efforts on regulatory implementation and advocating for broader adoption of data standards throughout the industry.”

San Francisco Chronicle - “Services in U.S. Expand at Slowest Pace Since 2010: Economy” (12-5-11)

“Service industries in the U.S. expanded in November at the slowest pace since  January 2010 as employment cooled, a sign improvement in the biggest part of the  economy will be uneven.”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/18/11

Friday, November 18th, 2011

Sources:

As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter
Delinquencies Decrease, Foreclosures Rise in Latest MBA Mortgage Delinquency Survey
Hope Now servicers complete 5 million loan modifications since 2007
Southern California Home Prices Fall 4.8%
NAR overestimated home sales
Gradual Recovery for Housing and the Economy Expected in 2012
AIG Resists Concessions to Banks for Obama Refinancing Plan
Selling Guide Announcement SElL-2011-12
FHA Reserves Sink Further Below Legal limit Amid Talk of Bailout

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  According to the Los Angeles Times, the unemployment rate in California dropped to almost 12% in October.  Lawmakers are pushing to increase the size of loans issued by FHA.  Housing Wire reported a slight decrease in mortgage delinquencies in the month of October.

In The News:

Housing Wire – “Obama signs extension for higher FHA loan limits” (11-18-11)

“President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.“

Realty Times - “30-Year Fixed-Rate Averages at or Below 4 Percent for 3rd Consecutive Week” (11-18-11)

“Freddie Mac (OTC: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little and remaining at or near 4.00 percent for the past three weeks amid positive economic and consumer confidence data.”

NAHB - “Home Builders Applaud Congress for Restoring Higher FHA Loan Limits” (11-18-11)

“The National Association of Home Builders (NAHB) today applauded Congress for reinstating for another two years the higher conforming loan limits for the Federal Housing Administration (FHA), noting that this is an important step to help mend the struggling housing market.”

Wall Street Journal - “Congress Increases the Ceiling on Size of Mortgages” (11-18-11)

“U.S. lawmakers moved Thursday to increase the maximum size of loans that can be guaranteed by the Federal Housing Administration.”

O.C. Register - “U.S. home sales, pricing at 5-month lows” (11-18-11)

“One index of U.S. homebuying shows sales activity and pricing at five-month lows.  The national homebuying index from DataQuick and its analysts at DQNews attempts to give a weekly snapshot into most-recent trends, using “not modeled” home sales counts and median selling prices. This math — we’ve dubbed it the “DQ98″ — tracks on a weekly basis the freshest homebuying patterns in 98 out of the 100 largest U.S. markets (sorry, Louisville and Wichita!) to compile a national benchmark.”

Housing Wire - “Foreclosure inventory rises in October: LPS” (11-18-11)

“Mortgage delinquencies declined slightly to 7.93% in October from the previous month, according to the Lender Processing Services (LPS: 17.88 +0.11%) first look at the monthly statistics in its loan-level database of nearly 40 million mortgages.”

Los Angeles Times – “California unemployment rate edges downward in October” (11-18-11)

“California’s unemployment rate fell by two-tenths of a percentage point to 11.7% in October as the state created 25,700 new jobs, the Employment Development Department reported. The agency also reported Friday that it had revised job growth in September upward, to 39,200, from about 12,000.”

Housing Wire – “Supreme Court to hear fair housing case that could impact mortgage industry” (11-18-11)

“A fair housing case headed to the Supreme Court could have direct and indirect impacts on mortgage lending and regulatory enforcement.”

Looking Back:

Delinquencies on residential properties dropped 9.13% in the third quarter of 2010, according to the MBA. MDA DataQuick’s monthly statistics released showed that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reported California housing affordability increased 1.7% in the 3rd quarter of 2010. Jobless claims increased by 2,000, said the Labor Department.

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 10/25/11

Tuesday, October 25th, 2011

Today’s News Synopsis:

A big story in the news is the latest Case-Shiller Index report showed that home prices continued to increase for the fifth straight month, although for the year they are still down 3.8%.    Consumer confidence levels are at their lowest since the end of the Great Recession in 2009 with an almost 40% drop this month.   Also, according to Housing Wire more changes are being made to HARP that will benefit borrowers and only allow a small percentage of Fannie Mae and Freddie Mac loans to be refinanced.

In The News:

CNN Money - “Home prices rise for 5th straight month” (10-25-11)

“Home prices continued a winning streak in August, the fifth straight month of price gains, but remain lower on a year-over-year basis.  A gauge of home prices featuring 20 major cities, the S&P/Case Shiller index, reported Tuesday that prices rose 0.2% in August but were still down 3.8% year over year.”

Los Angeles Times - “Consumer confidence dips to recession level–Conference Board” (10-25-11)

“Consumer confidence plunged this month to levels not seen since the Great Recession ended in 2009, the Conference Board said Tuesday.  After a slight improvement in September, the 100-point index dropped to 39.8 this month, reflecting increased pessimism as the economic recovery stalls.”

Bloomberg - “Fannie’s Squeeze Makes 4% Mortgage Too Good to Be True” (10-25-11)

“Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.”

Housing Wire - “RBS: HARP 2.0 allows just 17% of GSE mortgages to refinance” (10-25-11)

“The Federal Housing Finance Agency plan to revamp the Home Affordable Refinance Program will result in just 17% of Fannie Mae and Freddie Mac 30-year loans qualifying for refinancing, according to one Royal Bank of Scotland (RBS: 8.05 -0.37%) analyst.”

O.C. Register - “September home sales revenue at four-year low” (10-25-11)

“The California Regional Multiple Listing Service reported that total dollars generated from the sale of all Orange County homes fell last month to the lowest level for a September since 2007.”

DS News - “FHFA’s Home Price Index Break Four-Month Run of Gains” (10-25-11)

“The monthly home price index from the Federal Housing Finance Agency (FHFA) has recorded its first decline since March.  FHFA reported Tuesday that home prices in the U.S. fell 0.1 percent on a seasonally adjusted basis from July to August.”

NAHB - “NAHB Honors Building Systems Industry Leaders” (10-25-11)

“The National Building Systems Councils (BSC) of the National Association of Home Builders (NAHB) bestowed 23 achievement awards to leading manufacturers and builders in the systems-built industry with the 2012 Jerry Rouleau Awards for Excellence in Marketing and Home Design.”

Inman - “Regulators move to wind down mortgage insurer” (10-25-11)

“PMI Mortgage Insurance Co. — one of the nation’s top three issuers  of private mortgage insurers before it was forced to stop writing new  policies in August — has been taken over by regulators, who have  slashed claim payments and are seeking to place the company in  receivership.”

Rismedia - “Multiple Sings Point to Real Estate Rebound” (10-25-11)

“The past few weeks have showcased numerous singals that the real estate market is on the rise.  Recently, we have reported statistics pointing to an industry turnaround, including a 15 percent rise in housing starts in September; a surge in builder confidence in October, an increase in mortgage applications and a slew of regional market improvements across the country.”

Looking Back:

California government agencies got rid of 37,300 jobs in September 2010. NAR reported existing home sales increased 10% the previous month. 47.5% of sales performed by agents in September 2010 were from distressed homes. U.S. home prices decreased 1.5% from 2009, according to CoreLogic.

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

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The Norris Group Real Estate News Roundup 10/21/11

Friday, October 21st, 2011

Today’s News Synopsis:

This week’s video is I Survived Real Estate 2011, which can be seen on the Norris Group website and YouTube.  The housing market is continuing to show signs of weakness according to the latest CoreLogic report.  According to the Los Angeles Times, the unemployment rate is showing signs of improvement as it decreased below 12% in September with the creation of 12,000 new jobs.

In The News:

Bloomberg - “MGIC Leads Mortgage Insurer Slump as Loss Widens on Home Borrower Defaults” (10-21-11)

“MGIC Investment Corp. (MTG) led a mortgage insurer slump after reporting a wider third-quarter loss as the cost of claims from mortgage delinquencies rose.”

Housing Wire - “Recent housing data shows only weakness: RadarLogic” (10-21-11)

“The housing market continues to be very weak and is unlikely to improve in the near term, according to the August 2011 RPX monthly housing report from New York-based Radar Logic Inc.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Senate Action to Reinstate Loan Limits” (10-21-11)

“The National Association of Home Builders commends the Senate for approving an amendment offered by Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) that is essential to help mend the struggling housing market, provide affordable mortgages for creditworthy home buyers and move the economy forward. The 60-to-38 vote demonstrates bipartisan support for pro-housing policies that will help our industry to create jobs and spur economic growth.”

Los Angeles Times - “California’s unemployment rate dips in September” (10-21-11)

“California’s unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created.  The jobless rate fell to 11.9%, from 12.1% in August, and was the best performance since June.”

Realty Times - “Existing-Home Sales Down Again” (10-21-11)

“Existing-homes sales were unable to keep up the momentum seen in August according to recent figures from the National Association of Realtors ®.  The rate of existing-home sales was down 3.0 percent last month, though this rate is still 11.3 percent above September 2010.”

Housing Wire – “Senate votes to extend the conforming loan limits” (10-21-11)

“The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.”

CNN Money - “Foreign buyers scooping up U.S. homes” (10-21-11)

“International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.”

Rismedia - “Rising Rents Improve Investors Returns” (10-21-11)

“With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to the founder of a leading internet platform for investors and real estate professionals.”

Realty Times - “Fixed Mortgage Rates Hold Steady” (10-21-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates relatively unchanged for the week amid mixed economic and consumer sentiment reports. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.”

Looking Back:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September 2010. The government estimated that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America sued the FDIC for $1.75 billion. The Labor Department reported jobless claims decreased 4.8% the previous week.

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

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The Norris Group Real Estate News Roundup 10/4/11

Tuesday, October 4th, 2011

Today’s News Synopsis:

Inman News reported a 20% increase in foreclosure starts on a month-by-month basis from July to August.  CoreLogic released a new report forecasting that mortgage frauds will decrease 40% in the coming year.  In other news, the National Association of Realtors reported a 1.2% decrease in pending home sales for the month of August.

In The News:

Bloomberg – “BofA’s Countrywide May Face Fraud Claim After Housing Audit” (10-4-11)

“Bank of America Corp. (BAC), the biggest U.S. lender by assets, should face fraud claims after the firm’s Countrywide unit submitted incorrect data on borrowers for government-insured loans, a federal watchdog said.”

DS News – “Credit Union Coalition Develops Foreclosure Intervention Toolkit” (10-4-11)

“The New York-based National Federation of Community Development Credit Unions has completed a new “Credit Union Foreclosure Intervention Toolkit” to help credit unions combat the foreclosure crisis in their communities.”

Housing Wire – “FHA and the Short Refi left behind” (10-4-11)

“The $8 billion Federal Housing Administration Short Refi program, launched last September to refinance underwater mortgages helped 301 borrowers in 11 months, according to Department of Housing and Urban Development data analyzed by HousingWire.”

Realty Times – “Pending Home Sales Decline “ (10-4-11)

“The latest National Association of REALTORS found that sales dropped 1.2 percent in August.  Lawrence Yun, NAR chief economist, said the decline reflects an uneven market.”

Inman - “Foreclosure starts leap in August” (10-4-11)

“Foreclosure starts jumped 20 percent from July to August, with first-time foreclosure starts hitting a 2011 high, data aggregator Lending Processing Services Inc. reportss.”

O.C. Register - “Mortgage fraud down 40% this year” (10-4-11)

“Santa Ana-based data firm CoreLogic estimated that the total value of U.S. mortgages tainted by fraud will drop 40% this year to $7.4 billion.  That compares $12 billion worth of fraudulent loans issued in 2010, the firm reported.  The decrease is due mainly to a decline in the overall number of home loans being issued”

San Francisco Chronicle - “Mortgage REITs Tumble to Worst Two-Day Loss Since December 2008″ (10-4-11)

“Real estate investment trusts that buy U.S. mortgage debt tumbled to the steepest losses since December 2008, on concern that their main source of financing will be roiled by European bank woes.”

CNN Money – “Fannie Mae ignored foreclosure abuses” (10-4-11)

“Fannie Mae (FNMA, Fortune 500), the government-controlled mortgage giant, ignored indications that attorneys it hired to handle defaults were abusing the foreclosure process, according to a report from the inspector general for the Federal Housing Finance Agency (FHFA), the agency that oversees Fannie.”

USA Today – “Shadow inventory keeps home prices depressed” (10-4-11)

“Stagnant home prices have become part of the new normal nationwide, and one of the big reasons is the nation’s giant shadow inventory — the hundreds of thousands of homes like those on McGregor’s route that are either in foreclosure or repossessed by banks, but not yet on the market.”

Housing Wire - “Consumer advocates urge Fed to reject Capital One-ING merger” (10-4-11)

“Consumer advocates Tuesday focused their criticism of the proposed Capital One Financial Corp. (COF: 38.80 +2.78%) acquisition of ING Direct USA (ING: 6.80 +5.43%) on what they described as Capital One’s predatory lending practices and inadequate commitment to reinvest in local communities.”

Looking Back:

GMAC Mortgage, JPMorgan Chase and Bank of America were reconsidering past evictions due to poor foreclosure processing procedures. According to the NAR, pending home sales rose 4.3% in August 2010. CAR expected 2010 home sales to be 10% lower than the total number of sales in 2009. 10.2% of all mortgages in the nation’s top-100 most populated areas were over 90 days delinquent.

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

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The Norris Group Real Estate News Roundup 9/8/11

Thursday, September 8th, 2011

Today’s News Synopsis:

Fannie Mae and Freddie Mac are the largest providers for mortgage-backed securities, now issuing securities commercial properties.  Mortgage rates are now again at a new record low this week, according to Freddie Mac.  The Multifamily Production Index increased for the fourth quarter in a row, showing signs of improvement for the multifamily housing market.

In The News:

DS News - “Americans Harbor Glum Outlook for Housing and the Economy” (9-8-11)

“Americans continue to harbor a glum outlook for the housing industry and the economy at large.  According to Fannie Mae’s August National Housing Survey, August was the third month in a row that more respondents expect housing prices to decrease than increase in the next 12 months.”

Housing Wire - “Fannie and Freddie now dominate multifamily CMBS” (9-8-11)

“Fannie Mae and Freddie Mac provide a the largest portion of mortgage financing for residential properties in the United States.  And, according to a report from Standard & Poor’s, the government-sponsored enterprises now also dominate issuance of commercial mortgage-backed securities.”

Inman - “Mortgage rates break records again” (9-8-11)

“Mortgage giant Freddie Mac reports that mortgage rates set new record lows this week, as concerns over the European debt crisis and a weak U.S. employment report for August sent investors fleeing to the relative safety of Treasuries and mortgage-backed securities that fund most home loans.”

Bloomberg - “Bernanke: Fed Will Weigh Stimulus at Next Meeting” (9-8-11)

“Federal Reserve Chairman Ben S. Bernanke said policy makers will discuss the tools they could use to boost the recovery at their next meeting this month and stand ready to use them if necessary.”

Los Angeles Times - “Los Angeles area foreclosure rates decline in June” (9-8-11)

“Foreclosure rates in the Los Angeles area were down for the month of June when compared with their levels a year ago, a data firm said Thursday.  For outstanding mortgage loans in the Los Angeles area, about 2.64% were in foreclosure compared with 2.93% the year prior, according to Santa Ana-based research firm CoreLogic.”

NAHB - “Multifamily Housing Production Index Shows Ongoing Market Improvement” (9-8-11)

“The multifamily housing market continued to show improvement in the second quarter of 2011, as the Multifamily Production Index (MPI) compiled by the National Association of Home Builders (NAHB) increased for the fourth consecutive quarter.”

O.C. Register - “Foreclosure investment broker charged with fraud” (9-8-11)

“A former Seal Beach real estate broker has been booked on 34 counts of scamming elderly investors out of almost $300,000, making false claims that he bought bank-owned homes with backers’ cash, authorities alleged recently.”

Housing Wire – “CBO casts doubt over Fed refinancing plan” (9-8-11)

“A federally induced mortgage-refinancing plan would cost private bond investors $13 billion to $15 billion, while doing little to improve the overall mortgage default rate, the Congressional Budget Office said in a new report.”

DS News - “LPS Offers Alternative Valuation System” (9-8-11)

“Lender Processing Services (LPS) has released a new product that combines the objective precision of AVMs with the detailed review of BPOs.  Because AVMs do not often take property condition into account, many default servicers rely on BPOs. However, BPOs allow for a greater amount of subjectivity and can result in inconsistencies.”

CNN Money - “Unemployment filings show weak jobs picture” (9-8-11)

“More Americans filed for their first week of unemployment benefits last week, reflecting continued weakness in the job market.  The number of first-time filers for unemployment benefits rose to 414,000 in the week ended Sept. 3, the Labor Department said Thursday. The number was up 2,000 from a revised 412,000 the week before.”

Looking Back:

The California Housing Finance Agency offered 4 percent mortgages to low and moderate income homebuyers. The MBA’s weekly survey showed mortgage application volume decreased 1.5% the week of September 8, 2010. According to CoreLogic, 39.6% of the subprime loans were 60 days delinquent.

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

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The Norris Group Real Estate News Roundup 9/1/11

Thursday, September 1st, 2011

Today’s News Synopsis:

Inman News reported that mortgage rates have reached a record low.  As an easier and faster way to check appraisal reports early on, Government sponsored enterprises Fannie Mae and Freddie Mac are planning to set up a new database for appraisers to submit their appraisal reports for selling mortgages.  And DS News reported that Nevada AG is planning to withdraw from its settlement with Bank of America reached back in 2008.

In The News:

Housing Wire – “Treasury withholds HAMP funds from BofA, Chase again” (9-1-11)

“The Treasury Department will withhold payments once again to Bank of America (BAC: 7.91 -3.18%) and JPMorgan Chase (JPM: 36.30 -3.35%) for their poor performance modifying mortgages in the second quarter.”

Inman - “Mortgage rates hover around all-time lows” (9-1-11)

“Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.”

DS News - “Nevada AG Moves to Withdraw from 2008 Countrywide Settlement” (9-1-11)

“Nevada is asking to be cut loose from a multi-state settlement agreement reached in October 2008 with Bank of America following its acquisition of Countrywide just four months earlier.”

Bloomberg - “Goldman Will Pay Penalties, Alter Practices to Win Approval of Litton Sale” (9-1-11)

“Goldman Sachs Group Inc. (GS) agreed to pay future Federal Reserve penalties and write down $53 million of mortgage loans in New York to gain approval for its sale of Litton Loan Servicing LP.”

Rismedia - “Foreclosures Now Take 20 Months” (9-1-11)

“The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.”

Housing Wire – “New GSE appraisal database to tighten scrutiny on mortgage lenders” (9-1-11)

“Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday.”

Realtor Magazine - “Man Found Squatting in $2 Million Home” (9-1-11)

“Police are warning that squatters are getting more clever, even presenting fake deeds to try to prove ownership of a property without ever paying a dime.  A Raleigh, N.C., man was recently arrested and faces several charges for allegedly squatting for at least seven months in a home valued at nearly $2 million and filing a fake deed and paperwork with the county, according to police.”

Rismedia - “Home Prices Could Drop in Fall” (9-1-11)

“With an uptick in June, home prices in major U.S. cities have recorded three consecutive months of gains. But the glimmer of improvement is almost certainly seasonal in nature, real estate experts say, and prices could begin to fall again when the slower sales season begins.”

Looking Back:

One year ago, the MBA’s weekly survey showed mortgage applications increased 2.7% the week of August 30, 2010. SB1275, the foreclosure/modification bill, was rejected by congress in a 36-30 vote. Fannie Mae’s new rule regarding appraisal cutting took effect on this day. Construction spending decreased 1 percent in July 2010, according to the Commerce Department.

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

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The Norris Group Real Estate News Roundup 8/23/11

Tuesday, August 23rd, 2011

Today’s News Synopsis:

DS News reported the president of Standard and Poor’s, Devan Sharma, is resigning next month and will be replaced by Douglas Peterson.  New U.S. home sales decreased last month to their lowest in five months, according to Bloomberg.  The sale of pending homes also decreased last month according to Housing Wire.  Florida is number one on the list of states with the highest foreclosures.

In The News:

Housing Wire – “FHA mortgage delinquencies resurge in second quarter” (8-23-11)

“After a hitting a three year low earlier in 2011, the Federal Housing Administration delinquency rate jumped more than a full percentage point in the second quarter, according to analysis from investment bank Keefe, Bruyette & Woods.”

DS News - “S&P President Relinquishes Role to Citibank Exec” (8-23-11)

“Deven Sharma, president of the global credit ratings agency Standard & Poor’s, is stepping down from the role next month.  Douglas Peterson, currently COO of Citibank N.A., will take the reins at S&P, effective September 12, according to a statement from S&P’s parent company McGraw-Hill.”

Bloomberg - “July New-Home Sales Fell to Five-Month Low” (8-23-11)

“Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.”

O.C. Register - “Merger forms U.S.’s largest home listing service” (8-23-11)

“Members of the region’s biggest two home-sales databases announced that they plan to merge, forming the largest real estate listing service in the nation.  The Anaheim-based Southern California Multiple Listing Service says it’s joining forces with the San Dimas-based California Regional Multiple Listing Service.”

Housing Wire – “Pending home sales dip in California” (8-23-11)

“California pending home sales dipped in July from the previous month, as did the share of sales of distressed properties, the California Association of Realtors said.”

Inman - “RealPage acquiring real estate rentals site MyNewPlace” (8-23-11)

“Property management software company RealPage Inc. has signed a definitive agreement to acquire the operator of popular online apartment marketplace MyNewPlace, the company announced Monday. The transaction is expected to close on or before Aug. 24.”

CNN Money - “UBS to cut 3,500 jobs” (8-23-11)

“Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and ‘natural attrition’.”

Wall Street Journal - “Home-Loan Delinquencies Rise Again” (8-23-11)

“The number of American households that are delinquent on mortgage payments is rising again after falling for more than one year, an unwelcome trend for the U.S. economy.”

DS News - “GSEs Suspend PMI Mortgage Insurance and Affiliates” (8-23-11)

“Fannie Mae and Freddie Mac have both suspended PMI Mortgage Insurance and its affiliates PMI Insurance Co. and PMI Mortgage Assurance Co. as approved mortgage insurers.”

Realtor Magazine - “Which State Has the Highest Foreclosure Inventory?” (8-23-11)

“Florida continues to be plagued by a high inventory of foreclosures. Nearly one in four mortgages there were either past due or already in foreclosure in the second quarter, according to the Mortgage Bankers Assoc.”

Looking Back:

The CBIA reported 2,454 new homes and condominiums were closed statewide in June 2010, compared to 3,848 in 2009. A survey from Trulia showed that 68% of renters believed they would have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications were canceled and 434,716 modifications were made permanent since the program began. The Congressional Budget Office expected the Troubled Asset Relief Program to cost a total of $66bn.

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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