The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘federal housing administration’

« Older Entries

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/3/13

Friday, May 3rd, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of a few big news stories of the week.  Employment for the the 18-34 year old demographic decreased 75.2% in December, making it only a little higher than it was last year.  This occurred despite the unemployment rate decreasing 7.5% month-over-month.  The home ownership rate continues to decline with the increase in foreclosures and stricter lending standards.

In The News:

Housing Wire - “April job gains dampened by weaker outlook for young Americans” (5-3-13)

“Despite overall growth in the employment situation in the month of April, employment for 18- to 34-year olds slipped to 75.2% from 75.6% in December, creating the potential for drag on the housing market.”

DS News – “Tight Lending, Foreclosures to Prompt Homeownership Declines” (5-3-13)

“With the homeownership rate already at its lowest point since 1995, Capital Economics predicts further decline before a rebound occurs.”

CNN Money – “Obama’s pick for housing agency head faces big headaches” (5-3-13)

“The next head of the Federal Housing Finance Agency will have quite the task waiting.  President Obama nominated Mel Watt, a Democratic congressman from North Carolina, this week to be the next head of the FHFA. Should Watt be confirmed by the Senate, he will play a critical role in shaping the future of the U.S. housing market.”

Housing Wire - “Carol Galante: FHA multifamily volume production nears its peak” (5-3-13)

“Federal Housing Administration Commissioner Carol Galante told HousingWire in an exclusive interview that the FHA’s multifamily refinancing volume is most likely at its peak, with low interest rates encouraging refis on existing loans insured by agency.”

DS News - “Fourth Round of Foreclosure Review Checks Sent, Bringing Total to 3.9M” (5-3-13)

“The Office of the Comptroller of the Currency (OCC) announced the fourth round of checks from the foreclosure review settlement was sent Friday, May 3.”

Inman - “Home construction continues to add jobs” (5-3-13)

“Builders continued to hire more workers in April, though employment among an age cohort important to household formation slipped, according to today’s jobs report, which showed more overall growth than expected.”

Housing Wire - “Nevada lawmakers push for local Homeowner Bill of Rights” (5-3-13)

“The California Homeowner Bill of Rights shifted how foreclosure attorneys, banks and homeowners view the default process in the state.”

DS News - “Payrolls Up 165k in April; Unemployment Rate Drops to 7.5%” (5-3-13)

“The economy added 165,000 jobs in April—rebounding from a weak report for March—and the unemployment rate dropped to 7.5.percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 3 bedroom, 2 bathroom home appraised for $107,000.

 

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 a recent survey released by Freddie Mac, fixed mortgage rates were at their lowest on record with 30-years at 3.84% and 15-years at 3.07%.  First time claims for unemployment decreased by 27,000 the previous week according to the Labor Department.  Mortgage servicers also reported filing less than half the number of mortgage modifications they filled out the previous year for Freddie Mac loans.

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 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.

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

The Norris Group Real Estate News Roundup 4/17/13

Wednesday, April 17th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 4.8% from last week.  Home builder sentiment increased by three points to 53, the highest in six years.  Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.

In The News:

DS News - “Fed: ‘Problems’ with Cashing Foreclosure Settlement Checks Corrected” (4-17-13)

“Although about 50,000 checks from the recent foreclosure settlement have been cashed or deposited as of Monday, April 15, according the Federal Reserve and the Office of the Comptroller of the Currency (OCC), not all recipients were able to cash their checks.”

Housing Wire – “BofA posts 1Q profit, mortgage banking a mixed bag” (4-17-13)

“Bank of America posted a profit of $2.6 billion, or 20 cents a share, for the first quarter of 2013.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-17-13)

“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2013.”

Inman - “Trulia survey casts light on homeowner regrets” (4-17-13)

“In a nod to today’s acute inventory shortage, Trulia recently conducted  a “regrets survey,” saying in a blog post that the survey’s results are particularly relevant because the tight supply of the current market is likely to rush buyers into making purchases without doing proper due diligence.”

Bloomberg - “Student Debtors Retreat From Home Buying, NY Fed Data Show” (4-17-13)

“Student-loan borrowers under 30 are retreating from the housing and auto markets, an analysis of data by the Federal Reserve Bank of New York shows.”

Realty Times - “Home Builder Sentiment Highest in Six Years” (4-17-13)

“Although U.S. home builders are concerned about the rising costs of building materials, home builder sentiment for future sales expectations in the next six months climbed three points to 53 and is at the highest level reached in more than six years, February of 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

Housing Wire - “Housing moves forward despite economic setbacks: Fannie Mae” (4-17-13)

“The fiscal headwinds from tax hikes and sequestration should restrain economic growth and counter the tailwinds from housing as well as the continued Federal Reserve ultra-easy monetary policy.”

Housing Wire – “HUD Secretary sounds alarm on FHA taxpayer bailout” (4-17-13)

“Members of the House Committee on Appropriations fired off questions Wednesday to Shaun Donovan, secretary of the Department of Housing and Urban Development, seeking answers to how the Federal Housing Administration will avoid a potential $943 million first-time Treasury draw.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $63,000 on a 3 bedroom, 2 bathroom home appraised for $98,000.

 

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:

Housing starts showed disappointing numbers the prior month with a 5.8% drop from February 2012.  The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount.  Housing permits increased 4.5% in March 2012, bringing them to their highest level in four 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.

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

The Norris Group Real Estate News Roundup 4/16/13

Tuesday, April 16th, 2013


Today’s News Synopsis:

In a big news story, housing starts increased 7% last month, exceeding expectations.  The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans.  The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.

In The News:

NAHB - “Housing Starts Rise on Strength in Multifamily in March” (4-16-13)

“Soaring production of multifamily apartments pushed nationwide housing starts beyond the million-unit mark for the first time since 2008 in March, according to newly released figures from HUD and the U.S. Census Bureau.”

DS News – “Greystone Originates $43M for 4 Multifamily Properties” (4-16-13)

“Greystone, a national provider of multifamily and healthcare mortgage loans, originated more than $43 million in loans for four properties.”

Housing Wire – “Foreclosure aid programs lifted by $70.1 million in NeighborWorks funds” (4-16-13)

“NeighborWorks America, a nonprofit that focuses on homeownership and aiding distressed borrowers, awarded state housing finance agencies and counseling organizations $70.1 million in funding, enough to aid roughly 193,000 troubled homeowners.”

Bloomberg - “J.C. Penney Said to Seek Ways to Split Real Estate for Cash” (4-16-13)

“J.C. Penney Co. (JCP) is exploring ways to borrow against its real estate holdings to help raise cash, two people with knowledge of the situation said.”

DS News - “Foreclosure-Prevention Scams Rise, Overall Mortgage Fraud Declines” (4-16-13)

“The Financial Crimes Enforcement Network reported a 25 percent decline in mortgage loan fraud suspicious activity reports (SARs) last year.”

Realty Times - “Silent Crime Against Homeowners: Mortgage Fraud” (4-16-13)

“Mortgage fraud is on the rise. However, these silently-perpetrated crimes are preventable.”

Housing Wire - “Housing recovery energizes agency MBS issuance: JPMorgan Chase” (4-16-13)

“The housing rebound underway is lifting home sales volume and prices, leading to a greater supply of agency mortgage-backed securities.”

DS News - “National Mortgage Default Rates Fall in March” (4-16-13)

“Mortgage default rates moved lower along with the overall national default rate in March, according to the Consumer Credit Default Indices released by S&P Dow Jones Indices and Experian.”

Realty Trac - “President’s 2014 Budget Foresees $943 FHA Bailout” (4-16-13)

“The Obama administration’s proposed fiscal budget for 2014 estimates that the cash-strapped Federal Housing Administration (FHA) will need a $943 million taxpayer bailout this year to cover losses from shaky loans the agency insured as the housing  market collapsed in 2007.”

Housing Wire – “Prudential regulators defend too-big-to-fail efforts” (4-16-13)

“Financial regulators are confident steps they took to protect the nation from too-big-to-fail banks are enough to curtail excessive risk-taking.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $154,000.

 

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:

NAHB reported a decline in builder confidence this month, bringing it down to 25.  According to Bloomberg, prices for homes increased 1.6% last month for the first time in over a year.  Remodeling jobs on homes also increased in February to 2.89 million, marking that month the third month in a row for increased remodeling.

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 4/10/13

Wednesday, April 10th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from last week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

In The News:

Housing Wire - “Mortgage applications rise as refinancing picks up” (4-10-13)

“Mortgage applications escalated 4% for the week ending April 5, recovering from a drop last week, the Mortgage Bankers Association said.”

Bloomberg – “Home Prices Seen Falling in Some Areas as Rates Increase” (4-10-13)

“Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z).”

NAHB – “FHA Reform Efforts Must Ensure Borrowers Have Access to Affordable Home Loans” (4-10-13)

“With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) today expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation’s housing finance system.”

Realty Times - “Consumers Remain Confident in Housing Market” (4-10-13)

“Fannie Mae released the March 2013 National Housing Survey which shows that consumers remain confident in the housing market even while having doubts in other areas of the economy.”

DS News - “LPS Reports a Spike in Cures, Increase in Mods in February” (4-10-13)

“Lender Processing Services (LPS) reported a spike in cure rates in February and an increase in the volume of loan modifications following decreases.”

Inman- “Inventory, prices post gains as spring buying season gets underway” (4-10-13)

“Listing inventory and median list prices posted gains from February to March, with inventory rising 2.4 percent and prices 0.5 percent, according to the latest numbers from realtor.com.”

Bloomberg - “Fannie Mae Bailout Seen Turning Profit by 2023 in Obama Budget” (4-10-13)

“Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, could return billion of dollars in profits to taxpayers who bailed them out in 2008, White House budget analysts said today.”

Housing Wire - “Housing analysts push FHA reform” (4-10-13)

“Housing industry experts threw out various suggestions to the members of the Committee on Financial Services advocating for solutions under the banner of Federal Housing Administration reform.”

CNN Money - “Firms are firing less, but not hiring enough” (4-10-13)

“Far fewer Americans are getting fired or laid off these days that they were in 2009.  In fact, layoffs are back at their pre-recession lows.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 4 bedroom, 2.5 bathroom home appraised for $227,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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 How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

Zillow reported rents were showing substantial increases over purchases, in some cities as much as 15% from the previous year.  Edward DeMarco believed if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 2014.

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

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

The Norris Group Real Estate News Roundup 4/8/13

Monday, April 8th, 2013


Today’s News Synopsis:

Consumer confidence is gaining momentum as the number of people wanting to sell a home now is nearly double what it was last year.  Home prices have been increasing drastically, which could lead to a cut in the FHA’s shortfall prediction in Obama’s budget.  The speed for HARP refinancing continues to remain high despite reports of a breakdown.

In The News:

Inman - “Optimism over selling leaps” (4-8-13)

“Nearly twice as many people think now is a good time to sell compared to a year ago, Fannie Mae reported today.”

DS News – “Former Bank President and Developer Sentenced to Prison for Bank Fraud” (4-8-13)

“A former bank president and a real estate developer in Louisiana were sentenced for conspiring to commit bank fraud, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Friday.”

Bloomberg – “U.S. Home Price Rise May Cut FHA Shortfall in Obama Budget” (4-8-13)

“Surging U.S. home prices could help shrink the Federal Housing Administration’s projected shortfall in President Barack Obama’s budget due on Wednesday.”

DS News - “Survey: Counselors Report Dual-Tracking Problems Still Persist” (4-8-13)

“Banks are still falling short of requirements to provide certain mortgage protections to homeowners through the national mortgage settlement and the California Homeowner Bill of Rights (HBOR), according to a California Reinvestment Coalition survey of housing counselors in the state.”

Housing Wire - “HARP speeds will surge despite broad based burnout” (4-8-13)

“Despite suggestions that specific servicers could eventually face burnout in Home Affordable Refinance Program activity, aggregate refinancing speeds remain elevated, indicating a broad based HARP burnout is unlikely to result in a significant decline in refinancing pacing, said analysts at Bank of America Merrill Lynch.”

Bloomberg- “Hedge Funds Wagering on Fannie Reincarnation: Mortgages” (4-8-13)

“Investors including hedge funds are buying the preferred stock of government-controlled mortgage firms Fannie Mae and Freddie Mac in a long-shot bet they will have a future as private companies.”

DS News - “Report: New Construction Won’t Threaten Strong Apartment Market” (4-8-13)

“As new construction in the apartment sector takes form, occupancy remains high but rent growth begins to slow, according to the latest research from Carrolton, Texas-based RealPage, a software provider for apartment communities.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $198,000 on a 4 bedroom, 2 bathroom home appraised for $309,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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 How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

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 4/1/13

Monday, April 1st, 2013


Today’s News Synopsis:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people are able to afford to buy houses now with the decrease in operating costs.

In The News:

Housing Wire - “Bank of America responds to CFPB mortgage complaint database” (4-1-13)

“Mortgage-related complaints involving Bank of America flooded the Consumer Financial Protection Bureau’s recently released public database of consumer financial complaints.”

NAHB - “Lower Operating Costs Mean New-Home Buyers Can Afford More House” (4-1-13)

“During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.”

DS News – “Foreclosed Properties Damage Quality of Life for Neighbors” (4-1-13)

“Since the foreclosure crisis, several studies have linked foreclosures to falling property values for neighboring homes.”

Bloomberg – “Construction Spending in U.S. Rises on Gain in Home Building” (4-1-13)

“Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years.”

Inman - “More millennials see homeownership as a good investment” (4-1-13)

“Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.”

Housing Wire - “FHA single-family purchases, refinances escalate” (4-1-13)

“Applications for loans insured by the Federal Housing Administration swelled 16% month-over-month due to increases in both home purchase and refinance filings, according to the agency’s latest outlook.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

Bloomberg- “Fannie Mae Profits Complicate U.S. Housing-Finance Overhaul” (4-1-13)

“The prospect of steady profits at U.S.-owned mortgage financiers Fannie Mae (FNMA) and Freddie Mac is complicating legislative efforts to shrink the federal role in securitizing home loans.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $212,000.

 

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

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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.

 

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 3/12/13

Tuesday, March 12th, 2013


Today’s News Synopsis:

The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record.  Richard Cordray is going through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau.  In an agreement reached by Ally Bank and Ocwen Financial, Ally will be selling a portfolio of their mortgage servicing rights to Ocwen.

In The News:

DS News- “Commercial, Multifamily Debt Grows in Q4″ (3-12-13)

“In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA).”

Housing Wire – “Ocwen wins bidding war for Ally MSRs” (3-12-13)

“Ally Bank reached an agreement to sell a portfolio of agency mortgage servicing rights to Ocwen Financial Corp.”

Inman – “Carrington’s wholesale division commits to 30-day loan closing” (3-12-13)

“The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days.”

Mortgage Bankers Association - “MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority” (3-12-13)

“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs.”

CNN Money - “The rich pay majority of U.S. income taxes” (3-12-13)

“Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.”

Housing Wire - “Richard Cordray jumps back into the ring” (3-12-13)

“Consumer Financial Protection Bureau Director Richard Cordray is scheduled for an intense grilling by U.S. Senators at a confirmation hearing on Tuesday to discuss his future as leader of the CFPB.”

DS News - “January Layoffs Drop to Record Low” (3-12-13)

“The number of layoffs fell 4.0 percent to 1,507,000 in January, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS) release, which details the ins and out of the labor market.”

Inman - “NAR backing test of agent rating surveys” (3-12-13)

“A subsidiary of the National Association of Realtors is partnering with state and local Realtor associations to offer members the ability to participate in a survey-based agent rating service provided by Quality Service Certification Inc.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.

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.

Looking Back:

In a big story, a $25 billion settlement was filed on this day regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the new total to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they were given higher credit on their principal reductions.

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 3/8/13

Friday, March 8th, 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 unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

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.

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

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 2/28/13

Thursday, February 28th, 2013


Today’s News Synopsis:

Unemployment claims decreased drastically last week to 344,000 from 366,000.  30-year mortgage rates decreased for the first time in over a month and are now at 3.51%.  The number of homes in foreclosure decreased 21% from last year.

In The News:

CNN Money – “Jobless claims fall sharply” (2-28-13)

“First-time claims for unemployment benefits fell sharply last week, according to a government report that showed an unexpected improvement in the labor market.”

Bloomberg – “U.S. Mortgage Rates Drop, With 30-Year Fixed at 3.51%” (2-28-13)

“U.S. mortgage rates for 30-year fixed loans fell for the first time in six weeks, decreasing borrowing costs as home-price gains accelerated.”

Housing Wire - “Freddie Mac $11 billion annual net income shows improving housing market” (2-28-13)

“Mortgage giant Freddie Mac reported net income of $11 billion for 2012, compared to a net loss of $5.3 billion a year earlier, as a result of the housing market turning a corner and the firm working to minimize legacy losses.”

DS News - “Foreclosure Inventory Shrinks 21% from Year Ago” (2-28-13)

“While still at an elevated level, foreclosure inventory is fading and has fallen for 15 straight months as of January 2013, CoreLogic reported Thursday.”

Bloomberg - “FHA Hits Brakes on Housing With Budget Cuts: Mortgages” (2-28-13)

“U.S. spending cuts scheduled to kick in tomorrow will constrain the availability of Federal Housing Administration mortgages that account for about a quarter of originations, threatening its role in the year-long housing recovery.”

DS News- “Delinquencies, Foreclosures See Downward Trend in January: LPS” (2-28-13)

“Lender Processing Services, Inc. (LPS) offered an early look at mortgage performance in January 2013 and reported a downward trend for mortgage delinquencies and foreclosures.”

Housing Wire- “LPS: Home prices could skyrocket 35% without affecting affordability” (2-28-13)

“Home prices could rise 35% without stretching affordability, said Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics.”

Bloomberg - “Builders Find Investors Eager to Finance Housing Growth” (2-28-13)

“Joel Shine, chief executive officer of Woodside Homes, raised $228 million in a debt and equity recapitalization in October, two years after the Salt Lake City- based builder exited bankruptcy.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $455,000 on a 4 bedroom, 2.5 bathroom home appraised for $725,000.

 

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

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Looking Back:

The recent Case Shiller Home Price Index showed new lows for the year ended 2011 with home prices being at their lowest since 2006.  The FHFA reported mortgage rates increased slightly to 4.25% the previous month.  Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled foreclosures.

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