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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/17/13

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 5/7/13

Tuesday, May 7th, 2013


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

 

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

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The Norris Group Real Estate News Roundup 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.

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The Norris Group Real Estate News Roundup 5/2/13

Thursday, May 2nd, 2013


Today’s News Synopsis:

Mortgage rates decreased for the fifth consecutive week with 30-year rates at 3.35% and 15-year rates at 2.56%, their lowest on record.  Almost 2,000 bank branches have been shut down since 2008, 93% of them determined to be in low income areas.  Housing costs are taking their toll on renters despite home affordability being at its highest on record.

In The News:

Bloomberg - “Mortgage Rates Drop for Fifth Week as 15-Year Sets Record” (5-2-13)

“Mortgage rates in the U.S. fell for a fifth week, with costs for a 15-year loan reaching a record low, adding support for housing demand as home prices climb.”

DS News – “Report: More than 1 in 4 Working Renters Face Severe Housing Costs” (5-2-13)

“While home affordability has reached record high levels, for renters, housing cost burdens have been steadily increasing.”

Housing Wire – “Snowball effect: Shared appreciation bill fuels FHFA nomination” (5-2-13)

“President Barack Obama’s nomination of Rep. Mel Watt, D-N.C., to replace Ed DeMarco at the Federal Housing Finance Agency comes at a time when, interestingly enough, shared-appreciation pilot program efforts are hitting Congress.”

DS News - “GSE Reminds Servicers of Default-Related Legal Services Requirement” (5-2-13)

“In a notice Thursday, Freddie Mac encouraged servicers to prepare for new requirements for default-related legal services that will take effect in less than a month.”

Bloomberg - “Predator Targets Hit as Banks Shut Branches Amid Profits” (5-2-13)

“Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.”

DS News - “RealtyTrac: Where to Find the Biggest Flipping Profits” (5-2-13)

“Amid the rumors of bidding wars are markets where the art of flipping can still be maintained.”

CNN Money - “Hedge fund manager: Fed should rev up ‘printing press’” (5-2-13)

“Hedge fund manager Dan Arbess thinks the Federal Reserve should use its ‘printing press’ to funnel money directly to the Treasury instead of simply buying more bonds.”

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 4 bedroom, 2 bathroom home appraised for $364,000.

 

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 Mortgage Bankers Association reported a .1% increase in mortgage applications from the previous week.  Only 119,000 new jobs were added to the private sector last month, showing that businesses were not hiring as many people.  This number fell way below economists’ predictions of 170,000 new jobs.  Foreclosures were still at their highest on record despite delinquencies being at their lowest since August 2008.

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

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The Norris Group Real Estate News Roundup 5/1/13

Wednesday, May 1st, 2013


Today’s News Synopsis:

According to the Mortgage Bankers Association, applications for mortgages increased 1.8% from last week.  Representative Mel Watt has been nominated by President Obama as the new head of the FHFA to replace Edward DeMarco.  The HARP program, set to expire on December 31, 2013, has been extended to 2015.

In The News:

Mortgage Bankers Association - “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (5-1-13)

“Mortgage applications increased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 26, 2013.”

Bloomberg – “Construction Spending Decreases on U.S. Government Slump” (5-1-13)

“Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.”

Realty Times – “Home Buying Season Begins as Pending Home Sales Rise” (5-1-13)

“The home buying season has begun as pending home sales, representing signed contracts, rose during the month of March to the highest seen in three years.”

Housing Wire - “REITs make headway as new IPOs take shape: NewOak” (5-1-13)

“Real estate investment trusts picked up tremendous steam in 2012 and carried over the momentum with dozens of REITs filing for initial public offerings this yea.”

CNN Money - “Federal Reserve sticks with stimulus” (5-1-13)

“No surprises here: The Federal Reserve will keep its foot on the gas pedal for the foreseeable future, in its controversial effort to stimulate the recovery.”

DS News - “Pew: Impact of Mortgage Interest Tax Deduction Varies Geographically” (5-1-13)

“As debate continues to swirl around the future of the mortgage interest tax deduction, Pew Charitable Trusts released a study revealing the geographic impact of the tax deduction.”

Bloomberg - “Obama Said to Choose Watt to Lead Fannie Mae Regulator” (5-1-13)

“President Barack Obama is scheduled to nominate Representative Mel Watt as director of the Federal Housing Finance Agency today.”

Realty Times - “HARP Re-Upped Until 2015″ (5-1-13)

“Apparently, a federal refinance program with the staying power to help 2.2 million homeowners ascend from underwater mortgages is buoyant enough to float for another two years.”

Hard Money Loan Closed

Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 5 bedroom, 4 bathroom home appraised for $293,000.

 

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:

Construction on residential properties increased 0.7% in March 2012.  CoreLogic reported a 19% decrease in completed foreclosures in March, with 69,000 completed this year compared to 85,000 the previous year.  With the increase in distressed homes, prices on non distressed homes decreased for seven months straight.

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

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

Tuesday, April 30th, 2013


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

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

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

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

Tuesday, April 23rd, 2013


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 4/11/13

Thursday, April 11th, 2013


Today’s News Synopsis:

Regulators for Fannie Mae said borrowers will now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continue to be on the decline according to Freddie Mac.

In The News:

Housing Wire - “Freddie Mac: Fixed-mortgage rates continue to drop” (4-11-13)

“Fixed-mortgage rates inched down for the second consecutive week, aligning with weak employment reports, Freddie Mac said in its latest Primary Mortgage Market Survey.”

Bloomberg – “Fannie Mae Regulator Extends HARP Refinance Program Through 2015″ (4-11-13)

“Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.”

DS News – “RealtyTrac: Foreclosure Activity Falls to Lowest Level Since 2007″ (4-11-13)

“Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac’s foreclosure market report for the first quarter and March.”

Housing Wire- “Sen. Warren spars with regulators over foreclosure review settlement” (4-11-13)

“U.S. Sen. Elizabeth Warren sparred with prudential regulators on Capitol Hill, suggesting the recent $9.3 billion independent foreclosure review settlement between regulators and mortgage servicers failed to account for how many illegal foreclosures potentially impacted American borrowers.”

CNN Money - “Jobless claims point to fewer layoffs” (4-11-13)

“Claims for unemployment benefits are on a roller coaster ride again, falling dramatically last week after rising sharply a week earlier.”

DS News - “Advocacy Groups Call for National Homeowner Bill of Rights” (4-11-13)

“The Center for Responsible Lending and the Consumers Union, two consumer advocacy organizations, are calling on national lawmakers to create a Homeowner Bill of Rights in order to prevent ‘unnecessary foreclosures’.”

Inman - “Federal budget projects $943 million bailout for FHA” (4-11-13)

“The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.”

Housing Wire - “New York ruling is credit positive for RMBS trusts” (4-11-13)

“A recent decision by a New York Appellate Court in regards to MBIA’s reps and warranties litigation against Countrywide Home Loan is credit positive for both residential mortgage-backed securities and commercial mortgage-backed securities trusts, Moody’s Investors Service said in its latest credit outlook.”

Bloomberg - “Manhattan Apartment Rents Near Peak as Gains Accelerate” (4-11-13)

“Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.

 

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 TODAY.

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:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week but an increase in Commercial and multifamily mortgage origination volumes.  New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion.  The FDIC was planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.

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 3/27/13

Wednesday, March 27th, 2013


Today’s News Synopsis:

The National Association of Realtors reported pending home sales decreased 0.4% month-over-month in February.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.7% from last week.

In The News:

Housing Wire - “FHFA expands suite of loan mod tools” (3-27-13)

“Servicers dealing with loans guaranteed or owned by Fannie Mae and Freddie Mac will soon be required to offer eligible distressed borrowers ways to lower their monthly payments if the homeowner shows a willingness and ability to make three on-time trial payments, the Federal Housing Finance Agency said.”

Inman - “Pending home sales slip in February” (3-27-13)

“Pending sales of existing homes dipped 0.4 percent from January to February, but remained at their second-highest level in nearly three years, according to an index maintained by the National Association of Realtors.”

Realty Times – “New Home Building Gains Momentum Despite Labor Shortages” (3-27-13)

“In keeping up with the housing recovery, new home building gained momentum in February despite a labor shortage in the trades necessary to build a home.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-27-13)

“Mortgage applications increased 7.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2013.”

NAHB - “NAHB Certified Aging-in-Place Specialist (CAPS) Program Hits Milestone with 5,000 Graduates” (3-27-13)

“Jeffrey Tucker, president of Tucker Building & Design LLC in Wadsworth, Ohio, recently became the 5,000th graduate of the of the National Association of Home Builders’ (NAHB) Certified Aging-in-Place Specialist (CAPS) program.”

Inman - “Fannie Mae REO specialist allegedly asked for kickbacks” (3-27-13)

“A former Fannie Mae sales associate who allegedly promised to provide listings to a real estate broker from the mortgage giant’s REO inventory in exchange for kickbacks has been indicted and charged with three counts of wire fraud.”

Housing Wire - “FHFA continues to chip away at foreclosures” (3-27-13)

“The amount of borrowers underwater improved significantly during the tail end of last year, with the government-sponsored enterprises doing their best to prevent foreclosures.”

DS News - “New FHFA Initiative Simplifies Modification Process” (3-27-13)

“The Federal Housing Finance Agency (FHFA) introduced a new tool to help seriously delinquent borrowers avoid foreclosure.”

Hard Money Loan Closed

Gardena, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2 bedroom, 1 bathroom home appraised for $234,000.

 

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, 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.

Looking Back:

According to the latest Case-Shiller index from Standard & Poors, home prices decreased in 16 metropolitan areas for the fifth month in a row in January 2012.  After a year, consumer confidence was still at its highest level at 70.  Sales of distressed properties decreased in California, while at the same time equity sales increased the previous month after having been at a two month low.

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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