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The Norris Group Real Estate News Roundup 2/28/12

Tuesday, February 28th, 2012

Today’s News Synopsis:

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% last month.  Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled foreclosures.

In The News:

Housing Wire – “January mortgage rates up slightly from December” (2-28-12)

“The Federal Housing Finance Agency said national mortgage rates for January rose to 4.25% from 4.15% the previous month.”

DS News – “Case Shiller Indexes End 2011 With New Lows” (2-28-12)

“The Case Shiller Home Price Indexes dropped to new index lows at the end of 2011, Standard & Poor’s, which compiles the indices, reported Tuesday morning. Prices are at their lowest level since before the housing crisis began in 2006.”

Los Angeles Times – “Fannie Mae, Freddie Mac regulator defends write-down opposition” (2-28-12)

“Under increasing pressure from Democrats to do more to stem foreclosures, the regulator for Fannie Mae and Freddie Mac on Tuesday strongly defended his opposition to allowing the government-owned housing finance companies to write down mortgage principal for “underwater” homeowners.”

Housing Wire – “Galante assures Congress FHA ‘not broke’” (2-28-12)

“Federal Housing Administration Commissioner Carole Galante assured lawmakers again the agency would not need a taxpayer-funded bailout.”

Bloomberg – “JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures” (2-28-12)

“JPMorgan Chase & Co. and Bank of America Corp. told regulators they were straining last year to hire and keep enough qualified people who could clear a backlog of foreclosure complaints.”

DS News – “South Carolina Signs Bill to Ban Third Party Fees on Home Sale Contracts” (2-28-12)

“South Carolina Governor Nikki Haley signed a bill to ban Wall Street Home Resale Fees, which require a percentage of the sale of a home to go to a third party.”

Bloomberg – “FHA to Increase Cost of Up-Front Mortgage Premiums for New 30-Year Loans” (2-28-12)

“The Federal Housing Administration will increase the cost of up-front mortgage insurance premiums by 75 basis points as part of efforts to rebuild the agency’s insurance fund.”

Housing Wire – “Consumer confidence posts sizable increase in February” (2-28-12)

“Consumer confidence rose 9.3 points in February as the outlook for the nation’s economy improved.  The Conference Board said its consumer confidence index rose to 70.8 in February, up from 61.5 in January.”

DS News – “HUD Secretary Questioned on Improper Foreclosure Numbers” (2-28-12)

“During a Senate subcommittee hearing, HUD Secretary Shaun Donovan was prodded with questions on investigation results regarding how many and what percentage of people actually suffered from wrongful foreclosures.”

CNN Money – “Housing settlement details due out this week” (2-28-12)

“Final details are due out this week in the $26 billion settlement to help struggling homeowners and settle charges of abusive and negligent foreclosure practices, according to President Obama’s housing chief.”

DS News – “Capital Economics Disappointed in Pilot for REO Rental Initiative” (2-28-12)

“While the REO Rental Initiative was supported by Capital Economics when first proposed last year, a report released by the analytics company stated that the news was disappointing upon the discovery that 85 percent of the REO properties to be sold were already occupied by tenants.”

Realtor Magazine – “FHA Hikes Fees on Mortgages” (2-28-12)

“Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday.”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

MDA DataQuick reported 30.9% of all houses and condos sold in California during January 2011 were bought without a mortgage. The NAR claimed pending home sales fell 2.8% in January 2011.  Approximately 25% of homeowners who sought assistance from Obama’s mortgage assistance program successfully had their payments reduced. A survey from Fannie Mae showed 19% of delinquent borrowers were considering a strategic default.

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 2/21/12

Tuesday, February 21st, 2012

Today’s News Synopsis:

The Lender Processing Services said delinquency rates fell last month, but at the same time the economy saw an increase in foreclosures.  Real Estate Brokerage firm Grubb & Ellis Co. filed for Chapter 11 bankruptcy and will sell their assets to Newmark Knight Frank’s parent company BGC Partners Inc.  In other news, Fannie Mae and Freddie Mac regulators want to create a new mortgage-backed securities market while giving Fannie and Freddie fewer privileges.

In The News:

DS News – “Bank and Non-Profit Unite to Provide Homes to Service Members” (2-21-12)

“Operation Homefront, a non-profit which assists families of service members, partnered with Chase to place at least 100 Wounded Warriors, military, and veteran families into permanent residences this year through the Homes on the Homefront programn.”

Los Angeles Times – “Grubb & Ellis Co. assets sold in Chapter 11 bankruptcy” (2-21-12)

“Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday.”

Housing Wire – “Delinquency rate falls in January but foreclosure starts rise: LPS” (2-21-12)

“The delinquency rate on U.S. mortgages monitored by Lender Processing Services ($22.72 0%) fell in January but foreclosure starts rose.”

Realty Times – “CFPB Proposes New Form For Mortgage Statements” (2-21-12)

“CFPB will affect real estate financing in matters ranging from disclosures to underwriting to appraisal practices. And that’s just the real estate part. CFPB will also have its hand in the business of credit card companies, credit reporting agencies, automobile financing, payday lenders, and many others.”

DS News – “Apraisal Service Delivers 1 Million Reports” (2-21-12)

“a la mode announced February 16 that its DataCourier service reached a milestone of one million appraisal reports delivered since September 1, 2011, the time new Uniform Appraisal Dataset (UAD) requirements went into effect.”

Housing Wire – “FHFA submits plan to build new secondary mortgage market” (2-21-12)

“Federal Housing Finance Agency Acting Director Edward DeMarco sent a plan to Congress on how to fix the nation’s mortgage finance market. His solution is to build a completely new infrastructure for the secondary market while contracting activities at the government-sponsored enterprises, Fannie Mae and Freddie Mac.”

Bloomberg – “Seizures Threatened in Massachusetts With Naked Loans Challenge: Mortgages” (2-21-12)

“The highest court in Massachusetts is poised to rule as soon as this month on a foreclosure case that could lead to a surge in claims from home owners seeking to overturn seizures.”

Los Angeles Times – “Housing regulator wants Congress to shrink Fannie Mae, Freddie Mac” (2-21-12)

“The regulator for Fannie Mae and Freddie Mac wants to gradually shrink the seized housing finance giants and create a new market for mortgage-backed securities to help the private sector to replace them.”

DS News – “Ohio Spends $75M to Demolish Neighborhood Blight” (2-21-12)

“Ohio Attorney General Mike DeWine will use a portion of Ohio’s $335 million reward from the recent national settlement with the nation’s largest servicers for property demolition.”

Housing Wire – “Fitch downgrades CMBS, including bond holding Credit Suisse US HQ” (2-21-12)

“The lagging performance of certain commercial and multifamily properties, including one containing the Credit Suisse ($27.67 0.77%) headquarters in Manhattan, prompted Fitch Ratings to downgrade nine classes of mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Riverside Escrow Association today, February 21, 2012.

The Norris Group posted a news event.  Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach on February 23, 2012.

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

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The Norris Group Real Estate News Roundup 2/10/12

Friday, February 10th, 2012

Sources:
Multifamily mortgage originations jump 13%
Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing
HAMP Mods Approach 1M Mark
Mortgage mods in 2011 down 40% from prior year
Fewer young adults hold jobs than ever before
Report Reveals Number of Foreclosures Down From Last Year
Mortgage giants to pay $25 billion in foreclosure settlement
REAL ESTATE: California receives up to $18 billion in multistate settlement
Wells Fargo to start $5.3 billion foreclosure settlement relief in March
Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages

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 news of the week.  30-year mortgage rates continue to hold at record lows of 3.87%.  DS News reported Bank of America will be required to pay $1 billion in settlement fees for their part in mortgage fraud.  In other news, the values of homes decreased over 1% in the fourth quarter, although the decrease for this year is expected to be lower than 2011.

In The News:

San Francisco Chronicle – “30-year mortgage rates hold at record low of 3.87%” (2-10-12)

“Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans for home purchases.  The average rate for a 30-year fixed loan was unchanged in the week ending Thursday at 3.87 percent, the lowest in records dating to 1971, Freddie Mac said in a statement.”

DS News – “U.S. Resolves Claims Against BofA Through $1 Billion Settlement” (2-10-12)

“Bank of America will pay $1 billion to settle on the largest False Claims Act relating to mortgage fraud.   As part of the $25 billion settlement, Loretta E. Lynch, U.S. attorney for the Eastern District of New York, announced that the government will resolve its claims against Bank of America, Countrywide, and certain Countrywide subsidiaries and affiliates for underwriting and origination mortgage fraud.”

Housing Wire – “Construction job cuts account for one-third of 4Q mass layoffs” (2-10-12)

“Mass layoffs in the fourth quarter of 2011 declined to their lowest level in six years, but construction jobs still took a big hit on the end of seasonal hiring, the government said Friday.”

Bloomberg - “Pimco: Foreclosure Deal Cheap for Banks” (2-10-12)

“The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.”

CNN Money – “Mortgage deal: What the critics say” (2-10-12)

“The $26 billion mortgage settlement had a lot of support — as evidenced by the 49 out of 50 state attorneys general that signed on to it.  The deal, which was announced Thursday, also won praise from groups as diverse as the Mortgage Bankers Association, the industry trade group for lenders, and the Center for Responsible Lending, a public interest group advocating for borrowers.”

Housing Wire – “Three California real estate investors plead guilty to bid rigging” (2-10-12)

“Three Northern California real estate investors agreed to plead guilty to forming a conspiracy to rig bids at foreclosure auctions, the Department of Justice Financial Fraud Enforcement Division said Thursday.”

DS News – “Home Values Declined 1.1 Percent for Fourth Quarter” (2-10-12)

“Zillow forecasts home values will be on the decline through December 2012, but the decrease will be smaller than 2011.”

Inman – “Markets with largest percentage-based price declines in Q4 2011″ (2-10-12)

“The Boise City-Nampa, Idaho, metro area led the nation with a 20.2 percent drop in its single-family existing-home median home price in fourth-quarter 2011 compared to the same quarter in 2010, the National Association of Realtors reported this week.”

Housing Wire – “Fannie defends ending pilot principal reduction program” (2-10-12)

“A small pilot principal reduction program Fannie Mae killed in 2010 was not performing well enough for executives to expand, the mortgage giant claims.”

DS News - “Illinois Introduces Two Initiatives to Tackle Foreclosure Issues” (2-10-12)

“To alleviate issues of foreclosure in one of the hardest hit areas, Illinois Governor Pat Quinn launched two initiatives. One effort will connect homeowners to resources to keep them in their homes, and another will help revitalize areas affected by foreclosed and vacation properties.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 7 bedroom, 4 bathroom home appraised for $420,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

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

Looking Back:

Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR.  Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reported foreclosure filings fell 17% year over year.  Kevin Warch resigned from the Federal Reserve Board of Governors.

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 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News – “HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire – “Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle – “Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money – “Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire – “Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg – “States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire – “Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB – “Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money – “Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire – “Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

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

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 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 2/1/12

Wednesday, February 1st, 2012

Today’s News Synopsis:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years.  Both mortgage rates and applications continue to stay low.

In The News:

DS News – “Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)

“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”

Housing Wire – “Homeownership rate falls to 14-year low” (1-31-12)

“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years.  U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”

CNN Money – “Job growth slows in January” (2-1-12)

“Companies slowed their hiring in January, according to a report by payroll processor ADP.  The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”

Housing Wire – “Housing construction spending hit 16-year low” (2-1-12)

“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”

Realty Times – “Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)

“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December.  For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”

Los Angeles Times – “White House details mortgage refinancing plan for homeowners” (2-1-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “FHFA will pre-qualify investors for bulk REO program” (2-1-12)

“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”

DS News – “Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)

“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”

Realtor Magazine – “Where List Prices Have Fallen the Most in a Year” (2-1-12)

“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.  But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”

Hard Money Loan Closed

Wilmington, 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 $242,000.

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:

The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 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 1/25/12

Wednesday, January 25th, 2012

Today’s News Synopsis:

Bloomberg reported the sales of pending homes decreased 3.5% last month, and at the same time contracts for existing home sales are at the highest in 19 months.  In his latest State of the Union Address, President Barack Obama announced that he intends start a new refinance program allowing homeowners to refinance at low interest rates and therefore save almost $3,000.

In The News:

Bloomberg - “Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy” (1-25-12)

“The number of Americans signing contracts to buy previously owned homes in December held near a 19-month high, showing the stabilization in the market that began in late 2011 will extend into the new year.”

DS News – “Obama Announces New Refi Program in State of the Union Address” (1-25-12)

“Despite rumors earlier in the week that President Barack Obama would announce a settlement between the state attorneys general and the nation’s top servicers in his State of the Union address, the president made no such announcement Tuesday night.  However, he did announce his intention to save millions of homeowners approximately $3,000 annually on their mortgages by allowing them to refinance at today’s low interest rates”

Housing Wire – “Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory” (1-25-12)

“Wells Fargo (WFC: 30.32 -0.72%) will launch two multibillion-dollar programs this February to clear housing inventory in Los Angeles and Atlanta.”

Bloomberg – “Fed: Benchmark Rate Will Stay Low Until Late 2014″ (1-25-12)

“Federal Reserve officials said their benchmark interest rate will stay low until at least late 2014 and anticipate that unemployment will remain high and inflation ‘subdued’.”

DS News - “ISGN Enters Into $20M Line of Credit from JPMorgan” (1-25-12)

“ISGN Corporation has obtained a $20 million secured line of credit from JPMorgan Chase., the company announced Wednesday.”

NAHB - “Builders Commend White House Focus on Helping Home Owners, Seek Additional Steps to Spur Housing” (1-25-12)

“The National Association of Home Builders (NAHB) commends President Obama for offering proposals in last night’s State of the Union address to help families stay in their homes and stanch foreclosures, and is urging policymakers to take additional actions to mend the housing market and boost the economy.”

Housing Wire - “FHFA home prices fall 1.8% in November” (1-25-12)

“Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index.  The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis.”

Inman - “10 metros with biggest 1-year rise in real estate list prices” (1-25-12)

“No metro areas west of El Paso, Texas, earned a spot among the top 10 U.S. hot spots with the highest year-over-year hikes in median list price during 2011. Another Texas metro, San Antonio, ranked fifth on the list, based on data provided by online real estate portal Realtor.com.”

Los Angeles Times - “Eric Schneiderman promises aggressive financial fraud probe” (1-25-12)

“New York Atty. Gen. Eric Schneiderman, who was tapped by President Obama to lead a new Financial Fraud Enforcement Task Force, promised Wednesday to move aggressively to coordinate state and local investigations into the causes of the subprime mortgage market meltdown.”

Housing Wire - “Fitch downgrades RMBS bond ratings on default risk” (1-25-12)

“The default risk on 489 bonds backed by residential mortgage-backed securities prompted Fitch Ratings to slash the bonds’ ratings this week.  The bonds are part of 291 different residential mortgage-securities deals.”

DS News – “Pending Home Sales Decline Monthly, Rise Annually” (1-25-12)

“After reaching a 19-month high in November, pending home sales declined 3.5 percent in December, according to the National Association of Realtors’ (NAR) Pending Home Sales Index.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins today.

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

Looking Back:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index showed home prices decreased 1% during November 2010 in the nation’s top 20 metropolitan areas. University of the Pacific estimated unemployment would remain above 10% in California for 3 more years. IEmergent expected mortgage loan origination to fall below $1 trillion in 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 1/23/12

Monday, January 23rd, 2012

Today’s News Synopsis:

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

In The News:

Bloomberg – “Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores” (1-22-12)

“For more than 40 years, banks have counted on FICO scores to determine the credit worthiness of American consumers. Now a handful of entrepreneurs in California say it’s time for a smarter way to size up borrowers.  Los Angeles-based ZestCash Inc., along with San Francisco startups BillFloat Inc. and LendingClub Corp., are hiring computer programmers to write software that can better identify candidates for loans — including people with low credit scores. The companies, backed by venture money, also aim to provide lower fees and interest rates than banks.”

Housing Wire - “FHFA: Principal reduction would cost Fannie, Freddie $100 billion” (1-23-12)

“A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, according to an analysis released by the Federal Housing Finance Agency Monday.”

DS News – “Loan Modifications Are on the Decline: Moody’s” (1-23-12)

“As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody’s Investors Service.”

Realty Times - “Real Estate Outlook: Housing at Forefront of Concerns” (1-23-12)

“As the race for the 2012 Presidential Election gets rolling, a new survey from the National Association of Home Builders (NAHB) shows what is on voters’ minds.  Topping the list of concerns for voters is the importance of homeownership and the ease of obtaining it.”

Housing Wire - “Investors buying with cash pressure home prices” (1-23-12)

“Investors are gobbling up residential real estate with cash, pushing national home prices lower, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

FINS - “Wall Street Chiefs See Bonuses Lowered” (1-23-12)

“Wall Street’s pay crunch is squeezing some wallets harder than others.  J.P. Morgan Chase & Co. disclosed Friday that Chief Executive James Dimon received a 2011 stock bonus valued by the company at $17 million. That is the same as his 2010 award, despite a record profit last year at the New York financial-services company.”

Inman - “Open-house robbery puts focus on agent safety” (1-23-12)

“A recent gunpoint robbery of a homebuyer and a Realtor at an open house in Los Angeles County, Calif., compelled the Pacific West Association of Realtors (PWAR) to issue a warning to their members to be careful at open houses.”

Bloomberg – “BofA Targets Up to $3 Billion in Additional Cuts” (1-23-12)

“Bank of America Corp., the second-biggest U.S. lender by assets, may reduce annual costs by as much as an additional $3 billion in the next stage of Chief Executive Officer Brian T. Moynihan’s efficiency plan.”

Housing Wire - “Chase, Wells slash foreclosure timelines but REO lingers” (1-23-12)

“JPMorgan Chase (JPM: 37.66 +0.80%) and Wells Fargo (WFC: 30.92 +1.24%) cut their foreclosure timelines by as much as 100 days for some of the worst mortgages handled in the third quarter, according to a report from Moody’s Investors Service.”

DS News - “State AGs Reviewing Settlement Draft” (1-23-12)

“After HUD Secretary Shaun Donovan last week announced that the state attorneys general settlement with the nation’s largest banks is just weeks away – with a spokesperson for Iowa Attorney General Tom Miller’s office corroborating the claim – news today is a settlement draft is now in the hands of the state attorneys general for review.”

CNN Money - “Foreclosures: America’s hardest hit neighborhoods” (1-23-12)

“The housing collapse has dramatically changed the nation’s foreclosure landscape.  Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 3 bathroom home appraised for $315,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

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

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

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The Norris Group Real Estate News Roundup 1/18/12

Wednesday, January 18th, 2012

Today’s News Synopsis:

According to the most recent Mortgage Bankers Association Weekly Mortgage Applications Survey, mortgage applications increased 23.1% from last week.  NAHB reported builder confidence increased this month for the fourth month in a row, having increased 4 points to 25.  The FHFA is expected to be subpoenad regarding how principle reductions would effect Fannie Mae and Freddie Mac.

In The News:

Housing Wire – “Democrats push to subpoena FHFA over principal reductions” (1-18-12)

“Democrats on the House oversight committee are pushing to subpoena the Federal Housing Finance Agency to obtain an analysis looking at what effects principal reductions would have on Fannie Mae and Freddie Mac.”

NAHB - “Builder Confidence Rises Fourth Consecutive Time in January” (1-18-12)

“Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI), released today. This is the highest level the index has attained since June of 2007.”

Bloomberg - “Fannie Fees Fail to Offset Record Low Lending Rates: Mortgage” (1-18-12)

“Ben S. Bernanke’s success in pushing mortgage rates to record lows is enabling Congress to fund last month’s payroll tax cut extension by siphoning money from Fannie Mae and Freddie Mac (FMCC), while homebuyers still benefit from the cheapest borrowing costs in history.”

Housing Wire - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-18-12)

“The BuildFax residential remodeling index in November rose for the 25th straight month from a year earlier, exceeding levels reached during the home-equity withdrawal boom of 2004 to 2006, analysts said.”

FINS - “Goldman Cut 2,400 Jobs, Plans More” (1-18-12)

“Even the most sought-after and prestigious investment bank in the business sometimes has to retool its strategy to stay profitable.  Goldman Sachs, which had originally planned to eliminate 1,000 positions in 2011, ended up shedding 2,400, according to its fourth quarter earnings statement.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-18-12)

“Mortgage applications increased 23.1 percent from one week earlier (last week’s results included an adjustment for New Years Day), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2012.”

Housing Wire – “Home prices dip again in FNC index” (1-18-12)

“U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC’s residential price index.”

DS News - “Clayton Holdins Closes Green River Capital Acquisition” (1-18-12)

“Clayton Holdings LLC announced Wednesday it has completed its acquisition of Green River Capital. No financial details were disclosed.”

Housing Wire - “Economic standstill stalls housing recovery: IHS report” (1-18-12)

“Wage stagnation and weak consumer confidence among young adults are two factors delaying a housing recovery, according to a new report from IHS Global Insight.”

CNN Money - “Foreclosure nightmares: 3 families fight for their homes” (1-18-12)

“With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $375,000 on a 4 bedroom, 2 bathroom home appraised for $617,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be speaking at the Women’s Council of Realtors today.

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

Looking Back:

19,528 new and resale houses and condos sold in Southern California the previous month, according to MDA DataQuick. LPS reported the average foreclosure in California and Nevada had been delinquent 461 days. December’s default rates for first and second mortgages were 2.93% and 1.74%.

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 1/12/12

Thursday, January 12th, 2012

Today’s News Synopsis:

In a big news story, foreclosures are at their lowest level since 2007, according to RealtyTrac.  Another thing at a record low right now is 30-year fixed mortgage rates, which are now at almost 4%.  Realty Times reported that Freddie Mac extended the forbearance for mortgage servicers.

In The News:

Bloomberg – “Home Seizures May Jump 25% This Year” (1-11-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, RealtyTrac Inc. said.”

CNN Money - “Foreclosures fall to lowest level since 2007″ (1-12-12)

“Foreclosure filings and repossessions fell to their lowest level since 2007 last year.  Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.”

Realty Times - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-12-12)

“If you are struggling to pay your mortgage, but can see a light at the end of the tunnel, don’t overlook the forbearance option.  Freddie Mac recently gave mortgage servicers of its loans authority to provide you with up to a year of forbearance – as much as four times the previous term.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record Low of 3.89%” (1-12-12)

“Rates for 30-year U.S. mortgages fell to the lowest level on record after Federal Reserve Chairman Ben S. Bernanke urged lawmakers to do more to revive housing.”

Housing Wire – “FICO warns mortgage, student loan delinquencies may rise” (1-12-12)

“Bank risk professionals believe Americans who are over leveraged on mortgage, student loan and credit card debt remain a risk to the broader economy, according to a FICO report.”

Inman - “Trulia offers agents insights into consumer behavior” (1-12-12)

“Trulia today launched a new subscription-based lead-generation service that provides real estate professionals with insight into the search preferences of visitors to the popular listing portal.”

Bloomberg - “Fed Detection of Housing Weakness in August 2006 Triggered Rate-Rise Pause” (1-12-12)

“Federal Reserve officials detected growing weakness in the U.S. housing market in August 2006, deciding to pause after a two-year campaign raising the benchmark interest rate.”

Housing Wire – “NeighborWorks invests $1.3 billion into rental homes” (1-12-12)

“NeighborWorks America, which finances community development around the country, invested more than $1.3 billion in rental housing over its fiscal year ending Sept. 30.”

DS News - “Foreclosures in Most of Top 20 Metros Decline From Past Two Years” (1-12-12)

“With Atlanta as the exception, all of the metro areas on RealtyTrac’s top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosures from both of the previous two years.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

According to CoreLogic, in November 2010 the price of homes fell once again for the fourth month in a row.  Moody’s Investor Services reported a 79% increase in delinquncies for commercial mortgage-backed securities.  The Mortgage Banker’s Association also reported that applications for mortgage refinancing increased that week 2.2%.  Mortgage News Daily gave an update that the conventional 30-year fixed mortgage increased again to 4.875%.

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 1/11/12

Wednesday, January 11th, 2012

Today’s News Synopsis:

In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned yesterday and will step down as soon as a sucessor is found.  The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values.  The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.

In The News:

Housing Wire - “LPS index shows home value declines slowing down” (1-11-12)

“The latest home price index from Lender Processing Services (LPS: 15.3001 -0.52%) shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-11-12)

“Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2012.  The results include an adjustment to account for the New Year’s Day holiday.”

Housing Wire – “The fight over Bernanke REO rental plan shows political divide” (1-11-12)

“Chairman Ben Bernanke’s plan to fix housing is feeding an ongoing national debate about the appropriate role of the Federal Reserve in America’s housing recovery.”

Realty Times - “Mortgage Rates Remaining Low While European Troubles Persist” (1-11-12)

“It may be a New Year, but European troubles continue to persist which is helping mortgage rates to remain low. Markets remain quiet as investors await fourth quarter earnings which will begin to be released..”

Bloomberg - “Lennar Rises After Reportign New-Home Orders Climbed 20% from Year Earlier” (1-11-12)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose in New York trading after reporting a 20 percent jump in new orders for the fourth quarter from a year earlier.”

Housing Wire - “FHFA disputes claims of inadequate FHLB oversight” (1-11-12)

“The Office of the Inspector General released a report Wednesday contending Federal Housing Finance Agency supervision of troubled Federal Home Loan Banks is unclear and inconsistent.”

San Francisco Chronicle – “Fed Says U.S. Economic Growth Improves While Hiring Limited” (1-11-12)

“The U.S. economic expansion improved last month across most of the country while  hiring was limited and housing remained stagnant, the central bank said.”

Bloomberg - “U.S. Property Deals May Climb to $300 Billion This Year, Real Capital Says” (1-11-12)

“U.S. commercial property deals are likely to climb 50 percent to $300 billion this year as loan maturities force asset sales and the economy grows, Real Capital Analytics Inc. said in its annual list of market predictions.”

NAHB – “Voters Place High Value on Homeownership, Oppose Policies That Make It More Difficult to Own a Home” (1-11-12)

“By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.”

Housing Wire – “FHFA considers paycut for new Fannie, Freddie CEOs” (1-11-12)

“The Federal Housing Finance Agency is taking into consideration what government employees are paid when determining the future compensation for the CEOs at Fannie Mae and Freddie Mac.”

San Francisco Chronicle - “Bernanke Doubles Down on Fed Bet Defied by Recession: Mortgages” (1-11-12)

“Ben S. Bernanke is signaling his willingness to double down on a three-year bet  that’s failed to revive housing, showing the extent of the Federal Reserve  chairman’s effort to wrest a recovery from the deepest recession.”

FINS - “Fannie Mae CEO Michael Williams Out” (1-11-12)

“Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant’s board names a successor.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $80,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

The Charles Schwab Corp. was required to pay $119 million dollars to settle claims that they were deceptive in their YieldPlus fund.  Following the release of their earnings for 2010, Goldman Sachs made several changes to the divisions in their business, according to Housing Wire.  DSNews reported that four major banks had been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the then recent robo-signing scandal.

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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