California Real Estate Headline Roundup

Posts Tagged ‘Federal Reserve Bank of Cleveland’

By Bruce Norris .

Latest Internet Searches Show Bigger Demand For Housing

Friday, February 20th, 2015

 

 

 

 

 

Sources:

Builder Confidence Slightly Lower in February on Harsh Weather Conditions
TransUnion: Mortgage delinquency rate down to 3.29% in 4Q14

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Income earnings for Fannie Mae were lower in the fourth quarter at $1.3 billion compared to $6.5 billion the previous quarter.  There appears to be a bigger demand for housing according to the latest internet searches.  The National Governors Association Winter Meeting will be taking place, and the NAHB is asking that housing be a primary topic.

In The News:

Los Angeles Times“Funding for California victims of housing crash trickles down” (2-19-15)

“California has delivered less than half of $2 billion in federal aid to help victims of the housing crash.  The fund, announced five years ago by the federal government, aimed to help homeowners in areas where home prices collapsed and unemployment soared.”

NAHB“Housing Should Be High on the Agenda as Governors Meet” (2-20-15)

“As the nation’s governors gather in town this weekend for the National Governors Association Winter Meeting to discuss priority issues affecting states, the National Association of Home Builders (NAHB) is urging that housing remains at the forefront.”

DS News“Fannie Mae Reports Reduced Income for Q4, Full Year 2014″ (2-20-15)

“Mortgage giant Fannie Mae is set to pay the U.S. Department of Treasury nearly $2 billion in March after seeing another profitable quarter.”

Housing Wire“Mortgage lending gets riskier for the fifth straight month” (2-20-15)

“The riskiness of mortgage loan originations rose in January, the fifth straight monthly increase, according to the monthly report from American Enterprise Institute’s International Center on Housing Risk.”

Mortgage Professional America“Investors see future in online mortgage origination” (2-20-15)

“Online mortgage marketplace Sindeo has raised another $5 million in funding through in a Series A funding round, which the company said will increase its growth in the mortgage industry.”

OC Housing News“OC new home sales fall a frightening 41%” (2-20-15)

“Has the OC Housing market peaked for this cycle? Is the current slowdown the sign of a major change in the market, or is it merely a lull that represents a buying opportunity? There are good arguments for either case.”

Housing Wire - “Internet search volume reveals housing demand” (2-20-15)

“A new study of Internet search terms related to housing reveals some surprising facts about housing demand.  Three researchers at the Federal Reserve Bank of Cleveland – Rawley Heimer, Daniel Kolliner and Timothy Stehulak – found that as relates to housing, they could gauge some degree of demand by using data on the volume of searches done on words and phrases in Google.”

 

ruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

 

Looking Back:

Foreclosure starts decreased in the fourth quarter to 0.54% from 0.7%, putting them at their lowest levels since 2006.  Housing affordability continued to remain unchanged in the fourth quarter with only a slight decrease in median home prices and slight increase in mortgage rates.  Unemployment claims increased by 37,000 to 2.98 million, resulting in them falling short of expectations.

 

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.

Copyright: Image from www.flickr.com/photos/danardvincente/

Image Sources:

www.flickr.com/photos/jakerust/
www.flickr.com/photos/124247024@N07
www.flickr.com/photos/59937401@N07/
www.flickr.com/photos/ccpcphotography/
www.flickr.com/photos/lendingmemo/

 

The Norris Group Real Estate News Roundup 7/28/11

Thursday, July 28th, 2011

Today’s News Synopsis:

The sales for existing homes increased 2.4% in June according to Bloomberg.  However, chief economist for Fannie Mae warned this does not necessarily mean a turn-around in the market.  In other news, despite a huge decrease in foreclosures in 84% of U.S. cities, there are still ten cities with high foreclosure rates and thus not indicating a positive turn in the market.

Housing Wire - “Vacant foreclosures in Ohio forming housing black hole (7-28-11)

“Every single vacant, foreclosed property in Ohio is proving to be a black hole that sucks down home prices, sits on the market for significantly longer, blights entire neighborhoods and boggles the mind through the sheer amount of REO volume.”

Bloomberg - “Existing Home Sales in U.S. Rose 2.4% in June” (7-28-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs.  The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

NAHB - “Remodeling Activity Slows Under Economic Uncertainty” (7-28-11)

“The remodeling market slipped under pressure from a sluggish economy according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), which dipped during the second quarter to 43.9 from the first quarter result of 46.5. An RMI below 50 indicates that more remodelers report market activity is lower compared to the prior quarter than report it is higher.”

DS News - “Increase in Pending Sales May Not Indicate Market Upswing” (7-28-11)

“The National Association of Realtors (NAR) released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June,
marking the third of the last four months that the index has increased.”

Inman - “Trulia launches agent recommendation system” (7-28-11)

“Real estate search and marketing site Trulia today launched an agent recommendation system that incorporates endorsements from Facebook friends.”

Realty Times - “Chase, BofA Offer Modifications Without Homeowner Request” (7-28-11)

“JPMorgan Chase and Bank of America are reportedly modifying loans for borrowers who haven’t asked for help, in some cases slashing mortgage balances in half.  The two major banks were among others recently criticized for mishandling federally sanctioned mortgage modifications and slammed for botching foreclosures.”

NAHB - “Federal Proposal Could Raise Refinance Costs For Nearly 25 Million Homeowners” (7-28-11)

“Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate “Qualified Residential Mortgage” (QRM) for refinancing.”

Mortgage Bankers Association - “MBA Statement on Debt Ceiling Negotiations” (7-28-11)

“‘The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt. The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised. We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy’.”

The Wall Street Journal - “UBS Is Sued for Mortgage Losses” (7-28-11)

“The federal regulator for Fannie Mae and Freddie Mac on Wednesday sued UBS AG, accusing the Swiss investment bank of costing the two mortgage giants at least $900 million by selling them shaky mortgage-backed securities during the housing market boom.”

Realtor Magazine - “Foreclosures Fall, But 10 Areas Still Hard-Hit” (7-28-11)

“During the first half of the year, foreclosures have dropped in more than 84 percent of U.S. metro areas, RealtyTrac reports. Is this a sign of a turnaround? Not quite, say analysts.”

Looking Back:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter of 2010. Mortgage application volume decreased 4.5 percent from the previous week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter of 2010. The number of foreclosure starts for 2010 was at 1.46m.

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.