California Real Estate Headline Roundup

Posts Tagged ‘Federal Reserve Board’

By Bruce Norris .

New Liquidity Coverage Rule Finalized by Three Large Organizations

Friday, September 5th, 2014

 

 

 

Sources:

Home price growth slows to 21-month low
Mortgage Applications Increase in Latest MBA Weekly Survey



Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  A new rule regarding the liquidity coverage ratio was just finalized by the Federal Reserve Board, FDIC, and OCC.  The number of new jobs created increased to only 142,000 last month, a low for the year.  Movato recently released a report of the states with the most expensive homes, among which include California, Texas, Florida, and New York.

In The News:

Housing Wire - “Job creation tumbles to 2014 low in August” (9-5-14)

“Total nonfarm payroll employment increased by a meager 142,000 in August, well below replacement levels and well below analyst expectations, the Bureau of Labor Statistics reported Friday.”

OC Housing News“Winning and losing strategies for home sale asking prices” (9-5-14)

“I sold more real estate in 2011 and 2012 than most people sell in their lifetimes. As manager of a flipping fund operating in Las Vegas, I bought and sold more than 50 properties during that two-year stretch.”

Bloomberg“Swaps Rule Requires $644 Billion in Collateral, Regulator Says” (9-5-14)

“U.S. banks would need $644 billion in collateral to offset risks in swaps traded among themselves, according to an analysis of rules re-proposed by regulators.”

DS News“Federal Agencies Approve New Liquidity Coverage Rule for Large Banks” (9-5-14)

“The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) finalized a rule with regards to the “liquidity coverage ratio” (LCR) of large financial institutions, the Federal Reserve Board announced earlier this week.”

Housing Wire“Here are the states with the priciest homes for sale” (9-5-14)

“For the well off and affluent, the housing market is still going strong, and lenders are quickly jumping on board to make sure they have the financing they need.”

Mortgage Professional America - “Carrington to add up to 360 new jobs” (9-5-14)

“Carrington Mortgage Services has announced plans to create up to 360 new jobs.  The company, headquartered in California, has announced plans to expand its operations in Westfield, Ind. Carrington will invest $3.17 million to renovate a 77,000-square-foot facility in Westfield.”

Bloomberg - “Wall Street Flood of CMBS Threatens to Overwhelm Buyers” (9-5-14)

“Commercial-mortgage bond buyers are girding for the biggest deluge of offerings in seven years just as the debt becomes harder to sell amid slipping underwriting standards.”

DS News - “Home Sales Typically Slow in Autumn Despite Economic Gains, Analyst Says” (9-5-14)

“Lawrence Yun, chief economist and senior vice president of the National Association of Realtors (NAR), issued a statement on September 3 reporting that despite reports of more jobs, lower interest rates, and overall economic improvement, home sales are typically slow for the autumn months.”

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

According to the latest report from the Department of Labor, unemployment claims decreased by 9,000 to 323,000 in the week ending August 31.  Mortgage interest rates increased this week with 30-year rates at 4.57% and 15-year rates also higher.  At the same time, this increase in mortgage rates also lead to an increase in competition and therefore lower prices for jumbo loans.  In some other good news, 8.3 million homeowners were recovering from being underwater and were expected to gain enough equity over the next 15 months to be able to sell their homes.

 

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.

The Norris Group Real Estate News Roundup 1/10/14

Friday, January 10th, 2014

Sources:

Report: Home Prices End Year Strong
Mortgage Rates React to Light News Week


Today’s News Synopsis:

Aaron presents highlights from the news of the week in this week’s video.  Shadow inventory is currently at 1.7 million, its lowest in almost six years.  The unemployment rate has also shown signs of decrease with only 74,000 new jobs added last month.

In The News:

CNN Money - “Stanley Fischer nominated as Fed vice chair” (1-10-14)

“Following disappointing news on the U.S. job market, President Obama announced that he plans to nominate two new officials to the Federal Reserve Board.”

Housing Wire- “Here’s how the Obama Administration rates its housing recovery” (1-10-14)

“The Obama Administration released its Housing Scorecard — a comprehensive report on the nation’s housing market created and reported by the administration itself — and the data purport to show progress on several indicators.”

DS News- “Shadow Inventory Lowest Since August 2008″ (1-10-14)

“The industry’s shadow inventory of homes with mortgages 90 or more days delinquent, in foreclosure, or held as REO by mortgage servicers but not currently listed on multiple listing services (MLSs)—also known as pending supply—stood at 1.7 million as of October 2013, according to CoreLogic.”

Inman“False start for accelerated economic growth will keep mortgage rates grounded, for now” (1-10-14)

“Gotta love it. The 2014 consensus forecast for accelerating growth lasted nine whole days. Crashing with it: any immediate rise in mortgage rates.”

Mortgage Professional America - “Warren praises new CFPB rules” (1-10-14)

“Sen. Elizabeth Warren is singing the praises of the Consumer Financial Protection Bureau’s new mortgage rules, saying on the Senate floor this week that the new regulations will stifle practices aimed at “tricking and trapping” borrowers.”

Housing Wire- “FHFA delays inevitable g-fee hike” (1-10-14)

“Just before Rep. Mel Watt, D-N.C., was officially sworn in as director of the Federal Housing Finance Agency, the agency said it would increase guarantee fees.”

DS News- “Unemployment Rate Shrinks as Americans Give Up Hope on Jobs” (1-10-14)

“The Bureau of Labor Statistics (BLS) released Friday its Employment Situation Report, revealing job growth well below consensus forecasts.”

Housing Wire - “Ability-to-repay rule: The good, the bad and the ugly” (1-10-14)

“In the coming weeks, consumers may find out just how limiting some of the new Dodd-Frank lending era rules feel when in practice.”

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Looking Back:

Unemployment claims increased by 4,000 to 371,000 according to the Labor Department.  A new qualified mortgage rule was finally released by the Consumer Financial Protection Bureau, a rule intended to protect lenders and consumers.  Freddie Mac reported an increase in mortgage rates after the previous month’s positive employment report.  30-year rates were at 3.4-%, and 15-year rates were at 2.66%.

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.

The Norris Group Real Estate News Roundup 5/14/12

Monday, May 14th, 2012

Today’s News Synopsis:

In a big news story, Ally Financial’s mortgage unit ResCap filed for bankruptcy.  With this bankruptcy, Ally Financial will focus their efforts on paying off their debt to the Treasury from a $17.2 billion bailout.  Due to the increase in foreclosures, serious delinquencies increased .5% last December for the first time since showing signs of decreases between December 2009 and June 2011.

In The News:

Housing Wire“Robo-signing fractures REO inventory at GSEs” (5-14-12)

“Fannie Mae and Freddie Mac are managing bifurcated REO inventories because of the robo-signing effect on different areas of the country.”

DS News“Shadow Inventory: 46 Months to Clear Distressed Housing Supply” (5-14-12)

“It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.”

Realty Times“Real Estate Outlook: Median Existing Home Prices Balance” (5-14-12)

“The latest quarterly report from the National Association of Realtors (NAR) shows that median existing single-family home prices are indicating more balanced conditions.”

DS News“Higher Foreclosure Rates Bump Up Serious Delinquencies” (5-14-12)

“According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011″

CNN Money“JPMorgan trading flap stirs Congress” (5-14-12)

“Congress is beginning to weigh in on the news that JPMorgan Chase lost $2 billion on complex trades intended to hedge against economic risk, and that the losses could mount.”

Bloomberg“Ally to Sell Non-U.S. Units as ResCap Goes Bankrupt” (5-14-12)

“Ally Financial Inc. (ALLY), the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.”

Housing Wire“Federal Reserve, OCC and FDIC finalize stress test guidance” (5-14-12)

“The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total assets of more than $10 billion.”

DS News“NAR Reports Members’ Income Rose for First Time Since 2002″ (5-14-12)

“For the first time since 2002, the National Association of Realtors (NAR) reported that income for its members (REALTORS®) increased in 2011.”

Inman“New Freddie Mac CEO takes pay cut” (5-14-12)

“Freddie Mac’s new chief executive officer, former JPMorgan Chase & Co. executive Donald H. Layton, will make just a fraction of what his predecessor did.”

Housing Wire“Foreclosure sales fall in Detroit” (5-14-12)

“A drop-off in April foreclosure sales in the Detroit market reflected better on conditions in the suburbs than in the inner city.”

DS News“FinCEN: Mortgage Loan Fraud Sees Yearly Increase Since 1996″ (5-14-12)

“Out of seven different categories of fraud reported by depository institutions (banks, thrifts, credit unions), mortgage loan fraud (MLF) saw the second great increase from 2010 to 2011 and had the highest number of suspicious activity report (SAR) filings, according to a report from the Financial Crimes Enforcement Network (FinCEN).”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 2012.

The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Cutting Edge Financial Tactics Brunch on Saturday, June 02, 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.

The Norris Group Real Estate News Roundup 4/30/12

Monday, April 30th, 2012

Today’s News Synopsis:

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

In The News:

Bloomberg“Debt ‘Bubble’ in Property Is Like 2007, Sterlicht Says” (4-30-12)

“Competition to buy high-quality commercial real estate has led to a debt “bubble” in some U.S. property sectors, said Barry Sternlicht, chief executive officer of Starwood Capital Group LLC.”

DS News“Regulators Shut Down Five Banks Friday, Raising 2012 Tally to 22″ (4-30-12)

“After what seemed to be a slow month for bank closings, with just one closing April 20 for the entire month, the FDIC announced five bank closings Friday, raising the national tally of failed banks to 22 so far this year.”

Realty Times“Real Estate Outlook: Sales Declined in March “ (4-30-12)

“Good weather and a drop in unemployment aren’t having the positive affect on home sales that builders would like. According to the latest figures from HUD and the U.S. Commerce Department, the sales of newly built, single-family homes declined 7.1 percent for the month of March.”

Housing Wire“FHFA delays principal reduction ruling” (4-30-12)

“The Federal Housing Finance Agency delayed its decision to allow principal reduction on Fannie Mae and Freddie Mac mortgages.  American Banker first reported the development Friday. A spokesperson confirmed the delay.”

DS News“Homeownership Rate Falls to 15-Year Low” (4-30-12)

“The nation’s homeownership rate (seasonally adjusted) dropped to 65.5 percent in the first quarter, its lowest level since the first quarter of 1997, the Census Bureau reported Monday.”

Inman“Zillow’s new Android app only for rentals” (4-30-12)

“Property search and valuation site Zillow today released its first mobile application devoted solely to rentals.”

Housing Wire“American family rentals reach 15-year high” (4-30-12)

“The nation’s rental and homeowner housing vacancy rates declined in the first quarter as supply conditions in the rental sector tightened and the proportion of families renting reached a 15-year high.”

Wall Street Journal“Housing Ends Slide but Faces a Long Bottom” (4-30-12)

“Nearly six years after home prices started falling, more U.S. housing markets appear to be nearing a new phase: a prolonged bottom.  Hitting a bottom, of course, isn’t the same as a full-fledged recovery, which is still years off for many housing markets—as well as for millions of people who purchased homes or took cash out during the bubble.”

DS News“Consumer Spending Slows Sharply in March; Savings Rate Edges Up” (4-30-12)

“Consumer spending grew just 0.3 percent in March, down from the 0.9 percent growth in February, the Bureau of Economic Analysis reported Monday.”

Housing Wire“Federal Reserve: Banks to increase real estate loan exposure” (4-30-12)

“Borrower demand for prime residential mortgage loans is strengthening, causing some banks to anticipate increasing their exposure to such loans over the next year.

Bloomberg“Fed Says Banks Eased Loan Standards As Demand Increased” (4-30-12)

“U.S. banks saw increased demand for lending in the first quarter and made loans easier to get, according to a Federal Reserve survey.”

Hard Money Loan Closed

Loma Linda, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $167,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at South Bay on Thursday, May 03, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 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.

The Norris Group Real Estate News Roundup 11/30/11

Wednesday, November 30th, 2011

Today’s News Synopsis:

According to the Los Angeles Times, the Federal Reserve and five major central banks are hoping to help solve the debt crisis by joining together to help European lenders obtain money more easily.  In other news, Bloomberg reported a 10.4% increase in pending home sales.   According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications decreased over 11% from last week.

In The News:

Housing Wire - “Private sector adds 206,000 jobs” (11-30-11)

“Employment in the U.S. nonfarm, private business sector grew by 206,000 jobs from October to November on a seasonally adjusted basis, the ADP National Employment Report said Wednesday.”

Bloomberg - “Pending Sales of Existing U.S. Homes Exceed Forecasts With 10.4% Increase” (11-30-11)

“The number of Americans signing contracts to buy previously owned homes rose more than forecast in October as buyers took advantage of falling prices and low borrowing costs.”

Los Angeles Times - “Central banks join forces to ease debt crisis” (11-30-11)

“Reacting to the deepening Eurozone debt crisis, the Federal Reserve and five other major central banks joined forces Wednesday to offer European lenders easier access to dollars in an attempt to quell growing fears of a global funding crunch.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-30-11)

“Mortgage applications decreased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2011.  This week’s results include an adjustment to account for the Thanksgiving holiday.”

CNN Money - “S&P downgrades 15 banks” (11-30-11)

“Standard and Poor’s downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world’s 37 largest banks.”

Housing Wire - “Fed appoints director of banking supervision” (11-30-11)

“The Federal Reserve Board named Michael Gibson director of the Division of Banking Supervision and Regulation, replacing Patrick Parkinson. In his new role, Gibson will play a key role in dealing with Basel III capital-adequacy issues and the oversight of major banks. ”

San Francisco Chronicle - “Stable Housing Seen in Home Depot-Lowe’s Leading Market: Retail” (11-30-11)

“Shares of Home Depot Inc. and Lowe’s Cos. — the two largest U.S.  home-improvement retailers — are outperforming other consumer discretionary  stocks as the worst of the declines in the housing market may be over.”

Inman - “ZipRealty settles labor suit for $586,000″ (11-30-11)

“ZipRealty Inc. has agreed to pay $586,000 to settle claims by the California Labor Commissioner that the company failed to pay minimum and overtime wages to four of its agents in Kern County.”

Looking Back:

According to Case-Schiller index, property values increased 0.6% year over year from 2009-2010. On the other hand, Freddie Mac reported that home prices decreased 3.1% from the 3rd quarter of 2009. Zillow claimed interest rates increased to 4.3% the previous week.

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

The Norris Group Real Estate News Roundup 10/17/11

Monday, October 17th, 2011

Today’s News Synopsis:

A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times.  There are now 80 failed banks with the recent seizure of four more institutions.  The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.

In The News:

Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)

“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”

Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)

“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”

DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)

“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”

Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)

“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”

San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)

“California voters approved Proposition 13 to rein in property taxes that had  doubled in 10 years. More than three decades later, that rebellion has mortgaged  the state’s future, saddling it with the nation’s highest debt and lowest credit  rating.”

Housing Wire“Different mortgage types default at different times” (10-17-11)

“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”

O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)

“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”

DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)

“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”

Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)

“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.  There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)

“There’s no question that as a society we are more mobile than we have ever been.  With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”

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