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The Norris Group Real Estate News Roundup 1/20/12

Friday, January 20th, 2012

Sources:
30-year, fixed-rate mortgage hits new low
Mortgage Applications Increase in Latest MBA Weekly Survey
Builder Confidence Rises Fourth Consecutive Time in January
California December Home Sales
Vacant Foreclosures Saddle Local Communities With High Costs
Vacant Properties: Growing Number Increases Communities’ Costs and Challenges
Judge refuses to toss CalPERS suit against Moody’s, S&P
Fannie, Freddie Face Pay Cuts
Lower Pay Coming for Fannie, Freddie CEOs
Democrats push to subpoena FHFA over principal reductions
One million homeowners may get mortgage writedowns: U.S.

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.  In one big news story,  home sales increased in December 5% accroding to the National Association of Realtors.  In other news, the Lender Processing Services reported yesterday that both the rates of foreclosure and delinquencies are down from last year.  For mortgage-backed securities, the delinquncy rate remained above 9% for the whole of 2011.

In The News:

DS News – “Delinquency and Foreclosure Rates Down From a Year Ago: LPS” (1-19-12)

“Lender Processing Services (LPS) has provided the media with a sneak peek at the results of its mortgage performance data through 2011.”

Bloomberg - “U.S. Home Sales Rise 5% in December” (1-20-12)

“Sales (ETSLTOTL) of previously owned U.S. homes rose for a third month in December to the highest level since January 2011, a sign the housing market ended last year with momentumltors.”

Housing Wire – “Fitch Ratings downgrades 154 classes of Alt-A, subprime” (1-20-12)

“Fitch Ratings downgraded the ratings of 154 loan classes packaged within 52 U.S. Alt-A and subprime residential mortgage-backed securities deals.”

San Francisco Chronicle – “California ill-served by redevelopment agencies” (1-20-12)

“California’s real estate market  is in bad shape. New construction costs are high; development is slow and the  permitting process endless.  All too often, urban planners think that fresh government subsidies can  stimulate the development that heavy regulation throttles. But empty state and  local treasuries have killed off that easy out.”

Realty Times - “30-year Fixed-rate Mortgage Averages 3.88 Percent” (1-20-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.”

Housing Wire – “Sterne Agee lowers estimates for BofA earnings on legacy mortgage issues” (1-20-12)

“Sterne Agee lowered estimates for Bank of America’s (BAC: 6.915 -0.65%) 2012 earnings by 25%, as legal costs continue to mount for the banking giant amid increasing uncertainty in capital markets.”

Wall Street Journal - “Homeowners Stop Waiting to Spruce Up” (1-20-12)

“Americans are stepping up spending on home improvements for the first time in years, giving a small lift to the beleaguered construction sector.  Economists forecast that spending by homeowners and landlords on everything from minor sprucing up to full-scale remodeling rose modestly in 2011.”

Housing Wire – “Moody’s: CMBS delinquency rate higher than 9% through 2011″ (1-20-12)

“The delinquency rate of loans in commercial mortgage-backed securities bounced higher in December and remained above 9% all year.”

Inman - “Tug of war over mortgage rates” (1-20-12)

“The Federal Reserve may again exercise its power to drive down  mortgage rates in order to stimulate the economy, but any savings for  homebuyers may be at least partially offset by a new law that raises  Fannie Mae and Freddie Mac’s guarantee fees and diverts that money to  the Treasury.”

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 3 bedroom, 1 bathroom home appraised for $380,000.

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.

Looking Back:

The Commerce Department reported housing starts decreased in December 2010. However, Fannie Mae expected housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%. RealtyTrac claimed foreclosure starts in California decreased 33% in 2010.

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 1/19/12

Thursday, January 19th, 2012

Today’s News Synopsis:

Freddie Mac announced 30-year fixed mortgage rates decreased to 3.88, setting a new record low.  Housing starts over 4% decreased last month according to the Commerce Department.  The Lender Processing Services also reported that teh loan-delinquency rate also decreased 7.7% from a year ago, and the rate is now at 8.15%.

In The News:

Los Angeles Times - “California home sales rise in December; median price falls again” (1-18-12)

“Home sales in the Golden State rose slightly in December, boosted by a pickup in the Bay Area and investor activity in Southern California. But with foreclosures and other low-cost homes dominating the market, the median home price for the state ticked down.”

DS News – “Firms Launch $450M Program to Convert REOs Into Rentals” (1-18-12)

“Government officials are in the process of reviewing 4,000-plus recommendations for turning repossessed homes into rental properties in order to trim the REO inventory held by federal housing agencies.”

Housing Wire – “30-year, fixed-rate mortgage hits new low” (1-19-12)

“The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday.”

San Francisco Chronicle - “BofA Swings to Quarterlly Profit as Lender Builds Capital” (1-19-12)

“Bank of America Corp., the second- largest U.S. lender, swung to a fourth-quarter profit as the company sold assets and built capital faster than expected.”

Inman - “Spy some real estate savings: spyRealty” (1-19-12)

“A new discount-brokerage firm, spyRealty, has launched in New York and Massachusetts, offering homebuyers a 2 percent refund off of the purchase price of a home.”

Housing Wire – “Fitch: Principal reductions meaningfully reduce mortgage delinquencies” (1-19-12)

“Principal reductions on mortgage loans meaningfully reduce delinquencies and foreclosures, much more than current proposals, according to Fitch Ratings.”

Bloomberg - “U.S. Housing Starts Drop 4.1%” (1-19-12)

“Builders began work on fewer houses than forecast in December, capping the worst year on record for single-family home construction and signaling recovery in the industry will take time.”

FINS – “BofA Plans More Job Cuts Under ‘New BAC’” (1-19-12)

“Bank of America plans to continue cutting jobs after reporting in its year-end earnings  statement that employment fell by 5,874 in the fourth quarter and 3,836 over the year in 2011.”

CNN Money - “CPI: Inflation remains in check” (1-19-12)

“Inflation overall held steady last month, as declining gas prices balanced out higher prices for other items.  The government’s key measure of inflation, the Consumer Price Index, showed prices were virtually unchanged from November to December. It marked the second month in a row CPI has barely moved.”

Housing Wire – “U.S. loan delinquency rate down 7.7% from last year” (1-19-12)

“The delinquency rate on U.S. mortgages monitored by Lender Processing Services (LPS: 15.00 +3.52%) fell 7.7% year-over-year in December as the delinquency rate hit 8.15%.”

Mortgage Bankers Association - “CampusMBA Extends Partnership with Insurance Advisors to Offer New Live Online Workshops for Commercial/Multifamily Professionals” (1-19-12)

“CampusMBA, the award-winning education division of the Mortgage Bankers Association (MBA), today announced it has extended its partnership with Stamford, Connecticut-based Insurance Advisors LLC. Under the agreement CampusMBA, in conjunction with Insurance Advisors, will continue to offer live online workshops addressing a variety of insurance issues for commercial/multifamily real estate loans.”

Hard Money Loan Closed

Riverside, 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 $168,000.

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.

Looking Back:

The Commerce Department reported housing starts decreased in December 2010. However, Fannie Mae expected housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%.  RealtyTrac claimed foreclosure starts in California decreased 33% in 2010.

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 1/6/12

Friday, January 6th, 2012

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

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 events. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

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 12/22/11

Thursday, December 22nd, 2011

Today’s News Synopsis:

DS News reported both 15-year and 30-year mortgage rates are at their lowest on record.  Foreclosures increased over 20% from last quarter despite mortgage delinquencies holding steady.  Bank of America just settled their recent lawsuit with the Justice Department over unfair lending practices.  Claims of unemployment are also at their lowest since April 2008.

In The News:

Housing Wire - “OCC: New foreclosures climb 21.1% in third quarter” (12-22-11)

“Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.”

DS News - “Mortgage Rates…How Low Can They Go?” (12-22-11)

“Mortgage interest rates continue to head south. Freddie Mac reported Thursday that the 30-year fixed-mortgage rate as well as adjustable rate products all sank to new all-time record lows this week, while the 15-year fixed rate settled in to match its historic low.”

Bloomberg - “Foreclosures May Push U.S. Housing Rebound to 2013″ (12-22-11)

“Prices for resold homes are down 31 percent since the July 2006 peak, based on the S&P/Case-Shiller Index that tracks 20 major metropolitan areas.“

CNN Money - “BofA settles unfair lending claims for $335 million” (12-22-11)

“The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.”

Housing Wire - “Jobless claims down to lowest level since April 2008″ (12-22-11)

“The number of initial jobless claims fell further last week to the lowest level in more than three years. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 17 declined by 4,000 to 364,000 from 368,000 the previous week, which was revised upward 2,000.”

Los Angeles Times - “Key consumer confidence index up for fourth straight month” (12-22-11)

“A leading consumer confidence index rose in December, the fourth straight monthly increase, but the stalemate in Washington over extending the payroll tax cut could cut into those gains.  Consumers were much more positive about the overall economic prospects this month compared to November, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Thursday.”

NAHB- “Statement from NAHB Chairman Bob Nielsen on Debate to Extend and Pay for Payroll Tax Deduction” (12-22-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued a statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac.”

Inman - “Zillow: US home values to drop about $681B in 2011″ (12-22-11)

“The value of overall homes nationwide has likely dropped just over $681 billion this year, according to property search and valuation site Zillow.”

Housing Wire - “Fitch: US could lose AAA rating by end of 2013″ (12-22-11)

“The United States could lose its AAA sovereign debt rating by the end of 2013 if policymakers fail to make inroads in cutting the federal deficit in the next year and a half, Fitch Ratings said Thursday.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $205,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Veros, San Diego home prices were expected to rise 3.5% in 2011.  November 2010 saw an increase in home sales since decreasing significantly in July 2010.  In other news, fewer people were applying for mortgages most likely due to higher rates.  Fannie Mae expected home prices to decline in 2011, although they expected the sale of new homes to decrease and existing sales to increase.  The Obama administration believed the recent robo-signing had resulted in a decrease in foreclosures.

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

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The Norris Group Real Estate News Roundup 12/09/11

Friday, December 9th, 2011

Sources:

U.S. Mortgage Debt Falls to Five-Year Low as Consumer Wealth Effect Fades
Index Shows Continued Improvement for Apartment and Condominium Market
S&P puts 15 eurozone governments on notice
U.S. household wealth takes biggest hit since 2008
Third straight month of home price declines
Jobless claims drop to lowest level since February
Real Estate Prices Fall in China, Inciting Anger and Applause: Adam Minter
BofA to Settle Mortgage Securities Action for $315 Million
Feds, Banks Postpone Foreclosure Evictions Until 2012

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 events. In a big story, mortgage debt decreased in the third quarter to the lowest that has been seen in almost five years.  CMBS delinquencies decreased again in November, marking the fourth month in a row to witness a decrease in delinquencies.

In The News:

Housing Wire - “CMBS delinquencies decline for fourth straight month” (12-09-11)

“Delinquencies on commercial mortgage-backed securities declined for the fourth consecutive month in November, suggesting this segment of the market is holding up, Fitch Ratings said Friday.”

Realty Times - “Mortgage Rates Stay Low Helping to Keep Housing Affordability High” (12-09-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates remained largely unchanged and near their record lows helping to keep housing affordability high for those borrowers who are in the market.“

San Francisco Chronicle - “Mortgage debt at lowest level in nearly 5 years” (12-09-11)

“U.S. mortgage debt, a driver of consumer spending during the real  estate boom, dropped to the lowest level in almost five years in the third  quarter as foreclosures wiped out home loans and housing purchases fell.”

Housing Wire - “Consumer sentiment index up again in December” (12-09-11)

“Consumer sentiment rose for the fourth straight month in a preliminary December reading of the Thomson Reuters/University of Michigan index Friday.”

DS News – “Housing Market Sees Signs of Stability: Clear Capital” (12-09-11)

“The housing market may be stabilizing as house prices and REO saturation rates show little change on a quarterly and yearly basis, according to Clear Capital’s most recent Home Data Index.”

Los Angeles Times – “Economy boosted by narrowing trade deficit” (12-09-11)

“The U.S. economy, which has been picking up steam recently, got another boost from the latest trade numbers.  The Commerce Department said Friday that the nation’s trade deficit in October narrowed to $43.5 billion, the lowest level since December 2010.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2.5 bathroom home appraised for $200,000.

In The News:

Housing Wire – “Fitch expects ailing real estate markets to improve” (12-09-11)

“The commercial and residential real estate markets will continue to slide along the bottom into 2012, but will experience more footholds than missteps on the journey.”

Bloomberg - “Solow May Be Seeking to Finance 9 W. 57th, Commercial Mortgage Alert Says” (12-09-11)

“New York developer Sheldon Solow may be seeking about $600 million of financing for 9 West 57th St., his trophy office tower near Central Park in midtown Manhattan, Commercial Mortgage Alert said today.”

DS News - “Bill Proposes Limitations on Deficiency Judgments” (12-09-11)

“Rep. Ed Towns (D-New York) has introduced a new bill to limit the period of time during which a bank can bring deficiency judgments against foreclosed borrowers.”

California Real Estate Investor Events:

The Norris Group will be at the Real Estate Investor Rewind at SDCIA on December 13, 2011.

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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 12/05/11

Monday, December 5th, 2011

Today’s News Synopsis:

According to the FHA and the latest Case-Shiller Index, home prices decreased for the third quarter.  In other news, Housing Wire reported a downgrade in JPMorgan Chase commercial mortgage securities by Fitch Ratings.  Recent data released by the Labor Department shows unemployment benefits in the last four years have cost $434 billion.

In The News:

Housing Wire - “Fitch downgrades JPMorgan Chase commercial mortgage securities” (12-5-11)

“Eight classes of JPMorgan Chase Commercial Mortgage Securities Corp. (JPM: 33.51 +3.65%) securities certificates were downgraded by Fitch Ratings.”

Bloomberg - “FHA Unlikely to Follow Fannie Mae Offering Refinancing Aid, Barclays Says” (12-5-11)

“The Federal Housing Administration is unlikely to change its stance of forcing homeowners with older mortgages to pay larger insurance premiums in refinancings as Fannie Mae (FNMA) and Freddie Mac loosen their rules to help borrowers lower their payments, according to Barclays Capital.”

Realty Times - “Real Estate Outlook: Home Prices Fall” (12-5-11)

“Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.”

CNN Money - “Cost of federal unemployment benefits so far: $434 billion” (12-5-11)

“Jobless Americans have collected $434 billion in unemployment benefits over the past four years.  Taxpayers have footed $184.7 billion of the tab incurred during the federal government’s unparalleled response to the Great Recession, according to Labor Department data. State and federal taxes on employers cover the rest.”

DS News - “Foreclosure Crisis Isn’t Even Halfway Over: Study” (12-5-11)

“The foreclosure crisis has had a long and destructive run – five years and counting, and more than 3 million families have lost their homes. According to the Center for Responsible Lending (CRL), we’re not even halfway through the devastation.”

Housing Wire – “November bank failures tied to CRE exposure, more closures to come” (12-5-11)

“The five banks that failed in November were victims of exposure to commercial real estate, analytics firm Trepp LLC said Monday.”

Mortgage Bankers Association - “MBA Announces Completion of MISMO Transition” (12-5-11)

“The Mortgage Bankers Association (MBA) today announced it has completed the transition, announced in September, and will resume support for the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®). With the successful transition, MISMO will now focus efforts on regulatory implementation and advocating for broader adoption of data standards throughout the industry.”

San Francisco Chronicle - “Services in U.S. Expand at Slowest Pace Since 2010: Economy” (12-5-11)

“Service industries in the U.S. expanded in November at the slowest pace since  January 2010 as employment cooled, a sign improvement in the biggest part of the  economy will be uneven.”

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.

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The Norris Group Real Estate News Roundup 10/26/11

Wednesday, October 26th, 2011

Today’s News Synopsis:

A big story in the news is the sale of new homes increased 5.7% last month, the highest they have been in 5 months.  According to the latest Mortgage Bankers Association survey, mortgage applications are up almost 5% from last week.  According to The Wall Street Journal, both the values and rent for apartments are on the rise.

In The News:

Housing Wire – “HARP plan keeps mortgage insurers in play” (10-26-11)

“The Mortgage Insurance Companies of America is supporting the revised Home Affordable Refinance Program as a step in the right direction since it aims to keep borrowers current while reducing default claims.”

DS News – “S&P/Experian: Default Rates Rise for First and Second Mortgages” (10-26-11)

“Default rates for both first and second mortgages increased during the month of September, according to the S&P/Experian Consumer Credit Default Indices.”

NAHB - “New-Home Sales Rise 5.7 Percent in September” (10-26-11)

“Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 313,000 units in September, according to newly released data from the U.S. Commerce Department. This marks the fastest pace of new-home sales in the past five months.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-26-11)

“Mortgage applications increased 4.9 percent from one week earlier, which included the Columbus Day holiday, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week
ending October 21, 2011.”

Housing Wire - “Freddie Mac: Single-family delinquencies up slightly in September” (10-26-11)

“The rate of seriously delinquent mortgages held by Freddie Mac inched higher in September to 3.51% from 3.49% in August, the government-sponsored enterprise said Wednesday.”

Los Angeles Times - “U.S. recession fears fade as economy shows more strength” (10-26-11)

“The dreaded “double-dip” still is a no-show.  When the government on Thursday issues its first estimate of third-quarter U.S. gross domestic product, the report is expected to show a sharp acceleration in economic growth from the first half.  Real GDP grew at an annualized rate of 2.5% in the three months ended Sept. 30, according to the average estimate of economists in a Bloomberg News survey.”

Wall Street Journal - “Apartment Values Rise, as Do Rents” (10-26-11)

“Strong growth of rents and occupancy levels of rental apartments have pushed some building values to record levels as Americans shift away from home ownership.  While concerns about the economy are cooling the market for most other types of commercial real estate, apartment rents and occupancies continue to be boosted by demand from millions of people who are victims of foreclosure or are unwilling or unable to buy their own homes.”

DS News - “Freddie Mac’s Chief Executive to Resign” (10-26-11)

“Freddie Mac CEO Charles E. Haldeman Jr. has informed the GSE’s board of directors that he plans to step down “some time in the coming year,” according to a statement from Freddie’s regulator.”

Housing Wire – “Special servicers resolve $63.5 billion of distressed CMBS” (10-26-11)

“Special servicers resolved more than $63.5 billion in distressed commercial mortgage-backed securities from January 2010 to June 2011, Fitch Ratings said in a report Wednesday.”

Looking Back:

The MBA estimateed total originations in 2011 would be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter of 2010. Lender Processing Services released a new valuation model that brought listing and pending sale data into the equation. The FHFA claimed U.S. house prices increased 0.4% in August 2010.

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.

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The Norris Group Real Estate News Roundup 9/12/11

Monday, September 12th, 2011

Today’s News Synopsis:

According to Bloomberg, a big story in the news is the real estate property for several market chains, including Ruby Tuesday and Cracker Barrel, is actually worth more than the restaurants themselves.  In the next several years, Bank of America plans on cutting 30,000 jobs.  Housing Wire reported Standard & Poor’s parent company will no longer only be McGraw-Hill, but will be splitting into two smaller companies: McGraw-Hill Markets and McGraw-Hill Education.

In The News:

Housing Wire - “Standard & Poor’s parent company splits” (9-12-11)

“Credit ratings agency Standard & Poor’s is moving under a smaller umbrella corporation.  Parent company McGraw-Hill is bifurcating operations, with each separate company renamed. The two companies will be called McGraw-Hill Markets and McGraw-Hill Education.”

DS News - “Distressed Real Estate Makes Its Way Into Obama’s Jobs Plan” (9-12-11)

“In addition to refinancing assistance for mortgage holders, President Barack Obama’s proposed American Jobs Act includes a handful of elements that relate to the distressed real estate market, all part of what the administration has labeled Project Rebuild.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Delinquencies Down in Second Quarter for Four of Five Major Investor Groups” (9-12-11)

“Commercial/multifamily mortgage delinquency rates among four out of five major investor groups decreased in the second quarter of 2011, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

O.C. Register - “BofA to cut 30,000 workers” (9-12-11)

“Bank of America plans a sweeping overall of its nationwide operations — cost-cutting endeavors that will trim is payrolls by 30,000 positions over the next several years.”

DS News - “Mortgage Fraud Declines: Report” (9-12-11)

“Mortgage fraud grew in the second quarter of the year but was still down from where it was a year earlier, according to the Second Quarter 2011 Mortgage Fraud Index, released Monday by MortgageDaily.com.”

Housing Wire - “Fitch downgrades homebuilders as housing market softens” (9-12-11)

“Fitch Ratings issued a negative outlook for several publicly traded homebuilders, including KB Home (KBH: 5.68 +0.18%) and said housing is expected to remain soft through at least 2012.”

Realtor Magazine - “12 Housing Markets Seeing the Biggest Turnarounds” (9-12-11)

“The National Association of Home Builders is debuting a new economic index that highlights metro areas that are seeing the most improvement in their housing markets. The First American Improving Markets Index reveals 12 metro areas that have seen a turnaround for at least six months in three core economic areas — housing permits, employment, and housing prices.”

Bloomberg - “Rush to Restaurant Real Estate Brings 53% Increase in Valuation: Real M&A” (9-12-11)

“The cheapest restaurants in America are luring activist investors who are betting companies from Ruby Tuesday Inc. (RT) to Cracker Barrel Old Country Store Inc. (CBRL) can make more money selling their own real estate than food.”

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.

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The Norris Group Real Estate News Roundup 8/31/11

Wednesday, August 31st, 2011

Today’s News Synopsis:

Lots of numbers in the news today.  The prices of homes decreased in almost 40 out of the 50 states.  Pending home sales also dropped 1.3% for the whole year ending in July according to Realty Times.  However, the good news is home prices did incease .8% month over month in July for the fourth straight month.  Also, Fannie Mae is getting ready to sell one of their large servicing portfolios worth $485 million.

In The News:

Mortgage Bankers Association – “MBA Study Shows Second Quarter 2011 Improvements in Production Profits Among Independents and Subsidiaries, Driven By Heavier Purchase Activity” (8-31-11)

“Independent mortgage banks and subsidiaries made an average profit of $575 on each loan they originated in the second quarter of 2011, up from $346 per loan in the first quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Second Quarter 2011 Mortgage Bankers Performance Report released today.”

Bloomberg - “S&P Rates Subprime Mortgages Higher than U.S.” (8-31-11)

“Standard & Poor’s is giving a higher rating to securities backed by subprime home loans, the same type of investments that led to the worst financial crisis since the Great Depression, than it assigns the U.S. government.”

Housing Wire – “Another Fannie Mae servicing portfolio goes up for sale” (8-31-11)

“MountainView Servicing Group will help sell a $485 million servicing portfolio of Fannie Mae mortgages.  Nearly all of the loans in the portfolio are fixed rate and primarily located in Illinois. The average delinquency rate on the portfolio is 2.21%. Interest rates average 4.67%, and the average FICO score is 761. The portfolio also carries an average 30-basis-point servicing fee”

DS News - “Home Prices Post Slight Gain for July But Still Below Year-Ago Levels” (8-31-11)

“Home prices rose 0.8 percent during the month of July, marking the fourth consecutive month of increase, according to CoreLogic’s July home price index, released Wednesday.”

Realty Times - “Pending Home Sales Decline” (8-31-11)

“The latest pending home sales numbers reveal that housing is still struggling to recover after a ripple effect of the subprime crisis and the deep recession of 2009. Last month’s decline in pending home sales is more evidence that housing will not recover until access to credit and jobs return and financial markets stabilize.”

Inman - “Unemployment rate drops in nearly 7 of 10 U.S. metros” (8-31-11)

“Jobless rates fell in most U.S. metro areas in July compared to the same month a year ago, according to the latest figures released today from the U.S. Bureau of Labor Statistics.”

Los Angeles Times - “BofA to sell or close another mortgage arm, putting jobs at risk” (8-31-11)

“Bank of America Corp. has put another giant piece of the Countrywide mortgage empire on the auction block — the correspondent lending arm, which buys closed home loans from mortgage bankers, commercial banks and other loan originators.”

O.C. Register - “Home prices decline in 40 states” (8-31-11)

“Homeownership’s a losing proposition in much of America.  Home prices fell in 40 of the 50 states (plus D.C.) in the year ended in July, says real estate tracker CoreLogic from Santa Ana.”

Housing Wire - “Appraisal industry readies for confusing GSE UAD deadline” (8-31-11)

“Appraisers are somewhat confused about the looming Sept. 1 deadline for ensuring appraisal forms prepared for Fannie Mae and Freddie Mac are compliant with certain GSE standards.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-31-11)

“Mortgage applications decreased 9.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 26, 2011.”

Housing Wire – “More borrowers refinance to shorter FRMs with higher monthly payments: CoreLogic” (8-31-11)

“An increasing number people are choosing to pay off their mortgage loans in a shorter time period, according to data provided by CoreLogic. The data shows at 26% of all loans, or 252,600 loans, were refinanced to a 15-year fixed-rate mortgage (FRM), up from 18.5% in 2009 and 16.3% in 2008. In 2007, only 9.4% of loans were refinanced to a 15-year FRM.”

Housing Wire – “Consumer confidence rises in August, but conditions weaken” (8-31-11)

“An improved short-term outlook boosted consumer confidence for the first time in two months in August but the average American’s take on current economic conditions continued to weaken during the month, according to the private research firm The Conference Board. The board’s consumer confidence index for August was 53.5, topping the consensus analysts’ estimate of 50.5, according to Thomson Reuters, and up from a revised July figure of 51.”

Looking Back

According to Capital Economics, business investment rose 17% during the second quarter of 2010. Multiple forecasters suspected the housing market and the economy were in a double dip. Zillow reported that 18.2% of all O.C. homes sold for a loss. The Case-Shiller 20-city home price index showed prices increased 1% from May to June 2010.

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.

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The Norris Group Real Estate News Roundup 8/19/11

Friday, August 19th, 2011

Sources:
July sales and price report
Mortgage Rates in U.S. Tumble to Lowest in More than 50 Years
Jobless claims up to 408,000 last week
Realtor.com, Yahoo Real Estate trading places in Web rankings
Mortgage servicers bypass foreclosure delays with more short sales
Case against MERS reaches Supreme Court
Fed to Keep Interest Rates Low until 2013
NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market

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 events. Despite home sales dropping, it was reported they are actually in better shape this year as sales are up from a year ago.  Two Multiple Listing Services in California, CRMLS and SoCalMLS, will be merging to form the largest firm in the United States.

In The News:

Housing Wire – “Delinquencies on commercial real estate loans fall again in July” (8-19-11)

“Delinquencies for securities backed by commercial real estate loans fell in July for the third consecutive month, according to Fitch Ratings.”

San Francisco Chronicle - “Inflation May Embolden Opponents of Fed’s Moves to Spur Growth” (8-19-11)

“Signs that consumer prices are rising even as the U.S. economy slows maydelay additional moves by Federal Reserve Chairman Ben S. Bernanke to spur growth.”

DS News - “Zillow: Price-to-Income Ratios Still High in Some Markets” (8-19-11)

“While an August report from Capital Economics states that housing values overall are undervalued by 20 percent, Zillow reports that many metro price-to-income ratios are still above their historic averages.”

Rismedia - “Home Sales Down in July but Up Strongly from a Year Ago” (8-19-11)

“Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of REALTORS®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.”

Housing Wire - “Ocwen, Altisource extend ties to keep costs down” (8-19-11)

“Two years after the spin-off, Ocwen Financial Corp. (OCN: 12.57 -1.95%) will extend certain services to Altisource (ASPS: 32.30 -3.29%) for an additional 12 months to minimize costs, according to a filing with the Securities and Exchange Commission.”

Mortgage Bankers Association - “MBA Increases Origination Forecast in 2011, Predicts Greater Drop in Origination Volume in 2012″ (8-19-11)

“The Mortgage Bankers Association’s (MBA) Economic and Mortgage Finance Forecasts released today project $1.1 trillion in residential mortgage origination volume in 2011, roughly $100 billion more than earlier forecasts, as low mortgage rates have brought in higher than expected refinance volume, while purchase volume has been less than anticipated.

Realtor Magazine - “Housing Affordability at Highest in 20 Years” (8-19-11)

“Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.”

Inman - “2 California MLSs merge to become largest in nation” (8-19-11)

“Visions of a statewide multiple listing service in California are a stepcloser to reality today, with the California Regional Multiple Listing Service Inc. (CRMLS) announcing a merger that will double its size and make it the nation’s largest, with 68,000 participants and subscribers.”

Orange County Register - “August home sales show signs of improvement” (8-19-11)

“For the 22 business days ending August 5 – DataQuick’s latest homebuying report — Orange County saw 2,663 O.C. residences sold — up 4.3% from a year-ago! If the trend continues for the full month of August, this could break O.C.’s 13-month losing streak.”

RisMedia - “Builder Confidence Unchanged in August” (8-19-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released recently.”

Looking Back:

Energy efficiency loans hit the skids as many banks saw the risk outweighing the rewards. A White House-created commission looked at possibly increasing the age for retirement benefits with the backing of AARP. California rates were one of the country’s hottest real estate markets for price increases while a PMI Mortgage Insurance Co. report listed 7 California areas (both northern and southern) that would most likely witness price declines 2011 and 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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