The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘fixed mortgage rates’

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/23/13

Thursday, May 23rd, 2013


Today’s News Synopsis:

Four large federal agencies will be closed tomorrow due to budget cuts that went into effect March 1.  Sales of new homes in the U.S. increased last month by 2.3% to 454,000, their second-highest level since 2008.  Home prices also increased 7.2% for the whole year through March, their largest increase since May 2006.

In The News:

DS News - “First-Time Jobless Claims Fall; Sequester Cuts Ongoing Claims” (5-23-13)

“First-time claims for unemployment insurance for the week ended May 18 dropped 23,000 to, 340,000 from the highest level since the end of March the Labor Department reported Thursday.”

Bloomberg – “New U.S. Home Sales Rose to Second-Highest Level Since 2008″ (5-23-13)

“Sales of new U.S. homes climbed in April to the second-highest level in almost five years as lower borrowing costs and job gains drew more buyers into the market.”

CNN Money - “4 federal agencies to shut Friday” (5-23-13)

“Got a question about tax refunds, polluters or subsidized housing? Don’t expect an answer this Friday.  That’s because four federal government agencies will be closed on Friday, including the Internal Revenue Service, the Department of Housing and Urban Development, the Environmental Protection Agency and the White House Office of Management and Budget.”

Housing Wire - “OIG urges for GSE reform to determine best course of action for housing” (5-23-13)

“Initially, the Federal Housing Finance Agency understood the conservatorships of the enterprises to be more of a temporary time out to stabilize the mortgage market.”

DS News – “Millions of Above-Water Borrowers Lack Enough Equity to Move” (5-23-13)

“The number of homeowners underwater on their mortgages continued to fall in Q1, but millions still lack enough equity to afford to move, Zillow revealed in its first-quarter Negative Equity Report.”

Bloomberg – “U.S. House Prices Rose 7.2% in Year Through March” (5-23-13)

“U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.”

Housing Wire - “Fixed-mortgage rates continue to rise: Freddie Mac” (5-23-13)

“Fixed-mortgage rates jumped for the third consecutive week, which should further aid home sales and construction in coming weeks, Freddie Mac said in a report Thursday.”

DS News - “Income, Transactions Improve for Commercial Realtors” (5-23-13)

“The National Association of Realtors (NAR) reported members who practice commercial real estate saw median income rise to the highest level since 2008, reflecting progress in the commercial sector.”

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 $173,000.

 

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

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

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The FHFA reported a 0.5% increase in home prices in the first quarter of 2012.  In addition, home sales increased the previous month 3.3% to 343,000, a positive sign for the economy.  The National Association of Realtors believed the housing market would soon be impacted greatly by the baby and echo boomer demographic.

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 2/7/13

Thursday, February 7th, 2013


Today’s News Synopsis:

Freddie Mac reported mortgage rates showed little change this week, showing the rate of change now at levels below normal.  30-year rates remain unchanged at 3.53% and 15-year rates at 2.77%.  Consumer confidence is increasing, and more consumers are showing a more positive outlook on the economy with the increase in home sales and confidence in the job market.  Democrats are urging President Obama to remove acting director Edward DeMarco and hire a permanent director.

In The News:

Realty Times – “Mortgage Fraud Gang-of-Three Bust A Reminder Mortgage Fraud Continues” (2-7-13)

“A housing consumer protection stalwart, California Attorney General Kamala D. Harris, recently announced the arrest of three suspects charged with mortgage fraud that targeted struggling homeowners.”

Housing Wire- “Phoenix housing market rises from the ashes” (2-7-13)

“The Phoenix housing market has seen dramatic change over the past year after the sand state reached a low point in September 2011.”

Bloomberg – “Obama Urged by House Democrats to Replace Fannie Mae’s Regulator” (2-7-13)

“A group of House Democrats is urging President Barack Obama to nominate a permanent director for the Federal Housing Finance Agency to replace an acting chief they say is standing in the way of aid for struggling borrower.”

CNN Money - “Washington D.C. jobs: Ground zero for budget cuts” (2-7-13)

Washington, D.C., is ground zero for federal jobs. Which means, residents better prepare for layoffs and furloughs.  Come March 1, if Congress fails to act, the so-called “sequestration” would slash $85 billion from federal budgets through Sept. 30, part of some $1.2 trillion dollars in cuts expected over the next decade.”

Inman - “Mortgage rates settle back down” (2-7-13)

“Mortgage rates settled down this week at levels well below historic norms after surging during the last week of January.  ”

Housing Wire- “Florida Supreme Court rules on controversial foreclosure case” (2-7-13)

“A Florida homeowner lost his bid to get a voluntarily dismissed foreclosure case reinstated for the purpose of showing the initial foreclosure proceeding contained fraudulent documentation.”

Bloomberg - “PennyMac, Run by Ex-Countrywide President, Files IPO Plans” (2-7-13)

“PennyMac Financial Services Inc., the residential mortgage company founded by former Countrywide Financial Corp. President Stanford L. Kurland, filed for a public offering of as much as $287.5 million.”

Housing Wire- “Consumer confidence breaks darkness surrounding housing” (2-7-13)

“Higher home sales and growing optimism on the jobs front are further signs of a stabilizing real estate market, Fannie Mae concluded Thursday.”

DS News- “Nationstar Announces Acquisition of Equifax Settlement Services” (2-7-13)

“Nationstar Mortgage Holdings Inc., a large Texas-based residential mortgage services company, announced the acquisition of Equifax Settlement Services Holding, LLC (ESS) Thursday.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $193,000 on a 3 bedroom, 2 bathroom home appraised for $280,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

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

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 11/30/12

Friday, November 30th, 2012



Sources:
October pending and distressed sales report
October Marks 12 Months of Home Value Increases
Sustained home price gains show strength of recovery
Sales of New U.S. Homes Fell 0.3% in October
New-home sales up 17.2 percent from a year ago
Pending home sales reach five-year high
GDP Up 2.7% in Q3, Corporate Profits Grow
Initial Unemployment Claims Fall as Sandy’s Impact Dissipates
Home Equity Loans Make Comeback Fueling U.S. Spending
Bankrate: Consumers Less Positive About Personal Finances
Zig Ziglar
Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

Today’s News Synopsis:

Aaron Norris of the Norris Group provides the news of the week for the world of real estate.  With little change in personal income, consumer spending decreased 0.2% after increasing 0.8% in September.   Over 90,000 loans were refinanced by Fannie Mae and Freddie Mac through the HARP program last September.  The total number of loans refinanced through the program is now at 1.7 million.

In The News:

DS News- “Trulia: Housing Recovery Nears Halfway Mark” (11-30-12)

“The housing recovery is nearly halfway complete, according to Trulia’s Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago.”

Bloomberg- “Goldman Pushes Subprime ABX Index as Housing Rebounds: Mortgages” (11-30-12)

“Goldman Sachs (GS) Group Inc., which survived the U.S. real estate collapse five years ago with the help of derivative bets against subprime mortgages, is promoting the opposite trade to clients as housing recovers”

CNN Money- “Consumer spending drops as income stalls” (11-30-12)

“Consumers spent less in October, as income growth stalled.  The Commerce Department reported Friday that consumer spending fell 0.2% after an 0.8% jump in September.”

Realty Times- “Mortgage Rates Virtually Unchanged” (11-30-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates were virtually unchanged and remaining near their record lows amid growing concerns around the fiscal cliff.”

Housing Wire- “Barclays down plays chance of FHA Treasury draw” (11-30-12)

“Barclays Capital ($15.83 0.17%) does not expect any significant changes to the Federal Housing Administration, and downplays the chance of a Treasury draw, despite headlines suggesting otherwise based on the recent actuarial report.”

DS News – “Sandy Crashes October Income, Spending” (11-30-12)

“Consumer spending fell $20.2 billion in October as personal income remained relatively flat, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Trac- “Win the Foreclosure Bidding Wars” (11-30-12)

“Buying foreclosures with retirement funds provides real estate investors with tax benefits and the ability to diversify their retirement investing — in any market.”

DS News- “HARP’s Numbers Continue to Climb Since Revisions” (11-30-12)

“Fannie Mae and Freddie Mac refinanced more than 90,000 mortgages through the Home Affordable Refinance Program (HARP) in September, bringing the program’s total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 3 bedroom, 2 bathroom home appraised for $90,000.

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Looking Back:

According to the Los Angeles Times, the Federal Reserve and five major central banks were 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 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 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 9/6/12

Thursday, September 6th, 2012

Today’s News Synopsis:

Mortgage rates decreased again slightly for the second week in a row.  30-year rates are at 3.55%, while 15-year rates are at 2.86%.  However, with this has come a recovery in home prices with a 1.2% increase in the second quarter.  Jobless claims decreased to 365,000 last week.


In The News:

Housing Wire – “San Bernardino housing market improves without eminent domain” (9-5-12)

“The San Bernardino County, Calif. housing market showed signs of improvement in August even without a controversial eminent domain plan, according to Clear Capital.”

Bloomberg – “Private-Equity Firms Drive Up Select-Service Hotel Prices” (9-6-12)

“Private-equity firms including Starwood Capital Group LLC and Clearview Capital LLC have been the top buyers of select-service hotels this year, pushing up prices for the properties, Jones Lang LaSalle Hotels said.”

Realty Times – “Home Prices Rebounding With Low Mortgage Rates” (9-6-12)

“Over the course of several months, home prices in many markets have been rebounding with the consistent level of low mortgage rates.”

DS News – “First-Time Unemployment Claims in Surprise Drop” (9-6-12)

“First-time claims for unemployment fell to 365,000 for the week ended September 1, the Labor Department reported Thursday, surprising economists who had expected a smaller decline to 370,000.”

Inman – “Mortgage rates down again” (9-6-12)

“Mortgage rates eased for a second week in a row on mixed economic news, but could be poised for a rebound after the European Central Bank announced a new round of bond purchases today that undermined prices of U.S. Treasurys, pushing up yields.”

Housing Wire – “Rural affordable housing struggles with oil and gas boom” (9-6-12)

“Waves of highly paid oil and gas drilling employees into rural areas is causing strain on local governments to provide affordable housing for locals who can no longer afford skyrocketing rents, according to a government study released Thursday.”

Los Angeles Times – “Six years after crash, builders of new homes enjoy an upswing” (9-6-12)

“After six long years, the home-building sector is back in business: sales of newly built residential homes are climbing strongly this year, according to a report by John Burns Real Estate Consulting.”

Housing Wire – “Redefaults on private modifications cut by more than half” (9-6-12)

“The percentage of mortgages that redefaulted within six months after receiving a private modification fell by to the lowest level since the industry began reporting the data in 2009.”

DS News – “CMBS Delinquency Rate Falls Sharply After Increases: Trepp “ (9-6-12)

“The CMBS delinquency rate made a steep drop in August, marking the first fall since February 2012, according to Trepp.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $96,000 on a 4 bedroom, 2 bathroom home appraised for $160,000.

 

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

Looking Back:

The Federal Housing Finance Agency, who acted as regulator for Fannie Mae and Freddie Mac, sued 17 banks in an attempt to recover billions of dollars worth of money lost due to mismanagement of the money by the bank.  However, in another story, FBR Capital Markets said the plan would not work and that it would only risk the banks losing more capital.  Bloomberg reported that retailers were planning to open more stores in response to the lower rents.

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 8/23/12

Thursday, August 23rd, 2012

Today’s News Synopsis:

U.S. home prices increased 1.8% last quarter to their highest since 2005.  Home sales also increased last month to their highest in two years.  Mortgage rates are continuing to increase having gone up for the fourth straight week.


In The News:

Housing Wire – “Fannie adds four more large mortgage servicers to top-performing list” (8-23-12)

“Four more of the largest mortgage servicers progressed to the top of the Fannie Mae scorecard in the first half of 2012.”

Mortgage Bankers Association – “MBA Releases 2012 Mid-year Commercial/Multifamily Servicer Rankings” (8-23-12)

“The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2012. At the top of the list of firms is Wells Fargo with $430.5 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $357.0 billion, Berkadia Commercial Mortgage LLC with $206.6 billion, Bank of America Merrill Lynch with $110.1 billion, and KeyBank Real Estate Capital with $100.1 billion.”

Bloomberg – “Sales of New U.S. Homes Increase to Match Two-Year High” (8-23-12)

“Purchases of new U.S. homes rose more than projected in July to match a two-year high, a sign the industry that helped trigger the recession is recovering.”

Inman – “Mortgage rates going up, up, up” (8-23-12)

“Mortgage rates ticked up from historic lows for the fourth week in a row as the bonds that finance most home loans continue to look overpriced to investors.”

DS News – “Negative Equity More Common Among Younger Age Groups: Zillow” (8-23-12)

“The share of homeowners with underwater mortgages continued its decline in the second quarter, according to the Zillow Negative Equity Report.”

Housing Wire – “Household formation among young adults shows no sign of recovery” (8-23-12)

“The rate at which Americans formed households fell sharply during the Great Recession, with the greatest shortfall among young adults squeezed financially by the weak economy, according to an economic commentary from a Cleveland Federal Reserve official.”

CNN Money – “Where the jobs are” (8-23-12)

“It’s still a tough job market, but these 25 counties can make it a lot easier to find work and a great place to live.”

DS News – “360 Mortgage Expands Active Loan Pipeline Over 700% After HARP 2.0″ (8-23-12)

“360 Mortgage Group is seeing a significant increase in refinancings being offered to homeowners under HARP 2.0, the company announced Thursday.”

Bloomberg – “U.S. House Prices Rose Most Since 2005 in Second Quarter” (8-23-12)

“U.S. house prices jumped 1.8 percent in the second quarter from the previous three months, fueled by record-low mortgage rates and tight inventory, according to the Federal Housing Finance Agency.”

Hard Money Loan Closed

Pomona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on on a 4 bedroom, 1.5 bathroom appraised for $283,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

DS News reported the president of Standard and Poor’s, Devan Sharma, was resigning in September and would be replaced by Douglas Peterson.  New U.S. home sales decreased the previous month to their lowest in five months, according to Bloomberg.  The sale of pending homes also decreased the previous month according to Housing Wire.  Florida was number one on the list of states with the highest 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 5/11/12

Friday, May 11th, 2012


Sources:
HOPE NOW: Loan mods down 31% in Q1 2012
HAMP Activity Slides, HAFA Holds Steady
Shrinking inventory boosts home prices
Home Prices Rise in Half of U.S. Cities as Markets Stabilize
Fannie Mae profits, avoids Treasury bailout in 1Q
Feds may seek fines against Wells Fargo in mortgage bias probe
FHFA wrapping up REO-to-rental program bidder reviews
Deutsche Bank settles FHA suit for $202.3 million
Stockton couple pleads guilty to stripping foreclosure of fixtures

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.  Even though market conditions improved in the first quarter for commercial real estate, investors are still concerned about consumers not being interested in sub-A assets and overall how some commercial mortgages will mature in the future.  Consumer sentiment is at its highest since the economy first went into recession, showing positive signs for the economy.

In The News:

DS News – “NAR Finds Income to Qualify for Mortgage Well-Below U.S. Median” (5-11-12)

“Interest rates continue to slide further down alongside the decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the U.S.”

Housing Wire – “Consumer sentiment marks post-recession high” (5-11-12)

“A preliminary reading of May consumer sentiment hit its highest level since the recession, suggesting a more positive public outlook of the U.S. economy.”

NAHB – “New Website Helps Home Owners, Buyers Protect the American Dream” (5-11-12)

“ Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market and the nation’s economy.”

Realty Times – “Second Consecutive Week Of Record-Low Fixed Mortgage Rates” (5-11-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey, the average fixed mortgage rates hit a new all-time record low for the second consecutive week as they followed bond yields lower.“

CNN Money – “JPMorgan suffers big loss“ (5-11-12)

“JPMorgan Chase, in a surprise announcement, said Thursday that it has suffered trading losses of $2 billion since the start of April. The group that suffered the losses is part of the bank’s so-called corporate unit, and had been making trades designed to hedge against risk.”

Housing Wire – “Conditions improve in commercial real estate, but confidence is fleeting” (5-11-12)

“Conditions in the commercial real estate sector improved in the first quarter, but investors and executives are worried about some of the commercial mortgages set to mature in the coming year and the market’s general lack of interest in sub-A real estate assets, real estate executives said.”

Wall Street Journal- “Pointed Spat Over World Trade Spire “ (5-11-12)

“As construction of One World Trade Center in Lower Manhattan moves toward completion, the building’s owners are sparring with their architects over what goes on top of the 104-story tower—a dispute that could stop the structure being recognized as America’s tallest.”

San Francisco Chronicle – “Twitter deal helps fuel office rental boom in SF” (5-11-12)

“Frank Fudem, a San Francisco broker for office tenants, realized that commercial rents were about to spike when Twitter Inc. decided to move to a gritty neighborhood, and leasing by technology companies started to accelerate.

Housing Wire – “Shadow banking emerging from the shadows” (5-11-12)

“Investors interested in money market funds, government-sponsored enterprises and asset securitizations are seeing signs of shadow banking emerging from the shadows, but more work has to be done to create transparency and oversight of the segment, Standard & Poor’s said in a new report.

DS News – “Three Refinancing Bills Propose Cutting Red Tape to Expand Eligibility” (5-11-12)

“At a time when mortgage rates have hit record-low numbers, HUD Secretary Shaun Donovan stressed urgency in passing housing refinance bills on President Barack Obama’s “to-do” list for Congress.

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:

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.

Looking Back:

A study from Redfin showed that REOs and short sales sold for closer to their listed value than non-distressed homes. 44% of Americans claimed their housing expenses were significantly higher from the previous. According to Fannie Mae, the housing finance system was going to be a $1 trillion market in 2011, down from $1.5 trillion in 2010. Irvine Co. planned to build 1,677 more apartments in Orange County.

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

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The Norris Group Real Estate News Roundup 5/10/12

Thursday, May 10th, 2012

Today’s News Synopsis:

Mortgage rates are at their lowest on record for the second week in a row at 3.8% for 30-year loans.  Builder confidence increased in the first quarter according to the NAHB.  Jobless claims decreased by 1,000 to 367,000 for the week ended May 5.  The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.

In The News:

Housing Wire – “Mortgage rates hit all-time lows for second straight week” (5-10-12)

“Fixed mortgage rates hit new all-time lows for the second straight week, following declining long-term Treasury bond yields.  The Freddie Mac survey showed the 30-year, FRM averaged 3.83% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.84%. Last year at this time, the 30-year FRM averaged 4.63%.”

DS News – “Initial Unemployment Claims Dip” (5-10-12)

“First time claims for unemployment insurance resumed their steady decline, dipping 1,000 to 367,000 for the week ended May 5, the Labor Department reported Thursday after the previous week’s total was revised upward by 3,000 to 368,000.”

NAHB – “Builder Confidence in the 55+ Housing Market Shows Significant Improvement in the First Quarter” (5-10-12)

“Builder confidence in the 55+ housing market for single-family homes had a significant increase in the first quarter of 2012 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.”

Housing Wire – “AG robo-signing settlement monitor puts complaint forms online” (5-10-12)

“Borrowers will get a chance to file complaints electronically with the monitor of the $25 billion foreclosure settlement with the largest mortgage servicers.”

Los Angeles Times – “Bernanke: Banks are stronger, but mortgage lending is sluggish” (5-10-12)

“American banks have made significant strides in boosting their financial health since the recession, but the same cannot be said of their lending activity, especially for home mortgages, Federal Reserve Chairman Ben S. Bernanke said.”

DS News – “LPS: Home Prices Increased, but We’ve Been Down This Road Before” (5-10-12)

“For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution.”

Bloomberg – “Rise in Residential Investment May Help Home Depot-Lowe’s” (5-10-12)

“Spending on construction of new residential housing and improvements to existing homes is at a three-year high, a trend that may boost sales at Home Depot Inc. (HD) and Lowe’s Cos. (LOW).”

DS News – “HAMP Changes Can Expand Eligibility to More Military Members” (5-10-12)

“Starting June 1, military homeowners who are permanently displaced by a job-related move may still be able to be considered owner-occupants when applying for the Home Affordable Modification Program (HAMP).”

Housing Wire – “Deutsche Bank settles FHA suit for $202.3 million” (5-10-12)

“Deutsche Bank ($40.53 1.13%) settled a lawsuit filed against it by the U.S. government for $202.3 million that alleged a Deutsche subsidiary failed to meet Federal Housing Administration underwriting guidelines.”

CNN Money – “U.S. records first monthly budget surplus since 2008″ (5-10-12)

“For the first time in more than three years, Washington took in more money than it paid out last month.  The Treasury Department on Thursday recorded a $59 billion surplus. Tax receipts were higher and spending lower than they were last April.”

RealtyTrac – “New Fed Rule Could Reduce Foreclosure Prices” (5-10-12)

“The federal government has proposed new rules that would significantly limit mortgage loan origination fees and possibly result in reduced foreclosure prices.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.

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.

Looking Back:

The NAR stated that home sales rose in 49 states during the first quarter of 2011. A study from the NAHB showed 72.8% of all U.S. homes sold in 2010 were affordable for families earning the national median income. The Financial Crimes Enforcement Network said reports of mortgage fraud reached a record high. Trulia found that third-party syndicators of listings data which did not come from an MLS had an error rate of 21.3 percent for either a listing’s price or status.

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

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The Norris Group Real Estate News Roundup 4/20/12

Friday, April 20th, 2012

Sources:
Builder Confidence Slips Three Notches in April
Housing starts fall 5.8%, disappointing analyst estimates
Short Sales Surpass Foreclosures as Banks Agree to Deals
U.S. Previously Owned Home Sales Unexpectedly Fell in March
California Home Prices Rise for First Time in 16 Months
California March Home Sales
Fannie Mae and Freddie Mac to Streamline Short Sales to Help Borrowers and Communities
RealtryTrac acquires online data aggregator Homefacts
Calif. drops property tax deduction campaign
Understanding the Real Estate Tax Deduction
California Homeowner Bill of Rights Passes Out of Committees
Attorney General Kamala D. Harris Announces Passage of Bills to Protect
Tenants, Alleviate Blight and Allow More Prosecutions of Mortgage Fraud

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.  Home prices increased for the second month in a row according to a recent survey by RE/MAX.  Home sales in the Bay Area are at their highest in five years.

In The News:

CNN Money – “Housing recovery still sputters” (4-19-12)

“The housing market continued to struggle in March, despite low home prices and record low interest rates, an industry report revealed Thursday.”

Bloomberg – “Bank of America Beats Analyst Estimates as Trading Jumps” (4-20-12)

“Bank of America Corp.’s backlog of pending demands for refunds on soured loans reached a record $16.1 billion as a dispute deepened between the second-largest U.S. lender and Fannie Mae.”

DS News – “RE/MAX Survey of 53 Metros Finds Home Prices Up Again” (4-20-12)

“According to a March 2012 housing report released by RE/MAX, home prices have risen for the second month in a row now on a year-over-year basis.”

Realty Times – “Fixed Mortgage Rates Edge Slightly Higher” (4-20-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates are holding relatively stable this week amid signs that inflation remains in check with the 30-year fixed up slightly at 3.90 percent and 15-year fixed at 3.13 percent.“

Housing Wire – “Regional, state unemployment rates hold steady“ (4-20-12)

“Thirty states recorded unemployment rate decreases in March from February while eight states posted rate increases, the U.S. Bureau of Labor Statistics reported Friday.”

Inman – “FHA postpones rule change for borrowers in debt disputes” (4-20-12)

“Starting April 1, FHA implemented a new rule that prevented mortgage applicants with $1,000 or more in disputed collections accounts from getting a federally backed loan unless they pay off the debt or can show a multimonth history of paying it down.”

DS New- “Alabama Man Pleads Guilty to Role in Rigging Bids and Mail Fraud” (4-20-12)

“An Alabama real estate investor agreed to plead guilty and serve prison time for his role in rigging bids and mail fraud at real estate foreclosure auctions, the Department of Justice announced Friday.”

Housing Wire – “California Bay Area home sales hit 5-year high” (4-20-12)

“March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $82,000 on a 4 bedroom, 3 bathroom home appraised for $133,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 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 Dublin on Wednesday, May 02, 2012.

Looking Back:

Mortgage application volume rose 5.3%, according to the MBA. The NAR said existing home sales increased 3.7%. Economists from CSU Fullerton believed O.C. home prices would rise by less than 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 10/21/11

Friday, October 21st, 2011

Today’s News Synopsis:

This week’s video is I Survived Real Estate 2011, which can be seen on the Norris Group website and YouTube.  The housing market is continuing to show signs of weakness according to the latest CoreLogic report.  According to the Los Angeles Times, the unemployment rate is showing signs of improvement as it decreased below 12% in September with the creation of 12,000 new jobs.

In The News:

Bloomberg - “MGIC Leads Mortgage Insurer Slump as Loss Widens on Home Borrower Defaults” (10-21-11)

“MGIC Investment Corp. (MTG) led a mortgage insurer slump after reporting a wider third-quarter loss as the cost of claims from mortgage delinquencies rose.”

Housing Wire - “Recent housing data shows only weakness: RadarLogic” (10-21-11)

“The housing market continues to be very weak and is unlikely to improve in the near term, according to the August 2011 RPX monthly housing report from New York-based Radar Logic Inc.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Senate Action to Reinstate Loan Limits” (10-21-11)

“The National Association of Home Builders commends the Senate for approving an amendment offered by Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) that is essential to help mend the struggling housing market, provide affordable mortgages for creditworthy home buyers and move the economy forward. The 60-to-38 vote demonstrates bipartisan support for pro-housing policies that will help our industry to create jobs and spur economic growth.”

Los Angeles Times - “California’s unemployment rate dips in September” (10-21-11)

“California’s unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created.  The jobless rate fell to 11.9%, from 12.1% in August, and was the best performance since June.”

Realty Times - “Existing-Home Sales Down Again” (10-21-11)

“Existing-homes sales were unable to keep up the momentum seen in August according to recent figures from the National Association of Realtors ®.  The rate of existing-home sales was down 3.0 percent last month, though this rate is still 11.3 percent above September 2010.”

Housing Wire – “Senate votes to extend the conforming loan limits” (10-21-11)

“The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.”

CNN Money - “Foreign buyers scooping up U.S. homes” (10-21-11)

“International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.”

Rismedia - “Rising Rents Improve Investors Returns” (10-21-11)

“With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to the founder of a leading internet platform for investors and real estate professionals.”

Realty Times - “Fixed Mortgage Rates Hold Steady” (10-21-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates relatively unchanged for the week amid mixed economic and consumer sentiment reports. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.”

Looking Back:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September 2010. The government estimated that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America sued the FDIC for $1.75 billion. The Labor Department reported jobless claims decreased 4.8% 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 170 podcasts in our free investor radio archive.

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